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Jewelry, Inc., Secured Debt 12023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-09-300001535778Robbins Bros. 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22023-09-300001535778Dynamic Communities, LLC, Common Equity2023-09-300001535778msif:DynamicCommunitiesLLCMember2023-09-300001535778Elgin AcquireCo, LLC, Secured Debt 12023-09-300001535778Elgin AcquireCo, LLC, Secured Debt 22023-09-300001535778Elgin AcquireCo, LLC, Secured Debt 32023-09-300001535778Elgin AcquireCo, LLC, Common Stock 12023-09-300001535778Elgin AcquireCo, LLC, Common Stock 22023-09-300001535778msif:ElginAcquireCoLLCMember2023-09-300001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2023-09-300001535778Engineering Research & Consulting, LLC, Secured Debt 12023-09-300001535778Engineering Research & Consulting, LLC, Secured Debt 22023-09-300001535778msif:EngineeringResearchConsultingLLCMember2023-09-300001535778Escalent, Inc., Secured Debt 12023-09-300001535778Escalent, Inc., Secured Debt 22023-09-300001535778Escalent, Inc., Common Equity2023-09-300001535778msif:EscalentIncMember2023-09-300001535778Event Holdco, LLC, Secured Debt 12023-09-300001535778Event Holdco, LLC, Secured Debt 22023-09-300001535778msif:EventHoldcoLLCMember2023-09-300001535778Flip Electronics LLC, Secured Debt 12023-09-300001535778Flip Electronics LLC, Secured Debt 22023-09-300001535778Flip Electronics LLC, Secured Debt 32023-09-300001535778msif:FlipElectronicsLLCMember2023-09-300001535778Hawk Ridge Systems, LLC, Secured Debt 12023-09-300001535778Hawk Ridge Systems, LLC, Secured Debt 22023-09-300001535778Hawk Ridge Systems, LLC, Preferred Member Units 12023-09-300001535778Hawk Ridge Systems, LLC, Preferred Member Units 22023-09-300001535778msif:HawkRidgeSystemsLLCMember2023-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 12023-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 22023-09-300001535778msif:HDCHWIntermediateHoldingsMember2023-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 12023-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 22023-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 32023-09-300001535778msif:HEADLANDSOPCOLLCMember2023-09-300001535778Hybrid Promotions, LLC, Secured Debt2023-09-300001535778IG Parent Corporation, Secured Debt 12023-09-300001535778IG Parent Corporation, Secured Debt 22023-09-300001535778IG Parent Corporation, Secured Debt 32023-09-300001535778msif:IGParentCorporationMember2023-09-300001535778Imaging Business Machines, L.L.C., Secured Debt 12023-09-300001535778Imaging Business Machines, L.L.C., Secured Debt 22023-09-300001535778Imaging Business Machines, L.L.C., Common Equity2023-09-300001535778msif:ImagingBusinessMachinesLLCMember2023-09-300001535778Implus Footcare, LLC, Secured Debt2023-09-300001535778Industrial Services Acquisition, LLC, Secured Debt 12023-09-300001535778Industrial Services Acquisition, LLC, Secured Debt 22023-09-300001535778Industrial Services Acquisition, LLC, Preferred Member Units 12023-09-300001535778Industrial Services Acquisition, LLC, Preferred Member Units 22023-09-300001535778Industrial Services Acquisition, LLC, Member Units2023-09-300001535778msif:IndustrialServicesAcquisitionLLCMember2023-09-300001535778Infinity X1 Holdings, LLC, Secured Debt2023-09-300001535778Infinity X1 Holdings, LLC, Preferred Equity2023-09-300001535778msif:InfinityX1HoldingsLLCMember2023-09-300001535778Infolinks Media Buyco, LLC, Secured Debt 12023-09-300001535778Infolinks Media Buyco, LLC, Secured Debt 22023-09-300001535778msif:InfolinksMediaBuycoLLCMember2023-09-300001535778Insight Borrower Corporation, Secured Debt 12023-09-300001535778Insight Borrower Corporation, Secured Debt 22023-09-300001535778Insight Borrower Corporation, Secured Debt 32023-09-300001535778Insight Borrower Corporation, Common Equity2023-09-300001535778msif:InsightBorrowerCorporationMember2023-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 12023-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 22023-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 32023-09-300001535778Inspire Aesthetics Management, LLC, Common Equity2023-09-300001535778msif:InspireAestheticsManagementLLCMember2023-09-300001535778Interface Security Systems, L.L.C, Secured Debt 12023-09-300001535778Interface Security Systems, L.L.C, Secured Debt 22023-09-300001535778Interface Security Systems, L.L.C, Common Stock2023-09-300001535778msif:InterfaceSecuritySystemsLLCMember2023-09-300001535778Intermedia Holdings, Inc., Secured Debt2023-09-300001535778Invincible Boat Company, LLC., Secured Debt 12023-09-300001535778Invincible Boat Company, LLC., Secured Debt 22023-09-300001535778msif:InvincibleBoatCompanyLLCMember2023-09-300001535778INW Manufacturing, LLC, Secured Debt2023-09-300001535778Iron-Main Investments, LLC, Secured Debt 12023-09-300001535778Iron-Main Investments, LLC, Secured Debt 22023-09-300001535778Iron-Main Investments, LLC, Secured Debt 32023-09-300001535778Iron-Main Investments, LLC, Secured Debt 42023-09-300001535778Iron-Main Investments, LLC, Secured Debt 52023-09-300001535778Iron-Main Investments, LLC, Common Stock2023-09-300001535778msif:IronMainInvestmentsLLCMember2023-09-300001535778Isagenix International, LLC, Secured Debt2023-09-300001535778Isagenix International, LLC, Common Equity2023-09-300001535778msif:IsagenixInternationalLLCMember2023-09-300001535778ITA Holdings Group, LLC, Secured Debt 12023-09-300001535778ITA Holdings Group, LLC, Secured Debt 22023-09-300001535778ITA Holdings Group, LLC, Secured Debt 32023-09-300001535778ITA Holdings Group, LLC, Secured Debt 42023-09-300001535778ITA Holdings Group, LLC, Warrants2023-09-300001535778msif:ITAHoldingsGroupLLCMember2023-09-300001535778Jackmont Hospitality, Inc., Secured Debt 12023-09-300001535778Jackmont Hospitality, Inc., Secured Debt 22023-09-300001535778Jackmont Hospitality, Inc., Preferred Equity2023-09-300001535778msif:JackmontHospitalityIncMember2023-09-300001535778Joerns Healthcare, LLC, Secured Debt 12023-09-300001535778Joerns Healthcare, LLC, Secured Debt 22023-09-300001535778Joerns Healthcare, LLC, Secured Debt 32023-09-300001535778Joerns Healthcare, LLC, Common Stock2023-09-300001535778msif:JoernsHealthcareLLCMember2023-09-300001535778Johnson Downie Opco, LLC, Secured Debt 12023-09-300001535778Johnson Downie Opco, LLC, Secured Debt 22023-09-300001535778Johnson Downie Opco, LLC, Preferred Equity2023-09-300001535778msif:JohnsonDownieOpcoLLCMember2023-09-300001535778JorVet Holdings, LLC, Secured Debt2023-09-300001535778JorVet Holdings, LLC, Preferred Equity2023-09-300001535778msif:JorVetHoldingsLLCMember2023-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 12023-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 22023-09-300001535778JTI Electrical & Mechanical, LLC, Common Equity2023-09-300001535778msif:JTIElectricalMechanicalLLCMember2023-09-300001535778KMS, LLC, Secured Debt 12023-09-300001535778KMS, LLC, Secured Debt 22023-09-300001535778msif:KMSLLCMember2023-09-300001535778Lightbox Holdings, L.P., Secured Debt2023-09-300001535778LL Management, Inc., Secured Debt 12023-09-300001535778LL Management, Inc., Secured Debt 22023-09-300001535778LL Management, Inc., Secured Debt 32023-09-300001535778LL Management, Inc., Secured Debt 42023-09-300001535778LL Management, Inc., Secured Debt 52023-09-300001535778msif:LLManagementIncMember2023-09-300001535778LLFlex, LLC, Secured Debt2023-09-300001535778Logix Acquisition Company, LLC, Secured Debt2023-09-300001535778Mako Steel, LP, Secured Debt 12023-09-300001535778Mako Steel, LP, Secured Debt 22023-09-300001535778msif:MakoSteelLPMember2023-09-300001535778MB2 Dental Solutions, LLC, Secured Debt 12023-09-300001535778MB2 Dental Solutions, LLC, Secured Debt 22023-09-300001535778MB2 Dental Solutions, LLC, Secured Debt 32023-09-300001535778MB2 Dental Solutions, LLC, Secured Debt 42023-09-300001535778msif:MB2DentalSolutionsLLCMember2023-09-300001535778Metalforming Holdings, LLC, Secured Debt 12023-09-300001535778Metalforming Holdings, LLC, Secured Debt 22023-09-300001535778Metalforming Holdings, LLC, Preferred Equity2023-09-300001535778Metalforming Holdings, LLC, Common Stock2023-09-300001535778msif:MetalFormingAcquireCoLLCMember2023-09-300001535778Microbe Formulas, LLC, Secured Debt 12023-09-300001535778Microbe Formulas, LLC, Secured Debt 22023-09-300001535778msif:MicrobeFormulasLLCMember2023-09-300001535778Mills Fleet Farm Group, LLC, Secured Debt2023-09-300001535778MonitorUS Holding, LLC, Secured Debt 12023-09-300001535778MonitorUS Holding, LLC, Secured Debt 22023-09-300001535778MonitorUS Holding, LLC, Secured Debt 32023-09-300001535778MonitorUS Holding, LLC, Common Stock2023-09-300001535778msif:MonitorUSHoldingLLCMember2023-09-300001535778NinjaTrader, LLC, Secured Debt 12023-09-300001535778NinjaTrader, LLC, Secured Debt 22023-09-300001535778NinjaTrader, LLC, Secured Debt 32023-09-300001535778msif:NinjaTraderLLCMember2023-09-300001535778NTM Acquisition Corp., Secured Debt2023-09-300001535778NWN Corporation, Secured Debt 12023-09-300001535778NWN Corporation, Secured Debt 22023-09-300001535778NWN Corporation, Secured Debt 32023-09-300001535778msif:NWNCorporationMember2023-09-300001535778Obra Capital, Inc, Secured Debt2023-09-300001535778Paragon Healthcare, Inc., Secured Debt 12023-09-300001535778Paragon Healthcare, Inc., Secured Debt 22023-09-300001535778Paragon Healthcare, Inc., Secured Debt 32023-09-300001535778msif:ParagonHealthcareIncMember2023-09-300001535778Power System Solutions, Secured Debt 12023-09-300001535778Power System Solutions, Secured Debt 22023-09-300001535778Power System Solutions, Secured Debt 32023-09-300001535778Power System Solutions, Common Equity2023-09-300001535778msif:PowerSystemSolutionsMember2023-09-300001535778PrimeFlight Aviation Services, Secured Debt2023-09-300001535778PTL US Bidco, Inc, Secured Debt 12023-09-300001535778PTL US Bidco, Inc, Secured Debt 22023-09-300001535778msif:PTLUSBidcoIncMember2023-09-300001535778RA Outdoors LLC, Secured Debt 12023-09-300001535778RA Outdoors LLC, Secured Debt 22023-09-300001535778msif:RAOutdoorsLLCMember2023-09-300001535778Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2023-09-300001535778Richardson Sales Solutions, Secured Debt 12023-09-300001535778Richardson Sales Solutions, Secured Debt 22023-09-300001535778msif:RichardsonSalesSolutionsMember2023-09-300001535778RM Bidder, LLC, Member Units2023-09-300001535778RM Bidder, LLC, Warrants2023-09-300001535778msif:RMBidderLLCMember2023-09-300001535778Roof Opco, LLC, Secured Debt 12023-09-300001535778Roof Opco, LLC, Secured Debt 22023-09-300001535778Roof Opco, LLC, Secured Debt 32023-09-300001535778msif:RoofOpcoLLCMember2023-09-300001535778Rug Doctor, LLC., Secured Debt 12023-09-300001535778Rug Doctor, LLC., Secured Debt 22023-09-300001535778msif:RugDoctorLLCMember2023-09-300001535778SIB Holdings, LLC, Secured Debt 12023-09-300001535778SIB Holdings, LLC, Secured Debt 22023-09-300001535778SIB Holdings, LLC, Secured Debt 32023-09-300001535778SIB Holdings, LLC, Secured Debt 42023-09-300001535778SIB Holdings, LLC, Secured Debt 52023-09-300001535778SIB Holdings, LLC, Common Equity2023-09-300001535778msif:SIBHoldingsLLCMember2023-09-300001535778Slick Innovations, LLC, Secured Debt2023-09-300001535778Slick Innovations, LLC, Common Stock2023-09-300001535778msif:SlickInnovationsLLCMember2023-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 12023-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 22023-09-300001535778South Coast Terminals Holdings, LLC, Common Equity2023-09-300001535778msif:SouthCoastTerminalsHoldingsLLCMember2023-09-300001535778SPAU Holdings, LLC, Secured Debt 12023-09-300001535778SPAU Holdings, LLC, Secured Debt 22023-09-300001535778SPAU Holdings, LLC, Common Stock2023-09-300001535778msif:SPAUHoldingsLLCMember2023-09-300001535778Tex Tech Tennis, LLC, Preferred Equity2023-09-300001535778The Affiliati Network, LLC, Secured Debt 12023-09-300001535778The Affiliati Network, LLC, Secured Debt 22023-09-300001535778The Affiliati Network, LLC, Preferred Stock 12023-09-300001535778The Affiliati Network, LLC, Preferred Stock 22023-09-300001535778msif:TheAffiliatiNetworkLLCMember2023-09-300001535778U.S. TelePacific Corp., Secured Debt 12023-09-300001535778U.S. TelePacific Corp., Secured Debt 22023-09-300001535778msif:USTelePacificCorpMember2023-09-300001535778USA DeBusk LLC, Secured Debt 12023-09-300001535778USA DeBusk LLC, Secured Debt 22023-09-300001535778msif:USADeBuskLLCMember2023-09-300001535778UserZoom Technologies, Inc., Secured Debt2023-09-300001535778Vistar Media, Inc., Preferred Stock2023-09-300001535778VORTEQ Coil Finishers, LLC, Common Equity2023-09-300001535778Wall Street Prep, Inc., Secured Debt 12023-09-300001535778Wall Street Prep, Inc., Secured Debt 22023-09-300001535778Wall Street Prep, Inc., Common Stock2023-09-300001535778msif:WallStreetPrepIncMember2023-09-300001535778Watterson Brands, LLC, Secured Debt 12023-09-300001535778Watterson Brands, LLC, Secured Debt 22023-09-300001535778Watterson Brands, LLC, Secured Debt 32023-09-300001535778Watterson Brands, LLC, Secured Debt 42023-09-300001535778msif:WattersonBrandsLLCMember2023-09-300001535778West Star Aviation Acquisition, LLC, Secured Debt 12023-09-300001535778West Star Aviation Acquisition, LLC, Secured Debt 22023-09-300001535778West Star Aviation Acquisition, LLC, Common Stock2023-09-300001535778msif:WestStarAviationAcquisitionLLCMember2023-09-300001535778Winter Services LLC, Secured Debt 12023-09-300001535778Winter Services LLC, Secured Debt 22023-09-300001535778Winter Services LLC, Secured Debt 32023-09-300001535778msif:WinterServicesLLCMember2023-09-300001535778World Micro Holdings, LLC, Secured Debt2023-09-300001535778World Micro Holdings, LLC, Preferred Equity2023-09-300001535778msif:WorldMicroHoldingsLLCMember2023-09-300001535778Xenon Arc, Inc., Secured Debt 12023-09-300001535778Xenon Arc, Inc., Secured Debt 22023-09-300001535778Xenon Arc, Inc., Secured Debt 32023-09-300001535778msif:XenonArcIncMember2023-09-300001535778YS Garments, LLC, Secured Debt2023-09-300001535778Zips Car Wash, LLC, Secured Debt 12023-09-300001535778Zips Car Wash, LLC, Secured Debt 22023-09-300001535778msif:ZipsCarWashLLCMember2023-09-300001535778Fidelity Government Portfolio Class III Fund2023-09-300001535778First American Treasury Obligations Fund Class 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Bidder, LLC, Warrants2023-01-012023-09-300001535778msif:SecuredOvernightFinancingRateSOFRMembermsif:InterfaceSecuritySystemsLLCMember2023-09-300001535778msif:SecuredOvernightFinancingRateSOFRMembermsif:ChannelPartnersIntermediatecoLLCMember2023-09-300001535778msif:ComputerDataSourceLLCMembermsif:LondonInterbankOfferedRateLIBOR1Member2023-09-300001535778msif:DaltonUSIncMembermsif:SecuredOvernightFinancingRateSOFRMember2023-09-300001535778msif:SecuredOvernightFinancingRateSOFRMembermsif:IndustrialServicesAcquisitionLLCMember2023-09-300001535778msif:SecuredOvernightFinancingRateSOFRMembermsif:ZipsCarWashLLCMember2023-09-300001535778msif:SecuredOvernightFinancingRateSOFRMembermsif:RichardsonSalesSolutionsMember2023-09-300001535778msif:SecuredOvernightFinancingRateSOFRMembermsif:WattersonBrandsLLCMember2023-09-300001535778Acumera, Inc., Warrants2023-01-012023-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-12-310001535778GRT Rubber Technologies LLC, Secured Debt 12022-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22022-12-310001535778GRT Rubber Technologies LLC, Member Units2022-12-310001535778msif:GRTRubberTechnologiesLLCMember2022-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2022-12-310001535778AFG Capital Group, LLC, Preferred Member Units2022-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12022-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22022-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2022-12-310001535778msif:AnalyticalSystemsKecoHoldingsLLCMember2022-12-310001535778ATX Networks Corp., Secured Debt2022-12-310001535778ATX Networks Corp., Unsecured Debt2022-12-310001535778ATX Networks Corp., Common Stock2022-12-310001535778msif:ATXNetworksCorpMember2022-12-310001535778Barfly Ventures, LLC, Member Units2022-12-310001535778Batjer TopCo, LLC, Secured Debt 12022-12-310001535778Batjer TopCo, LLC, Secured Debt 22022-12-310001535778Batjer TopCo, LLC, Preferred Stock2022-12-310001535778msif:BatjerTopCoLLCMember2022-12-310001535778Brewer Crane Holdings, LLC, Secured Debt2022-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2022-12-310001535778msif:BrewerCraneHoldingsLLCMember2022-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 12022-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22022-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2022-12-310001535778msif:CentreTechnologiesHoldingsLLCMember2022-12-310001535778Chamberlin Holding LLC, Secured Debt 12022-12-310001535778Chamberlin Holding LLC, Secured Debt 22022-12-310001535778Chamberlin Holding LLC, Member Units 12022-12-310001535778Chamberlin Holding LLC, Member Units 22022-12-310001535778msif:ChamberlinHoldingLLCMember2022-12-310001535778Charps, LLC, Preferred Member Units2022-12-310001535778Clad-Rex Steel, LLC, Secured Debt 12022-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22022-12-310001535778Clad-Rex Steel, LLC, Member Units 12022-12-310001535778Clad-Rex Steel, LLC, Member Units 22022-12-310001535778msif:CladRexSteelLLCMember2022-12-310001535778Cody Pools, Inc., Secured Debt 12022-12-310001535778Cody Pools, Inc., Secured Debt 22022-12-310001535778Cody Pools, Inc., Preferred Member Units2022-12-310001535778msif:CodyPoolsIncMember2022-12-310001535778Colonial Electric Company LLC, Secured Debt 12022-12-310001535778Colonial Electric Company LLC, Secured Debt 22022-12-310001535778Colonial Electric Company LLC, Preferred Member Units2022-12-310001535778msif:ColonialElectricCompanyLLCMember2022-12-310001535778Datacom, LLC, Secured Debt 12022-12-310001535778Datacom, LLC, Secured Debt 22022-12-310001535778Datacom, LLC, Preferred Member Units2022-12-310001535778msif:DatacomLLCMember2022-12-310001535778Digital Products Holdings LLC, Secured Debt2022-12-310001535778Digital Products Holdings LLC, Preferred Member Units2022-12-310001535778msif:DigitalProductsHoldingsLLCMember2022-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12022-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22022-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2022-12-310001535778msif:DirectMarketingSolutionsIncMember2022-12-310001535778Flame King Holdings, LLC, Secured Debt 12022-12-310001535778Flame King Holdings, LLC, Secured Debt 22022-12-310001535778Flame King Holdings, LLC, Preferred Equity2022-12-310001535778msif:FlameKingHoldingsLLCMember2022-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2022-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12022-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22022-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2022-12-310001535778msif:GamberJohnsonHoldingsLLCMember2022-12-310001535778GFG Group, LLC., Secured Debt2022-12-310001535778GFG Group, LLC., Preferred Member Units2022-12-310001535778msif:GFGGroupLLCMember2022-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12022-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22022-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2022-12-310001535778Gulf Publishing Holdings, LLC, Member Units2022-12-310001535778msif:GulfPublishingHoldingsLLCMember2022-12-310001535778Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2022-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2022-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2022-12-310001535778msif:KickhaeferManufacturingCompanyLLCMember2022-12-310001535778Market Force Information, LLC, Secured Debt2022-12-310001535778Market Force Information, LLC, Member Units2022-12-310001535778msif:MarketForceInformationLLCMember2022-12-310001535778MH Corbin Holding LLC, Secured Debt2022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22022-12-310001535778msif:MHCorbinHoldingLLCMember2022-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12022-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22022-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2022-12-310001535778msif:MysticLogisticsHoldingsLLCMember2022-12-310001535778NexRev LLC, Secured Debt 12022-12-310001535778NexRev LLC, Secured Debt 22022-12-310001535778NexRev LLC, Preferred Member Units2022-12-310001535778msif:NexRevLLCMember2022-12-310001535778NuStep, LLC, Secured Debt 12022-12-310001535778NuStep, LLC, Secured Debt 22022-12-310001535778NuStep, LLC, Preferred Member Units 12022-12-310001535778NuStep, LLC, Preferred Member Units 22022-12-310001535778msif:NuStepLLCMember2022-12-310001535778Oneliance, LLC, Secured Debt2022-12-310001535778Oneliance, LLC, Preferred Stock2022-12-310001535778msif:OnelianceLLCMember2022-12-310001535778Orttech Holdings, LLC, Secured Debt 12022-12-310001535778Orttech Holdings, LLC, Secured Debt 22022-12-310001535778Orttech Holdings, LLC, Preferred Stock2022-12-310001535778msif:OrttechHoldingsLLCMember2022-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12022-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22022-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2022-12-310001535778msif:RobbinsBrosJewelryIncMember2022-12-310001535778SI East, LLC, Secured Debt 12022-12-310001535778SI East, LLC, Secured Debt 22022-12-310001535778SI East, LLC, Preferred Member Units2022-12-310001535778msif:SIEastLLCMember2022-12-310001535778Sonic Systems International, LLC, Secured Debt2022-12-310001535778Sonic Systems International, LLC, Common Stock2022-12-310001535778msif:SonicSystemsInternationalLLCMember2022-12-310001535778Student Resource Center, LLC, Secured Debt2022-12-310001535778Student Resource Center, LLC, Preferred Equity2022-12-310001535778msif:StudentResourceCenterLLCMember2022-12-310001535778Tedder Industries, LLC, Secured Debt 12022-12-310001535778Tedder Industries, LLC, Secured Debt 22022-12-310001535778Tedder Industries, LLC, Preferred Member Units2022-12-310001535778msif:TedderIndustriesLLCMember2022-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12022-12-310001535778Trantech Radiator Topco, LLC, 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12022-12-310001535778Adams Publishing Group, LLC, Secured Debt 22022-12-310001535778msif:AdamsPublishingGroupLLCMember2022-12-310001535778ADS Tactical, Inc., Secured Debt2022-12-310001535778AMEREQUIP LLC., Secured Debt 12022-12-310001535778AMEREQUIP LLC., Secured Debt 22022-12-310001535778AMEREQUIP LLC., Common Stock2022-12-310001535778msif:AMEREQUIPLLCMember2022-12-310001535778American Health Staffing Group, Inc., Secured Debt 12022-12-310001535778American Health Staffing Group, Inc., Secured Debt 22022-12-310001535778msif:AmericanHealthStaffingGroupIncMember2022-12-310001535778American Nuts, LLC, Secured Debt 12022-12-310001535778American Nuts, LLC, Secured Debt 22022-12-310001535778msif:AmericanNutsLLCMember2022-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 12022-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 22022-12-310001535778msif:AmericanTeleconferencingServicesLtdMember2022-12-310001535778ArborWorks, LLC, Secured Debt 12022-12-310001535778ArborWorks, LLC, Secured Debt 22022-12-310001535778ArborWorks, LLC, Common Equity2022-12-310001535778msif:ArborWorksLLCMember2022-12-310001535778Archer Systems, LLC, Secured Debt 12022-12-310001535778Archer Systems, LLC, Secured Debt 22022-12-310001535778Archer Systems, LLC, Common Stock2022-12-310001535778msif:ArcherSystemsLLCMember2022-12-310001535778ATS Operating, LLC, Secured Debt 12022-12-310001535778ATS Operating, LLC, Secured Debt 22022-12-310001535778ATS Operating, LLC, Secured Debt 32022-12-310001535778ATS Operating, LLC, Common Stock2022-12-310001535778msif:ATSOperatingLLCMember2022-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 12022-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 22022-12-310001535778AVEX Aviation Holdings, LLC, Common Equity2022-12-310001535778msif:AVEXAviationHoldingsLLCMember2022-12-310001535778BBB Tank Services, LLC, Unsecured Debt 12022-12-310001535778BBB Tank Services, LLC, Unsecured Debt 22022-12-310001535778BBB Tank Services, LLC, Preferred Stock (non-voting)2022-12-310001535778BBB Tank Services, LLC, Member Units2022-12-310001535778msif:BBBTankServicesLLCMember2022-12-310001535778Berry Aviation, Inc., Secured Debt2022-12-310001535778Berry Aviation, Inc., Preferred Member Units 12022-12-310001535778Berry Aviation, Inc., Preferred Member Units 22022-12-310001535778msif:BerryAviationIncMember2022-12-310001535778Bettercloud, Inc., Secured Debt 12022-12-310001535778Bettercloud, Inc., Secured Debt 22022-12-310001535778msif:BettercloudIncMember2022-12-310001535778Binswanger Enterprises, LLC, Member Units2022-12-310001535778Bluestem Brands, Inc., Secured Debt 12022-12-310001535778Bluestem Brands, Inc., Secured Debt 22022-12-310001535778Bluestem Brands, Inc., Common Stock2022-12-310001535778Bluestem Brands, Inc., Warrants2022-12-310001535778msif:BluestemBrandsIncMember2022-12-310001535778Boccella Precast Products LLC, Secured Debt2022-12-310001535778Boccella Precast Products 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Units2022-12-310001535778msif:ClassicHGHoldingsLLCMember2022-12-310001535778Computer Data Source, LLC, Secured Debt 12022-12-310001535778Computer Data Source, LLC, Secured Debt 22022-12-310001535778msif:ComputerDataSourceLLCMember2022-12-310001535778Construction Supply Investments, LLC, Member Units2022-12-310001535778Dalton US Inc., Secured Debt 12022-12-310001535778Dalton US Inc., Secured Debt 22022-12-310001535778Dalton US Inc., Secured Debt 32022-12-310001535778Dalton US Inc., Common Stock2022-12-310001535778msif:DaltonUSIncMember2022-12-310001535778DMA Industries, LLC, Secured Debt2022-12-310001535778DMA Industries, LLC, Preferred Equity2022-12-310001535778msif:DMAIndustriesLLCMember2022-12-310001535778DTE Enterprises, LLC, Secured Debt 12022-12-310001535778DTE Enterprises, LLC, Secured Debt 22022-12-310001535778DTE Enterprises, LLC, Class A Preferred Member Units2022-12-310001535778DTE Enterprises, LLC, Class AA Preferred Member Units 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22022-12-310001535778msif:EngineeringResearchConsultingLLCMember2022-12-310001535778EPIC Y-Grade Services, LP, Secured Debt2022-12-310001535778Event Holdco, LLC, Secured Debt 12022-12-310001535778Event Holdco, LLC, Secured Debt 22022-12-310001535778msif:EventHoldcoLLCMember2022-12-310001535778Flip Electronics LLC, Secured Debt 12022-12-310001535778Flip Electronics LLC, Secured Debt 22022-12-310001535778msif:FlipElectronicsLLCMember2022-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 12022-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 22022-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12022-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22022-12-310001535778msif:HawkRidgeSystemsLLCMember2022-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 12022-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 22022-12-310001535778msif:HDCHWIntermediateHoldingsMember2022-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 12022-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 22022-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 32022-12-310001535778msif:HEADLANDSOPCOLLCMember2022-12-310001535778Hybrid Promotions, LLC, Secured Debt2022-12-310001535778IG Parent Corporation, Secured Debt 12022-12-310001535778IG Parent Corporation, Secured Debt 22022-12-310001535778msif:IGParentCorporationMember2022-12-310001535778Implus Footcare, LLC, Secured Debt2022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Secured Debt 12022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Secured Debt 22022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Preferred Stock (non-voting) 12022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Preferred Stock (non-voting) 22022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Member Units2022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Warrants2022-12-310001535778msif:IndependentPetPartnersIntermediateHoldingsLLCMember2022-12-310001535778Industrial Services Acquisition, LLC, Secured Debt 12022-12-310001535778Industrial Services Acquisition, LLC, Secured Debt 22022-12-310001535778Industrial Services Acquisition, LLC, Preferred Member Units 12022-12-310001535778Industrial Services Acquisition, LLC, Preferred Member Units 22022-12-310001535778Industrial Services Acquisition, LLC, Member Units2022-12-310001535778msif:IndustrialServicesAcquisitionLLCMember2022-12-310001535778Infolinks Media Buyco, LLC, Secured Debt 12022-12-310001535778Infolinks Media Buyco, LLC, Secured Debt 22022-12-310001535778msif:InfolinksMediaBuycoLLCMember2022-12-310001535778Interface Security Systems, L.L.C, Secured Debt 12022-12-310001535778Interface Security Systems, L.L.C, Secured Debt 22022-12-310001535778Interface Security Systems, L.L.C, Common Stock2022-12-310001535778msif:InterfaceSecuritySystemsLLCMember2022-12-310001535778Intermedia Holdings, Inc., Secured Debt2022-12-310001535778Invincible Boat Company, LLC., Secured Debt 12022-12-310001535778Invincible Boat Company, LLC., Secured Debt 22022-12-310001535778msif:InvincibleBoatCompanyLLCMember2022-12-310001535778INW Manufacturing, LLC, Secured Debt2022-12-310001535778Iron-Main Investments, LLC, Secured Debt 12022-12-310001535778Iron-Main Investments, LLC, Secured Debt 22022-12-310001535778Iron-Main Investments, LLC, Secured Debt 32022-12-310001535778Iron-Main Investments, LLC, Secured Debt 42022-12-310001535778Iron-Main Investments, LLC, Common Stock2022-12-310001535778msif:IronMainInvestmentsLLCMember2022-12-310001535778Isagenix International, LLC, Secured Debt2022-12-310001535778Jackmont Hospitality, Inc., Secured Debt 12022-12-310001535778Jackmont Hospitality, Inc., Secured Debt 22022-12-310001535778Jackmont Hospitality, Inc., Preferred Equity2022-12-310001535778msif:JackmontHospitalityIncMember2022-12-310001535778Joerns Healthcare, LLC, Secured Debt 12022-12-310001535778Joerns Healthcare, LLC, Secured Debt 22022-12-310001535778Joerns Healthcare, LLC, Common Stock2022-12-310001535778msif:JoernsHealthcareLLCMember2022-12-310001535778Johnson Downie Opco, LLC, Secured Debt 12022-12-310001535778Johnson Downie Opco, LLC, Secured Debt 22022-12-310001535778Johnson Downie Opco, LLC, Preferred Equity2022-12-310001535778msif:JohnsonDownieOpcoLLCMember2022-12-310001535778JorVet Holdings, LLC, Secured Debt2022-12-310001535778JorVet Holdings, LLC, Preferred Equity2022-12-310001535778msif:JorVetHoldingsLLCMember2022-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12022-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22022-12-310001535778JTI Electrical & Mechanical, LLC, Common Equity2022-12-310001535778msif:JTIElectricalMechanicalLLCMember2022-12-310001535778KMS, LLC, Secured Debt 12022-12-310001535778KMS, LLC, Secured Debt 22022-12-310001535778msif:KMSLLCMember2022-12-310001535778Lightbox Holdings, L.P., Secured Debt2022-12-310001535778LL Management, Inc., Secured Debt 12022-12-310001535778LL Management, Inc., Secured Debt 22022-12-310001535778LL Management, Inc., Secured Debt 32022-12-310001535778msif:LLManagementIncMember2022-12-310001535778LLFlex, LLC, Secured Debt2022-12-310001535778Logix Acquisition Company, LLC, Secured Debt2022-12-310001535778Mako Steel, LP, Secured Debt 12022-12-310001535778Mako Steel, LP, Secured Debt 22022-12-310001535778msif:MakoSteelLPMember2022-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 12022-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 22022-12-310001535778msif:MB2DentalSolutionsLLCMember2022-12-310001535778MetalForming AcquireCo, LLC, Secured Debt 12022-12-310001535778MetalForming AcquireCo, LLC, Secured Debt 22022-12-310001535778MetalForming AcquireCo, LLC, Preferred Equity2022-12-310001535778MetalForming AcquireCo, LLC, Common Stock2022-12-310001535778msif:MetalFormingAcquireCoLLCMember2022-12-310001535778Microbe Formulas, LLC, Secured Debt 12022-12-310001535778Microbe Formulas, LLC, Secured Debt 22022-12-310001535778msif:MicrobeFormulasLLCMember2022-12-310001535778Mills Fleet Farm Group, LLC, Secured Debt2022-12-310001535778MonitorUS Holding, LLC, Secured Debt 12022-12-310001535778MonitorUS Holding, LLC, Secured Debt 22022-12-310001535778MonitorUS Holding, LLC, Secured Debt 32022-12-310001535778MonitorUS Holding, LLC, Common Stock2022-12-310001535778msif:MonitorUSHoldingLLCMember2022-12-310001535778NinjaTrader, LLC, Secured Debt 12022-12-310001535778NinjaTrader, LLC, Secured Debt 22022-12-310001535778NinjaTrader, LLC, Secured Debt 32022-12-310001535778msif:NinjaTraderLLCMember2022-12-310001535778NTM Acquisition Corp., Secured Debt2022-12-310001535778NWN Corporation, Secured Debt 12022-12-310001535778NWN Corporation, Secured Debt 22022-12-310001535778NWN Corporation, Secured Debt 32022-12-310001535778msif:NWNCorporationMember2022-12-310001535778OVG Business Services, LLC, Secured Debt2022-12-310001535778Paragon Healthcare, Inc., Secured Debt 12022-12-310001535778Paragon Healthcare, Inc., Secured Debt 22022-12-310001535778Paragon Healthcare, Inc., Secured Debt 32022-12-310001535778msif:ParagonHealthcareIncMember2022-12-310001535778PTL US Bidco, Inc, Secured Debt 12022-12-310001535778PTL US Bidco, Inc, Secured Debt 22022-12-310001535778msif:PTLUSBidcoIncMember2022-12-310001535778RA Outdoors LLC, Secured Debt 12022-12-310001535778RA Outdoors LLC, Secured Debt 22022-12-310001535778msif:RAOutdoorsLLCMember2022-12-310001535778Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2022-12-310001535778RM Bidder, LLC, Member Units2022-12-310001535778RM Bidder, LLC, Warrants2022-12-310001535778msif:RMBidderLLCMember2022-12-310001535778Roof Opco, LLC, Secured Debt 12022-12-310001535778Roof Opco, LLC, Secured Debt 22022-12-310001535778Roof Opco, LLC, Secured Debt 32022-12-310001535778msif:RoofOpcoLLCMember2022-12-310001535778Rug Doctor, LLC., Secured Debt 12022-12-310001535778Rug Doctor, LLC., Secured Debt 22022-12-310001535778msif:RugDoctorLLCMember2022-12-310001535778Savers, Inc., Secured Debt2022-12-310001535778SIB Holdings, LLC, Secured Debt 12022-12-310001535778SIB Holdings, LLC, Secured Debt 22022-12-310001535778SIB Holdings, LLC, Secured Debt 32022-12-310001535778SIB Holdings, LLC, Common Equity2022-12-310001535778msif:SIBHoldingsLLCMember2022-12-310001535778Slick Innovations, LLC, Secured Debt2022-12-310001535778Slick Innovations, LLC, Common Stock2022-12-310001535778msif:SlickInnovationsLLCMember2022-12-310001535778South Coast Terminals Holdings, LLC, Secured Debt 12022-12-310001535778South Coast Terminals Holdings, LLC, Secured Debt 22022-12-310001535778South Coast Terminals Holdings, LLC, Common Equity2022-12-310001535778msif:SouthCoastTerminalsHoldingsLLCMember2022-12-310001535778SPAU Holdings, LLC, Secured Debt 12022-12-310001535778SPAU Holdings, LLC, Secured Debt 22022-12-310001535778SPAU Holdings, LLC, Common Stock2022-12-310001535778msif:SPAUHoldingsLLCMember2022-12-310001535778Tex Tech Tennis, LLC, Preferred Equity2022-12-310001535778The Affiliati Network, LLC, Secured Debt 12022-12-310001535778The Affiliati Network, LLC, Secured Debt 22022-12-310001535778The Affiliati Network, LLC, Preferred Stock2022-12-310001535778msif:TheAffiliatiNetworkLLCMember2022-12-310001535778U.S. TelePacific Corp., Secured Debt2022-12-310001535778USA DeBusk LLC, Secured Debt2022-12-310001535778Vida Capital, Inc, Secured Debt2022-12-310001535778Vistar Media, Inc., Preferred Stock2022-12-310001535778Volusion, LLC, Secured Debt2022-12-310001535778Volusion, LLC, Unsecured Convertible Debt2022-12-310001535778Volusion, LLC, Preferred Member Units2022-12-310001535778Volusion, LLC, Warrants2022-12-310001535778msif:VolusionLLCMember2022-12-310001535778VORTEQ Coil Finishers, LLC, Common Equity2022-12-310001535778Wall Street Prep, Inc., Secured Debt 12022-12-310001535778Wall Street Prep, Inc., Secured Debt 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Jewelry, Inc., Secured Debt 12023-01-012023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-01-012023-09-300001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-01-012023-09-300001535778SI East, LLC, Secured Debt 12023-01-012023-09-300001535778SI East, LLC, Secured Debt 2.12023-09-300001535778SI East, LLC, Secured Debt 2.12023-01-012023-09-300001535778SI East, LLC, Secured Debt 2.12022-12-310001535778SI East, LLC, Secured Debt 32023-01-012023-09-300001535778SI East, LLC, Secured Debt 32022-12-310001535778SI East, LLC, Secured Debt 32023-09-300001535778SI East, LLC, Preferred Member Units2023-01-012023-09-300001535778Student Resource Center, LLC, Secured Debt2023-01-012023-09-300001535778Student Resource Center, LLC, Preferred Equity2023-01-012023-09-300001535778Tedder Industries, LLC, Secured Debt 12023-01-012023-09-300001535778Tedder Industries, LLC, Secured Debt 22023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 12023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 12022-12-310001535778Tedder Industries, LLC, Preferred Member Units 22023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 22022-12-310001535778Tedder Industries, LLC, Preferred Member Units 32023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 32022-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-01-012023-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22023-01-012023-09-300001535778Trantech Radiator Topco, LLC, Common Stock2023-01-012023-09-300001535778VVS Holdco LLC, Secured Debt 12023-01-012023-09-300001535778VVS Holdco LLC, Secured Debt 22023-01-012023-09-300001535778VVS Holdco LLC, Preferred Equity2023-01-012023-09-300001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-01-012023-09-300001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-12-310001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2023-09-300001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SoutheastRegionMember2023-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778GRT Rubber Technologies LLC, Secured Debt2022-09-300001535778GRT Rubber Technologies LLC, Secured Debt2022-01-012022-09-300001535778GRT Rubber Technologies LLC, Secured Debt2021-12-310001535778GRT Rubber Technologies LLC, Member Units2022-01-012022-09-300001535778GRT Rubber Technologies LLC, Member Units2021-12-310001535778GRT Rubber Technologies LLC, Member Units2022-09-300001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2022-01-012022-09-300001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2021-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2022-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-01-012022-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2021-12-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-09-300001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-01-012022-09-300001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2021-12-310001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-09-300001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2021-12-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2022-09-300001535778AFG Capital Group, LLC, Secured Debt2022-01-012022-09-300001535778AFG Capital Group, LLC, Secured Debt2021-12-310001535778AFG Capital Group, LLC, Secured Debt2022-09-300001535778AFG Capital Group, LLC, Preferred Member Units2022-01-012022-09-300001535778AFG Capital Group, LLC, Preferred Member Units2021-12-310001535778AFG Capital Group, LLC, Preferred Member Units2022-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12022-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12021-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22022-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22021-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-01-012022-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12021-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-01-012022-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22021-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2022-01-012022-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2021-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2022-09-300001535778ATX Networks Corp., Secured Debt2022-09-300001535778ATX Networks Corp., Secured Debt2022-01-012022-09-300001535778ATX Networks Corp., Secured Debt2021-12-310001535778ATX Networks Corp., Unsecured Debt2022-09-300001535778ATX Networks Corp., Unsecured Debt2022-01-012022-09-300001535778ATX Networks Corp., Unsecured Debt2021-12-310001535778ATX Networks Corp., Common Stock2022-01-012022-09-300001535778ATX Networks Corp., Common Stock2021-12-310001535778ATX Networks Corp., Common Stock2022-09-300001535778Barfly Ventures, LLC, Member Units2022-01-012022-09-300001535778Barfly Ventures, LLC, Member Units2021-12-310001535778Barfly Ventures, LLC, Member Units2022-09-300001535778Batjer TopCo, LLC, Secured Debt 12022-01-012022-09-300001535778Batjer TopCo, LLC, Secured Debt 12021-12-310001535778Batjer TopCo, LLC, Secured Debt 12022-09-300001535778Batjer TopCo, LLC, Secured Debt 22022-09-300001535778Batjer TopCo, LLC, Secured Debt 22022-01-012022-09-300001535778Batjer TopCo, LLC, Secured Debt 22021-12-310001535778Batjer TopCo, LLC, Preferred Stock2022-01-012022-09-300001535778Batjer TopCo, LLC, Preferred Stock2021-12-310001535778Batjer TopCo, LLC, Preferred Stock2022-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2022-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2022-01-012022-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2021-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2022-01-012022-09-300001535778Brewer Crane Holdings, LLC, Preferred Member Units2021-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2022-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12022-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12021-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22022-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 22021-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2022-01-012022-09-300001535778Centre Technologies Holdings, LLC, Preferred Member Units2021-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2022-09-300001535778Chamberlin Holding LLC, Secured Debt 12022-09-300001535778Chamberlin Holding LLC, Secured Debt 12022-01-012022-09-300001535778Chamberlin Holding LLC, Secured Debt 12021-12-310001535778Chamberlin Holding LLC, Secured Debt 22022-09-300001535778Chamberlin Holding LLC, Secured Debt 22022-01-012022-09-300001535778Chamberlin Holding LLC, Secured Debt 22021-12-310001535778Chamberlin Holding LLC, Member Units 12022-01-012022-09-300001535778Chamberlin Holding LLC, Member Units 12021-12-310001535778Chamberlin Holding LLC, Member Units 12022-09-300001535778Chamberlin Holding LLC, Member Units 22022-01-012022-09-300001535778Chamberlin Holding LLC, Member Units 22021-12-310001535778Chamberlin Holding LLC, Member Units 22022-09-300001535778Charps, LLC, Secured Debt2022-01-012022-09-300001535778Charps, LLC, Secured Debt2021-12-310001535778Charps, LLC, Secured Debt2022-09-300001535778Charps, LLC, Preferred Member Units2022-01-012022-09-300001535778Charps, LLC, Preferred Member Units2021-12-310001535778Charps, LLC, Preferred Member Units2022-09-300001535778Clad-Rex Steel, LLC, Secured Debt 12022-09-300001535778Clad-Rex Steel, LLC, Secured Debt 12022-01-012022-09-300001535778Clad-Rex Steel, LLC, Secured Debt 12021-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22022-09-300001535778Clad-Rex Steel, LLC, Secured Debt 22022-01-012022-09-300001535778Clad-Rex Steel, LLC, Secured Debt 22021-12-310001535778Clad-Rex Steel, LLC, Member Units 12022-01-012022-09-300001535778Clad-Rex Steel, LLC, Member Units 12021-12-310001535778Clad-Rex Steel, LLC, Member Units 12022-09-300001535778Clad-Rex Steel, LLC, Member Units 22022-01-012022-09-300001535778Clad-Rex Steel, LLC, Member Units 22021-12-310001535778Clad-Rex Steel, LLC, Member Units 22022-09-300001535778Cody Pools, Inc., Secured Debt 12022-09-300001535778Cody Pools, Inc., Secured Debt 12022-01-012022-09-300001535778Cody Pools, Inc., Secured Debt 12021-12-310001535778Cody Pools, Inc., Secured Debt 22022-09-300001535778Cody Pools, Inc., Secured Debt 22022-01-012022-09-300001535778Cody Pools, Inc., Secured Debt 22021-12-310001535778Cody Pools, Inc., Preferred Member Units2022-01-012022-09-300001535778Cody Pools, Inc., Preferred Member Units2021-12-310001535778Cody Pools, Inc., Preferred Member Units2022-09-300001535778Colonial Electric Company LLC, Secured Debt 12022-01-012022-09-300001535778Colonial Electric Company LLC, Secured Debt 12021-12-310001535778Colonial Electric Company LLC, Secured Debt 12022-09-300001535778Colonial Electric Company LLC, Secured Debt 22022-09-300001535778Colonial Electric Company LLC, Secured Debt 22022-01-012022-09-300001535778Colonial Electric Company LLC, Secured Debt 22021-12-310001535778Colonial Electric Company LLC, Preferred Member Units2022-01-012022-09-300001535778Colonial Electric Company LLC, Preferred Member Units2021-12-310001535778Colonial Electric Company LLC, Preferred Member Units2022-09-300001535778Datacom, LLC, Secured Debt 12022-09-300001535778Datacom, LLC, Secured Debt 12022-01-012022-09-300001535778Datacom, LLC, Secured Debt 12021-12-310001535778Datacom, LLC, Secured Debt 22022-09-300001535778Datacom, LLC, Secured Debt 22022-01-012022-09-300001535778Datacom, LLC, Secured Debt 22021-12-310001535778Datacom, LLC, Preferred Member Units2022-01-012022-09-300001535778Datacom, LLC, Preferred Member Units2021-12-310001535778Datacom, LLC, Preferred Member Units2022-09-300001535778Digital Products Holdings LLC, Secured Debt2022-09-300001535778Digital Products Holdings LLC, Secured Debt2022-01-012022-09-300001535778Digital Products Holdings LLC, Secured Debt2021-12-310001535778Digital Products Holdings LLC, Preferred Member Units2022-01-012022-09-300001535778Digital Products Holdings LLC, Preferred Member Units2021-12-310001535778Digital Products Holdings LLC, Preferred Member Units2022-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12022-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12022-01-012022-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12021-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22022-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22022-01-012022-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22021-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2022-01-012022-09-300001535778Direct Marketing Solutions, Inc., Preferred Stock2021-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2022-09-300001535778Flame King Holdings, LLC, Secured Debt 12022-09-300001535778Flame King Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Flame King Holdings, LLC, Secured Debt 12021-12-310001535778Flame King Holdings, LLC, Secured Debt 22022-09-300001535778Flame King Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Flame King Holdings, LLC, Secured Debt 22021-12-310001535778Flame King Holdings, LLC, Preferred Equity2022-01-012022-09-300001535778Flame King Holdings, LLC, Preferred Equity2021-12-310001535778Flame King Holdings, LLC, Preferred Equity2022-09-300001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2022-01-012022-09-300001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2021-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2022-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12022-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12021-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22022-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 22021-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2022-01-012022-09-300001535778Gamber-Johnson Holdings, LLC, Member Units2021-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2022-09-300001535778GFG Group, LLC, Secured Debt2022-09-300001535778GFG Group, LLC, Secured Debt2022-01-012022-09-300001535778GFG Group, LLC, Secured Debt2021-12-310001535778GFG Group, LLC, Preferred Member Units2022-01-012022-09-300001535778GFG Group, LLC, Preferred Member Units2021-12-310001535778GFG Group, LLC, Preferred Member Units2022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12021-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 22021-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 32022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 32022-01-012022-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 32021-12-310001535778Gulf Publishing Holdings, LLC, Member Units 12022-01-012022-09-300001535778Gulf Publishing Holdings, LLC, Member Units 12021-12-310001535778Gulf Publishing Holdings, LLC, Member Units 12022-09-300001535778Gulf Publishing Holdings, LLC, Member Units 22022-01-012022-09-300001535778Gulf Publishing Holdings, LLC, Member Units 22021-12-310001535778Gulf Publishing Holdings, LLC, Member Units 22022-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-01-012022-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2021-12-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-01-012022-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12021-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-01-012022-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22021-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units 12022-01-012022-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units 12021-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units 12022-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units 22022-01-012022-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units 22021-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units 22022-09-300001535778Market Force Information, LLC, Secured Debt2022-09-300001535778Market Force Information, LLC, Secured Debt2022-01-012022-09-300001535778Market Force Information, LLC, Secured Debt2021-12-310001535778Market Force Information, LLC, Member Units2022-01-012022-09-300001535778Market Force Information, LLC, Member Units2021-12-310001535778Market Force Information, LLC, Member Units2022-09-300001535778MH Corbin Holding LLC, Secured Debt2022-09-300001535778MH Corbin Holding LLC, Secured Debt2022-01-012022-09-300001535778MH Corbin Holding LLC, Secured Debt2021-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12022-01-012022-09-300001535778MH Corbin Holding LLC, Preferred Member Units 12021-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12022-09-300001535778MH Corbin Holding LLC, Preferred Member Units 22022-01-012022-09-300001535778MH Corbin Holding LLC, Preferred Member Units 22021-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22022-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 12021-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12022-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22022-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22021-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2022-01-012022-09-300001535778Mystic Logistics Holdings, LLC, Common Stock2021-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2022-09-300001535778NexRev LLC, Secured Debt 12022-09-300001535778NexRev LLC, Secured Debt 12022-01-012022-09-300001535778NexRev LLC, Secured Debt 12021-12-310001535778NexRev LLC, Secured Debt 22022-09-300001535778NexRev LLC, Secured Debt 22022-01-012022-09-300001535778NexRev LLC, Secured Debt 22021-12-310001535778NexRev LLC, Preferred Member Units2022-01-012022-09-300001535778NexRev LLC, Preferred Member Units2021-12-310001535778NexRev LLC, Preferred Member Units2022-09-300001535778NuStep, LLC, Secured Debt 12022-09-300001535778NuStep, LLC, Secured Debt 12022-01-012022-09-300001535778NuStep, LLC, Secured Debt 12021-12-310001535778NuStep, LLC, Secured Debt 22022-09-300001535778NuStep, LLC, Secured Debt 22022-01-012022-09-300001535778NuStep, LLC, Secured Debt 22021-12-310001535778NuStep, LLC, Preferred Member Units2022-01-012022-09-300001535778NuStep, LLC, Preferred Member Units2021-12-310001535778NuStep, LLC, Preferred Member Units2022-09-300001535778Oneliance, LLC, Secured Debt2022-09-300001535778Oneliance, LLC, Secured Debt2022-01-012022-09-300001535778Oneliance, LLC, Secured Debt2021-12-310001535778Oneliance, LLC, Preferred Stock2022-01-012022-09-300001535778Oneliance, LLC, Preferred Stock2021-12-310001535778Oneliance, LLC, Preferred Stock2022-09-300001535778Orttech Holdings, LLC, Secured Debt 12022-01-012022-09-300001535778Orttech Holdings, LLC, Secured Debt 12021-12-310001535778Orttech Holdings, LLC, Secured Debt 12022-09-300001535778Orttech Holdings, LLC, Secured Debt 22022-09-300001535778Orttech Holdings, LLC, Secured Debt 22022-01-012022-09-300001535778Orttech Holdings, LLC, Secured Debt 22021-12-310001535778Orttech Holdings, LLC, Preferred Stock2022-01-012022-09-300001535778Orttech Holdings, LLC, Preferred Stock2021-12-310001535778Orttech Holdings, LLC, Preferred Stock2022-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12022-01-012022-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12021-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12022-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22022-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22022-01-012022-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22021-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2022-01-012022-09-300001535778Robbins Bros. Jewelry, Inc., Preferred Equity2021-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2022-09-300001535778SI East, LLC, Secured Debt 12022-09-300001535778SI East, LLC, Secured Debt 12022-01-012022-09-300001535778SI East, LLC, Secured Debt 12021-12-310001535778SI East, LLC, Secured Debt 22022-09-300001535778SI East, LLC, Secured Debt 22022-01-012022-09-300001535778SI East, LLC, Secured Debt 22021-12-310001535778SI East, LLC, Preferred Member Units2022-01-012022-09-300001535778SI East, LLC, Preferred Member Units2021-12-310001535778SI East, LLC, Preferred Member Units2022-09-300001535778Sonic Systems International, LLC, Secured Debt2022-09-300001535778Sonic Systems International, LLC, Secured Debt2023-09-300001535778Sonic Systems International, LLC, Secured Debt2022-01-012022-09-300001535778Sonic Systems International, LLC, Secured Debt2021-12-310001535778Sonic Systems International, LLC, Common Stock2022-01-012022-09-300001535778Sonic Systems International, LLC, Common Stock2021-12-310001535778Sonic Systems International, LLC, Common Stock2022-09-300001535778Tedder Industries, LLC, Secured Debt 12022-09-300001535778Tedder Industries, LLC, Secured Debt 12022-01-012022-09-300001535778Tedder Industries, LLC, Secured Debt 12021-12-310001535778Tedder Industries, LLC, Secured Debt 22022-09-300001535778Tedder Industries, LLC, Secured Debt 22022-01-012022-09-300001535778Tedder Industries, LLC, Secured Debt 22021-12-310001535778Tedder Industries, LLC, Preferred Member Units2022-01-012022-09-300001535778Tedder Industries, LLC, Preferred Member Units2021-12-310001535778Tedder Industries, LLC, Preferred Member Units2022-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 12022-01-012022-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 12021-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12022-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22022-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22022-01-012022-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22021-12-310001535778Trantech Radiator Topco, LLC, Common Stock2022-01-012022-09-300001535778Trantech Radiator Topco, LLC, Common Stock2021-12-310001535778Trantech Radiator Topco, LLC, Common Stock2022-09-300001535778VVS Holdco LLC, Secured Debt 12022-09-300001535778VVS Holdco LLC, Secured Debt 12022-01-012022-09-300001535778VVS Holdco LLC, Secured Debt 12021-12-310001535778VVS Holdco LLC, Secured Debt 22022-09-300001535778VVS Holdco LLC, Secured Debt 22022-01-012022-09-300001535778VVS Holdco LLC, Secured Debt 22021-12-310001535778VVS Holdco LLC, Preferred Equity2022-01-012022-09-300001535778VVS Holdco LLC, Preferred Equity2021-12-310001535778VVS Holdco LLC, Preferred Equity2022-09-300001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-01-012022-09-300001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2021-12-310001535778Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2022-09-300001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2021-12-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberus-gaap:SoutheastRegionMember2022-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2022-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-09-30

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2023

OR

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

For the transition period from:             to             

Commission File Number: 814-00939

MSC Income Fund, Inc.

(Exact name of registrant as specified in its charter)

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

(713) 350-6000

(Registrant’s telephone number including area code)

n/a

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

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

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

None

N/A

N/A

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

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

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

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

x

Smaller reporting company

o

Emerging growth company

o

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

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

The number of shares outstanding of the issuer’s common stock as of November 10, 2023 was 80,537,477.

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Table of contents

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
Item 1.			Consolidated Financial Statements
			Consolidated Balance Sheets—September 30, 2023 (unaudited) and December 31, 2022			1
			Consolidated Statements of Operations (unaudited)—Three and nine months ended September 30, 2023 and 2022			2
			Consolidated Statements of Changes in Net Assets (unaudited)—Nine months ended September 30, 2023 and 2022			3
			Consolidated Statements of Cash Flows (unaudited)—Nine months ended September 30, 2023 and 2022			4
			Consolidated Schedule of Investments (unaudited)—September 30, 2023			5
			Consolidated Schedule of Investments—December 31, 2022			28
			Notes to Consolidated Financial Statements (unaudited)			46
			Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Nine months ended September 30, 2023 and 2022			82
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			91
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			108
Item 4.			Controls and Procedures			109
PART II
OTHER INFORMATION
Item 1.			Legal Proceedings			110
Item 1A.			Risk Factors			110
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			110
Item 6.			Exhibits			112
			Signatures			113

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MSC INCOME FUND, INC.

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

			September 30, 2023						December 31, 2022
ASSETS			(Unaudited)
Investments at fair value:
Control investments (cost: $43,725 and $31,120 as of September 30, 2023 and December 31, 2022, respectively)			$	54,066					$	50,303
Affiliate investments (cost: $218,636 and $241,565 as of September 30, 2023 and December 31, 2022, respectively)			275,889						277,000
Non‑Control/Non‑Affiliate investments (cost: $802,779 and $787,201 as of September 30, 2023 and December 31, 2022, respectively)			773,858						740,840
Total investments (cost: $1,065,140 and $1,059,886 as of September 30, 2023 and December 31, 2022, respectively)			1,103,813						1,068,143
Cash and cash equivalents			23,108						21,312
Interest and dividend receivable			13,310						11,917
Receivable for securities sold			4,161						464
Deferred financing costs (net of accumulated amortization of $3,463 and $2,413 as of September 30, 2023 and December 31, 2022, respectively)			4,121						2,908
Prepaids and other assets			4,402						2,420
Total assets			$	1,152,915					$	1,107,164
LIABILITIES
Credit Facilities			$	356,688					$	321,688
Series A Notes due 2026 (par: $150,000 as of both September 30, 2023 and December 31, 2022)			149,080						148,856
Accounts payable and other liabilities			740						1,292
Interest payable			8,674						5,443
Dividend payable			14,002						12,816
Management and incentive fees payable			7,566						7,042
Deferred tax liability, net			2,596						362
Total liabilities			539,346						497,499
Commitments and contingencies (Note I)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 80,013,948 and 80,105,999 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)			80						80
Additional paid‑in capital			685,237						684,165
Total overdistributed earnings			(71,748)						(74,580)
Total net assets			613,569						609,665
Total liabilities and net assets			$	1,152,915					$	1,107,164
NET ASSET VALUE PER SHARE			$	7.67					$	7.61

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

1

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MSC INCOME FUND, INC.

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments			$	804					$	555					$	2,321					$	2,595
Affiliate investments			6,941						6,385						22,241						17,443
Non‑Control/Non‑Affiliate investments			24,606						19,111						72,064						53,753
Total investment income			32,351						26,051						96,626						73,791
EXPENSES:
Interest			(9,403)						(6,801)						(26,599)						(16,628)
Base management fees			(4,994)						(4,974)						(14,761)						(14,919)
Incentive fees			(2,572)						—						(8,891)						—
Internal administrative services expenses			(2,168)						(1,405)						(6,752)						(3,888)
General and administrative			(1,106)						(941)						(3,291)						(3,017)
Total expenses before expense waivers			(20,243)						(14,121)						(60,294)						(38,452)
Waiver of internal administrative services expenses			2,014						1,252						6,297						3,431
Total expenses, net of expense waivers			(18,229)						(12,869)						(53,997)						(35,021)
NET INVESTMENT INCOME			14,122						13,182						42,629						38,770
NET REALIZED GAIN (LOSS):
Control investments			546						—						2,223						—
Affiliate investments			(2)						(1,456)						(7,188)						(676)
Non‑Control/Non‑Affiliate investments			(109)						8,694						(20,021)						8,541
Total net realized gain (loss)			435						7,238						(24,986)						7,865
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments			(735)						574						(1,433)						1,959
Affiliate investments			4,780						3,909						22,468						4,401
Non‑Control/Non‑Affiliate investments			(5,247)						(8,918)						9,380						(17,812)
Total net unrealized appreciation (depreciation)			(1,202)						(4,435)						30,415						(11,452)
INCOME TAXES:
Federal and state income, excise and other taxes			(431)						(578)						(954)						(1,559)
Deferred taxes			458						(144)						(2,235)						(321)
Income tax benefit (provision)			27						(722)						(3,189)						(1,880)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$	13,382					$	15,263					$	44,869					$	33,303
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED			$	0.18					$	0.16					$	0.53					$	0.48
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED			$	0.17					$	0.19					$	0.56					$	0.42
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED			80,300,145						80,048,855						80,245,958						79,960,302

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

2

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MSC INCOME FUND, INC.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)

			Common Stock												Additional Paid-In Capital						Total Overdistributed Earnings						Total Net Asset Value
			Number of Shares						Par Value
Balances at December 31, 2021			79,826,605						$	80					$	682,426					$	(69,336)					$	613,170
Dividend reinvestment			533,062						—						4,212						—						4,212
Common stock repurchased			(489,031)						—						(3,790)						—						(3,790)
Net increase resulting from operations			—						—						—						16,213						16,213
Dividends to stockholders			—						—						—						(13,178)						(13,178)
Balances at March 31, 2022			79,870,636						$	80					$	682,848					$	(66,301)					$	616,627
Issuance of common stock			94,697						—						750						—						750
Dividend reinvestment			582,453						1						4,612						—						4,613
Common stock repurchased			(536,065)						(1)						(4,151)						—						(4,152)
Net increase resulting from operations			—						—						—						1,823						1,823
Dividends to stockholders			—						—						—						(12,802)						(12,802)
Balances at June 30, 2022			80,011,721						$	80					$	684,059					$	(77,280)					$	606,859
Dividend reinvestment			574,866						1						4,478						—						4,479
Common stock repurchased			(527,508)						(1)						(4,043)						—						(4,044)
Net increase resulting from operations			—						—						—						15,263						15,263
Dividends to stockholders			—						—						—						(12,809)						(12,809)
Balances at September 30, 2022			80,059,079						$	80					$	684,494					$	(74,826)					$	609,748
Balances at December 31, 2022			80,105,999						$	80					$	684,165					$	(74,580)					$	609,665
Dividend reinvestment			564,377						1						4,413						—						4,414
Common stock repurchased			(519,489)						(1)						(3,984)						—						(3,985)
Net increase resulting from operations			—						—						—						12,231						12,231
Dividends to stockholders			—						—						—						(14,026)						(14,026)
Balances at March 31, 2023			80,150,887						$	80					$	684,594					$	(76,375)					$	608,299
Issuance of common stock			255,754						—						2,000						—						2,000
Dividend reinvestment			608,618						1						4,759						—						4,760
Common stock repurchased			(965,568)						(1)						(6,522)						—						(6,523)
Net increase resulting from operations			—						—						—						19,256						19,256
Dividends to stockholders			—						—						—						(14,009)						(14,009)
Balances at June 30, 2023			80,049,691						$	80					$	684,831					$	(71,128)					$	613,783
Issuance of common stock			348,542						—						2,750						—						2,750
Dividend reinvestment			594,294						1						4,689						—						4,690
Common stock repurchased			(978,579)						(1)						(7,033)						—						(7,034)
Net increase resulting from operations			—						—						—						13,382						13,382
Dividends to stockholders			—						—						—						(14,002)						(14,002)
Balances at September 30, 2023			80,013,948						$	80					$	685,237					$	(71,748)					$	613,569

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

3

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MSC INCOME FUND, INC.

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

			Nine Months Ended September 30,
			2023						2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations			$	44,869					$	33,303
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Investments in portfolio companies			(156,523)						(171,762)
Proceeds from sales and repayments of debt investments in portfolio companies			119,927						123,357
Proceeds from sales and return of capital of equity investments in portfolio companies			13,280						42,875
Net unrealized (appreciation) depreciation			(30,415)						11,452
Net realized (gain) loss			24,986						(7,865)
Amortization of deferred financing costs			1,273						1,080
Amortization of deferred offering costs			129						210
Accretion of unearned income			(5,772)						(3,576)
Payment-in-kind interest			(3,805)						(2,091)
Cumulative dividends			(129)						(608)
Deferred tax provision			2,235						321
Changes in other assets and liabilities:
Interest and dividend receivable			(2,307)						795
Prepaid and other assets			(1,982)						171
Management and incentive fees payable			524						(58)
Interest payable			3,231						3,513
Accounts payable and other liabilities			(552)						(1,024)
Net cash provided by operating activities			8,969						30,093
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock			4,750						750
Redemption of common stock			(17,542)						(11,986)
Payment of offering costs			(129)						(210)
Dividends paid			(26,990)						(24,653)
Proceeds from Credit Facilities			107,000						87,000
Repayments on Credit Facilities			(72,000)						(161,000)
Proceeds from Series A Notes due 2026			—						72,500
Payment of deferred financing costs			(2,262)						(149)
Net cash used in financing activities			(7,173)						(37,748)
Net increase (decrease) in cash and cash equivalents			1,796						(7,655)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD			21,312						25,813
CASH AND CASH EQUIVALENTS AT END OF PERIOD			$	23,108					$	18,158
Supplemental cash flow disclosures:
Interest paid			$	22,106					$	9,578
Taxes paid			$	1,960					$	1,992
Non-cash financing activities:
Dividends declared and unpaid			$	14,002					$	12,809
Value of shares issued pursuant to the DRIP			$	13,864					$	13,304

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

4

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments			(12) (13)			Investment Partnership
									LP Interests (CTMH, LP)			(8) (24)			07/17/2017			38.8%																					$	713		$	588
GRT Rubber Technologies LLC						Manufacturer of Engineered Rubber Products
									Secured Debt			(25)			12/21/2018						11.48%			SF+			6.00%						12/21/2023			838			832			838
									Secured Debt			(25)			12/19/2014						13.48%			SF+			8.00%						10/29/2026			19,944			19,790			19,944
									Member Units						12/19/2014			2,896																					6,435			21,890
																																							27,057			42,672
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (2717 MH, L.P.)			(8) (24)			10/01/2017			49.3%																					3,345			5,896
Volusion, LLC						Provider of Online Software-as-a-Service eCommerce Solutions
									Secured Debt						03/31/2023						10.00%												3/31/2025			900			900			900
									Preferred Member Units						01/26/2015			2,090,001																					6,000			—
									Preferred Member Units						03/31/2023			2,184,683																					4,606			4,010
									Preferred Member Units						03/31/2023			61,077																					—			—
									Common Stock						03/31/2023			772,620																					1,104			—
																																							12,610			4,910
Subtotal Control Investments (8.8% of net assets at fair value)																																							$	43,725		$	54,066
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLC						Manufacturer of Liquid and Gas Analyzers
									Secured Debt			(9) (25)			08/16/2019						15.38%			SF+			10.00%						8/16/2024			$	40		$	39		$	39
									Secured Debt			(9) (25)			08/16/2019						15.38%			SF+			10.00%						8/16/2024			1,049			1,033			1,033
									Preferred Member Units						08/16/2019			800			14.13%																		800			—
									Preferred Member Units						05/20/2021			607																					607			1,140
									Warrants			(27)			08/16/2019			105															8/16/2029						79			—
																																							2,558			2,212
Barfly Ventures, LLC			(10)			Casual Restaurant Group
									Member Units						10/26/2020			12																					528			1,013
Batjer TopCo, LLC						HVAC Mechanical Contractor
									Secured Debt			(37)			03/07/2022																		3/7/2027			—			(1)			—

5

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						03/07/2022						10.00%												3/7/2027			70			70			70
									Secured Debt						03/07/2022						10.00%												3/7/2027			1,175			1,159			1,175
									Preferred Stock			(8)			03/07/2022			453																					455			680
																																							1,683			1,925
Brewer Crane Holdings, LLC						Provider of Crane Rental and Operating Services
									Secured Debt			(9)			01/09/2018						15.44%			L+			10.00%						1/9/2024			1,406			1,406			1,376
									Preferred Member Units			(8)			01/09/2018			737																					1,070			1,400
																																							2,476			2,776
Centre Technologies Holdings, LLC						Provider of IT Hardware Services and Software Solutions
									Secured Debt			(9) (25) (37)			01/04/2019									SF+			9.00%						1/4/2026			—			—			—
									Secured Debt			(9) (25)			01/04/2019						14.48%			SF+			9.00%						1/4/2026			4,394			4,361			4,394
									Preferred Member Units						01/04/2019			3,327																					1,531			2,600
																																							5,892			6,994
Chamberlin Holding LLC						Roofing and Waterproofing Specialty Contractor
									Secured Debt			(9) (25) (37)			02/26/2018									SF+			6.00%						2/26/2026			—			(35)			—
									Secured Debt			(9) (25)			02/26/2018						13.49%			SF+			8.00%						2/26/2026			4,102			4,099			4,102
									Member Units			(8)			02/26/2018			1,087																					2,860			6,480
									Member Units			(8) (23)			11/02/2018			261,786																					443			743
																																							7,367			11,325
Charps, LLC						Pipeline Maintenance and Construction
									Preferred Member Units			(8)			02/03/2017			457																					491			3,500
Clad-Rex Steel, LLC						Specialty Manufacturer of Vinyl-Clad Metal
									Secured Debt						12/20/2016						11.50%												1/15/2024			2,200			2,200			2,163
									Secured Debt						12/20/2016						10.00%												12/20/2036			256			253			253
									Member Units			(8)			12/20/2016			179																					1,820			1,400
									Member Units			(23)			12/20/2016			200																					127			282
																																							4,400			4,098
Cody Pools, Inc.						Designer of Residential and Commercial Pools
									Secured Debt			(37)			03/06/2020																		12/17/2026			—			(2)			—
									Secured Debt						03/06/2020						12.50%												12/17/2026			7,377			7,352			7,377
									Preferred Member Units			(8) (23)			03/06/2020			147																					2,079			17,290
																																							9,429			24,667
Colonial Electric Company LLC						Provider of Electrical Contracting Services
									Secured Debt			(37)			03/31/2021																		3/31/2026			—			—			—
									Secured Debt						03/31/2021						12.00%												3/31/2026			5,591			5,519			5,442

6

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Member Units						06/27/2023			240																					240			600
									Preferred Member Units						03/31/2021			4,320																					1,920			1,920
																																							7,679			7,962
Datacom, LLC						Technology and Telecommunications Provider
									Secured Debt						03/01/2022						7.50%												12/31/2025			60			59			59
									Secured Debt						03/31/2021						10.00%												12/31/2025			936			889			846
									Preferred Member Units			(8)			03/31/2021			1,000																					290			30
																																							1,238			935
Digital Products Holdings LLC						Designer and Distributor of Consumer Electronics
									Secured Debt			(9) (25)			04/01/2018						15.38%			SF+			10.00%						4/27/2026			3,718			3,686			3,669
									Preferred Member Units			(8)			04/01/2018			964																					2,375			2,459
																																							6,061			6,128
Direct Marketing Solutions, Inc.						Provider of Omni-Channel Direct Marketing Services
									Secured Debt						02/13/2018						14.00%												2/13/2026			225			221			225
									Secured Debt						12/27/2022						14.00%												2/13/2026			5,085			5,054			5,085
									Preferred Stock			(8)			02/13/2018			2,100																					2,100			5,340
																																							7,375			10,650
Flame King Holdings, LLC						Propane Tank and Accessories Distributor
									Preferred Equity			(8)			10/29/2021			2,340																					2,600			6,970
Freeport Financial Funds			(12) (13)			Investment Partnership
									LP Interests (Freeport First Lien Loan Fund III LP)			(8) (24)			07/31/2015			6.0%																					5,328			4,873
Gamber-Johnson Holdings, LLC						Manufacturer of Ruggedized Computer Mounting Systems
									Secured Debt			(9) (25) (36) (37)			06/24/2016									SF+			7.50%						1/1/2028			—			—			—
									Secured Debt			(9) (25) (36)			12/15/2022						10.50%			SF+			7.50%						1/1/2028			14,120			13,916			14,120
									Member Units			(8)			06/24/2016			2,261																					4,423			20,400
																																							18,339			34,520
GFG Group, LLC						Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
									Secured Debt						03/31/2021						8.00%												3/31/2026			2,636			2,595			2,636
									Preferred Member Units			(8)			03/31/2021			56																					1,225			2,600

7

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							3,820			5,236
Gulf Publishing Holdings, LLC						Energy Industry Focused Media and Publishing
									Secured Debt			(9) (25) (37)			09/29/2017									SF+			9.50%						7/1/2027			—			—			—
									Secured Debt						07/01/2022						12.50%												7/1/2027			600			600			571
									Preferred Equity						07/01/2022			15,930																					1,400			700
									Member Units						04/29/2016			920																					920			—
																																							2,920			1,271
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (HPEP 3, L.P.)			(8) (24)			08/09/2017			8.2%																					2,050			4,106
IG Investor, LLC						Military and Other Tactical Gear
									Secured Debt			(37)			06/21/2023																		6/21/2028			—			(28)			(28)
									Secured Debt						06/21/2023						13.00%												6/21/2028			9,426			9,162			9,162
									Common Equity						06/21/2023			3,600																					3,600			3,600
																																							12,734			12,734
Independent Pet Partners Intermediate Holdings, LLC			(10)			Omnichannel Retailer of Specialty Pet Products
									Common Equity						04/07/2023			6,436,566																					6,540			6,260
Integral Energy Services			(10)			Nuclear Power Staffing Services
									Secured Debt			(9) (25)			08/20/2021						13.01%			SF+			7.50%						8/20/2026			18,425			18,200			17,607
									Common Stock						08/20/2021			11,647																					1,584			330
																																							19,784			17,937
Kickhaefer Manufacturing Company, LLC						Precision Metal Parts Manufacturing
									Secured Debt						10/31/2018						12.00%												10/31/2026			4,950			4,931			4,950
									Secured Debt						10/31/2018						9.00%												10/31/2048			962			954			954
									Preferred Equity						10/31/2018			145																					3,060			2,210
									Member Units			(8) (23)			10/31/2018			200																					248			715
																																							9,193			8,829
MH Corbin Holding LLC						Manufacturer and Distributor of Traffic Safety Products
									Secured Debt			(17)			08/31/2015						13.00%												12/31/2022			1,370			1,370			1,276
									Preferred Member Units						03/15/2019			16,500																					1,100			80
									Preferred Member Units						09/01/2015			1,000																					1,500			—
																																							3,970			1,356
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
									Secured Debt			(37)			08/18/2014																		1/31/2024			—			—			—

8

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						08/18/2014						10.00%												1/31/2024			1,436			1,436			1,436
									Common Stock			(8)			08/18/2014			1,468																					680			6,788
																																							2,116			8,224
NexRev LLC						Provider of Energy Efficiency Products & Services
									Secured Debt			(37)			02/28/2018																		2/28/2025			—			—			—
									Secured Debt						02/28/2018						10.00%												2/28/2025			2,453			2,431			2,431
									Preferred Member Units			(8)			02/28/2018			25,786,046																					2,053			1,590
																																							4,484			4,021
NuStep, LLC						Designer, Manufacturer and Distributor of Fitness Equipment
									Secured Debt			(9) (25)			01/31/2017						11.98%			SF+			6.50%						1/31/2025			900			898			898
									Secured Debt						01/31/2017						12.00%												1/31/2025			4,610			4,606			4,606
									Preferred Member Units						01/31/2017			102																					2,550			2,310
									Preferred Member Units						11/02/2022			515																					515			1,290
																																							8,569			9,104
Oneliance, LLC						Construction Cleaning Company
									Secured Debt			(9) (25)			08/06/2021						16.48%			SF+			11.00%						8/6/2026			1,380			1,364			1,357
									Preferred Stock						08/06/2021			282																					282			282
																																							1,646			1,639
Orttech Holdings, LLC						Distributor of Industrial Clutches, Brakes and Other Components
									Secured Debt			(9) (25) (37)			07/30/2021									SF+			11.00%						7/31/2026			—			(2)			—
									Secured Debt			(9) (25)			07/30/2021						16.48%			SF+			11.00%						7/31/2026			5,550			5,486			5,550
									Preferred Stock			(8) (23)			07/30/2021			2,500																					2,500			4,260
																																							7,984			9,810
Robbins Bros. Jewelry, Inc.						Bridal Jewelry Retailer
									Secured Debt			(37)			12/15/2021																		12/15/2026			—			(6)			(6)
									Secured Debt						12/15/2021						12.50%												12/15/2026			3,840			3,791			3,748
									Preferred Equity						12/15/2021			1,230																					1,230			310
																																							5,015			4,052
SI East, LLC						Rigid Industrial Packaging Manufacturing
									Secured Debt						08/31/2018						11.25%												6/16/2028			625			619			625
									Secured Debt						06/16/2023						12.49%												6/16/2028			18,179			18,009			18,179
									Preferred Member Units			(8)			08/31/2018			55																					508			5,840
																																							19,136			24,644
Student Resource Center, LLC			(10)			Higher Education Services
									Secured Debt						12/31/2022						8.50%									8.50%			12/31/2027			5,918			5,426			5,298
									Preferred Equity						12/31/2022			6,564,055																					—			139

9

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							5,426			5,437
Tedder Industries, LLC						Manufacturer of Firearm Holsters and Accessories
									Secured Debt			(17)			08/31/2018						12.00%												8/31/2023			460			460			446
									Secured Debt			(17)			08/31/2018						12.00%												8/31/2023			3,800			3,800			3,681
									Preferred Member Units						08/31/2018			136																					2,311			900
									Preferred Member Units						02/01/2023			1,062																					106			150
									Preferred Member Units						08/28/2023			1,200																					120			300
																																							6,797			5,477
Trantech Radiator Topco, LLC						Transformer Cooling Products and Services
									Secured Debt			(37)			05/31/2019																		5/31/2024			—			(2)			—
									Secured Debt						05/31/2019						12.00%												5/31/2024			1,980			1,972			1,980
									Common Stock			(8)			05/31/2019			154																					1,164			3,350
																																							3,134			5,330
VVS Holdco LLC						Omnichannel Retailer of Animal Health Products
									Secured Debt			(9) (23) (25) (37)			12/01/2021									SF+			6.00%						12/1/2023			—			(1)			(1)
									Secured Debt			(23)			12/01/2021						11.50%												12/1/2026			7,050			6,915			6,915
									Preferred Equity			(8) (23)			12/01/2021			2,960																					2,960			2,960
																																							9,874			9,874
Subtotal Affiliate Investments (45.0% of net assets at fair value)																																							$	218,636		$	275,889
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.			(11)			Substance Abuse Treatment Service Provider
									Secured Debt						01/31/2023						18.00%									18.00%			6/25/2025			$	144		$	143		$	135
									Secured Debt						12/11/2020						18.00%									18.00%			6/25/2025			4,788			4,641			4,501
									Common Stock						12/11/2020			593,927																					3,148			—
									Warrants			(27)			12/11/2020			197,717															12/11/2025						—			—
																																							7,932			4,636
AB Centers Acquisition Corporation			(10)			Applied Behavior Analysis Therapy Provider
									Secured Debt			(9)			09/06/2022						13.50%			P+			5.00%						9/6/2028			198			177			198
									Secured Debt			(9) (25) (37)			09/06/2022									SF+			6.00%						9/6/2028			—			(16)			(16)
									Secured Debt			(9) (25)			09/06/2022						11.42%			SF+			6.00%						9/6/2028			2,316			2,226			2,316
									Secured Debt			(9) (25)			06/21/2023						11.42%			SF+			6.00%						9/6/2028			776			746			776
																																							3,133			3,274
Acumera, Inc.			(10)			Managed Security Service Provider
									Secured Debt			(9) (25) (37)			06/07/2023									SF+			7.50%						6/7/2028			—			(8)			(8)
									Secured Debt			(9) (25)			06/07/2023						12.99%			SF+			7.50%						6/7/2028			12,073			11,969			12,073
									Warrants			(40)			06/07/2023			14,953															5/19/2028						—			90
																																							11,961			12,155

10

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Adams Publishing Group, LLC			(10)			Local Newspaper Operator
									Secured Debt			(9) (25) (36)			03/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			849			849			839
									Secured Debt			(9) (25) (36)			03/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			2,678			2,672			2,646
																																							3,521			3,485
ADS Tactical, Inc.			(11)			Value-Added Logistics and Supply Chain Provider to the Defense Industry
									Secured Debt			(9) (25)			03/29/2021						11.18%			SF+			5.75%						3/19/2026			7,510			7,426			7,388
AMEREQUIP LLC.			(10)			Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
									Secured Debt			(9) (25) (37)			08/31/2022									SF+			7.40%						8/31/2027			—			—			—
									Secured Debt			(9) (25)			08/31/2022						12.87%			SF+			7.40%						8/31/2027			1,738			1,738			1,738
									Common Stock			(8)			08/31/2022			11																					83			90
																																							1,821			1,828
American Health Staffing Group, Inc.			(10)			Healthcare Temporary Staffing
									Secured Debt			(9) (37)			11/19/2021									L+			6.00%						11/19/2026			—			(11)			(11)
									Secured Debt			(9)			11/19/2021						11.43%			L+			6.00%						11/19/2026			8,208			8,157			8,208
																																							8,146			8,197
American Nuts, LLC			(10)			Roaster, Mixer and Packager of Bulk Nuts and Seeds
									Secured Debt			(9) (25)			03/11/2022						15.15%			SF+			8.75%			1.00%			4/10/2026			4,281			4,257			3,548
									Secured Debt			(9) (25)			03/11/2022						15.15%			SF+			8.75%			1.00%			4/10/2026			—			—			—
									Secured Debt			(9) (14) (25)			03/11/2022						17.15%			SF+			10.75%			1.00%			4/10/2026			4,270			4,244			2,332
									Secured Debt			(9) (14) (25)			03/11/2022						17.15%			SF+			10.75%			1.00%			4/10/2026			—			—			—
																																							8,501			5,880
American Teleconferencing Services, Ltd.			(11)			Provider of Audio Conferencing and Video Collaboration Solutions
									Secured Debt			(14) (17)			09/17/2021						7.50%			L+			6.50%						4/7/2023			2,425			2,375			109
									Secured Debt			(9) (14) (17)			05/19/2016						7.50%			L+			6.50%						6/8/2023			11,693			11,451			526
																																							13,826			635
ArborWorks, LLC			(10)			Vegetation Management Services
									Secured Debt			(9) (14) (25)			11/09/2021						15.43%			SF+			7.00%			3.00%			11/9/2026			3,710			3,661			2,071
									Secured Debt			(9) (14) (25)			11/09/2021						15.43%			SF+			7.00%			3.00%			11/9/2026			15,807			15,579			8,822
									Common Equity						11/09/2021			124																					124			—
																																							19,364			10,893

11

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Archer Systems, LLC			(10)			Mass Tort Settlement Administration Solutions Provider
									Secured Debt			(9) (25) (37)			08/11/2022									SF+			6.00%						8/11/2027			—			(4)			(4)
									Secured Debt			(9) (25)			08/11/2022						11.54%			SF+			6.00%						8/11/2027			1,776			1,749			1,776
									Common Stock						08/11/2022			62,402																					62			90
																																							1,807			1,862
ATS Operating, LLC			(10)			For-Profit Thrift Retailer
									Secured Debt			(9) (25)			01/18/2022						12.01%			SF+			6.50%						1/18/2027			100			100			100
									Secured Debt			(9) (25)			01/18/2022						11.01%			SF+			5.50%						1/18/2027			925			910			925
									Secured Debt			(9) (25)			01/18/2022						13.01%			SF+			7.50%						1/18/2027			925			910			925
									Common Stock						01/18/2022			100,000																					100			80
																																							2,020			2,030
AVEX Aviation Holdings, LLC			(10)			Specialty Aircraft Dealer & MRO Provider
									Secured Debt			(9) (25)			12/23/2022						12.67%			SF+			7.25%						12/23/2027			205			187			198
									Secured Debt			(9) (25)			12/23/2022						12.80%			SF+			7.25%						12/23/2027			3,434			3,332			3,327
									Common Equity						12/15/2021			137																					134			124
																																							3,653			3,649
BBB Tank Services, LLC						Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
									Unsecured Debt			(9) (17)			04/08/2016						16.44%			L+			11.00%						4/8/2021			150			150			150
									Unsecured Debt			(9) (17)			04/08/2016						16.44%			L+			11.00%						4/8/2021			1,000			1,000			550
									Member Units						04/08/2016			200,000																					200			—
									Preferred Stock (non-voting)						12/17/2018						15.00%									15.00%									41			—
																																							1,391			700
Berry Aviation, Inc.			(10)			Charter Airline Services
									Preferred Member Units			(8) (23)			07/06/2018			1,548,387																					—			2,820
									Preferred Member Units			(8) (23)			11/12/2019			122,416																					—			220
																																							—			3,040
Bettercloud, Inc.			(10)			SaaS Provider of Workflow Management and Business Application Solutions
									Secured Debt			(9) (25) (37)			06/30/2022									SF+			7.25%						6/30/2028			—			(19)			(19)
									Secured Debt			(9) (25)			06/30/2022						12.67%			SF+			7.25%			6.25%			6/30/2028			8,401			8,278			8,053
																																							8,259			8,034
Binswanger Enterprises, LLC			(10)			Glass Repair and Installation Service Provider
									Member Units						03/10/2017			1,050,000																					1,050			20
Bluestem Brands, Inc.			(11)			Multi-Channel Retailer of General Merchandise
									Secured Debt			(9)			10/19/2022						16.00%			P+			7.50%			15.00%			8/28/2025			2,650			2,650			2,491

12

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (25)			08/28/2020						13.94%			SF+			8.50%			12.94%			8/28/2025			3,815			3,082			3,586
									Common Stock						10/01/2020			700,446																					—			1,104
									Warrants			(27)			10/19/2022			175,110															10/19/2032						1,111			279
																																							6,843			7,460
Boccella Precast Products LLC						Manufacturer of Precast Hollow Core Concrete
									Secured Debt						09/23/2021						10.00%												2/28/2027			80			80			80
									Member Units						06/30/2017			540,000																					564			533
																																							644			613
Bond Brand Loyalty ULC			(10) (13) (21)			Provider of Loyalty Marketing Services
									Secured Debt			(9) (25) (37)			05/01/2023									SF+			7.00%						5/1/2028			—			(17)			(17)
									Secured Debt			(9) (25)			05/01/2023						11.40%			SF+			6.00%						5/1/2028			4,050			3,976			4,009
									Secured Debt			(9) (25)			05/01/2023						13.40%			SF+			8.00%						5/1/2028			4,050			3,976			4,009
									Common Equity						05/01/2023			360																					360			360
																																							8,295			8,361
Brightwood Capital Fund Investments			(12) (13)			Investment Partnership
									LP Interests (Brightwood Capital Fund III, LP)			(24)			07/21/2014			0.5%																					2,270			1,407
									LP Interests (Brightwood Capital Fund IV, LP)			(8) (24)			10/26/2016			1.2%																					8,737			9,322
																																							11,007			10,729
Buca C, LLC						Casual Restaurant Group
									Secured Debt			(17)			06/30/2015						12.00%												8/31/2023			11,490			11,490			8,292
									Preferred Member Units						06/30/2015			4			6.00%									6.00%									3,040			—
																																							14,530			8,292
Burning Glass Intermediate Holding Company, Inc.			(10)			Provider of Skills-Based Labor Market Analytics
									Secured Debt			(9) (25)			06/14/2021						10.42%			SF+			5.00%						6/10/2026			310			295			310
									Secured Debt			(9) (25)			06/14/2021						10.42%			SF+			5.00%						6/10/2028			13,154			12,995			13,154
																																							13,290			13,464
Cadence Aerospace LLC			(10)			Aerostructure Manufacturing
									Secured Debt			(9) (25)			11/14/2017						12.07%			SF+			6.50%						11/14/2024			5,003			4,998			5,003
									Secured Debt			(9) (25)			11/14/2017						12.07%			SF+			6.50%						11/14/2024			1,557			1,555			1,557
									Secured Debt			(9) (25)			11/14/2017						12.07%			SF+			6.50%						11/14/2024			—			—			—
									Secured Debt			(9) (25)			11/14/2017						12.07%			SF+			6.50%						11/14/2024			—			—			—
									Secured Debt			(9) (25)			11/14/2017						12.07%			SF+			6.50%						11/14/2024			54			54			54
																																							6,607			6,614
CAI Software LLC						Provider of Specialized Enterprise Resource Planning Software
									Preferred Equity						12/13/2021			379,338																					379			379
									Preferred Equity						12/13/2021			126,446																					—			—

13

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							379			379
Camin Cargo Control, Inc.			(11)			Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
									Secured Debt			(9) (25)			06/14/2021						11.93%			SF+			6.50%						6/4/2026			7,569			7,525			7,304
Career Team Holdings, LLC						Provider of Workforce Training and Career Development Services
									Secured Debt			(9) (25) (37)			12/17/2021									SF+			6.00%						12/17/2026			—			(4)			(4)
									Secured Debt						12/17/2021						12.50%												12/17/2026			2,240			2,197			2,197
									Common Stock						12/17/2021			50,000																					500			500
																																							2,693			2,693
CaseWorthy, Inc.			(10)			SaaS Provider of Case Management Solutions
									Secured Debt			(9) (25) (37)			05/18/2022									SF+			6.00%						5/18/2027			—			(3)			(3)
									Secured Debt			(9) (25)			05/18/2022						11.65%			SF+			6.00%						5/18/2027			2,594			2,572			2,594
									Secured Debt			(9) (25)			05/18/2022						11.65%			SF+			6.00%						5/18/2027			1,995			1,980			1,995
									Common Equity						12/30/2022			80,000																					80			80
																																							4,629			4,666
Channel Partners Intermediateco, LLC			(10)			Outsourced Consumer Services Provider
									Secured Debt			(9) (25) (29)			02/07/2022						12.58%			SF+			7.00%						2/7/2027			286			269			276
									Secured Debt			(9) (25)			02/07/2022						12.53%			SF+			7.00%						2/7/2027			3,369			3,322			3,260
									Secured Debt			(9) (25)			06/24/2022						12.53%			SF+			7.00%						2/7/2027			187			184			181
									Secured Debt			(9) (25)			03/27/2023						12.53%			SF+			7.00%						2/7/2027			451			441			436
																																							4,216			4,153
Clarius BIGS, LLC			(10)			Prints & Advertising Film Financing
									Secured Debt			(14) (17)			09/23/2014						15.00%									15.00%			1/5/2015			2,720			2,376			19
Classic H&G Holdings, LLC						Provider of Engineered Packaging Solutions
									Secured Debt			(9) (25)			03/12/2020						11.50%			SF+			6.00%						3/12/2025			1,140			1,131			1,140
									Secured Debt						03/12/2020						8.00%												3/12/2025			4,819			4,773			4,819
									Preferred Member Units			(8)			03/12/2020			39																					1,440			4,000
																																							7,344			9,959
Computer Data Source, LLC			(10)			Third Party Maintenance Provider to the Data Center Ecosystem
									Secured Debt			(9) (25) (30)			08/06/2021						13.61%			SF+			8.00%						8/6/2026			4,167			4,119			4,003
									Secured Debt			(9) (25)			08/06/2021						13.52%			SF+			8.00%						8/6/2026			15,432			15,253			14,827
																																							19,372			18,830

14

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Construction Supply Investments, LLC			(10)			Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
									Member Units						12/29/2016			861,618																					3,335			23,135
Dalton US Inc.			(10)			Provider of Supplemental Labor Services
									Secured Debt			(9) (25) (31)			08/16/2022						13.92%			SF+			8.50%						8/16/2027			58			44			58
									Secured Debt			(9) (25)			08/16/2022						14.18%			SF+			8.50%						8/16/2027			290			285			290
									Secured Debt			(9) (25)			08/16/2022						13.92%			SF+			8.50%						8/16/2027			1,030			1,014			1,030
									Common Stock						08/16/2022			14																					14			14
																																							1,357			1,392
DMA Industries, LLC						Distributor of aftermarket ride control products
									Secured Debt						11/19/2021						12.00%												11/19/2026			5,000			4,933			5,000
									Preferred Equity						11/19/2021			1,486																					1,486			1,820
																																							6,419			6,820
DTE Enterprises, LLC			(10)			Industrial Powertrain Repair and Services
									Class A Preferred Member Units						04/13/2018			776,316			8.00%									8.00%									776			260
									Class AA Preferred Member Units (non-voting)			(8)			04/13/2018			723,684			10.00%									10.00%									1,252			1,251
																																							2,028			1,511
Dynamic Communities, LLC			(10)			Developer of Business Events and Online Community Groups
									Secured Debt			(9) (25)			12/20/2022						9.91%			SF+			4.50%			9.91%			12/31/2026			2,005			1,846			1,846
									Secured Debt			(9) (25)			12/20/2022						11.91%			SF+			6.50%			11.91%			12/31/2026			2,031			1,797			1,561
									Preferred Equity						12/20/2022			125,000																					128			128
									Preferred Equity						12/20/2022			2,376,241																					—			—
									Common Equity						12/20/2022			1,250,000																					—			—
																																							3,771			3,535
Elgin AcquireCo, LLC						Manufacturer and Distributor of Engine and Chassis Components
									Secured Debt			(9) (25) (37)			10/03/2022									SF+			6.00%						10/3/2027			—			—			—
									Secured Debt						10/03/2022						12.00%												10/3/2027			1,227			1,198			1,198
									Secured Debt						10/03/2022						9.00%												10/3/2052			413			409			409
									Common Stock						10/03/2022			19																					374			390
									Common Stock			(23)			10/03/2022			61																					102			109
																																							2,083			2,106
Emerald Technologies Acquisition Co, Inc.			(11)			Design & Manufacturing

15

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (25)			02/10/2022						11.82%			SF+			6.25%						12/29/2027			2,406			2,371			2,310
Engineering Research & Consulting, LLC			(10)			Provider of Engineering & Consulting Services to US Department of Defense
									Secured Debt			(9) (37)			05/23/2022									P+			5.50%						5/23/2027			—			(12)			—
									Secured Debt			(9) (25)			05/23/2022						11.98%			SF+			6.50%						5/23/2028			5,121			5,045			5,121
																																							5,033			5,121
Escalent, Inc.			(10)			Market Research and Consulting Firm
									Secured Debt			(9) (25) (37)			04/07/2023									SF+			8.00%						4/6/2029			—			(10)			(10)
									Secured Debt			(9) (25)			04/07/2023						13.49%			SF+			8.00%						4/6/2029			6,959			6,767			6,890
									Common Equity						04/07/2023			170,998																					174			174
																																							6,931			7,054
Event Holdco, LLC			(10)			Event and Learning Management Software for Healthcare Organizations and Systems
									Secured Debt			(9) (23) (25)			12/22/2021						12.65%			SF+			7.00%						12/22/2026			308			306			308
									Secured Debt			(9) (23) (25)			12/22/2021						12.65%			SF+			7.00%						12/22/2026			3,692			3,668			3,692
																																							3,974			4,000
Flip Electronics LLC			(10)			Distributor of Hard-to-Find and Obsolete Electronic Components
									Secured Debt			(25)			03/24/2022						12.90%			SF+			7.50%						1/2/2026			1,091			1,091			1,091
									Secured Debt			(25)			01/04/2021						13.01%			SF+			7.50%						1/2/2026			6,873			6,789			6,873
									Secured Debt			(25)			01/04/2021						12.98%			SF+			7.50%						1/2/2026			5,455			5,334			5,455
																																							13,214			13,419
Hawk Ridge Systems, LLC						Value-Added Reseller of Engineering Design and Manufacturing Solutions
									Secured Debt			(9) (25)			12/02/2016						11.65%			SF+			6.00%						1/15/2026			450			448			450
									Secured Debt						12/02/2016						12.50%												1/15/2026			9,744			9,691			9,744
									Preferred Member Units			(8)			12/02/2016			56																					713			4,370
									Preferred Member Units			(23)			12/02/2016			56																					38			230
																																							10,890			14,794
HDC/HW Intermediate Holdings			(10)			Managed Services and Hosting Provider
									Secured Debt			(9) (25)			12/21/2018						14.34%			SF+			9.50%			14.34%			12/21/2023			198			198			182
									Secured Debt			(9) (25)			12/21/2018						14.34%			SF+			9.50%			14.34%			12/21/2023			1,964			1,962			1,804
																																							2,160			1,986
HEADLANDS OP-CO LLC			(10)			Clinical Trial Sites Operator
									Secured Debt			(9) (25) (37)			08/01/2022									SF+			6.50%						8/1/2027			—			(15)			(15)
									Secured Debt			(9) (25) (37)			08/01/2022									SF+			6.50%						8/1/2027			—			(15)			(15)

16

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (25)			08/01/2022						11.82%			SF+			6.50%						8/1/2027			4,950			4,874			4,950
																																							4,844			4,920
Hybrid Promotions, LLC			(10)			Wholesaler of Licensed, Branded and Private Label Apparel
									Secured Debt			(9) (25)			06/30/2021						15.76%			SF+			8.25%			2.00%			6/30/2026			7,924			7,786			6,549
IG Parent Corporation			(11)			Software Engineering
									Secured Debt			(9) (25) (37)			07/30/2021									SF+			5.75%						7/30/2026			—			(14)			—
									Secured Debt			(9) (25)			07/30/2021						11.17%			SF+			5.75%						7/30/2028			6,282			6,213			6,282
									Secured Debt			(9) (25)			07/30/2021						11.17%			SF+			5.75%						7/30/2028			1,947			1,925			1,947
																																							8,124			8,229
Imaging Business Machines, L.L.C.			(10)			Technology Hardware & Equipment
									Secured Debt			(9) (25)			06/08/2023						12.43%			SF+			7.00%						6/30/2028			988			988			978
									Secured Debt			(9) (25)			06/08/2023						12.45%			SF+			7.00%						6/30/2028			10,436			10,102			10,331
									Common Equity						06/08/2023			422																					580			580
																																							11,670			11,889
Implus Footcare, LLC			(10)			Provider of Footwear and Related Accessories
									Secured Debt			(9) (25)			06/01/2017						14.30%			SF+			7.75%			1.00%			7/31/2024			17,012			17,008			15,659
Industrial Services Acquisition, LLC			(10)			Industrial Cleaning Services
									Secured Debt			(9) (25) (32)			08/13/2021						12.35%			SF+			6.75%						8/13/2026			543			523			543
									Secured Debt			(9) (25)			08/13/2021						12.18%			SF+			6.75%						8/13/2026			11,465			11,349			11,465
									Preferred Member Units			(8) (23)			01/31/2018			336			10.00%									10.00%									316			366
									Preferred Member Units			(8) (23)			05/17/2019			187			20.00%									20.00%									233			243
									Member Units			(23)			06/17/2016			2,100																					2,100			1,440
																																							14,521			14,057
Infinity X1 Holdings, LLC						Manufacturer and Supplier of Personal Lighting Products
									Secured Debt						03/31/2023						13.00%												3/31/2028			4,444			4,365			4,365
									Preferred Equity						03/31/2023			20,000																					1,000			1,000
																																							5,365			5,365
Infolinks Media Buyco, LLC			(10)			Exclusive Placement Provider to the Advertising Ecosystem
									Secured Debt			(9) (25)			11/01/2021						11.17%			SF+			5.75%						11/1/2026			1,885			1,829			1,885
									Secured Debt			(9) (25)			11/01/2021						11.17%			SF+			5.75%						11/1/2026			10,660			10,528			10,660
																																							12,357			12,545
Insight Borrower Corporation			(10)			Test, Inspection, and Certification Instrument Provider

17

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (25) (37)			07/19/2023									SF+			6.25%						7/19/2028			—			(43)			(43)
									Secured Debt			(9) (25) (37)			07/19/2023									SF+			6.25%						7/19/2029			—			(34)			(34)
									Secured Debt			(9) (25)			07/19/2023						11.57%			SF+			6.25%						7/19/2029			8,373			8,132			8,132
									Common Equity						07/19/2023			47,847																					239			239
																																							8,294			8,294
Inspire Aesthetics Management, LLC			(10)			Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
									Secured Debt			(9) (25)			04/03/2023						13.49%			SF+			8.00%						4/3/2028			532			515			527
									Secured Debt			(9) (25)			04/03/2023						13.40%			SF+			8.00%						4/3/2028			6,272			6,122			6,208
									Secured Debt			(9) (25)			06/14/2023						13.40%			SF+			8.00%						4/3/2028			1,263			1,233			1,250
									Common Equity						04/03/2023			101,719																					322			322
																																							8,192			8,307
Interface Security Systems, L.L.C			(10)			Commercial Security & Alarm Services
									Secured Debt			(17) (25) (28)			12/09/2021						15.51%			SF+			10.00%			15.51%			8/7/2023			1,835			1,835			1,781
									Secured Debt			(9) (14) (17) (25)			08/07/2019						12.43%			SF+			7.00%			12.43%			8/7/2023			7,334			7,254			537
									Common Stock						12/07/2021			2,143																					—			—
																																							9,089			2,318
Intermedia Holdings, Inc.			(11)			Unified Communications as a Service
									Secured Debt			(9) (25)			08/03/2018						11.43%			SF+			6.00%						7/19/2025			5,557			5,552			5,300
Invincible Boat Company, LLC.			(10)			Manufacturer of Sport Fishing Boats
									Secured Debt			(9)			08/28/2019						12.15%			L+			6.50%						8/28/2025			311			308			302
									Secured Debt			(9)			08/28/2019						12.15%			L+			6.50%						8/28/2025			16,889			16,818			16,373
																																							17,126			16,675
INW Manufacturing, LLC			(11)			Manufacturer of Nutrition and Wellness Products
									Secured Debt			(9) (25)			05/19/2021						11.40%			SF+			5.75%						3/25/2027			6,750			6,622			5,310
Iron-Main Investments, LLC						Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
									Secured Debt						08/02/2021						13.50%												1/31/2028			1,128			1,107			1,107
									Secured Debt						09/01/2021						13.50%												1/31/2028			785			770			770
									Secured Debt						11/15/2021						13.50%												1/31/2028			2,236			2,236			2,236
									Secured Debt						11/15/2021						13.50%												1/31/2028			4,906			4,809			4,809
									Secured Debt						01/31/2023						13.50%												1/31/2028			2,691			2,566			2,566
									Common Stock						08/03/2021			50,753																					689			710
																																							12,177			12,198

18

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Isagenix International, LLC			(11)			Direct Marketer of Health & Wellness Products
									Secured Debt			(9) (25)			04/13/2023						10.59%			SF+			5.50%			8.09%			4/14/2028			2,560			2,305			2,304
									Common Equity						04/13/2023			186,322																					—			—
																																							2,305			2,304
ITA Holdings Group, LLC						Air Ambulance Services
									Secured Debt			(25) (37)			06/21/2023									SF+			9.00%			2.00%			6/21/2027			—			(5)			(5)
									Secured Debt			(25) (37)			06/21/2023									SF+			9.00%			2.00%			6/21/2027			—			(2)			(2)
									Secured Debt			(25)			06/21/2023						15.40%			SF+			8.00%			2.00%			6/21/2027			1,079			819			819
									Secured Debt			(25)			06/21/2023						17.40%			SF+			10.00%			2.00%			6/21/2027			1,079			819			819
									Warrants			(27)			06/21/2023			48,327															6/21/2033						523			523
																																							2,154			2,154
Jackmont Hospitality, Inc.			(10)			Franchisee of Casual Dining Restaurants
									Secured Debt			(9) (25)			10/26/2022						12.45%			SF+			7.00%						11/4/2024			1,692			1,658			1,683
									Secured Debt			(9) (25)			11/08/2021						12.43%			SF+			7.00%						11/4/2024			4,000			4,000			4,000
									Preferred Equity						11/08/2021			5,653,333																					216			990
																																							5,874			6,673
Joerns Healthcare, LLC			(11)			Manufacturer and Distributor of Health Care Equipment & Supplies
									Secured Debt			(14) (25)			11/15/2021						23.64%			SF+			18.00%			23.64%			1/31/2024			2,048			2,048			1,665
									Secured Debt			(14) (25)			08/21/2019						21.48%			SF+			16.00%			21.48%			8/21/2024			1,708			1,698			119
									Secured Debt			(14) (25)			08/21/2019						21.48%			SF+			16.00%			21.48%			8/21/2024			1,643			1,633			114
									Common Stock						08/21/2019			392,514																					3,678			—
																																							9,057			1,898
Johnson Downie Opco, LLC						Executive Search Services
									Secured Debt			(9) (25) (37)			12/10/2021									SF+			11.50%						12/10/2026			—			(3)			—
									Secured Debt			(9) (25)			12/10/2021						16.98%			SF+			11.50%						12/10/2026			1,040			1,026			1,040
									Preferred Equity			(8)			12/10/2021			350																					350			850
																																							1,373			1,890
JorVet Holdings, LLC						Supplier and Distributor of Veterinary Equipment and Supplies
									Secured Debt						03/28/2022						12.00%												3/28/2027			2,850			2,811			2,811
									Preferred Equity			(8)			03/28/2022			11,934																					1,193			1,193
																																							4,004			4,004
JTI Electrical & Mechanical, LLC			(10)			Electrical, Mechanical and Automation Services
									Secured Debt			(9) (25)			12/22/2021						11.59%			SF+			6.00%						12/22/2026			140			131			140
									Secured Debt			(9) (25)			12/22/2021						11.66%			SF+			6.00%						12/22/2026			3,020			2,980			3,020

19

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Equity						12/22/2021			140,351																					140			190
																																							3,251			3,350
KMS, LLC			(10)			Wholesaler of Closeout and Value-priced Products
									Secured Debt			(9)			10/04/2021						15.75%			P+			7.25%						10/4/2026			1,309			1,246			1,191
									Secured Debt			(9)			10/04/2021						15.75%			P+			7.25%						10/4/2026			9,357			9,243			8,513
																																							10,489			9,704
Lightbox Holdings, L.P.			(11)			Provider of Commercial Real Estate Software
									Secured Debt			(25)			05/09/2019						10.65%			SF+			5.00%						5/9/2026			5,780			5,748			5,607
LL Management, Inc.			(10)			Medical Transportation Service Provider
									Secured Debt			(9) (25)			05/02/2019						12.67%			SF+			7.25%						9/25/2024			7,960			7,923			7,960
									Secured Debt			(9) (25)			05/02/2019						12.67%			SF+			7.25%						9/25/2024			5,246			5,221			5,246
									Secured Debt			(9) (25)			11/20/2020						12.67%			SF+			7.25%						9/25/2024			—			—			—
									Secured Debt			(9) (25)			02/26/2021						12.67%			SF+			7.25%						9/25/2024			871			867			871
									Secured Debt			(9) (25)			05/12/2022						12.67%			SF+			7.25%						9/25/2024			8,822			8,767			8,822
																																							22,778			22,899
LLFlex, LLC			(10)			Provider of Metal-Based Laminates
									Secured Debt			(9) (25)			08/16/2021						15.40%			SF+			9.00%			1.00%			8/16/2026			4,920			4,855			4,411
Logix Acquisition Company, LLC			(10)			Competitive Local Exchange Carrier
									Secured Debt			(9)			01/08/2018						11.48%			L+			5.75%						12/22/2024			11,552			11,218			9,256
Mako Steel, LP			(10)			Self-Storage Design & Construction
									Secured Debt			(9)			03/15/2021						12.56%			L+			7.25%						3/15/2026			811			771			811
									Secured Debt			(9) (25)			03/15/2021						12.56%			SF+			7.00%						3/15/2026			16,830			16,659			16,830
																																							17,430			17,641
MB2 Dental Solutions, LLC			(11)			Dental Partnership Organization
									Secured Debt			(9) (25)			01/28/2021						11.42%			SF+			6.00%						1/29/2027			2,811			2,775			2,811
									Secured Debt			(9) (25)			01/28/2021						11.42%			SF+			6.00%						1/29/2027			3,945			3,896			3,945
									Secured Debt			(9) (25)			01/28/2021						11.42%			SF+			6.00%						1/29/2027			3,472			3,429			3,472
									Secured Debt			(9) (25)			01/28/2021						11.42%			SF+			6.00%						1/29/2027			7,816			7,740			7,816
																																							17,840			18,044
Metalforming Holdings, LLC						Distributor of Sheet Metal Folding and Metal Forming Equipment
									Secured Debt			(37)			10/19/2022																		10/19/2024			—			(1)			(1)
									Secured Debt						10/19/2022						12.75%												10/19/2027			1,748			1,705			1,705
									Preferred Equity			(8)			10/19/2022			434,331			8.00%									8.00%									450			467
									Common Stock			(8)			10/19/2022			112,865																					113			100

20

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							2,267			2,271
Microbe Formulas, LLC			(10)			Nutritional Supplements Provider
									Secured Debt			(9) (25) (37)			04/04/2022									SF+			6.25%						4/3/2028			—			(6)			(6)
									Secured Debt			(9) (25)			04/04/2022						11.42%			SF+			6.00%						4/3/2028			2,821			2,777			2,821
																																							2,771			2,815
Mills Fleet Farm Group, LLC			(10)			Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
									Secured Debt			(9) (25)			10/24/2018						12.02%			SF+			6.50%						10/24/2024			18,769			18,645			17,991
MonitorUS Holding, LLC			(10) (13) (21)			SaaS Provider of Media Intelligence Services
									Secured Debt						05/24/2022						14.00%												5/24/2027			1,109			1,093			1,076
									Secured Debt						05/24/2022						14.00%												5/24/2027			2,882			2,838			3,019
									Secured Debt						05/24/2022						14.00%												5/24/2027			4,906			4,835			4,906
									Common Stock						08/30/2022			12,798,820																					256			160
																																							9,022			9,161
NinjaTrader, LLC			(10)			Operator of Futures Trading Platform
									Secured Debt			(9) (25) (37)			12/18/2019									SF+			6.25%						12/18/2024			—			(1)			—
									Secured Debt			(9) (25) (37)			12/18/2019									SF+			6.25%						12/18/2024			—			(15)			(15)
									Secured Debt			(9) (25)			12/18/2019						11.40%			SF+			6.00%						12/18/2024			10,991			10,925			10,991
																																							10,909			10,976
NTM Acquisition Corp.			(11)			Provider of B2B Travel Information Content
									Secured Debt			(9) (25)			07/12/2016						13.79%			SF+			7.25%			1.00%			6/7/2024			3,925			3,923			3,768
NWN Corporation			(10)			Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries
									Secured Debt			(9) (25) (37)			05/07/2021									SF+			9.00%						5/7/2026			—			(38)			(39)
									Secured Debt			(9) (25)			05/07/2021						14.52%			SF+			9.00%			1.00%			5/7/2026			20,558			20,320			20,558
									Secured Debt						12/16/2022						20.00%									20.00%			8/6/2026			3,782			3,654			3,782
																																							23,936			24,301
Obra Capital, Inc			(11)			Alternative Asset Manager
									Secured Debt			(25)			10/10/2019						11.43%			SF+			6.00%						10/1/2026			7,217			6,854			5,990
Paragon Healthcare, Inc.			(10)			Infusion Therapy Treatment Provider
									Secured Debt			(9) (25) (37)			01/19/2022									SF+			5.75%						1/19/2027			—			(11)			—
									Secured Debt			(9) (25)			01/19/2022						11.17%			SF+			5.75%						1/19/2027			425			415			425
									Secured Debt			(9) (25)			01/19/2022						11.17%			SF+			5.75%						1/19/2027			2,469			2,421			2,469

21

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							2,825			2,894
Power System Solutions			(10)			Backup Power Generation
									Secured Debt			(9) (25) (37)			06/07/2023									SF+			6.75%						6/7/2028			—			(37)			(37)
									Secured Debt			(9) (25) (37)			06/07/2023									SF+			6.75%						6/7/2028			—			(37)			(37)
									Secured Debt			(9) (25)			06/07/2023						12.03%			SF+			6.75%						6/7/2028			7,979			7,756			7,898
									Common Equity						06/07/2023			1,234																					532			532
																																							8,214			8,356
PrimeFlight Aviation Services			(10)			Air Freight & Logistics
									Secured Debt			(9) (25)			05/01/2023						11.87%			SF+			6.85%						5/1/2029			6,571			6,390			6,505
PTL US Bidco, Inc			(10) (13)			Manufacturers of Equipment, Including Drilling Rigs and Equipment, and Providers of Supplies and Services to Companies Involved In the Drilling, Evaluation and Completion of Oil and Gas Wells.
									Secured Debt			(9) (21)			08/19/2022						14.22%			P+			6.75%						8/19/2027			260			251			256
									Secured Debt			(9) (25)			08/19/2022						13.39%			SF+			7.75%						8/19/2027			1,781			1,753			1,750
																																							2,004			2,006
RA Outdoors LLC			(10)			Software Solutions Provider for Outdoor Activity Management
									Secured Debt			(9) (25)			04/08/2021						12.64%			SF+			7.00%						4/8/2026			488			479			451
									Secured Debt			(9) (25)			04/08/2021						12.14%			SF+			6.75%						4/8/2026			12,917			12,819			11,943
																																							13,298			12,394
Research Now Group, Inc. and Survey Sampling International, LLC			(11)			Provider of Outsourced Online Surveying
									Secured Debt			(9) (25)			12/29/2017						11.13%			SF+			5.50%						12/20/2024			9,716			9,716			7,104
Richardson Sales Solutions			(10)			Business Services
									Secured Debt			(9) (25) (34)			08/24/2023						11.82%			SF+			6.50%						8/24/2028			1,061			1,006			1,006
									Secured Debt			(9) (25)			08/24/2023						11.82%			SF+			6.50%						8/24/2028			10,606			10,298			10,298
																																							11,304			11,304
RM Bidder, LLC			(10)			Scripted and Unscripted TV and Digital Programming Provider
									Member Units						11/12/2015			1,854																					31			10
									Warrants			(26)			11/12/2015			218,601															10/20/2025						284			—
																																							315			10
Roof Opco, LLC			(10)			Residential Re-Roofing/Repair
									Secured Debt			(9) (25) (37)			08/27/2021									SF+			6.50%						8/27/2026			—			(11)			—
									Secured Debt			(9) (25)			08/27/2021						12.01%			SF+			6.50%						8/27/2026			4,219			4,143			4,219

22

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (25)			08/27/2021						14.01%			SF+			8.50%						8/27/2026			4,219			4,143			4,219
																																							8,275			8,438
Rug Doctor, LLC.			(10)			Carpet Cleaning Products and Machinery
									Secured Debt			(9) (25)			07/16/2021						13.33%			SF+			5.75%			2.00%			11/16/2025			6,378			6,354			6,246
									Secured Debt			(9) (25)			07/16/2021						13.33%			SF+			5.75%			2.00%			11/16/2025			9,439			9,402			9,244
																																							15,756			15,490
SIB Holdings, LLC			(10)			Provider of Cost Reduction Services
									Secured Debt			(9) (25)			10/29/2021						11.81%			SF+			6.25%						10/29/2026			909			901			822
									Secured Debt			(9) (25)			10/29/2021						11.81%			SF+			6.25%						10/29/2026			1,917			1,881			1,738
									Secured Debt			(9) (25)			10/29/2021						11.81%			SF+			6.25%						10/29/2026			7,521			7,425			6,800
									Secured Debt			(9) (25)			10/29/2021						11.81%			SF+			6.25%						10/29/2026			571			564			517
									Secured Debt			(9) (25)			10/29/2021						11.81%			SF+			6.25%						10/29/2026			1,388			1,370			1,255
									Common Equity						10/29/2021			119,048																					250			55
																																							12,391			11,187
Slick Innovations, LLC						Text Message Marketing Platform
									Secured Debt						09/13/2018						14.00%												12/22/2027			3,040			2,946			3,040
									Common Stock			(8)			09/13/2018			17,500																					114			520
																																							3,060			3,560
South Coast Terminals Holdings, LLC			(10)			Specialty Toll Chemical Manufacturer
									Secured Debt			(9) (25) (37)			12/10/2021									SF+			6.25%						12/13/2026			—			(5)			(5)
									Secured Debt			(9) (25)			12/10/2021						11.95%			SF+			6.25%						12/13/2026			2,997			2,958			2,997
									Common Equity						12/10/2021			60,606																					61			75
																																							3,014			3,067
SPAU Holdings, LLC			(10)			Digital Photo Product Provider
									Secured Debt			(9) (25)			07/01/2022						13.11%			SF+			7.50%						7/1/2027			780			765			780
									Secured Debt			(9) (25)			07/01/2022						13.22%			SF+			7.50%						7/1/2027			4,950			4,877			4,950
									Common Stock						07/01/2022			200,000																					200			160
																																							5,842			5,890
Tex Tech Tennis, LLC			(10)			Sporting Goods & Textiles
									Preferred Equity			(23)			07/07/2021			1,000,000																					1,000			2,301
The Affiliati Network, LLC						Performance Marketing Solutions
									Secured Debt			(37)			08/09/2021																		8/9/2026			—			(3)			(3)
									Secured Debt						08/09/2021						13.00%												8/9/2026			1,980			1,954			1,938
									Preferred Stock			(8)			08/09/2021			320,000																					1,600			1,600
									Preferred Stock						09/01/2023			43,027																					43			43
																																							3,594			3,578
U.S. TelePacific Corp.			(11)			Provider of Communications and Managed Services

23

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (14) (25)			06/01/2023						6.00%			SF+			1.00%			6.00%			5/2/2026			6,802			2,739			2,691
									Secured Debt			(9) (14) (25)			06/01/2023						6.00%			SF+			1.00%			6.00%			5/2/2027			692			15			—
																																							2,754			2,691
USA DeBusk LLC			(10)			Provider of Industrial Cleaning Services
									Secured Debt			(9) (25)			10/22/2019						11.42%			SF+			6.00%						9/8/2026			17,876			17,729			17,876
									Secured Debt			(9) (25)			07/19/2023						11.92%			SF+			6.50%						9/8/2026			6,945			6,817			6,945
																																							24,546			24,821
UserZoom Technologies, Inc.			(10)			Provider of User Experience Research Automation Software
									Secured Debt			(9) (25)			01/11/2023						12.42%			SF+			7.50%						4/5/2029			3,000			2,920			3,000
Vistar Media, Inc.			(10)			Operator of Digital Out-of-Home Advertising Platform
									Preferred Stock						04/03/2019			70,207																					767			2,341
VORTEQ Coil Finishers, LLC			(10)			Specialty Coating of Aluminum and Light-Gauge Steel
									Common Equity			(8)			11/30/2021			769,231																					769			2,201
Wall Street Prep, Inc.			(10)			Financial Training Services
									Secured Debt			(9) (25) (37)			07/19/2021									SF+			7.00%						7/19/2026			—			(6)			(6)
									Secured Debt			(9) (25)			07/19/2021						12.40%			SF+			7.00%						7/19/2026			4,654			4,596			4,654
									Common Stock						07/19/2021			500,000																					500			580
																																							5,090			5,228
Watterson Brands, LLC			(10)			Facility Management Services
									Secured Debt			(9) (25) (35)			12/17/2021						11.79%			SF+			6.25%						12/17/2026			303			300			303
									Secured Debt			(9) (25)			12/17/2021						11.79%			SF+			6.25%						12/17/2026			53			46			53
									Secured Debt			(9) (25)			12/17/2021						11.79%			SF+			6.25%						12/17/2026			2,177			2,155			2,177
									Secured Debt			(9) (25)			12/17/2021						11.79%			SF+			6.25%						12/17/2026			1,965			1,944			1,965
																																							4,445			4,498
West Star Aviation Acquisition, LLC			(10)			Aircraft, Aircraft Engine and Engine Parts
									Secured Debt			(9) (25)			03/01/2022						11.39%			SF+			6.00%						3/1/2028			333			326			333
									Secured Debt			(9) (25)			03/01/2022						11.35%			SF+			6.00%						3/1/2028			2,955			2,911			2,955
									Common Stock						03/01/2022			200,000																					200			360
																																							3,437			3,648
Winter Services LLC			(10)			Provider of Snow Removal and Ice Management Services

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (25) (37)			11/19/2021									SF+			7.00%						11/19/2026			—			(35)			—
									Secured Debt			(9) (25)			11/19/2021						12.51%			SF+			7.00%						11/19/2026			2,583			2,523			2,583
									Secured Debt			(9) (25)			11/19/2021						12.51%			SF+			7.00%						11/19/2026			11,625			11,467			11,625
																																							13,955			14,208
World Micro Holdings, LLC						Supply Chain Management
									Secured Debt						12/12/2022						13.00%												12/12/2027			1,848			1,817			1,817
									Preferred Equity			(8)			12/12/2022			530																					530			530
																																							2,347			2,347
Xenon Arc, Inc.			(10)			Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
									Secured Debt			(25)			12/17/2021						10.68%			SF+			5.25%						12/17/2026			199			195			199
									Secured Debt			(25)			12/17/2021						10.76%			SF+			5.25%						12/17/2027			1,194			1,168			1,194
									Secured Debt			(25)			12/17/2021						10.66%			SF+			5.25%						12/17/2027			2,358			2,327			2,358
																																							3,690			3,751
YS Garments, LLC			(11)			Designer and Provider of Branded Activewear
									Secured Debt			(9) (25)			08/22/2018						12.93%			SF+			7.50%						8/9/2026			5,677			5,569			5,128
Zips Car Wash, LLC			(10)			Express Car Wash Operator
									Secured Debt			(9) (25) (33)			02/11/2022						12.67%			SF+			7.25%						3/1/2024			2,356			2,345			2,209
									Secured Debt			(9) (25) (33)			02/11/2022						12.68%			SF+			7.25%						3/1/2024			591			590			555
																																							2,935			2,764
Subtotal Non-Control/Non-Affiliate Investments (126.1% of net assets at fair value)																																							$	802,779		$	773,858
Total Portfolio Investments, September 30, 2023 (179.9% of net assets at fair value)																																							$	1,065,140		$	1,103,813
Money market funds (included in cash and cash equivalents) (16)
Fidelity Government Portfolio Class III Fund (38)																																							$	1,816		$	1,816
First American Treasury Obligations Fund Class Z (39)																																							17,773			17,773
Total money market funds																																							$	19,589		$	19,589

___________________________________________________

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

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

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

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

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

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

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

(8)Income producing through dividends or distributions.

(9)Index based floating interest rate is subject to contractual minimum interest rate. As noted in this schedule, 92% of the loans (based on the par amount) contain LIBOR or Term SOFR (“SOFR”) floors which range between 0.75% and 2.00%, with a weighted-average floor of 1.10%.

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

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

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

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

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

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

(16)Short-term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. These short-term investments are included as Cash and cash equivalents on the Consolidated Balance Sheets.

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

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

(19)Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the Total Rate and PIK Rate represents the cash rate as of September 30, 2023.

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

(21)As of September 30, 2023, borrowings under the loan facility have multiple contracts that bear interest at either SOFR+7.75% or PRIME+6.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents the base rate applicable to the majority of the facility and the weighted-average rate for borrowings under the facility, as of September 30, 2023.

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

(23)Shares/Units represent ownership in a related Real Estate or HoldCo entity.

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

(25)A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR (“L”), SOFR (“SF”) or an alternate base rate (commonly based on the Federal Funds Rate or the Prime rate (“P”)), which typically resets every one, three, or six months at the borrower’s option. SOFR based contracts may include a credit spread adjustment (the “Adjustment”) that is charged in addition to the stated spread. The Adjustment is applied when the SOFR rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2023, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2023

(dollars in thousands)

(Unaudited)

(26)Warrants are presented in equivalent units with a strike price of $14.28 per unit.

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

(28)As of September 30, 2023, borrowings under the loan facility bear interest at SOFR+10.00%. RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(29)As of September 30, 2023, borrowings under the loan facility bear interest at SOFR+7.00% (Floor 2.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(30)As of September 30, 2023, borrowings under the loan facility bore interest at LIBOR+8.00% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(31)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+8.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(32)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+6.75% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(33)As of September 30, 2023, borrowings under the loan facility bear interest at SOFR+7.25% (Floor 1.00%). Each new draw or funding on the facility has a different floating rate reset date. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(34)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+6.50% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

(35)As of September 30, 2023, borrowings under the loan facility bore interest at SOFR+6.25% (Floor 1.00%). RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2023.

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

(37)The position is unfunded and no interest income is being earned as of September 30, 2023. The position may earn a nominal unused facility fee on committed amounts.

(38)Effective yield as of September 30, 2023 was approximately 4.98% on the Fidelity Government Portfolio Class III Fund.

(39)Effective yield as of September 30, 2023 was approximately 5.21% on the First American Treasury Obligations Fund Class Z.

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments			(12) (13)			Investment Partnership
									LP Interests (CTMH, LP)			(24)			07/17/2017			39.0%																					$	713		$	588
GRT Rubber Technologies LLC						Manufacturer of Engineered Rubber Products
									Secured Debt						12/21/2018						10.12%			L+			6.00%						12/21/2023			330			324			330
									Secured Debt						12/19/2014						12.12%			L+			8.00%						10/29/2026			19,944			19,753			19,943
									Member Units			(8)			12/19/2014			2,896																					6,435			21,890
																																							26,512			42,163
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (2717 MH, L.P.)			(24)			10/01/2017			49.3%																					3,895			7,552
Subtotal Control Investments (8.3% of net assets at fair value)																																							$	31,120		$	50,303
Affiliate Investments (6)
AFG Capital Group, LLC						Provider of Rent-to-Own Financing Solutions and Services
									Preferred Member Units			(8)			11/07/2014			46																					$	300		$	2,350
Analytical Systems Keco Holdings, LLC						Manufacturer of Liquid and Gas Analyzers
									Secured Debt			(9)			08/16/2019									L+			10.00%						8/16/2024			—			(2)			(2)
									Secured Debt			(9)			08/16/2019						14.13%			L+			10.00%						8/16/2024			1,166			1,135			1,135
									Preferred Member Units						08/16/2019			800			14.13%																		800			—
									Preferred Member Units						05/20/2021			607																					607			880
									Warrants			(27)			08/16/2019			105															8/16/2029						79			—
																																							2,619			2,013
ATX Networks Corp.			(11)			Provider of Radio Frequency Management Equipment
									Secured Debt			(9)			09/01/2021						12.23%			L+			7.50%						9/1/2026			6,811			6,266			6,368
									Unsecured Debt						09/01/2021						10.00%									10.00%			9/1/2028			3,417			2,337			2,614
									Common Stock						09/01/2021			585																					—			3,290
																																							8,603			12,272
Barfly Ventures, LLC			(10)			Casual Restaurant Group
									Member Units						10/26/2020			12																					528			1,107
Batjer TopCo, LLC						HVAC Mechanical Contractor
									Secured Debt						03/07/2022																		3/31/2027			—			(1)			(1)
									Secured Debt						03/07/2022						11.00%												3/31/2027			1,225			1,205			1,205
									Preferred Stock			(8)			03/07/2022			453																					455			455
																																							1,659			1,659
Brewer Crane Holdings, LLC						Provider of Crane Rental and Operating Services
									Secured Debt			(9)			01/09/2018						14.12%			L+			10.00%						1/9/2023			1,491			1,491			1,491
									Preferred Member Units			(8)			01/09/2018			737																					1,070			1,770
																																							2,561			3,261

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Centre Technologies Holdings, LLC						Provider of IT Hardware Services and Software Solutions
									Secured Debt			(9)			01/04/2019									L+			9.00%						1/4/2026			—			—			—
									Secured Debt			(9)			01/04/2019						13.13%			L+			9.00%						1/4/2026			3,758			3,731			3,731
									Preferred Member Units						01/04/2019			3,327																					1,531			2,170
																																							5,262			5,901
Chamberlin Holding LLC						Roofing and Waterproofing Specialty Contractor
									Secured Debt			(9)			02/26/2018									L+			6.00%						2/26/2023			—			—			—
									Secured Debt			(9)			02/26/2018						12.13%			L+			8.00%						2/26/2023			4,236			4,228			4,236
									Member Units			(8)			02/26/2018			1,087																					2,860			5,728
									Member Units			(8) (23)			11/02/2018			261,786																					443			678
																																							7,531			10,642
Charps, LLC						Pipeline Maintenance and Construction
									Preferred Member Units			(8)			02/03/2017			457																					491			3,330
Clad-Rex Steel, LLC						Specialty Manufacturer of Vinyl-Clad Metal
									Secured Debt			(9)			12/20/2016						13.23%			SF+			9.00%						1/15/2024			2,620			2,620			2,620
									Secured Debt						12/20/2016						10.00%												12/20/2036			262			260			260
									Member Units			(8)			12/20/2016			179																					1,820			2,060
									Member Units			(23)			12/20/2016			200																					53			152
																																							4,753			5,092
Cody Pools, Inc.						Designer of Residential and Commercial Pools
									Secured Debt			(9)			03/06/2020						15.38%			L+			10.50%						12/17/2026			273			261			273
									Secured Debt			(9)			03/06/2020						15.38%			L+			10.50%						12/17/2026			6,882			6,786			6,882
									Preferred Member Units			(8) (23)			03/06/2020			147																					2,079			14,550
																																							9,126			21,705
Colonial Electric Company LLC						Provider of Electrical Contracting Services
									Secured Debt						03/31/2021																		3/31/2026			—			—			—
									Secured Debt						03/31/2021						12.00%												3/31/2026			5,828			5,729			5,729
									Preferred Member Units			(8)			03/31/2021			4,320																					1,920			2,290
																																							7,649			8,019
Datacom, LLC						Technology and Telecommunications Provider
									Secured Debt						03/01/2022						7.50%												12/31/2025			25			25			25
									Secured Debt						03/31/2021						7.50%												12/31/2025			958			895			865
									Preferred Member Units			(8)			03/31/2021			1,000																					290			300
																																							1,210			1,190
Digital Products Holdings LLC						Designer and Distributor of Consumer Electronics
									Secured Debt			(9)			04/01/2018						14.13%			L+			10.00%						4/1/2023			3,883			3,878			3,878
									Preferred Member Units			(8)			04/01/2018			964																					2,375			2,459
																																							6,253			6,337
Direct Marketing Solutions, Inc.						Provider of Omni-Channel Direct Marketing Services
									Secured Debt			(9)			02/13/2018									L+			11.00%						2/13/2026			—			(5)			—
									Secured Debt			(9)			12/27/2022						15.13%			L+			11.00%						2/13/2026			5,352			5,306			5,352

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Stock			(8)			02/13/2018			2,100																					2,100			5,558
																																							7,401			10,910
Flame King Holdings, LLC						Propane Tank and Accessories Distributor
									Secured Debt			(9)			10/29/2021						10.75%			L+			6.50%						10/31/2026			1,900			1,885			1,900
									Secured Debt			(9)			10/29/2021						13.25%			L+			9.00%						10/31/2026			5,300			5,175			5,300
									Preferred Equity			(8)			10/29/2021			2,340																					2,600			4,400
																																							9,660			11,600
Freeport Financial Funds			(12) (13)			Investment Partnership
									LP Interests (Freeport First Lien Loan Fund III LP)			(8) (24)			07/31/2015			6.0%																					6,303			5,848
Gamber-Johnson Holdings, LLC						Manufacturer of Ruggedized Computer Mounting Systems
									Secured Debt			(9)			06/24/2016									SF+			8.50%						1/1/2028			—			—			—
									Secured Debt			(9)			12/15/2022						11.50%			SF+			8.50%						1/1/2028			16,020			15,747			16,020
									Member Units			(8)			06/24/2016			2,261																					4,423			12,720
																																							20,170			28,740
GFG Group, LLC						Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
									Secured Debt						03/31/2021						9.00%												3/31/2026			2,836			2,779			2,836
									Preferred Member Units			(8)			03/31/2021			56																					1,225			1,790
																																							4,004			4,626
Gulf Publishing Holdings, LLC						Energy Industry Focused Media and Publishing
									Secured Debt			(9)			09/29/2017									L+			9.50%						7/1/2027			—			—			—
									Secured Debt						07/01/2022						12.50%												7/1/2027			600			600			571
									Preferred Equity						07/01/2022			15,930																					1,400			950
									Member Units						04/29/2016			920																					920			—
																																							2,920			1,521
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (HPEP 3, L.P.)			(24)			08/09/2017			8.2%																					2,558			4,331
Kickhaefer Manufacturing Company, LLC						Precision Metal Parts Manufacturing
									Secured Debt						10/31/2018						11.50%												10/31/2023			5,104			5,075			5,093
									Secured Debt						10/31/2018						9.00%												10/31/2048			970			961			961
									Preferred Equity						10/31/2018			145																					3,060			1,800
									Member Units			(8) (23)			10/31/2018			200																					248			713
																																							9,344			8,567
Market Force Information, LLC						Provider of Customer Experience Management Services
									Secured Debt			(14)			07/28/2017						12.00%									12.00%			7/28/2023			6,520			6,463			403
									Member Units						07/28/2017			185,980																					4,160			—
																																							10,623			403
MH Corbin Holding LLC						Manufacturer and Distributor of Traffic Safety Products

30

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						08/31/2015						13.00%												12/31/2022			1,539			1,539			1,137
									Preferred Member Units						03/15/2019			16,500																					1,100			—
									Preferred Member Units						09/01/2015			1,000																					1,500			—
																																							4,139			1,137
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
									Secured Debt						08/18/2014																		1/31/2024			—			—			—
									Secured Debt						08/18/2014						10.00%												1/31/2024			1,436			1,436			1,436
									Common Stock			(8)			08/18/2014			1,468																					680			5,708
																																							2,116			7,144
NexRev LLC						Provider of Energy Efficiency Products & Services
									Secured Debt						02/28/2018																		2/28/2025			—			—			—
									Secured Debt						02/28/2018						11.00%												2/28/2025			2,866			2,828			2,119
									Preferred Member Units			(8)			02/28/2018			25,786,046																					2,053			280
																																							4,881			2,399
NuStep, LLC						Designer, Manufacturer and Distributor of Fitness Equipment
									Secured Debt			(9)			01/31/2017						10.63%			L+			6.50%						1/31/2025			1,100			1,097			1,100
									Secured Debt						01/31/2017						12.00%												1/31/2025			4,610			4,603			4,603
									Preferred Member Units						01/31/2017			102																					2,550			2,010
									Preferred Member Units						11/02/2022			515																					515			1,290
																																							8,765			9,003
Oneliance, LLC						Construction Cleaning Company
									Secured Debt			(9)			08/06/2021						15.13%			L+			11.00%						8/6/2026			1,400			1,380			1,380
									Preferred Stock						08/06/2021			264																					264			264
																																							1,644			1,644
Orttech Holdings, LLC						Distributor of Industrial Clutches, Brakes and Other Components
									Secured Debt			(9)			07/30/2021									L+			11.00%						7/31/2026			—			(2)			(2)
									Secured Debt			(9)			07/30/2021						15.13%			L+			11.00%						7/31/2026			5,900			5,814			5,814
									Preferred Stock			(8) (23)			07/30/2021			2,500																					2,500			2,940
																																							8,312			8,752
Robbins Bros. Jewelry, Inc.						Bridal Jewelry Retailer
									Secured Debt			(9)			12/15/2021																		12/15/2026			—			(8)			(8)
									Secured Debt			(9)			12/15/2021						12.50%												12/15/2026			3,965			3,902			3,902
									Preferred Equity						12/15/2021			1,230																					1,230			1,650
																																							5,124			5,544
SI East, LLC						Rigid Industrial Packaging Manufacturing
									Secured Debt						08/31/2018																		8/31/2023			—			—			—
									Secured Debt						08/31/2018						9.50%												8/31/2023			29,929			29,795			29,929
									Preferred Member Units			(8)			08/31/2018			52																					406			4,550
																																							30,201			34,479
Sonic Systems International, LLC			(10)			Nuclear Power Staffing Services
									Secured Debt			(9)			08/20/2021						11.24%			L+			7.50%						8/20/2026			18,425			18,143			18,425
									Common Stock						08/20/2021			11,647																					1,584			1,490
																																							19,727			19,915
Student Resource Center, LLC			(10)			Higher Education Services

31

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						12/31/2022						13.27%			L+			8.50%						12/31/2027			5,556			5,063			5,063
									Preferred Equity						12/31/2022			6,564,055																					—			—
																																							5,063			5,063
Tedder Industries, LLC						Manufacturer of Firearm Holsters and Accessories
									Secured Debt						08/31/2018						12.00%												8/31/2023			460			460			460
									Secured Debt						08/31/2018						12.00%												8/31/2023			3,800			3,797			3,780
									Preferred Member Units						08/31/2018			136																					2,311			1,920
																																							6,568			6,160
Trantech Radiator Topco, LLC						Transformer Cooling Products and Services
									Secured Debt						05/31/2019																		5/31/2024			—			(3)			—
									Secured Debt						05/31/2019						12.00%												5/31/2024			1,980			1,960			1,980
									Common Stock			(8)			05/31/2019			154																					1,164			1,950
																																							3,121			3,930
VVS Holdco LLC						Omnichannel Retailer of Animal Health Products
									Secured Debt			(9) (23)			12/01/2021									L+			6.00%						12/1/2023			—			(5)			(5)
									Secured Debt			(23)			12/01/2021						11.50%												12/1/2026			7,600			7,421			7,421
									Preferred Equity			(8) (23)			12/01/2021			2,960																					2,960			2,990
																																							10,376			10,406
Subtotal Affiliate Investments (45.4% of net assets at fair value)																																							$	241,565		$	277,000
Non-Control Investments (7)
AAC Holdings, Inc.			(11)			Substance Abuse Treatment Service Provider
									Secured Debt						12/11/2020						18.00%									18.00%			6/25/2025			$	4,173		$	3,963		$	4,110
									Common Stock						12/11/2020			593,927																					3,148			—
									Warrants			(27)			12/11/2020			197,717															12/11/2025						—			—
																																							7,111			4,110
AB Centers Acquisition Corporation			(10)			Applied Behavior Analysis Therapy Provider
									Secured Debt			(9)			09/06/2022									SF+			6.00%						9/6/2028			—			(5)			(5)
									Secured Debt			(9)			09/06/2022						10.20%			SF+			6.00%						9/6/2028			86			77			86
									Secured Debt			(9)			09/06/2022						10.58%			SF+			6.00%						9/6/2028			1,983			1,930			1,983
																																							2,002			2,064
Acumera, Inc.			(10)			Managed Security Service Provider
									Secured Debt			(9)			06/28/2022						13.88%			L+			9.50%						10/26/2027			4,616			4,511			4,616
									Secured Debt			(9)			06/28/2022						13.57%			L+			9.00%						10/26/2027			1,379			1,348			1,379
																																							5,859			5,995
Adams Publishing Group, LLC			(10)			Local Newspaper Operator
									Secured Debt			(9) (28)			03/11/2022						10.00%			L+			6.00%						3/11/2027			565			565			565
									Secured Debt			(9) (28)			03/11/2022						10.00%			L+			7.50%						3/11/2027			2,826			2,819			2,826
																																							3,384			3,391
ADS Tactical, Inc.			(11)			Value-Added Logistics and Supply Chain Provider to the Defense Industry
									Secured Debt			(9)			03/29/2021						10.14%			L+			5.75%						3/19/2026			9,125			8,996			8,213
AMEREQUIP LLC.			(10)			Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It

32

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			08/31/2022									SF+			7.40%						8/31/2027			—			—			—
									Secured Debt			(9)			08/31/2022						11.72%			SF+			7.40%						8/31/2027			2,026			2,026			2,025
									Common Stock						08/31/2022			11																					80			80
																																							2,106			2,105
American Health Staffing Group, Inc.			(10)			Healthcare Temporary Staffing
									Secured Debt			(9)			11/19/2021									L+			6.00%						11/19/2026			—			(13)			(13)
									Secured Debt			(9)			11/19/2021						11.12%			L+			6.00%						11/19/2026			8,271			8,206			8,271
																																							8,193			8,258
American Nuts, LLC			(10)			Roaster, Mixer and Packager of Bulk Nuts and Seeds
									Secured Debt			(9)			03/11/2022						10.46%			SF+			6.75%						4/10/2026			4,438			4,416			4,148
									Secured Debt			(9)			03/11/2022						12.46%			SF+			8.75%						4/10/2026			4,438			4,417			4,161
																																							8,833			8,309
American Teleconferencing Services, Ltd.			(11)			Provider of Audio Conferencing and Video Collaboration Solutions
									Secured Debt			(14)			09/17/2021						7.50%			L+			6.50%						1/31/2023			2,425			2,375			136
									Secured Debt			(9) (14)			05/19/2016						7.50%			L+			6.50%						6/8/2023			11,693			11,451			658
																																							13,826			794
ArborWorks, LLC			(10)			Vegetation Management Services
									Secured Debt			(9)			11/09/2021						13.41%			L+			9.00%						11/9/2026			2,484			2,427			2,095
									Secured Debt			(9)			11/09/2021						13.56%			L+			9.00%						11/9/2026			15,786			15,540			13,313
									Common Equity						11/09/2021			124																					124			—
																																							18,091			15,408
Archer Systems, LLC			(10)			Mass Tort Settlement Administration Solutions Provider
									Secured Debt			(9)			08/11/2022									SF+			6.50%						8/11/2027			—			(4)			(4)
									Secured Debt			(9)			08/11/2022						10.92%			SF+			6.50%						8/11/2027			2,205			2,165			2,170
									Common Stock						08/11/2022			62,402																					62			62
																																							2,223			2,228
ATS Operating, LLC			(10)			For-Profit Thrift Retailer
									Secured Debt			(9)			01/18/2022									SF+			5.50%						1/18/2027			—			—			—
									Secured Debt			(9)			01/18/2022						9.32%			SF+			5.50%						1/18/2027			925			907			914
									Secured Debt			(9)			01/18/2022						11.32%			SF+			7.50%						1/18/2027			925			907			916
									Common Stock						01/18/2022			100,000																					100			90
																																							1,914			1,920
AVEX Aviation Holdings, LLC			(10)			Specialty Aircraft Dealer
									Secured Debt			(9)			12/23/2022									SF+			7.25%						12/23/2027			—			(8)			(8)
									Secured Debt			(9)			12/23/2022						12.17%			SF+			7.25%						12/23/2027			4,038			3,876			3,876
									Common Equity						12/15/2021			50																					50			56
																																							3,918			3,924
BBB Tank Services, LLC						Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
									Unsecured Debt			(9) (17)			04/08/2016						15.12%			L+			11.00%						4/8/2021			200			200			200
									Unsecured Debt			(9) (17)			04/08/2016						15.12%			L+			11.00%						4/8/2021			1,000			1,000			522
									Preferred Stock (non-voting)						12/17/2018						15.00%																		41			—
									Member Units						04/08/2016			200,000																					200			—
																																							1,441			722
Berry Aviation, Inc.			(10)			Charter Airline Services

33

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						07/06/2018						12.00%									1.50%			1/6/2024			190			189			190
									Preferred Member Units			(8) (23)			07/06/2018			1,548,387			8.00%									8.00%									1,161			4,561
									Preferred Member Units			(8) (23)			11/12/2019			122,416												16.00%									—			270
																																							1,350			5,021
Bettercloud, Inc.			(10)			SaaS Provider of Workflow Management and Business Application Solutions
									Secured Debt			(9)			06/30/2022									SF+			1.00%			6.00%			6/30/2028			—			(22)			(22)
									Secured Debt			(9)			06/30/2022						11.40%			SF+			1.00%			6.00%			6/30/2028			7,991			7,848			7,991
																																							7,826			7,969
Binswanger Enterprises, LLC			(10)			Glass Repair and Installation Service Provider
									Member Units						03/10/2017			1,050,000																					1,050			420
Bluestem Brands, Inc.			(11)			Multi-Channel Retailer of General Merchandise
									Secured Debt			(9)			10/19/2022									L+			8.50%						8/28/2025			—			—			—
									Secured Debt			(9)			08/28/2020						12.94%			L+			8.50%						8/28/2025			3,473			2,455			3,366
									Common Stock			(8)			10/01/2020			700,446																					—			4,708
									Warrants			(27)			10/19/2022			175,110															10/19/2032						1,111			1,173
																																							3,566			9,247
Boccella Precast Products LLC						Manufacturer of Precast Hollow Core Concrete
									Secured Debt						09/23/2021						10.00%												2/28/2027			80			80			80
									Member Units			(8)			06/30/2017			540,000																					564			741
																																							644			821
Brightwood Capital Fund Investments			(12) (13)			Investment Partnership
									LP Interests (Brightwood Capital Fund III, LP)			(8) (24)			07/21/2014			0.5%																					2,449			1,576
									LP Interests (Brightwood Capital Fund IV, LP)			(8) (24)			10/26/2016			1.2%																					8,737			9,082
																																							11,186			10,658
Buca C, LLC						Casual Restaurant Group
									Secured Debt						06/30/2015						9.00%												6/30/2023			11,740			11,740			8,345
									Preferred Member Units						06/30/2015			4			6.00%									6.00%									3,040			—
																																							14,780			8,345
Burning Glass Intermediate Holding Company, Inc.			(10)			Provider of Skills-Based Labor Market Analytics
									Secured Debt			(9)			06/14/2021									L+			5.00%						6/10/2026			—			(19)			—
									Secured Debt			(9)			06/14/2021						8.91%			L+			5.00%						6/10/2028			13,255			13,070			13,255
																																							13,051			13,255
Cadence Aerospace LLC			(10)			Aerostructure Manufacturing
									Secured Debt			(9) (30)			11/14/2017						11.99%			L+			8.50%			0.01%			11/14/2023			20,112			20,066			20,112
CAI Software LLC						Provider of Specialized Enterprise Resource Planning Software
									Preferred Equity			(8)			12/13/2021			379,338																					379			379
									Preferred Equity						12/13/2021			126,446																					—			—

34

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							379			379
Camin Cargo Control, Inc.			(11)			Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
									Secured Debt			(9)			06/14/2021						10.88%			L+			6.50%						6/4/2026			7,609			7,553			7,342
Career Team Holdings, LLC						Provider of Workforce Training and Career Development Services
									Secured Debt			(9)			12/17/2021									L+			6.00%						12/17/2026			—			(3)			(3)
									Secured Debt						12/17/2021						12.50%												12/17/2026			2,250			2,196			2,196
									Common Stock						12/17/2021			50,000																					500			500
																																							2,693			2,693
CaseWorthy, Inc.			(10)			SaaS Provider of Case Management Solutions
									Secured Debt			(9)			05/18/2022									L+			6.00%						5/18/2027			—			(4)			(4)
									Secured Debt			(9)			05/18/2022						10.73%			L+			6.00%						5/18/2027			2,600			2,574			2,574
									Secured Debt			(9)			05/18/2022						10.48%			L+			5.75%						5/18/2027			1,995			1,977			1,995
									Common Equity						12/30/2022			80,000																					80			80
																																							4,627			4,645
Channel Partners Intermediateco, LLC			(10)			Outsourced Consumer Services Provider
									Secured Debt			(9) (34)			02/07/2022						10.72%			SF+			6.25%						2/7/2027			172			162			169
									Secured Debt			(9) (35)			02/07/2022						10.71%			SF+			6.25%						2/7/2027			3,591			3,530			3,539
																																							3,692			3,708
Clarius BIGS, LLC			(10)			Prints & Advertising Film Financing
									Secured Debt			(14) (17)			09/23/2014						15.00%									15.00%			1/5/2015			2,747			2,403			19
Classic H&G Holdings, LLC						Provider of Engineered Packaging Solutions
									Secured Debt			(9)			03/12/2020						9.75%			L+			6.00%						3/12/2025			1,140			1,127			1,140
									Secured Debt						03/12/2020						8.00%												3/12/2025			4,819			4,754			4,819
									Preferred Member Units			(8)			03/12/2020			39																					1,440			6,160
																																							7,321			12,119
Computer Data Source, LLC			(10)			Third Party Maintenance Provider to the Data Center Ecosystem
									Secured Debt			(9) (36)			08/06/2021						12.56%			L+			8.00%						8/6/2026			4,167			4,106			3,851
									Secured Debt			(9)			08/06/2021						12.56%			L+			8.00%						8/6/2026			15,604			15,374			14,421
																																							19,480			18,272
Construction Supply Investments, LLC			(10)			Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
									Member Units			(8)			12/29/2016			861,618																					3,335			21,165
Dalton US Inc.			(10)			Provider of Supplemental Labor Services
									Secured Debt			(9)			08/16/2022						11.90%			SF+			8.00%						8/16/2027			79			63			78
									Secured Debt			(9)			08/16/2022									SF+			8.00%						8/16/2027			—			(5)			(5)
									Secured Debt			(9)			08/16/2022						12.56%			SF+			8.00%						8/16/2027			1,035			1,016			1,020
									Common Stock						08/16/2022			14																					14			14
																																							1,088			1,107
DMA Industries, LLC						Distributor of aftermarket ride control products

35

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2022

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						11/19/2021						12.00%												11/19/2026			5,300			5,217			5,300
									Preferred Equity						11/19/2021			1,486																					1,486			1,820
																																							6,703			7,120
DTE Enterprises, LLC			(10)			Industrial Powertrain Repair and Services
									Secured Debt			(9)			04/13/2018									L+			7.50%						4/13/2023			—			(1)			(1)
									Secured Debt			(9)			04/13/2018						12.24%			L+			7.50%						4/13/2023			6,119			6,110			5,978
									Class A Preferred Member Units						04/13/2018			776,316			8.00%									8.00%									776			380
									Class AA Preferred Member Units (non-voting)			(8)			04/13/2018						10.00%									10.00%									1,161			1,161
																																							8,046			7,518
Dynamic Communities, LLC			(10)			Developer of Business Events and Online Community Groups
									Secured Debt			(9)			12/20/2022						9.18%			SF+			4.50%			9.18%			12/31/2026			1,875			1,717			1,717
									Secured Debt			(9)			12/20/2022						11.18%			SF+			6.50%			11.18%			12/31/2026			1,875			1,642			1,642
									Preferred Equity						12/20/2022			125,000																					128			128
									Preferred Equity						12/20/2022			2,376,241																					—			—
									Common Equity						12/20/2022			1,250,000																					—			—
																																							3,487			3,487
Elgin AcquireCo, LLC						Manufacturer and Distributor of Engine and Chassis Components
									Secured Debt			(9)			10/03/2022									SF+			6.00%						10/3/2027			—			(1)			(1)
									Secured Debt						10/03/2022						12.00%												10/3/2027			1,227			1,192			1,192
									Secured Debt						10/03/2022						9.00%												10/3/2052			415			411			411
									Common Stock						10/03/2022			25																					497			497
									Common Stock			(23)			10/03/2022			61																					102			102
																																							2,201			2,201
Emerald Technologies Acquisition Co, Inc.			(11)			Design & Manufacturing
									Secured Debt			(9)			02/10/2022						10.67%			SF+			6.25%						2/10/2028			2,453			2,411			2,328
Engineering Research & Consulting, LLC			(10)			Provider of Engineering & Consulting Services to US Department of Defense
									Secured Debt			(9)			05/23/2022						11.68%			SF+			6.50%						5/23/2027			41			27			41
									Secured Debt			(9)			05/23/2022						10.92%			SF+			6.50%						5/23/2028			5,159			5,070			5,159
																																							5,097			5,200
EPIC Y-Grade Services, LP			(11)			NGL Transportation & Storage
									Secured Debt			(9)			06/22/2018						10.70%			L+			6.00%						6/30/2027			6,840			6,777			6,156
Event Holdco, LLC			(10)			Event and Learning Management Software for Healthcare Organizations and Systems
									Secured Debt			(9) (23)			12/22/2021						10.67%			L+			7.00%						12/22/2026			308			305			292
									Secured Debt			(9) (23)			12/22/2021						10.67%			L+			7.00%						12/22/2026			3,692			3,663			3,507
																																							3,968			3,799
Flip Electronics LLC			(10)			Distributor of Hard-to-Find and Obsolete Electronic Components
									Secured Debt			(9)			03/24/2022						11.21%