MSIF 10-K & 10-Q changes, risk factors and insider trading
Msc Income Fund, Inc. · NYSE · CIK 1535778 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “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.”
New heading “Changes to U.S. tariff, trade and economic policies may have a negative effect on MSC Income’s portfolio companies and, in turn, harm MSC Income.”
New heading “There may be circumstances where MSC Income’s debt investments could be subordinated to claims of other creditors or it could be subject to lender liability claims.”
New heading “MSC Income may be subject to risks associated with “covenant-lite” loans.”
New heading “Failure to maintain its status as a BDC would reduce MSC Income’s operating flexibility.”
New heading “Sales of substantial amounts of MSC Income’s common stock in the public market may have an adverse effect on the market price of its common stock.”
New heading “The failure in cybersecurity systems, as well as the occurrence of events unanticipated in MSC Income’s and the Adviser’s disaster recovery systems and management continuity planning could impair MSC Income’s ability to conduct business effectively.”
New heading “Failure to comply with applicable laws or regulations and changes in laws or regulations governing MSC Income’s operations may adversely affect its business or cause it to alter its business strategy.”
New heading “Uncertainty about presidential administration initiatives could negatively impact MSC Income’s business, financial condition and results of operations.”
New heading “MSC Income may experience fluctuations in its operating results.”
New heading “Technological innovations and industry disruptions may negatively impact MSC Income.”
Removed heading “There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.”
Removed heading “We may be subject to risks associated with “covenant-lite” loans.”
Removed heading “Failure to maintain our status as a BDC would reduce our operating flexibility.”
Removed heading “Uncertainty about presidential administration initiatives could negatively impact our business, financial condition and results of operations.”
Removed heading “Failure to comply with applicable laws or regulations and changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.”
Removed heading “We may experience fluctuations in our operating results.”
Removed heading “Technological innovations and industry disruptions may negatively impact us.”
Removed heading “The failure in cybersecurity systems, as well as the occurrence of events unanticipated in our and our Adviser’s disaster recovery systems and management continuity planning could impair our ability to conduct business effectively.”
Largest changes
“Some of the loans in which MSC Income invests may be “covenant-lite” loans, which means the loans contain fewer maintenance covenants than other loans (in some cases, none) and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. …”see in full comparison
“Some of the loans in which we invest may be “covenant-lite” loans, which means the loans contain fewer maintenance covenants than other loans (in some cases, none) and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. …”see in full comparison
“Even if MSC Income’s investment is structured as a senior-secured loan, principles of equitable subordination, as defined by existing case law, could lead a bankruptcy court to subordinate all or a portion of MSC Income’s claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. …”see in full comparison
“Even if our investment is structured as a senior-secured loan, principles of equitable subordination, as defined by existing case law, could lead a bankruptcy court to subordinate all or a portion of our claim to that of other creditors and transfer any lien securing such subordinated claim to the bankruptcy estate. …”see in full comparison
“Changes to U.S. tariff, trade and economic policies may have a negative effect on MSC Income’s portfolio companies and, in turn, harm MSC Income.”see in full comparison
“MSC Income may be subject to risks associated with “covenant-lite” loans.”see in full comparison
Full comparison: every changed paragraph (278)
Investing in ourMSC Income’s securities involves a number of significant risks. In addition to the other information contained in this Annual Report on Form 10-K, you should consider carefully the following information before making an investment in ourMSC Income’s securities. The risks set out below are not the only risks weMSC face.Income faces. Additional risks and uncertainties not presently known to us or not presently deemed material by us might also impair ourMSC Income’s operations and performance. If any of the following events occur, ourMSC Income’s business, financial condition and results of operations could be materially and adversely affected. In such case, ourMSC Income’s NAV, the trading price of ourits common stock and the value of ourits other securities could decline, and you may lose all or part of your investment.
The following is a summary of the principal risk factors associated with an investment in ourMSC Income’s securities. Further details regarding each risk included in the below summary list can be found further below.
Risks Related to ourMSC Income’s Business and Structure
•Because ourthe Investment Portfolio is recorded at fair value, there is and will continue to be uncertainty as to the value of ourMSC Income’s portfolio investments.
•OurMSC Income’s financial condition and results of operations depends on ourthe Adviser’s ability to effectively manage and deploy capital.
•WeMSC areIncome is subject to risks associated with the interest rate environment and changes in interest rates will affect ourits cost of capital, net investment income and the value of ourits investments.
•WeMSC faceIncome faces increasing competition for investment opportunities.
•WeMSC areIncome is dependent upon ourthe Adviser’s key investment personnelpersonnel, who are provided by Main Street, for ourits future success.
•OurMSC Income’s success depends on ourMain Adviser’sStreet’s ability to attract and retain qualified personnel in a competitive environment.
•WeMSC Income may not replicate the historical results achieved by Main Street or by other advisory clients of ourthe Adviser.
•OurMSC Income’s business model depends to a significant extent upon strong referral relationships.relationships maintained by Main Street and the Adviser.
•Our Board of Directors may change our operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse.
Risks Related to ourMSC Income’s Investments
•The types of portfolio companies in which weMSC investIncome invests involve significant risks and weMSC Income could lose all or part of ourits investment.
•Economic recessions or downturns could impair ourMSC Income’s portfolio companies’ performance and certain material defaults by oursuch portfolio companies willcould harm ourMSC Income’s operating results.
•Rising credit spreads could affect the value of ourMSC Income’s investments, and rising interest rates make it more difficult for portfolio companies to make periodic payments on their loans.
•Inflation could adversely affect the business, results of operations and financial condition of ourMSC Income’s portfolio companies.
•Changes to U.S. tariff, trade and economic policies may have a negative effect on MSC Income’s portfolio companies and, in turn, harm MSC Income.
•WeMSC Income may be exposed to higher risks with respect to ourits investments that include original issue discount or PIK interest.
•The lack of liquidity in ourMSC Income’s investments may adversely affect ourits business.
•WeMSC Income may not have the funds or ability to make additional investments in ourits portfolio companies.
•There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
•WeMSC Income generally will not control ourits portfolio companies.
•DefaultsCertain material defaults by ourits portfolio companies willcould harm ourMSC Income’s operating results.
•Any unrealized depreciation that weMSC experienceIncome experiences in ourthe portfolioInvestment Portfolio may be an indication of future realized losses, which could reduce our income and gains available for distribution.
•Prepayments of ourMSC Income’s debt investments by ourits portfolio companies could adversely impact ourits results of operations and reduce ourits return on equity.
•We may be subject to risks associated with “covenant-lite” loans.
•We may not realize gains from our equity investments.
•Because weMSC borrowIncome borrows money, the potential for gain or loss on amounts invested in usMSC Income is magnified and may increase the risk of investingsuch in us.investment.
•Substantially all of ourMSC Income’s assets are subject to security interests under ourits senior securitiessecurities, and if weMSC defaultIncome defaults on ourits obligations under ourits senior securities, weit may suffer adverse consequences, including foreclosure on ourits assets.
•WeMSC areIncome is subject to risks associated with any revolving credit facility that utilizes a Structured Subsidiary as ourMSC Income’s interests in any Structured Subsidiary are subordinated and weMSC Income could be prevented from receiving cash on ourits equity interests from a Structured Subsidiary.
Risks Related to ourthe Adviser and its Affiliates
•OurThe Adviser has conflicts of interest that may create an incentive for the Adviser to enter into investments that are riskier or more speculative than would otherwise be the case and ourthe Adviser may have an incentive to increase portfolio leverage in order to earn higher management fees.
•WeMSC Income may be obligated to pay ourthe Adviser incentive compensation even if weMSC incurIncome incurs a net loss due to a decline in the value of ourthe portfolio.Investment Portfolio.
•OurThe Adviser may face conflicts of interest in allocating investment opportunities between us,MSC Income, Main Street and the other advisory clients of ourthe Adviser.
•Our Adviser’s liability is limited under the Advisory Agreement, and we have agreed to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
•Our Adviser can resign on 120 days’ notice and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations.
•Operating under the constraints imposed on usMSC Income as a BDC and RIC may hinder the achievement of ourits investment objectives.
Risks Related to ourMSC Income’s Securities
•Investing in ourMSC Income’s securities may involve a high degree of risk.
•Shares of closed-end investment companies, including BDCs,BDCs such as MSC Income, may trade at a discount to their NAV.NAV per share.
•The market price of MSC Income’s securities may be volatile and fluctuate significantly.
•WeMSC Income may not be able to pay distributions to ourits stockholders, ourits distributions may not grow over time,time and a portion of distributions paid to ourits stockholders may be a return of capital.
•WeMSC Income will be subject to corporate-level U.S. federal income tax if weit areis unable to qualify as a RIC under Subchapter M of the Code.
•WeMSC Income may have difficulty paying the distributions required to maintain RIC tax treatment under the Code if weit recognizerecognizes income before or without receiving cash representing such income.
•Events outside of ourMSC Income’s control, including public health crises, supply chain disruptions and inflation, could negatively affect ourMSC Income and its portfolio companies and the results of ourMSC Income’s operations.
•Market conditions may materially and adversely affect debt and equity capital markets in the United StatesU.S. and abroad, which may have a negative impact on ourMSC Income’s business and operations.
•The failure in cybersecurity systems, as well as the occurrence of events unanticipated in MSC Income’s and the Adviser’s disaster recovery systems and management continuity planning could impair MSC Income’s ability to conduct business effectively.
•MSC Income is highly dependent on information systems and systems failures could significantly disrupt its business, which may, in turn, negatively affect the market price of its common stock and its ability to pay dividends.
•Failure to comply with applicable laws or regulations and changes in laws or regulations governing ourMSC Income’s operations may adversely affect ourits business or cause usit to alter ourits business strategy.
•Uncertainty about presidential administration initiatives could negatively impact MSC Income’s business, financial condition and results of operations.
RISKS RELATED TO OURMSC INCOME’S BUSINESS AND STRUCTURE
Because ourthe Investment Portfolio is recorded at fair value, there is and will continue to be uncertainty as to the value of ourMSC Income’s portfolio investments.
Under the 1940 Act, weMSC areIncome is required to carry ourits portfolio investments at market value or, if there is no readily available market value, at fair value as determined by usMSC Income pursuant to proceduresthe establishedValuation and overseen by our Board of Directors.Procedures. Typically, there is not a public market for the securities of the privately held companies in which weMSC investIncome invests through ourthe Private Loan investment strategy and in ourthe LMM investment portfolio. As a result, weMSC valueIncome values these securities quarterly at fair value based on inputs from management and a nationally recognized independent financial advisory services firm (on a rotational basis) pursuant to Valuation Procedures approved by our Board of Directors. In addition, the market for investments in companies in our Middle Market investment portfolio is generally not a liquid market, and therefore, we primarily use 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, pursuant to our Valuation Procedures. 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 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K for a detailed discussion of ourthe InvestmentValuation Portfolio valuation process and procedures.Procedures.
The determination of fair value and consequently, the amount of unrealized gains and losses in ourthe portfolio,Investment Portfolio, are to a certain degree, subjective and dependent on athe valuationValuation process approved by our Board of Directors.Procedures. Certain factors that may be considered in determining the fair value of our investments include external events, such as private mergers, sales and acquisitions involving comparable companies. Because such valuations, and particularly valuations of securities in privately held companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. Due to this uncertainty, our fair value determinations may cause ourMSC Income’s NAV on a given date to materially understate or overstate the value that weMSC Income may ultimately realize on one or more of ourits investments. As a result, investors purchasing ourMSC Income’s securities based on an overstated NAV would pay a higher price than the value of oursuch investments might warrant. Conversely, investors selling ourMSC Income’s securities during a period in which the NAV understates the value of ourMSC Income’s investments may receive a lower price for their securities than the value of oursuch investments might warrant.
OurMSC Income’s financial condition and results of operations depends on ourthe Adviser’s ability to effectively manage and deploy capital.
OurMSC Income’s ability to achieve ourits investment objective of maximizing ourits portfolio’sInvestment Portfolio’s total return, primarily by generating current income from ourits debt investments and, to a lesser extent, by generating current income and capital appreciation from ourits equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company, depends on ourthe Adviser’s ability to effectively manage and deploy capital, which depends, in turn, on ourthe Adviser’s investment team’s ability to identify, evaluate and monitor, and ourMSC Income’s ability to finance and invest in, companies that meet ourMSC Income’s investment criteria.
Accomplishing ourMSC Income’s investment objective on a cost-effective basis is largely a function of ourthe Adviser’s investment team’s handling of the investment process, its ability to provide competent, attentive and efficient services and ourMSC Income’s access to investments offering acceptable terms. In addition to monitoring the performance of ourMSC Income’s existing investments, members of ourthe Adviser’s investment team are also called upon, from time to time, to provide managerial assistance to some of ourMSC Income’s portfolio companies. These demands on their time may distract them or slow the rate of investment.
Even if wethe areAdviser is able to grow and build upon ourits investment operations, any failure to manage our growth effectively could have a material adverse effect on ourMSC Income’s business, financial condition, results of operations and prospects. The results of our operations will depend on many factors, including the availability of opportunities for investment, readily accessible shortshort- and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if ourthe Adviser cannot successfully operate ourits business or implement ourMSC Income’s investment policies and strategies as described herein, itMSC could negatively impact ourIncome’s ability to pay dividends.dividends could be negatively impacted.
WeMSC areIncome is subject to risks associated with the interest rate environment and changes in interest rates will affect ourits cost of capital, net investment income and the value of ourits investments.
Management's Discussion & Analysis (MD&A)
New heading “Adjusted Net Investment Income”
Largest changes
“On January 29, 2025, in connection with the MSC Income Listing, we amended and restated our Articles of Amendment and Restatement, as amended, by filing new Articles of Amendment and Restatement of the Company (the “New Articles”) with the State Department of Assessments and Taxation of the State of Maryland. …”see in full comparison
“On November 13, 2024, our Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of the Company or our Adviser, unanimously approved suspending our quarterly share repurchase program in anticipation of the MSC Income Listing. …”see in full comparison
“During the years ended December 31, 2024 and 2023, on certain dividend payment dates we sold shares of our common stock to Main Street at the price at which we issued new shares in connection with reinvestments of dividends pursuant to our dividend reinvestment plan as then in effect. …”see in full comparison
“Following the MSC Income Listing, and pursuant to Board authorization, we entered into a share repurchase plan to repurchase up to $65.0 million in the aggregate of shares of our common stock in the open market for a twelve-month period beginning in March 2025, at times when the market price per share of our common stock is trading below the most recently reported NAV per share of our common stock by certain pre-determined levels (including any updates, corrections or adjustments publicly announced by us to any previously announced NAV per share). …”see in full comparison
As of December 31,see in full comparison2024,2025,weMSC Income had$149.0$209.0 million outstanding and$16.0$36.0 million of undrawn commitments underourits floating rate multi-year revolving credit facility (the “Corporate Facility”)andand,$266.7through MSIF Funding, had $244.0 million outstanding and$33.3$56.0 million of undrawn commitments underourits special purpose vehicle revolving credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”), both of whichwe estimatedapproximated fair value. Availability underourthe Credit Facilities is subject to certain leverage and borrowing base limitations,variouscovenants, reportingrequirementsand other requirements customaryrequirementsfor similar credit facilities. OnNovemberFebruary8,27,2024,2025,we entered into an amendment to ourthe 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 fromSeptemberFebruary20252027 toNovemberFebruary2028,2029 and (iiiii) extend the final maturity date fromMarchFebruary20262028 toMayFebruary2029 and (iii) reduce the interest rate, subject to our election, to (a) SOFR plus 2.05% or (b) the base rate plus 1.05%.2030.
Full comparison: every changed paragraph (108)
The following discussion should be read in conjunction with ourMSC Income’s consolidated financial statements and the notes thereto included elsewhere in this Annual Report on Form 10-K.
Statements we makemade in the following discussion which express a belief, expectation or intention, as well as those that are not historical fact, are forward-looking statements that are subject to risks, uncertainties and assumptions. OurThe Fund’s actual results, performance or achievements, or industry results, could differ materially from those we expressexpressed in the following discussion as a result of a variety of factors, including the risks and uncertainties weit havehas referred to under the headings “Cautionary Statement Concerning Forward-Looking Statements” and “Risk Factors” in this report.
The following tables provide aA summary of ourthe investments in theFund’s Private Loan,Loan and LMM andportfolio Middle Market portfoliosinvestments as of December 31, 20242025 and 20232024 is as follows (this information excludes Middle Market portfolio investments and Other Portfolio investments, which are discussed further below).:
(a)As of December 31, 2024,2025, weMSC Income had equity ownership in all of ourits LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 9%.8%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2024,2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instrumentsinvestments 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, 2024.2025. The weighted-average annual effective yield on ourthe Fund’s debt portfolio as of December 31, 2024,2025, including debt investments on non-accrual status, was 11.4%10.3% for ourthe Private Loan portfolio,portfolio 12.2%investments and 11.7% for ourthe LMM portfolio and 9.0% for our Middle Market portfolio.investments. The weighted-average annual effective yield is not reflective of what an investor in shares of ourMSC Income’s common stock will realize on its investment because it does not reflect ourchanges in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in ourits capital structure, ourMSC 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 andportfolio Middle Market portfolioscompanies and a simple average for the LMM portfolio.portfolio companies. These calculations exclude certain portfolio companies, including twofour Private Loan portfolio companies,companies and three LMM portfolio companies and one Middle Market portfolio company,companies, as EBITDA is not a meaningful valuation metric for ourthe 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.
(a)As of December 31, 2023,2024, weMSC Income had equity ownership in all of ourits 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, 2023,2024, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt instrumentsinvestments 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, 2023.2024. The weighted-average annual effective yield on ourthe Fund’s debt portfolio as of December 31, 2023,2024, including debt investments on non-accrual status, was 12.6%11.4% for ourthe Private Loan portfolio,portfolio 13.0%investments and 12.2% for ourthe LMM portfolio and 9.9% for our Middle Market portfolio.investments. The weighted-average annual effective yield is not reflective of what an investor in shares of ourMSC Income’s common stock will realize on its investment because it does not reflect ourMSC Income’s utilization of debt capital in ourits capital structure, ourMSC 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 andportfolio Middle Market portfolioscompanies and a simple average for the LMM portfolio.portfolio companies. These calculations exclude certain portfolio companies, including onetwo Private Loan portfolio company,companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for ourthe investmentFund’s investments in thisthese portfolio company,companies, and those portfolio companies whose primary purpose is to own real estate.estate and those portfolio companies whose primary operations have ceased and only residual value remains.
For the years ended December 31, 20242025 and 2023,2024, weMSC Income achieved a total return on investments of 12.4%13.9% and 13.6%,12.4%, respectively. Total return on investments is calculated usingequals the total interest, dividend and fee income,income as well as theplus realized and unrealized changechanges 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. OurThe Fund’s total return on investments is not reflective of what an investor in shares of ourits common stock will realize on its investment because it does not reflect ourchanges in the market value of its stock, utilization of debt capital in ourits capital structure, our expenses or any sales load paid by an investor.
As of December 31, 2024,2025, weMSC Income had OtherMiddle PortfolioMarket portfolio investments in sixeight entities,portfolio spread across four investment managers,companies, collectively totaling $24.1$23.3 million in fair value and $17.9$39.8 million in cost basis, which comprised 2.0%1.7% and 1.6%3.2% of ourthe Investment Portfolio at fair value and cost, respectively. As of December 31, 2023,2024, weMSC Income had OtherMiddle PortfolioMarket portfolio investments in sixten entities,portfolio spread across four investment managers,companies, collectively totaling $24.6$39.4 million in fair value and $21.5$66.3 million in cost basis, which comprised 2.3%3.3% and 2.1%5.8% of ourthe Investment Portfolio at fair value and cost, respectively.
As of December 31, 2025, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $15.5 million in fair value and $13.7 million in cost basis, which comprised 1.2% and 1.1% 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.
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 atas 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 ourMSC 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. OurMSC Income’s critical accounting policies and estimates include the Investment Portfolio Valuation and Revenue Recognition policies described below. OurMSC 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 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K.
The most significant determination inherent in the preparation of ourMSC Income’s consolidated financial statements is the valuation of ourthe Investment Portfolio and the related amounts of unrealized appreciation and depreciation. WeThe considerFund considers this determination to be a critical accounting estimate, given the significant judgments and subjective measurements required. As of both December 31, 20242025 and 2023,2024, ourthe Fund’s Investment Portfolio valued at fair value represented 96%97% and 96%, respectively, of ourits total assets. WeMSC areIncome is required to report ourits investments at fair value. WeThe followFund follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”).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 usthe 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 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K for a detailed discussion of ourthe InvestmentValuation Portfolio valuation process and procedures.Procedures.
Due to the inherent uncertainty in the valuation process, ourMSC Income’s determination of fair value for ourthe 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. WeMSC determineIncome determines the fair value of each individual investment and recordrecords 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. OurMSC Income’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated ourthe Adviser, led by athe groupValuation of Main Street’s and our Adviser’s executive officers,Committee, to serve as the Board of Directors’ valuation designee. WeMSC believeIncome ourbelieves the Investment Portfolio as of December 31, 20242025 and 20232024 approximates fair value as of those dates based on the markets in which wethe operateFund operates and other conditions in existence on those reporting dates.
WeMSC recordIncome 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. WeThe evaluateFund evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if wethe Fund otherwise dodoes not expect the debtor to be able to service its debt obligation, weit 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, wethe removeFund removes it from non-accrual status.
WeMSC Income may periodically provide services, including structuring and advisory servicesservices, to our 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.
WeMSC holdIncome holds certain debt and preferred equity instruments in ourits 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 insee Note B.7.B.8. — Summary of Significant Accounting Policies — Income Taxes in the notes to the consolidated financial statements included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though weMSC Income may not have collected the PIK interest and cumulative dividends in cash. WeMSC stopIncome stops accruing PIK interest and cumulative dividends and writewrites off any accrued and uncollected interest and dividends in arrears when weit determinedetermines that such PIK interest and dividends in arrears are no longer collectible. For the years ended December 31, 2024,2025, 20232024 and 20222023 (i) 6.2%,6.0%, 3.8%6.2% and 2.5%,3.8%, respectively, of ourMSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.1%,0.9%, 0.1% and 0.6%,0.1%, respectively, of ourMSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash.
TheA followingsummary tables summarizeof the composition of ourMSC 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 December 31, 20242025 and 20232024 is as follows (this information excludes Other Portfolio investmentsinvestments, which are discussed above).:
OurThe Fund’s Private Loan, LMM and Middle Market portfolio investments carry a number of risksrisks, 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 ourthe Investment Portfolio. Please seeSee Item 1A. Risk Factors — Risks Related to ourMSC Income's Investments contained in this Annual Report on Form 10-K for a more complete discussion of the risks involvedincluded with investing in ourMSC Income’s Investment Portfolio.
OurThe 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 ourthe expected level of returns on each of ourthe Private Loan, LMM and Middle Market investments in relation to ourthe 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 our debt investments and the ability to receive a return of the invested capital in ourthe 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.
As of December 31, 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.
As of December 31, 2024, investments on non-accrual status comprised 1.5% of our total Investment Portfolio at fair value and 5.6% at cost. As of December 31, 2023, investments on non-accrual status comprised 1.1% of our total Investment Portfolio at fair value and 4.0% at cost.
The operating results of ourthe Fund’s portfolio companies are impacted by changes in the broader fundamentals of the United StatesU.S. economy. In periods during which the United StatesU.S. economy contracts, it is likely that the financial results of small to mid-sized companies, like those in which wethe invest,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 our debt investments or in realized losses on our investments and to difficulty in maintaining historical dividend payment rates and unrealized appreciation on ourthe Fund’s equity investments. Consequently, wethe 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 ourthe Fund’s future results.
Set forth below is a comparison of the results of operations and changesa inreconciliation financialof conditionnet investment income to adjusted net investment income and to adjusted net investment income before taxes, for the years ended December 31, 20242025 and 2023.2024. The comparison of, and changes between, the fiscal years ended December 31, 20232024 and 20222023 can be found withinin Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations included in ourthe Fund’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023,2024, which is incorporated herein by reference. All prior period net investment income, net investment income per share, adjusted net investment income and adjusted 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 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K for additional details on these adjustments.
On December 16, 2024, we effectuated the Reverse Stock Split. As a result of the Reverse Stock Split, every two shares of our 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 our common stock.
NM — Net Change % not meaningful (a)Pursuant to the Advisory Agreement effective upon the MSC Income Listing, the incentive fee on capital gains is determined and payable to the Adviser in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the Fund’s incentive fee capital gain, which is calculated as the Fund’s (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the Fund estimates the capital gains incentive fee and accrues the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) the Fund’s cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). For the year ended December 31, 2025, the Fund accrued a capital gains incentive fee of $2.8 million. See Note J — Related Party Transactions and Arrangements in the notes to the consolidated financial statements included in Item 8. Consolidated Financial Statements and Supplementary Data of this Annual Report on Form 10-K.
(b)Adjusted net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impact of the capital gains incentive fee. MSC Income believes presenting adjusted net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing the Fund’s financial performance since the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in net investment income. However, adjusted net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income’s financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to adjusted net investment income is detailed in the table above.
(c)Adjusted net investment income before taxes is net investment income as determined in accordance with U.S. GAAP, excluding the impact of any tax expenses included in net investment income and the capital gains incentive fee. MSC Income believes presenting adjusted net investment income before taxes and the related per share amounts is useful and appropriate supplemental disclosure for analyzing the Fund’s financial performance since (i) the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in net investment income and (ii) tax expenses included in net investment income may include (a) excise tax expense, which is not solely attributable to net investment income, and (b) deferred taxes, which are not payable in the current period. However, adjusted net investment income before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income, net investment income before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income’s financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to adjusted net investment income before taxes is detailed in the table above.
NM — Net Change % not meaningful
Total investment income for the year ended December 31, 20242025 was $134.8$139.2 million, a 3% increase from the $131.4$134.8 million of total investment income for the prior year. The following table provides aA summary of the changes in the comparable period activity.activity is as follows:
(a)The decrease in interest income was primarily attributable to (i) a larger negative impact from investments on non-accrual status and (ii) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate debt investments and other decreases in interest rates on existing 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 dividend income increases of (i) $6.7 million from LMM portfolio companies and (ii) $1.2 million from Private Loan portfolio companies, partially offset by a decrease of $0.5 million in dividend income from Other Portfolio investments.
(ac)The increasedecrease in fee income was primarily related to (i) a $1.4decrease in fee income of $1.6 million from lower exit, prepayment and amendment activity, partially offset by an increase in feesfee received from the refinancing and prepaymentincome of debt investments and (ii) a $0.8$0.6 million increase in fees related to increased investment activity.
(bd)The increase in total investment income includesis after a net increasedecrease of $0.3$0.1 million in certain income considered less consistent or non-recurring, includingprimarily due to a $1.8$1.7 million increasedecrease in such fee income, partially offset by increases of (i) a $1.0$1.1 million decreasein such dividend income and $0.6 million in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments and (ii) a $0.4 million decrease in such dividend income.investments.
Total expenses, net of fee and expense waivers, for the year ended December 31, 20242025 were $77.5$73.6 million, a 5% increasedecrease from $73.7$77.5 million in the prior year. The following table provides aA summary of the changes in the comparable period activity.activity is as follows:
NM — Net Change % not meaningful (a)The decrease in interest expense was primarily related to decreased weighted-average interest rates on the Credit Facilities due to (i) decreases in benchmark index interest rates and (ii) 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 capital gains incentive fee accrued in 2025 is the result of the significant net fair value appreciation of the Fund’s investments recognized during the fourth quarter of 2025.
(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.
(a)The increase in interest expense was primarily related to higher weighted-average outstanding borrowings used to fund the growth in our Investment Portfolio.
(b)The increase in base management fees was due to an increase in average total assets.
(c)The increase in internal administrative service fees was primarily related to increased expenses incurred by the Adviser associated with its activities and services under the Prior Investment Advisory Agreement. Consistent with prior practice, the vast majority of such internal administrative service fees, or all fees other than $0.6 million, were waived by the Adviser. The only fees not waived are the cost of services previously provided by a sub-administrator prior to January 1, 2022 and assumed by the Adviser thereafter (see Note J.1. — Related Party Transactions — Advisory Agreements and Conditional Expense Reimbursement Waivers included in Item 8. Consolidated Financial Statements and Supplementary Data).
Net investment income for the year ended December 31, 2025 increased 15% to $61.8 million, or $1.33 per share, compared to $53.9 million, or $1.34 per share, in 2024. The increase in net investment income was primarily attributable to an increase in total investment income and a decrease in total expenses, each as discussed above. The increase in net investment income on a per share basis reflects the increase in net investment income after the impact of a 16% increase in the weighted-average shares outstanding compared to the year ended December 31, 2024, primarily due to new shares issued through the MSC Income Offering and the DRIP, partially offset by shares repurchased by the Fund, in each case since the beginning of the prior year. The decrease in net investment income on a per share basis includes a $0.02 per share decrease in investment income considered less consistent or non-recurring in nature.
Adjusted Net Investment Income
NetAdjusted net investment income for the year ended December 31, 20242025 decreasedincreased 1%20% to $57.3$64.5 million, or $1.43$1.39 per share, compared to net investment income of $57.7$53.9 million, or $1.44$1.34 per share, in 2023.2024. The decreaseincrease in adjusted net investment income was primarily due to an increase in net investment income wasas attributablediscussed toabove, anexcluding the impact of the capital gains incentive fee accrual. The increase in total expenses, partially offset by an increase in total investment income, both as discussed above. The decrease in net investment income andadjusted net investment income per share reflects the increase in adjusted net investment income after the impact of the increase in weighted-average shares outstanding for the year ended December 31, 2025, as discussed above. The increase in adjusted net investment income on a per share basis includes a $0.3 million, or $0.01$0.02 per share,share increasedecrease in investment income considered less consistent or non-recurring,non-recurring asin discussed above.nature.
Net Realized Gain (Loss)
The following table provides aA summary of the primary components of the total net realized gainloss on investments of $15.8$9.5 million for the year ended December 31, 2024.2025 is as follows:
(a)Other activity includes realized gains and losses from transactions involving 12 portfolio companies which are not considered to be significant individually or in the aggregate.
A summary of the primary components of the total net realized gain on investments of $15.8 million for the year ended December 31, 2024 is as follows:
The following table provides a summary of the primary components of the total net realized loss on investments of $34.0 million for the year ended December 31, 2023.
(a)Other activity includes realized gains and losses from transactions involving 15 portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation (Depreciation)
The following table provides aA summary of the total net unrealized depreciationappreciation of $15.4$36.4 million for the year ended December 31, 2024.2025 is as follows:
(a)Includes unrealized appreciation on 37 LMM portfolio investments and unrealized depreciation on 17 LMM portfolio investments.
A summary of the total net unrealized depreciation of $15.4 million for the year ended December 31, 2024 is as follows:
The following table provides a summary of the total net unrealized appreciation of $46.3 million for the year ended December 31, 2023.
(a)Includes unrealized appreciation on 25 LMM portfolio investments and unrealized depreciation on 19 LMM portfolio investments.
What changed in the latest 10-Q
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, 2025 filed with the SEC on February 27, 2026, which could materially affect the business, financial condition and/or operating results.
There are no material changes to the risk factors as previously disclosed in MSC Income’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Full comparison: every changed paragraph (1)
There are no material changes to the risk factors as previously disclosed in ourMSC Income’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Management's Discussion & Analysis (MD&A)
New heading “Comparison of the six months ended June 30, 2026 and 2025”
New heading “Investment Income”
New heading “Net Investment Income”
New heading “Adjusted Net Investment Income”
New heading “Net Realized Gain”
New heading “Net Unrealized Appreciation”
New heading “Net Increase in Net Assets Resulting from Operations”
Removed heading “Share Repurchases”
Largest changes
“(a)The increase in interest expense was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth of the Fund’s Investment Portfolio and (ii) an increased weighted-average interest rate on the Fund’s unsecured debt obligations, driven by the issuance of the May 2029 Notes in the first quarter of 2026, partially offset by a decreased weighted-average interest rate on the Credit Facilities due to (i) decreases in benchmark index interest rates and (ii) a decrease to the applicable interest rate spread resulting from the amendment of the SPV …”see in full comparison
(a)The increase in interest expense was primarily related to (i) an increase insee in full comparisonweighted-averageaverage borrowings outstandingborrowingsused to fund a portion of the growth of the Fund’s InvestmentPortfolio,Portfolio and (ii) an increased weighted-average interest rate on the Fund’s unsecured debt obligations, driven by the issuance of the May 2029 Notes in the first quarter of 2026, partially offset by a decreased weighted-average interestratesrate on the Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to(i)decreases in benchmarkfloatingindex interestrates and (ii) a decrease to the applicable interest rate spread resulting from the amendment of the SPV Facility in March 2025 (as defined in the Liquidity and Capital Resources section below).rates.
Full comparison: every changed paragraph (82)
A summary of the Fund’s Private Loan and LMM portfolio investments as of MarchJune 31,30, 2026 and December 31, 2025 is as follows (this information excludes Middle Market portfolio investments and Other Portfolio investments, which are discussed further below):
__________________ (a)As of MarchJune 31,30, 2026, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 8%.
(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of MarchJune 31,30, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of MarchJune 31,30, 2026. The weighted-average annual effective yield on the Fund’s debt portfolio as of MarchJune 31,30, 2026, including debt investments on non-accrual status, was 10.1%9.7% for the Private Loan portfolio investments and 11.9%12.0% for the LMM portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on their 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 companies and a simple average for the LMM portfolio companies. These calculations exclude certain portfolio companies, including fourthree Private Loan portfolio companies and threefour 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.
(c)The average EBITDA is calculated using a weighted-average for the Private Loan portfolio companies and a simple average for the LMM portfolio companies. 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.
For the three months ended March 31, 2026 and 2025, MSC Income achieved an annualized total return on investments of 9.8% and 10.6%, respectively. For the year ended December 31, 2025, MSC Income achieved a total return on investments of 13.9%. 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 their 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 MarchJune 31,30, 2026, MSC Income had Middle Market portfolio investments in eight portfolio companies, collectively totaling $23.0$21.9 million in fair value and $40.3$40.8 million in cost basis, which comprised 1.7%1.6% and 3.1% of the Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, MSC Income had Middle Market portfolio investments in eight portfolio companies, collectively totaling $23.3 million in fair value and $39.8 million in cost basis, which comprised 1.7% and 3.2% of the Investment Portfolio at fair value and cost, respectively.
As of MarchJune 31,30, 2026, MSC Income had Other Portfolio investments in seven entities, spread across four investment managers, collectively totaling $15.6$15.2 million in fair value and $13.4$13.2 million in cost basis, which comprised 1.1% and 1.0% of the Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $15.5 million in fair value and $13.7 million in cost basis, which comprised 1.2% and 1.1% of the Investment Portfolio at fair value and cost, respectively.
For the three months ended June 30, 2026 and 2025, MSC Income achieved an annualized total return on investments of 16.8% and 12.2%, respectively. For the six months ended June 30, 2026 and 2025, the Fund achieved an annualized total return on investments of 13.3% and 11.5%, respectively. For the year ended December 31, 2025, MSC Income achieved a total return on investments of 13.9%. 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 their 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.
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 MarchJune 31,30, 2026 and December 31, 2025, the Fund’s Investment Portfolio valued at fair value represented 97%96% of its 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 Valuation Procedures (as defined below).
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 designated the Adviser, led by a group of its executive officers, to serve as the Board of Directors’ valuation designee thereunder. MSC Income believes the Investment Portfolio as of MarchJune 31,30, 2026 and December 31, 2025 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.
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 repaid, sold or written off, the Fund removes it from non-accrual status. Generally, any interest payments received forfrom investments on non-accrual status reduce the cost basis of the investment and are not recorded as income.
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 (see 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 MarchJune 31,30, 2026 and 2025, (i) 7.3%7.1% and 5.8%,5.6%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.8% and 0.2%,1.5%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash. For the six months ended June 30, 2026 and 2025, (i) 7.2% and 5.7%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.8% and 0.9%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash.
A summary of 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 MarchJune 31,30, 2026 and December 31, 2025 is as follows (this information excludes Other Portfolio investments, which are discussed above):
As of MarchJune 31,30, 2026, investments on non-accrual status were $15.1$26.7 million at fair value and $55.0$76.3 million at cost and comprised 1.1%1.9% and 4.2%5.8% of MSC Income’s total Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, investments on non-accrual status were $13.7 million at fair value and $49.0 million at cost and comprised 1.0% and 3.9% of MSC Income’s total Investment Portfolio at fair value and cost, respectively.
Comparison of the three months ended MarchJune 31,30, 2026 and 2025
Set forth below is a comparison of the results of operations and a reconciliation of net investment income to adjusted net investment income and to adjusted net investment income before taxes for the three months ended MarchJune 31,30, 2026 and 2025.
NM — Net Change % not meaningful (a)Pursuant to the Advisory Agreement, the incentive fee on capital gains is determined and payable to the Adviser in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the Fund’s incentive fee capital gain, which is calculated as the Fund’s (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the Fund estimates the capital gains incentive fee and adjusts the accrual for the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) 17.5% of the Fund’s cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). If the calculation results in an increase in the accrual compared to the previous quarter, the Fund records an increase to the capital gains incentive fee accrual. If the calculation results in a decrease to the estimated incentive fee on capital gains when compared to the previous quarter, the accrual for the incentive fee on capital gains is reduced to the extent of such decrease. For the firstsecond quarter of 2026, the Fund reducedincreased the accrual on the capital gains incentive fee by $0.6$2.9 million. See Note JI — Related Party Transactions and Arrangements in the notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Total investment income for the three months ended MarchJune 31,30, 2026 was $34.1$35.7 million, a 3%$0.1 million increase from the $33.2$35.6 million for the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:
(a)The increase in interest income was principally attributable to higher average levels of income producing Investment Portfolio debt investments, partially offset by (i) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments.investments, and (ii) the negative impact from Investment Portfolio debt investments on non-accrual status.
(c)The increase in fee income was primarily due to a $0.3 millionan increase in feesfee relatedincome tofrom increasedthe investmentrefinancing activity.and prepayment of Investment Portfolio debt investments.
(d)The increase in total investment income is afterincludes the impact of a net decreaseincrease of $0.2$1.4 million in certain income considered less consistent or non-recurring, primarily related to decreasesincreases of (i) $0.2$0.7 million in such fee income and (ii) $0.5 million in such dividend income and (ii) $0.2 million in such interest income from accelerated prepayment, repricing and other activity related to certain Investment Portfolio debt investments, partially offset by a $0.2 million increase in such fee income.
Total expenses, net of expense waivers for the three months ended MarchJune 31,30, 2026 were $16.8$22.3 million, a 2%22% increase from $16.4$18.3 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:
(a)The increase in interest expense was primarily related to (i) an increase in weighted-averageaverage borrowings outstanding borrowings used to fund a portion of the growth of the Fund’s Investment Portfolio,Portfolio and (ii) an increased weighted-average interest rate on the Fund’s unsecured debt obligations, driven by the issuance of the May 2029 Notes in the first quarter of 2026, partially offset by a decreased weighted-average interest ratesrate on the Credit Facilities (as defined in the Liquidity and Capital Resources section below) due to (i) decreases in benchmark floating index interest rates and (ii) a decrease to the applicable interest rate spread resulting from the amendment of the SPV Facility in March 2025 (as defined in the Liquidity and Capital Resources section below).rates.
(b)The increase in base management fees was attributable to the Fund’s increased average total assets.
(c)The increasedecrease in incentive fee on income, net of waivers, is the result of an(i) increasea decrease in the gross calculated incentive fee on income of $1.1$0.3 million,million partiallyand offset by(ii) a $1.0$0.3 million voluntary permanent waiver of incentive fee on income by the Adviser. The increasedecrease in the gross calculated incentive fee on income is a result of changesa todecrease thein incentivepre-incentive fee onnet incomeinvestment calculation under the Advisory Agreement.income.
(d)The reductionincrease in the capital gains incentive fee accrualon capital gains is due to the net fair value depreciationappreciation of the Fund’s investments in the firstsecond quarter of 2026.
Net investment income for the three months ended MarchJune 31,30, 2026 increaseddecreased to $16.2$12.0 million, or $0.35$0.26 per share, compared to $15.7$16.3 million, or $0.35 per share, in the corresponding period of 2025. The increasedecrease in net investment income was primarilyprincipally attributable to an increase in total investment income, partially offset by an increase in total expenses, net of waivers, each as discussed above. NetThe per share decrease in net investment income onreflects athe perdecrease sharein basisnet includesinvestment income after the impact of a 3% increasedecrease in the weighted-average shares outstanding compared to the three months ended MarchJune 31,30, 2025, primarily due to shares issuedrepurchased throughby the MSCFund, Incomepartially Offeringoffset andby new shares issued through the dividend reinvestment plan, partially offset by shares repurchased by the Fund, in each case since the beginning of the comparable period of the prior year. Net investment income on a per share basis for the three months ended MarchJune 31,30, 2026 includes a $0.01$0.03 per share decreaseincrease in investment income considered less consistent or non-recurring in nature when compared to prior year.year, as discussed above.
Adjusted net investment income for the three months ended MarchJune 31,30, 2026 decreased 1%8% to $15.6$14.9 million, or $0.34$0.33 per share, compared to $15.7$16.3 million, or $0.35 per share, in the corresponding period of 2025. The decrease in adjusted net investment income was primarily due to the same factors discussed above for the change in net investment income, but excluding the negative impact of the decreaseincrease in the capital gains incentive fee accrual. The decrease in adjusted net investment income per share reflects (i) the decrease in adjusted net investment income afterand the impact of the increasedecrease in weighted-average shares outstanding for the three months ended MarchJune 31,30, 20262026, andas (ii)discussed above. The decrease in adjusted net investment income on a $0.01 per share decreasebasis is after a $0.03 per share increase in investment income considered less consistent or non-recurring in nature, in both cases as discussed above.
Net Realized LossGain
A summary of the primary components of the total net realized lossgain on investments of $0.2$9.9 million for the three months ended MarchJune 31,30, 2026 is as follows:
Net Unrealized DepreciationAppreciation
A summary of the total net unrealized depreciationappreciation of $2.6$9.1 million for the three months ended MarchJune 31,30, 2026 is as follows:
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 decreaseincrease for the three months ended MarchJune 31,30, 2026 when compared to the prior year is due to aan reductionincrease in the estimated undistributed taxable income at MSIF, which is taxed at a 4% rate. The net investment income related federal and state income and other tax expenses increase for the three months ended MarchJune 31,30, 2026 when compared to the prior year is due to increases in taxable net investment income at the Taxable Subsidiaries.
The net increase in net assets resulting from operations for the three months ended MarchJune 31,30, 2026 was $13.2$29.3 million, or $0.29$0.65 per share, compared withto $15.9$16.3 million, or $0.36$0.35 per share, for the three months ended MarchJune 31,30, 2025. 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 MarchJune 31,30, 2026 as compared to the three months ended MarchJune 31,30, 2025.
Comparison of the six months ended June 30, 2026 and 2025
Set forth below is a comparison of the results of operations and a reconciliation of net investment income to adjusted net investment income and to adjusted net investment income before taxes for the six months ended June 30, 2026 and 2025.
NM Net change % not meaningful (a)Pursuant to the Advisory Agreement, the incentive fee on capital gains is determined and payable to the Adviser in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the Fund’s incentive fee capital gain, which is calculated as the Fund’s (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the Fund estimates the capital gains incentive fee and adjusts the accrual for the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) 17.5% of the Fund’s cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSC Income Listing date through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). If the calculation results in an increase in the accrual compared to the previous quarter, the Fund records an increase to the capital gains incentive fee accrual. If the calculation results in a decrease to the estimated incentive fee on capital gains when compared to the previous quarter, the accrual for the incentive fee on capital gains is reduced to the extent of such decrease. For the six months ended June 30, 2026, the Fund increased the accrual on the capital gains incentive fee by $2.3 million. See Note I — 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.
(b)Adjusted net investment income is net investment income as determined in accordance with U.S. GAAP, excluding the impact of the capital gains incentive fee. MSC Income believes presenting adjusted net investment income and the related per share amounts is useful and appropriate supplemental disclosure for analyzing the Fund’s financial performance since the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in net investment income. However, adjusted net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income’s financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to adjusted net investment income is detailed in the table above.
(c)Adjusted net investment income before taxes is net investment income as determined in accordance with U.S. GAAP, excluding the impact of any tax expenses included in net investment income and the capital gains incentive fee. MSC Income believes presenting adjusted net investment income before taxes and the related per share amounts is useful and appropriate supplemental disclosure for analyzing the Fund’s financial performance since (i) the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in net investment income and (ii) tax expenses included in net investment income may include (a) excise tax expense, which is not solely attributable to net investment income, and (b) deferred taxes, which are not payable in the current period. However, adjusted net investment income before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income, net investment income before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSC Income’s financial performance. A reconciliation of net investment income in accordance with U.S. GAAP to adjusted net investment income before taxes is detailed in the table above.
Investment Income
Total investment income for the six months ended June 30, 2026 was $69.8 million, a 1% increase from the $68.9 million of total investment income for the corresponding period of 2025. The following table provides a summary of the changes in the comparable period activity.
(a)The increase in interest income was principally attributable to higher average levels of income producing Investment Portfolio debt investments, partially offset by (i) a decrease in interest rates, primarily resulting from decreases in benchmark index interest rates on floating rate Investment Portfolio debt investments, and (ii) the negative impact from Investment Portfolio debt investments on non-accrual status.
(b)The decrease in dividend income was primarily a result of a $2.4 million decrease in dividend income from the Fund’s LMM portfolio companies.
(c)The increase in fee income was primarily due to an increase in fee income from the refinancing and prepayment of debt investments.
(d)The increase in total investment income includes a net increase of $1.1 million in certain income considered less consistent or non-recurring, primarily due to (i) a $0.9 million increase in such fee income and (ii) a $0.3 million increase in such dividend income.
Expenses
Total expenses, net of expense waivers, for the six months ended June 30, 2026 were $39.2 million, a 13% increase from $34.8 million in the corresponding period of 2025. A summary of the changes in the comparable period activity is as follows:
(a)The increase in interest expense was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth of the Fund’s Investment Portfolio and (ii) an increased weighted-average interest rate on the Fund’s unsecured debt obligations, driven by the issuance of the May 2029 Notes in the first quarter of 2026, partially offset by a decreased weighted-average interest rate on the Credit Facilities due to (i) decreases in benchmark index interest rates and (ii) a decrease to the applicable interest rate spread resulting from the amendment of the SPV Facility in March 2025 (as defined in the Liquidity and Capital Resources section below).
(c)The decrease in incentive fee on income, net of waivers, is the result of a $1.2 million voluntary permanent waiver of incentive fee on income by the Adviser, partially offset by an increase in the gross calculated incentive fee on income of $0.8 million. The increase in the gross calculated incentive fee on income is a result of changes to the incentive fee on income calculation under the Advisory Agreement, partially offset by a decrease in pre-incentive fee net investment income.
(d)The increase in the capital gains incentive fee is due to the net fair value appreciation of the Fund’s investments in the six months ended June 30, 2025.
Net Investment Income
Net investment income for the six months ended June 30, 2026 decreased 12% to $28.2 million, or $0.62 per share, compared to net investment income of $32.1 million, or $0.70 per share, for the corresponding period of 2025. The decrease in net investment income was primarily attributable to the increased expenses, partially offset by the increase in total investment income, each as discussed above. The per share decrease in net investment income reflects the decrease in net investment income after the impact of a decrease in the weighted-average shares outstanding compared to the six months ended June 30, 2025, primarily due to shares repurchased by the Fund, partially offset by new shares issued through the MSC Income Offering and the dividend reinvestment plan, in each case since the beginning of the comparable period of the prior year. The decrease in net investment income on a per share basis is after a $0.03 per share increase in investment income considered less consistent or non-recurring in nature, as discussed above.
Adjusted Net Investment Income
Adjusted net investment income for the six months ended June 30, 2026 decreased 5% to $30.5 million, or $0.67 per share, compared to $32.1 million, or $0.70 per share, in the corresponding period of 2025. The decrease in adjusted net investment income was primarily due to the same factors discussed above for the change in net investment income, but excluding the negative impact of the increase in the capital gains incentive fee accrual. The decrease in adjusted net investment income per share reflects the decrease in adjusted net investment income and the impact of the decrease in weighted-average shares outstanding for the three months ended June 30, 2026, as discussed above. The decrease in adjusted net investment income on a per share basis is after a $0.03 per share increase in investment income considered less consistent or non-recurring in nature, as discussed above.
Net Realized Gain
A summary of the primary components of the total net realized gain on investments of $9.6 million for the six months ended June 30, 2026, is as follows:
(a)Other activity includes realized gains and losses from transactions involving 11 portfolio companies which are not considered to be significant individually or in the aggregate.
Net Unrealized Appreciation
A summary of the total net unrealized appreciation of $6.5 million for the six months ended June 30, 2026, is as follows:
MSIF insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 7 Form 4 filings (6 insiders, 8 trade dates, 23,777 shares, about $281.7K) and open-market sales in 0 filings. Net open-market shares: 23,777 (purchases minus sales); net value about $281.7K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-26 | Marks Nataly Michelle |
Open-market purchase | 950 | $12.70 | $12.1K |
| 2026-06-30 | Hyzak Dwayne L. |
Open-market purchase | 5,969 | $11.68 | $69.7K |
| 2026-06-23 | Meserve Nicholas |
Open-market purchase | 2,500 | $11.43 | $28.6K |
| 2026-06-11 | Gilbert Cory |
Open-market purchase | 1,000 | $11.78 | $11.8K |
| 2026-06-09 | Hyzak Dwayne L. |
Open-market purchase | 4,157 | $11.69 | $48.6K |
| 2026-06-09 | Hyzak Dwayne L. |
Open-market purchase | 117 | $11.67 | $1.4K |
| 2026-06-05 | Walker Jeffrey B. |
Open-market purchase | 3,933 | $12.02 | $47.3K |
| 2026-06-04 | Walker Jeffrey B. |
Open-market purchase | 229 | $12.03 | $2.8K |
| 2026-05-15 | Niemann John O. Jr. |
Open-market purchase | 4,922 | $12.10 | $59.6K |
| 2026-05-01 | Walker Jeffrey B. |
Other | 600 | $12.99 | $7.8K |
| 2026-05-01 | Gilbert Cory |
Other | 121 | $12.33 | $1.5K |
| 2026-05-01 | Magdol David L. |
Other | 275 | $13.31 | $3.7K |
| 2026-05-01 | Hyzak Dwayne L. |
Other | 344 | $13.31 | $4.6K |
| 2026-05-01 | Beauvais Jason B |
Other | 141 | $12.97 | $1.8K |
Well-known investors holding MSIF (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Two Sigma Investments | 2026-06-30 | 783,888 | $9.1M | 0.01% | Reduced 31% |
| Millennium Management (Israel Englander) | 2026-06-30 | 68,599 | $793.7K | 0.0% | Reduced 46% |