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

Table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended September 30, 2025

OR

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

For the transition period from:             to             

Commission File Number: 814-00939

MSC Income Fund, Inc.

(Exact name of registrant as specified in its charter)

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

(713) 350-6000

(Registrant’s telephone number, including area code)

n/a

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

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

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

MSIF

New York Stock Exchange NYSE Texas

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

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

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

Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

þ

Smaller reporting company

o

Emerging growth company

o

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

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

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

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Table of contents

TABLE OF CONTENTS

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

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Table of contents

MSC INCOME FUND, INC.

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)

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

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

1

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Table of contents

MSC INCOME FUND, INC.

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)

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

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

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

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MSC INCOME FUND, INC.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)

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

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

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

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MSC INCOME FUND, INC.

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

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

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

4

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments

September 30, 2025

(dollars in thousands)

(Unaudited)

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

6

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

7

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

8

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

9

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

10

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

11

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

12

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

13

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

14

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

15

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

16

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

17

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

18

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

19

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

20

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

21

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

22

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

___________________________________________________

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

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

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

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

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

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

(8)Income producing through dividends or distributions.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

September 30, 2025

(dollars in thousands)

(Unaudited)

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

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

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

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

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

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

25

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments

December 31, 2024

(dollars in thousands)

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

30

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

31

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

32

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

33

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

34

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

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

35

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Equity						11/10/2023			210,084																					210			150
																																							11,911			12,133
GradeEight Corp.			(10)			Distributor of Maintenance and Repair Parts
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(45)			(45)
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(22)			(22)
									Secured Debt			(9)			10/4/2024						11.74%			SF+			7.25%						10/4/2029			14,824			14,542			14,542
									Common Equity						10/4/2024			471																					471			471
																																							14,946			14,946
Hawk Ridge Systems, LLC						Value-Added Reseller of Engineering Design and Manufacturing Solutions
									Secured Debt			(9)			12/2/2016						10.73%			SF+			6.00%						1/15/2026			661			661			661
									Secured Debt						12/2/2016						12.50%												1/15/2026			9,744			9,721			9,744
									Preferred Member Units			(8)			12/2/2016			56																					713			5,060
									Preferred Member Units			(23)			12/2/2016			56																					38			270
																																							11,133			15,735
HDC/HW Intermediate Holdings			(10)			Managed Services and Hosting Provider
									Secured Debt			(9)