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12025-09-300001535778Career Team Holdings, LLC, Secured Debt 22025-09-300001535778Career Team Holdings, LLC, Common Stock2025-09-300001535778msif:CareerTeamHoldingsLLCMember2025-09-300001535778CaseWorthy, Inc., Common Equity2025-09-300001535778CenterPeak Holdings, LLC, Secured Debt 12025-09-300001535778CenterPeak Holdings, LLC, Secured Debt 22025-09-300001535778CenterPeak Holdings, LLC, Preferred Equity2025-09-300001535778msif:CenterPeakHoldingsLLCMember2025-09-300001535778Channel Partners Intermediateco, LLC, Secured Debt 12025-09-300001535778Channel Partners Intermediateco, LLC, Secured Debt 22025-09-300001535778Channel Partners Intermediateco, LLC, Secured Debt 32025-09-300001535778Channel Partners Intermediateco, LLC, Secured Debt 42025-09-300001535778msif:ChannelPartnersIntermediatecoLLCMember2025-09-300001535778Clarius BIGS, LLC, Secured Debt2025-09-300001535778Classic H&G Holdings, LLC, Preferred Member Units2025-09-300001535778Computer Data Source, LLC, Secured Debt 12025-09-300001535778Computer Data Source, LLC, Secured Debt 22025-09-300001535778msif:ComputerDataSourceLLCMember2025-09-300001535778Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2025-09-300001535778Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2025-09-300001535778msif:ConnectTelecommunicationsSolutionsHoldingsInc.Member2025-09-300001535778Core Transformers, Secured Debt 12025-09-300001535778Core Transformers, Secured Debt 22025-09-300001535778Core Transformers, Secured Debt 32025-09-300001535778Core Transformers, Common Equity2025-09-300001535778msif:CoreTransformersMember2025-09-300001535778Coregistics Buyer LLC, Secured Debt 12025-09-300001535778Coregistics Buyer LLC, Secured Debt 22025-09-300001535778Coregistics Buyer LLC, Secured Debt 32025-09-300001535778Coregistics Buyer LLC, Secured Debt 42025-09-300001535778msif:CoregisticsBuyerLLCMember2025-09-300001535778CQ Fluency, LLC, Secured Debt 12025-09-300001535778CQ Fluency, LLC, Secured Debt 22025-09-300001535778msif:CQFluencyLLCMember2025-09-300001535778Creative Foam Corporation, Secured Debt 12025-09-300001535778Creative Foam Corporation, Secured Debt 22025-09-300001535778Creative Foam Corporation, Secured Debt 32025-09-300001535778Creative Foam Corporation, Common Equity2025-09-300001535778msif:CreativeFoamCorporationMember2025-09-300001535778Dalton US Inc., Common Stock2025-09-300001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2025-09-300001535778DTE Enterprises, LLC, Class A Preferred Member Units2025-09-300001535778msif:DTEEnterprisesLLCMember2025-09-300001535778Dynamic Communities, LLC, Secured Debt 12025-09-300001535778Dynamic Communities, LLC, Secured Debt 22025-09-300001535778Dynamic Communities, LLC, Preferred Equity 12025-09-300001535778Dynamic Communities, LLC, Preferred Equity 22025-09-300001535778Dynamic Communities, LLC, Common Equity2025-09-300001535778msif:DynamicCommunitiesLLCMember2025-09-300001535778Electro Technical Industries, LLC, Secured Debt 12025-09-300001535778Electro Technical Industries, LLC, Secured Debt 22025-09-300001535778Electro Technical Industries, LLC, Common Equity2025-09-300001535778msif:ElectroTechnicalIndustriesLLCMember2025-09-300001535778Elgin AcquireCo, LLC, Secured Debt 12025-09-300001535778Elgin AcquireCo, LLC, Secured Debt 22025-09-300001535778Elgin AcquireCo, LLC, Secured Debt 32025-09-300001535778Elgin AcquireCo, LLC, Common Stock 12025-09-300001535778Elgin AcquireCo, LLC, Common Stock 22025-09-300001535778msif:ElginAcquireCoLLCMember2025-09-300001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2025-09-300001535778Escalent, Inc., Secured Debt 12025-09-300001535778Escalent, Inc., Secured Debt 22025-09-300001535778Escalent, Inc., Secured Debt 32025-09-300001535778Escalent, Inc., Common Equity2025-09-300001535778msif:EscalentIncMember2025-09-300001535778Event Holdco, LLC, Secured Debt 12025-09-300001535778Event Holdco, LLC, Secured Debt 22025-09-300001535778msif:EventHoldcoLLCMember2025-09-300001535778FCC Intermediate Holdco, LLC, Secured Debt 2025-09-300001535778FCC Intermediate Holdco, LLC, Warrants2025-09-300001535778msif:FCCIntermediateHoldcoLLCMember2025-09-300001535778Garyline, LLC, Secured Debt 12025-09-300001535778Garyline, LLC, Secured Debt 22025-09-300001535778Garyline, LLC, Common Equity2025-09-300001535778msif:GarylineLLCMember2025-09-300001535778GradeEight Corp., Secured Debt 12025-09-300001535778GradeEight Corp., Secured Debt 22025-09-300001535778GradeEight Corp., Secured Debt 32025-09-300001535778GradeEight Corp., Common Equity2025-09-300001535778msif:GradeEightCorp.Member2025-09-300001535778Harris Preston Fund Investments, LP Interests (423 AER II, LP)2025-09-300001535778Hawk Ridge Systems, LLC, Secured Debt 12025-09-300001535778Hawk Ridge Systems, LLC, Secured Debt 22025-09-300001535778Hawk Ridge Systems, LLC, Preferred Member Units 12025-09-300001535778Hawk Ridge Systems, LLC, Preferred Member Units 22025-09-300001535778msif:HawkRidgeSystemsLLCMember2025-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 12025-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 22025-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 32025-09-300001535778HDC/HW Intermediate Holdings, Common Equity2025-09-300001535778msif:HDCHWIntermediateHoldingsMember2025-09-300001535778Hornblower Sub, LLC, Secured Debt 12025-09-300001535778Hornblower Sub, LLC, Secured Debt 22025-09-300001535778msif:HornblowerSubLLCMember2025-09-300001535778Hybrid Promotions, LLC, Secured Debt2025-09-300001535778IG Parent Corporation, Secured Debt 12025-09-300001535778IG Parent Corporation, Secured Debt 22025-09-300001535778IG Parent Corporation, Secured Debt 32025-09-300001535778msif:IGParentCorporationMember2025-09-300001535778Imaging Business Machines, L.L.C., Common Equity2025-09-300001535778Implus Footcare, LLC, Secured Debt 12025-09-300001535778Implus Footcare, LLC, Secured Debt 22025-09-300001535778Implus Footcare, LLC, Common Equity2025-09-300001535778msif:ImplusFootcareLLCMember2025-09-300001535778Infinity X1 Holdings, LLC, Secured Debt2025-09-300001535778Infinity X1 Holdings, LLC, Preferred Equity2025-09-300001535778msif:InfinityX1HoldingsLLCMember2025-09-300001535778Insight Borrower Corporation, Secured Debt 12025-09-300001535778Insight Borrower Corporation, Secured Debt 2 2025-09-300001535778Insight Borrower Corporation, Common Equity2025-09-300001535778msif:InsightBorrowerCorporationMember2025-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 12025-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 22025-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 32025-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 42025-09-300001535778Inspire Aesthetics Management, LLC, Common Equity2025-09-300001535778msif:InspireAestheticsManagementLLCMember2025-09-300001535778Interface Security Systems, L.L.C, Secured Debt 12025-09-300001535778Interface Security Systems, L.L.C, Secured Debt 22025-09-300001535778Interface Security Systems, L.L.C, Common Stock2025-09-300001535778msif:InterfaceSecuritySystemsLLCMember2025-09-300001535778Invincible Boat Company, LLC., Secured Debt 12025-09-300001535778Invincible Boat Company, LLC., Secured Debt 22025-09-300001535778msif:InvincibleBoatCompanyLLCMember2025-09-300001535778Iron-Main Investments, LLC, Secured Debt 12025-09-300001535778Iron-Main Investments, LLC, Secured Debt 22025-09-300001535778Iron-Main Investments, LLC, Secured Debt 32025-09-300001535778Iron-Main Investments, LLC, Secured Debt 42025-09-300001535778Iron-Main Investments, LLC, Secured Debt 52025-09-300001535778Iron-Main Investments, LLC, Preferred Equity 12025-09-300001535778Iron-Main Investments, LLC, Preferred Equity 22025-09-300001535778Iron-Main Investments, LLC, Common Stock2025-09-300001535778msif:IronMainInvestmentsLLCMember2025-09-300001535778Isagenix International, LLC, Secured Debt2025-09-300001535778Isagenix International, LLC, Common Equity2025-09-300001535778msif:IsagenixInternationalLLCMember2025-09-300001535778Island Pump and Tank, LLC, Secured Debt 12025-09-300001535778Island Pump and Tank, LLC, Secured Debt 22025-09-300001535778Island Pump and Tank, LLC, Secured Debt 32025-09-300001535778Island Pump and Tank, LLC, Secured Debt 42025-09-300001535778msif:IslandPumpAndTankLLCMember2025-09-300001535778ITA Holdings Group, LLC, Secured Debt 12025-09-300001535778ITA Holdings Group, LLC, Secured Debt 22025-09-300001535778ITA Holdings Group, LLC, Secured Debt 32025-09-300001535778ITA Holdings Group, LLC, Secured Debt 42025-09-300001535778ITA Holdings Group, LLC, Secured Debt 52025-09-300001535778ITA Holdings Group, LLC, Warrants 2025-09-300001535778msif:ITAHoldingsGroupLLCMember2025-09-300001535778Jackmont Hospitality, Inc., Secured Debt 12025-09-300001535778Jackmont Hospitality, Inc., Secured Debt 22025-09-300001535778Jackmont Hospitality, Inc., Secured Debt 32025-09-300001535778Jackmont Hospitality, Inc., Secured Debt 42025-09-300001535778Jackmont Hospitality, Inc., Preferred Eqiuty2025-09-300001535778msif:JackmontHospitalityIncMember2025-09-300001535778JDC Power Services, LLC, Secured Debt 12025-09-300001535778JDC Power Services, LLC, Secured Debt 22025-09-300001535778msif:JDCPowerServicesLLCMember2025-09-300001535778Joerns Healthcare, LLC, Secured Debt 12025-09-300001535778Joerns Healthcare, LLC, Secured Debt 22025-09-300001535778Joerns Healthcare, LLC, Common Stock 2025-09-300001535778msif:JoernsHealthcareLLCMember2025-09-300001535778JorVet Holdings, LLC, Secured Debt 2025-09-300001535778JorVet Holdings, LLC., Preferred Eqiuty2025-09-300001535778msif:JorVetHoldingsLLCMember2025-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 12025-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 22025-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 32025-09-300001535778JTI Electrical & Mechanical, LLC, Common Eqiuty 12025-09-300001535778JTI Electrical & Mechanical, LLC, Common Eqiuty 22025-09-300001535778msif:JTIElectricalMechanicalLLCMember2025-09-300001535778LLFlex, LLC, Secured Debt 2025-09-300001535778Logix Acquisition Company, LLC, Secured Debt 12025-09-300001535778Logix Acquisition Company, LLC, Secured Debt 22025-09-300001535778msif:LogixAcquisitionCompanyLLCMember2025-09-300001535778Metalforming Holdings, LLC, Secured Debt 12025-09-300001535778Metalforming Holdings, LLC, Secured Debt 22025-09-300001535778Metalforming Holdings, LLC, Preferred Equity2025-09-300001535778Metalforming Holdings, LLC, Common Stock2025-09-300001535778msif:MetalformingHoldingsLLCMember2025-09-300001535778Microbe Formulas, LLC, Secured Debt 12025-09-300001535778Microbe Formulas, LLC, Secured Debt 22025-09-300001535778Microbe Formulas, LLC, Secured Debt 32025-09-300001535778msif:MicrobeFormulasLLCMember2025-09-300001535778Mini Melts of America, LLC, Secured Debt 12025-09-300001535778Mini Melts of America, LLC, Secured Debt 22025-09-300001535778Mini Melts of America, LLC, Secured Debt 32025-09-300001535778Mini Melts of America, LLC, Secured Debt 42025-09-300001535778Mini Melts of America, LLC, Common Equity2025-09-300001535778msif:MiniMeltsOfAmericaLLCMember2025-09-300001535778Mission Critical Group, Secured Debt 12025-09-300001535778Mission Critical Group, Secured Debt 22025-09-300001535778Mission Critical Group, Secured Debt 32025-09-300001535778Mission Critical Group, Common Equity2025-09-300001535778msif:MissionCriticalGroupMember2025-09-300001535778MoneyThumb Acquisition, LLC, Secured Debt2025-09-300001535778MoneyThumb Acquisition, LLC, Preferred Member Units2025-09-300001535778MoneyThumb Acquisition, LLC, Warrants2025-09-300001535778msif:MoneyThumbAcquisitionLLCMember2025-09-300001535778MonitorUS Holding, LLC, Secured Debt 12025-09-300001535778MonitorUS Holding, LLC, Secured Debt 22025-09-300001535778MonitorUS Holding, LLC, Secured Debt 32025-09-300001535778MonitorUS Holding, LLC, Secured Debt 42025-09-300001535778MonitorUS Holding, LLC, Unsecured Debt 12025-09-300001535778MonitorUS Holding, LLC, Unsecured Debt 22025-09-300001535778MonitorUS Holding, LLC, Common Stock2025-09-300001535778msif:MonitorUSHoldingLLCMember2025-09-300001535778Obra Capital, Inc., Secured Debt 12025-09-300001535778Obra Capital, Inc., Secured Debt 22025-09-300001535778Obra Capital, Inc., Secured Debt 32025-09-300001535778msif:ObraCapitalInc.Member2025-09-300001535778OnPoint Industrial Services, LLC, Secured Debt 12025-09-300001535778OnPoint Industrial Services, LLC, Secured Debt 22025-09-300001535778msif:OnPointIndustrialServicesLLCMember2025-09-300001535778Peaches Holding Corporation, Common Equity2025-09-300001535778PrimeFlight Aviation Services, Secured Debt 12025-09-300001535778PrimeFlight Aviation Services, Secured Debt 22025-09-300001535778PrimeFlight Aviation Services, Secured Debt 32025-09-300001535778PrimeFlight Aviation Services, Secured Debt 42025-09-300001535778PrimeFlight Aviation Services, Secured Debt 52025-09-300001535778PrimeFlight Aviation Services, Secured Debt 62025-09-300001535778msif:PrimeFlightAviationServicesMember2025-09-300001535778PTL US Bidco, Inc, Secured Debt 12025-09-300001535778PTL US Bidco, Inc, Secured Debt 22025-09-300001535778msif:PTLUSBidcoIncMember2025-09-300001535778Purge Rite, LLC, Preferred Equity2025-09-300001535778Purge Rite, LLC, Common Equity2025-09-300001535778msif:PurgeRiteLLCMember2025-09-300001535778Richardson Sales Solutions, Secured Debt 12025-09-300001535778Richardson Sales Solutions, Secured Debt 22025-09-300001535778Richardson Sales Solutions, Secured Debt 32025-09-300001535778msif:RichardsonSalesSolutionsMember2025-09-300001535778Roof Opco, LLC, Secured Debt 12025-09-300001535778Roof Opco, LLC, Secured Debt 22025-09-300001535778Roof Opco, LLC, Secured Debt 32025-09-300001535778msif:RoofOpcoLLCMember2025-09-300001535778Rug Doctor, LLC., Secured Debt 12025-09-300001535778Rug Doctor, LLC., Secured Debt 22025-09-300001535778msif:RugDoctorLLCMember2025-09-300001535778Slick Innovations, LLC, Secured Debt2025-09-300001535778Slick Innovations, LLC, Common Stock2025-09-300001535778msif:SlickInnovationsLLCMember2025-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 12025-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 22025-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 32025-09-300001535778South Coast Terminals Holdings, LLC, Common Equity2025-09-300001535778msif:SouthCoastTerminalsHoldingsLLCMember2025-09-300001535778SPAU Holdings, LLC, Secured Debt 12025-09-300001535778SPAU Holdings, LLC, Secured Debt 22025-09-300001535778SPAU Holdings, LLC, Common Stock2025-09-300001535778msif:SPAUHoldingsLLCMember2025-09-300001535778TEC Services, LLC, Secured Debt 12025-09-300001535778TEC Services, LLC, Secured Debt 22025-09-300001535778TEC Services, LLC, Secured Debt 32025-09-300001535778msif:TECServicesLLCMember2025-09-300001535778Tex Tech Tennis, LLC, Preferred Equity2025-09-300001535778The Affiliati Network, LLC, Secured Debt 12025-09-300001535778The Affiliati Network, LLC, Secured Debt 22025-09-300001535778The Affiliati Network, LLC, Preferred Stock 12025-09-300001535778The Affiliati Network, LLC, Preferred Stock 22025-09-300001535778msif:TheAffiliatiNetworkLLCMember2025-09-300001535778Titan Meter Midco Corp., Secured Debt 12025-09-300001535778Titan Meter Midco Corp., Secured Debt 22025-09-300001535778Titan Meter Midco Corp., Secured Debt 32025-09-300001535778Titan Meter Midco Corp., Secured Debt 42025-09-300001535778Titan Meter Midco Corp., Preferred Equity2025-09-300001535778msif:TitanMeterMidcoCorp.Member2025-09-300001535778U.S. TelePacific Corp., Secured Debt 12025-09-300001535778U.S. TelePacific Corp., Secured Debt 22025-09-300001535778msif:USTelePacificCorpMember2025-09-300001535778UPS Intermediate, LLC, Secured Debt2025-09-300001535778UPS Intermediate, LLC, Common Equity2025-09-300001535778msif:UPSIntermediateLLCMember2025-09-300001535778UserZoom Technologies, Inc., Secured Debt2025-09-300001535778Vitesse Systems, Secured Debt 12025-09-300001535778Vitesse Systems, Secured Debt 22025-09-300001535778msif:VitesseSystemsMember2025-09-300001535778VORTEQ Coil Finishers, LLC, Common Equity2025-09-300001535778Wash & Wax Systems LLC, Secured Debt 12025-09-300001535778Wash & Wax Systems LLC, Secured Debt 22025-09-300001535778Wash & Wax Systems LLC, Secured Debt 32025-09-300001535778Wash & Wax Systems LLC, Common Equity2025-09-300001535778msif:WashWaxSystemsLLCMember2025-09-300001535778Watterson Brands, LLC, Secured Debt 12025-09-300001535778Watterson Brands, LLC, Secured Debt 22025-09-300001535778Watterson Brands, LLC, Secured Debt 32025-09-300001535778Watterson Brands, LLC, Secured Debt 42025-09-300001535778msif:WattersonBrandsLLCMember2025-09-300001535778Winter Services LLC, Secured Debt 12025-09-300001535778Winter Services LLC, Secured Debt 22025-09-300001535778Winter Services LLC, Secured Debt 32025-09-300001535778Winter Services LLC, Secured Debt 42025-09-300001535778msif:WinterServicesLLCMember2025-09-300001535778World Micro Holdings, LLC, Secured Debt2025-09-300001535778World Micro Holdings, LLC, Preferred Equity2025-09-300001535778msif:WorldMicroHoldingsLLCMember2025-09-300001535778Xenon Arc, Inc., Secured Debt 12025-09-300001535778Xenon Arc, Inc., Secured Debt 22025-09-300001535778Xenon Arc, Inc., Secured Debt 32025-09-300001535778msif:XenonArcIncMember2025-09-300001535778YS Garments, LLC, Secured Debt 2025-09-300001535778ZRG Partners, LLC, Secured Debt 12025-09-300001535778ZRG Partners, LLC, Secured Debt 22025-09-300001535778ZRG Partners, LLC, Secured Debt 32025-09-300001535778ZRG Partners, LLC, Secured Debt 42025-09-300001535778msif:ZRGPartnersLLCMember2025-09-300001535778First American Treasury Obligations Fund Class Z2025-09-300001535778Fidelity Government Portfolio Fund Class III2025-09-300001535778us-gaap:MoneyMarketFundsMember2025-09-300001535778us-gaap:SecuredOvernightFinancingRateSofrMembersrt:MinimumMember2025-09-300001535778us-gaap:SecuredOvernightFinancingRateSofrMembersrt:MaximumMember2025-09-300001535778us-gaap:SecuredOvernightFinancingRateSofrMembersrt:WeightedAverageMember2025-09-300001535778msif:SOFRAdjustmentSpreadMembersrt:MinimumMember2025-09-300001535778msif:SOFRAdjustmentSpreadMembersrt:MaximumMember2025-09-300001535778Bluestem Brands, Inc., Warrants2025-01-012025-09-300001535778FCC Intermediate Holdco, LLC , Warrants2025-01-012025-09-300001535778MoneyThumb Acquisition, LLC, Warrants2025-01-012025-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2025-01-012025-09-300001535778AAC Holdings, Inc., Warrants2025-01-012025-09-300001535778ITA Holdings Group, LLC, Warrants2025-01-012025-09-300001535778Acumera, Inc., Warrants2025-01-012025-09-300001535778Vitesse Systems, Secured Debt 1, Secured Overnight Financing Rate2025-09-300001535778 Fidelity Government Portfolio Fund Class III2025-09-300001535778BDB Holdings, LLC, Preferred Equity2024-12-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-12-310001535778GRT Rubber Technologies LLC, Secured Debt 12024-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22024-12-310001535778GRT Rubber Technologies LLC, Member Units2024-12-310001535778msif:GRTRubberTechnologiesLLCMember2024-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-12-310001535778Volusion, LLC, Secured Debt2024-12-310001535778Volusion, LLC, Preferred Member Units 12024-12-310001535778Volusion, LLC, Preferred Member Units 22024-12-310001535778Volusion, LLC, Preferred Member Units 32024-12-310001535778Volusion, LLC, Common Stock2024-12-310001535778msif:VolusionLLCMember2024-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2024-12-310001535778msif:AnalyticalSystemsKecoHoldingsLLCMember2024-12-310001535778Barfly Ventures, LLC, Member Units2024-12-310001535778Batjer TopCo, LLC, Secured Debt 12024-12-310001535778Batjer TopCo, LLC, Secured Debt 22024-12-310001535778Batjer TopCo, LLC, Secured Debt 32024-12-310001535778Batjer TopCo, LLC, Preferred Stock2024-12-310001535778msif:BatjerTopCoLLCMember2024-12-310001535778Brewer Crane Holdings, LLC, Provider of Crane Rental and Operating Services, Secured Debt2024-12-310001535778Brewer Crane Holdings, LLC, Provider of Crane Rental and Operating Services, Preferred Member Units2024-12-310001535778msif:BrewerCraneHoldingsLLCMember2024-12-310001535778Centre Technologies Holdings, LLC,Secured Debt 12024-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2024-12-310001535778msif:CentreTechnologiesHoldingsLLCMember2024-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 12024-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-12-310001535778Chamberlin Holding LLC, Member Units 12024-12-310001535778Chamberlin Holding LLC, Member Units 22024-12-310001535778msif:ChamberlinHoldingLLCMember2024-12-310001535778Charps, LLC, Preferred Member Units2024-12-310001535778Clad-Rex Steel, LLC, Secured Debt 12024-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22024-12-310001535778Clad-Rex Steel, LLC, Secured Debt 32024-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-12-310001535778Clad-Rex Steel, LLC, Member Units 22024-12-310001535778msif:CladRexSteelLLCMember2024-12-310001535778Cody Pools, Inc., Secured Debt 12024-12-310001535778Cody Pools, Inc., Secured Debt 22024-12-310001535778Cody Pools, Inc., Preferred Member Units2024-12-310001535778msif:CodyPoolsIncMember2024-12-310001535778Colonial Electric Company LLC, Secured Debt 12024-12-310001535778Colonial Electric Company LLC, Secured Debt 22024-12-310001535778Colonial Electric Company LLC, Preferred Member Units 2024-12-310001535778msif:ColonialElectricCompanyLLCMember2024-12-310001535778Compass Systems & Sales, LLC, Secured Debt 12024-12-310001535778Compass Systems & Sales, LLC, Secured Debt 22024-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2024-12-310001535778msif:CompassSystemsSalesLLCMember2024-12-310001535778Datacom, LLC, Secured Debt 12024-12-310001535778Datacom, LLC, Secured Debt 22024-12-310001535778Datacom, LLC, Preferred Member Units2024-12-310001535778msif:DatacomLLCMember2024-12-310001535778Digital Products Holdings LLC, Secured Debt2024-12-310001535778Digital Products Holdings LLC, Preferred Member Units2024-12-310001535778msif:DigitalProductsHoldingsLLCMember2024-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12024-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22024-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-12-310001535778msif:DirectMarketingSolutionsIncMember2024-12-310001535778DMA Industries, LLC, Secured Debt 12024-12-310001535778DMA Industries, LLC, Secured Debt 22024-12-310001535778DMA Industries, LLC, Preferred Equity 12024-12-310001535778DMA Industries, LLC, Preferred Equity 22024-12-310001535778msif:DMAIndustriesLLCMember2024-12-310001535778Flame King Holdings, LLC, Preferred Equity2024-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22024-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-12-310001535778msif:GamberJohnsonHoldingsLLCMember2024-12-310001535778GFG Group, LLC, Secured Debt2024-12-310001535778GFG Group, LLC, Preferred Member Units2024-12-310001535778msif:GFGGroupLLCMember2024-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12024-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2024-12-310001535778Gulf Publishing Holdings, LLC, Member Units2024-12-310001535778msif:GulfPublishingHoldingsLLCMember2024-12-310001535778Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2024-12-310001535778IG Investor, LLC, Secured Debt 12024-12-310001535778IG Investor, LLC, Secured Debt 22024-12-310001535778IG Investor, LLC, Common Equity2024-12-310001535778msif:IGInvestorLLCMember2024-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-12-310001535778Integral Energy Services, Secured Debt2024-12-310001535778Integral Energy Services, Preferred Equity2024-12-310001535778Integral Energy Services, Common Stock2024-12-310001535778msif:IntegralEnergyServicesMember2024-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2024-12-310001535778msif:KickhaeferManufacturingCompanyLLCMember2024-12-310001535778Mystic Logistics Holdings, LLC, Common Equity2024-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12024-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22024-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2024-12-310001535778msif:MysticLogisticsHoldingsLLCMember2024-12-310001535778Nello Industries Investco, LLC, Secured Debt 12024-12-310001535778Nello Industries Investco, LLC, Secured Debt 22024-12-310001535778Nello Industries Investco, LLC, Common Equity2024-12-310001535778msif:NelloIndustriesInvestcoLLCMember2024-12-310001535778NexRev LLC, Secured Debt 12024-12-310001535778NexRev LLC, Secured Debt 22024-12-310001535778NexRev LLC, Preferred Member Units2024-12-310001535778msif:NexRevLLCMember2024-12-310001535778NuStep, LLC, Secured Debt 12024-12-310001535778NuStep, LLC, Secured Debt 22024-12-310001535778NuStep, LLC, Preferred Member Units 12024-12-310001535778NuStep, LLC, Preferred Member Units 22024-12-310001535778msif:NuStepLLCMember2024-12-310001535778Oneliance, LLC, Preferred Stock2024-12-310001535778Orttech Holdings, LLC, Secured Debt 12024-12-310001535778Orttech Holdings, LLC, Secured Debt 22024-12-310001535778Orttech Holdings, LLC, Preferred Stock2024-12-310001535778msif:OrttechHoldingsLLCMember2024-12-310001535778Pinnacle TopCo, LLC, Secured Debt 12024-12-310001535778Pinnacle TopCo, LLC, Secured Debt 22024-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2024-12-310001535778msif:PinnacleTopCoLLCMember2024-12-310001535778RA Outdoors LLC, Secured Debt 12024-12-310001535778RA Outdoors LLC, Secured Debt 22024-12-310001535778RA Outdoors LLC, Common Equity2024-12-310001535778msif:RAOutdoorsLLCMember2024-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-12-310001535778msif:RobbinsBrosJewelryIncMember2024-12-310001535778SI East, LLC, Secured Debt 12024-12-310001535778SI East, LLC, Secured Debt 22024-12-310001535778SI East, LLC, Preferred Member Units2024-12-310001535778msif:SIEastLLCMember2024-12-310001535778Student Resource Center, LLC, Secured Debt 12024-12-310001535778Student Resource Center, LLC, Secured Debt 22024-12-310001535778Student Resource Center, LLC, Preferred Equity2024-12-310001535778msif:StudentResourceCenterLLCMember2024-12-310001535778Tedder Industries, LLC, Secured Debt 12024-12-310001535778Tedder Industries, LLC, Secured Debt 22024-12-310001535778Tedder Industries, LLC, Preferred Member Units 12024-12-310001535778Tedder Industries, LLC, Preferred Member Units 22024-12-310001535778Tedder Industries, LLC, Preferred Member Units 32024-12-310001535778msif:TedderIndustriesLLCMember2024-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12024-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 22024-12-310001535778Trantech Radiator Topco, LLC, Common Stock2024-12-310001535778msif:TrantechRadiatorTopcoLLCMember2024-12-310001535778Urgent DSO LLC, Secured Debt2024-12-310001535778Urgent DSO LLC, Preferred Equity2024-12-310001535778msif:UrgentDSOLLCMember2024-12-310001535778Victory Energy Operations, LLC, Secured Debt 12024-12-310001535778Victory Energy Operations, LLC, Secured Debt 22024-12-310001535778Victory Energy Operations, LLC, Preferred Equity2024-12-310001535778msif:VictoryEnergyOperationsLLCMember2024-12-310001535778VVS Holdco LLC, Secured Debt 12024-12-310001535778VVS Holdco LLC, Secured Debt 22024-12-310001535778VVS Holdco LLC, Preferred Equity2024-12-310001535778msif:VVSHoldcoLLCMember2024-12-310001535778AAC Holdings, Inc., Secured Debt 12024-12-310001535778AAC Holdings, Inc., Secured Debt 22024-12-310001535778AAC Holdings, Inc., Common Stock2024-12-310001535778AAC Holdings, Inc., Warrants2024-12-310001535778msif:AACHoldingsIncMember2024-12-310001535778Adams Publishing Group, LLC, Secured Debt 12024-12-310001535778Adams Publishing Group, LLC, Secured Debt 22024-12-310001535778msif:AdamsPublishingGroupLLCMember2024-12-310001535778AMEREQUIP LLC., Common Stock2024-12-310001535778American Health Staffing Group, Inc., Secured Debt 12024-12-310001535778American Health Staffing Group, Inc., Secured Debt 22024-12-310001535778msif:AmericanHealthStaffingGroupIncMember2024-12-310001535778American Nuts, LLC, Roaster,Secured Debt 12024-12-310001535778American Nuts, LLC, Roaster,Secured Debt 12025-09-300001535778American Nuts, LLC, Roaster, Secured Debt 22024-12-310001535778msif:AmericanNutsLLCMember2024-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 12024-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 22024-12-310001535778msif:AmericanTeleconferencingServicesLtdMember2024-12-310001535778Ansira Partners II, LLC, Secured Debt 12024-12-310001535778Ansira Partners II, LLC, Secured Debt 22024-12-310001535778msif:AnsiraPartnersIILLCMember2024-12-310001535778ArborWorks, LLC, Secured Debt 12024-12-310001535778ArborWorks, LLC, Secured Debt 22024-12-310001535778ArborWorks, LLC, Preferred Equity 12024-12-310001535778ArborWorks, LLC, Preferred Equity 22024-12-310001535778ArborWorks, LLC, Common Equity2024-12-310001535778msif:ArborWorksLLCMember2024-12-310001535778Archer Systems, LLC, Common Stock2024-12-310001535778ATS Operating, LLC, Secured Debt 12024-12-310001535778ATS Operating, LLC, Secured Debt 22024-12-310001535778ATS Operating, LLC, Secured Debt 32024-12-310001535778ATS Operating, LLC, Common Stock2024-12-310001535778msif:ATSOperatingLLCMember2024-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 12024-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 22024-12-310001535778AVEX Aviation Holdings, LLC, Common Equity2024-12-310001535778msif:AVEXAviationHoldingsLLCMember2024-12-310001535778Berry Aviation, Inc., Preferred Member Units 12024-12-310001535778Berry Aviation, Inc., Preferred Member Units 22024-12-310001535778Berry Aviation, Inc., Preferred Member Units 32024-12-310001535778msif:BerryAviationIncMember2024-12-310001535778Bettercloud, Inc., Secured Debt 12024-12-310001535778Bettercloud, Inc., Secured Debt 22024-12-310001535778msif:BettercloudIncMember2024-12-310001535778Binswanger Enterprises, LLC, Member Units2024-12-310001535778Bluestem Brands, Inc., Secured Debt 12024-12-310001535778Bluestem Brands, Inc., Secured Debt 22024-12-310001535778Bluestem Brands, Inc., Secured Debt 32024-12-310001535778Bluestem Brands, Inc., Common Stock2024-12-310001535778Bluestem Brands, Inc., Warrants2024-12-310001535778msif:BluestemBrandsIncMember2024-12-310001535778Boccella Precast Products LLC, Secured Debt2024-12-310001535778Boccella Precast Products LLC, Member Units2024-12-310001535778msif:BoccellaPrecastProductsLLCMember2024-12-310001535778Bond Brand Loyalty ULC, Secured Debt 12024-12-310001535778Bond Brand Loyalty ULC, Secured Debt 22024-12-310001535778Bond Brand Loyalty ULC, Secured Debt 32024-12-310001535778Bond Brand Loyalty ULC, Preferred Equity2024-12-310001535778Bond Brand Loyalty ULC, Common Equity2024-12-310001535778msif:BondBrandLoyaltyULCMember2024-12-310001535778BP Loenbro Holdings Inc., Secured Debt 12024-12-310001535778BP Loenbro Holdings Inc., Secured Debt 22024-12-310001535778BP Loenbro Holdings Inc., Secured Debt 32024-12-310001535778BP Loenbro Holdings Inc., Common Equity2024-12-310001535778msif:BPLoenbroHoldingsInc.Member2024-12-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2024-12-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2024-12-310001535778msif:BrightwoodCapitalFundInvestmentsMember2024-12-310001535778Buca C, LLC, Secured Debt 12024-12-310001535778Buca C, LLC, Secured Debt 22024-12-310001535778Buca C, LLC, Secured Debt 32024-12-310001535778Buca C, LLC, Preferred Member Units2024-12-310001535778msif:BucaCLLCMember2024-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 12024-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 22024-12-310001535778msif:BurningGlassIntermediateHoldingCompanyIncMember2024-12-310001535778CAI Software LLC, Preferred Equity 12024-12-310001535778CAI Software LLC, Preferred Equity 22024-12-310001535778msif:CAISoftwareLLCMember2024-12-310001535778Career Team Holdings, LLC, Secured Debt 12024-12-310001535778Career Team Holdings, LLC, Secured Debt 22024-12-310001535778Career Team Holdings, LLC, Common Stock2024-12-310001535778msif:CareerTeamHoldingsLLCMember2024-12-310001535778CaseWorthy, Inc., Common Equity2024-12-310001535778CenterPeak Holdings, LLC, Secured Debt 12024-12-310001535778CenterPeak Holdings, LLC, Secured Debt 22024-12-310001535778CenterPeak Holdings, LLC, Preferred Equity2024-12-310001535778msif:CenterPeakHoldingsLLCMember2024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 12024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 22024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 32024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 42024-12-310001535778msif:ChannelPartnersIntermediatecoLLCMember2024-12-310001535778Clarius BIGS, LLC, Secured Debt2024-12-310001535778Classic H&G Holdings, LLC, Preferred Member Units2024-12-310001535778Computer Data Source, LLC, Secured Debt 12024-12-310001535778Computer Data Source, LLC, Secured Debt 22024-12-310001535778Computer Data Source, LLC, Secured Debt 32024-12-310001535778msif:ComputerDataSourceLLCMember2024-12-310001535778Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2024-12-310001535778Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2024-12-310001535778msif:ConnectTelecommunicationsSolutionsHoldingsInc.Member2024-12-310001535778Coregistics Buyer LLC, Secured Debt 12024-12-310001535778Coregistics Buyer LLC, Secured Debt 22024-12-310001535778Coregistics Buyer LLC, Secured Debt 32024-12-310001535778Coregistics Buyer LLC, Secured Debt 42024-12-310001535778msif:CoregisticsBuyerLLCMember2024-12-310001535778CQ Fluency, LLC, Secured Debt 12024-12-310001535778CQ Fluency, LLC, Secured Debt 22024-12-310001535778CQ Fluency, LLC, Secured Debt 32024-12-310001535778msif:CQFluencyLLCMember2024-12-310001535778Creative Foam Corporation, Secured Debt 12024-12-310001535778Creative Foam Corporation, Secured Debt 22024-12-310001535778msif:CreativeFoamCorporationMember2024-12-310001535778Dalton US Inc., Common Stock2024-12-310001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-12-310001535778DTE Enterprises, LLC, Class A Preferred Member Units2024-12-310001535778msif:DTEEnterprisesLLCMember2024-12-310001535778Dynamic Communities, LLC, Secured Debt 12024-12-310001535778Dynamic Communities, LLC, Secured Debt 22024-12-310001535778Dynamic Communities, LLC, Preferred Equity 12024-12-310001535778Dynamic Communities, LLC, Preferred Equity 22024-12-310001535778Dynamic Communities, LLC, Common Equity2024-12-310001535778msif:DynamicCommunitiesLLCMember2024-12-310001535778Elgin AcquireCo, LLC, Secured Debt 12024-12-310001535778Elgin AcquireCo, LLC, Secured Debt 22024-12-310001535778Elgin AcquireCo, LLC, Secured Debt 32024-12-310001535778Elgin AcquireCo, LLC, Common Stock 12024-12-310001535778Elgin AcquireCo, LLC, Common Stock 22024-12-310001535778msif:ElginAcquireCoLLCMember2024-12-310001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2024-12-310001535778Escalent, Inc., Secured Debt 12024-12-310001535778Escalent, Inc., Secured Debt 22024-12-310001535778Escalent, Inc., Secured Debt 32024-12-310001535778Escalent, Inc., Common Equity2024-12-310001535778msif:EscalentIncMember2024-12-310001535778Event Holdco, LLC, Secured Debt 12024-12-310001535778Event Holdco, LLC, Secured Debt 22024-12-310001535778msif:EventHoldcoLLCMember2024-12-310001535778FCC Intermediate Holdco, LLC, Secured Debt 2024-12-310001535778FCC Intermediate Holdco, LLC, Warrants2024-12-310001535778msif:FCCIntermediateHoldcoLLCMember2024-12-310001535778Garyline, LLC, Secured Debt 12024-12-310001535778Garyline, LLC, Secured Debt 22024-12-310001535778Garyline, LLC, Common Equity2024-12-310001535778msif:GarylineLLCMember2024-12-310001535778GradeEight Corp., Secured Debt 12024-12-310001535778GradeEight Corp., Secured Debt 22024-12-310001535778GradeEight Corp., Secured Debt 32024-12-310001535778GradeEight Corp., Common Equity2024-12-310001535778msif:GradeEightCorp.Member2024-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 12024-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 22024-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12024-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22024-12-310001535778msif:HawkRidgeSystemsLLCMember2024-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 12024-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 22024-12-310001535778HDC/HW Intermediate Holdings, Common Equity2024-12-310001535778msif:HDCHWIntermediateHoldingsMember2024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 12024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 22024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 32024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 42024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 52024-12-310001535778msif:HEADLANDSOPCOLLCMember2024-12-310001535778Hornblower Sub, LLC, Secured Debt 12024-12-310001535778Hornblower Sub, LLC, Secured Debt 22024-12-310001535778msif:HornblowerSubLLCMember2024-12-310001535778Hybrid Promotions, LLC , Secured Debt2024-12-310001535778IG Parent Corporation, Secured Debt 12024-12-310001535778IG Parent Corporation, Secured Debt 22024-12-310001535778IG Parent Corporation, Secured Debt 32024-12-310001535778msif:IGParentCorporationMember2024-12-310001535778Imaging Business Machines, L.L.C., Secured Debt 12024-12-310001535778Imaging Business Machines, L.L.C., Secured Debt 22024-12-310001535778Imaging Business Machines, L.L.C., Common Equity2024-12-310001535778msif:ImagingBusinessMachinesLLCMember2024-12-310001535778Implus Footcare, LLC, Secured Debt2024-12-310001535778Infinity X1 Holdings, LLC, Secured Debt2024-12-310001535778Infinity X1 Holdings, LLC, Preferred Equity2024-12-310001535778msif:InfinityX1HoldingsLLCMember2024-12-310001535778Insight Borrower Corporation, Secured Debt 12024-12-310001535778Insight Borrower Corporation, Secured Debt 22024-12-310001535778Insight Borrower Corporation, Secured Debt 32024-12-310001535778Insight Borrower Corporation, Common Equity2024-12-310001535778msif:InsightBorrowerCorporationMember2024-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 12024-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 22024-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 32024-12-310001535778Inspire Aesthetics Management, LLC, Common Equity2024-12-310001535778msif:InspireAestheticsManagementLLCMember2024-12-310001535778Interface Security Systems, L.L.C, Secured Debt 12024-12-310001535778Interface Security Systems, L.L.C, Secured Debt 22024-12-310001535778Interface Security Systems, L.L.C, Common Stock2024-12-310001535778msif:InterfaceSecuritySystemsLLCMember2024-12-310001535778Invincible Boat Company, LLC., Secured Debt 12024-12-310001535778Invincible Boat Company, LLC., Secured Debt 22024-12-310001535778msif:InvincibleBoatCompanyLLCMember2024-12-310001535778Iron-Main Investments, LLC, Secured Debt 12024-12-310001535778Iron-Main Investments, LLC, Secured Debt 22024-12-310001535778Iron-Main Investments, LLC, Secured Debt 32024-12-310001535778Iron-Main Investments, LLC, Secured Debt 42024-12-310001535778Iron-Main Investments, LLC, Secured Debt 52024-12-310001535778Iron-Main Investments, LLC, Preferred Equity2024-12-310001535778Iron-Main Investments, LLC, Common Stock2024-12-310001535778msif:IronMainInvestmentsLLCMember2024-12-310001535778Isagenix International, LLC, Secured Debt2024-12-310001535778Isagenix International, LLC, Common Equity2024-12-310001535778msif:IsagenixInternationalLLCMember2024-12-310001535778Island Pump and Tank, LLC, Secured Debt 12024-12-310001535778Island Pump and Tank, LLC, Secured Debt 22024-12-310001535778Island Pump and Tank, LLC, Secured Debt 32024-12-310001535778Island Pump and Tank, LLC, Secured Debt 42024-12-310001535778msif:IslandPumpAndTankLLCMember2024-12-310001535778ITA Holdings Group, LLC, Secured Debt 12024-12-310001535778ITA Holdings Group, LLC, Secured Debt 22024-12-310001535778ITA Holdings Group, LLC, Secured Debt 32024-12-310001535778ITA Holdings Group, LLC, Secured Debt 42024-12-310001535778ITA Holdings Group, LLC, Warrants 2024-12-310001535778msif:ITAHoldingsGroupLLCMember2024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 12024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 22024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 32024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 42024-12-310001535778Jackmont Hospitality, Inc., Preferred Eqiuty2024-12-310001535778msif:JackmontHospitalityIncMember2024-12-310001535778JDC Power Services, LLC, Secured Debt 12024-12-310001535778JDC Power Services, LLC, Secured Debt 22024-12-310001535778msif:JDCPowerServicesLLCMember2024-12-310001535778Joerns Healthcare, LLC, Secured Debt 12024-12-310001535778Joerns Healthcare, LLC, Secured Debt 22024-12-310001535778Joerns Healthcare, LLC, Secured Debt 32024-12-310001535778Joerns Healthcare, LLC, Secured Debt 42024-12-310001535778Joerns Healthcare, LLC, Common Stock 12024-12-310001535778Joerns Healthcare, LLC, Common Stock 22024-12-310001535778msif:JoernsHealthcareLLCMember2024-12-310001535778JorVet Holdings, LLC, Secured Debt 2024-12-310001535778JorVet Holdings, LLC., Preferred Eqiuty2024-12-310001535778msif:JorVetHoldingsLLCMember2024-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12024-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22024-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 32024-12-310001535778JTI Electrical & Mechanical, LLC, Common Eqiuty2024-12-310001535778msif:JTIElectricalMechanicalLLCMember2024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 12024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 22024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 32024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 42024-12-310001535778msif:KMSLLCMember2024-12-310001535778Lightbox Holdings, L.P., 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22025-01-012025-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22025-09-300001535778Gulf Publishing Holdings, LLC, Preferred Equity2025-01-012025-09-300001535778Gulf Publishing Holdings, LLC, Preferred Equity2025-09-300001535778Gulf Publishing Holdings, LLC, Member Units2025-01-012025-09-300001535778Gulf Publishing Holdings, LLC, Member Units2025-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2025-01-012025-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-12-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2025-09-300001535778IG Investor, LLC, Secured Debt 12025-01-012025-09-300001535778IG Investor, LLC, Secured Debt 22025-01-012025-09-300001535778IG Investor, LLC, Common Equity2025-01-012025-09-300001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2025-01-012025-09-300001535778Integral Energy Services, Secured Debt2025-01-012025-09-300001535778Integral Energy Services, Preferred Equity 12025-01-012025-09-300001535778Integral Energy Services, Preferred Equity 12024-12-310001535778Integral Energy Services, Common Stock2025-01-012025-09-300001535778Integral Energy Services, Preferred Equity 22025-01-012025-09-300001535778Integral Energy Services, Preferred Equity 22024-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12025-01-012025-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22025-01-012025-09-300001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2025-01-012025-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units2025-01-012025-09-300001535778KMS, LLC, Secured Debt 1a2025-09-300001535778KMS, LLC, Secured Debt 1a2025-01-012025-09-300001535778KMS, LLC, Secured Debt 1a2024-12-310001535778KMS, LLC, Secured Debt 1b2025-09-300001535778KMS, LLC, Secured Debt 1b2025-01-012025-09-300001535778KMS, LLC, Secured Debt 1b2024-12-310001535778KMS, LLC, Secured Debt 1c2025-09-300001535778KMS, LLC, Secured Debt 1c2025-01-012025-09-300001535778KMS, LLC, Secured Debt 1c2024-12-310001535778KMS, LLC, Secured Debt 1d2025-09-300001535778KMS, LLC, Secured Debt 1d2025-01-012025-09-300001535778KMS, LLC, Secured Debt 1d2024-12-310001535778KMS, LLC, Secured Debt 1e2025-09-300001535778KMS, LLC, Secured Debt 1e2025-01-012025-09-300001535778KMS, LLC, Secured Debt 1e2024-12-310001535778KMS, LLC, Secured Debt 12025-09-300001535778KMS, LLC, Secured Debt 12025-01-012025-09-300001535778KMS, LLC, Secured Debt 12024-12-310001535778KMS, LLC, Secured Debt 22025-09-300001535778KMS, LLC, Secured Debt 22025-01-012025-09-300001535778KMS, LLC, Secured Debt 22024-12-310001535778KMS, LLC, Preferred Equity2025-01-012025-09-300001535778KMS, LLC, Preferred Equity2024-12-310001535778Mills Fleet Farm Group, LLC, Preferred Equity2025-01-012025-09-300001535778Mills Fleet Farm Group, LLC, Preferred Equity2024-12-310001535778Mills Fleet Farm Group, LLC, Secured Debt 12025-01-012025-09-300001535778Mills Fleet Farm Group, LLC, Secured Debt 12024-12-310001535778Mills Fleet Farm Group, LLC, Secured Debt 22025-01-012025-09-300001535778Mills Fleet Farm Group, LLC, Secured Debt 22024-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12025-01-012025-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22025-01-012025-09-300001535778Mystic Logistics Holdings, LLC, Common Stock2025-01-012025-09-300001535778Nello Industries Investco, LLC, Secured Debt 12025-09-300001535778Nello Industries Investco, LLC, Secured Debt 12025-01-012025-09-300001535778Nello Industries Investco, LLC, Secured Debt 22025-09-300001535778Nello Industries Investco, LLC, Secured Debt 22025-01-012025-09-300001535778Nello Industries Investco, LLC, Secured Debt 22024-12-310001535778Nello Industries Investco, LLC, Preferred Stock2025-01-012025-09-300001535778Nello Industries Investco, LLC, Preferred Stock2024-12-310001535778Nello Industries Investco, LLC, Preferred Stock2025-09-300001535778NexRev LLC, Secured Debt 12025-01-012025-09-300001535778NexRev LLC, Secured Debt 12025-09-300001535778NexRev LLC, Secured Debt 22025-01-012025-09-300001535778NexRev LLC, Secured Debt 22025-09-300001535778NexRev LLC, Preferred Member Units2025-01-012025-09-300001535778NuStep, LLC, Secured Debt 12025-01-012025-09-300001535778NuStep, LLC, Secured Debt 22025-01-012025-09-300001535778NuStep, LLC, Preferred Member Units 1.12025-01-012025-09-300001535778NuStep, LLC, Preferred Member Units 1.12024-12-310001535778NuStep, LLC, Preferred Member Units 1.12025-09-300001535778NuStep, LLC, Preferred Member Units 2.12025-01-012025-09-300001535778NuStep, LLC, Preferred Member Units 2.12024-12-310001535778NuStep, LLC, Preferred Member Units 2.12025-09-300001535778Oneliance, LLC, Preferred Stock2025-01-012025-09-300001535778Orttech Holdings, LLC, Secured Debt 12025-01-012025-09-300001535778Orttech Holdings, LLC, Secured Debt 22025-01-012025-09-300001535778Orttech Holdings, LLC, Preferred Stock2025-01-012025-09-300001535778Pinnacle TopCo, LLC, Secured Debt 12025-01-012025-09-300001535778Pinnacle TopCo, LLC, Secured Debt 22025-01-012025-09-300001535778Pinnacle TopCo, LLC, Preferred Equity2025-01-012025-09-300001535778RA Outdoors LLC, Secured Debt 12025-01-012025-09-300001535778RA Outdoors LLC, Secured Debt 42025-01-012025-09-300001535778RA Outdoors LLC, Secured Debt 42024-12-310001535778RA Outdoors LLC, Secured Debt 32025-01-012025-09-300001535778RA Outdoors LLC, Secured Debt 32024-12-310001535778RA Outdoors LLC, Common Equity2025-01-012025-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12025-01-012025-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22025-01-012025-09-300001535778Robbins Bros. Jewelry, Inc., Preferred Equity2025-01-012025-09-300001535778SI East, LLC, Secured Debt 12025-09-300001535778SI East, LLC, Secured Debt 12025-01-012025-09-300001535778SI East, LLC, Secured Debt 12024-12-310001535778SI East, LLC, Secured Debt 22025-09-300001535778SI East, LLC, Secured Debt 22025-01-012025-09-300001535778SI East, LLC, Secured Debt 22024-12-310001535778SI East, LLC, Preferred Member Units2025-01-012025-09-300001535778SI East, LLC, Preferred Member Units2024-12-310001535778Student Resource Center, LLC, Secured Debt 22025-01-012025-09-300001535778Student Resource Center, LLC, Preferred Equity2025-01-012025-09-300001535778Student Resource Center, LLC, Preferred Equity2025-09-300001535778Student Resource Center, LLC, Secured Debt 12025-01-012025-09-300001535778Tedder Industries, LLC, Secured Debt 12025-09-300001535778Tedder Industries, LLC, Secured Debt 12025-01-012025-09-300001535778Tedder Industries, LLC, Secured Debt 22025-09-300001535778Tedder Industries, LLC, Secured Debt 22025-01-012025-09-300001535778Tedder Industries, LLC, Preferred Member Units 12025-01-012025-09-300001535778Tedder Industries, LLC, Preferred Member Units 12025-09-300001535778Tedder Industries, LLC, Preferred Member Units 22025-01-012025-09-300001535778Tedder Industries, LLC, Preferred Member Units 22025-09-300001535778Tedder Industries, LLC, Preferred Member Units 32025-01-012025-09-300001535778Tedder Industries, LLC, Preferred Member Units 32025-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 1a2025-01-012025-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 1a2024-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 1a2025-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22025-01-012025-09-300001535778Trantech Radiator Topco, LLC, Common Stock2025-01-012025-09-300001535778Urgent DSO LLC, Secured Debt2025-01-012025-09-300001535778Urgent DSO LLC, Preferred Equity2025-01-012025-09-300001535778Victory Energy Operations, LLC, Secured Debt 12025-01-012025-09-300001535778Victory Energy Operations, LLC, Secured Debt 22025-01-012025-09-300001535778Victory Energy Operations, LLC, Preferred Equity2025-01-012025-09-300001535778VVS Holdco LLC, Secured Debt 12025-01-012025-09-300001535778VVS Holdco LLC, Secured Debt 22025-01-012025-09-300001535778VVS Holdco LLC, Preferred Equity2025-01-012025-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2025-01-012025-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2025-09-300001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-01-012024-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-12-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-09-300001535778GRT Rubber Technologies LLC, Secured Debt 12024-09-300001535778GRT Rubber Technologies LLC, Secured Debt 12024-01-012024-09-300001535778GRT Rubber Technologies LLC, Secured Debt 12023-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22024-09-300001535778GRT Rubber Technologies LLC, Secured Debt 22024-01-012024-09-300001535778GRT Rubber Technologies LLC, Secured Debt 22023-12-310001535778GRT Rubber Technologies LLC, Member Units2024-01-012024-09-300001535778GRT Rubber Technologies LLC, Member Units2023-12-310001535778GRT Rubber Technologies LLC, Member Units2024-09-300001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-01-012024-09-300001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-09-300001535778Volusion, LLC, Secured Debt2024-09-300001535778Volusion, LLC, Secured Debt2024-01-012024-09-300001535778Volusion, LLC, Secured Debt2023-12-310001535778Volusion, LLC, Preferred Member Units 1.12024-01-012024-09-300001535778Volusion, LLC, Preferred Member Units 1.12023-12-310001535778Volusion, LLC, Preferred Member Units 1.12024-09-300001535778Volusion, LLC, Preferred Member Units 2.12024-01-012024-09-300001535778Volusion, LLC, Preferred Member Units 2.12023-12-310001535778Volusion, LLC, Preferred Member Units 2.12024-09-300001535778Volusion, LLC, Preferred Member Units 32024-01-012024-09-300001535778Volusion, LLC, Preferred Member Units 32023-12-310001535778Volusion, LLC, Preferred Member Units 32024-09-300001535778Volusion, LLC, Common Stock2024-01-012024-09-300001535778Volusion, LLC, Common Stock2023-12-310001535778Volusion, LLC, Common Stock2024-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2024-01-012024-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2024-09-300001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12023-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.12024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.12023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.12024-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.12024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.12023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.12024-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2023-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2024-09-300001535778Barfly Ventures, LLC, Member Units2024-01-012024-09-300001535778Barfly Ventures, LLC, Member Units2023-12-310001535778Barfly Ventures, LLC, Member Units2024-09-300001535778Batjer TopCo, LLC, Secured Debt 12024-09-300001535778Batjer TopCo, LLC, Secured Debt 12024-01-012024-09-300001535778Batjer TopCo, LLC, Secured Debt 12023-12-310001535778Batjer TopCo, LLC, Secured Debt 22024-09-300001535778Batjer TopCo, LLC, Secured Debt 22024-01-012024-09-300001535778Batjer TopCo, LLC, Secured Debt 22023-12-310001535778Batjer TopCo, LLC, Secured Debt 32024-09-300001535778Batjer TopCo, LLC, Secured Debt 32024-01-012024-09-300001535778Batjer TopCo, LLC, Secured Debt 32023-12-310001535778Batjer TopCo, LLC, Preferred Stock2024-01-012024-09-300001535778Batjer TopCo, LLC, Preferred Stock2023-12-310001535778Batjer TopCo, LLC, Preferred Stock2024-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2024-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2024-01-012024-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2023-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2024-01-012024-09-300001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2024-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12024-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 22023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 32024-01-012024-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 32023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 32024-09-300001535778Centre Technologies Holdings, LLC, Preferred Member Units2024-01-012024-09-300001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2024-09-300001535778Chamberlin Holding LLC, Secured Debt 12024-09-300001535778Chamberlin Holding LLC, Secured Debt 12024-01-012024-09-300001535778Chamberlin Holding LLC, Secured Debt 12023-12-310001535778Chamberlin Holding LLC, Secured Debt 22024-09-300001535778Chamberlin Holding LLC, Secured Debt 22024-01-012024-09-300001535778Chamberlin Holding LLC, Secured Debt 22023-12-310001535778Chamberlin Holding LLC, Member Units 12024-01-012024-09-300001535778Chamberlin Holding LLC, Member Units 12023-12-310001535778Chamberlin Holding LLC, Member Units 12024-09-300001535778Chamberlin Holding LLC, Member Units 22024-01-012024-09-300001535778Chamberlin Holding LLC, Member Units 22023-12-310001535778Chamberlin Holding LLC, Member Units 22024-09-300001535778Charps, LLC, Preferred Member Units2024-01-012024-09-300001535778Charps, LLC, Preferred Member Units2023-12-310001535778Charps, LLC, Preferred Member Units2024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 1.12024-01-012024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 1.12023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 1.12024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 2.12024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 2.12024-01-012024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 2.12023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 32024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 32024-01-012024-09-300001535778Clad-Rex Steel, LLC, Secured Debt 32023-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-01-012024-09-300001535778Clad-Rex Steel, LLC, Member Units 12023-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-09-300001535778Clad-Rex Steel, LLC, Member Units 22024-01-012024-09-300001535778Clad-Rex Steel, LLC, Member Units 22023-12-310001535778Clad-Rex Steel, LLC, Member Units 22024-09-300001535778Cody Pools, Inc., Secured Debt 12024-01-012024-09-300001535778Cody Pools, Inc., Secured Debt 12023-12-310001535778Cody Pools, Inc., Secured Debt 12024-09-300001535778Cody Pools, Inc., Secured Debt 22024-09-300001535778Cody Pools, Inc., Secured Debt 22024-01-012024-09-300001535778Cody Pools, Inc., Secured Debt 22023-12-310001535778Cody Pools, Inc., Preferred Member Units2024-01-012024-09-300001535778Cody Pools, Inc., Preferred Member Units2023-12-310001535778Cody Pools, Inc., Preferred Member Units2024-09-300001535778Colonial Electric Company LLC, Secured Debt 12024-01-012024-09-300001535778Colonial Electric Company LLC, Secured Debt 12023-12-310001535778Colonial Electric Company LLC, Secured Debt 12024-09-300001535778Colonial Electric Company LLC, Secured Debt 22024-09-300001535778Colonial Electric Company LLC, Secured Debt 22024-01-012024-09-300001535778Colonial Electric Company LLC, Secured Debt 22023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12024-01-012024-09-300001535778Colonial Electric Company LLC, Preferred Member Units 12023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12024-09-300001535778Colonial Electric Company LLC, Preferred Member Units 22024-01-012024-09-300001535778Colonial Electric Company LLC, Preferred Member Units 22023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 22024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 12024-01-012024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 12023-12-310001535778Compass Systems & Sales, LLC, Secured Debt 12024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 22024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 22024-01-012024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 22023-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2024-01-012024-09-300001535778Compass Systems & Sales, LLC, Preferred Equity2023-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2024-09-300001535778Datacom, LLC, Secured Debt 12024-09-300001535778Datacom, LLC, Secured Debt 12024-01-012024-09-300001535778Datacom, LLC, Secured Debt 12023-12-310001535778Datacom, LLC, Secured Debt 22024-09-300001535778Datacom, LLC, Secured Debt 22024-01-012024-09-300001535778Datacom, LLC, Secured Debt 22023-12-310001535778Datacom, LLC, Preferred Member Units2024-01-012024-09-300001535778Datacom, LLC, Preferred Member Units2023-12-310001535778Datacom, LLC, Preferred Member Units2024-09-300001535778Digital Products Holdings LLC, Secured Debt2024-09-300001535778Digital Products Holdings LLC, Secured Debt2024-01-012024-09-300001535778Digital Products Holdings LLC, Secured Debt2023-12-310001535778Digital Products Holdings LLC, Preferred Member Units2024-01-012024-09-300001535778Digital Products Holdings LLC, Preferred Member Units2023-12-310001535778Digital Products Holdings LLC, Preferred Member Units2024-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12024-01-012024-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12023-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12024-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22024-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22024-01-012024-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22023-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-01-012024-09-300001535778Direct Marketing Solutions, Inc., Preferred Stock2023-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-09-300001535778Flame King Holdings, LLC, Preferred Equity2024-01-012024-09-300001535778Flame King Holdings, LLC, Preferred Equity2023-12-310001535778Flame King Holdings, LLC, Preferred Equity2024-09-300001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-012024-09-300001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 2.12024-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 2.12024-01-012024-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 2.12023-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-01-012024-09-300001535778Gamber-Johnson Holdings, LLC, Member Units2023-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-09-300001535778GFG Group, LLC, Secured Debt2024-09-300001535778GFG Group, LLC, Secured Debt2024-01-012024-09-300001535778GFG Group, LLC, Secured Debt2023-12-310001535778GFG Group, LLC, Preferred Member Units2024-01-012024-09-300001535778GFG Group, LLC, Preferred Member Units2023-12-310001535778GFG Group, LLC, Preferred Member Units2024-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12024-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2024-01-012024-09-300001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2024-09-300001535778Gulf Publishing Holdings, LLC, Member Units2024-01-012024-09-300001535778Gulf Publishing Holdings, LLC, Member Units2023-12-310001535778Gulf Publishing Holdings, LLC, Member Units2024-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-01-012024-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-12-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-09-300001535778IG Investor, LLC, Secured Debt 12024-09-300001535778IG Investor, LLC, Secured Debt 12024-01-012024-09-300001535778IG Investor, LLC, Secured Debt 12023-12-310001535778IG Investor, LLC, Secured Debt 22024-09-300001535778IG Investor, LLC, Secured Debt 22024-01-012024-09-300001535778IG Investor, LLC, Secured Debt 22023-12-310001535778IG Investor, LLC, Common Equity2024-01-012024-09-300001535778IG Investor, LLC, Common Equity2023-12-310001535778IG Investor, LLC, Common Equity2024-09-300001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-01-012024-09-300001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-09-300001535778Integral Energy Services, Secured Debt2024-09-300001535778Integral Energy Services, Secured Debt2024-01-012024-09-300001535778Integral Energy Services, Secured Debt2023-12-310001535778Integral Energy Services, Preferred Equity2024-09-300001535778Integral Energy Services, Preferred Equity2024-01-012024-09-300001535778Integral Energy Services, Preferred Equity2023-12-310001535778Integral Energy Services, Common Stock2024-01-012024-09-300001535778Integral Energy Services, Common Stock2023-12-310001535778Integral Energy Services, Common Stock2024-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-01-012024-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-01-012024-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-01-012024-09-300001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units2024-01-012024-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2024-09-300001535778MH Corbin Holding LLC, Secured Debt 2024-09-300001535778MH Corbin Holding LLC, Secured Debt 2024-01-012024-09-300001535778MH Corbin Holding LLC, Secured Debt 2023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12024-01-012024-09-300001535778MH Corbin Holding LLC, Preferred Member Units 12023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12024-09-300001535778MH Corbin Holding LLC, Preferred Member Units 22024-01-012024-09-300001535778MH Corbin Holding LLC, Preferred Member Units 22023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22024-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12024-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22024-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2024-01-012024-09-300001535778Mystic Logistics Holdings, LLC, Common Stock2023-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2024-09-300001535778Nello Industries Investco, LLC, Secured Debt 12024-09-300001535778Nello Industries Investco, LLC, Secured Debt 12024-01-012024-09-300001535778Nello Industries Investco, LLC, Secured Debt 12023-12-310001535778Nello Industries Investco, LLC, Secured Debt 22024-09-300001535778Nello Industries Investco, LLC, Secured Debt 22024-01-012024-09-300001535778Nello Industries Investco, LLC, Secured Debt 22023-12-310001535778Nello Industries Investco, LLC, Common Equity2024-01-012024-09-300001535778Nello Industries Investco, LLC, Common Equity2023-12-310001535778Nello Industries Investco, LLC, Common Equity2024-09-300001535778NexRev LLC, Secured Debt 12024-09-300001535778NexRev LLC, Secured Debt 12024-01-012024-09-300001535778NexRev LLC, Secured Debt 12023-12-310001535778NexRev LLC, Secured Debt 22024-09-300001535778NexRev LLC, Secured Debt 22024-01-012024-09-300001535778NexRev LLC, Secured Debt 22023-12-310001535778NexRev LLC, Preferred Member Units2024-01-012024-09-300001535778NexRev LLC, Preferred Member Units2023-12-310001535778NexRev LLC, Preferred Member Units2024-09-300001535778NuStep, LLC, Secured Debt 12024-09-300001535778NuStep, LLC, Secured Debt 12024-01-012024-09-300001535778NuStep, LLC, Secured Debt 12023-12-310001535778NuStep, LLC, Secured Debt 22024-09-300001535778NuStep, LLC, Secured Debt 22024-01-012024-09-300001535778NuStep, LLC, Secured Debt 22023-12-310001535778NuStep, LLC, Preferred Member Units 1.12024-01-012024-09-300001535778NuStep, LLC, Preferred Member Units 1.12023-12-310001535778NuStep, LLC, Preferred Member Units 1.12024-09-300001535778NuStep, LLC, Preferred Member Units 2.12024-01-012024-09-300001535778NuStep, LLC, Preferred Member Units 2.12023-12-310001535778NuStep, LLC, Preferred Member Units 2.12024-09-300001535778Oneliance, LLC, Secured Debt2024-09-300001535778Oneliance, LLC, Secured Debt2024-01-012024-09-300001535778Oneliance, LLC, Secured Debt2023-12-310001535778Oneliance, LLC, Preferred Stock2024-01-012024-09-300001535778Oneliance, LLC, Preferred Stock2023-12-310001535778Oneliance, LLC, Preferred Stock2024-09-300001535778Orttech Holdings, LLC, Secured Debt 12024-09-300001535778Orttech Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Orttech Holdings, LLC, Secured Debt 12023-12-310001535778Orttech Holdings, LLC, Secured Debt 22024-09-300001535778Orttech Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Orttech Holdings, LLC, Secured Debt 22023-12-310001535778Orttech Holdings, LLC, Preferred Stock2024-01-012024-09-300001535778Orttech Holdings, LLC, Preferred Stock2023-12-310001535778Orttech Holdings, LLC, Preferred Stock2024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 12024-01-012024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 12023-12-310001535778Pinnacle TopCo, LLC, Secured Debt 12024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 22024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 22024-01-012024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 22023-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2024-01-012024-09-300001535778Pinnacle TopCo, LLC, Preferred Equity2023-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2024-09-300001535778RA Outdoors LLC, Secured Debt 12024-09-300001535778RA Outdoors LLC, Secured Debt 12024-01-012024-09-300001535778RA Outdoors LLC, Secured Debt 12023-12-310001535778RA Outdoors LLC, Secured Debt 22024-09-300001535778RA Outdoors LLC, Secured Debt 22024-01-012024-09-300001535778RA Outdoors LLC, Secured Debt 22023-12-310001535778RA Outdoors LLC, Common Equity2024-01-012024-09-300001535778RA Outdoors LLC, Common Equity2023-12-310001535778RA Outdoors LLC, Common Equity2024-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-01-012024-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-01-012024-09-300001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-09-300001535778SI East, LLC, Secured Debt 12024-09-300001535778SI East, LLC, Secured Debt 12024-01-012024-09-300001535778SI East, LLC, Secured Debt 12023-12-310001535778SI East, LLC, Secured Debt 22024-01-012024-09-300001535778SI East, LLC, Secured Debt 22023-12-310001535778SI East, LLC, Secured Debt 22024-09-300001535778SI East, LLC, Secured Debt 32024-09-300001535778SI East, LLC, Secured Debt 32024-01-012024-09-300001535778SI East, LLC, Secured Debt 32023-12-310001535778SI East, LLC, Preferred Member Units2024-01-012024-09-300001535778SI East, LLC, Preferred Member Units2023-12-310001535778SI East, LLC, Preferred Member Units2024-09-300001535778Student Resource Center, LLC, Secured Debt 1.12024-09-300001535778Student Resource Center, LLC, Secured Debt 1.12024-01-012024-09-300001535778Student Resource Center, LLC, Secured Debt 1.12023-12-310001535778Student Resource Center, LLC, Preferred Equity2024-01-012024-09-300001535778Student Resource Center, LLC, Preferred Equity2023-12-310001535778Student Resource Center, LLC, Preferred Equity2024-09-300001535778Student Resource Center, LLC, Secured Debt 2.12024-09-300001535778Student Resource Center, LLC, Secured Debt 2.12024-01-012024-09-300001535778Student Resource Center, LLC, Secured Debt 2.12023-12-310001535778Tedder Industries, LLC, Secured Debt 12024-09-300001535778Tedder Industries, LLC, Secured Debt 12024-01-012024-09-300001535778Tedder Industries, LLC, Secured Debt 12023-12-310001535778Tedder Industries, LLC, Secured Debt 22024-09-300001535778Tedder Industries, LLC, Secured Debt 22024-01-012024-09-300001535778Tedder Industries, LLC, Secured Debt 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 12024-01-012024-09-300001535778Tedder Industries, LLC, Preferred Member Units 12023-12-310001535778Tedder Industries, LLC, Preferred Member Units 12024-09-300001535778Tedder Industries, LLC, Preferred Member Units 22024-01-012024-09-300001535778Tedder Industries, LLC, Preferred Member Units 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 22024-09-300001535778Tedder Industries, LLC, Preferred Member Units 32024-01-012024-09-300001535778Tedder Industries, LLC, Preferred Member Units 32023-12-310001535778Tedder Industries, LLC, Preferred Member Units 32024-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 12024-01-012024-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 12023-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12024-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22024-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22024-01-012024-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22023-12-310001535778Trantech Radiator Topco, LLC, Common Stock2024-01-012024-09-300001535778Trantech Radiator Topco, LLC, Common Stock2023-12-310001535778Trantech Radiator Topco, LLC, Common Stock2024-09-300001535778VVS Holdco LLC, Secured Debt 12024-09-300001535778VVS Holdco LLC, Secured Debt 12024-01-012024-09-300001535778VVS Holdco LLC, Secured Debt 12023-12-310001535778VVS Holdco LLC, Secured Debt 22024-09-300001535778VVS Holdco LLC, Secured Debt 22024-01-012024-09-300001535778VVS Holdco LLC, Secured Debt 22023-12-310001535778VVS Holdco LLC, Preferred Equity2024-01-012024-09-300001535778VVS Holdco LLC, Preferred Equity2023-12-310001535778VVS Holdco LLC, Preferred Equity2024-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-01-012024-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-09-300001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-30

Table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from:             to             

Commission File Number: 814-00939

MSC Income Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland			45-3999996
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8th Floor Houston, TX			77056
(Address of principal executive offices)			(Zip Code)

(713) 350-6000

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

MSIF

New York Stock Exchange NYSE Texas

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

þ

Smaller reporting company

o

Emerging growth company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

The number of shares outstanding of the issuer’s common stock as of November 13, 2025 was 46,910,723.

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Table of contents

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
Item 1.			Consolidated Financial Statements
			Consolidated Balance Sheets—September 30, 2025 (unaudited) and December 31, 2024			1
			Consolidated Statements of Operations (unaudited)—Three and nine months ended September 30, 2025 and 2024			2
			Consolidated Statements of Changes in Net Assets (unaudited)—Three and nine months ended September 30, 2025 and 2024			3
			Consolidated Statements of Cash Flows (unaudited)—Nine months ended September 30, 2025 and 2024			4
			Consolidated Schedule of Investments (unaudited)—September 30, 2025			5
			Consolidated Schedule of Investments—December 31, 2024			26
			Notes to Consolidated Financial Statements (unaudited)			46
			Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Nine months ended September 30, 2025 and 2024			88
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			99
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			117
Item 4.			Controls and Procedures			118
PART II
OTHER INFORMATION
Item 1.			Legal Proceedings			119
Item 1A.			Risk Factors			119
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			119
Item 5.			Other Information			119
Item 6.			Exhibits			120
			Signatures			121

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Table of contents

MSC INCOME FUND, INC.

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

			September 30, 2025						December 31, 2024
ASSETS			(Unaudited)
Investments at fair value:
Control investments (cost: $52,450 and $54,560 as of September 30, 2025 and December 31, 2024, respectively)			$	60,753					$	69,878
Affiliate investments (cost: $312,675 and $284,211 as of September 30, 2025 and December 31, 2024, respectively)			392,285						351,360
Non‑Control/Non‑Affiliate investments (cost: $820,242 and $799,974 as of September 30, 2025 and December 31, 2024, respectively)			807,164						756,269
Total investments (cost: $1,185,367 and $1,138,745 as of September 30, 2025 and December 31, 2024, respectively)			1,260,202						1,177,507
Cash and cash equivalents			18,081						28,375
Interest and dividend receivable			12,245						11,925
Deferred financing costs (net of accumulated amortization of $7,045 and $6,449 as of September 30, 2025 and December 31, 2024, respectively)			3,404						1,985
Prepaids and other assets			4,174						4,254
Deferred tax asset, net			—						625
Total assets			$	1,298,106					$	1,224,671
LIABILITIES
Credit Facilities			$	379,000					$	415,688
Series A Notes due 2026 (par: $150,000 as of both September 30, 2025 and December 31, 2024)			149,677						149,453
Accounts payable and other liabilities			1,133						4,723
Payable for securities purchased			563						—
Interest payable			7,395						6,909
Dividend payable			17,016						14,487
Management and incentive fees payable			8,182						8,508
Deferred tax liability, net			782						—
Total liabilities			563,748						599,768
Commitments and contingencies (Note I)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 47,268,027 and 40,240,358 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)			47						40
Additional paid‑in capital			791,191						689,580
Total overdistributed earnings			(56,880)						(64,717)
Total net assets			734,358						624,903
Total liabilities and net assets			$	1,298,106					$	1,224,671
NET ASSET VALUE PER SHARE			$	15.54					$	15.53

The accompanying notes are an integral part of these consolidated financial statements

1

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Table of contents

MSC INCOME FUND, INC.

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments			$	1,293					$	818					$	4,249					$	2,643
Affiliate investments			9,268						7,719						28,220						22,891
Non‑Control/Non‑Affiliate investments			24,806						24,940						71,768						75,839
Total investment income			35,367						33,477						104,237						101,373
EXPENSES:
Interest			(8,649)						(10,374)						(25,570)						(29,470)
Base management fees			(4,860)						(5,338)						(14,739)						(15,545)
Incentive fees			(3,321)						(2,136)						(8,775)						(9,364)
Internal administrative services expenses			(173)						(2,368)						(519)						(7,155)
General and administrative			(1,334)						(1,285)						(3,510)						(3,424)
Total expenses before expense waivers			(18,337)						(21,501)						(53,113)						(64,958)
Waiver of internal administrative services expenses			—						2,206						—						6,678
Total expenses, net of expense waivers			(18,337)						(19,295)						(53,113)						(58,280)
NET INVESTMENT INCOME BEFORE TAXES			17,030						14,182						51,124						43,093
Excise tax benefit (expense)			39						(491)						(240)						(570)
Federal and state income and other tax expenses			(492)						(775)						(2,253)						(2,201)
NET INVESTMENT INCOME			16,577						12,916						48,631						40,322
NET REALIZED GAIN (LOSS):
Control investments			—						—						5,305						57
Affiliate investments			(2,321)						—						(2,319)						—
Non‑Control/Non‑Affiliate investments			(7,533)						25,372						(29,127)						23,745
Total net realized gain (loss)			(9,854)						25,372						(26,141)						23,802
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments			(1,113)						912						(7,014)						4,631
Affiliate investments			9,693						182						12,460						1,166
Non‑Control/Non‑Affiliate investments			12,427						(30,843)						30,440						(30,453)
Total net unrealized appreciation (depreciation)			21,007						(29,749)						35,886						(24,656)
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)			(1,201)						(1,168)						317						(3,379)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$	26,529					$	7,371					$	58,693					$	36,089
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED (1)			$	0.35					$	0.32					$	1.05					$	1.00
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED (1)			$	0.56					$	0.18					$	1.27					$	0.90
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED (1)			47,303,204						40,167,985						46,353,334						40,154,730

(1)As discussed in Note A.3. — Reverse Stock Split, the Fund completed a two-for-one reverse stock split, effective as of December 16, 2024.

The accompanying notes are an integral part of these consolidated financial statements

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MSC INCOME FUND, INC.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)

			Common Stock (1)												Additional Paid-In Capital						Total Overdistributed Earnings						Total Net Asset Value
			Number of Shares						Par Value
Balances as of December 31, 2023			40,054,433						$	40					$	686,176					$	(63,909)					$	622,307
Issuance of common stock			157,034						—						2,500						—						2,500
Dividend reinvestment			282,485						1						4,492						—						4,493
Common stock repurchased			(437,658)						(1)						(6,546)						—						(6,547)
Net increase in net assets resulting from operations			—						—						—						10,589						10,589
Dividends to stockholders			—						—						—						(14,821)						(14,821)
Balances as of March 31, 2024			40,056,294						$	40					$	686,622					$	(68,141)					$	618,521
Issuance of common stock			157,629						—						2,500						—						2,500
Dividend reinvestment			291,938						1						4,631						—						4,632
Common stock repurchased			(435,190)						(1)						(6,181)						—						(6,182)
Net increase in net assets resulting from operations			—						—						—						18,129						18,129
Dividends to stockholders			—						—						—						(14,425)						(14,425)
Balances as of June 30, 2024			40,070,671						$	40					$	687,572					$	(64,437)					$	623,175
Issuance of common stock			125,314						—						2,000						—						2,000
Dividend reinvestment			278,960						1						4,452						—						4,453
Common stock repurchased			(257,499)						(1)						(4,035)						—						(4,036)
Net increase in net assets resulting from operations			—						—						—						7,371						7,371
Dividends to stockholders			—						—						—						(14,478)						(14,478)
Balances as of September 30, 2024			40,217,446						$	40					$	689,989					$	(71,544)					$	618,485
Balances as of December 31, 2024			40,240,358						$	40					$	689,580					$	(64,717)					$	624,903
Issuances of common stock from public offering, net of underwriting and offering costs			6,325,000						6						90,526						—						90,532
Dividend reinvestment			284,173						1						4,495						—						4,496
Net increase in net assets resulting from operations			—						—						—						15,875						15,875
Dividends to stockholders			—						—						—						(16,866)						(16,866)
Balances as of March 31, 2025			46,849,531						$	47					$	784,601					$	(65,708)					$	718,940
Dividend reinvestment			309,276						—						4,679						—						4,679
Common stock repurchased			(10,005)						—						(146)						—						(146)
Net increase in net assets resulting from operations			—						—						—						16,289						16,289
Dividends to stockholders			—						—						—						(16,974)						(16,974)
Balances as of June 30, 2025			47,148,802						$	47					$	789,134					$	(66,393)					$	722,788
Dividend reinvestment			299,994						—						4,596						—						4,596
Common stock repurchased			(180,769)						—						(2,539)						—						(2,539)
Net increase in net assets resulting from operations			—						—						—						26,529						26,529
Dividends to stockholders			—						—						—						(17,016)						(17,016)
Balances as of September 30, 2025			47,268,027						$	47					$	791,191					$	(56,880)					$	734,358

(1)As discussed in Note A.3. — Reverse Stock Split, the Fund completed a two-for-one reverse stock split, effective as of December 16, 2024.

The accompanying notes are an integral part of these consolidated financial statements

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MSC INCOME FUND, INC.

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

			Nine Months Ended September 30,
			2025						2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations			$	58,693					$	36,089
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investments in portfolio companies			(286,906)						(253,889)
Proceeds from sales and repayments of debt investments in portfolio companies			208,777						169,961
Proceeds from sales and return of capital of equity investments in portfolio companies			19,897						39,496
Net unrealized (appreciation) depreciation			(35,886)						24,656
Net realized (gain) loss			26,141						(23,802)
Amortization of deferred financing costs			819						2,338
Accretion of unearned income			(5,702)						(5,740)
Payment-in-kind interest			(6,104)						(5,100)
Cumulative dividends			(902)						(101)
Deferred taxes			1,407						3,625
Changes in other assets and liabilities:
Interest and dividend receivable			(1,725)						(4,650)
Prepaid and other assets			39						(714)
Management and incentive fees payable			(326)						(1,271)
Interest payable			486						2,365
Accounts payable and other liabilities			(3,590)						3,354
Net cash used in operating activities			(24,882)						(13,383)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of underwriting and offering costs			90,532						—
Issuance of common stock			—						7,000
Redemption of common stock			(2,685)						(16,765)
Dividends paid			(34,556)						(29,686)
Proceeds from Credit Facilities			305,000						252,000
Repayments on Credit Facilities			(341,688)						(181,000)
Payment of deferred financing costs			(2,015)						(26)
Net cash provided by financing activities			14,588						31,523
Net increase (decrease) in cash and cash equivalents			(10,294)						18,140
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD			28,375						30,786
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD			$	18,081					$	48,926
Supplemental cash flow disclosures:
Interest paid			$	24,265					$	24,766
Taxes paid			$	4,504					$	489
Non-cash financing activities:
Dividends declared and unpaid			$	17,016					$	14,478
Value of shares issued pursuant to the dividend reinvestment plan			$	13,771					$	13,578

The accompanying notes are an integral part of these consolidated financial statements

4

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Control Investments (5)
BDB Holdings, LLC						Casual Restaurant Group
									Secured Debt						2/24/2025						12.00%												2/27/2027			$	782		$	782		$	782
									Preferred Equity						11/4/2024			12,504,663																					13,025			10,699
																																							13,807			11,481
Copper Trail Fund Investments			(12) (13)			Investment Partnership
									LP Interests (CTMH, LP)			(24)			7/17/2017			38.75%																					640			515
GRT Rubber Technologies LLC						Manufacturer of Engineered Rubber Products
									Secured Debt						12/21/2018						10.41%			SF+			6.00%						10/29/2026			1,550			1,543			1,550
									Secured Debt						12/19/2014						12.41%			SF+			8.00%						10/29/2026			19,944			19,890			19,944
									Member Units			(8)			12/19/2014			2,896																					6,435			23,060
																																							27,868			44,554
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (2717 MH, L.P.)			(24)			10/1/2017			49.26%																					1,158			1,725
Volusion, LLC						Provider of Online Software-as-a-Service eCommerce Solutions
									Secured Debt			(17)			3/31/2023						10.00%												3/31/2025			900			900			900
									Preferred Member Units						3/31/2023			2,184,683																					973			1,578
									Preferred Member Units						3/31/2023			61,077																					—			—
									Preferred Member Units						1/26/2015			2,090,001																					6,000			—
									Common Stock						3/31/2023			772,620																					1,104			—
																																							8,977			2,478
Subtotal Control investments (8.3% of net assets at fair value)																																							$	52,450		$	60,753
Affiliate Investments (6)
American Nuts, LLC			(10)			Roaster, Mixer and Packager of Bulk Nuts and Seeds
									Secured Debt			(9)			3/25/2025						12.94%			SF+			8.50%			12.94%			3/28/2028			2,252			$	2,252		$	2,252
									Secured Debt			(9)			3/25/2025						12.94%			SF+			8.50%			12.94%			3/28/2028			2,252			2,252			2,252
									Preferred Equity						3/25/2025			7,590																					2,556			1,750
																																							7,060			6,254
Analytical Systems Keco Holdings, LLC						Manufacturer of Liquid and Gas Analyzers
									Secured Debt			(30)			8/16/2019																		8/16/2029			—			—			—
									Secured Debt						8/16/2019						14.50%												8/16/2029			986			977			977
									Preferred Member Units						5/20/2021			607																					607			1,390
									Preferred Member Units						8/16/2019			800																					800			—
									Warrants			(27)			8/16/2019			105															8/16/2029						79			—
																																							2,463			2,367
Barfly Ventures, LLC			(10)			Casual Restaurant Group

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Member Units			(8)			10/26/2020			12																					528			2,270
Batjer TopCo, LLC						HVAC Mechanical Contractor
									Secured Debt			(30)			3/7/2022																		3/7/2027			—			—			—
									Secured Debt			(30)			3/7/2022																		3/7/2027			—			—			—
									Secured Debt						3/7/2022						10.00%												3/7/2027			1,105			1,099			1,099
									Preferred Stock			(8)			3/7/2022			453																					455			970
																																							1,554			2,069
Brewer Crane Holdings, LLC						Provider of Crane Rental and Operating Services
									Secured Debt			(9)			1/9/2018						14.41%			SF+			10.00%						12/31/2026			1,254			1,254			1,254
									Preferred Member Units			(8)			1/9/2018			737																					1,070			850
									Preferred Member Units			(8)			7/7/2025			78																					81			81
																																							2,405			2,185
Centre Technologies Holdings, LLC						Provider of IT Hardware Services and Software Solutions
									Secured Debt			(9) (30)			1/4/2019									SF+			8.00%						1/4/2028			—			—			—
									Secured Debt			(9)			11/29/2024						12.41%			SF+			8.00%						1/4/2028			6,116			6,096			6,116
									Preferred Member Units						1/4/2019			3,471																					1,596			5,310
																																							7,692			11,426
Chamberlin Holding LLC						Roofing and Waterproofing Specialty Contractor
									Secured Debt			(9) (30)			2/26/2018									SF+			6.00%						2/26/2026			—			(9)			—
									Secured Debt			(9)			2/26/2018						12.49%			SF+			8.00%						2/26/2026			5,105			5,101			5,105
									Member Units			(8)			2/26/2018			1,087																					2,860			8,270
									Member Units			(8) (23)			11/2/2018			261,786																					443			943
																																							8,395			14,318
Charps, LLC						Pipeline Maintenance and Construction
									Preferred Member Units			(8)			2/3/2017			457																					491			3,820
Clad-Rex Steel, LLC						Specialty Manufacturer of Vinyl-Clad Metal
									Secured Debt			(30)			10/28/2022																		7/31/2027			—			—			—
									Secured Debt						12/20/2016						10.00%												7/31/2030			2,410			2,386			2,410
									Secured Debt						12/20/2016						10.00%												12/20/2036			235			234			235
									Member Units			(8)			12/20/2016			179																					1,820			3,530
									Member Units			(23)			12/20/2016			200																					127			317
																																							4,567			6,492
Cody Pools, Inc.						Designer of Residential and Commercial Pools
									Secured Debt			(30)			3/6/2020																		12/17/2026			—			(8)			—
									Secured Debt						3/6/2020						12.50%												12/17/2026			6,727			6,707			6,727
									Preferred Member Units			(8) (23)			3/6/2020			147																					2,079			16,620
																																							8,778			23,347
Colonial Electric Company LLC						Provider of Electrical Contracting Services
									Secured Debt			(30)			3/31/2021																		3/31/2026			—			—			—
									Secured Debt						3/31/2021						12.00%												3/31/2026			2,195			2,189			2,195

6

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Member Units			(8)			3/31/2021			4,320																					1,920			3,610
																																							4,109			5,805
Compass Systems & Sales, LLC						Designer of End-to-End Material Handling Solutions
									Secured Debt			(30)			11/22/2023																		11/22/2028			—			(13)			(13)
									Secured Debt						11/22/2023						13.50%												11/22/2028			4,300			4,220			4,244
									Preferred Equity						11/22/2023			1,863																					1,863			1,800
																																							6,070			6,031
Datacom, LLC						Technology and Telecommunications Provider
									Secured Debt						3/1/2022						7.50%												12/31/2025			75			75			75
									Secured Debt						3/31/2021						10.00%												12/31/2025			876			872			621
									Preferred Member Units						3/31/2021			1,040																					330			—
																																							1,277			696
Digital Products Holdings LLC						Designer and Distributor of Consumer Electronics
									Secured Debt			(9)			4/1/2018						14.31%			SF+			10.00%						4/27/2026			2,989			2,983			2,949
									Preferred Member Units			(8)			4/1/2018			964																					2,375			2,459
																																							5,358			5,408
Direct Marketing Solutions, Inc.						Provider of Omni-Channel Direct Marketing Services
									Secured Debt						2/13/2018						14.00%												2/13/2026			180			179			180
									Secured Debt						12/27/2022						14.00%												2/13/2026			4,501			4,497			4,501
									Preferred Stock						2/13/2018			2,100																					2,100			4,770
																																							6,776			9,451
DMA Industries, LLC						Distributor of Aftermarket Ride Control Products
									Secured Debt						6/18/2024						12.00%												6/18/2029			140			139			140
									Secured Debt						11/19/2021						12.00%												6/18/2029			3,600			3,572			3,600
									Preferred Equity						11/19/2021			1,486																					1,486			2,106
									Preferred Equity			(8)			6/18/2024			767			15.00%									15.00%									904			1,224
																																							6,101			7,070
Flame King Holdings, LLC						Propane Tank and Accessories Distributor
									Secured Debt			(30)			6/30/2025																		6/30/2030			—			—			—
									Secured Debt						6/30/2025						12.00%												6/30/2030			16,500			16,192			16,500
									Preferred Equity			(8)			10/29/2021			2,340																					2,600			12,030
																																							18,792			28,530
Freeport Financial Funds			(12) (13)			Investment Partnership
									LP Interests (Freeport First Lien Loan Fund III LP)			(24)			7/31/2015			5.95%																					671			193
Gamber-Johnson Holdings, LLC						Manufacturer of Ruggedized Computer Mounting Systems
									Secured Debt			(9) (32) (30)			6/24/2016									SF+			7.50%						1/1/2028			—			—			—
									Secured Debt			(9)			11/22/2024						11.50%			SF+			7.50%						1/1/2028			17,682			17,597			17,682
									Member Units			(8)			6/24/2016			2,261																					4,423			29,170
																																							22,020			46,852

7

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
GFG Group, LLC						Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
									Secured Debt						3/31/2021						8.00%												3/31/2026			3,513			3,499			3,513
									Preferred Member Units			(8)			3/31/2021			56																					1,225			2,740
																																							4,724			6,253
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (HPEP 3, L.P.)			(24)			8/9/2017			8.22%																					1,762			4,132
IG Investor, LLC						Military and Other Tactical Gear
									Secured Debt						6/21/2023						13.00%												6/21/2028			400			384			400
									Secured Debt						6/21/2023						13.00%												6/21/2028			8,766			8,623			8,766
									Common Equity						6/21/2023			3,600																					3,600			5,190
																																							12,607			14,356
Independent Pet Partners Intermediate Holdings, LLC			(10)			Omnichannel Retailer of Specialty Pet Products
									Common Equity						4/7/2023			6,436,566																					6,540			6,790
Integral Energy Services			(10)			Nuclear Power Staffing Services
									Secured Debt			(9)			8/20/2021						12.05%			SF+			7.50%						8/20/2026			14,340			14,284			14,056
									Preferred Equity			(8)			12/7/2023			3,725			10.00%									10.00%									320			618
									Preferred Equity						6/3/2025			1,246			10.00%									10.00%									133			230
									Common Stock						8/20/2021			11,647																					1,584			810
																																							16,321			15,714
Kickhaefer Manufacturing Company, LLC						Precision Metal Parts Manufacturing
									Secured Debt						10/31/2018						12.00%												10/31/2026			3,350			3,345			3,345
									Secured Debt						10/31/2018						9.00%												10/31/2048			981			973			973
									Preferred Equity						10/31/2018			145																					3,060			3,980
									Member Units			(8) (23)			10/31/2018			200																					248			690
																																							7,626			8,988
KMS, LLC			(10)			Wholesaler of Closeout and Value-Priced Products
									Secured Debt						2/10/2025						12.50%									12.50%			10/1/2028			1,464			1,432			1,432
									Secured Debt						2/10/2025						12.50%									12.50%			10/1/2028			1,260			1,260			1,260
									Preferred Equity						2/10/2025			11,516																					6,113			6,420
																																							8,805			9,112
Mills Fleet Farm Group, LLC			(10)			Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
									Secured Debt			(9)			12/19/2024						9.78%			SF+			5.50%						12/31/2026			2,285			2,285			2,285
									Secured Debt			(9)			4/11/2025						9.70%			SF+			5.50%						12/31/2026			1,349			1,349			1,349
									Preferred Equity			(8) (23)			12/19/2024			53,505																					11,835			9,910
																																							15,469			13,544
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
									Secured Debt			(30)			8/18/2014																		1/31/2027			—			—			—
									Secured Debt						8/18/2014						10.00%												1/31/2027			1,436			1,434			1,436

8

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Stock			(8)			8/18/2014			1,468																					680			6,700
																																							2,114			8,136
Nello Industries Investco, LLC						Manufacturer of Steel Poles and Towers For Critical Infrastructure
									Secured Debt						6/4/2024						12.50%												6/4/2029			7,418			7,250			7,250
									Preferred Equity			(8)			6/4/2024			84,201																					2,799			5,070
																																							10,049			12,320
NexRev LLC						Provider of Energy Efficiency Products & Services
									Preferred Member Units			(8)			2/28/2018			25,786,046																					2,053			3,060
NuStep, LLC						Designer, Manufacturer and Distributor of Fitness Equipment
									Secured Debt			(9) (17)			1/31/2017						10.91%			SF+			6.50%						1/31/2025			550			550			550
									Secured Debt			(17)			1/31/2017						12.00%												1/31/2025			4,610			4,610			4,610
									Preferred Member Units						11/2/2022			600																					696			1,500
									Preferred Member Units						1/31/2017			122																					2,966			3,050
																																							8,822			9,710
Oneliance, LLC						Construction Cleaning Company
									Preferred Stock			(8)			8/6/2021			282																					282			810
Orttech Holdings, LLC						Distributor of Industrial Clutches, Brakes and Other Components
									Secured Debt			(9) (30)			7/30/2021									SF+			11.00%						7/31/2026			—			(1)			—
									Secured Debt			(9)			7/30/2021						15.41%			SF+			11.00%						7/31/2026			5,190			5,172			5,190
									Preferred Stock			(23)			7/30/2021			2,500																					2,500			3,360
																																							7,671			8,550
Pinnacle TopCo, LLC						Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
									Secured Debt			(30)			12/21/2023																		12/31/2028			—			(6)			—
									Secured Debt						12/21/2023						13.00%												12/31/2028			6,960			6,849			6,960
									Preferred Equity			(8)			12/21/2023			110																					3,135			4,920
																																							9,978			11,880
RA Outdoors LLC			(10)			Software Solutions Provider for Outdoor Activity Management
									Secured Debt			(9)			4/8/2021						11.25%			SF+			6.75%			11.25%			4/8/2026			1,348			1,346			1,111
									Secured Debt			(9) (30)			4/8/2021									SF+			6.75%						4/8/2026			—			—			—
									Secured Debt			(9) (30)			2/5/2025									SF+			6.75%						4/8/2026			—			—			—
									Secured Debt			(9)			4/8/2021						11.25%			SF+			6.75%			11.25%			4/8/2026			14,093			14,074			11,619
									Secured Debt			(9) (30)			7/17/2025									SF+			6.75%						6/30/2027			—			—			—
									Common Equity						8/12/2024			107																					—			—
																																							15,420			12,730
Robbins Bros. Jewelry, Inc.						Bridal Jewelry Retailer
									Secured Debt			(14) (30)			12/15/2021																		12/15/2026			—			(12)			(12)
									Secured Debt			(14)			12/15/2021						12.50%									10.00%			12/15/2026			3,740			3,541			1,572

9

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Equity						12/15/2021			1,230																					1,230			—
																																							4,759			1,560
SI East, LLC						Rigid Industrial Packaging Manufacturing
									Secured Debt						8/31/2018						11.85%												6/16/2028			750			746			750
									Secured Debt			(33)			6/16/2023						12.78%												6/16/2028			22,345			22,312			22,345
									Preferred Member Units						8/31/2018			55																					508			4,760
																																							23,566			27,855
Student Resource Center, LLC			(10)			Higher Education Services
									Secured Debt						9/11/2024						8.50%									8.50%			12/31/2027			241			241			861
									Secured Debt			(14)			12/31/2022						8.50%									8.50%			12/31/2027			5,918			5,426			1,495
									Preferred Equity						12/31/2022			6,564,055																					—			—
																																							5,667			2,356
Tedder Industries, LLC						Manufacturer of Firearm Holsters and Accessories
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			301			215			227
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			3,800			3,761			641
									Preferred Member Units						8/28/2023			1,651																					165			—
									Preferred Member Units						2/1/2023			1,411																					141			—
									Preferred Member Units						8/31/2018			136																					2,311			—
																																							6,593			868
Trantech Radiator Topco, LLC						Transformer Cooling Products and Services
									Secured Debt			(30)			5/31/2019																		5/31/2027			—			—			—
									Secured Debt						5/31/2019						13.50%												5/31/2027			1,980			1,967			1,967
									Common Stock			(8)			5/31/2019			154																					1,164			3,340
																																							3,131			5,307
Urgent DSO LLC						General and Emergency Dentistry Practice
									Secured Debt						2/16/2024						13.50%												2/16/2029			2,200			2,155			2,155
									Preferred Equity			(8)			2/16/2024			1,000			9.00%									9.00%									1,154			1,154
																																							3,309			3,309
Victory Energy Operations, LLC						Provider of Industrial and Commercial Combustion Systems
									Secured Debt			(30)			10/3/2024																		10/3/2029			—			(9)			(9)
									Secured Debt						10/3/2024						13.00%												10/3/2029			7,749			7,563			7,563
									Preferred Equity			(8)			10/3/2024			8,259																					3,609			3,670
																																							11,163			11,224
VVS Holdco LLC						Omnichannel Retailer of Animal Health Products
									Secured Debt			(9) (30)			12/1/2021									SF+			6.00%						12/1/2025			—			—			—
									Secured Debt						12/1/2021						11.50%												12/1/2026			6,120			6,077			6,077
									Preferred Equity			(8) (23)			12/1/2021			3,060																					3,060			3,060
																																							9,137			9,137
Subtotal Affiliate investments (53.4% of net assets at fair value)																																							$	312,675		$	392,285
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.			(11)			Substance Abuse Treatment Service Provider

10

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						4/1/2025						10.00%									10.00%			6/2/2027			$	280		$	280		$	280
									Secured Debt			(14)			3/28/2025						10.00%									10.00%			6/2/2027			1,070			1,070			1,070
									Secured Debt			(14)			3/28/2025						12.00%									12.00%			6/2/2027			1,070			1,070			1,070
									Preferred Equity						3/28/2025			4,342,688																					2,931			2,080
									Common Stock						12/11/2020			593,927																					3,148			—
									Warrants			(27)			12/11/2020			197,717															12/11/2025						—			—
																																							8,499			4,500
Adams Publishing Group, LLC			(10)			Local Newspaper Operator
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			953			953			949
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			2,038			2,036			2,029
																																							2,989			2,978
AGS American Glass Services Acquisition, LLC			(10)			Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
									Secured Debt			(9)			7/24/2025						9.64%			SF+			5.50%						7/24/2031			368			318			318
									Secured Debt			(9) (30)			7/24/2025									SF+			5.50%						7/24/2031			—			(28)			(28)
									Secured Debt			(9)			7/24/2025						9.66%			SF+			5.50%						7/24/2031			13,806			13,607			13,607
									Preferred Equity						7/24/2025			10,000																					1,000			1,000
																																							14,897			14,897
Airo Purchaser, Inc.			(10)			Provider of HVAC and Plumbing Installation Services
									Secured Debt			(9) (30)			8/1/2025									SF+			5.50%						8/1/2030			—			(54)			(54)
									Secured Debt			(9) (30)			8/1/2025									SF+			5.50%						8/1/2030			—			(27)			(27)
									Secured Debt			(9)			8/1/2025						9.80%			SF+			5.50%						8/1/2030			22,374			21,996			21,996
									Common Equity						8/1/2025			1,233																					1,233			1,233
																																							23,148			23,148
AMEREQUIP LLC			(10)			Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
									Common Stock			(8)			8/31/2022			11																					83			4
American Health Staffing Group, Inc.			(10)			Healthcare Temporary Staffing
									Secured Debt			(9) (30)			11/19/2021									P+			5.00%						11/19/2026			—			(4)			(4)
									Secured Debt			(9)			11/19/2021						12.50%			P+			5.00%						11/19/2026			7,000			6,982			7,000
																																							6,978			6,996
ArborWorks, LLC			(10)			Vegetation Management Services
									Secured Debt						11/6/2023						15.00%									15.00%			11/6/2028			1,517			1,517			1,517
									Secured Debt			(9)			11/6/2023						10.75%			SF+			6.50%			10.75%			11/6/2028			4,645			4,645			4,645
									Preferred Equity						11/6/2023			17,265																					7,468			8,411
									Preferred Equity						11/6/2023			17,265																					—			—
									Common Equity						11/9/2021			2,070																					124			—
																																							13,754			14,573
Archer Systems, LLC			(10)			Mass Tort Settlement Administration Solutions Provider
									Common Stock			(8)			8/11/2022			62,402																					62			110
ATS Operating, LLC			(10)			For-Profit Thrift Retailer

11

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (28)			1/18/2022						10.53%			SF+			6.00%						1/18/2028			225			215			225
									Secured Debt			(9)			1/18/2022						9.55%			SF+			5.00%						1/18/2028			925			919			925
									Secured Debt			(9)			1/18/2022						11.55%			SF+			7.00%						1/18/2028			925			919			925
									Common Stock						1/18/2022			100,000																					100			130
																																							2,153			2,205
AVEX Aviation Holdings, LLC			(10)			Specialty Aircraft Dealer & MRO Provider
									Secured Debt			(9) (30)			12/23/2022									SF+			7.25%						12/23/2027			—			(9)			(9)
									Secured Debt			(9)			12/23/2022						11.40%			SF+			7.25%						12/23/2027			3,279			3,224			3,279
									Common Equity			(8)			12/15/2021			137																					130			128
																																							3,345			3,398
Berry Aviation, Inc.			(10)			Charter Airline Services
									Preferred Member Units			(23)			3/8/2024			286,109																					286			—
									Preferred Member Units			(23)			11/12/2019			122,416																					—			—
									Preferred Member Units			(23)			7/6/2018			1,548,387																					—			—
																																							286			—
Bettercloud, Inc.			(10)			SaaS Provider of Workflow Management and Business Application Solutions
									Secured Debt			(9) (14)			6/30/2022						14.56%			SF+			10.25%			7.25%			6/30/2028			146			132			23
									Secured Debt			(9) (14) (35)			6/30/2025						14.56%			SF+			10.25%			7.25%			6/30/2028			1,074			637			171
									Secured Debt			(9) (14)			6/30/2022						14.58%			SF+			10.25%			7.25%			6/30/2028			9,230			9,139			1,472
									Secured Debt			(9) (14) (35)			6/30/2025						14.58%			SF+			10.25%			7.25%			6/30/2028			29,307			1,182			4,674
																																							11,090			6,340
Binswanger Enterprises, LLC			(10)			Glass Repair and Installation Service Provider
									Member Units						3/10/2017			1,050,000																					1,050			1,060
Bluestem Brands, Inc.			(11)			Multi-Channel Retailer of General Merchandise
									Secured Debt			(9) (14)			1/9/2024						12.89%			SF+			8.50%			11.89%			1/31/2026			215			138			59
									Secured Debt			(9) (14)			10/19/2022						15.00%			P+			7.50%			14.75%			1/31/2026			3,377			3,377			905
									Secured Debt			(9) (14)			8/28/2020						12.89%			SF+			8.50%			12.89%			1/31/2026			4,486			4,231			1,203
									Common Stock						10/1/2020			700,446																					—			—
									Warrants			(27)			10/19/2022			175,110															10/19/2032						1,111			—
																																							8,857			2,167
Boccella Precast Products LLC						Manufacturer of Precast Hollow Core Concrete
									Secured Debt						9/23/2021						10.00%												2/28/2027			64			64			64
									Member Units			(8)			6/30/2017			540,000																					564			460
																																							628			524
B-O-F Corporation			(10)			Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
									Secured Debt			(9) (30)			2/3/2025									SF+			5.75%						2/3/2030			—			(13)			(13)
									Secured Debt			(9)			2/3/2025						9.04%			SF+			4.75%						2/3/2030			3,000			2,955			2,976
									Secured Debt			(9)			2/3/2025						11.04%			SF+			6.75%						2/3/2030			3,000			2,955			2,976
									Common Equity						2/3/2025			180,000																					180			180
																																							6,077			6,119

12

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Bond Brand Loyalty ULC			(10) (13) (21)			Provider of Loyalty Marketing Services
									Secured Debt			(9)			5/1/2023						11.44%			SF+			7.00%						5/1/2028			360			351			360
									Secured Debt			(9)			5/1/2023						10.44%			SF+			6.00%						5/1/2028			3,969			3,928			3,969
									Secured Debt			(9)			5/1/2023						12.44%			SF+			8.00%						5/1/2028			3,969			3,928			3,969
									Preferred Equity						5/1/2023			360																					360			350
									Common Equity						5/1/2023			360																					—			—
																																							8,567			8,648
BP Loenbro Holdings Inc.			(10)			Specialty Industrial Maintenance Services
									Secured Debt			(9) (28)			2/1/2024						10.01%			SF+			5.75%						2/1/2029			385			352			385
									Secured Debt			(9)			2/1/2024						10.14%			SF+			5.75%						2/1/2029			1,279			1,259			1,279
									Secured Debt			(9)			2/1/2024						10.17%			SF+			5.75%						2/1/2029			11,003			10,853			11,003
									Secured Debt			(9)			1/2/2025						10.14%			SF+			5.75%						2/1/2029			—			—			—
									Secured Debt			(9)			7/1/2025						10.14%			SF+			5.75%						2/1/2029			4,219			4,141			4,219
									Common Equity						2/1/2024			1,000,000																					1,000			2,830
																																							17,605			19,716
Brightwood Capital Fund Investments			(12) (13)			Investment Partnership
									LP Interests (Brightwood Capital Fund III, LP)			(24)			7/21/2014			1.59%																					1,788			930
									LP Interests (Brightwood Capital Fund IV, LP)			(8) (24)			10/26/2016			0.59%																					6,787			6,968
																																							8,575			7,898
Buca C, LLC						Casual Restaurant Group
									Secured Debt			(14) (17)			8/7/2024						15.00%									15.00%			11/4/2024			4,343			4,073			—
									Secured Debt			(14) (17)			6/28/2024						15.00%									15.00%			4/1/2025			—			—			—
									Secured Debt			(14) (17)			6/30/2015						15.00%									15.00%			8/31/2023			4,078			4,078			—
									Preferred Member Units						6/30/2015			4			6.00%									6.00%									3,040			—
																																							11,191			—
Burning Glass Intermediate Holding Company, Inc.			(10)			Provider of Skills-Based Labor Market Analytics
									Secured Debt			(9)			6/14/2021						9.43%			SF+			5.00%						6/10/2026			1,136			1,132			1,136
									Secured Debt			(9)			6/14/2021						9.15%			SF+			5.00%						6/10/2028			10,955			10,877			10,955
																																							12,009			12,091
Career Team Holdings, LLC						Provider of Workforce Training and Career Development Services
									Secured Debt			(9) (30)			12/17/2021									SF+			6.00%						6/5/2030			—			(6)			(6)
									Secured Debt						12/17/2021						13.00%												6/5/2030			2,432			2,376			2,376
									Common Stock						12/17/2021			57,402																					574			600
																																							2,944			2,970
CaseWorthy, Inc.			(10)			SaaS Provider of Case Management Solutions
									Common Equity						12/30/2022			105,856																					106			210
CenterPeak Holdings, LLC						Executive Search Services
									Secured Debt						12/10/2021						15.00%												12/10/2026			200			198			200
									Secured Debt						12/10/2021						15.00%												12/10/2026			2,390			2,374			2,390

13

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Equity			(8)			12/10/2021			368																					404			2,610
																																							2,976			5,200
Channel Partners Intermediateco, LLC			(10)			Outsourced Consumer Services Provider
									Secured Debt			(9) (28)			2/7/2022						11.20%			SF+			6.75%						2/7/2027			514			508			514
									Secured Debt			(9)			2/7/2022						11.23%			SF+			6.75%						2/7/2027			3,300			3,282			3,300
									Secured Debt			(9)			6/24/2022						11.23%			SF+			6.75%						2/7/2027			183			182			183
									Secured Debt			(9)			3/27/2023						11.23%			SF+			6.75%						2/7/2027			442			438			442
																																							4,410			4,439
Clarius BIGS, LLC			(10)			Prints & Advertising Film Financing
									Secured Debt			(14) (17)			9/23/2014																		1/5/2015			2,649			2,305			11
Classic H&G Holdings, LLC						Provider of Engineered Packaging Solutions
									Preferred Member Units						3/12/2020			39																					—			490
Computer Data Source, LLC			(10)			Third Party Maintenance Provider to the Data Center Ecosystem
									Secured Debt			(9) (28)			8/6/2021						12.61%			SF+			8.25%			12.61%			8/6/2026			7,144			7,107			6,572
									Secured Debt			(9)			8/6/2021						12.64%			SF+			8.25%			12.64%			8/6/2026			17,383			17,304			15,987
																																							24,411			22,559
Connect Telecommunications Solutions Holdings, Inc.			(13) (21)			Value-Added Distributor of Fiber Products and Equipment
									Secured Debt						10/9/2024						13.00%												10/9/2029			2,784			2,716			2,716
									Preferred Equity						10/9/2024			2,478																					1,400			1,400
																																							4,116			4,116
Core Transformers			(10)			Refurbisher and Distributor of Electric Transformers
									Secured Debt			(9) (30)			9/24/2025									SF+			5.50%						9/23/2031						(99)			(99)
									Secured Debt			(9) (30)			9/24/2025									SF+			5.50%						9/23/2031						(99)			(99)
									Secured Debt			(9)			9/24/2025						9.66%			SF+			5.50%						9/23/2031						9,803			9,803
									Common Equity						9/24/2025			1,000,000																					1,000			1,000
																																							10,605			10,605
Coregistics Buyer LLC			(10) (13) (21)			Contract Packaging Service Provider
									Secured Debt			(9) (28)			6/29/2024						10.70%			SF+			6.50%						6/28/2029			449			431			449
									Secured Debt			(9)			6/29/2024						10.81%			SF+			6.50%						6/28/2029			2,849			2,797			2,849
									Secured Debt			(9)			8/15/2024						10.69%			SF+			6.50%						6/28/2029			1,899			1,870			1,899
									Secured Debt			(9)			6/29/2024						11.06%			SF+			6.75%						6/28/2029			8,538			8,378			8,404
																																							13,476			13,601
CQ Fluency, LLC			(10)			Global Language Services Provider
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(22)			(22)
									Secured Debt			(9)			12/27/2023						10.85%			SF+			6.75%						6/27/2027			6,938			6,831			6,938
																																							6,809			6,916
Creative Foam Corporation			(10)			Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets

14

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (30)			6/27/2024									SF+			6.50%						6/27/2029			—			(23)			(23)
									Secured Debt			(9)			6/27/2024						10.50%			SF+			6.50%						6/27/2029			10,596			10,438			10,596
									Secured Debt			(9)			3/4/2025						10.79%			SF+			6.50%						6/27/2029			16,891			16,595			16,891
									Common Equity						3/4/2025			2,862																					286			250
																																							27,296			27,714
Dalton US Inc.			(10)			Provider of Supplemental Labor Services
									Common Stock						8/16/2022			37																					52			50
DTE Enterprises, LLC			(10)			Industrial Powertrain Repair and Services
									Class AA Preferred Member Units (non-voting)						4/13/2018						10.00%									10.00%									1,316			—
									Class A Preferred Member Units						4/13/2018			776,316			8.00%									8.00%									776			—
																																							2,092			—
Dynamic Communities, LLC			(10)			Developer of Business Events and Online Community Groups
									Secured Debt			(9)			12/20/2022						12.26%			SF+			8.00%			12.26%			12/31/2026			2,534			2,402			2,534
									Secured Debt			(9)			12/20/2022						13.26%			SF+			9.00%						12/31/2026			2,493			2,259			2,463
									Preferred Equity						12/20/2022			125,000																					128			110
									Preferred Equity						12/20/2022			2,376,241																					—			—
									Common Equity						12/20/2022			1,250,000																					—			—
																																							4,789			5,107
Electro Technical Industries, LLC			(10)			Manufacturer of Mission-Critical Electrical Distribution Systems
									Secured Debt			(9) (30)			3/31/2025									SF+			5.50%						3/31/2030			—			(77)			(77)
									Secured Debt			(9)			3/31/2025						9.66%			SF+			5.50%						3/31/2030			24,622			24,180			24,587
									Common Equity						3/31/2025			714,286																					714			920
																																							24,817			25,430
Elgin AcquireCo, LLC						Manufacturer and Distributor of Engine and Chassis Components
									Secured Debt			(9) (30)			10/3/2022									SF+			6.00%						10/3/2026			—			—			—
									Secured Debt						10/3/2022						12.00%												10/3/2027			1,131			1,117			1,117
									Secured Debt						10/3/2022						9.00%												10/3/2052			407			403			403
									Common Stock						10/3/2022			19																					374			330
									Common Stock			(23)			10/3/2022			61																					102			211
																																							1,996			2,061
Emerald Technologies Acquisition Co, Inc.			(11)			Design & Manufacturing
									Secured Debt			(9)			2/10/2022						10.60%			SF+			6.25%						12/29/2027			2,281			2,263			1,597
Escalent, Inc.			(10)			Market Research and Consulting Firm
									Secured Debt			(9)			4/7/2023						9.99%			SF+			6.00%						4/7/2029			133			126			133
									Secured Debt			(9)			10/2/2024						10.00%			SF+			6.00%						4/7/2029			359			354			359
									Secured Debt			(9)			4/7/2023						10.00%			SF+			6.00%						4/7/2029			6,767			6,646			6,767
									Common Equity			(8)			4/7/2023			170,998																					174			240
																																							7,300			7,499

15

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Event Holdco, LLC			(10)			Event and Learning Management Software for Healthcare Organizations and Systems
									Secured Debt			(9)			12/22/2021						11.26%			SF+			7.00%						12/22/2026			308			307			308
									Secured Debt			(9)			12/22/2021						11.26%			SF+			7.00%						12/22/2026			4,014			4,005			4,014
																																							4,312			4,322
FCC Intermediate Holdco, LLC						Supply Chain Management Services
									Secured Debt						5/28/2024						13.00%												5/29/2029			7,893			7,041			7,892
									Warrants			(8) (27)			5/28/2024			3															5/28/2034						980			3,780
																																							8,021			11,672
Garyline, LLC			(10)			Manufacturer of Consumer Plastic Products
									Secured Debt			(9)			4/14/2025						11.20%			SF+			7.00%						10/14/2027			917			893			917
									Secured Debt			(9)			4/14/2025						11.14%			SF+			7.00%						10/14/2027			8,568			8,430			8,568
									Common Equity						11/10/2023			210,084																					210			130
																																							9,533			9,615
GradeEight Corp.			(10)			Distributor of Maintenance and Repair Parts
									Secured Debt			(9) (30)			10/4/2024									P+			6.25%						10/4/2029			—			(38)			(38)
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(19)			(19)
									Secured Debt			(9) (26)			10/4/2024						11.47%			SF+			7.25%						10/4/2029			14,546			14,313			14,199
									Common Equity						10/4/2024			471																					471			330
																																							14,727			14,472
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (423 AER II, LP)			(24)			6/2/2025			4.13%																					1,526			1,526
Hawk Ridge Systems, LLC						Value-Added Reseller of Engineering Design and Manufacturing Solutions
									Secured Debt			(9)			12/2/2016						10.48%			SF+			6.00%						1/15/2026			542			542			542
									Secured Debt						12/2/2016						12.00%												1/15/2026			9,744			9,738			9,744
									Preferred Member Units			(8)			12/2/2016			56																					713			6,140
									Preferred Member Units			(23)			12/2/2016			56																					38			320
																																							11,031			16,746
HDC/HW Intermediate Holdings			(10)			Managed Services and Hosting Provider
									Secured Debt			(9)			5/1/2025						13.34%			SF+			9.00%						6/21/2026			51			51			51
									Secured Debt			(9)			3/7/2024						9.01%			SF+			3.50%			2.50%			6/21/2026			1,506			1,479			1,478
									Secured Debt			(14)			3/7/2024						2.50%									2.50%			6/21/2026			914			401			40
									Common Equity						3/7/2024			35,971																					—			—
																																							1,931			1,569
Hornblower Sub, LLC			(10)			Marine Tourism and Transportation
									Secured Debt			(9) (28)			7/3/2024						9.65%			SF+			5.50%						7/3/2029			2,085			2,066			2,056
									Secured Debt			(9)			7/3/2024						9.80%			SF+			5.50%						7/3/2029			16,341			16,198			16,114
																																							18,264			18,170
Hybrid Promotions, LLC			(10)			Wholesaler of Licensed, Branded and Private Label Apparel
									Secured Debt			(9)			6/30/2021						12.54%			SF+			8.25%						12/31/2027			8,000			7,894			8,000

16

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
IG Parent Corporation			(11)			Software Engineering
									Secured Debt			(9) (30)			7/30/2021									SF+			5.75%						7/30/2028			—			(6)			—
									Secured Debt			(9)			7/30/2021						10.01%			SF+			5.75%						7/30/2028			6,154			6,113			6,154
									Secured Debt			(9)			7/30/2021						10.01%			SF+			5.75%						7/30/2028			1,907			1,895			1,907
																																							8,002			8,061
Imaging Business Machines, L.L.C.			(10)			Technology Hardware & Equipment
									Common Equity						6/8/2023			422																					580			490
Implus Footcare, LLC			(10)			Provider of Footwear and Related Accessories
									Secured Debt			(9)			6/13/2025						10.01%			SF+			6.00%			4.00%			10/30/2028			1,758			1,758			1,758
									Secured Debt			(9)			7/31/2025						10.31%			SF+			6.00%			10.31%			10/30/2028			3,943			3,943			3,943
									Common Equity						7/31/2025			3,874,040																					5,191			5,320
																																							10,892			11,021
Infinity X1 Holdings, LLC						Manufacturer and Supplier of Personal Lighting Products
									Secured Debt						3/31/2023						13.00%												3/31/2028			3,881			3,876			3,881
									Preferred Equity			(8)			3/31/2023			21,840																					1,092			1,680
																																							4,968			5,561
Insight Borrower Corporation			(10)			Test, Inspection, and Certification Instrument Provider
									Secured Debt			(9)			7/19/2023						10.57%			SF+			6.25%						7/19/2028			242			217			229
									Secured Debt			(9)			7/19/2023						10.58%			SF+			6.25%						7/19/2029			16,614			16,433			15,698
									Common Equity						7/19/2023			47,847																					239			100
																																							16,889			16,027
Inspire Aesthetics Management, LLC			(10)			Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
									Secured Debt			(9) (28)			4/3/2023						14.38%			SF+			10.00%			2.00%			4/3/2028			730			720			682
									Secured Debt			(9)			4/3/2023						14.38%			SF+			10.00%			2.00%			4/3/2028			6,253			6,171			5,842
									Secured Debt			(9)			6/14/2023						14.38%			SF+			10.00%			2.00%			4/3/2028			1,259			1,243			1,176
									Secured Debt			(9)			12/31/2024						14.38%			SF+			10.00%			2.00%			4/3/2028			291			291			271
									Common Equity						4/3/2023			137,302																					358			75
																																							8,783			8,046
Interface Security Systems, L.L.C			(10)			Commercial Security & Alarm Services
									Secured Debt			(17) (28)			12/9/2021						14.20%			SF+			10.00%			14.20%			8/7/2023			2,309			2,309			1,932
									Secured Debt			(9) (14) (17)			8/7/2019						11.43%			SF+			7.00%			11.43%			8/7/2023			7,334			7,254			5
									Common Stock						12/7/2021			2,143																					—			—
																																							9,563			1,937
Invincible Boat Company, LLC.			(10)			Manufacturer of Sport Fishing Boats
									Secured Debt			(9) (28)			8/28/2019						11.81%			SF+			7.50%						3/31/2028			1,037			1,030			958
									Secured Debt			(9)			8/28/2019						11.81%			SF+			7.50%			3.81%			3/31/2028			16,648			16,604			15,086
																																							17,634			16,044
Iron-Main Investments, LLC						Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
									Secured Debt						8/2/2021						13.00%												1/31/2028			1,128			1,117			1,117
									Secured Debt						9/1/2021						13.00%												1/31/2028			735			727			727
									Secured Debt						11/15/2021						13.00%												1/31/2028			2,236			2,236			2,236

17

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						11/15/2021						13.00%												1/31/2028			4,406			4,359			4,359
									Secured Debt						1/31/2023						13.00%												1/31/2028			2,389			2,329			2,329
									Preferred Equity						6/26/2024			178			25.00%									25.00%									178			240
									Preferred Equity						9/26/2025			39			25.00%									25.00%									39			39
									Common Stock						8/3/2021			50,753																					689			680
																																							11,674			11,727
Isagenix International, LLC			(11)			Direct Marketer of Health & Wellness Products
									Secured Debt			(9) (31)			4/13/2023						2.50%												4/14/2028			2,962			2,817			430
									Common Equity						4/13/2023			186,322																					—			—
																																							2,817			430
Island Pump and Tank, LLC			(10)			Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
									Secured Debt			(9)			5/20/2024						11.41%			SF+			7.00%						5/17/2029			456			452			454
									Secured Debt			(9) (26)			5/20/2024						10.55%			SF+			6.00%						5/17/2029			2,111			2,082			2,101
									Secured Debt			(9) (26)			5/20/2024						11.55%			SF+			7.00%						5/17/2029			2,111			2,082			2,101
									Secured Debt			(9) (26)			5/20/2024						12.55%			SF+			8.00%						5/17/2029			2,111			2,082			2,101
																																							6,698			6,757
ITA Holdings Group, LLC						Air Ambulance Services
									Secured Debt			(9)			6/21/2023						11.46%			SF+			7.00%						6/21/2027			295			292			295
									Secured Debt			(9)			6/30/2025						11.46%			SF+			7.00%						6/21/2027			590			585			590
									Secured Debt			(9)			6/21/2023						11.46%			SF+			7.00%						6/21/2027			1,234			1,113			1,234
									Secured Debt			(9)			6/21/2023						11.46%			SF+			7.00%						6/21/2027			1,234			1,113			1,234
									Secured Debt			(9)			6/30/2025						11.46%			SF+			7.00%						6/21/2027			443			439			443
									Warrants			(8) (27)			6/21/2023			48,327															6/21/2033						523			3,370
																																							4,065			7,166
Jackmont Hospitality, Inc.			(10)			Franchisee of Casual Dining Restaurants
									Secured Debt			(9) (26)			10/26/2022						11.42%			SF+			7.00%						11/4/2026			1,542			1,531			1,542
									Secured Debt			(9) (26)			2/27/2024						11.28%			SF+			7.00%						11/4/2026			1,251			1,242			1,251
									Secured Debt			(9) (26)			11/1/2024						11.23%			SF+			7.00%						11/4/2026			1,333			1,311			1,333
									Secured Debt			(9)			11/8/2021						11.38%			SF+			7.00%						11/4/2026			3,528			3,502			3,528
									Preferred Equity						11/8/2021			5,653,333																					216			1,500
																																							7,802			9,154
JDC Power Services, LLC			(10)			Provider of Electrical Equipment and Maintenance Services for Datacenters
									Secured Debt			(9) (30)			6/28/2024									SF+			6.25%						6/28/2029			—			(39)			(39)
									Secured Debt			(9)			6/28/2024						10.25%			SF+			6.25%						6/28/2029			17,336			17,011			17,336
																																							16,972			17,297
Joerns Healthcare, LLC			(11)			Manufacturer and Distributor of Health Care Equipment & Supplies
									Secured Debt			(9)			3/30/2024						13.13%			SF+			8.75%			6.00%			3/29/2029			1,539			1,539			1,539
									Secured Debt			(9)			3/30/2024						13.13%			SF+			8.75%			6.00%			3/29/2029			1,149			1,149			1,149
									Common Stock						3/29/2024			4,535,784																					166			290
																																							2,854			2,978
JorVet Holdings, LLC						Supplier and Distributor of Veterinary Equipment and Supplies
									Secured Debt						3/28/2022						12.00%												3/28/2027			2,591			2,576			2,576
									Preferred Equity			(8)			3/28/2022			12,214																					1,221			1,370

18

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							3,797			3,946
JTI Electrical & Mechanical, LLC			(10)			Electrical, Mechanical and Automation Services
									Secured Debt			(9)			8/25/2025						9.45%			SF+			5.00%						6/20/2030			526			526			526
									Secured Debt			(9)			8/25/2025						10.45%			SF+			6.00%			10.45%			6/20/2030			2,951			2,951			2,951
									Secured Debt			(14)			8/25/2025						15.00%									15.00%			6/20/2030			1,404			517			517
									Common Equity			(23)			12/22/2021			140,351																					140			—
									Common Equity						8/25/2025			70,000																					70			—
																																							4,204			3,994
LLFlex, LLC			(10)			Provider of Metal-Based Laminates
									Secured Debt			(9)			8/16/2021						12.44%			SF+			8.00%			3.00%			8/16/2026			4,672			4,655			3,539
Logix Acquisition Company, LLC			(10)			Competitive Local Exchange Carrier
									Secured Debt			(9)			4/11/2025						11.83%			SF+			7.50%			2.75%			12/31/2028			20,404			20,059			20,404
									Secured Debt						4/11/2025																		12/31/2028			1,380			1,039			883
																																							21,098			21,287
Metalforming Holdings, LLC						Distributor of Sheet Metal Folding and Metal Forming Equipment
									Secured Debt			(30)			10/19/2022																		10/19/2025			—			—			—
									Secured Debt						10/19/2022						8.75%												10/19/2027			1,306			1,290			1,306
									Preferred Equity			(8)			10/19/2022			434,331			8.00%									8.00%									434			434
									Common Stock			(8)			10/19/2022			112,865																					113			700
																																							1,837			2,440
Microbe Formulas, LLC			(10)			Nutritional Supplements Provider
									Secured Debt			(9) (30)			4/4/2022									SF+			5.75%						4/3/2028			—			(3)			(3)
									Secured Debt			(9)			11/20/2024						10.01%			SF+			5.75%						4/3/2028			1,331			1,318			1,331
									Secured Debt			(9)			4/4/2022						10.01%			SF+			5.75%						4/3/2028			1,894			1,876			1,894
																																							3,191			3,222
Mini Melts of America, LLC			(10)			Manufacturer and Distributor of Branded Premium Beaded Ice Cream
									Secured Debt			(9) (28)			11/30/2023						10.47%			SF+			6.25%						11/30/2028			555			537			527
									Secured Debt			(9) (26)			11/30/2023						10.44%			SF+			6.25%						11/30/2028			854			840			811
									Secured Debt			(9)			11/30/2023						9.45%			SF+			5.25%						11/30/2028			3,162			3,114			3,004
									Secured Debt			(9)			11/30/2023						11.45%			SF+			7.25%						11/30/2028			3,162			3,112			3,004
									Common Equity						11/30/2023			342,574																					343			190
																																							7,946			7,536
Mission Critical Group			(10)			Backup Power Generation
									Secured Debt			(9) (30)			4/17/2025									SF+			6.00%						4/17/2030			—			(58)			(58)
									Secured Debt			(9) (30)			4/17/2025									SF+			6.00%						4/17/2030			—			(69)			(69)
									Secured Debt			(9)			4/17/2025						10.14%			SF+			6.00%						4/17/2030			18,485			18,151			18,485
									Common Equity						6/7/2023			532																					532			4,930
																																							18,556			23,288
MoneyThumb Acquisition, LLC						Provider of Software-as-a-Service Financial File Conversion and Reconciliation
									Secured Debt						8/19/2024						14.00%												8/19/2029			2,240			2,081			2,081
									Preferred Member Units			(8)			8/19/2024			40,821			12.00%									12.00%									467			467
									Warrants			(27)			8/19/2024			14,842															8/19/2029						148			148

19

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							2,696			2,696
MonitorUS Holding, LLC			(10) (13) (21)			SaaS Provider of Media Intelligence Services
									Secured Debt			(9)			5/24/2022						10.51%			SF+			6.25%						5/24/2027			1,181			1,174			1,271
									Secured Debt			(9)			5/24/2022						10.51%			SF+			6.25%						5/24/2027			3,048			3,028			3,544
									Secured Debt			(9)			5/24/2022						10.51%			SF+			6.25%						5/24/2027			5,176			5,144			5,176
									Secured Debt			(9)			6/25/2025						10.51%			SF+			6.25%						5/24/2027			355			350			353
									Unsecured Debt						9/25/2024						8.00%									8.00%			12/21/2025			33			33			33
									Unsecured Debt						1/31/2025						8.00%									8.00%			3/31/2026			23			23			23
									Common Stock						8/30/2022			24,985,794																					301			174
																																							10,053			10,574
Obra Capital, Inc.			(10)			Provider of Asset Management Services Specialized in Insurance-Linked Strategies
									Secured Debt			(9) (30)			6/21/2024									SF+			7.25%						12/21/2028			—			(11)			(11)
									Secured Debt			(9)			6/21/2024						11.50%			SF+			7.25%						6/21/2029			11,889			11,625			11,889
									Secured Debt			(9)			5/13/2025						11.50%			SF+			7.25%						6/21/2029			1,352			1,315			1,352
																																							12,929			13,230
OnPoint Industrial Services, LLC			(10)			Environmental & Facilities Services
									Secured Debt			(9)			12/18/2024						10.00%			SF+			6.00%						11/16/2027			1,042			1,035			1,042
									Secured Debt			(9)			4/1/2024						10.00%			SF+			6.00%						11/16/2027			2,896			2,871			2,896
																																							3,906			3,938
Peaches Holding Corporation						Wholesale Provider of Consumer Packaging Solutions
									Common Equity						5/22/2024			806																					1,805			—
PrimeFlight Aviation Services			(10) (13)			Air Freight & Logistics
									Secured Debt			(9)			5/1/2023						9.80%			SF+			5.50%						5/1/2029			5,865			5,734			5,865
									Secured Debt			(9)			9/7/2023						9.50%			SF+			5.50%						5/1/2029			560			546			560
									Secured Debt			(9)			1/30/2024						9.50%			SF+			5.50%						5/1/2029			563			553			563
									Secured Debt			(9)			6/28/2024						9.25%			SF+			5.25%						5/1/2029			640			632			640
									Secured Debt			(9)			1/21/2025						9.58%			SF+			5.25%						5/1/2029			1,418			1,406			1,418
									Secured Debt			(9)			7/31/2025						9.55%			SF+			5.25%						5/1/2029			1,330			1,318			1,330
																																							10,189			10,376
PTL US Bidco, Inc			(10) (13) (21)			Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells
									Secured Debt			(9) (28)			8/19/2022						11.75%			SF+			7.25%						8/19/2027			448			441			448
									Secured Debt			(9)			8/19/2022						11.71%			SF+			7.25%						8/19/2027			1,026			1,012			1,026
																																							1,453			1,474
Purge Rite, LLC			(10)			HVAC Flushing and Filtration Services
									Preferred Equity						10/2/2023			13,021																					1,289			1,289
									Common Equity						4/1/2024			13,021																					13			6,210
																																							1,302			7,499
Richardson Sales Solutions			(10)			Business Services
									Secured Debt			(9) (28)			8/24/2023						10.71%			SF+			6.50%						8/24/2028			275			241			275
									Secured Debt			(9)			8/24/2023						10.81%			SF+			6.50%						8/24/2028			10,089			9,908			10,089

20

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			9/10/2024						10.83%			SF+			6.50%						8/24/2028			4,969			4,895			4,969
																																							15,044			15,333
Roof Opco, LLC			(10)			Residential Re-Roofing/Repair
									Secured Debt			(9) (30)			8/27/2021									SF+			8.00%						8/27/2026			—			(4)			—
									Secured Debt			(9)			8/27/2021						11.55%			SF+			7.00%						8/27/2026			4,219			4,188			3,164
									Secured Debt			(9)			8/27/2021						13.55%			SF+			9.00%						8/27/2026			4,219			4,188			3,162
																																							8,372			6,326
Rug Doctor, LLC.			(10)			Carpet Cleaning Products and Machinery
									Secured Debt			(9)			7/16/2021						11.94%			SF+			7.75%			2.00%			11/16/2025			4,135			4,133			4,107
									Secured Debt			(9)			7/16/2021						11.94%			SF+			7.75%			2.00%			11/16/2025			7,706			7,704			7,654
																																							11,837			11,761
Slick Innovations, LLC						Text Message Marketing Platform
									Secured Debt						9/13/2018						14.00%												3/21/2030			6,270			6,166			6,270
									Common Stock			(8)			9/13/2018			17,500																					—			520
																																							6,166			6,790
South Coast Terminals Holdings, LLC			(10)			Specialty Toll Chemical Manufacturer
									Secured Debt			(9)			8/8/2024						9.26%			SF+			5.00%						8/8/2029			595			595			595
									Secured Debt			(9)			8/8/2024						9.26%			SF+			5.00%						8/8/2029			33,214			33,188			33,214
									Secured Debt			(9)			7/31/2025						9.26%			SF+			5.00%						8/8/2029			6,542			6,480			6,542
									Common Equity						12/10/2021			61																					61			66
																																							40,324			40,417
SPAU Holdings, LLC			(10)			Digital Photo Product Provider
									Secured Debt			(9) (28)			7/1/2022						11.24%			SF+			7.00%						7/1/2027			1,000			991			1,000
									Secured Debt			(9)			7/1/2022						11.15%			SF+			7.00%						7/1/2027			4,838			4,795			4,837
									Common Stock						7/1/2022			200,000																					200			200
																																							5,986			6,037
TEC Services, LLC			(10)			Provider of Janitorial Service for Food Retailers
									Secured Debt			(9) (30)			12/31/2024									SF+			5.50%						12/31/2029			—			(6)			(6)
									Secured Debt			(9) (30)			12/31/2024									SF+			5.50%						12/31/2029			—			(4)			(4)
									Secured Debt			(9)			12/31/2024						9.60%			SF+			5.50%						12/31/2029			2,316			2,287			2,301
																																							2,277			2,291
Tex Tech Tennis, LLC			(10)			Sporting Goods & Textiles
									Preferred Equity			(23)			7/7/2021			1,000,000																					1,000			2,620
The Affiliati Network, LLC						Performance Marketing Solutions
									Secured Debt						8/9/2021						10.00%												8/9/2026			140			139			139
									Secured Debt						8/9/2021						10.00%												8/9/2026			1,200			1,196			1,163
									Preferred Stock						9/1/2023			78,227																					78			78
									Preferred Stock			(8)			8/9/2021			320,000																					1,600			1,600
																																							3,013			2,980
Titan Meter Midco Corp.			(10)			Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
									Secured Debt			(9)			3/11/2024						10.50%			SF+			6.50%						3/11/2029			554			520			554
									Secured Debt			(9)			3/11/2024						10.50%			SF+			6.50%						3/11/2029			12,950			12,637			12,950
									Secured Debt			(9)			2/27/2025						10.50%			SF+			6.50%						3/11/2029			1,657			1,622			1,657

21

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			8/5/2025						10.50%			SF+			6.50%						3/11/2029			1,875			1,830			1,875
									Preferred Equity						3/11/2024			522,651			8.00%									8.00%									529			540
																																							17,138			17,576
U.S. TelePacific Corp.			(11)			Provider of Communications and Managed Services
									Secured Debt			(9) (14)			6/1/2023						11.72%			SF+			7.40%			6.25%			5/2/2027			6,741			1,783			2,730
									Secured Debt			(14)			6/1/2023																		5/2/2027			692			15			—
																																							1,798			2,730
UPS Intermediate, LLC			(10)			Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
									Secured Debt			(9)			7/29/2024						10.41%			SF+			6.25%						7/27/2029			19,343			19,034			19,197
									Common Equity						7/29/2024			412,371																					412			440
																																							19,446			19,637
UserZoom Technologies, Inc.			(10)			Provider of User Experience Research Automation Software
									Secured Debt			(9)			1/11/2023						11.63%			SF+			7.50%						4/5/2029			3,000			2,949			3,000
Vitesse Systems			(10)			Component Manufacturing and Machining Platform
									Secured Debt			(28)			12/22/2023						11.28%			SF+			7.00%						12/22/2028			2,273			2,232			2,273
									Secured Debt			(9)			12/22/2023						11.26%			SF+			7.00%						12/22/2028			12,281			12,082			12,281
																																							14,314			14,554
VORTEQ Coil Finishers, LLC			(10)			Specialty Coating of Aluminum and Light-Gauge Steel
									Common Equity			(8)			11/30/2021			769,231																					769			2,340
Wash & Wax Systems LLC			(10)			Express Car Wash Operator
									Secured Debt			(9)			4/30/2025						9.81%			SF+			5.50%						4/30/2028			1			1			1
									Secured Debt			(9)			4/30/2025						9.78%			SF+			5.50%			9.78%			4/30/2028			1,046			1,046			1,046
									Secured Debt						4/30/2025						12.00%									12.00%			7/31/2028			693			693			693
									Common Equity						4/30/2025			439																					465			430
																																							2,205			2,170
Watterson Brands, LLC			(10)			Facility Management Services
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			319			317			266
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			55			53			46
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			2,268			2,259			1,891
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			2,046			2,039			1,706
																																							4,668			3,909
Winter Services LLC			(10)			Provider of Snow Removal and Ice Management Services
									Secured Debt			(9) (28)			11/19/2021						11.77%			SF+			7.50%						11/19/2026			1,611			1,582			1,611
									Secured Debt			(9)			11/19/2021						12.05%			SF+			7.50%						11/19/2026			2,343			2,323			2,343
									Secured Debt			(9)			1/16/2024						11.05%			SF+			6.50%						11/19/2026			9,050			8,965			9,050
									Secured Debt			(9)			1/16/2024						13.05%			SF+			8.50%						11/19/2026			9,050			8,965			9,050
																																							21,835			22,054

22

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
World Micro Holdings, LLC						Supply Chain Management
									Secured Debt						12/12/2022						11.00%												12/12/2027			1,364			1,352			1,352
									Preferred Equity			(8)			12/12/2022			530																					530			530
																																							1,882			1,882
Xenon Arc, Inc.			(10)			Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
									Secured Debt			(9)			12/17/2021						9.85%			SF+			5.75%						12/20/2028			1,167			1,152			1,167
									Secured Debt			(9)			12/17/2021						10.18%			SF+			5.75%						12/20/2028			2,310			2,291			2,310
									Secured Debt			(9)			3/31/2025						9.85%			SF+			5.75%						12/20/2028			605			595			605
																																							4,038			4,082
YS Garments, LLC			(11)			Designer and Provider of Branded Activewear
									Secured Debt			(9)			8/22/2018						11.92%			SF+			7.50%						8/9/2026			4,965			4,936			4,171
ZRG Partners, LLC			(10)			Talent Advisory Services Provider
									Secured Debt			(9)			6/14/2024						12.50%			P+			5.00%						6/14/2029			648			629			648
									Secured Debt			(9) (26)			6/14/2024						10.31%			SF+			6.00%						6/14/2029			1,469			1,443			1,469
									Secured Debt			(9)			6/14/2024						10.17%			SF+			6.00%						6/14/2029			811			801			811
									Secured Debt			(9)			6/14/2024						10.14%			SF+			6.00%						6/14/2029			5,802			5,717			5,802
																																							8,590			8,730
Subtotal Non-Control/Non-Affiliate investments (109.9% of net assets at fair value)																																							$	820,242		$	807,164
Total Portfolio Company investments, September 30, 2025 (171.6% of net assets at fair value)																																							$	1,185,367		$	1,260,202
Money market funds (included in cash and cash equivalents)
First American Treasury Obligations Fund Class Z			(16)																																				$	10,425		$	10,425
Fidelity Government Portfolio Fund Class III			(34)																																				1,834			1,834
Total money market funds																																							$	12,259		$	12,259

___________________________________________________

(1)All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Credit Facilities (as defined below).

(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.

(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.

(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(5)“Control” investments are defined by the 1940 Act (as defined below) as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

(6)“Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.

(7)“Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 97% of the loans (based on the par amount) contain Secured Overnight Financing Rate (“SOFR”) floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.29%.

(10)Private Loan (as defined below) portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.

(11)Middle Market (as defined below) portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.

(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.

(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

(14)Non-accrual and non-income producing debt investment.

(15)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

(16)Effective yield as of September 30, 2025 was approximately 4.07% on the First American Treasury Obligations Fund Class Z.

(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.

(18)Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of September 30, 2025.

(20)All portfolio company headquarters are based in the United States, unless otherwise noted.

(21)Portfolio company headquarters are located outside of the United States.

(22)Investment Date represents the date of initial investment in the security position.

(23)Shares/Units represent ownership in a related real estate or holding entity.

(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

(25)A majority of the variable rate loans in the Investment Portfolio (as defined below) bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the federal funds rate or the prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.

(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2025.

(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

(28)Revolving line of credit facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2025.

(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

(30)The position is unfunded and no interest income is being earned as of September 30, 2025. The position may earn a nominal unused facility fee on committed amounts.

(31)Investment is accruing income at the fixed cash rate of 2.50% as of September 30, 2025.

(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.

(33)The Fund has entered into an intercreditor agreement that entitles the Fund to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Fund receives a higher interest rate than the contractual stated interest rate of 11.85% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(34)Effective yield as of September 30, 2025 was approximately 3.79% on the Fidelity Government Portfolio Fund Class III.

(35)Investment purchased through a distressed sale with the intention to be sold on a short-term basis.

25

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Control Investments (5)
BDB Holdings, LLC						Casual Restaurant Group
									Preferred Equity						11/4/2024			12,504,663																					$	13,025		$	12,610
Copper Trail Fund Investments			(12) (13)			Investment Partnership
									LP Interests (CTMH, LP)			(24)			7/17/2017			38.75%																					655			530
GRT Rubber Technologies LLC						Manufacturer of Engineered Rubber Products
									Secured Debt						12/21/2018						10.66%			SF+			6.00%						10/29/2026			1,550			1,539			1,550
									Secured Debt						12/19/2014						12.66%			SF+			8.00%						10/29/2026			19,944			19,852			19,944
									Member Units						12/19/2014			2,896																					6,435			22,600
																																							27,826			44,094
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (2717 MH, L.P.)			(8) (24)			10/1/2017			49.3%																					3,345			8,740
Volusion, LLC						Provider of Online Software-as-a-Service eCommerce Solutions
									Secured Debt						3/31/2023						10.00%												3/31/2025			900			900			900
									Preferred Member Units						3/31/2023			2,184,683																					1,705			3,004
									Preferred Member Units						3/31/2023			61,077																					—			—
									Preferred Member Units						1/26/2015			2,090,001																					6,000			—
									Common Stock						3/31/2023			772,620																					1,104			—
																																							9,709			3,904
Subtotal Control investments (11.2% of net assets at fair value)																																							$	54,560		$	69,878
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLC						Manufacturer of Liquid and Gas Analyzers
									Secured Debt			(30)			8/16/2019																		8/16/2029			$	—		$	—		$	—
									Secured Debt						8/16/2019						13.75%												8/16/2029			1,024			1,012			1,012
									Preferred Member Units						5/20/2021			607																					607			1,330
									Preferred Member Units						8/16/2019			800																					800			—
									Warrants			(27)			8/16/2019			105															8/16/2029						79			—
																																							2,498			2,342
Barfly Ventures, LLC			(10)			Casual Restaurant Group
									Member Units						10/26/2020			12.25%																					528			1,953
Batjer TopCo, LLC						HVAC Mechanical Contractor
									Secured Debt						3/7/2022						10.00%												3/7/2027			50			50			50
									Secured Debt						3/7/2022						10.00%												3/7/2027			30			30			30
									Secured Debt						3/7/2022						10.00%												3/7/2027			1,175			1,165			1,165
									Preferred Stock			(8)			3/7/2022			453																					455			570
																																							1,700			1,815
Brewer Crane Holdings, LLC						Provider of Crane Rental and Operating Services
									Secured Debt			(9)			1/9/2018						14.66%			SF+			10.00%						12/31/2025			1,254			1,254			1,254
									Preferred Member Units			(8)			1/9/2018			737																					1,070			1,170

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							2,324			2,424
Centre Technologies Holdings, LLC						Provider of IT Hardware Services and Software Solutions
									Secured Debt			(9) (30)			1/4/2019									SF+			9.00%						1/4/2028			—			—			—
									Secured Debt			(9)			11/29/2024						13.66%			SF+			9.00%						1/4/2028			6,384			6,356			6,384
									Preferred Member Units						1/4/2019			3,471																					1,596			3,110
																																							7,952			9,494
Chamberlin Holding LLC						Roofing and Waterproofing Specialty Contractor
									Secured Debt			(9) (30)			2/26/2018									SF+			6.00%						2/26/2026			—			(26)			—
									Secured Debt			(9)			2/26/2018						12.74%			SF+			8.00%						2/26/2026			3,905			3,904			3,905
									Member Units			(8)			2/26/2018			1,087																					2,860			8,280
									Member Units			(8) (23)			11/2/2018			261,786																					443			888
																																							7,181			13,073
Charps, LLC						Pipeline Maintenance and Construction
									Preferred Member Units			(8)			2/3/2017			457																					491			3,900
Clad-Rex Steel, LLC						Specialty Manufacturer of Vinyl-Clad Metal
									Secured Debt			(30)			10/28/2022																		1/15/2027			—			—			—
									Secured Debt						12/20/2016						9.00%												1/15/2027			1,690			1,681			1,690
									Secured Debt						12/20/2016						10.00%												12/20/2036			243			242			243
									Member Units			(8)			12/20/2016			179																					1,820			2,750
									Member Units			(23)			12/20/2016			200																					127			237
																																							3,870			4,920
Cody Pools, Inc.						Designer of Residential and Commercial Pools
									Secured Debt			(30)			3/6/2020																		12/17/2026			—			(3)			—
									Secured Debt						3/6/2020						12.50%												12/17/2026			6,598			6,585			6,598
									Preferred Member Units			(8) (23)			3/6/2020			147																					2,079			16,950
																																							8,661			23,548
Colonial Electric Company LLC						Provider of Electrical Contracting Services
									Secured Debt			(30)			3/31/2021																		3/31/2026			—			—			—
									Secured Debt						3/31/2021						12.00%												3/31/2026			3,578			3,554			3,578
									Preferred Member Units			(8)			3/31/2021			4,320																					1,920			3,390
																																							5,474			6,968
Compass Systems & Sales, LLC						Designer of End-to-End Material Handling Solutions
									Secured Debt			(30)			11/22/2023																		11/22/2028			—			(16)			(16)
									Secured Debt						11/22/2023						13.50%												11/22/2028			4,300			4,201			4,201
									Preferred Equity						11/22/2023			1,863																					1,863			1,860
																																							6,048			6,045
Datacom, LLC						Technology and Telecommunications Provider
									Secured Debt						3/1/2022						7.50%												12/31/2025			55			55			55
									Secured Debt						3/31/2021						10.00%												12/31/2025			898			878			878
									Preferred Member Units						3/31/2021			1,000																					290			30
																																							1,223			963
Digital Products Holdings LLC						Designer and Distributor of Consumer Electronics

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			4/1/2018						14.56%			SF+			10.00%						4/27/2026			3,154			3,140			3,105
									Preferred Member Units			(8)			4/1/2018			964																					2,375			2,459
																																							5,515			5,564
Direct Marketing Solutions, Inc.						Provider of Omni-Channel Direct Marketing Services
									Secured Debt			(30)			2/13/2018																		2/13/2026			—			(2)			—
									Secured Debt						12/27/2022						14.00%												2/13/2026			4,668			4,656			4,668
									Preferred Stock						2/13/2018			2,100																					2,100			4,480
																																							6,754			9,148
DMA Industries, LLC						Distributor of Aftermarket Ride Control Products
									Secured Debt						6/18/2024						12.00%												6/19/2029			140			138			138
									Secured Debt						11/19/2021						12.00%												6/19/2029			4,200			4,161			4,161
									Preferred Equity						11/19/2021			1,486																					1,486			1,486
									Preferred Equity			(8)			6/18/2024			767			15.00%									15.00%									810			810
																																							6,595			6,595
Flame King Holdings, LLC						Propane Tank and Accessories Distributor
									Preferred Equity			(8)			10/29/2021			2,340																					2,600			8,980
Freeport Financial Funds			(12) (13)			Investment Partnership
									LP Interests (Freeport First Lien Loan Fund III LP)			(8) (24)			7/31/2015			5.95%																					1,659			1,263
Gamber-Johnson Holdings, LLC						Manufacturer of Ruggedized Computer Mounting Systems
									Secured Debt			(9) (32) (30)			6/24/2016									SF+			7.00%						1/1/2028			—			—			—
									Secured Debt			(9) (32)			11/22/2024						11.00%			SF+			7.00%						1/1/2028			18,282			18,166			18,282
									Member Units			(8)			6/24/2016			2,261																					4,423			28,690
																																							22,589			46,972
GFG Group, LLC						Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
									Secured Debt						3/31/2021						8.00%												3/31/2026			2,046			2,030			2,046
									Preferred Member Units			(8)			3/31/2021			56.39%																					1,225			2,640
																																							3,255			4,686
Gulf Publishing Holdings, LLC						Energy Industry Focused Media and Publishing
									Secured Debt			(9) (14) (30)			9/29/2017									SF+			9.50%						7/1/2027			—			—			—
									Secured Debt			(14)			7/1/2022						12.50%									12.50%			7/1/2027			600			581			378
									Preferred Equity						7/1/2022			15,930																					1,400			—
									Member Units						4/29/2016			920																					920			—
																																							2,901			378
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (HPEP 3, L.P.)			(24)			8/9/2017			8.2%																					2,296			4,472
IG Investor, LLC						Military and Other Tactical Gear

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						6/21/2023						13.00%												6/21/2028			400			379			379
									Secured Debt						6/21/2023						13.00%												6/21/2028			8,876			8,693			8,693
									Common Equity						6/21/2023			3,600																					3,600			4,060
																																							12,672			13,132
Independent Pet Partners Intermediate Holdings, LLC			(10)			Omnichannel Retailer of Specialty Pet Products
									Common Equity						4/7/2023			6,436,566																					6,540			7,290
Integral Energy Services			(10)			Nuclear Power Staffing Services
									Secured Debt			(9)			8/20/2021						12.35%			SF+			7.50%						8/20/2026			15,090			14,986			14,872
									Preferred Equity			(8)			12/7/2023			3,725			10.00%									10.00%									297			535
									Common Stock						8/20/2021			11,647																					1,584			640
																																							16,867			16,047
Kickhaefer Manufacturing Company, LLC						Precision Metal Parts Manufacturing
									Secured Debt						10/31/2018						11.50%												10/31/2026			3,750			3,741			3,741
									Secured Debt						10/31/2018						9.00%												10/31/2048			990			982			982
									Preferred Equity						10/31/2018			145																					3,060			3,060
									Member Units			(8) (23)			10/31/2018			200																					248			678
																																							8,031			8,461
Mills Fleet Farm Group, LLC			(10)			Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
									Common Equity			(23)			12/19/2024			53,505															12/31/2026						11,166			11,166
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
									Secured Debt			(30)			8/18/2014																		1/31/2027			—			—			—
									Secured Debt						8/18/2014						10.00%												1/31/2027			1,436			1,433			1,436
									Common Stock			(8)			8/18/2014			1,468																					680			6,590
																																							2,113			8,026
Nello Industries Investco, LLC						Manufacturer of Steel Poles and Towers For Critical Infrastructure
									Secured Debt			(9) (30)			6/4/2024									SF+			6.50%						6/4/2025			—			(12)			(12)
									Secured Debt						6/4/2024						13.50%												6/4/2029			6,800			6,619			6,619
									Common Equity			(8)			6/4/2024			91,145																					3,030			3,890
																																							9,637			10,497
NexRev LLC						Provider of Energy Efficiency Products & Services
									Secured Debt						2/28/2018																		2/28/2025			—			—			—
									Secured Debt						2/28/2018						9.00%												2/28/2025			2,453			2,450			2,453
									Preferred Member Units			(8)			2/28/2018			25,786,046																					2,053			2,970
																																							4,503			5,423
NuStep, LLC						Designer, Manufacturer and Distributor of Fitness Equipment
									Secured Debt			(9)			1/31/2017						11.16%			SF+			6.50%						1/31/2025			900			900			900
									Secured Debt						1/31/2017						12.00%												1/31/2025			4,610			4,610			4,610
									Preferred Member Units						11/2/2022			600																					696			1,500
									Preferred Member Units						1/31/2017			122																					2,966			2,890
																																							9,172			9,900

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Oneliance, LLC						Construction Cleaning Company
									Preferred Stock						8/6/2021			282																					282			640
Orttech Holdings, LLC						Distributor of Industrial Clutches, Brakes and Other Components
									Secured Debt			(9) (30)			7/30/2021									SF+			11.00%						7/31/2026			—			(1)			—
									Secured Debt			(9)			7/30/2021						15.66%			SF+			11.00%						7/31/2026			5,490			5,456			5,490
									Preferred Stock			(8) (23)			7/30/2021			2,500																					2,500			3,360
																																							7,955			8,850
Pinnacle TopCo, LLC						Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
									Secured Debt			(30)			12/21/2023																		12/31/2028			—			(8)			—
									Secured Debt						12/21/2023						13.00%												12/31/2028			7,160			7,019			7,160
									Preferred Equity			(8)			12/21/2023			110																					3,135			4,590
																																							10,146			11,750
RA Outdoors LLC			(10) (13)			Software Solutions Provider for Outdoor Activity Management
									Secured Debt			(9)			4/8/2021						11.74%			SF+			6.75%			11.74%			4/8/2026			1,311			1,307			1,215
									Secured Debt			(9)			4/8/2021						11.74%			SF+			6.75%			11.74%			4/8/2026			13,714			13,665			12,710
									Common Equity						8/12/2024			107						SF+			6.75%			11.59%			4/8/2026						—			—
																																							14,972			13,925
Robbins Bros. Jewelry, Inc.						Bridal Jewelry Retailer
									Secured Debt			(14) (30)			12/15/2021															10.00%			12/15/2026			—			(7)			(7)
									Secured Debt			(14)			12/15/2021						12.50%									10.00%			12/15/2026			3,740			3,604			1,617
									Preferred Equity						12/15/2021			1,230																					1,230			—
																																							4,827			1,610
SI East, LLC						Rigid Industrial Packaging Manufacturing
									Secured Debt						8/31/2018						11.75%												6/16/2028			750			744			750
									Secured Debt			(33)			6/16/2023						12.79%												6/16/2028			22,554			22,533			22,554
									Preferred Member Units			(8)			8/31/2018			55																					508			4,550
																																							23,785			27,854
Student Resource Center, LLC			(10)			Higher Education Services
									Secured Debt						9/11/2024						8.50%									8.50%			12/31/2027			227			227			227
									Secured Debt			(14)			12/31/2022						8.50%									8.50%			12/31/2027			5,918			5,425			1,826
									Preferred Equity						12/31/2022			6,564,055																					—			—
																																							5,652			2,053
Tedder Industries, LLC						Manufacturer of Firearm Holsters and Accessories
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			460			455			412
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			3,800			3,761			901
									Preferred Member Units						8/28/2023			1,651																					165			—
									Preferred Member Units						2/1/2023			1,411																					141			—
									Preferred Member Units						8/31/2018			136																					2,311			—
																																							6,833			1,313
Trantech Radiator Topco, LLC						Transformer Cooling Products and Services
									Secured Debt			(30)			5/31/2019																		5/31/2027			—			(1)			(1)
									Secured Debt						5/31/2019						13.50%												5/31/2027			1,980			1,962			1,962
									Common Stock			(8)			5/31/2019			154																					1,164			2,140

30

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							3,125			4,101
Urgent DSO LLC						General and Emergency Dentistry Practice
									Secured Debt						2/16/2024						13.50%												2/16/2029			2,200			2,145			2,145
									Preferred Equity			(8)			2/16/2024			1,000			9.00%									9.00%									1,080			1,080
																																							3,225			3,225
Victory Energy Operations, LLC						Provider of Industrial and Commercial Combustion Systems
									Secured Debt			(30)			10/3/2024																		10/3/2029			—			(5)			(5)
									Secured Debt						10/3/2024						13.00%												10/3/2029			7,749			7,529			7,529
									Preferred Equity						10/3/2024			8,338																					3,644			3,644
																																							11,168			11,168
VVS Holdco LLC						Omnichannel Retailer of Animal Health Products
									Secured Debt			(9) (30)			12/1/2021									SF+			6.00%						12/1/2025			—			—			—
									Secured Debt						12/1/2021						11.50%												12/1/2026			6,440			6,366			6,366
									Preferred Equity			(8) (23)			12/1/2021			3,060																					3,060			3,060
																																							9,426			9,426
Subtotal Affiliate investments (56.2% of net assets at fair value)																																							$	284,211		$	351,360
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.			(11)			Substance Abuse Treatment Service Provider
									Secured Debt						1/31/2023						18.00%									18.00%			6/25/2025			$	210		$	210		$	209
									Secured Debt						12/11/2020						18.00%									18.00%			6/25/2025			6,013			5,971			5,975
									Common Stock						12/11/2020			593,927																					3,148			$	—
									Warrants			(27)			12/11/2020			197,717															12/11/2025						—			—
																																							9,329			6,184
Adams Publishing Group, LLC			(10)			Local Newspaper Operator
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			946			946			928
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			2,251			2,248			2,209
																																							3,194			3,137
AMEREQUIP LLC			(10)			Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
									Common Stock			(8)			8/31/2022			11																					83			30
American Health Staffing Group, Inc.			(10)			Healthcare Temporary Staffing
									Secured Debt			(9) (30)			11/19/2021									P+			5.00%						11/19/2026			—			(6)			(6)
									Secured Debt			(9)			11/19/2021						12.50%			P+			5.00%						11/19/2026			7,703			7,673			7,703
																																							7,667			7,697
American Nuts, LLC			(10)			Roaster, Mixer and Packager of Bulk Nuts and Seeds
									Secured Debt			(9)			3/11/2022						14.49%			SF+			9.75%			14.49%			4/10/2026			5,626			5,614			4,480
									Secured Debt			(9) (14)			3/11/2022						16.49%			SF+			11.75%			16.49%			4/10/2026			4,270			4,244			2,621
																																							9,858			7,101
American Teleconferencing Services, Ltd.			(11)			Provider of Audio Conferencing and Video Collaboration Solutions
									Secured Debt			(14) (17)			9/17/2021																		4/7/2023			2,425			2,375			59
									Secured Debt			(14) (17)			5/19/2016																		6/8/2023			11,693			11,451			282
																																							13,826			341

31

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Ansira Partners II, LLC			(10)			Provider of Data-Driven Marketing Services
									Secured Debt			(9) (30)			7/1/2024									SF+			6.75%						7/1/2029			—			(45)			(45)
									Secured Debt			(9)			7/1/2024						11.25%			SF+			6.75%						7/1/2029			17,659			17,239			17,375
																																							17,194			17,330
ArborWorks, LLC			(10)			Vegetation Management Services
									Secured Debt						11/6/2023						15.00%									15.00%			11/6/2028			1,061			1,061			1,061
									Secured Debt			(9)			11/6/2023						11.08%			SF+			6.50%			11.08%			11/6/2028			4,278			4,278			4,278
									Preferred Equity						11/6/2023			17,265																					7,468			6,667
									Preferred Equity						11/6/2023			17,265																					—			—
									Common Equity						11/9/2021			2,070																					124			—
																																							12,931			12,006
Archer Systems, LLC			(10)			Mass Tort Settlement Administration Solutions Provider
									Common Stock						8/11/2022			62,403																					62			110
ATS Operating, LLC			(10)			For-Profit Thrift Retailer
									Secured Debt			(9)			1/18/2022						10.85%			SF+			6.00%						1/18/2027			50			50			50
									Secured Debt			(9)			1/18/2022						9.85%			SF+			5.00%						1/18/2027			925			916			925
									Secured Debt			(9)			1/18/2022						11.85%			SF+			7.00%						1/18/2027			925			916			925
									Common Stock						1/18/2022			100,000																					100			120
																																							1,982			2,020
AVEX Aviation Holdings, LLC			(10)			Specialty Aircraft Dealer & MRO Provider
									Secured Debt			(9) (30)			12/23/2022									SF+			7.25%						12/23/2027			—			(12)			(12)
									Secured Debt			(9)			12/23/2022						11.73%			SF+			7.25%						12/23/2027			3,343			3,271			3,343
									Common Equity			(8)			12/15/2021			137																					130			124
																																							3,389			3,455
Berry Aviation, Inc.			(10)			Charter Airline Services
									Preferred Member Units						3/8/2024			286,109																					286			—
									Preferred Member Units			(23)			11/12/2019			122,416																					—			—
									Preferred Member Units			(23)			7/6/2018			1,548,387																					—			—
																																							286			—
Bettercloud, Inc.			(10)			SaaS Provider of Workflow Management and Business Application Solutions
									Secured Debt			(9) (30)			6/30/2022									SF+			10.25%						6/30/2028			—			(14)			(14)
									Secured Debt			(9)			6/30/2022						15.76%			SF+			10.25%			9.25%			6/30/2028			9,230			9,139			6,963
																																							9,125			6,949
Binswanger Enterprises, LLC			(10)			Glass Repair and Installation Service Provider
									Member Units						3/10/2017			1,050,000																					1,050			650
Bluestem Brands, Inc.			(11)			Multi-Channel Retailer of General Merchandise
									Secured Debt			(9)			1/9/2024						13.17%			SF+			8.50%			12.17%			8/28/2025			215			138			181
									Secured Debt			(9)			10/19/2022						15.00%			P+			7.50%			14.75%			8/28/2025			3,304			3,304			2,792
									Secured Debt			(9)			8/28/2020						13.17%			SF+			8.50%			12.17%			8/28/2025			4,486			4,231			3,790
									Common Stock						10/1/2020			700,446																					—			—
									Warrants			(27)			10/19/2022			175,110															10/19/2032						1,111			—
																																							8,784			6,763

32

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Boccella Precast Products LLC						Manufacturer of Precast Hollow Core Concrete
									Secured Debt						9/23/2021						10.00%												2/28/2027			80			80			66
									Member Units						6/30/2017			540,000																					564			80
																																							644			146
Bond Brand Loyalty ULC			(10) (13) (21)			Provider of Loyalty Marketing Services
									Secured Debt			(9)			5/1/2023						11.65%			SF+			7.00%						5/1/2028			360			348			360
									Secured Debt			(9)			5/1/2023						10.74%			SF+			6.00%						5/1/2028			3,999			3,945			3,999
									Secured Debt			(9)			5/1/2023						12.74%			SF+			8.00%						5/1/2028			3,999			3,945			3,999
									Preferred Equity						5/1/2023			360																					360			310
									Common Equity						5/1/2023			360																					—			—
																																							8,598			8,668
BP Loenbro Holdings Inc.			(10)			Specialty Industrial Maintenance Services
									Secured Debt			(9) (28)			2/1/2024						10.68%			SF+			6.25%						2/1/2029			514			493			514
									Secured Debt			(9) (30)			2/1/2024									SF+			6.25%						2/1/2029			—			(10)			(10)
									Secured Debt			(9)			2/1/2024						10.92%			SF+			6.25%						2/1/2029			11,217			11,031			11,217
									Common Equity						2/1/2024			1,000,000																					1,000			1,550
																																							12,514			13,271
Brightwood Capital Fund Investments			(12) (13)			Investment Partnership
									LP Interests (Brightwood Capital Fund III, LP)			(24)			7/21/2014			0.52%																					1,899			1,039
									LP Interests (Brightwood Capital Fund IV, LP)			(8) (24)			10/26/2016			1.17%																					8,064			8,031
																																							9,963			9,070
Buca C, LLC						Casual Restaurant Group
									Secured Debt			(14) (17)			8/7/2024						15.00%									15.00%			11/4/2024			4,291			3,717			—
									Secured Debt			(14)			6/28/2024						15.00%									15.00%			4/1/2025			10			—			—
									Secured Debt			(14) (17)			6/30/2015						15.00%									15.00%			8/31/2023			6,369			4,078			—
									Preferred Member Units						6/30/2015			4			6.00%									6.00%									3,040			—
																																							10,835			—
Burning Glass Intermediate Holding Company, Inc.			(10)			Provider of Skills-Based Labor Market Analytics
									Secured Debt			(9) (30)			6/14/2021									SF+			5.00%						6/10/2026			—			(8)			—
									Secured Debt			(9)			6/14/2021						9.46%			SF+			5.00%						6/10/2028			11,575			11,469			11,575
																																							11,461			11,575
CAI Software LLC						Provider of Specialized Enterprise Resource Planning Software
									Preferred Equity						12/13/2021			454,344																					454			513
									Preferred Equity						12/13/2021			126,446																					—			—
																																							454			513
Career Team Holdings, LLC						Provider of Workforce Training and Career Development Services
									Secured Debt			(9)			12/17/2021						10.56%			SF+			6.00%						12/17/2026			100			97			97
									Secured Debt						12/17/2021						12.50%												12/17/2026			2,160			2,134			2,134
									Common Stock						12/17/2021			50,000																					500			530
																																							2,731			2,761
CaseWorthy, Inc.			(10)			SaaS Provider of Case Management Solutions

33

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Equity						12/30/2022			80,000																					80			160
CenterPeak Holdings, LLC						Executive Search Services
									Secured Debt			(30)			12/10/2021																		12/10/2026			—			(3)			—
									Secured Debt						12/10/2021						15.00%												12/10/2026			2,390			2,364			2,390
									Preferred Equity			(8)			12/10/2021			368																					404			1,610
																																							2,765			4,000
Channel Partners Intermediateco, LLC			(10)			Outsourced Consumer Services Provider
									Secured Debt			(9) (28)			2/7/2022						11.53%			SF+			7.00%						2/7/2027			467			456			444
									Secured Debt			(9)			2/7/2022						11.93%			SF+			7.00%						2/7/2027			3,326			3,297			3,166
									Secured Debt			(9)			6/24/2022						11.93%			SF+			7.00%						2/7/2027			184			183			175
									Secured Debt			(9)			3/27/2023						11.93%			SF+			7.00%						2/7/2027			445			439			424
																																							4,375			4,209
Clarius BIGS, LLC			(10)			Prints & Advertising Film Financing
									Secured Debt			(14) (17)			9/23/2014																		1/5/2015			2,666			2,321			19
Classic H&G Holdings, LLC						Provider of Engineered Packaging Solutions
									Preferred Member Units			(8)			3/12/2020			39																					—			710
Computer Data Source, LLC			(10)			Third Party Maintenance Provider to the Data Center Ecosystem
									Secured Debt			(9) (28)			8/6/2021						12.93%			SF+			8.25%						8/6/2026			6,531			6,461			6,118
									Secured Debt			(9) (30)			3/29/2024									SF+			8.25%						8/6/2026			—			(42)			(42)
									Secured Debt			(9)			8/6/2021						12.92%			SF+			8.25%						8/6/2026			15,807			15,656			14,807
																																							22,075			20,883
Connect Telecommunications Solutions Holdings, Inc.			(13)			Value-added Distributor of Fiber Products and Equipment
									Secured Debt						10/9/2024						13.00%												10/9/2029			3,064			2,977			2,977
									Preferred Equity						10/9/2024			2,478																					1,400			1,400
																																							4,377			4,377
Coregistics Buyer LLC			(10) (13) (21)			Contract Packaging Service Provider
									Secured Debt			(9)			6/29/2024						10.39%			SF+			6.00%						6/28/2029			449			427			440
									Secured Debt			(9)			6/29/2024						10.36%			SF+			6.00%						6/28/2029			2,877			2,816			2,824
									Secured Debt			(9)			8/15/2024						10.40%			SF+			6.00%						6/28/2029			1,913			1,878			1,878
									Secured Debt			(9)			6/29/2024						10.61%			SF+			6.25%						6/28/2029			8,611			8,417			8,109
																																							13,538			13,251
CQ Fluency, LLC			(10)			Global Language Services Provider
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(31)			(31)
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(31)			(31)
									Secured Debt			(9)			12/27/2023						11.18%			SF+			6.75%						6/27/2027			7,219			7,064			7,169
																																							7,002			7,107
Creative Foam Corporation			(10)			Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
									Secured Debt			(9) (30)			6/27/2024									SF+			5.75%						6/27/2029			—			(28)			(28)

34

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			6/27/2024						10.11%			SF+			5.75%						6/27/2029			10,801			10,610			10,694
																																							10,582			10,666
Dalton US Inc.			(10)			Provider of Supplemental Labor Services
									Common Stock						8/16/2022			37																					52			50
DTE Enterprises, LLC			(10)			Industrial Powertrain Repair and Services
									Class AA Preferred Member Units (non-voting)			(8)			4/13/2018						10.00%									10.00%									1,316			438
									Class A Preferred Member Units						4/13/2018			776,316			8.00%									8.00%									776			—
																																							2,092			438
Dynamic Communities, LLC			(10)			Developer of Business Events and Online Community Groups
									Secured Debt			(9)			12/20/2022						11.46%			SF+			7.00%			11.46%			12/31/2026			2,318			2,160			2,220
									Secured Debt			(9)			12/20/2022						13.46%			SF+			9.00%			13.46%			12/31/2026			2,413			2,179			2,219
									Preferred Equity						12/20/2022			125,000																					128			60
									Preferred Equity						12/20/2022			2,376,241																					—			—
									Common Equity						12/20/2022			1,250,000																					—			—
																																							4,467			4,499
Elgin AcquireCo, LLC						Manufacturer and Distributor of Engine and Chassis Components
									Secured Debt			(9) (30)			10/3/2022									SF+			6.00%						10/3/2027			—			—			—
									Secured Debt						10/3/2022						12.00%												10/3/2027			1,181			1,162			1,162
									Secured Debt						10/3/2022						9.00%												10/3/2052			409			406			406
									Common Stock						10/3/2022			19																					374			370
									Common Stock			(23)			10/3/2022			61																					102			199
																																							2,044			2,137
Emerald Technologies Acquisition Co, Inc.			(11)			Design & Manufacturing
									Secured Debt			(9)			2/10/2022						10.71%			SF+			6.25%						12/29/2027			2,328			2,303			1,863
Escalent, Inc.			(10)			Market Research and Consulting Firm
									Secured Debt			(9) (30)			4/7/2023									SF+			8.00%						4/7/2029			—			(7)			(7)
									Secured Debt			(9)			10/2/2024						12.39%			SF+			8.00%						4/7/2029			364			358			358
									Secured Debt			(9)			4/7/2023						12.43%			SF+			8.00%						4/7/2029			6,855			6,707			6,855
									Common Equity						4/7/2023			170,998																					174			240
																																							7,232			7,446
Event Holdco, LLC			(10)			Event and Learning Management Software for Healthcare Organizations and Systems
									Secured Debt			(9)			12/22/2021						12.59%			SF+			8.00%						12/22/2026			308			306			308
									Secured Debt			(9)			12/22/2021						12.59%			SF+			8.00%			6.00%			12/22/2026			3,969			3,955			3,969
																																							4,261			4,277
FCC Intermediate Holdco, LLC						Supply Chain Management Services
									Secured Debt						5/28/2024						13.00%												5/29/2029			8,200			7,135			7,135
									Warrants			(27)			5/28/2024			3																					980			2,710
																																							8,115			9,845
Garyline, LLC			(10)			Manufacturer of Consumer Plastic Products
									Secured Debt			(9) (28)			11/10/2023						11.29%			SF+			6.75%						11/10/2028			2,416			2,355			2,416
									Secured Debt			(9)			11/10/2023						11.34%			SF+			6.75%						11/10/2028			9,567			9,346			9,567

35

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Equity						11/10/2023			210,084																					210			150
																																							11,911			12,133
GradeEight Corp.			(10)			Distributor of Maintenance and Repair Parts
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(45)			(45)
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(22)			(22)
									Secured Debt			(9)			10/4/2024						11.74%			SF+			7.25%						10/4/2029			14,824			14,542			14,542
									Common Equity						10/4/2024			471																					471			471
																																							14,946			14,946
Hawk Ridge Systems, LLC						Value-Added Reseller of Engineering Design and Manufacturing Solutions
									Secured Debt			(9)			12/2/2016						10.73%			SF+			6.00%						1/15/2026			661			661			661
									Secured Debt						12/2/2016						12.50%												1/15/2026			9,744			9,721			9,744
									Preferred Member Units			(8)			12/2/2016			56																					713			5,060
									Preferred Member Units			(23)			12/2/2016			56																					38			270
																																							11,133			15,735
HDC/HW Intermediate Holdings			(10)			Managed Services and Hosting Provider
									Secured Debt			(9)			3/7/2024						8.75%			SF+			3.50%			2.50%			6/21/2026			1,361			1,307			1,307
									Secured Debt			(14)			3/7/2024						2.50%									2.50%			6/21/2026			914			401			235
									Common Equity						3/7/2024			35,971																					—			—
																																							1,708			1,542
HEADLANDS OP-CO LLC			(10)			Clinical Trial Sites Operator
									Secured Debt			(9) (30)			8/1/2022									SF+			6.50%						8/1/2027			—			(10)			(10)
									Secured Debt			(9)			8/1/2022						10.86%			SF+			6.50%						8/1/2027			1,975			1,951			1,975
									Secured Debt			(9)			6/3/2024						10.86%			SF+			6.50%						8/1/2027			1,397			1,362			1,396
									Secured Debt			(9)			8/1/2022						10.86%			SF+			6.50%						8/1/2027			4,875			4,824			4,875
									Secured Debt			(9)			6/3/2024						10.86%			SF+			6.50%						8/1/2027			2,382			2,363			2,382
																																							10,490			10,618
Hornblower Sub, LLC			(10)			Marine Tourism and Transportation
									Secured Debt			(9)			7/3/2024						9.92%			SF+			5.50%						7/3/2029			1,215			1,192			1,204
									Secured Debt			(9)			7/3/2024						10.11%			SF+			5.50%						7/3/2029			15,490			15,338			15,338
																																							16,530			16,542
Hybrid Promotions, LLC			(10)			Wholesaler of Licensed, Branded and Private Label Apparel
									Secured Debt			(9)			6/30/2021						13.10%			SF+			8.25%						12/31/2027			8,000			7,859			8,000
IG Parent Corporation			(11)			Software Engineering
									Secured Debt			(9) (30)			7/30/2021									SF+			5.75%						7/30/2026			—			(8)			—
									Secured Debt			(9)			7/30/2021						10.21%			SF+			5.75%						7/30/2028			6,154			6,102			6,154
									Secured Debt			(9)			7/30/2021						10.21%			SF+			5.75%						7/30/2028			1,922			1,906			1,922
																																							8,000			8,076
Imaging Business Machines, L.L.C.			(10)			Technology Hardware & Equipment
									Secured Debt			(9) (28)			6/8/2023						11.39%			SF+			7.00%						6/30/2028			791			791			791
									Secured Debt			(9)			6/8/2023						11.62%			SF+			7.00%						6/30/2028			10,280			10,034			10,280
									Common Equity						6/8/2023			422																					580			510
																																							11,405			11,581
Implus Footcare, LLC			(10)			Provider of Footwear and Related Accessories
									Secured Debt			(9)			6/1/2017						13.73%			SF+			7.75%			1.50%			7/31/2025			17,066			17,066			14,524

36

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Infinity X1 Holdings, LLC						Manufacturer and Supplier of Personal Lighting Products
									Secured Debt						3/31/2023						12.00%												3/31/2028			3,763			3,714			3,763
									Preferred Equity			(8)			3/31/2023			21,840																					1,092			2,310
																																							4,806			6,073
Insight Borrower Corporation			(10)			Test, Inspection, and Certification Instrument Provider
									Secured Debt			(9) (30)			7/19/2023									SF+			6.25%						7/19/2028			—			(32)			(32)
									Secured Debt			(9) (30)			7/19/2023									SF+			6.25%						7/19/2029			—			(27)			(27)
									Secured Debt			(9)			7/19/2023						10.87%			SF+			6.25%						7/19/2029			8,289			8,100			7,869
									Common Equity						7/19/2023			47,847																					239			120
																																							8,280			7,930
Inspire Aesthetics Management, LLC			(10)			Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
									Secured Debt			(9) (28)			4/3/2023						14.69%			SF+			10.00%						4/3/2028			677			664			620
									Secured Debt			(9)			4/3/2023						14.58%			SF+			10.00%						4/3/2028			6,198			6,091			5,681
									Secured Debt			(9)			6/14/2023						14.58%			SF+			10.00%						4/3/2028			1,248			1,227			1,144
									Common Equity						4/3/2023			128,727																					349			21
																																							8,331			7,466
Interface Security Systems, L.L.C			(10)			Commercial Security & Alarm Services
									Secured Debt			(17) (28)			12/9/2021						14.54%			SF+			10.00%			14.54%			8/7/2023			2,075			2,075			1,580
									Secured Debt			(9) (14) (17)			8/7/2019						11.67%			SF+			7.00%			11.67%			8/7/2023			7,334			7,254			13
									Common Stock						12/7/2021			2,143																					—			—
																																							9,329			1,593
Invincible Boat Company, LLC.			(10)			Manufacturer of Sport Fishing Boats
									Secured Debt			(9) (28)			8/28/2019						12.01%			SF+			7.50%						12/31/2026			1,037			1,033			996
									Secured Debt			(9)			8/28/2019						12.01%			SF+			7.50%						12/31/2026			16,771			16,704			16,098
																																							17,737			17,094
Iron-Main Investments, LLC						Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
									Secured Debt						8/2/2021						13.00%												1/31/2028			1,128			1,113			1,113
									Secured Debt						9/1/2021						13.00%												1/31/2028			735			725			725
									Secured Debt						11/15/2021						13.00%												1/31/2028			2,236			2,236			2,236
									Secured Debt						11/15/2021						13.00%												1/31/2028			4,406			4,344			4,344
									Secured Debt						1/31/2023						13.00%												1/31/2028			2,461			2,379			2,379
									Preferred Equity						6/26/2024			177,800			25.00%									25.00%									178			190
									Common Stock						8/3/2021			50,753																					689			710
																																							11,664			11,697
Isagenix International, LLC			(11)			Direct Marketer of Health & Wellness Products
									Secured Debt			(9)			4/13/2023						11.25%			SF+			6.60%			8.75%			4/14/2028			2,962			2,778			622
									Common Equity						4/13/2023			186,322																					—			—
																																							2,778			622
Island Pump and Tank, LLC			(10)			Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.
									Secured Debt			(9) (30)			5/20/2024									SF+			6.50%						5/17/2029			—			(5)			(5)
									Secured Debt			(9)			5/20/2024						10.35%			SF+			5.50%						5/17/2029			1,735			1,708			1,722

37

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			5/20/2024						11.35%			SF+			6.50%						5/17/2029			1,735			1,708			1,722
									Secured Debt			(9)			5/20/2024						12.35%			SF+			7.50%						5/17/2029			1,735			1,708			1,722
																																							5,119			5,161
ITA Holdings Group, LLC						Air Ambulance Services
									Secured Debt			(9)			6/21/2023						13.78%			SF+			9.00%						6/21/2027			295			290			295
									Secured Debt			(9)			6/21/2023						13.78%			SF+			9.00%						6/21/2027			248			245			248
									Secured Debt			(9)			6/21/2023						12.78%			SF+			8.00%						6/21/2027			1,110			937			1,110
									Secured Debt			(9)			6/21/2023						14.78%			SF+			10.00%						6/21/2027			1,110			937			1,110
									Warrants			(27)			6/21/2023			48,327															6/21/2033						523			1,420
																																							2,932			4,183
Jackmont Hospitality, Inc.			(10)			Franchisee of Casual Dining Restaurants
									Secured Debt			(9) (26)			10/26/2022						12.18%			SF+			7.50%						11/4/2026			1,585			1,567			1,585
									Secured Debt			(9)			2/27/2024						12.19%			SF+			7.50%						11/4/2026			1,251			1,236			1,251
									Secured Debt			(9)			2/27/2024						12.18%			SF+			7.50%						11/4/2026			121			96			121
									Secured Debt			(9)			11/8/2021						12.18%			SF+			7.50%						11/4/2026			3,685			3,643			3,685
									Preferred Equity						11/8/2021			5,653,333																					216			1,740
																																							6,758			8,382
JDC Power Services, LLC			(10)			Provider of Electrical Equipment and Maintenance Services for Datacenters
									Secured Debt			(9) (30)			6/28/2024									SF+			6.50%						6/28/2029			—			(47)			(47)
									Secured Debt			(9)			6/28/2024						10.83%			SF+			6.50%						6/28/2029			17,671			17,277			17,489
																																							17,230			17,442
Joerns Healthcare, LLC			(11)			Manufacturer and Distributor of Health Care Equipment & Supplies
									Secured Debt			(9) (14) (17)			8/21/2019						21.59%			SF+			16.00%			21.59%			8/21/2024			942			942			—
									Secured Debt			(9) (14) (17)			8/21/2019						21.59%			SF+			16.00%			21.59%			8/21/2024			906			906			—
									Secured Debt			(9)			3/30/2024						13.21%			SF+			8.75%			6.00%			3/29/2029			1,470			1,470			1,470
									Secured Debt			(9)			3/30/2024						13.18%			SF+			8.75%			13.18%			3/29/2029			1,091			1,091			1,091
									Common Stock						8/21/2019			392,514																					3,678			—
									Common Stock						3/29/2024			4,535,784																					166			110
																																							8,253			2,671
JorVet Holdings, LLC						Supplier and Distributor of Veterinary Equipment and Supplies
									Secured Debt						3/28/2022						12.00%												3/28/2027			2,591			2,568			2,568
									Preferred Equity			(8)			3/28/2022			12,214																					1,221			1,460
																																							3,789			4,028
JTI Electrical & Mechanical, LLC			(10)			Electrical, Mechanical and Automation Services
									Secured Debt			(9) (28)			12/22/2021						12.72%			SF+			8.00%						12/22/2026			702			696			665
									Secured Debt			(9)			12/22/2021						12.58%			SF+			8.00%						12/22/2026			2,980			2,956			2,823
									Secured Debt			(9)			2/1/2024						12.58%			SF+			8.00%						12/22/2026			279			273			265
									Common Equity						12/22/2021			140,351																					140			30
																																							4,065			3,783
KMS, LLC			(10)			Wholesaler of Closeout and Value-priced Products
									Secured Debt			(9) (14)			10/4/2021						14.50%			SF+			9.75%						10/4/2026			1,286			1,238			829
									Secured Debt			(9)			11/27/2024						14.23%			SF+			9.75%			14.23%			10/4/2026			562			562			562

38

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			11/27/2024						14.23%			SF+			9.75%			14.23%			10/4/2026			550			550			550
									Secured Debt			(9) (14)			10/4/2021						14.50%			SF+			9.75%						10/4/2026			9,262			9,175			5,973
																																							11,525			7,914
Lightbox Holdings, L.P.			(11)			Provider of Commercial Real Estate Software
									Secured Debt						5/9/2019						9.44%			SF+			5.00%						5/9/2026			5,705			5,688			5,534
LL Management, Inc.			(10)			Medical Transportation Service Provider
									Secured Debt			(9)			9/17/2024						11.89%			SF+			7.25%						12/31/2025			701			701			701
									Secured Debt			(9)			5/2/2019						11.92%			SF+			7.25%						12/31/2025			7,850			7,791			7,850
									Secured Debt			(9)			5/2/2019						11.71%			SF+			7.25%						12/31/2025			5,181			5,141			5,181
									Secured Debt			(9)			2/26/2021						11.92%			SF+			7.25%						12/31/2025			860			854			860
									Secured Debt			(9)			5/12/2022						11.71%			SF+			7.25%						12/31/2025			8,716			8,647			8,716
																																							23,134			23,308
LLFlex, LLC			(10)			Provider of Metal-Based Laminates
									Secured Debt			(9)			8/16/2021						12.74%			SF+			8.00%			3.00%			8/16/2026			4,592			4,560			3,684
Logix Acquisition Company, LLC			(10)			Competitive Local Exchange Carrier
									Secured Debt			(9) (17)			1/8/2018						12.25%			P+			4.25%						12/22/2024			11,552			11,552			9,191
Mako Steel, LP			(10)			Self-Storage Design & Construction
									Secured Debt			(9) (30)			3/15/2021									SF+			7.50%						3/15/2026			—			(19)			—
									Secured Debt			(9)			3/28/2024						12.00%			SF+			7.50%						3/15/2026			21,081			20,910			21,081
																																							20,891			21,081
Metalforming Holdings, LLC						Distributor of Sheet Metal Folding and Metal Forming Equipment
									Secured Debt			(30)			10/19/2022																		10/19/2025			—			—			—
									Secured Debt						10/19/2022						9.75%												10/19/2027			1,539			1,513			1,513
									Preferred Equity			(8)			10/19/2022			434,331			8.00%									8.00%									434			470
									Common Stock						10/19/2022			112,865																					113			500
																																							2,060			2,483
Microbe Formulas, LLC			(10)			Nutritional Supplements Provider
									Secured Debt			(9) (30)			4/4/2022									SF+			5.75%						4/3/2028			—			(5)			(5)
									Secured Debt			(9)			11/20/2024						10.22%			SF+			5.75%						4/3/2028			1,342			1,323			1,342
									Secured Debt			(9)			4/4/2022						10.21%			SF+			5.75%						4/3/2028			2,389			2,361			2,389
																																							3,679			3,726
Mini Melts of America, LLC			(10)			Manufacturer and Distributor of Branded Premium Beaded Ice Cream
									Secured Debt			(9) (28)			11/30/2023						10.74%			SF+			6.25%						11/30/2028			375			353			375
									Secured Debt			(9) (26)			11/30/2023						10.77%			SF+			6.25%						11/30/2028			858			841			858
									Secured Debt			(9)			11/30/2023						9.76%			SF+			5.25%						11/30/2028			3,201			3,140			3,201
									Secured Debt			(9)			11/30/2023						11.76%			SF+			7.25%						11/30/2028			3,201			3,138			3,201
									Common Equity						11/30/2023			336,496																					336			280
																																							7,808			7,915
MoneyThumb Acquisition, LLC						Provider of Software-as-a-Service Financial File Conversion and Reconciliation
									Secured Debt						8/19/2024						14.00%												8/19/2029			2,400			2,197			2,197
									Preferred Member Units			(8)			8/19/2024			40,821			12.00%									12.00%									427			427
									Warrants			(27)			8/19/2024			14,842																					148			148

39

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							2,772			2,772
MonitorUS Holding, LLC			(10) (13) (21)			SaaS Provider of Media Intelligence Services
									Secured Debt			(9)			5/24/2022						11.59%			SF+			7.00%						5/24/2027			1,181			1,171			1,125
									Secured Debt			(9)			5/24/2022						11.59%			SF+			7.00%						5/24/2027			3,071			3,042			3,160
									Secured Debt			(9)			5/24/2022						11.59%			SF+			7.00%						5/24/2027			5,213			5,166			5,213
									Unsecured Debt						11/14/2023						8.00%									8.00%			3/31/2025						34			34
									Unsecured Debt						3/15/2024						8.00%									8.00%			6/30/2025						15			15
									Unsecured Debt						9/25/2024						8.00%									8.00%			12/21/2025						31			31
									Common Stock						8/30/2022			12,798,820																					256			226
																																							9,715			9,804
NinjaTrader, LLC			(10)			Operator of Futures Trading Platform
									Secured Debt			(9) (30)			12/18/2019									SF+			6.50%						12/18/2026			—			(3)			(3)
									Secured Debt			(9)			12/18/2019						11.24%			SF+			6.50%						12/18/2026			14,436			14,320			14,436
																																							14,317			14,433
Obra Capital, Inc.			(10)			Provider of Asset Management Services Specialized in Insurance-Linked Strategies
									Secured Debt			(9) (30)			6/21/2024									SF+			7.50%						12/21/2028			—			(14)			(14)
									Secured Debt			(9)			6/21/2024						11.97%			SF+			7.50%						6/21/2029			11,979			11,661			11,766
																																							11,647			11,752
OnPoint Industrial Services, LLC			(10)			Environmental & Facilities Services
									Secured Debt			(9)			12/18/2024						11.35%			SF+			7.00%						11/16/2027			1,050			1,040			1,040
									Secured Debt			(9)			4/1/2024						11.33%			SF+			7.00%						11/16/2027			2,910			2,888			2,888
																																							3,928			3,928
Peaches Holding Corporation						Wholesale Provider of Consumer Packaging Solutions
									Common Equity						5/22/2024			806																					1,805			1,140
Power System Solutions			(10)			Backup Power Generation
									Secured Debt			(9) (30)			6/7/2023									SF+			6.50%						6/7/2028			—			(27)			(27)
									Secured Debt			(9)			6/7/2023						10.86%			SF+			6.50%						6/7/2028			2,640			2,581			2,640
									Secured Debt			(9)			6/7/2023						10.90%			SF+			6.50%						6/7/2028			7,859			7,697			7,859
									Common Equity						6/7/2023			532																					532			1,640
																																							10,783			12,112
PrimeFlight Aviation Services			(10)			Air Freight & Logistics
									Secured Debt			(9)			5/1/2023						10.58%			SF+			5.50%						5/1/2029			5,910			5,751			5,910
									Secured Debt			(9)			9/7/2023						9.83%			SF+			5.50%						5/1/2029			564			548			564
									Secured Debt			(9)			1/30/2024						9.83%			SF+			5.50%						5/1/2029			567			555			567
									Secured Debt			(9)			6/28/2024						9.58%			SF+			5.25%						5/1/2029			644			636			644
																																							7,490			7,685
PTL US Bidco, Inc			(10) (13) (21)			Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved in the Drilling, Evaluation and Completion of Oil and Gas Wells
									Secured Debt			(9)			8/19/2022						13.03%			SF+			8.25%						8/19/2027			448			441			443
									Secured Debt			(9)			8/19/2022						13.03%			SF+			8.25%						8/19/2027			1,167			1,153			1,155
																																							1,594			1,598
Purge Rite, LLC			(10)			HVAC Flushing and Filtration Services

40

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Equity						10/2/2023			13,021																					1,289			1,289
									Common Equity						4/1/2024			13,021																					13			820
																																							1,302			2,109
Richardson Sales Solutions			(10)			Business Services
									Secured Debt			(9) (28)			8/24/2023						11.22%			SF+			6.75%						8/24/2028			1,075			1,033			1,075
									Secured Debt			(9)			8/24/2023						11.38%			SF+			6.75%						8/24/2028			10,288			10,058			10,288
									Secured Debt			(9)			9/10/2024						11.43%			SF+			6.75%						8/24/2028			5,065			4,972			5,065
																																							16,063			16,428
Roof Opco, LLC			(10)			Residential Re-Roofing/Repair
									Secured Debt			(9) (30)			8/27/2021									SF+			8.00%						8/27/2026			—			(6)			—
									Secured Debt			(9)			8/27/2021						11.85%			SF+			7.00%						8/27/2026			4,219			4,163			3,840
									Secured Debt			(9)			8/27/2021						13.85%			SF+			9.00%						8/27/2026			4,219			4,163			3,815
																																							8,320			7,655
Rug Doctor, LLC.			(10)			Carpet Cleaning Products and Machinery
									Secured Debt			(9)			7/16/2021						12.52%			SF+			8.00%			2.00%			11/16/2025			6,542			6,532			6,542
									Secured Debt			(9)			7/16/2021						12.52%			SF+			8.00%			2.00%			11/16/2025			8,277			8,262			8,277
																																							14,794			14,819
Slick Innovations, LLC						Text Message Marketing Platform
									Secured Debt						9/13/2018						14.00%												12/22/2027			4,080			3,978			4,080
									Common Stock			(8)			9/13/2018			17,500																					—			630
																																							3,978			4,710
South Coast Terminals Holdings, LLC			(10)			Specialty Toll Chemical Manufacturer
									Secured Debt			(9) (30)			8/8/2024									SF+			5.25%						8/8/2029			—			—			—
									Secured Debt			(9)			8/8/2024						9.71%			SF+			5.25%						8/8/2029			4,388			4,357			4,388
									Common Equity						12/10/2021			61																					61			62
																																							4,418			4,450
SPAU Holdings, LLC			(10)			Digital Photo Product Provider
									Secured Debt			(9) (30)			7/1/2022									SF+			7.50%						7/1/2027			—			(10)			—
									Secured Debt			(9)			7/1/2022						11.98%			SF+			7.50%						7/1/2027			4,875			4,826			4,875
									Common Stock						7/1/2022			200,000																					200			190
																																							5,016			5,065
TEC Services, LLC			(10)			Provider of Janitorial Service for Food Retailers
									Secured Debt			(9) (30)			12/31/2024									SF+			5.75%						12/31/2029			—			(7)			(7)
									Secured Debt			(9) (30)			12/31/2024									SF+			5.75%						12/31/2029			—			(5)			(5)
									Secured Debt			(9)			12/31/2024						10.13%			SF+			5.75%						12/31/2029			2,333			2,299			2,299
																																							2,287			2,287
Tex Tech Tennis, LLC			(10)			Sporting Goods & Textiles
									Preferred Equity			(23)			7/7/2021			1,000,000																					1,000			2,290
The Affiliati Network, LLC						Performance Marketing Solutions
									Secured Debt						8/9/2021						10.00%												8/9/2026			100			98			98
									Secured Debt						8/9/2021						10.00%												8/9/2026			1,300			1,290			1,274
									Preferred Stock			(8)			9/1/2023			71,827																					72			72
									Preferred Stock			(8)			8/9/2021			320,000																					1,600			1,600
																																							3,060			3,044

41

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Titan Meter Midco Corp.			(10)			Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry
									Secured Debt			(9) (30)			3/11/2024									SF+			6.50%						3/11/2029			—			(40)			(40)
									Secured Debt			(9)			3/11/2024						10.83%			SF+			6.50%						3/11/2029			13,049			12,666			13,049
									Preferred Equity						3/11/2024			468,750			8.00%									8.00%									469			540
																																							13,095			13,549
U.S. TelePacific Corp.			(11)			Provider of Communications and Managed Services
									Secured Debt			(9) (14)			6/1/2023						11.90%			SF+			7.40%			6.00%			5/2/2027			6,750			2,229			2,686
									Secured Debt			(14)			6/1/2023																		5/2/2027			692			15			—
																																							2,244			2,686
UPS Intermediate, LLC			(10)			Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets
									Secured Debt			(9)			7/29/2024						10.36%			SF+			6.00%						7/27/2029			19,490			19,118			19,294
									Common Equity						7/29/2024			412,371																					412			412
																																							19,530			19,706
UserZoom Technologies, Inc.			(10)			Provider of User Experience Research Automation Software
									Secured Debt			(9)			1/11/2023						12.75%			SF+			7.50%						4/5/2029			3,000			2,938			3,000
Vistar Media, Inc.			(10)			Operator of Digital Out-of-Home Advertising Platform
									Preferred Stock						4/3/2019			70,207																					767			4,676
Vitesse Systems			(10)			Component Manufacturing and Machining Platform
									Secured Debt						12/22/2023						11.55%			SF+			7.00%						12/22/2028			1,705			1,669			1,705
									Secured Debt			(9)			12/22/2023						11.47%			SF+			7.00%						12/22/2028			12,375			12,130			12,375
																																							13,799			14,080
VORTEQ Coil Finishers, LLC			(10)			Specialty Coating of Aluminum and Light-Gauge Steel
									Common Equity			(8)			11/30/2021			769,231																					769			1,950
Wall Street Prep, Inc.			(10)			Financial Training Services
									Secured Debt			(9) (30)			7/19/2021									SF+			7.00%						7/19/2026			—			(3)			(3)
									Secured Debt			(9)			7/19/2021						11.74%			SF+			7.00%						7/19/2026			2,199			2,183			2,199
									Common Stock						7/19/2021			500,000																					500			1,510
																																							2,680			3,706
Watterson Brands, LLC			(10)			Facility Management Services
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			309			307			292
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			53			49			50
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			2,200			2,187			2,076
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			1,986			1,973			1,874

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							4,516			4,292
West Star Aviation Acquisition, LLC			(10)			Aircraft, Aircraft Engine and Engine Parts
									Secured Debt			(9)			3/1/2022						9.47%			SF+			5.00%						3/1/2028			658			649			658
									Secured Debt			(9)			3/1/2022						9.60%			SF+			5.00%						3/1/2028			2,918			2,884			2,917
									Secured Debt			(9)			11/3/2023						9.60%			SF+			5.00%						3/1/2028			1,452			1,429			1,452
									Common Stock			(8)			3/1/2022			200,000																					200			640
																																							5,162			5,667
Winter Services LLC			(10)			Provider of Snow Removal and Ice Management Services
									Secured Debt			(9)			11/19/2021						12.81%			SF+			8.00%						11/19/2026			2,750			2,701			2,672
									Secured Debt			(9)			11/19/2021						12.85%			SF+			8.00%						11/19/2026			2,343			2,310			2,276
									Secured Debt			(9)			1/16/2024						11.85%			SF+			7.00%						11/19/2026			9,050			8,911			8,794
									Secured Debt			(9)			1/16/2024						13.85%			SF+			9.00%						11/19/2026			9,050			8,911			8,794
																																							22,833			22,536
World Micro Holdings, LLC						Supply Chain Management
									Secured Debt						12/12/2022						13.00%												12/12/2027			1,485			1,468			1,468
									Preferred Equity			(8)			12/12/2022			530																					530			530
																																							1,998			1,998
Xenon Arc, Inc.			(10)			Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
									Secured Debt			(9)			12/17/2021						9.70%			SF+			5.25%						12/20/2028			1,176			1,157			1,176
									Secured Debt			(9)			12/17/2021						9.98%			SF+			5.25%						12/20/2028			2,328			2,304			2,328
																																							3,461			3,504
YS Garments, LLC			(11)			Designer and Provider of Branded Activewear
									Secured Debt			(9)			8/22/2018						12.25%			SF+			7.50%						8/9/2026			5,106			5,048			4,661
Zips Car Wash, LLC			(10)			Express Car Wash Operator
									Secured Debt			(9)			2/11/2022						11.91%			SF+			7.25%			11.91%			12/31/2024			2,458			$	2,458		$	2,025
									Secured Debt			(9)			2/11/2022						11.91%			SF+			7.25%			11.91%			12/31/2024			616			616			508
																																							3,074			2,533
ZRG Partners, LLC			(10)			Talent Advisory Services Provider
									Secured Debt			(9)			6/14/2024						12.50%			P+			5.00%						6/14/2029			86			64			86
									Secured Debt			(9)			6/14/2024						10.74%			SF+			6.00%						6/14/2029			517			496			517
									Secured Debt			(9)			6/14/2024						10.28%			SF+			6.00%						6/14/2029			817			806			817
									Secured Debt			(9)			6/14/2024						10.66%			SF+			6.00%						6/14/2029			5,852			5,748			5,852
																																							7,114			7,272
Subtotal Non-Control/Non-Affiliate investments (121.0% of net assets at fair value)																																							$	799,974		$	756,269
Total Portfolio Company investments, December 31, 2024 (188.4% of net assets at fair value)																																							$	1,138,745		$	1,177,507
Money market funds (included in cash and cash equivalents)
First American Treasury Obligations Fund Class Z			(16)																																				$	12,261		$	12,261

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)

Business Description

Type of Investment (2) (3) (15)

Investment Date (22)

Shares/Units

Total Rate

Reference Rate and Spread (25)

PIK Rate (19)

Maturity Date

Principal (4)

Cost (4)

Fair Value (18)

Fidelity Government Portfolio Fund Class III

(34)

2,099

2,099

Total money market funds

$

14,360

$

14,360

___________________________________________________

(1)All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Fund’s Credit Facilities.

(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.

(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.

(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

(5)“Control” investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.

(6)“Affiliate” investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.

(7)“Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 96% of the loans (based on the par amount) contain SOFR floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.28%.

(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.

(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.

(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.

(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

(14)Non-accrual and non-income producing debt investment.

(15)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

(16)Effective yield as of December 31, 2024 was approximately 4.41% on the First American Treasury Obligations Fund Class Z.

(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.

(18)Investment Fair Value was determined using significant unobservable inputs, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for further discussion. Negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par.

(19)Investments may have a portion, or all, of their income received from PIK interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of December 31, 2024.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

(20)All portfolio company headquarters are based in the United States, unless otherwise noted.

(21)Portfolio company headquarters are located outside of the United States.

(22)Investment Date represents the date of initial investment in the security position.

(23)Shares/Units represent ownership in a related real estate or holding entity.

(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

(25)A majority of the variable rate loans in the Investment Portfolio bear interest at a rate that may be determined by reference to either SOFR (“SF”) or an alternate base rate (commonly based on the federal funds rate or the prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR, plus the Adjustment, exceeds the stated floor rate, as applicable. As of December 31, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.

(26)Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2024.

(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

(28)Revolving line of credit facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of December 31, 2024.

(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.

(30)The position is unfunded and no interest income is being earned as of December 31, 2024. The position may earn a nominal unused facility fee on committed amounts.

(31)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.

(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.

(33)The Fund has entered into an intercreditor agreement that entitles the Fund to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Fund receives a higher interest rate than the contractual stated interest rate of 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(34)Effective yield as of December 31, 2024 was approximately 4.13% on the Fidelity Government Portfolio Fund Class III.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements

(Unaudited)

NOTE A — ORGANIZATION AND BASIS OF PRESENTATION

1.Organization

MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Fund”) is a principal investment firm primarily focused on providing debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). MSC Income’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSC Income seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the United States.

MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its “LMM investment portfolio”), and through those investments MSC Income has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (“Main Street”), a New York Stock Exchange (“NYSE”) listed business development company (“BDC”), utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s LMM investment strategy (the “LMM investment strategy”). Through the LMM investment strategy, MSC Income primarily invested in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Effective upon the MSC Income Listing (as defined below) on January 29, 2025, MSC Income changed its investment strategy for investments in new portfolio companies to be solely focused on its Private Loan investment strategy, rather than its historical focus primarily on the Private Loan investment strategy and secondarily on the LMM investment strategy (as further discussed below).

MSC Income also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. Similar to its Middle Market investments, MSC Income has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as its existing Other Portfolio investments are repaid or sold.

The “Investment Portfolio,” as used herein, refers to all of MSC Income’s investments in Private Loan portfolio companies, investments in LMM portfolio companies, investments in Middle Market portfolio companies and Other Portfolio investments.

MSIF was formed in November 2011 to operate as an externally managed BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). MSIF has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSIF generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.

On October 28, 2020, MSC Income’s stockholders approved the appointment of MSC Adviser I, LLC (the “Adviser”), which is wholly-owned by Main Street, as MSC Income’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Prior Investment Advisory Agreement”).

On January 29, 2025, MSC Income’s shares of common stock were listed on the NYSE under the ticker symbol “MSIF” (the “MSC Income Listing”).

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into an Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at a special meeting of MSC Income’s stockholders held on December 11, 2024 (the “2024 Special Meeting”), and the Advisory Agreement became effective upon the MSC Income Listing. In such role, the Adviser has the responsibility to manage the business of MSC Income, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor its Investment Portfolio and provide ongoing administrative services.

On January 29, 2025, in connection with the MSC Income Listing, the Fund amended and restated its Articles of Amendment and Restatement, as amended, by filing new Articles of Amendment and Restatement of the Fund (the “New Articles”) with the State Department of Assessments and Taxation of the State of Maryland. The New Articles revised the Fund’s charter to, among other things, (i) include a provision that limits the transferability of shares of its common stock outstanding at the time of the MSC Income Listing during the 365-day period following the MSC Income Listing, (ii) reflect an amendment to delete provisions regarding restrictions and requirements applicable to its dividend reinvestment plan, (iii) reflect an amendment to delete provisions prohibiting acquisitions of assets in exchange for shares of its common stock and restricting certain transactions between the Fund and the Adviser and its affiliates and (iv) delete certain provisions required by, and remove references to, the NASAA Guidelines in order to conform certain provisions of the Fund’s charter more closely to provisions in the charters of other BDCs whose securities are listed and publicly-traded on a national securities exchange.

On January 30, 2025, in connection with the MSC Income Listing, MSC Income closed a follow-on public offering of 5,500,000 shares of its common stock, at the public offering price of $15.53 per share. In addition, on February 3, 2025, MSC Income issued and sold 825,000 additional shares of its common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option (together with the offering and sale of the 5,500,000 shares, the “MSC Income Offering”). Net of underwriting discounts and commissions and offering costs, the Fund received net cash proceeds of $90.5 million in connection with the MSC Income Offering.

MSIF has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSIF to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSIF also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).

Unless otherwise noted or the context otherwise indicates, the terms “MSC Income” and the “Fund” refer to MSIF and its consolidated subsidiaries, which include the Taxable Subsidiaries and the Structured Subsidiaries.

2.Basis of Presentation

MSC Income’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, MSC Income’s consolidated financial statements include the accounts of MSIF and its consolidated subsidiaries. MSC Income’s results of operations for the three and nine months ended September 30, 2025 and 2024, cash flows for the nine months ended September 30, 2025 and 2024 and financial position as of September 30, 2025 and December 31, 2024 are presented on a consolidated basis. The effects of all intercompany transactions between MSIF and its consolidated subsidiaries have been eliminated in consolidation.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The accompanying unaudited consolidated financial statements of MSC Income are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2024. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full year. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

Principles of Consolidation

Under ASC 946, MSC Income is precluded from consolidating other entities in which MSC Income has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if MSC Income holds a controlling interest in an operating company that provides all or substantially all of its services directly to MSC Income. Accordingly, as noted above, MSC Income’s consolidated financial statements include the financial position and operating results for the Taxable Subsidiaries and the Structured Subsidiaries. MSC Income has determined that none of its portfolio investments qualify for this exception. Therefore, MSC Income’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value, as discussed further in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases on the Consolidated Statements of Operations.

Portfolio Investment Classification

MSC Income classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control” investments are defined as investments in which MSC Income owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate” investments are defined as investments in which MSC Income owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate” investments are defined as investments that are neither Control investments nor Affiliate investments. For purposes of determining the classification of its Investment Portfolio, MSC Income has excluded consideration of any voting securities or board appointment rights held by Main Street or any other advisory client of the Adviser.

3.Reverse Stock Split

On December 16, 2024, in advance of the MSC Income Listing, the Fund effectuated a two-for-one reverse stock split of its outstanding common stock pursuant to approval from its Board of Directors (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every two shares of the Fund’s issued and outstanding common stock were converted into one share of issued and outstanding common stock, without any change in the par value or shares authorized. All share, per share, common stock and additional paid-in capital amounts presented in these consolidated financial statements and notes to the consolidated financial statements prior to December 16, 2024 have been retrospectively adjusted to give effect to the Reverse Stock Split.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

4.Revisions to the Presentation of Previously Issued Financial Statements

As of June 30, 2025, MSC Income changed its tax presentation on the Consolidated Statement of Operations to voluntarily correct an immaterial error in order to comply with the applicable presentation requirements in 210.6-07 of Regulation S-X. Net investment income now includes excise tax expense and net investment income related federal and state income and other tax expenses. These revisions had no impact on net increase in net assets resulting from operations or net increase in net assets resulting from operations per share. All prior period net investment income and net investment income per share amounts presented in these consolidated financial statements and the notes thereto have been retrospectively adjusted to conform to the current presentation. The impact of the adjustments on the Consolidated Statement of Operations for the three and nine months ended September 30, 2024 is as follows:

			Three Months Ended September 30, 2024
			As Previously Reported						Adjustments						As Revised
			(in thousands, except per share amounts)
Net investment income before taxes			$	14,182					$	—					$	14,182
Excise tax benefit (expense)			—						(491)						(491)
Federal and state income and other tax expenses			—						(775)						(775)
Net investment income			14,182						(1,266)						12,916
Net investment income per share			$	0.35					$	(0.03)					$	0.32
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)			$	—					$	(1,168)					$	(1,168)
Total income tax (provision) benefit			$	(2,434)					$	2,434					$	—

			Nine Months Ended September 30, 2024
			As Previously Reported						Adjustments						As Revised
			(in thousands, except per share amounts)
Net investment income before taxes			$	43,093					$	—					$	43,093
Excise tax benefit (expense)			—						(570)						(570)
Federal and state income and other tax expenses			—						(2,201)						(2,201)
Net investment income			43,093						(2,771)						40,322
Net investment income per share			$	1.07					$	(0.07)					$	1.00
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation)			$	—					$	(3,379)					$	(3,379)
Total income tax (provision) benefit			$	(6,150)					$	6,150					$	—

The adjustments also impacted the ratio of net investment income to average net asset value (“NAV”) as presented in Note E — Financial Highlights.

NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.Valuation of the Investment Portfolio

MSC Income accounts for its Investment Portfolio at fair value. As a result, MSC Income follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires MSC Income to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSC Income’s portfolio strategy calls for it to invest primarily in debt securities issued by Private Loan companies. MSC Income also maintains its LMM investment portfolio and its portfolio strategy calls for it to invest in future follow-on investments in illiquid debt and equity securities issued by its existing LMM portfolio companies, as or if such opportunities exist. Effective on the date of the MSC Income Listing, the Fund has changed its investment strategy with respect to new platform investments to be solely focused on the Private Loan investment strategy. As a result, the size of the LMM investment portfolio is expected to decrease over time as existing LMM investments are repaid or sold in the ordinary course of business. MSC Income also maintains a legacy portfolio of investments in Middle Market companies and a limited portfolio of Other Portfolio investments which are also expected to decrease over time as MSC Income is generally no longer making new Middle Market investments or Other Portfolio investments. MSC Income’s portfolio investments may be subject to restrictions on resale.

Private Loan investments may include investments which have no established market or have established markets that are not active, while LMM investments and Other Portfolio investments generally have no established trading market. Middle Market portfolio investments generally have established markets that are not active. MSC Income determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. MSC Income’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of MSC Income’s Investment Portfolio.

For Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the yield-to-maturity model (“Yield-to-Maturity”) valuation method. For LMM portfolio investments, MSC Income generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall methodology (“Waterfall”) for its LMM equity investments and an income approach using a Yield-to-Maturity valuation method for its LMM debt investments. For Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, MSC Income primarily uses quoted prices in the valuation process. MSC Income determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, MSC Income generally calculates the fair value of the investment primarily based on the NAV of the investment fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for MSC Income’s portfolio investments estimate the value of the investment as if MSC Income were to sell, or exit, the investment as of the measurement date.

These valuation approaches consider the value associated with MSC Income’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which MSC Income has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies for which MSC Income does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Under the Waterfall valuation method, MSC Income estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, MSC Income analyzes various factors including the portfolio company’s historical and projected financial results. Due to Securities and Exchange Commission (“SEC”) deadlines for MSC Income’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, MSC Income also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, MSC Income allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, MSC Income assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which MSC Income believes is consistent with its past transaction history and standard industry practices.

Under the Yield-to-Maturity valuation method, MSC Income also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. MSC Income’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as MSC Income generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. MSC Income will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of MSC Income’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that MSC Income uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, MSC Income may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Under the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, MSC Income measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to MSC Income that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if MSC Income holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, MSC Income considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of MSC Income’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding MSC Income’s ability to realize the full NAV of its interests in the investment fund.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Pursuant to its internal valuation process and the requirements under the 1940 Act, MSC Income performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, MSC Income, among other things, consults with a nationally recognized independent financial advisory services firm (the “Financial Advisory Firm”). The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding MSC Income’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income’s investments in each Private Loan portfolio company at least once every calendar year, and for MSC Income’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, MSC Income may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of MSC Income’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 14 and 17 Private Loan portfolio companies during the three months ended September 30, 2025 and 2024, respectively, representing 22% and 24% of the total Private Loan portfolio at fair value as of September 30, 2025 and 2024, respectively. A total of 61 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025, representing 90% of the total Private Loan portfolio at fair value as of September 30, 2025. Excluding its investments in Private Loan portfolio companies that, as of September 30, 2025, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment, 96% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025.

For valuation purposes, all of MSC Income’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.

In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its LMM portfolio companies, MSC Income, among other things, consults with the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding MSC Income’s determinations of the fair value of its LMM portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income’s investments in each LMM portfolio company at least once every calendar year, and for MSC Income’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, MSC Income may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of MSC Income’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 12 LMM portfolio companies during each of the three months ended September 30, 2025 and 2024, representing 24% and 22% of the total LMM portfolio at fair value as of September 30, 2025 and 2024, respectively. A total of 50 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025, representing 99% of the total LMM portfolio at fair value as of September 30, 2025. Excluding its investments in LMM portfolio companies that, as of September 30, 2025, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment or whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, 99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended September 30, 2025.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

For valuation purposes, all of MSC Income’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, MSC Income uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. MSC Income generally consults on a limited basis with the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (89% and 93% as of September 30, 2025 and December 31, 2024, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services or (ii) MSC Income has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months.

For valuation purposes, all of MSC Income’s Other Portfolio investments are non-control investments. MSC Income’s Other Portfolio investments comprised 1.3% and 2.0% of MSC Income’s Investment Portfolio at fair value as of September 30, 2025 and December 31, 2024, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, MSC Income generally determines the fair value of these investments using the NAV valuation method.

Due to the inherent uncertainty in the valuation process, MSC Income’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. MSC Income determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.

MSC Income uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its Private Loan, LMM and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each Private Loan, LMM and Middle Market portfolio company.

Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. MSC Income’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated the Adviser, led by a group of Main Street’s and the Adviser’s executive officers, to serve as the Board of Directors’ valuation designee. MSC Income believes its Investment Portfolio as of September 30, 2025 and December 31, 2024 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.

2.Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by MSC Income pursuant to valuation policies and procedures approved and overseen by MSC Income’s Board of Directors, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Macroeconomic factors, including pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries and changing market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of MSC Income’s portfolio companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of MSC Income’s Investment Portfolio has and may continue to experience increased volatility.

3.Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. As of September 30, 2025 and December 31, 2024, the Fund had $12.3 million and $14.4 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Fund’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.

As of September 30, 2025 and December 31, 2024, cash balances totaling $4.8 million and $13.5 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Fund to risk related to the uninsured balance.

4.Interest, Dividend and Fee Income

MSC Income records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. MSC Income evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if MSC Income otherwise does not expect the debtor to be able to service its debt obligation, MSC Income will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, MSC Income removes it from non-accrual status.

As of September 30, 2025, investments on non-accrual status comprised 1.4% of MSC Income’s total Investment Portfolio at fair value and 4.6% at cost. As of December 31, 2024, investments on non-accrual status comprised 1.5% of MSC Income’s total Investment Portfolio at fair value and 5.6% at cost.

MSC Income holds certain debt and preferred equity instruments in its Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.8. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the PIK interest and cumulative dividends in cash. MSC Income stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2025 and 2024, (i) 6.5% and 6.7%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.9% and 0.1%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2025 and 2024, (i) 5.9% and 5.4%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.9% and 0.1%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSC Income may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.

A presentation of total investment income MSC Income earned from its Investment Portfolio in each of the periods presented is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(dollars in thousands)
Interest, dividend and fee income:
Interest income			$	30,117					$	30,236					$	86,890					$	88,154
Dividend income			3,652						2,485						13,750						8,964
Fee income			1,598						756						3,597						4,255
Total investment income			$	35,367					$	33,477					$	104,237					$	101,373

5.Deferred Financing Costs

Deferred financing costs include commitment fees and other direct costs incurred in connection with arranging MSC Income’s borrowings. Deferred financing costs incurred in connection with MSC Income’s Credit Facilities (as defined in Note D — Debt) are capitalized as an asset. Deferred financing costs incurred in connection with the Series A Notes (as defined in Note D — Debt) are reflected as a direct deduction from the principal amount outstanding.

6.Equity Offering Costs

The Fund’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.

7.Unearned Income — Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value

MSC Income capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.

In connection with its portfolio debt investments, MSC Income sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are valued as part of the negotiation process with the particular portfolio company. When MSC Income receives nominal cost equity, it allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.

MSC Income may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, MSC Income records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, MSC Income records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

To maintain RIC tax treatment (as discussed in Note B.8. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the interest income. For the three months ended September 30, 2025 and 2024, 2.4% and 3.0%, respectively, of MSC Income’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization. For the nine months ended September 30, 2025 and 2024, 2.4% and 2.8%, respectively, of MSC Income’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.

8.Income Taxes

MSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSIF generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSIF distributes to its stockholders. MSIF must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

The Taxable Subsidiaries primarily hold certain equity investments for MSC Income. The Taxable Subsidiaries permit MSC Income to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSC Income for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSIF for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in MSC Income’s consolidated financial statements.

The Taxable Subsidiaries use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. MSC Income’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.

9.Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

10.Fair Value of Financial Instruments

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. MSC Income believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

MSC Income’s debt instruments, including all revolving and term debt, are accounted for on a historical cost basis as applicable under U.S. GAAP. As also required under U.S. GAAP, MSC Income discloses the estimated fair value of its debt obligations in Note D — Debt. To estimate the fair value of MSC Income’s Series A Notes as disclosed in Note D — Debt, MSC Income uses the Yield-to-Maturity valuation method based on projections of the discounted future free cash flows that the debt security will likely generate, including both the discounted cash flows of the associated interest and principal amounts for the debt security. The inputs used to value MSC Income’s debt instruments for purposes of the fair value estimate disclosures in Note D — Debt are considered to be Level 2 according to the ASC 820 fair value hierarchy.

11.Earnings Per Share

Basic and diluted per share calculations, including net increase in net assets resulting from operations per share and net investment income per share, are computed utilizing the weighted-average number of shares of common stock outstanding for the period.

12.Segments

MSC Income operates as a single segment with a principal investment objective to maximize total return primarily by generating current income from debt investments and, to a lesser extent, by generating current income and capital appreciation from equity and equity-related investments. The Adviser’s Investment Committee and the Fund’s Chief Executive Officer collectively perform the function that allocates resources and assesses performance, and thus together, serve as the Fund’s chief operating decision maker (the “CODM”). Among other metrics, the CODM uses net investment income as a primary U.S. GAAP profit or loss metric used in making operating decisions, which can be found on the Consolidated Statement of Operations along with significant expenses. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.

13.Recently Issued or Adopted Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The amendments in this update require more disaggregated information on income taxes paid. ASU 2023-09 is effective for years beginning after December 15, 2024, and early adoption is permitted. The Fund has determined that ASU 2023-09 will not have a material impact on the consolidated financial statements and the notes thereto.

From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by the Fund as of the specified effective date. The Fund believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

NOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS — PORTFOLIO COMPOSITION

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. MSC Income accounts for its investments at fair value.

Fair Value Hierarchy

In accordance with ASC 820, MSC Income has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Investments recorded on MSC Income’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that MSC Income has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:

•Quoted prices for similar assets in active markets (for example, investments in restricted stock);

•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);

•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and

•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.

Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

As of September 30, 2025 and December 31, 2024, all of MSC Income’s Private Loan portfolio investments consisted of illiquid securities issued by privately held companies. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of MSC Income’s Private Loan portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, all of MSC Income’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of MSC Income’s LMM portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, MSC Income’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of MSC Income’s Middle Market portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

As of September 30, 2025 and December 31, 2024, all of MSC Income’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of MSC Income’s Other Portfolio investments were categorized as Level 3 as of September 30, 2025 and December 31, 2024.

As of September 30, 2025 and December 31, 2024, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.

The fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:

•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted information;

•Current and projected financial condition of the portfolio company;

•Current and projected ability of the portfolio company to service its debt obligations;

•Type and amount of collateral, if any, underlying the investment;

•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

•Pending debt or capital restructuring of the portfolio company;

•Projected operating results of the portfolio company;

•Current information regarding any offers to purchase the investment;

•Current ability of the portfolio company to raise any additional financing as needed;

•Changes in the economic environment which may have a material impact on the operating results of the portfolio company;

•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

•Qualitative assessment of key management;

•Contractual rights, obligations or restrictions associated with the investment; and

•Other factors deemed relevant.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of MSC Income’s LMM equity securities, which are generally valued through an average of the discounted cash flow technique and the market comparable/enterprise value technique (unless one of these approaches is determined to not be appropriate), are (i) EBITDA multiples and (ii) the weighted-average cost of capital (“WACC”). Significant increases (decreases) in EBITDA multiple inputs in isolation would result in a significantly higher (lower) fair value measurement, and significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of MSC Income’s Private Loan, LMM and Middle Market debt securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurement of MSC Income’s Level 3 portfolio investments as of September 30, 2025 and December 31, 2024:

Type of Investment						Fair Value as of September 30, 2025 (in thousands)						Valuation Technique						Significant Unobservable Inputs						Range (3)						Weighted-Average (3)(4)						Median (3)
Equity investments						$	312,604					Discounted cash flow						WACC						11.4% - 22.2%						14.6		%				15.0		%
												Market comparable / Enterprise value						EBITDA multiple (1)						5.1x - 8.9x (2)						6.9x						6.8x
Debt investments						$	942,830					Discounted cash flow						Risk adjusted discount rate (5)						8.0% - 18.1% (2)						12.6		%				11.8		%
																		Expected principal recovery percentage						0.1% - 500.0%						99.5		%				100.0		%
Debt investments						$	4,768					Market approach						Third-party quote						14.5 - 70.0						47.9						40.5
Total Level 3 investments						$	1,260,202

_____________________

(1)EBITDA may include pro forma adjustments and/or other add-backs based on specific circumstances related to each investment.

(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 13.5x and the range for risk adjusted discount rate is 5.7% - 40.6%.

(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.

(4)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.

(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Type of Investment						Fair Value as of December 31, 2024 (in thousands)						Valuation Technique						Significant Unobservable Inputs						Range (3)						Weighted-Average (3)(4)						Median (3)
Equity investments						$	281,831					Discounted cash flow						WACC						11.5% - 22.5%						14.8		%				15.1		%
												Market comparable / Enterprise value						EBITDA multiple (1)						4.9x - 9.0x (2)						6.6x						6.5x
Debt investments						$	862,813					Discounted cash flow						Risk adjusted discount rate (5)						8.5% - 18.0% (2)						13.2		%				12.1		%
																		Expected principal recovery percentage						0.3% - 100.0%						99.7		%				100.0		%
Debt investments						$	32,863					Market approach						Third-party quote						21.0 - 99.4						82.9						84.5
Total Level 3 investments						$	1,177,507

_____________________

(1)EBITDA may include pro forma adjustments and/or other add-backs based on specific circumstances related to each investment.

(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 17.0x and the range for risk adjusted discount rate is 6.8% - 38.3%.

(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.

(4)Weighted-average is calculated for each significant unobservable input based on the applicable security’s fair value.

(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The following tables provide a summary of changes in fair value of MSC Income’s Level 3 portfolio investments for the nine months ended September 30, 2025 and 2024 (amounts in thousands):

Type of Investment						Fair Value as of December 31, 2024						Transfers Into Level 3 Hierarchy						Redemptions/ Repayments						New Investments						Net Changes from Unrealized to Realized						Net Unrealized Appreciation (Depreciation)						Other (1)						Fair Value as of September 30, 2025
Debt						$	895,676					$	—					$	(239,393)					$	292,734					$	31,628					$	(15,676)					$	(17,370)					$	947,599
Equity						277,553						—						(12,627)						5,909						(7,267)						24,367						17,370						305,305
Equity Warrant						4,278						—						—						—						—						3,020						—						7,298
						$	1,177,507					$	—					$	(252,020)					$	298,643					$	24,361					$	11,711					$	—					$	1,260,202

______________________

(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.

Type of Investment						Fair Value as of December 31, 2023						Transfers Into Level 3 Hierarchy						Redemptions/ Repayments						New Investments						Net Changes from Unrealized to Realized						Net Unrealized Appreciation (Depreciation)						Other (1)						Fair Value as of September 30, 2024
Debt						$	838,125					$	—					$	(169,492)					$	264,572					$	2,180					$	(17,380)					$	(166)					$	917,839
Equity						254,029						—						(12,075)						10,127						(27,394)						17,987						166						242,840
Equity Warrant						741						—						—						1,128						(90)						169						—						1,948
						$	1,092,895					$	—					$	(181,567)					$	275,827					$	(25,304)					$	776					$	—					$	1,162,627

_____________________

(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

As of September 30, 2025 and December 31, 2024, MSC Income’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:

												Fair Value Measurements
												(in thousands)
As of September 30, 2025						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Private Loan portfolio investments						$	750,912					$	—					$	—					$	750,912
LMM portfolio investments						466,671						—						—						466,671
Middle Market portfolio investments						26,631						—						—						26,631
Other Portfolio investments						15,988						—						—						15,988
Total investments						$	1,260,202					$	—					$	—					$	1,260,202

												Fair Value Measurements
												(in thousands)
As of December 31, 2024						Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Private Loan portfolio investments						$	677,878					$	—					$	—					$	677,878
LMM portfolio investments						436,150						—						—						436,150
Middle Market portfolio investments						39,402						—						—						39,402
Other Portfolio investments						24,077						—						—						24,077
Total investments						$	1,177,507					$	—					$	—					$	1,177,507

Investment Portfolio Composition

MSC Income’s principal investment objective is to maximize its portfolio’s total return, primarily by generating current income from its debt investments and, to a lesser extent, by generating current income and capital appreciation from its equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. MSC Income seeks to achieve its investment objective primarily by providing debt capital to companies in its Private Loan investment strategy and secondarily through its LMM investment portfolio.

MSC Income’s Private Loan investment strategy is focused on investments in secured debt in privately held companies that generally have annual revenues between $25 million and $500 million, and its Private Loan investments generally range in size from $1 million to $30 million. MSC Income’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by the Adviser or, to a lesser extent, through the Adviser’s strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, MSC Income’s Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. MSC Income’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. MSC Income may also co-invest with Main Street and the private equity fund in the equity securities of its Private Loan portfolio companies.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSC Income maintains a LMM investment portfolio with investments in secured debt and equity investments in privately held, LMM companies based in the United States. MSC Income’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $1 million to $30 million. The LMM portfolio debt investments are typically secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating interest rates and generally have a term of between five and seven years from the original investment date. MSC Income typically makes direct equity investments and/or receives nominally priced equity warrants in connection with a LMM portfolio company debt investment.

In connection with the MSC Income Listing, the Fund changed its investment strategy with respect to new platform investments to be solely focused on the Private Loan investment strategy. As a result, the size of the Fund’s LMM investment portfolio is expected to decrease over time as existing LMM investments are repaid or sold in the ordinary course of business. The Fund does, however, plan to continue executing follow-on investments in its existing LMM portfolio companies going forward in accordance with its existing SEC order for co-investment exemptive relief.

MSC Income also maintains a legacy portfolio of investments in Middle Market companies. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Middle Market debt investments generally range in size from $1 million to $20 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.

MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. In the Other Portfolio, MSC Income may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, MSC Income generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be realized over a five to ten-year period. Similar to its Middle Market investments, the Fund has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as existing Other Portfolio investments are repaid or sold.

Based upon MSC Income’s liquidity and capital structure management activities, MSC Income’s Investment Portfolio may also periodically include short-term portfolio investments that are atypical of MSC Income’s Private Loan and LMM portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be realized in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.

Investment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three and nine months ended September 30, 2025 and 2024, MSC Income did not record investment income from any single portfolio company in excess of 10% of total investment income.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The following tables provide a summary of MSC Income’s investments in the Private Loan and LMM portfolios as of September 30, 2025 and December 31, 2024 (this information excludes Middle Market and Other Portfolio investments, which are discussed further below).

			As of September 30, 2025
			Private Loan						LMM (a)
			(dollars in millions)
Number of portfolio companies			81						55
Fair value			$	750.9					$	466.7
Cost			$	761.1					$	369.9
Debt investments as a % of portfolio (at cost)			92.0		%				69.8		%
Equity investments as a % of portfolio (at cost)			8.0		%				30.2		%
% of debt investments at cost secured by first priority lien			99.9		%				99.9		%
Weighted-average annual effective yield (b)			11.3		%				12.9		%
Average EBITDA (c)			$	31.5					$	10.7

___________________

(a)As of September 30, 2025, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of September 30, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of September 30, 2025. The weighted-average annual effective yield on MSC Income’s debt portfolio as of September 30, 2025, including debt investments on non-accrual status, was 10.4% for its Private Loan portfolio and 12.1% for its LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on its investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including four Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for MSC Income’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

			As of December 31, 2024
			Private Loan						LMM (a)
			(dollars in millions)
Number of portfolio companies			84						57
Fair value			$	677.9					$	436.1
Cost			$	697.5					$	357.1
Debt investments as a % of portfolio (at cost)			93.9		%				67.8		%
Equity investments as a % of portfolio (at cost)			6.1		%				32.2		%
% of debt investments at cost secured by first priority lien			99.9		%				99.9		%
Weighted-average annual effective yield (b)			12.0		%				13.0		%
Average EBITDA (c)			$	28.6					$	10.8

___________________

(a)As of December 31, 2024, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2024. The weighted-average annual effective yield on MSC Income’s debt portfolio as of December 31, 2024, including debt investments on non-accrual status, was 11.4% for its Private Loan portfolio and 12.2% for its LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on its investment because it does not reflect MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including two Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for MSC Income’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

For the three months ended September 30, 2025 and 2024, MSC Income achieved an annualized total return on investments of 15.7% and 10.5%, respectively. For the nine months ended September 30, 2025 and 2024, MSC Income achieved an annualized total return on investments of 12.8% and 12.4%, respectively. For the year ended December 31, 2024, MSC Income achieved a total return on investments of 12.4%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case for the specified period. MSC Income’s total return on investments is not reflective of what an investor in shares of MSC Income’s common stock will realize on its investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.

As of September 30, 2025, MSC Income had Middle Market portfolio investments in eight portfolio companies, collectively totaling $26.6 million in fair value and $40.0 million in cost basis, which comprised 2.1% and 3.4% of MSC Income’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, MSC Income had Middle Market Portfolio investments in ten portfolio companies, collectively totaling $39.4 million in fair value and $66.3 million in cost basis, which comprised 3.3% and 5.8% of MSC Income’s Investment Portfolio at fair value and cost, respectively.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

As of September 30, 2025, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $16.0 million in fair value and $14.3 million in cost basis, which comprised 1.3% and 1.2% of MSC Income’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $24.1 million in fair value and $17.9 million in cost basis, which comprised 2.0% and 1.6% of MSC Income’s Investment Portfolio at fair value and cost, respectively.

The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments, as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments, which are discussed above).

Cost:						September 30, 2025						December 31, 2024
First lien debt						84.6		%				85.2		%
Equity						15.2						14.5
Equity warrants						0.2						0.3
Other						—						—
						100.0		%				100.0		%

Fair Value:						September 30, 2025						December 31, 2024
First lien debt						76.2		%				77.6		%
Equity						23.2						22.0
Equity warrants						0.6						0.4
Other						—						—
						100.0		%				100.0		%

The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments by geographic region of the United States and other countries at cost and fair value as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments, as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

Cost:						September 30, 2025						December 31, 2024
Midwest						21.3		%				21.5		%
West						20.8						18.7
Southwest						20.1						18.2
Northeast						18.6						22.4
Southeast						17.1						17.0
Canada						1.1						1.2
Other Non-United States						1.0						1.0
						100.0		%				100.0		%

Fair Value:						September 30, 2025						December 31, 2024
Southwest						22.5		%				20.4		%
Midwest						21.8						22.7
West						20.8						18.4
Northeast						17.5						22.6
Southeast						15.4						13.8
Canada						1.0						1.1
Other Non-United States						1.0						1.0
						100.0		%				100.0		%

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

MSC Income’s Private Loan, LMM and Middle Market portfolio investments are in companies conducting business in a variety of industries. The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments by industry at cost and fair value as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments).

Cost:						September 30, 2025						December 31, 2024
Electrical Equipment						8.8		%				4.6		%
Commercial Services & Supplies						7.9						7.6
Machinery						7.4						7.8
Professional Services						5.8						6.1
Internet Software & Services						5.2						7.2
Construction & Engineering						5.0						2.1
Distributors						4.8						4.3
Containers & Packaging						4.6						4.5
Diversified Consumer Services						4.6						5.2
IT Services						4.6						4.6
Chemicals						3.4						0.4
Leisure Equipment & Products						3.3						3.5
Auto Components						3.0						1.7
Hotels, Restaurants & Leisure						2.8						2.8
Textiles, Apparel & Luxury Goods						2.7						2.8
Specialty Retail						2.5						2.0
Communications Equipment						2.3						2.9
Health Care Providers & Services						2.1						4.2
Computers & Peripherals						1.9						3.0
Software						1.7						1.6
Energy Equipment & Services						1.6						1.6
Marine						1.6						1.5
Internet & Catalog Retail						1.5						1.6
Household Products						1.4						1.7
Food & Staples Retailing						1.3						1.6
Trading Companies & Distributors						1.3						1.3
Aerospace & Defense						1.2						1.7
Air Freight & Logistics						1.1						0.9
Diversified Financial Services						1.1						2.3
Media						1.0						1.2
Health Care Equipment & Supplies						0.6						1.1
Building Products						0.4						2.2
Other (1)						1.5						2.4
						100.0		%				100.0		%

___________________

(1)Includes various industries with each industry individually less than 1.0% of the total combined Private Loan, LMM and Middle Market portfolio investments at each date.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Fair Value:						September 30, 2025						December 31, 2024
Electrical Equipment						9.0		%				4.7		%
Machinery						8.5						9.1
Commercial Services & Supplies						7.4						6.6
Construction & Engineering						5.7						3.0
Professional Services						5.7						6.1
Distributors						5.5						4.3
Diversified Consumer Services						5.1						6.0
Containers & Packaging						4.7						4.8
IT Services						4.4						4.5
Computers & Peripherals						3.8						5.1
Internet Software & Services						3.8						6.3
Chemicals						3.2						0.4
Auto Components						3.0						1.7
Leisure Equipment & Products						2.6						2.9
Textiles, Apparel & Luxury Goods						2.5						2.6
Communications Equipment						2.3						1.4
Specialty Retail						2.3						2.2
Software						2.1						2.1
Health Care Providers & Services						1.9						3.8
Hotels, Restaurants & Leisure						1.8						2.0
Air Freight & Logistics						1.5						1.4
Energy Equipment & Services						1.5						1.3
Marine						1.5						1.4
Household Products						1.4						1.8
Aerospace & Defense						1.2						1.7
Trading Companies & Distributors						1.2						1.3
Diversified Financial Services						1.1						2.3
Food & Staples Retailing						1.1						1.3
Media						1.0						1.5
Internet & Catalog Retail						0.9						1.4
Building Products						0.5						2.3
Other (1)						1.8						2.7
						100.0		%				100.0		%

___________________

(1)Includes various industries with each industry individually less than 1.0% of the total combined Private Loan, LMM and Middle Market portfolio investments at each date.

As of September 30, 2025 and December 31, 2024, MSC Income had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Unconsolidated Significant Subsidiaries

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, MSC Income must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” In evaluating its unconsolidated controlled portfolio companies in accordance with Regulation S-X, there are two tests that MSC Income must utilize to determine if any of MSC Income’s Control investments (as defined in Note A — Organization and Basis of Presentation), including those unconsolidated portfolio companies defined as Control investments in which MSC Income does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board representation, are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing the fair value of MSC Income’s investment in the Control investment by the fair value of MSC Income’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control investment for the period being tested by the absolute value of MSC Income’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require MSC Income to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control investments in which MSC Income owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.

As of September 30, 2025 and December 31, 2024, MSC Income had no single investment that qualified as a significant subsidiary under either the investment or income tests.

NOTE D — DEBT

The following table provides a summary of MSC Income’s debt as of September 30, 2025.

			Outstanding Balance						Unamortized Debt Issuance Costs (1)						Recorded Value						Estimated Fair Value (2)
			(in thousands)
SPV Facility			$	234,000					$	—					$	234,000					$	234,000
Corporate Facility			145,000						—						145,000						145,000
Series A Notes			150,000						(323)						149,677						146,083
Total Debt			$	529,000					$	(323)					$	528,677					$	525,083

_________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the Series A Notes are reflected as a contra-liability to the Series A Notes on the Consolidated Balance Sheets.

(2)Estimated fair value for outstanding debt is shown as if MSC Income had adopted the fair value option under ASC 825, Financial Instruments (“ASC 825”). See discussion of the methods used to estimate the fair value of MSC Income’s debt in Note B.10. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The following table provides a summary of MSC Income’s debt as of December 31, 2024.

			Outstanding Balance						Unamortized Debt Issuance Costs (1)						Recorded Value						Estimated Fair Value (2)
			(in thousands)
SPV Facility			$	266,688					$	—					$	266,688					$	266,688
Corporate Facility			149,000						—						149,000						149,000
Series A Notes			150,000						(547)						149,453						141,892
Total Debt			$	565,688					$	(547)					$	565,141					$	557,580

___________________

(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the deferred debt issuance costs related to the Series A Notes are reflected as a contra-liability to the Series A Notes on the Consolidated Balance Sheets.

(2)Estimated fair value for outstanding debt is shown as if MSC Income had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income’s debt in Note B.10. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.

Summarized interest expense for the three and nine months ended September 30, 2025 and 2024 is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(in thousands)
SPV Facility			$	4,220					$	5,904					$	13,234					$	17,902
Corporate Facility			2,839						2,880						7,567						6,799
Series A Notes			1,590						1,590						4,769						4,769
Total Interest Expense			$	8,649					$	10,374					$	25,570					$	29,470

A summary of MSC Income’s average amount of total borrowings outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments are as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(dollars in millions)
Weighted-average borrowings outstanding			$	555.5					$	531.1					$	543.5					$	504.5
Weighted-average effective interest rate			6.1		%				7.8		%				6.1		%				7.8		%

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

SPV Facility

MSC Income, through MSIF Funding, LLC (“MSIF Funding”), a wholly-owned Structured Subsidiary that primarily holds debt investments, maintains a special purpose vehicle revolving credit facility dated February 3, 2021 (as amended, the “SPV Facility”) with JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, and U.S. Bank, N.A., as collateral agent and collateral administrator, JPM and other financial institutions as lenders and MSIF as portfolio manager. In March 2025, the SPV Facility was amended to, among other things: (i) decrease the interest rate for advances to the applicable SOFR plus 2.20% from the prior interest rate of the applicable SOFR plus 3.00%, (ii) extend the revolving period from through February 2027 to through February 2029 and (iii) extend the final maturity date from February 2028 to February 2030.

As of September 30, 2025, the SPV Facility included (i) total commitments of $300.0 million, (ii) an accordion feature with the right to request an increase of total commitments and borrowing availability up to $450.0 million and (iii) a revolving period through February 2029 and a final maturity date in February 2030. As of September 30, 2025, advances under the SPV Facility bore interest at a rate equal to the applicable SOFR in effect, plus a margin of 2.20%. MSIF Funding also pays a commitment fee of 0.75% on the average daily unused amount of the financing commitments until February 2029. The SPV Facility is secured by a first lien on the assets of MSIF Funding. Borrowing availability under the SPV Facility is subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities.

As of September 30, 2025, the interest rate for borrowings on the SPV Facility was 6.49%. The average interest rate for borrowings under the SPV Facility was 6.49% and 8.32% for the three months ended September 30, 2025 and 2024, respectively, and 6.74% and 8.32% for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, MSC Income was in compliance with all financial covenants of the SPV Facility.

Corporate Facility

MSC Income maintains a senior secured revolving credit agreement dated March 6, 2017 (as amended, the “Corporate Facility” and, together with the SPV Facility, the “Credit Facilities”) with EverBank, as administrative agent, and with EverBank and other financial institutions as lenders.

As of September 30, 2025, the Corporate Facility included (i) total commitments of $245.0 million from a diversified group of seven lenders, (ii) an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to $300.0 million of total commitments and (iii) a revolving period through November 2028 and a final maturity date in May 2029, with two one-year extension options subject to lender approval.

Borrowings under the Corporate Facility bear interest, subject to MSC Income’s election, at a rate equal to (i) SOFR plus 2.05% or (ii) the base rate plus 1.05%. The base rate is defined as the higher of (a) the Prime rate, (b) the Federal Funds Rate (as defined in the credit agreement) plus 0.5% or (c) SOFR plus 1.0%. Additionally, MSC Income pays an unused commitment fee of 0.25% on the unused lender commitments if 50% or more of the lender commitments are being used and an unused commitment fee of 0.375% on the unused lender commitments if less than 50% of the lender commitments are being used. Borrowings under the Corporate Facility are secured by a first lien on all of the assets of MSIF and its subsidiaries, excluding the assets of Structured Subsidiaries or immaterial subsidiaries, as well as all of the assets, and a pledge of equity ownership interests, of any future subsidiaries of MSIF (other than Structured Subsidiaries or immaterial subsidiaries). Borrowing availability under the Corporate Facility is subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities.

As of September 30, 2025, the interest rate for borrowings on the Corporate Facility was 6.37%. The average interest rate for borrowings under the Corporate Facility was 6.38% and 7.81% for the three months ended September 30, 2025 and 2024, respectively, and 6.38% and 7.82% for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, MSC Income was in compliance with all financial covenants of the Corporate Facility.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Series A Notes

Pursuant to a Master Note Purchase Agreement dated October 21, 2021 (the “Note Purchase Agreement”), MSC Income issued $77.5 million of 4.04% Series A Senior Notes due 2026 (the “Series A Notes”) upon entering into the Note Purchase Agreement and an additional $72.5 million on January 21, 2022. The Series A Notes bear a fixed interest rate of 4.04% per year and mature on October 30, 2026, unless redeemed, purchased or prepaid prior to such date by the Fund in accordance with their terms.

Interest on the Series A Notes is due semiannually on April 30 and October 30 of each year. The Series A Notes may be redeemed in whole or in part at any time at MSC Income’s option subject to certain make-whole provisions. In addition, MSC Income is obligated to offer to prepay the Series A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. In the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the Series A Notes will bear interest at a fixed rate of 5.04% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event ends. The Series A Notes are general unsecured obligations of MSIF that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by MSIF.

The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of MSIF or subsidiary guarantors subject to a cure pass-through, certain judgments and orders and certain events of bankruptcy. As of September 30, 2025, MSC Income was in compliance with all covenants and other requirements of the Note Purchase Agreement.

NOTE E — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights of MSC Income for the nine months ended September 30, 2025 and 2024:

			Nine Months Ended September 30,
Per Share Data:			2025						2024
NAV as of the beginning of the period			$	15.53					$	15.54
Net investment income (1)			1.05						1.00
Net realized gain (loss) (1)(2)			(0.56)						0.59
Net unrealized appreciation (depreciation) (1)(2)			0.77						(0.61)
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) (1)(2)			0.01						(0.08)
Net increase in net assets resulting from operations (1)			1.27						0.90
Dividends paid from net investment income (3)			(1.08)						(0.76)
Distributions paid from capital gains (3)			—						(0.33)
Distributions paid or accrued (3)			(1.08)						(1.09)
Accretive effect of stock repurchases (repurchasing shares below NAV per share)			—						0.02
Dilutive effect of stock offerings (issuing shares below NAV per share)			(0.16)						—
Other (4)			(0.02)						0.01
NAV as of the end of the period			$	15.54					$	15.38
Market value as of the end of the period			$	13.13					N/A
Shares outstanding as of the end of the period			47,268,027						40,217,446

________________

(1)Based on weighted-average number of common shares outstanding for the period.

(2)Net realized gains or losses, net unrealized appreciation or depreciation, and the related income tax provision or benefit can fluctuate significantly from period to period.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

(3)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. As a result, the character of MSIF’s dividends and distributions for each period is also an estimate. Therefore, the final character of MSIF’s dividends and distributions may be different than this estimate.

(4)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.

			Nine Months Ended September 30,
			2025						2024
			(dollars in thousands)
NAV as of the end of the period			$	734,358					$	618,485
Average NAV			$	700,247					$	620,622
Average outstanding debt			$	541,875					$	512,088
Ratios to average NAV:
Ratio of total expenses, including tax expenses, to average NAV (1)(2)(3)(6)			7.90		%				10.38		%
Ratio of operating expenses to average NAV (2)(3)(6)			7.58		%				9.39		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)(6)			3.93		%				4.64		%
Ratio of operating expenses, excluding interest expense and incentive fees to average NAV (2)(3)(6)			2.68		%				3.13		%
Ratio of net investment income to average NAV (2)(6)			6.94		%				6.50		%
Portfolio turnover ratio (2)			17.49		%				18.54		%
Total investment return (2)(4)			(9.39)		%				N/A
Total return based on change in NAV (2)(5)			9.39		%				6.41		%

_______________

(1)Total expenses are the sum of operating expenses and all tax expenses. The total tax provision or benefit includes the accrual of net deferred tax provision or benefit relating to book versus tax differences on income at the Taxable Subsidiaries that is included in net investment income, the net unrealized appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. MSC Income is required to include net deferred tax provision or benefit in calculating its total expenses even though these net deferred taxes are not currently payable or receivable.

(2)Not annualized.

(3)Unless otherwise noted, operating expenses include interest, management fees, incentive fees and general and administrative expenses.

(4)For the nine months ended September 30, 2025, total investment return is based on the purchase of stock in the MSC Income Offering at the public offering price of $15.53 and a sale at the current market price on September 30, 2025 and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP (as defined below) during the period. The return does not reflect any sales load that may be paid by an investor.

(5)For the nine months ended September 30, 2025, total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP, shares repurchased by the Fund and other miscellaneous items. For the nine months ended September 30, 2024, total return was calculated based on the change in NAV per share and stockholder distributions declared per share during the reporting period, divided by the NAV per share at the beginning of the period. In each of the nine months ended September 30, 2025 and 2024, the total return does not reflect the sales load from the sale of MSC Income’s common stock.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

(6)Ratios include internal administrative services expense waivers of $6.7 million for the nine months ended September 30, 2024. There were no internal administrative services expense waivers for the nine months ended September 30, 2025. Excluding these internal administrative services expense waivers, the expense and income ratios are as follows:

									Nine Months Ended September 30,
									2024
Ratio of total expenses, including tax expenses, to average NAV(1)(2)(3)									11.49		%
Ratio of operating expenses to average NAV(2)(3)									10.49		%
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3)									5.73		%
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3)									4.22		%
Ratio of net investment income to average NAV(2)									5.44		%

________________

See footnotes (1), (2), and (3) immediately prior to this table.

NOTE F — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME

MSC Income currently pays regular quarterly dividends to its stockholders and periodically pays supplemental dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis.

The following table provides a summary of dividends accrued during the three and nine months ended September 30, 2025 and 2024.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
						(in thousands, except per share amounts)
Regular quarterly dividends per share						$	0.35					$	0.36					$	1.05					$	1.09
Supplemental quarterly dividends per share						0.01						—						0.03						—
Total dividends per share						$	0.36					$	0.36					$	1.08					$	1.09
Total regular quarterly dividends						$	16,544					$	14,478					$	49,444					$	43,724
Total supplemental quarterly dividends						472						—						1,412						—
Total dividends						$	17,016					$	14,478					$	50,856					$	43,724

MSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSIF generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSIF distributes to its stockholders. MSIF must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The determination of the tax attributes for MSC Income’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.

Listed below is a reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the nine months ended September 30, 2025 and 2024.

			Nine Months Ended September 30,
			2025						2024
			(estimated, in thousands)
Net increase in net assets resulting from operations			$	58,693					$	36,089
Net unrealized (appreciation) depreciation			(35,886)						24,656
Income tax provision			2,176						6,150
Pre-tax book income not consolidated for tax purposes			(11,924)						(9,867)
Book income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates			27,980						(9,989)
Estimated taxable income (1)			41,039						47,039
Taxable income earned in prior year and carried forward for distribution in current year			20,348						14,745
Taxable income earned prior to period end and carried forward for distribution next period			(27,547)						(32,538)
Dividend payable as of period end and paid in the following period			17,016						14,478
Total distributions accrued or paid to common stockholders			$	50,856					$	43,724

________________

(1)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.

The Taxable Subsidiaries primarily hold certain equity investments for MSC Income. The Taxable Subsidiaries permit MSC Income to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSIF for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSIF for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in MSC Income’s consolidated financial statements.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The income tax provision for MSC Income is generally composed of (i) deferred tax expense (benefit), which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book-tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes relating to net currently taxable activity relating to the portfolio investments held in the Taxable Subsidiaries and excise taxes on MSC Income’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in MSC Income’s Consolidated Statements of Operations. MSC Income’s provision for income taxes was comprised of the following for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(in thousands)
Net investment income taxes
Current tax expense (benefit):
Federal			$	(38)					$	761					$	80					$	940
State and other			108						396						449						810
Excise			(39)						491						240						570
Total current tax expense			31						1,648						769						2,320
Deferred tax expense (benefit):
Federal			474						(245)						1,716						500
State and other			(52)						(137)						8						(49)
Total deferred tax expense (benefit)			422						(382)						1,724						451
Total net investment income tax provision			$	453					$	1,266					$	2,493					$	2,771
Investment valuation related taxes
Current tax expense:
Federal			$	—					$	—					$	—					$	205
Total current tax expense			—						—						—						205
Deferred tax expense (benefit):
Federal			1,051						898						(362)						2,895
State and other			150						270						45						279
Total deferred tax expense (benefit)			1,201						1,168						(317)						3,174
Total investment valuation related income tax provision (benefit)			$	1,201					$	1,168					$	(317)					$	3,379
Total income tax provision			$	1,654					$	2,434					$	2,176					$	6,150

The net deferred tax liability as of September 30, 2025 was $0.8 million and the net deferred tax asset as of December 31, 2024 was $0.6 million, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries. As of September 30, 2025, for U.S. federal income tax purposes, the Taxable Subsidiaries had a net operating loss carryforward, which is not subject to expiration and will carryforward indefinitely until utilized. The Taxable Subsidiaries have net capital loss carryforwards from prior years which, if unused, will expire in various taxable years 2025 through 2029. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

NOTE G — SHARE REPURCHASES

Following the MSC Income Listing, the Fund entered into a share repurchase plan (the “10b5-1 Repurchase Plan”) to repurchase up to $65.0 million in the aggregate of shares of the Fund’s common stock in the open market for a twelve-month period beginning in March 2025, at times when the market price per share of the Fund’s common stock is trading below the most recently reported NAV per share of the Fund’s common stock by certain pre-determined levels (including any updates, corrections or adjustments publicly announced by the Fund to any previously announced NAV per share). The repurchases of shares of the Fund’s common stock pursuant to the 10b5-1 Repurchase Plan are intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances.

The following table summarizes the shares repurchased under the 10b5-1 Repurchase Plan during the three months ended September 30, 2025.

Period						Total number of shares purchased						Average price paid per share (1)						Total number of shares purchased as part of publicly announced plans or programs						Approximate dollar value of shares that may yet be purchased under the plans or programs
						(in thousands, except share and per share amounts)
July 1 through July 31, 2025						—						$	—					—						$	64,854
August 1 through August 31, 2025						45,542						14.25						45,542						64,206
September 1 through September 30, 2025						135,227						13.98						135,227						62,318

___________________

(1)Includes broker commissions.

Main Street also entered into a share purchase plan (the “Main Street Share Purchase Plan”) to purchase up to $20.0 million in the aggregate of shares of the Fund’s common stock in the open market with terms and conditions substantially similar to the Fund’s 10b5-1 Repurchase Plan for shares of the Fund’s common stock, and daily purchases under the two plans, if any, are expected to be split pro rata (or as close thereto as reasonably possible) between the Fund and Main Street based on the respective plan sizes. On January 20, 2025, in connection with Main Street’s potential acquisition in excess of 3% of the Fund’s outstanding common stock as a result of any purchases of shares of the Fund’s common stock pursuant to the Main Street Share Purchase Plan or otherwise, the Fund entered into a Fund of Funds Investment Agreement with Main Street (the “Main Street Fund of Funds Agreement”). The Main Street Fund of Funds Agreement provides for the acquisition of shares of the Fund’s common stock by Main Street, and the Fund’s sale of such shares to Main Street, in a manner consistent with the requirements of Rule 12d1-4 under the 1940 Act. See Note J.4 —Related Party Transactions — Other Related Party Transactions.

NOTE H — DIVIDEND REINVESTMENT PLAN

Prior to March 6, 2025, the Fund’s dividend reinvestment plan (the “Prior DRIP”) provided for the reinvestment of dividends on behalf of its stockholders. As a result, if the Fund declared a cash dividend, its stockholders who had “opted in” to the Prior DRIP would have had their cash dividend automatically reinvested into additional shares of the Fund’s common stock. The number of shares of common stock to be issued to a stockholder under the Prior DRIP was determined by dividing the total dollar amount of the distribution payable to such stockholder by a price per share of common stock determined by the Fund’s Board of Directors or a committee thereof, in its sole discretion, that was (i) not less than the NAV per share of common stock determined in good faith by the Board of Directors or a committee thereof, in its sole discretion, within 48 hours prior to the payment of the distribution and (ii) not more than 2.5% greater than the NAV per share as of such date.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Effective as of March 6, 2025, the date of the Fund’s Board of Directors’ first declaration of a dividend or distribution on the Fund’s common stock following the MSC Income Listing, the Fund adopted an “opt out” dividend reinvestment plan (the “New DRIP” and, together with the Prior DRIP, the “DRIP”). The New DRIP provides for the reinvestment of dividends on behalf of the Fund’s registered stockholders who hold their shares with the Fund’s transfer agent and registrar, or certain brokerage firms that have elected to participate in the New DRIP, unless a stockholder has elected to receive dividends in cash. As a result, if the Fund declares a cash dividend, its registered stockholders (or stockholders holding shares through participating brokerage firms) who have not properly “opted out” of the New DRIP will have their cash dividend automatically reinvested into additional shares of the Fund’s common stock. For the avoidance of doubt, stockholders of the Fund prior to the MSC Income Listing who did not elect to “opt in” to the Prior DRIP in effect prior to the effective date of the “opt out” New DRIP were deemed to have made an election to “opt out” of the New DRIP as of the effective date of the “opt out” New DRIP and to continue to receive cash in connection with any cash dividend declared by the Fund. The share requirements of the New DRIP may be satisfied through the issuance of new shares of common stock or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of the Fund’s common stock reported on the NYSE on the trading day immediately preceding the dividend payment date for each dividend. Shares purchased in the open market to satisfy the New DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs. The DRIP is administered by the Fund’s transfer agent.

Summarized DRIP information for the nine months ended September 30, 2025 and 2024 is as follows:

			Nine Months Ended September 30,
			2025						2024
			(dollars in thousands)
DRIP participation			$	13,771					$	13,578
Shares issued for DRIP			893,443						853,383

NOTE I — COMMITMENTS AND CONTINGENCIES

As of September 30, 2025, MSC Income had the following outstanding commitments (in thousands):

Investments with equity capital commitments that have not yet funded:						Amount
HPEP 3, L.P.						$	1,308
423 AER II, LP						211
Brightwood Capital Fund III, LP						2
Total Equity Commitments (1)						$	1,521
Investments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:
Core Transformers						$	15,000
Mission Critical Group						10,890
AGS American Glass Services Acquisition, LLC						6,982
Airo Purchaser, Inc.						6,393
GradeEight Corp.						4,706
South Coast Terminals Holdings, LLC						3,865
Insight Borrower Corporation						2,778
Winter Services LLC						2,556
Electro Technical Industries, LLC						2,238
ZRG Partners, LLC						2,232

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Rug Doctor, LLC.						2,115
JDC Power Services, LLC						2,105
Bluestem Brands, Inc.						1,912
BP Loenbro Holdings Inc.						1,755
SI East, LLC						1,750
Richardson Sales Solutions						1,689
IG Parent Corporation						1,667
Creative Foam Corporation						1,563
CQ Fluency, LLC						1,500
American Health Staffing Group, Inc.						1,250
KMS, LLC						1,250
TEC Services, LLC						1,167
ArborWorks, LLC						971
RA Outdoors LLC						886
B-O-F Corporation						840
Titan Meter Midco Corp.						830
Cody Pools, Inc.						786
Gamber-Johnson Holdings, LLC						738
ITA Holdings Group, LLC						738
Centre Technologies Holdings, LLC						600
IG Investor, LLC						600
Garyline, LLC						596
Mini Melts of America, LLC						579
Victory Energy Operations, LLC						554
Bond Brand Loyalty ULC						540
Obra Capital, Inc.						521
Invincible Boat Company, LLC.						519
Coregistics Buyer LLC						513
AVEX Aviation Holdings, LLC						512
Microbe Formulas, LLC						434
BDB Holdings, LLC						418
Burning Glass Intermediate Holding Company, Inc.						413
Trantech Radiator Topco, LLC						400
Chamberlin Holding LLC						400
Colonial Electric Company LLC						400
Pinnacle TopCo, LLC						400
The Affiliati Network, LLC						360
Escalent, Inc.						349
Hornblower Sub, LLC						348
Career Team Holdings, LLC						300
Clad-Rex Steel, LLC						300
Roof Opco, LLC						292
Batjer TopCo, LLC						230
Metalforming Holdings, LLC						205
CenterPeak Holdings, LLC						200

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Mystic Logistics Holdings, LLC						200
Orttech Holdings, LLC						200
Implus Footcare, LLC						179
PTL US Bidco, Inc						177
ATS Operating, LLC						100
GRT Rubber Technologies LLC						100
Wash & Wax Systems LLC						65
Channel Partners Intermediateco, LLC						57
HDC/HW Intermediate Holdings						13
AAC Holdings, Inc.						5
Total Loan Commitments						$	95,231
Total Commitments						$	96,752

____________________

(1)This table excludes a commitment related to one additional Other Portfolio investment for which the investment period has expired and the remaining commitment may only be drawn to pay fund expenses or for follow-on investments in existing portfolio companies. The Fund does not expect any material future capital to be called on its commitment to this investment to pay fund expenses, and based on representations from the fund manager, the Fund does not expect any further capital will be called on its commitment for follow-on investments. As a result, the Fund has excluded this commitment from this table.

MSC Income will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). MSC Income follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. MSC Income had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of September 30, 2025.

MSC Income may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on MSC Income in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, MSC Income does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on MSC Income’s financial condition or results of operations in any future reporting period.

NOTE J — RELATED PARTY TRANSACTIONS

1.Advisory Agreements and Conditional Expense Reimbursement Waivers

On October 30, 2020, MSC Income entered into the Prior Investment Advisory Agreement with the Adviser. On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into the Advisory Agreement with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at the 2024 Special Meeting, and the Advisory Agreement became effective upon the MSC Income Listing. The Advisory Agreement is effective for an initial two-year term commencing upon the date of the MSC Income Listing on January 29, 2025.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

Prior Investment Advisory Agreement

Pursuant to the Prior Investment Advisory Agreement, MSC Income paid the Adviser a base management fee and incentive fees as compensation for the services described above. The base management fee was calculated at an annual rate of 1.75% of MSC Income’s average gross assets. The term “gross assets” meant total assets of MSC Income as disclosed on MSC Income’s Consolidated Balance Sheets. “Average gross assets” were calculated based on MSC Income’s gross assets at the end of the two most recently completed calendar quarters. The base management fee was payable quarterly in arrears. The base management fee was expensed as incurred.

The incentive fee under the Prior Investment Advisory Agreement consisted of two parts. The first part, referred to as the subordinated incentive fee on income, was calculated and payable quarterly in arrears based on Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding quarter. The subordinated incentive fee on income was equal to 20.0% of MSC Income’s Pre-Incentive Fee Net Investment Income for the immediately preceding quarter, expressed as a quarterly rate of return on adjusted capital at the beginning of the most recently completed calendar quarter, exceeding 1.875% (or 7.5% annualized), subject to a “catch up” feature (as described below).

For this purpose, Pre-Incentive Fee Net Investment Income meant interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that MSC Income receives from portfolio companies) accrued during the calendar quarter, minus MSC Income’s operating expenses for the quarter (including the management fee, expenses payable under any proposed administration agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding taxes and the incentive fee). Pre-Incentive Fee Net Investment Income included, in the case of investments with a deferred interest feature (such as original issue discount debt instruments and PIK interest and zero coupon securities), accrued income that MSC Income had not yet received in cash. Pre-Incentive Fee Net Investment Income did not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of this fee, adjusted capital meant cumulative gross proceeds generated from sales of MSC Income’s common stock (including proceeds from MSC Income’s DRIP) reduced for non-liquidating distributions, other than distributions of profits, paid to MSC Income’s stockholders and amounts paid for share repurchases pursuant to MSC Income’s share repurchase program. The subordinated incentive fee on income was expensed in the quarter in which it was incurred.

The calculation of the subordinated incentive fee on income for each quarter was as follows:

•No subordinated incentive fee on income was payable to the Adviser in any calendar quarter in which MSC Income’s Pre-Incentive Fee Net Investment Income did not exceed the hurdle rate of 1.875% (or 7.5% annualized) on adjusted capital;

•100% of MSC Income’s Pre-Incentive Fee Net Investment Income, if any, that exceeded the hurdle rate but was less than or equal to 2.34375% in any calendar quarter (9.375% annualized) was payable to the Adviser. This portion of the subordinated incentive fee on income was referred to as the “catch up” and was intended to provide the Adviser with an incentive fee of 20.0% on all of MSC Income’s Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply when the Pre-Incentive Fee Net Investment Income exceeded 2.34375% (9.375% annualized) in any calendar quarter; and

•For any quarter in which MSC Income’s Pre-Incentive Fee Net Investment Income exceeded 2.34375% (9.375% annualized), the subordinated incentive fee on income equaled 20.0% of the amount of MSC Income’s Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up had been achieved.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The second part of the incentive fee, referred to as the incentive fee on capital gains, was an incentive fee on realized capital gains earned from the portfolio of MSC Income and was determined and payable in arrears as of the end of each calendar year (or upon termination of the Prior Investment Advisory Agreement). This fee equaled 20.0% of MSC Income’s incentive fee capital gains, which equaled MSC Income’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. At the end of each reporting period, MSC Income estimated the incentive fee on capital gains and accrued the fee based on a hypothetical liquidation of its portfolio. Therefore, the accrual included both net realized gains and net unrealized gains (the net unrealized difference between the fair value and the par value of its portfolio), if any. The incentive fee accrued pertaining to the unrealized gain was neither earned nor payable to the Adviser until such time it was realized.

Pursuant to the Prior Investment Advisory Agreement, MSC Income was required to pay or reimburse the Adviser for administrative services expenses, which included all costs and expenses related to MSC Income’s day-to-day administration and management not related to advisory services, whether such administrative services were performed by a third-party service provider or the Adviser or its affiliates (to the extent performed by the Adviser or its affiliates, the “Internal Administrative Services”). Internal Administrative Services included, but were not limited to, the cost of an Adviser’s personnel performing accounting and compliance functions and other administrative services on behalf of MSC Income.

On January 1, 2022, the Adviser assumed responsibility of certain administrative services that were previously provided for MSC Income by a third-party sub-administrator. After December 31, 2021, the Adviser continued to waive reimbursement of all Internal Administrative Services expenses, except for the cost of the services previously provided by the sub-administrator.

Advisory Agreement (post-MSC Income Listing)

Effective on the date of the MSC Income Listing and pursuant to the Advisory Agreement, MSC Income pays the Adviser a base management fee and incentive fees as compensation for investment management services under the Advisory Agreement. The base management fee is calculated at an annual rate of 1.5% of the Fund’s average total assets (including cash and cash equivalents), payable quarterly in arrears, and is calculated based on the average value of the Fund’s total assets (including cash and cash equivalents) at the end of the two most recently completed calendar quarters. The determination of total assets reflects changes in the fair value of portfolio investments reflecting both unrealized appreciation and unrealized depreciation. All or any part of base management fee not taken as to any quarter is deferred without interest and is taken in such other quarter as the Adviser shall determine, unless the Adviser expressly and in writing delivered to the Fund permanently waives receipt of such base management fee, in which event the Fund shall forever be relieved of the obligation to pay such base management fee for such quarter. The base management fee for any partial quarter is appropriately pro-rated.

Under the Advisory Agreement, the base management fee will be reduced to an annual rate of (i) 1.25% of the average value of the Fund’s total assets (including cash and cash equivalents) commencing with the first full calendar quarter following the date on which the aggregate fair value of the Fund’s investments in its LMM portfolio companies falls below 20% of the Fund’s total investment portfolio at fair value and (ii) 1.00% of the average value of the Fund’s total assets (including cash and cash equivalents) commencing with the first full calendar quarter following the date on which the aggregate fair value of the Fund’s investments in its LMM portfolio companies falls below 7.5% of the Fund’s total Investment Portfolio at fair value.

The incentive fee under Advisory Agreement consists of two parts: (1) a subordinated incentive fee on income and (2) an incentive fee on capital gains. The incentive fee under the Advisory Agreement for any partial quarter is appropriately pro-rated.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The first part of the incentive fee under the Advisory Agreement, referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on the Fund’s pre-incentive fee net investment income for the immediately preceding quarter. The payment of the subordinated incentive fee on income is subject to pre-incentive fee net investment income for the previous quarter, expressed as a quarterly rate of return on net assets of the Fund at the beginning of the most recently completed calendar quarter, exceeding 1.5% (6.0% annualized), subject to a “catch up” feature (as described below). For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, administrative services expenses, the expenses payable under any other administration or similar agreement and any interest expense and dividends paid on any issued and outstanding preferred stock and any income tax expense on the Fund’s net investment income and any excise tax, but excluding any income tax expense or benefit on the Fund’s realized capital gains, realized capital losses or unrealized capital appreciation or depreciation and the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation, or any income tax expense or benefit related to such items. The calculation of the subordinated incentive fee on income for each quarter is as follows:

1.No subordinated incentive fee on income is payable to the Adviser in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.5% (or 6.0% annualized);

2.50% of the Fund’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.307692% in any calendar quarter (9.230769% annualized) is payable to the Adviser. This portion of the subordinated incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 17.5% on all of the Fund’s pre-incentive fee net investment income as if the hurdle rate did not apply when the pre-incentive fee net investment income exceeds 2.307692% (9.230769% annualized) in any calendar quarter; and

3.For any quarter in which the Fund’s pre-incentive fee net investment income exceeds 2.307692% (9.230769% annualized), the subordinated incentive fee on income equals 17.5% of the amount of the Fund’s pre-incentive fee net investment income, as the hurdle rate and catch-up have been achieved.

The second part of the incentive fee under the Advisory Agreement, referred to as the incentive fee on capital gains, is an incentive fee on realized capital gains earned on liquidated investments from the Fund’s Investment Portfolio, net of any income tax expense associated with such realized capital gains, and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement). This fee equals (a) 17.5% of the Fund’s incentive fee capital gains, which equals the Fund’s realized capital gains (net of any related income tax expense) on a cumulative basis from the date of the MSC Income Listing, calculated as of the end of each calendar year thereafter (or upon termination of the Advisory Agreement), computed net of (1) all realized capital losses on a cumulative basis (net of any related income tax benefit) from the date of the MSC Income Listing, and (2) unrealized capital depreciation (net of any related income tax benefit) on a cumulative basis from the date of the MSC Income Listing, less (b) the aggregate amount of any previously paid capital gain incentive fees from the date of the MSC Income Listing. For purposes of calculating each component of the Fund’s incentive fee capital gains under the Advisory Agreement, (1) the cost basis for any investment held by the Fund as of the date of the MSC Income Listing is deemed to be the fair value for such investment as of the most recent quarter end immediately prior to the date of the MSC Income Listing and, with respect to any investment acquired by the Fund subsequent to the date of the MSC Income Listing, the cost basis equals the cost basis of such investment as reflected in the Fund’s financial statements and (2) the income tax expense or benefit associated with all investments is measured from the most recent quarter end immediately prior to the date of the MSC Income Listing through the date of any such calculation.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

The following table provides a summary of MSC Income’s incurred base management fees, subordinated incentive fees on income and capital gains incentive fees for the three and nine months ended September 30, 2025 and 2024.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(in thousands)
Base management fees			$	4,860					$	5,338					$	14,739					$	15,545
Subordinated incentive fees on income (1)			3,321						2,136						8,775						9,364
Capital gains incentive fees			—						—						—						—

____________________

(1)During the three months ended September 30, 2025, the Adviser irrevocably waived $0.2 million of the subordinated incentive fees on income, and such amount is not subject to future payment. The subordinated incentive fees on income incurred before the waiver by the Adviser was $3.5 million and $8.9 million for the three and nine months ended September 30, 2025, respectively.

Under the Advisory Agreement, the waivers under the Prior Investment Advisory Agreement of Internal Administrative Services expenses, except for the cost of the services previously provided by the former sub-administrator, were memorialized as a quarterly cap on the Fund’s obligation to reimburse the Adviser for “Internal Administrative Expenses.” MSC Income is not required to reimburse the Adviser for Internal Administrative Expenses in an amount that exceeds on a quarterly basis the product obtained by multiplying (x) the value of MSC Income’s total assets at the end of each calendar quarter by (y) the applicable “Annual Basis Point Rate” set forth in the below table:

Total Assets						Annual Basis Point Rate
$0 - $500 million						6.000
Over $500 million - $1.25 billion						5.125
Greater than $1.25 billion						4.500

The following table provides a summary of MSC Income’s incurred Internal Administrative Expenses (before and after waivers) for the three and nine months ended September 30, 2025 and 2024.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(in thousands)
Internal Administrative Expenses before waivers			$	173					$	2,368					$	519					$	7,155
Internal Administrative Expenses waived (1)			—						(2,206)						—						(6,678)

____________________

(1)Waived Internal Administrative Services expenses are permanently waived and are not subject to future reimbursement.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

2.Indemnification

The Prior Investment Advisory Agreement and the Advisory Agreement provide that the Adviser, any sub-adviser and their respective officers, directors, managers, partners, shareholders, members (and their shareholders or members, including the owners of their shareholders or members), agents, employees, controlling persons and any other person or entity affiliated with or acting on behalf of the Adviser or any sub-adviser, as applicable (each an “Indemnified Party” and, collectively, the “Indemnified Parties”) will not be liable to MSC Income for any action taken or omitted to be taken by the Adviser or any sub-adviser in connection with the performance of any of their duties or obligations as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and that MSC Income will indemnify, defend and protect Indemnified Parties and hold them harmless from and against all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in connection with the performance of their duties as an investment adviser of the Fund, to the extent such losses, damages, liabilities, costs and expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the Maryland General Corporation Law, the 1940 Act, the Fund’s charter and other applicable law if, among other things, (i) the Indemnified Party has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Fund, (ii) the Indemnified Party was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of negligence, willful misfeasance, bad faith, or misconduct by the Indemnified Party and (iv) such indemnification or agreement to hold harmless is recoverable only out of the Fund’s net assets and not from stockholders.

3.Co-Investment

In the ordinary course of business, MSC Income enters into transactions with other parties that may be considered related party transactions. MSC Income has implemented certain policies and procedures, both written and unwritten, to ensure that it does not engage in any prohibited transactions with any persons affiliated with MSC Income. If such affiliations are found to exist, MSC Income seeks the Board of Directors and/or appropriate Board of Directors committee review and approval for such transactions and otherwise comply with, or seek, orders for exemptive relief from the SEC, as appropriate.

MSC Income has received an exemptive order from the SEC permitting co-investments among MSC Income, Main Street and other advisory clients of the Adviser in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. MSC Income has made co-investments, and in the future intends to continue to make co-investments with Main Street and other advisory clients of the Adviser, in accordance with the conditions of the order. The order requires, among other things, that the Adviser and Main Street consider whether each such investment opportunity is appropriate for MSC Income, Main Street and the other advisory clients of the Adviser, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the Adviser is wholly-owned by Main Street and is not managing MSC Income’s investment activities as its sole activity, this may provide the Adviser an incentive to allocate opportunities to other participating advisory clients instead of MSC Income. However, both MSC Income and the Adviser have policies and procedures in place to manage this conflict, including approval of investment allocations and oversight of co-investments by the independent members of the Board of Directors. Additional information regarding the operation of the co-investment program is set forth in the order granting exemptive relief, which may be reviewed on the SEC’s website at www.sec.gov. In addition to the co-investment program described above, MSC Income also co-invests in certain investment transactions where price is the only negotiated point by MSC Income and its affiliates.

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MSC INCOME FUND, INC.

Notes to the Consolidated Financial Statements (Continued)

(Unaudited)

4.Other Related Party Transactions

The following table summarizes Main Street’s purchases of shares of MSC Income’s common stock during the three months ended September 30, 2025, pursuant to the Main Street Share Purchase Plan.

Period						Total number of shares purchased						Average price paid per share (1)						Total number of shares purchased as part of publicly announced plans or programs						Approximate dollar value of shares that may yet be purchased under the plans or programs
						(in thousands, except shares and per share amounts)
July 1 through July 31, 2025						—						$	—					—						$	19,955
August 1 through August 31, 2025						14,010						14.25						14,010						19,756
September 1 through September 30, 2025						41,611						13.98						41,611						19,175

___________________

(1)Includes broker commissions.

As of September 30, 2025, Main Street owned 1,433,573 shares of MSC Income’s common stock. In addition, certain of Main Street’s officers and employees own shares of MSC Income and therefore have direct pecuniary interests in MSC Income.

NOTE K — SUBSEQUENT EVENTS

The Fund’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements, and identified the following to report:

In November 2025, MSC Income declared a regular quarterly dividend of $0.35 per share and a supplemental quarterly dividend of $0.01 per share, both payable on January 30, 2026 to stockholders of record as of December 31, 2025.

Since September 30, 2025 through November 13, 2025, the Fund repurchased 357,304 shares at an average price of $12.69 (including broker commissions), as part of the Fund’s 10b5-1 Repurchase Plan.

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Table of contents                                                             Schedule 12-14

MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates

September 30, 2025

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2024 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2025 Fair Value (13)
Control Investments
BDB Holdings, LLC															Preferred Equity						(7)						$	—					$	(1,910)					$	—					$	12,610					$	—					$	1,911					$	10,699
			12.00%												Secured Debt (12)						(7)						—						—						24						—						782						—						782
Copper Trail Fund Investments															LP Interests (CTMH, LP)						(9)						—						—						—						530						—						15						515
GRT Rubber Technologies LLC			10.41%			SF+			6.00%						Secured Debt (12)						(8)						—						(4)						127						1,550						4						4						1,550
			12.41%			SF+			8.00%						Secured Debt						(8)						—						(37)						1,922						19,944						37						37						19,944
															Member Units						(8)						—						460						2,108						22,600						460						—						23,060
Harris Preston Fund Investments															LP Interests (2717 MH, L.P.)						(8)						5,295						(4,829)						—						8,740						3,875						10,890						1,725
Volusion, LLC			10.00%												Secured Debt						(8)						—						—						68						900						—						—						900
															Preferred Member Units						(8)						—						—						—						—						—						—						—
															Preferred Member Units						(8)						10						(694)						—						3,004						9						1,435						1,578
															Preferred Member Units						(8)						—						—						—						—						—						—						—
															Common Stock						(8)						—						—						—						—						—						—						—
Other Amounts related to investments transferred to or from other 1940 Act classification during the period																											—						—						—						—						—						—						—
Total Control investments																											$	5,305					$	(7,014)					$	4,249					$	69,878					$	5,167					$	14,292					$	60,753
Affiliate Investments
American Nuts, LLC															Preferred Equity						(9)						$	—					$	(806)					$	—					$	—					$	2,556					$	806					$	1,750
			12.94%			SF+			8.50%			12.94%			Secured Debt						(9)						—						—						144						—						2,252						—						2,252
			12.94%			SF+			8.50%			12.94%			Secured Debt						(9)						—						—						144						—						2,252						—						2,252
Analytical Systems Keco Holdings, LLC															Secured Debt						(8)						—						—						—						—						—						—						—
			14.50%												Secured Debt						(8)						—						—						127						1,012						2						37						977
															Preferred Member Units						(8)						—						—						—						—						—						—						—
															Preferred Member Units						(8)						—						60						—						1,330						60						—						1,390
															Warrants						(8)						—						—						—						—						—						—						—
Barfly Ventures, LLC															Member Units						(5)						—						317						368						1,953						317						—						2,270
Batjer TopCo, LLC															Secured Debt (12)						(8)						—						—						1						50						—						50						—
															Secured Debt (12)						(8)						—						—						2						30						—						30						—
			10.00%												Secured Debt						(8)						—						—						95						1,165						4						70						1,099
															Preferred Stock						(8)						—						400						65						570						400						—						970
Brewer Crane Holdings, LLC			14.41%			SF+			10.00%						Secured Debt						(9)						—						—						137						1,254						—						—						1,254
															Preferred Member Units						(9)						—						(320)						23						1,170						—						320						850
															Preferred Member Units						(9)						—						—						3						—						81						—						81
Centre Technologies Holdings, LLC						SF+			8.00%						Secured Debt (12)						(8)						—						—						2						—						—						—						—
			12.41%			SF+			8.00%						Secured Debt						(8)						—						(8)						659						6,384						8						276						6,116
															Preferred Member Units						(8)						—						2,200						23						3,110						2,200						—						5,310
Chamberlin Holding LLC						SF+			6.00%						Secured Debt (12)						(8)						—						(17)						18						—						17						17						—
			12.49%			SF+			8.00%						Secured Debt						(8)						—						3						419						3,905						1,200						—						5,105

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Table of contents                                                             Schedule 12-14

MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2024 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2025 Fair Value (13)
															Member Units						(8)						—						(10)						1,471						8,280						—						10						8,270
															Member Units						(8)						—						55						17						888						55						—						943
Charps, LLC															Preferred Member Units						(5)						—						(80)						134						3,900						—						80						3,820
Clad-Rex Steel, LLC															Secured Debt (12)						(5)						—						—						—						—						—						—						—
															Secured Debt						(5)						—						(9)						98						1,690						—						1,690						—
			10.00%												Secured Debt						(5)						—						24						45						—						2,450						40						2,410
			10.00%												Secured Debt						(5)						—						—						18						243						—						8						235
															Member Units						(5)						—						780						289						2,750						780						—						3,530
															Member Units						(5)						—						80						—						236						81						—						317
Cody Pools, Inc.															Secured Debt (12)						(8)						—						5						37						—						157						157						—
			12.50%												Secured Debt						(8)						—						6						604						6,598						629						500						6,727
															Preferred Member Units						(8)						—						(330)						428						16,950						—						330						16,620
Colonial Electric Company LLC															Secured Debt (12)						(6)						—						—						2						—						—						—						—
			12.00%												Secured Debt						(6)						—						(18)						293						3,578						18						1,401						2,195
															Preferred Member Units						(6)						—						220						818						3,390						220						—						3,610
Compass Systems & Sales, LLC															Secured Debt						(5)						—						—						3						(16)						3						—						(13)
			13.50%												Secured Debt						(5)						—						23						459						4,201						43						—						4,244
															Preferred Equity						(5)						—						(60)						45						1,860						—						60						1,800
Datacom, LLC			7.50%												Secured Debt						(8)						—						—						6						55						85						65						75
			10.00%												Secured Debt						(8)						—						(250)						82						878						15						272						621
															Preferred Member Units						(8)						—						(70)						—						30						40						70						—
Digital Products Holdings LLC			14.31%			SF+			10.00%						Secured Debt						(5)						—						—						337						3,105						8						164						2,949
															Preferred Member Units						(5)						—						—						38						2,459						—						—						2,459
Direct Marketing Solutions, Inc.			14.00%												Secured Debt						(9)						—						(1)						7						—						181						1						180
			14.00%												Secured Debt						(9)						—						(9)						492						4,668						9						176						4,501
															Preferred Stock						(9)						—						290						—						4,480						290						—						4,770
DMA Industries, LLC			12.00%												Secured Debt						(7)						—						2						13						138						2						—						140
			12.00%												Secured Debt						(7)						—						28						384						4,161						39						600						3,600
															Preferred Equity						(7)						—						620						—						1,486						620						—						2,106
			15.00%									15.00%			Preferred Equity						(7)						—						320						94						810						414						—						1,224
Flame King Holdings, LLC															Preferred Equity						(9)						—						3,050						1,968						8,980						3,050						—						12,030
			12.00%												Secured Debt						(9)						—						308						533						—						16,500						—						16,500
															Secured Debt						(9)						—						—						3						—						—						—						—
Freeport Financial Funds															LP Interests (Freeport First Lien Loan Fund III LP)						(5)						—						(82)						—						1,263						—						1,070						193
Gamber-Johnson Holdings, LLC						SF+			7.50%						Secured Debt (12)						(5)						—						—						1						—						—						—						—
			11.50%			SF+			7.50%						Secured Debt (12)						(5)						—						(31)						1,617						18,282						31						631						17,682
															Member Units						(5)						—						480						1,286						28,690						480						—						29,170
GFG Group, LLC															Secured Debt						(5)						—						(16)						57						2,046						—						2,046						—
															Secured Debt						(5)						—						—						46						—						—						—						—
			8.00%												Secured Debt						(5)						—						14						74						—						3,513						—						3,513
															Preferred Member Units						(5)						—						100						182						2,640						100						—						2,740
Gulf Publishing Holdings, LLC						SF+			9.50%						Secured Debt						(8)						—						—						—						—						—						—						—

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Table of contents                                                             Schedule 12-14

MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2024 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2025 Fair Value (13)
															Secured Debt						(8)						(58)						202						—						378						156						534						—
															Preferred Equity						(8)						(1,400)						1,400						—						—						1,400						1,400						—
															Member Units						(8)						(920)						920						—						—						920						920						—
HPEP 3, L.P.															LP Interests (HPEP 3, L.P.) (12)						(8)						—						194						—						4,472						194						534						4,132
IG Investor, LLC			13.00%												Secured Debt (12)						(6)						—						16						46						379						21						—						400
			13.00%												Secured Debt						(6)						—						143						905						8,693						183						110						8,766
															Common Equity						(6)						—						1,130						—						4,060						1,130						—						5,190
Independent Pet Partners Intermediate Holdings, LLC															Common Equity						(6)						—						(500)						—						7,290						—						500						6,790
Integral Energy Services			12.05%			SF+			7.50%						Secured Debt						(8)						—						(114)						1,436						14,872						48						864						14,056
			10.00%									10.00%			Preferred Equity						(8)						—						60						23						535						83						—						618
															Common Stock						(8)						—						170						—						640						170						—						810
			10.00%									10.00%			Preferred Equity						(8)						—						97						—						—						230						—						230
Kickhaefer Manufacturing Company, LLC			12.00%												Secured Debt						(5)						—						—						315						3,741						4						400						3,345
			9.00%												Secured Debt						(5)						—						—						67						982						—						9						973
															Preferred Equity						(5)						—						920						—						3,060						920						—						3,980
															Member Units						(5)						—						13						19						678						13						1						690
KMS, LLC						SF+			9.75%						Secured Debt						(5)						—						409						—						829						—						829						—
						SF+			9.75%						Secured Debt						(5)						1						3,202						—						5,973						—						5,973						—
						SF+			9.75%						Secured Debt						(5)						—						—						9						562						—						562						—
						SF+			9.75%						Secured Debt						(5)						—						—						9						550						—						550						—
						SF+			9.75%						Secured Debt						(5)						—						—						4						—						—						—						—
			12.50%									12.50%			Secured Debt (12)						(5)						—						—						132						—						1,432						—						1,432
			12.50%									12.50%			Secured Debt						(5)						—						—						115						—						1,504						244						1,260
															Preferred Equity						(5)						—						308						—						—						6,421						1						6,420
Mills Fleet Farm Group, LLC															Preferred Equity						(5)						—						(1,925)						665						11,166						669						1,925						9,910
			9.78%			SF+			5.50%			9.78%			Secured Debt						(5)						—						—						150						—						2,285						—						2,285
			9.70%			SF+			5.50%			9.70%			Secured Debt						(5)						—						—						17						—						1,349						—						1,349
Mystic Logistics Holdings, LLC															Secured Debt (12)						(6)						—						—						1						—						—						—						—
			10.00%												Secured Debt						(6)						—						(1)						110						1,436						1						1						1,436
															Common Stock						(6)						—						110						716						6,590						110						—						6,700
Nello Industries Investco, LLC						SF+			6.50%						Secured Debt						(5)						—						—						12						(12)						12						—						—
			12.50%												Secured Debt						(5)						—						—						722						6,619						631						—						7,250
															Preferred Stock						(5)						58						1,410						438						3,890						1,469						289						5,070
NexRev LLC															Secured Debt						(8)						—						—						—						—						—						—						—
															Secured Debt						(8)						—						(3)						38						2,453						3						2,456						—
															Preferred Member Units						(8)						—						90						113						2,970						90						—						3,060
NuStep, LLC			10.91%			SF+			6.50%						Secured Debt						(5)						—						—						70						900						—						350						550
			12.00%												Secured Debt						(5)						—						—						420						4,610						—						—						4,610
															Preferred Member Units						(5)						—						160						—						2,890						160						—						3,050
															Preferred Member Units						(5)						—						—						—						1,500						—						—						1,500
Oneliance, LLC															Preferred Stock						(7)						—						170						14						640						170						—						810
Orttech Holdings, LLC						SF+			11.00%						Secured Debt (12)						(5)						—						(1)						1						—						1						1						—

90

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2024 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2025 Fair Value (13)
			15.41%			SF+			11.00%						Secured Debt						(5)						—						(18)						643						5,490						18						318						5,190
															Preferred Stock						(5)						—						—						45						3,360						—						—						3,360
Pinnacle TopCo, LLC															Secured Debt (12)						(8)						—						(1)						3						—						1						1						—
			13.00%												Secured Debt						(8)						—						(29)						725						7,160						29						229						6,960
															Preferred Equity						(8)						—						330						348						4,590						330						—						4,920
RA Outdoors LLC			11.25%			SF+			6.75%			11.25%			Secured Debt						(8)						—						(143)						114						1,215						77						181						1,111
			11.25%			SF+			6.75%			11.25%			Secured Debt						(8)						—						(1,500)						1,199						12,710						814						1,905						11,619
						SF+			6.75%						Secured Debt						(8)						—						—						—						—						—						—						—
															Common Equity						(8)						—						—						—						—						—						—						—
Robbins Bros. Jewelry, Inc.															Secured Debt						(9)						—						—						3						(7)						—						5						(12)
			12.50%									10.00%			Secured Debt						(9)						—						17						—						1,617						—						45						1,572
															Preferred Equity						(9)						—						—						—						—						—						—						—
SI East, LLC			11.85%												Secured Debt (12)						(7)						—						(1)						73						750						1						1						750
			12.78%												Secured Debt						(7)						—						12						2,193						22,554						—						209						22,345
															Preferred Member Units						(7)						—						210						104						4,550						210						—						4,760
Student Resource Center, LLC			8.50%									8.50%			Secured Debt						(6)						—						(331)						—						1,826						—						331						1,495
															Preferred Equity						(6)						—						—						—						—						—						—						—
			8.50%									8.50%			Secured Debt						(6)						—						620						14						227						634						—						861
Tedder Industries, LLC			12.00%									12.00%			Secured Debt						(9)						—						56						—						412						—						185						227
			12.00%									12.00%			Secured Debt						(9)						—						(260)						—						901						—						260						641
															Preferred Member Units						(9)						—						—						—						—						—						—						—
															Preferred Member Units						(9)						—						—						—						—						—						—						—
															Preferred Member Units						(9)						—						—						—						—						—						—						—
Trantech Radiator Topco, LLC															Secured Debt (12)						(7)						—						—						—						—						—						—						—
			13.50%												Secured Debt						(7)						—						—						208						1,962						5						—						1,967
															Common Stock						(7)						—						1,200						22						2,140						1,200						—						3,340
Urgent DSO LLC			13.50%												Secured Debt						(5)						—						—						235						2,145						10						—						2,155
			9.00%									9.00%			Preferred Equity						(5)						—						—						74						1,080						74						—						1,154
Victory Energy Operations, LLC															Secured Debt (12)						(8)						—						—						10						(5)						273						277						(9)
			13.00%												Secured Debt						(8)						—						—						799						7,529						34						—						7,563
															Preferred Equity						(8)						—						61						69						3,644						61						35						3,670
VVS Holdco LLC						SF+			6.00%						Secured Debt (12)						(5)						—						—						3						—						—						—						—
			11.50%												Secured Debt						(5)						—						—						577						6,366						31						320						6,077
															Preferred Equity						(5)						—						—						25						3,060						—						—						3,060

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2024 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2025 Fair Value (13)
Other Amounts related to investments transferred to or from other 1940 Act classification during the period																											—						(3,611)						(44)						(7,914)						—						—						—
Total Affiliate investments																											$	(2,319)					$	12,460					$	28,220					$	351,360					$	66,743					$	33,732					$	392,285

_________________________

(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”

(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Affiliate investments located in this region was $151,989. This represented 20.7% of net assets as of September 30, 2025.

(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Affiliate investments located in this region was $37,443. This represented 5.1% of net assets as of September 30, 2025.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $11,481. This represented 1.6% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $41,042. This represented 5.6% of net assets as of September 30, 2025.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $48,757. This represented 6.6% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $112,963. This represented 15.4% of net assets as of September 30, 2025.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2025 for Control investments located in this region was $515. This represented 0.1% of net assets as of September 30, 2025. The fair value as of September 30, 2025 for Affiliate investments located in this region was $48,848. This represented 6.7% of net assets as of September 30, 2025.

(10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.

(12)Investment has an unfunded commitment as of September 30, 2025 (see Note I — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates

September 30, 2024

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2023 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2024 Fair Value (13)
Control Investments
Copper Trail Fund Investments															LP Interests (CTMH, LP)						(9)						$	—					$	—					$	—					$	568					$	—					$	38					$	530
GRT Rubber Technologies LLC			11.35%			SF+			6.00%						Secured Debt (12)						(8)						—						4						123						1,182						368						—						1,550
			13.35%			SF+			8.00%						Secured Debt						(8)						—						(37)						2,080						19,944						37						37						19,944
															Member Units						(8)						—						—						93						21,890						—						—						21,890
Harris Preston Fund Investments															LP Interests (2717 MH, L.P.)						(8)						57						2,769						278						6,050						2,826						57						8,819
Volusion, LLC			10.00%												Secured Debt						(8)						—						—						69						900						—						—						900
															Preferred Member Units						(8)						—						—						—						—						—						—						—
															Preferred Member Units						(8)						—						1,895						—						3,110						1,895						1,805						3,200
															Preferred Member Units						(8)						—						—						—						—						—						—						—
															Common Stock						(8)						—						—						—						—						—						—						—
Other Amounts related to investments transferred to or from other 1940 Act classification during the period																											—						—						—						—						—						—						—
Total Control investments																											$	57					$	4,631					$	2,643					$	53,644					$	5,126					$	1,937					$	56,833
Affiliate Investments
Analytical Systems Keco Holdings, LLC															Secured Debt (12)						(8)						—						—						4						54						—						54						—
			13.75%												Secured Debt						(8)						—						—						138						1,020						79						75						1,024
															Preferred Member Units						(8)						—						—						—						—						—						—						—
															Preferred Member Units						(8)						—						220						—						1,210						220						—						1,430
															Warrants						(8)						—						—						—						—						—						—						—
Barfly Ventures, LLC															Member Units						(5)						—						407						—						1,380						407						—						1,787
Batjer TopCo, LLC			10.00%												Secured Debt (12)						(8)						—						(1)						3						—						50						1						49
			10.00%												Secured Debt (12)						(8)						—						—						2						30						—						—						30
			10.00%												Secured Debt						(8)						—						(15)						93						1,175						4						15						1,164
															Preferred Stock						(8)						—						(110)						71						680						—						110						570
Brewer Crane Holdings, LLC			15.35%			SF+			10.00%						Secured Debt						(9)						—						—						158						1,374						4						93						1,285
															Preferred Member Units						(9)						—						(40)						23						1,400						—						40						1,360
Centre Technologies Holdings, LLC						SF+			10.00%						Secured Debt (12)						(8)						—						—						2						—						—						—						—
			15.35%			SF+			10.00%						Secured Debt						(8)						—						54						550						—						5,494						378						5,116
															Secured Debt						(8)						—						(29)						84						4,394						—						4,394						—
															Preferred Member Units						(8)						—						230						23						2,760						230						—						2,990
Chamberlin Holding LLC						SF+			6.00%						Secured Debt (12)						(8)						—						(17)						18						—						17						17						—
			13.36%			SF+			8.00%						Secured Debt						(8)						—						(1)						401						3,905						1						1						3,905
															Member Units						(8)						—						300						969						7,330						300						—						7,630
															Member Units						(8)						—						90						17						715						90						—						805
Charps, LLC															Preferred Member Units						(5)						—						(20)						121						3,920						—						20						3,900
Clad-Rex Steel, LLC															Secured Debt (12)						(5)						—						—						1						—						—						—						—
			10.00%												Secured Debt						(5)						—						37						176						2,103						30						350						1,783
			10.00%												Secured Debt						(5)						—						—						19						251						—						7						244
															Member Units						(5)						—						910						146						1,300						910						—						2,210
															Member Units						(5)						—						(45)						—						282						—						45						237
Cody Pools, Inc.															Secured Debt (12)						(8)						—						1						6						—						236						236						—

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2024

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2023 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2024 Fair Value (13)
			12.50%												Secured Debt						(8)						—						(6)						660						7,111						5						404						6,712
															Preferred Member Units						(8)						—						(630)						392						18,120						—						630						17,490
Colonial Electric Company LLC															Secured Debt (12)						(6)						—						—						2						—						—						—						—
			12.00%												Secured Debt						(6)						—						73						469						5,407						105						1,456						4,056
															Preferred Member Units						(6)						—						(360)						360						600						—						600						—
															Preferred Member Units						(6)						—						1,360						560						1,920						1,360						—						3,280
Compass Systems & Sales, LLC															Secured Debt						(5)						—						—						18						—						583						600						(17)
			13.50%												Secured Debt						(5)						—						—						461						4,175						19						—						4,194
															Preferred Equity						(5)						—						117						45						1,863						117						—						1,980
Datacom, LLC			7.50%												Secured Debt						(8)						—						—						3						49						50						60						39
			10.00%												Secured Debt						(8)						—						7						86						844						24						23						845
															Preferred Member Units						(8)						—						30						—						10						30						—						40
Digital Products Holdings LLC			15.25%			SF+			10.00%						Secured Debt						(5)						—						—						410						3,673						12						482						3,203
															Preferred Member Units						(5)						—						—						38						2,459						—						—						2,459
Direct Marketing Solutions, Inc.															Secured Debt						(9)						—						(1)						10						217						301						518						—
			14.00%												Secured Debt						(9)						—						(11)						529						5,002						11						262						4,751
															Preferred Stock						(9)						—						(360)						—						5,180						—						360						4,820
Flame King Holdings, LLC															Preferred Equity						(9)						—						1,970						808						6,970						1,970						—						8,940
Freeport Financial Funds															LP Interests (Freeport First Lien Loan Fund III LP)						(5)						—						193						38						3,705						193						2,005						1,893
Gamber-Johnson Holdings, LLC						SF+			7.00%						Secured Debt (12)						(5)						—						—						1						—						—						—						—
			10.00%			SF+			7.00%						Secured Debt						(5)						—						(50)						1,036						13,520						50						1,450						12,120
															Member Units						(5)						—						2,660						1,352						24,180						2,660						—						26,840
GFG Group, LLC			8.00%												Secured Debt						(5)						—						(14)						153						2,336						14						304						2,046
															Preferred Member Units						(5)						—						(230)						323						2,870						—						230						2,640
Gulf Publishing Holdings, LLC						SF+			9.50%						Secured Debt (12)						(8)						—						—						—						—						—						—						—
			12.50%									12.50%			Secured Debt						(8)						—						(220)						19						571						—						220						351
															Preferred Equity						(8)						—						(620)						—						620						—						620						—
															Member Units						(8)						—						—						—						—						—						—						—
HPEP 3, L.P.															LP Interests (HPEP 3, L.P.) (12)						(8)						—						247						—						4,225						247						—						4,472
IG Investor, LLC			13.00%												Secured Debt (12)						(6)						—						—						17						(27)						405						—						378
			13.00%												Secured Debt						(6)						—						—						948						9,069						48						330						8,787
															Common Equity						(6)						—						120						—						3,600						120						—						3,720
Independent Pet Partners Intermediate Holdings, LLC															Common Equity						(6)						—						970						—						6,320						970						—						7,290
Integral Energy Services			13.09%			SF+			7.50%						Secured Debt						(8)						—						273						1,633						16,232						342						1,835						14,739
			10.00%									10.00%			Preferred Equity						(8)						—						153						24						350						177						—						527
															Common Stock						(8)						—						450						38						190						450						—						640
Kickhaefer Manufacturing Company, LLC			12.00%												Secured Debt						(5)						—						—						429						4,933						6						800						4,139
			9.00%												Secured Debt						(5)						—						—						66						951						41						8						984
															Preferred Equity						(5)						—						640						—						2,420						640						—						3,060
															Member Units						(5)						—						(60)						24						683						—						60						623
MH Corbin Holding LLC			14.00%												Secured Debt						(5)						—						(871)						139						1,256						—						911						345
															Preferred Member Units						(5)						—						(80)						—						80						—						80						—
															Preferred Member Units						(5)						—						—						—						—						—						—						—

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2024

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2023 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2024 Fair Value (13)
Mystic Logistics Holdings, LLC															Secured Debt (12)						(6)						—						—						1						—						—						—						—
			10.00%												Secured Debt						(6)						—						4						110						1,436						—						—						1,436
															Common Stock						(6)						—						(68)						735						6,598						—						68						6,530
Nello Industries Investco, LLC			11.75%			SF+			6.50%						Secured Debt						(5)						—						—						126						—						4,188						600						3,588
			13.50%												Secured Debt						(5)						—						—						293						—						6,609						—						6,609
															Common Equity						(5)						—						—						55						—						3,030						—						3,030
NexRev LLC			10.00%												Secured Debt (12)						(8)						—						—						25						—						790						300						490
			10.00%												Secured Debt						(8)						—						6						198						2,435						18						—						2,453
															Preferred Member Units						(8)						—						870						161						1,590						870						—						2,460
NuStep, LLC			11.85%			SF+			6.50%						Secured Debt						(5)						—						—						83						899						1						—						900
			12.00%												Secured Debt						(5)						—						—						424						4,606						3						—						4,609
															Preferred Member Units						(5)						—						92						—						2,310						350						—						2,660
															Preferred Member Units						(5)						—						20						—						1,290						150						—						1,440
Oneliance, LLC						SF+			10.00%						Secured Debt						(7)						—						7						142						1,339						21						1,360						—
															Preferred Stock						(7)						—						268						—						282						268						—						550
Orttech Holdings, LLC						SF+			11.00%						Secured Debt (12)						(5)						—						(1)						1						—						1						1						—
			16.35%			SF+			11.00%						Secured Debt						(5)						—						(17)						705						5,510						17						37						5,490
															Preferred Stock						(5)						—						(590)						97						4,260						—						590						3,670
Pinnacle TopCo, LLC															Secured Debt (12)						(8)						—						8						4						105						10						115						—
			13.00%												Secured Debt						(8)						—						152						783						7,472						188						400						7,260
															Preferred Equity						(8)						—						1,205						430						3,135						1,205						—						4,340
RA Outdoors LLC			11.59%			SF+			6.75%			11.59%			Secured Debt						(8)						—						(70)						27						745						481						36						1,190
			11.59%			SF+			6.75%			11.59%			Secured Debt						(8)						—						(737)						284						12,089						448						96						12,441
															Common Equity						(8)						—						—						—						—						—						—						—
Robbins Bros. Jewelry, Inc.												10.00%			Secured Debt						(9)						—						—						1						(6)						1						—						(5)
			12.50%									10.00%			Secured Debt						(9)						—						(1,662)						123						3,421						5						1,713						1,713
															Preferred Equity						(9)						—						—						—						—						—						—						—
SI East, LLC			11.75%												Secured Debt (12)						(7)						—						—						64						375						750						375						750
															Secured Debt						(7)						—						(161)						947						18,179						—						18,179						—
			12.63%												Secured Debt						(7)						—						22						1,213						—						22,554						—						22,554
															Preferred Member Units						(7)						—						(1,000)						665						6,390						—						1,000						5,390
Student Resource Center, LLC			8.50%									8.50%			Secured Debt						(6)						—						(1,717)						—						3,543						—						1,717						1,826
															Preferred Equity						(6)						—						—						—						—						—						—						—
			8.50%									8.50%			Secured Debt						(6)						—						—						1						—						223						—						223
Tedder Industries, LLC			12.00%									12.00%			Secured Debt						(9)						—						—						14						432						—						—						432
			12.00%									12.00%			Secured Debt						(9)						—						(2,401)						115						3,565						—						2,401						1,164
															Preferred Member Units						(9)						—						—						—						—						—						—						—
															Preferred Member Units						(9)						—						—						—						—						—						—						—
															Preferred Member Units						(9)						—						—						—						—						—						—						—
Trantech Radiator Topco, LLC															Secured Debt (12)						(7)						—						—						1						—						—						—						—
			13.50%												Secured Debt						(7)						—						15						204						1,980						—						—						1,980
															Common Stock						(7)						—						(800)						22						3,180						—						800						2,380
VVS Holdco LLC						SF+			6.00%						Secured Debt (12)						(5)						—						—						3						—						—						—						—
			11.50%												Secured Debt						(5)						—						—						638						6,926						36						290						6,672

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Table of contents                                                             Schedule 12-14

MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2024

(dollars in thousands)

(Unaudited)

Company			Total Rate			Base Rate			Spread			PIK Rate			Type of Investment (1)(10)(11)						Geography						Amount of Realized Gain/(Loss)						Amount of Unrealized Gain/(Loss)						Amount of Interest, Fees or Dividends Credited to Income (2)						December 31, 2023 Fair Value (13)						Gross Additions (3)						Gross Reductions (4)						September 30, 2024 Fair Value (13)
															Preferred Equity						(5)						—						—						80						3,060						—						—						3,060
Other Amounts related to investments transferred to or from other 1940 Act classification during the period																											—						—						—						(12,834)						—						—						—
Total Affiliate investments																											$	—					$	1,166					$	22,891					$	291,279					$	61,239					$	50,162					$	315,190

___________________________________________________

(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

(2)Represents the total amount of interest, fees and dividends credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred from other 1940 Act classifications during the period.”

(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.

(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Affiliate investments located in this region was $118,398. This represented 19.1% of net assets as of September 30, 2024.

(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Affiliate investments located in this region was $37,526. This represented 6.1% of net assets as of September 30, 2024.

(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Affiliate investments located in this region was $33,604. This represented 5.4% of net assets as of September 30, 2024.

(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $56,303. This represented 9.1% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $101,202. This represented 16.4% of net assets as of September 30, 2024.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments in and Advances to Affiliates (Continued)

September 30, 2024

(dollars in thousands)

(Unaudited)

(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of September 30, 2024 for Control investments located in this region was $530. This represented 0.1% of net assets as of September 30, 2024. The fair value as of September 30, 2024 for Affiliate investments located in this region was $24,460. This represented 4.0% of net assets as of September 30, 2024.

(10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.

(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.

(12)Investment has an unfunded commitment as of September 30, 2024 (see Note I). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q contains forward-looking statements regarding the plans and objectives of management for future operations and which relate to future events or future performance or financial condition. Any such forward-looking statements may involve known and unknown risks, uncertainties and other factors which may cause MSC Income’s (as defined below) actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and MSC Income cannot assure you that the projections included in these forward-looking statements will come to pass. MSC Income’s actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including, without limitation, the factors referenced in Item 1A entitled “Risk Factors” below in this Quarterly Report on Form 10-Q, if any, and discussed in Item 1A entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025 and elsewhere in this Quarterly Report on Form 10-Q and its other SEC filings. Other factors that could cause actual results to differ materially include changes in the economy and future changes in laws or regulations and conditions in MSC Income’s operating areas.

MSC Income has based the forward-looking statements included in this Quarterly Report on Form 10-Q on information available to it on the date of this Quarterly Report on Form 10-Q, and assumes no obligation to update any such forward-looking statements, unless required to do so by applicable law. However, you are advised to refer to any additional disclosures that MSC Income may make directly to you or through reports that it in the future may file with the SEC, including subsequent periodic and current reports.

This discussion should be read in conjunction with MSC Income’s consolidated financial statements as of December 31, 2024, and for the year then ended, and Management’s Discussion and Analysis of Financial Condition and Results of Operations, both contained in its Annual Report on Form 10-K for the year ended December 31, 2024, as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report.

ORGANIZATION

MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Fund”) is a principal investment firm primarily focused on providing debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). MSC Income’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the United States.

MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its “LMM investment portfolio”), and through those investments the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (“Main Street”), a New York Stock Exchange (“NYSE”) listed business development company (“BDC”), utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s LMM investment strategy (the “LMM investment strategy”). Through the LMM investment strategy, MSC Income primarily invested in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the United States. Effective upon the MSC Income Listing (as defined below) on January 29, 2025, MSC Income changed its investment strategy for investments in new portfolio companies to be solely focused on its Private Loan investment strategy, rather than its historical focus primarily on the Private Loan investment strategy and secondarily on the LMM investment strategy (as further discussed below).

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MSC Income also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. Similar to its Middle Market investments, MSC Income has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as its existing Other Portfolio investments are repaid or sold.

The “Investment Portfolio,” as used herein, refers to all of MSC Income’s investments in Private Loan portfolio companies, investments in LMM portfolio companies, investments in Middle Market portfolio companies and Other Portfolio investments.

MSIF was formed in November 2011 to operate as an externally managed BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). MSIF has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSIF generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.

On October 28, 2020, MSC Income’s stockholders approved the appointment of MSC Adviser I, LLC (the “Adviser”), which is wholly-owned by Main Street, as MSC Income’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Prior Investment Advisory Agreement”).

On December 16, 2024, in advance of the MSC Income Listing, the Fund effectuated a two-for-one reverse stock split of its outstanding common stock pursuant to approval from the Board of Directors (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every two shares of MSC Income’s issued and outstanding common stock were converted into one share of issued and outstanding common stock, without any change in the par value per share or the number of authorized shares of its common stock. Unless otherwise indicated, all figures in this Quarterly Report on Form 10-Q reflect the implementation of the Reverse Stock Split.

On January 29, 2025, MSC Income’s shares of common stock were listed on the NYSE under the ticker symbol “MSIF” (the “MSC Income Listing”).

On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into an Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at a special meeting of MSC Income’s stockholders held on December 11, 2024 (the “2024 Special Meeting”), and the Advisory Agreement became effective upon the MSC Income Listing. In such role, the Adviser has the responsibility to manage the business of MSC Income, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor its Investment Portfolio and provide ongoing administrative services.

On January 29, 2025, in connection with the MSC Income Listing, the Fund amended and restated its Articles of Amendment and Restatement, as amended, by filing new Articles of Amendment and Restatement of the Fund (the “New Articles”) with the State Department of Assessments and Taxation of the State of Maryland. The New Articles revised the Fund’s charter to, among other things, (i) include a provision that limits the transferability of shares of its common stock outstanding at the time of the MSC Income Listing during the 365-day period following the MSC Income Listing, (ii) reflect an amendment to delete provisions regarding restrictions and requirements applicable to its dividend reinvestment plan, (iii) reflect an amendment to delete provisions prohibiting acquisitions of assets in exchange for shares of its common stock and restricting certain transactions between the Fund and the Adviser and its affiliates and (iv) delete certain provisions required by, and remove references to, the NASAA Guidelines in order to conform certain provisions of the Fund’s charter more closely to provisions in the charters of other BDCs whose securities are listed and publicly-traded on a national securities exchange.

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On January 30, 2025, in connection with the MSC Income Listing, MSC Income closed a follow-on public offering of 5,500,000 shares of its common stock, at the public offering price of $15.53 per share. In addition, on February 3, 2025, MSC Income issued and sold 825,000 additional shares of its common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option (together with the offering and sale of the 5,500,000 shares, the “MSC Income Offering”). Net of underwriting discounts and commissions and offering costs, the Fund received net cash proceeds of $90.5 million in connection with the MSC Income Offering.

MSIF has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSIF to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSIF also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).

Unless otherwise noted or the context otherwise indicates, the terms “MSC Income” and the “Fund” refer to MSIF and its consolidated subsidiaries, which include the Taxable Subsidiaries and the Structured Subsidiaries.

OVERVIEW OF THE BUSINESS

MSC Income’s principal investment objective is to maximize its Investment Portfolio’s total return, primarily by generating current income from debt investments and, to a lesser extent, by generating current income and capital appreciation from equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. MSC Income seeks to achieve its investment objective primarily through its Private Loan investment strategy and its LMM investment portfolio. MSC Income’s Private Loan investment strategy involves investments in companies that generally have annual revenues between $25 million and $500 million and annual earnings before interest, tax, depreciation and amortization expenses (“EBITDA”) between $7.5 million and $50 million. MSC Income’s LMM investment portfolio consists of investments in companies that generally have annual revenues between $10 million and $150 million and annual EBITDA between $3 million and $20 million. MSC Income’s Private Loan and LMM investments generally range in size from $1 million to $30 million.

Private Loan investments primarily consist of debt securities that have primarily been originated directly by the Adviser or, to a lesser extent, through the Adviser’s strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, MSC Income’s Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. The Fund’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. The Fund may also co-invest with Main Street and the private equity fund in the equity securities of its Private Loan portfolio companies.

MSC Income has also historically sought to fill the financing gap for LMM businesses, which, historically, have had limited access to financing from commercial banks and other traditional sources. The underserved nature of the LMM created the opportunity for MSC Income to meet the financing needs of LMM companies while also negotiating favorable transaction terms and equity participation. MSC Income’s ability to invest across a company’s capital structure, from secured loans to equity securities, allowed it to offer portfolio companies a comprehensive suite of financing options, or a “one-stop” financing solution. MSC Income’s LMM portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between five and seven years from the original investment date.

In connection with the MSC Income Listing, the Fund’s Board of Directors and the Adviser decided to change its investment strategy with respect to new platform investments to be solely focused on the Fund’s Private Loan investment strategy. As a result, the size of the Fund’s LMM investment portfolio is expected to decrease over time as its existing LMM investments are repaid or sold in the ordinary course of business. The Fund does, however, plan to continue executing follow-on investments in its existing LMM portfolio companies going forward in accordance with its existing SEC order for co-investment exemptive relief.

MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as existing Middle Market investments are repaid or sold. MSC Income’s Middle Market debt investments generally range in size from $1 million to $20 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.

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MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. In the Fund’s Other Portfolio, it may incur indirect fees and expenses to third party managers. Similar to MSC Income’s Middle Market investments, the Fund has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as existing Other Portfolio investments are repaid or sold.

Subject to changes in MSC Income’s cash and overall liquidity, it may in the future invest in short-term portfolio investments that are atypical of its Private Loan and LMM portfolio investments in that they would be intended to be a short-term deployment of capital. These assets would be expected to be realized in one year or less and would not be expected to be a significant portion of MSC Income’s overall Investment Portfolio.

MSC Income’s portfolio investments are generally made through MSIF, the Taxable Subsidiaries and the Structured Subsidiaries. MSIF, the Taxable Subsidiaries and the Structured Subsidiaries share the same investment strategies and criteria. An investor’s return in MSIF will depend, in part, on the Taxable Subsidiaries’ and the Structured Subsidiaries’ investment returns as they are wholly-owned subsidiaries of MSIF.

The level of new portfolio investment activity will fluctuate from period to period based upon MSC Income’s view of the current economic fundamentals, its ability to identify new investment opportunities that meet its investment criteria, its ability to consummate the identified opportunities and its available liquidity. The level of new investment activity, and associated interest and fee income, will directly impact future investment income. In addition, the level of dividends paid by portfolio companies and the portion of the Fund’s portfolio debt investments on non-accrual status will directly impact future investment income. While MSC Income intends to grow its portfolio and its investment income over the long term, growth and operating results may be more limited during depressed economic periods. However, the Fund intends to appropriately manage its cost structure and liquidity position based on applicable economic conditions and investment outlook. The level of realized gains or losses and unrealized appreciation or depreciation on investments will also fluctuate depending upon portfolio activity, economic conditions and the performance of individual portfolio companies. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on the Fund’s operating results.

MSC Income has received an exemptive order from the SEC permitting co-investments among it, Main Street and other advisory clients of the Adviser in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. MSC Income has made co-investments with, and in the future intends to continue to make co-investments with Main Street and other advisory clients of the Adviser, in accordance with the conditions of the order. The order requires, among other things, that Main Street and the Adviser consider whether each such investment opportunity is appropriate for MSC Income, Main Street and the other advisory clients of the Adviser, as applicable, and if it is appropriate, to propose an allocation of the investment opportunity between such parties. Because the Adviser is wholly-owned by Main Street and is not managing MSC Income’s investment activities as its sole activity, this may provide the Adviser an incentive to allocate opportunities to Main Street or its other advisory clients instead of MSC Income. However, both MSC Income and the Adviser have policies and procedures in place to manage this conflict, including approval of investment allocations and oversight of co-investments by the independent members of MSC Income’s Board of Directors. In addition to the co-investment program described above, MSC Income also co-invests in certain investment transactions where price is the only negotiated point by the Fund and its affiliates.

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INVESTMENT PORTFOLIO SUMMARY

The following tables provide a summary of the Fund’s investments in the Private Loan and LMM portfolios as of September 30, 2025 and December 31, 2024 (this information excludes Middle Market and Other Portfolio investments, which are discussed further below).

			As of September 30, 2025
			Private Loan						LMM (a)
			(dollars in millions)
Number of portfolio companies			81						55
Fair value			$	750.9					$	466.7
Cost			$	761.1					$	369.9
Debt investments as a % of portfolio (at cost)			92.0		%				69.8		%
Equity investments as a % of portfolio (at cost)			8.0		%				30.2		%
% of debt investments at cost secured by first priority lien			99.9		%				99.9		%
Weighted-average annual effective yield (b)			11.3		%				12.9		%
Average EBITDA (c)			$	31.5					$	10.7

__________________

(a)As of September 30, 2025, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of September 30, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of September 30, 2025. The weighted-average annual effective yield on the Fund’s debt portfolio as of September 30, 2025, including debt investments on non-accrual status, was 10.4% for the Private Loan portfolio and 12.1% for the LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of the Fund’s common stock will realize on its investment because it does not reflect changes in the market value of the stock, the utilization of debt capital in its capital structure, its expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including four Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the Fund’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

			As of December 31, 2024
			Private Loan						LMM (a)
			(dollars in millions)
Number of portfolio companies			84						57
Fair value			$	677.9					$	436.1
Cost			$	697.5					$	357.1
Debt investments as a % of portfolio (at cost)			93.9		%				67.8		%
Equity investments as a % of portfolio (at cost)			6.1		%				32.2		%
% of debt investments at cost secured by first priority lien			99.9		%				99.9		%
Weighted-average annual effective yield (b)			12.0		%				13.0		%
Average EBITDA (c)			$	28.6					$	10.8

________________

(a)As of December 31, 2024, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.

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(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instruments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2024. The weighted-average annual effective yield on the Fund’s debt portfolio as of December 31, 2024, including debt investments on non-accrual status, was 11.4% for the Private Loan portfolio and 12.2% for the LMM portfolio. The weighted-average annual effective yield is not reflective of what an investor in shares of the Fund’s common stock will realize on its investment because it does not reflect the utilization of debt capital in its capital structure, its expenses or any sales load paid by an investor.

(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio and a simple average for the LMM portfolio. These calculations exclude certain portfolio companies, including two Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the Fund’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.

For the three months ended September 30, 2025 and 2024, MSC Income achieved an annualized total return on investments of 15.7% and 10.5%, respectively. For the nine months ended September 30, 2025 and 2024, the Fund achieved an annualized total return on investments of 12.8% and 12.4%, respectively. For the year ended December 31, 2024, MSC Income achieved a total return on investments of 12.4%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case for the specified period. The Fund’s total return on investments is not reflective of what an investor in shares of its common stock will realize on its investment because it does not reflect changes in the market value of the stock, the utilization of debt capital in its capital structure, its expenses or any sales load paid by an investor.

As of September 30, 2025, MSC Income had Middle Market portfolio investments in eight portfolio companies, collectively totaling $26.6 million in fair value and $40.0 million in cost basis, which comprised 2.1% and 3.4% of the Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, MSC Income had Middle Market portfolio investments in ten portfolio companies, collectively totaling $39.4 million in fair value and $66.3 million in cost basis, which comprised 3.3% and 5.8% of the Investment Portfolio at fair value and cost, respectively.

As of September 30, 2025, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $16.0 million in fair value and $14.3 million in cost basis, which comprised 1.3% and 1.2% of the Investment Portfolio at fair value and cost, respectively. As of December 31, 2024, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $24.1 million in fair value and $17.9 million in cost basis, which comprised 2.0% and 1.6% of the Investment Portfolio at fair value and cost, respectively.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements and related disclosures in conformity with generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and contingent assets and liabilities as of the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. Critical accounting policies are those that require management to make subjective or complex judgments about the effect of matters that are inherently uncertain and may change in subsequent periods. Changes that may be required in the underlying assumptions or estimates in these areas could have a material impact on MSC Income’s current and future financial condition and results of operations.

Management has discussed the development and selection of each critical accounting policy and estimate with the Audit Committee of the Board of Directors. MSC Income’s critical accounting policies and estimates include the Investment Portfolio Valuation and Revenue Recognition policies described below. MSC Income’s significant accounting policies are described in greater detail in Note B — Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

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Investment Portfolio Valuation

The most significant determination inherent in the preparation of MSC Income’s consolidated financial statements is the valuation of the Investment Portfolio and the related amounts of unrealized appreciation and depreciation. The Fund considers this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of both September 30, 2025 and December 31, 2024, the Fund’s Investment Portfolio valued at fair value represented 97% of total assets. MSC Income is required to report its investments at fair value. The Fund follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires the Fund to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. See Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a detailed discussion of the Fund’s Investment Portfolio valuation process and procedures.

Due to the inherent uncertainty in the valuation process, MSC Income’s determination of fair value for the Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. MSC Income determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.

Rule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. MSC Income’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated the Adviser, led by a group of Main Street’s and the Adviser’s executive officers, to serve as the Board of Directors’ valuation designee. MSC Income believes the Investment Portfolio as of September 30, 2025 and December 31, 2024 approximates fair value as of those dates based on the markets in which the Fund operates and other conditions in existence on those reporting dates.

Revenue Recognition

Interest and Dividend Income

MSC Income records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation exists for the portfolio company to make a distribution. The Fund evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if the Fund otherwise does not expect the debtor to be able to service its debt obligation, it will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, the Fund removes it from non-accrual status.

Fee Income

MSC Income may periodically provide services, including structuring and advisory services, to portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.

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Payment-in-Kind (“PIK”) Interest and Cumulative Dividends

MSC Income holds certain debt and preferred equity instruments in its Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (as discussed in Note B.8. — Summary of Significant Accounting Policies — Income Taxes in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the PIK interest and cumulative dividends in cash. MSC Income stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended September 30, 2025 and 2024, (i) 6.5% and 6.7%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.9% and 0.1%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the nine months ended September 30, 2025 and 2024, (i) 5.9% and 5.4%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.9% and 0.1%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash.

INVESTMENT PORTFOLIO COMPOSITION

The following tables summarize the composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments as of September 30, 2025 and December 31, 2024 (this information excludes Other Portfolio investments, which are discussed above).

Cost:						September 30, 2025						December 31, 2024
First lien debt						84.6		%				85.2		%
Equity						15.2						14.5
Equity warrants						0.2						0.3
Other						—						—
						100.0		%				100.0		%

Fair Value:						September 30, 2025						December 31, 2024
First lien debt						76.2		%				77.6		%
Equity						23.2						22.0
Equity warrants						0.6						0.4
Other						—						—
						100.0		%				100.0		%

The Fund’s Private Loan, LMM and Middle Market portfolio investments carry a number of risks, including: (1) investing in companies which may have limited operating histories and financial resources; (2) holding investments that generally are not publicly traded and which may be subject to legal and other restrictions on resale; and (3) other risks common to investing in below investment-grade debt and equity investments in the Investment Portfolio. Please see Item 1A. Risk Factors contained in Part II of this Form 10-Q for further information.

PORTFOLIO ASSET QUALITY

The Adviser utilizes an internally developed investment rating system to rate the performance of each Private Loan, LMM and Middle Market portfolio company and to monitor the expected level of returns on each of the Private Loan, LMM and Middle Market investments in relation to the expectations for the portfolio company. The investment rating system takes into consideration various factors, including, but not limited to, each investment’s expected level of returns, the collectability of debt investments and the ability to receive a return of the invested capital in the Fund’s equity investments, comparisons to competitors and other industry participants, the portfolio company’s future outlook and other factors that are deemed to be significant to the portfolio company.

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As of September 30, 2025, investments on non-accrual status comprised 1.4% of MSC Income’s total Investment Portfolio at fair value and 4.6% at cost. As of December 31, 2024, investments on non-accrual status comprised 1.5% of MSC Income’s total Investment Portfolio at fair value and 5.6% at cost.

The operating results of the Fund’s portfolio companies are impacted by changes in the broader fundamentals of the United States economy. In periods during which the United States economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which the Fund invests, could experience deterioration or limited growth from current levels, which could ultimately lead to difficulty in meeting their debt service requirements, to an increase in defaults on debt investments or in realized losses on investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on the Fund’s equity investments. Consequently, the Fund can provide no assurance that the performance of certain portfolio companies will not be negatively impacted by future economic cycles or other conditions, which could also have a negative impact on the Fund’s future results.

DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS

Comparison of the three months ended September 30, 2025 and 2024

Set forth below is a comparison of the results of operations for the three months ended September 30, 2025 and 2024. All prior period net investment income and net investment income per share amounts presented in this section have been retrospectively adjusted to conform to the current presentation. See Note A.4. — Organization and Basis of Presentation — Revisions to the Presentation of Previously Issued Financial Statements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional details on these adjustments.

			Three Months Ended September 30,												Net Change
			2025						2024						Amount						%
			(in thousands)
Total investment income			$	35,367					$	33,477					$	1,890					6		%
Total expenses, net of expense waivers			(18,337)						(19,295)						958						(5)		%
Net investment income before taxes			17,030						14,182						2,848						20		%
Excise tax benefit (expense)			39						(491)						530						NM
Federal and state income and other tax expenses			(492)						(775)						283						(37)		%
Net investment income			16,577						12,916						3,661						28		%
Net realized gain (loss)			(9,854)						25,372						(35,226)						NM
Net unrealized appreciation (depreciation)			21,007						(29,749)						50,756						NM
Income tax provision on net realized gain (loss) and net unrealized appreciation (depreciation)			(1,201)						(1,168)						(33)						NM
Net increase in net assets resulting from operations			$	26,529					$	7,371					$	19,158					260		%

_________________

NM — Net Change % not meaningful

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Investment Income

Total investment income for the three months ended September 30, 2025 was $35.4 million, a 6% increase from the $33.5 million of total investment income for the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.

			Three Months Ended September 30,												Net Change
			2025						2024						Amount						%
			(in thousands)
Interest income			$	30,117					$	30,236					$	(119)					—		%
Dividend income			3,652						2,485						1,167						47		%	(a)
Fee income			1,598						756						842						111		%	(b)
Total investment income			$	35,367					$	33,477					$	1,890					6		%	(c)

_________________

(a)The increase in dividend income was primarily a result of dividend income increases of (i) $0.8 million from the Fund’s LMM portfolio companies, (ii) $0.2 million from the Fund’s Other Portfolio investments and (iii) $0.2 million from the Fund’s Private Loan portfolio companies.

(b)The increase in fee income was primarily due to a $0.5 million increase from the refinancing and prepayment of Investment Portfolio debt investments and $0.3 million increase in fees related to increased investment activity.

(c)The increase in total investment income includes the impact of a net increase of $0.9 million in certain income considered less consistent or non-recurring, primarily related to a $0.5 million increase in such fee income and a $0.4 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.

Expenses

Total expenses, net of expense waivers, for the three months ended September 30, 2025 were $18.3 million, a 5% decrease from $19.3 million in the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.

			Three Months Ended September 30,												Net Change
			2025						2024						Amount						%
			(in thousands)
Interest			$	8,649					$	10,374					$	(1,725)					(17)		%	(a)
Base management fees			4,860						5,338						(478)						(9)		%	(b)
Incentive fees			3,321						2,136						1,185						55		%	(c)
Internal administrative services expenses			173						2,368						(2,195)						(93)		%	(d)
General and administrative			1,334						1,285						49						4		%
Total expenses before expense waivers			18,337						21,501						(3,164)						(15)		%
Waiver of internal administrative services expenses			—						(2,206)						2,206						(100)		%	(d)
Total expenses, net of expense waivers			$	18,337					$	19,295					$	(958)					(5)		%

_________________

(a)The decrease in interest expense was primarily related to decreased weighted-average interest rates on MSC Income’s Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to decreases in benchmark index interest rates and decreases to the applicable spreads resulting from amendments of the Credit Facilities, partially offset by an increase in weighted-average outstanding borrowings used to fund a portion of the growth of the Investment Portfolio.

(b)The decrease in base management fees was due to a decrease in the annual base management fee percentage attributable to the amended Advisory Agreement that became effective upon the MSC Income Listing during the first quarter of 2025, partially offset by an increase in the Fund’s average total assets.

(c)The increase in incentive fees, which was after a $0.2 million voluntary permanent waiver provided by the Adviser in the third quarter of 2025, was primarily attributable to an increase in pre-incentive fee net investment income.

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(d)Under the Prior Investment Advisory Agreement, the Adviser historically waived reimbursement of all internal administrative services expenses except for services that were previously provided by an external third-party and were later internalized by the Adviser. Beginning in January 2025, under the Advisory Agreement, the waivers for those costs (except for services that were previously provided by the external third-party) were memorialized as a quarterly cap on the Fund’s obligation to reimburse the Adviser for such internal administrative services expenses. As a result, the historical waiver of such costs is no longer required after the MSC Income Listing.

Net Investment Income

Net investment income for the three months ended September 30, 2025 increased to $16.6 million, or $0.35 per share, compared to net investment income of $12.9 million, or $0.32 per share, for the corresponding period of 2024. The increase in net investment income is principally attributable to the increase in total investment income and the decreased expenses, each as discussed above. The per share increase in net investment income reflects the increase in net investment income after the impact of an 18% increase in the weighted-average shares outstanding compared to the third quarter of 2024 primarily due to new shares issued through the MSC Income Offering and MSC Income’s dividend reinvestment plan (the “DRIP”), partially offset by shares repurchased by the Fund. The increase in net investment income on a per share basis includes a $0.02 per share increase in investment income considered less consistent or non-recurring.

Net Realized Loss

The following table provides a summary of the primary components of the total net realized loss on investments of $9.9 million for the three months ended September 30, 2025.

			Three Months Ended September 30, 2025
			Full Exits												Partial Exits												Restructures												Other (a)						Total
			Net Gain/(Loss)						# of Investments						Net Gain/(Loss)						# of Investments						Net Gain/(Loss)						# of Investments						Net Gain/(Loss)						Net Gain/(Loss)
			(in thousands)
Private Loan portfolio			$	—					—						$	—					—						$	(8,797)					2						$	1					$	(8,796)
LMM portfolio			(1,119)						2						—						—						—						—						58						(1,061)
Middle Market portfolio			—						—						—						—						—						—						3						3
Other Portfolio			—						—						—						—						—						—						—						—
Total net realized gain/(loss)			$	(1,119)					2						$	—					—						$	(8,797)					2						$	62					$	(9,854)

_________________

(a)Other activity includes realized gains from transactions involving four portfolio companies which are not considered to be significant individually or in the aggregate.

Net Unrealized Appreciation

The following table provides a summary of the total net unrealized appreciation of $21.0 million for the three months ended September 30, 2025.

			Three Months Ended September 30, 2025
			Private Loan						LMM (a)						Middle Market						Other						Total
			(in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period			$	7,998					$	835					$	—					$	—					$	8,833
Net unrealized appreciation (depreciation) relating to portfolio investments			4,759						9,666						(2,575)						324						12,174
Total net unrealized appreciation (depreciation) relating to portfolio investments			$	12,757					$	10,501					$	(2,575)					$	324					$	21,007

_________________

(a)Includes unrealized appreciation on 30 LMM portfolio investments and unrealized depreciation on 13 LMM portfolio investments.

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Income Taxes

MSC Income’s income taxes include excise tax expense at MSIF and federal and state income and other tax expenses at the Taxable Subsidiaries. MSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a result of its investment activities and dividend policy and activities, MSIF incurs federal excise tax on its estimated undistributed taxable income. The Taxable Subsidiaries incur federal and state income and other taxes related to net investment income resulting from the Taxable Subsidiaries’ investment activities. The excise tax expense decrease is due to changes in the estimated undistributed taxable income at the RIC, which is taxed at a 4% rate. The net investment income related federal and state income and other tax expenses decrease is due to decreases in taxable net investment income at the Taxable Subsidiaries.

The Taxable Subsidiaries also incur taxes on realized gains (losses) and unrealized appreciation (depreciation). These taxes will change over time due to changes in the valuations of portfolio investments and realized gains and losses, in each case, on investments owned by the Taxable Subsidiaries.

Net Increase in Net Assets Resulting from Operations

The net increase in net assets resulting from operations for the three months ended September 30, 2025 was $26.5 million, or $0.56 per share, compared with $7.4 million, or $0.18 per share, for the three months ended September 30, 2024. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024.

Comparison of the nine months ended September 30, 2025 and 2024

Set forth below is a comparison of the results of operations for the nine months ended September 30, 2025 and 2024. All prior period net investment income and net investment income per share amounts presented in this section have been retrospectively adjusted to conform to the current presentation. See Note A.4. — Organization and Basis of Presentation — Revisions to the Presentation of Previously Issued Financial Statements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional details on these adjustments.

			Nine Months Ended September 30,												Net Change
			2025						2024						Amount						%
			(dollars in thousands)
Total investment income			$	104,237					$	101,373					$	2,864					3		%
Total expenses, net of expense waivers			(53,113)						(58,280)						5,167						(9)		%
Net investment income before taxes			51,124						43,093						8,031						19		%
Excise tax expense			(240)						(570)						330						(58)		%
Federal and state income and other tax expenses			(2,253)						(2,201)						(52)						2		%
Net investment income			48,631						40,322						8,309						21		%
Net realized gain (loss)			(26,141)						23,802						(49,943)						NM
Net unrealized appreciation (depreciation)			35,886						(24,656)						60,542						NM
Income tax provision (benefit) on net realized gain and net unrealized appreciation (depreciation)			317						(3,379)						3,696						NM
Net increase in net assets resulting from operations			$	58,693					$	36,089					$	22,604					63		%

_________________

NM     Net change % not meaningful

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Investment Income

Total investment income for the nine months ended September 30, 2025 was $104.2 million, a 3% increase from the $101.4 million of total investment income for the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.

			Nine Months Ended September 30,												Net Change
			2025						2024						Amount						%
			(dollars in thousands)
Interest income			$	86,890					$	88,154					$	(1,264)					(1)		%	(a)
Dividend income			13,750						8,964						4,786						53		%	(b)
Fee income			3,597						4,255						(658)						(15)		%	(c)
Total investment income			$	104,237					$	101,373					$	2,864					3		%	(d)

_________________

(a)The decrease in interest income was primarily attributable to (i) an increase in investments on non-accrual status and (ii) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments, partially offset by higher average levels of income producing Investment Portfolio debt investments.

(b)The increase in dividend income was primarily a result of increases of (i) $4.2 million in dividend income from LMM portfolio companies and (ii) $0.9 million in dividend income from Private Loan portfolio companies, partially offset by a decrease of $0.4 million in dividend income from Other Portfolio investments.

(c)The decrease in fee income was primarily related to a $1.3 million decrease from lower exit, prepayment and amendment activity, partially offset by a $0.6 million increase in fees related to increased investment activity.

(d)The increase in total investment income is after a net decrease of $1.1 million in certain income considered less consistent or non-recurring, primarily due to a $1.4 million decrease in such fee income, partially offset by a $0.5 million increase in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments.

Expenses

Total expenses, net of expense waivers, for the nine months ended September 30, 2025 were $53.1 million, a 9% decrease from $58.3 million in the corresponding period of 2024. The following table provides a summary of the changes in the comparable period activity.

			Nine Months Ended September 30,												Net Change
			2025						2024						Amount						%
			(dollars in thousands)
Interest			$	25,570					$	29,470					$	(3,900)					(13)		%	(a)
Base management fees			14,739						15,545						(806)						(5)		%	(b)
Incentive fees			8,775						9,364						(589)						(6)		%	(c)
Internal administrative services expenses			519						7,155						(6,636)						(93)		%	(d)
General and administrative			3,510						3,424						86						3		%
Total expenses before expense waivers			53,113						64,958						(11,845)						(18)		%
Waiver of internal administrative services expenses			—						(6,678)						6,678						(100)		%	(d)
Total expenses, net of expense waivers			$	53,113					$	58,280					$	(5,167)					(9)		%

_________________

(a)The decrease in interest expense was primarily related to decreased weighted-average interest rates on the Credit Facilities due to decreases in benchmark index interest rates and decreases to the applicable spreads resulting from amendments of the Credit Facilities, partially offset by an increase in weighted-average outstanding borrowings used to fund a portion of the growth of the Investment Portfolio.

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(b)The decrease in base management fees was due to a decrease in the annual base management fee percentage attributable to the amended Advisory Agreement that became effective upon the MSC Income Listing during the first quarter of 2025, partially offset by an increase in the Fund’s average total assets.

(c)The decrease in incentive fees, which was after a $0.2 million voluntary permanent waiver provided by the Adviser in the third quarter of 2025, was primarily attributable to the amended Advisory Agreement effective upon the MSC Income Listing during the first quarter of 2025, partially offset by an increase in pre-incentive fee net investment income.

(d)Under the Prior Investment Advisory Agreement, the Adviser historically waived reimbursement of all internal administrative services expenses except for services that were previously provided by an external third-party that were later internalized by the Adviser. Beginning in January 2025, under the Advisory Agreement, the waivers for those costs (except for services that were previously provided by the external third-party) were memorialized as a quarterly cap on the Fund’s obligation to reimburse the Adviser for such internal administrative services expenses. As a result, the historical waiver of such costs is no longer required after the MSC Income Listing.

Net Investment Income

Net investment income for the nine months ended September 30, 2025 increased 21% to $48.6 million, or $1.05 per share, compared to net investment income of $40.3 million, or $1.00 per share, for the corresponding period of 2024. The increase in net investment income is principally attributable to the decreased expenses and the increase in total investment income, each as discussed above. The per share increase in net investment income reflects the increase in net investment income after the impact of a 15% increase in the weighted-average shares outstanding compared to the nine months ended September 30, 2024, primarily due to new shares issued through the MSC Income Offering and the DRIP, partially offset by shares repurchased by the Fund. The increase in net investment income on a per share basis is after a $0.04 per share decrease in investment income considered less consistent or non-recurring in nature.

Net Realized Loss

The following table provides a summary of the primary components of the total net realized loss on investments of $26.1 million for the nine months ended September 30, 2025.

			Nine Months Ended September 30, 2025
			Full Exits												Partial Exits												Restructures												Other (a)						Total
			Net Gain/(Loss)						# of Investments						Net Gain/(Loss)						# of Investments						Net Gain/(Loss)						# of Investments						Net Gain/(Loss)						Net Gain/(Loss)
			(dollars in thousands)
Private Loan portfolio			$	6,631					3						$	(336)					1						$	(17,344)					5						$	(20)					$	(11,069)
LMM portfolio			(1,119)						2						—						—						—						—						67						(1,052)
Middle Market portfolio			(13,465)						1						(5,533)						1						(1,153)						1						836						(19,315)
Other Portfolio			—						—						5,295						1						—						—						—						5,295
Total net realized gain (loss)			$	(7,953)					6						$	(574)					3						$	(18,497)					6						$	883					$	(26,141)

_________________

(a)Other activity includes realized gains and losses from transactions involving eight portfolio companies which are not considered to be significant individually or in the aggregate.

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Net Unrealized Appreciation

The following table provides a summary of the total net unrealized appreciation of $35.9 million for the nine months ended September 30, 2025.

			Nine Months Ended September 30, 2025
			Private Loan						LMM (a)						Middle Market						Other						Total
			(dollars in thousands)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period			$	9,156					$	351					$	20,150					$	(5,295)					$	24,362
Net unrealized appreciation (depreciation) relating to portfolio investments			88						17,331						(6,690)						795						11,524
Total net unrealized appreciation (depreciation) relating to portfolio investments			$	9,244					$	17,682					$	13,460					$	(4,500)					$	35,886

_________________

(a)Includes unrealized appreciation on 34 LMM portfolio investments and unrealized depreciation on 16 LMM portfolio investments.

Income Taxes

MSC Income’s income taxes include excise tax expense at MSIF and federal and state income and other tax expenses at the Taxable Subsidiaries. MSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a result of its investment activities and dividend policy and activities, MSIF incurs federal excise tax on its estimated undistributed taxable income. The Taxable Subsidiaries incur federal and state income and other taxes related to net investment income resulting from the Taxable Subsidiaries’ investment activities. The excise tax expense decrease is due to changes in the estimated undistributed taxable income at the RIC, which is taxed at a 4% rate. The net investment income related federal and state income and other tax expenses increase is due to increases in taxable net investment income at the Taxable Subsidiaries.

The Taxable Subsidiaries also incur taxes on realized gains (losses) and unrealized appreciation (depreciation). These taxes will change over time due to changes in the valuations of portfolio investments and realized gains and losses, in each case, on investments owned by the Taxable Subsidiaries.

Net Increase in Net Assets Resulting from Operations

The net increase in net assets resulting from operations for the nine months ended September 30, 2025 was $58.7 million, or $1.27 per share, compared with $36.1 million, or $0.90 per share, for the nine months ended September 30, 2024. The tables above provide a summary of the reasons for the change in net increase in net assets resulting from operations for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

For the nine months ended September 30, 2025, MSC Income realized a net decrease in cash and cash equivalents of $10.3 million, which is the net result of $24.9 million of cash used in operating activities and $14.6 million of cash provided by financing activities.

The $24.9 million of cash used in operating activities resulted primarily from (i) cash uses totaling $286.9 million for the funding of new and follow-on portfolio investments and (ii) $5.1 million in cash outflows related to changes in other assets and liabilities, partially offset by (i) cash proceeds totaling $228.7 million from the sales and repayments of debt investments and sales and return of capital from equity investments and (ii) cash flows generated from operating profits earned totaling $36.7 million, which is net investment income, excluding the non-cash effects of the accretion of unearned income, PIK interest income, cumulative dividends and the amortization expense for deferred financing costs.

The $14.6 million of cash provided by financing activities principally consisted of $90.5 million in cash proceeds related to common stock issuance, partially offset by (i) $36.7 million in net cash repayments on the Credit Facilities, (ii) $34.6 million in cash dividends paid to stockholders, (iii) $2.7 million for the repurchase of common stock and (iv) $2.0 million for the payment of deferred financing costs.

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Share Repurchases

See Note G — Share Repurchases in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a description of the 10b5-1 Repurchase Plan (as defined in Note G — Share Repurchases in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q) and shares repurchased thereunder during the three months ended September 30, 2025.

Capital Resources

As of September 30, 2025, MSC Income had $18.1 million in cash and cash equivalents and $165.4 million of unused capacity under the Credit Facilities, which are maintained to support investment and operating activities. As of September 30, 2025, the Fund’s NAV totaled $734.4 million, or $15.54 per share.

As of September 30, 2025, MSC Income had $145.0 million outstanding and $100.0 million of undrawn commitments under its floating rate multi-year revolving credit facility (the “Corporate Facility”) and, through MSIF Funding, had $234.0 million outstanding and $66.0 million of undrawn commitments under its special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”), both of which approximated fair value. Availability under the Credit Facilities is subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities. On February 27, 2025, the Corporate Facility was amended to, among other things: (i) increase the total commitments from $165.0 million to $245.0 million and (ii) increase the accordion feature from up to a total of $200.0 million to up to a total of $300.0 million. On March 24, 2025, the SPV facility was amended to, among other things (i) decrease the interest rate for advances to the applicable SOFR plus 2.20% from the prior interest rate of the applicable SOFR plus 3.00%, (ii) extend the revolving period from February 2027 to February 2029 and (iii) extend the final maturity date from February 2028 to February 2030.

For further information on the Credit Facilities, including key terms and financial covenants, refer to Note D — Debt in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

In October 2021, the Fund issued $77.5 million in aggregate principal amount of 4.04% Series A Senior Notes due 2026 (the “Series A Notes”), and an additional $72.5 million of Series A Notes in January 2022. The aggregate principal amount of the Series A Notes was $150.0 million as of both September 30, 2025 and December 31, 2024.

On January 30, 2025, the Fund closed a follow-on public offering of 5,500,000 shares of its common stock, at the public offering price of $15.53 per share, in connection with which the MSC Income Listing occurred. In addition, on February 3, 2025, the Fund issued and sold 825,000 additional shares of its common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option. Net of underwriting discounts and commissions and offering costs, the Fund received net cash proceeds of $90.5 million in connection with the follow-on public equity offering.

MSC Income periodically invests excess cash balances into marketable securities. The primary investment objective of marketable securities is to generate incremental cash returns on excess cash balances prior to utilizing those funds for investment in Private Loan and LMM portfolio investments. Marketable securities generally consist of money market funds and certificates of deposit with financial institutions.

If MSC Income’s common stock trades below NAV per share, the Fund will generally not be able to issue additional common stock at the market price, unless the stockholders approve such a sale and the Board of Directors makes certain determinations. MSC Income has not historically sought stockholder authorization to sell shares of its common stock below the then current NAV per share of its common stock; however, at the 2024 Special Meeting, in advance of the MSC Income Listing, the Fund received approval from its stockholders to have the flexibility, with the approval of the Board of Directors, to offer and sell shares of its common stock at a price below the current NAV per share until December 11, 2025. The Fund also received stockholder authorization to sell shares of its common stock below the then current NAV per share of its common stock at MSC Income’s 2025 annual meeting of stockholders, extending the authorization received at the 2024 Special Meeting until September 9, 2026. The Fund may also seek such authorization at future annual or special meetings of stockholders. Any decision to sell shares of its common stock below the then current NAV per share of the common stock would be subject to the determination by the Board of Directors that such issuance is in the Fund’s and its stockholders’ best interests.

In order to satisfy the Code requirements applicable to a RIC, MSC Income intends to distribute to its stockholders, after consideration and application of its ability under the Code to carry forward certain excess undistributed taxable income from one tax year into the next tax year, substantially all of the Fund’s taxable income.

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In addition, as a BDC, MSC Income is allowed to borrow amounts such that its asset coverage ratio, or BDC asset coverage ratio, of its total assets to its total senior securities, which includes borrowings and any preferred stock the Fund may issue in the future, of at least 200% (or 150% if certain requirements are met). On January 29, 2025, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, which will result in the Fund’s asset coverage requirements applicable to senior securities being reduced from 200% to 150%, effective on January 29, 2026. As of September 30, 2025, the Fund’s BDC asset coverage ratio was 239%.

Although MSC Income has been able to secure access to additional liquidity, including through the Credit Facilities and the Master Note Purchase Agreement dated October 22, 2021 governing the Series A Notes (the “Note Purchase Agreement”), there is no assurance that debt or equity capital will be available to the Fund in the future on favorable terms, or at all.

Recently Issued or Adopted Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by MSC Income as of the specified effective date. The Fund believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption. For a description of recently issued or adopted accounting standards, see Note B.13. — Summary of Significant Accounting Policies — Recently Issued or Adopted Accounting Standards in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Inflation

Inflation has not historically had a significant effect on the Fund’s results of operations in any of the reporting periods presented herein. However, the Fund’s portfolio companies have experienced, specifically including over the last few years, as a result of recent geopolitical events, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries, supply chain and labor issues, and may continue to experience, the increasing impacts of inflation on their operating results, including periodic escalations in their costs for labor, raw materials and third-party services and required energy consumption. These issues and challenges related to inflation are receiving significant attention from the Fund’s investment teams and the management teams of its portfolio companies as they work to manage these growing challenges. Prolonged or more severe impacts of inflation to portfolio companies could continue to affect their operating profits and, thereby, increase their borrowing costs, and as a result negatively impact their ability to service their debt obligations and/or reduce their available cash for distributions. In addition, these factors could have a negative effect on the fair value of investments in these portfolio companies. The combined impacts therefrom in turn could negatively affect the Fund’s results of operations.

Off-Balance Sheet Arrangements

MSC Income may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. These instruments include commitments to extend credit and fund equity capital and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the Consolidated Balance Sheets. As of September 30, 2025, MSC Income had a total of $96.8 million in outstanding commitments comprised of (i) 65 investments with commitments to fund revolving loans that had not been fully drawn or term loans with additional commitments not yet funded and (ii) three investments with equity capital commitments that had not been fully called.

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Contractual Obligations

As of September 30, 2025, the Fund’s future commitments for cash payments in connection with the Credit Facilities and the Series A Notes for each of the next five years and thereafter are as follows:

			2025						2026						2027						2028						2029						Thereafter						Total
			(in thousands)
SPV Facility (1)			$	—					$	—					$	—					$	—					$	—					$	234,000					$	234,000
Corporate Facility (1)			—						—						—						—						145,000						—						145,000
Series A Notes			—						150,000						—						—						—						—						150,000
Interest due on Series A Notes			3,030						6,060						—						—						—						—						9,090
Total			$	3,030					$	156,060					$	—					$	—					$	145,000					$	234,000					$	538,090

_________________

(1)Future interest payments on the Credit Facilities have not been included, as these amounts fluctuate over time depending on the current interest rates and amounts outstanding.

Related Party Transactions and Agreements

MSC Income has entered into agreements with the Adviser and/or certain of its affiliates and other parties whereby the Fund pays certain fees and reimbursements to these entities. In addition, the Fund makes payments for certain services that include the identification, execution and management of investments and also the management of day-to-day operations provided by the Adviser, pursuant to various agreements that MSC Income has entered into. See Note J — Related Party Transactions in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for additional information regarding these related party transactions and agreements.

Recent Developments

In November 2025, MSC Income declared a regular quarterly dividend of $0.35 per share and a supplemental quarterly dividend of $0.01 per share, both payable on January 30, 2026 to stockholders of record as of December 31, 2025.

Since September 30, 2025 through November 13, 2025, MSC Income repurchased 357,304 shares at an average price of $12.69 (including broker commissions), as part of the Fund’s 10b5-1 Repurchase Plan.

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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

MSC Income is subject to financial market risks, including changes in interest rates, and changes in interest rates may affect both the Fund’s interest expense on the debt outstanding under the Credit Facilities and the interest income from portfolio investments. The Fund’s risk management systems and procedures are designed to identify and analyze risk, to set appropriate policies and limits and to continually monitor these risks. The Fund’s investment income will be affected by changes in various interest rate indices, including SOFR and Prime rates, to the extent that any debt investments include floating interest rates. See Risk Factors — Risks Related to our Business and Structure — We are subject to risks associated with the interest rate environment and changes in interest rates will affect our cost of capital, net investment income and the value of our investments. and Risk Factors — Risks Related to Leverage — Because we borrow money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. included in the Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for more information regarding risks associated with debt investments and borrowings that utilize SOFR or Prime as a reference rate.

The majority of MSC Income’s debt investments are made with either fixed interest rates or floating rates that are subject to contractual minimum interest rates for the term of the investment. As of September 30, 2025, 78% of MSC Income’s debt Investment Portfolio (at cost) bore interest at floating rates, 97% of which were subject to contractual minimum interest rates. As of September 30, 2025, 28% of MSC Income’s debt obligations bore interest at fixed rates. MSC Income’s interest expense will be affected by changes in the published SOFR in connection with the Credit Facilities; however, the interest rates on the outstanding Series A Notes are fixed for the life of such debt. As of September 30, 2025, MSC Income had not entered into any interest rate hedging arrangements. Due to the Fund’s limited use of derivatives, it has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and, therefore, is not subject to registration or regulation as a pool operator under such Act. The Fund expects to operate as a “limited derivatives user” under Rule 18f-4 under the 1940 Act.

The following table shows the approximate annualized increase or decrease in the components of net investment income due to hypothetical base rate changes in interest rates, assuming no changes in the Fund’s investments and borrowings as of September 30, 2025. The pro forma changes in incentive fee expense are calculated based upon the incentive fee expense for the third quarter of 2025 on an annualized basis, pursuant to the terms included in the Advisory Agreement, as adjusted for the pro forma change in pre-incentive fee net investment income resulting from the assumed interest income and interest expense changes noted in the table, with no other changes in investment income or expenses.

Basis Point Change						Increase (Decrease) in Interest Income						(Increase) Decrease in Interest Expense						Increase (Decrease) in Pre-Incentive Fee Net Investment Income						(Increase) Decrease in Incentive Fee Expense						Increase (Decrease) in Net Investment Income						Increase (Decrease) in Net Investment Income per Share
						(dollars in thousands, except per share amounts)
(200)						$	(15,111)					$	7,580					$	(7,531)					$	1,318					$	(6,213)					$	(0.13)
(175)						(13,247)						6,633						(6,614)						1,157						(5,457)						(0.12)
(150)						(11,364)						5,685						(5,679)						994						(4,685)						(0.10)
(125)						(9,482)						4,738						(4,744)						830						(3,914)						(0.08)
(100)						(7,600)						3,790						(3,810)						667						(3,143)						(0.07)
(75)						(5,718)						2,843						(2,875)						503						(2,372)						(0.05)
(50)						(3,835)						1,895						(1,940)						340						(1,601)						(0.03)
(25)						(1,954)						948						(1,006)						176						(830)						(0.02)
25						1,728						(948)						780						(137)						644						0.01
50						3,559						(1,895)						1,664						(291)						1,373						0.03
75						5,390						(2,843)						2,547						(446)						2,101						0.04
100						7,220						(3,790)						3,430						(600)						2,830						0.06
125						9,054						(4,738)						4,316						(755)						3,561						0.08
150						10,889						(5,685)						5,204						(911)						4,293						0.09
175						12,723						(6,633)						6,090						(1,066)						5,024						0.11
200						14,558						(7,580)						6,978						(1,221)						5,757						0.12

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Although MSC Income believes that this analysis is indicative of the impact of interest rate changes to net investment income as of September 30, 2025, the analysis does not take into consideration future changes in the credit market, credit quality or other business or economic developments that could affect net investment income. Accordingly, MSC Income can offer no assurances that actual results would not differ materially from the analysis above. The hypothetical results assume that all SOFR and Prime rate changes would be effective on the first day of the period. However, the contractual SOFR and Prime rate reset dates would vary throughout the period. The majority of the Fund’s investments are based on contracts which reset quarterly while the Corporate Facility and the SPV Facility reset on a monthly and quarterly basis, respectively. The hypothetical results would also be impacted by the changes in the amount of outstanding debt under the Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense).

Item 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this Quarterly Report on Form 10-Q, MSC Income carried out an evaluation, under the supervision and with the participation of its management, including the Chief Executive Officer, President, Chief Financial Officer, General Counsel and Chief Accounting Officer, of the effectiveness of the design and operation of disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, MSC Income’s Chief Executive Officer, President, Chief Financial Officer, General Counsel and Chief Accounting Officer have concluded that the current disclosure controls and procedures are effective in timely alerting them of material information relating to MSC Income that is required to be disclosed in the reports the Fund files or submits under the Exchange Act. There have been no changes in MSC Income’s internal control over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Fund’s internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

MSC Income, the Adviser and/or Main Street may, from time to time, be involved in litigation arising out of the Fund’s operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on the Fund, the Adviser and/or Main Street in connection with the activities of the Fund’s portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, MSC Income does not expect any current matters will materially affect the Fund’s, the Adviser’s or Main Street’s financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on the Fund’s, the Adviser’s or Main Street’s financial condition or results of operations in any future reporting period.

Item 1A. RISK FACTORS

You should carefully consider the risks described below and all other information contained in this Quarterly Report on Form 10-Q, including MSC Income’s interim consolidated financial statements and the related notes thereto, before making a decision to purchase MSC Income’s securities. The risks and uncertainties described below are not the only ones facing the Fund. Additional risks and uncertainties not currently known or currently deemed to be immaterial also may have a material adverse effect on the Fund’s business, financial condition and/or operating results, as well as the market price of MSC Income’s securities.

In addition to the other information set forth in this report, you should carefully consider the risk factors described in Item 1A. Risk Factors in MSC Income’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on March 20, 2025 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 13, 2025, which could materially affect the business, financial condition and/or operating results.

Waivers, deferrals and reductions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged.

The Adviser is permitted, in its sole discretion, to waive, defer or reduce, in whole or in part, temporarily or permanently, some of the fees or costs otherwise due from MSC Income to the Adviser under the Advisory Agreement. While this activity can be seen as friendly to investors, waivers, deferrals and reductions of fees and costs result in higher returns to investors than such investors would receive if full fees and costs were charged. Any distributions MSC Income pays to its stockholders from sources other than cash flow from operations or relying on fee waivers, deferrals or reductions, if any, from the Adviser are not based on MSC Income’s investment performance, and can be sustained only if MSC Income achieves positive investment performance in future periods and/or the Adviser continues to waive, defer or reduce such fees or costs, if any. There is no guarantee that any waivers, deferrals or reductions will occur in the future, and any waivers, deferrals and reductions are entirely at the discretion of the Adviser.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Sales of Unregistered Securities

During the three months ended September 30, 2025, MSC Income issued 299,994 shares of its common stock under its DRIP. These issuances were not subject to the registration requirements of the Securities Act of 1933, as amended. The aggregate value of the shares of common stock issued during the three months ended September 30, 2025 under the DRIP was $4.6 million.

Issuer Purchases of Equity Securities

See Note G — Share Repurchases in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q for a description of MSC Income’s 10b5-1 Repurchase Plan and shares repurchased thereunder during the three months ended September 30, 2025.

Item 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of MSC Income’s directors or officers adopted or terminated any contract, instruction or written plans for the purchase or sale of the Fund’s securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. EXHIBITS

Listed below are the exhibits which are filed as part of this report (according to the number assigned to them in Item 601 of Regulation S-K):

Exhibit Number						Description of Exhibit
31.1*						Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2*						Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32.1**						Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
32.2**						Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350).
101*						The following financial information from MSC Income’s Quarterly Report on Form 10-Q for the third quarter of fiscal year 2025, filed with the SEC on November 14, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) the Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024, (iii) the Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024, (iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, (v) the Consolidated Schedule of Investments for the periods ended September 30, 2025 and December 31, 2024, (vi) the Notes to Consolidated Financial Statements and (vii) the Consolidated Schedule 12-14 for the nine months ended September 30, 2025 and 2024.
104*						Cover Page Interactive Data File (embedded within the Inline XBRL document)

___________________________

*    Filed herewith

**    Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			MSC Income Fund, Inc.
Date: November 14, 2025			/s/ DWAYNE L. HYZAK
			Dwayne L. Hyzak
			Chief Executive Officer
			(principal executive officer)
Date: November 14, 2025			/s/ CORY E. GILBERT
			Cory E. Gilbert
			Chief Financial Officer
			(principal financial officer)
Date: November 14, 2025			/s/ RYAN H. MCHUGH
			Ryan H. McHugh
			Chief Accounting Officer
			(principal accounting officer)

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