Quarterly report [Sections 13 or 15(d)]

FINANCIAL HIGHLIGHTS (Tables)

v3.26.1
FINANCIAL HIGHLIGHTS (Tables)
 3 Months Ended
Mar. 31, 2026
Investment Company [Abstract]  
Schedule of Financial Highlights of MSC Income Fund
The following is a schedule of financial highlights of MSC Income for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
Per Share Data: 2026 2025
NAV as of the beginning of the period $ 15.85  $ 15.53 
Net investment income (1) 0.35  0.35 
Net realized loss (1)(2) (0.01) (0.47)
Net unrealized appreciation (depreciation) (1)(2) (0.05) 0.42 
Income tax benefit (provision) on net realized loss and net unrealized appreciation (depreciation) (1)(2) —  0.06 
Net increase in net assets resulting from operations (1) 0.29  0.36 
Dividends paid from net investment income (3) (0.36) (0.36)
Distributions paid or accrued (3) (0.36) (0.36)
Accretive effect of stock repurchases (repurchasing shares below NAV per share) 0.08  — 
Dilutive effect of stock offerings (issuing shares below NAV per share) —  (0.16)
Other (4) 0.01  (0.02)
NAV as of the end of the period $ 15.87  $ 15.35 
Market value as of the end of the period $ 12.18  $ 16.47 
Shares outstanding as of the end of the period 45,345,229  46,849,531 
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(1)Based on weighted-average number of common shares outstanding for the period.
(2)Net realized gains or losses, net unrealized appreciation or depreciation, and the related income tax provision or benefit can fluctuate significantly from period to period.
(3)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. As a result, the tax character of MSIF’s dividends and distributions for each period is also an estimate. Therefore, the final tax character of MSIF’s dividends and distributions may be different than this estimate.
(4)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.
Three Months Ended March 31,
2026 2025
(dollars in thousands)
NAV as of the end of the period $ 719,528  $ 718,940 
Average NAV $ 729,094  $ 671,922 
Average outstanding debt $ 628,500  $ 517,938 
Ratios to average NAV:
Ratio of total expenses, including tax expenses, to average NAV (1)(2)(3)(6) 2.47  % 2.24  %
Ratio of operating expenses to average NAV (2)(3)(6) 2.31  % 2.45  %
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)(6) 1.09  % 1.22  %
Ratio of operating expenses, excluding interest expense and incentive fees, net of waivers, to average NAV (2)(3)(6) 0.88  % 0.92  %
Ratio of net investment income to average NAV (2)(6) 2.23  % 2.34  %
Portfolio turnover ratio (2) 3.00  % 5.02  %
Total investment return (2)(4) (4.73) % 8.47  %
Total return based on change in NAV (2)(5) 1.79  % 2.54  %
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(1)Total expenses are the sum of operating expenses and all tax expenses.
(2)Not annualized.
(3)Unless otherwise noted, operating expenses include interest, base management fees, incentive fees and general and administrative expenses.
(4)For the three months ended March 31, 2026, total investment return is based on the purchase of stock at the current market price on January 1, 2026 and a sale at the current market price on March 31, 2026 and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP during the period. For the three months ended March 31, 2025, total investment return is based on the purchase of stock in the MSC Income Offering at the public offering price of $15.53 and a sale at the market price on March 31, 2025 and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP during the period. The return does not reflect any sales load that may be paid by an investor.
(5)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP, shares repurchased by the Fund and other miscellaneous items.
(6)Ratios are net of the waiver of incentive fee on income of $1.0 million for the three months ended March 31, 2026. There was no waiver of incentive fee on income for the three months ended March 31, 2025. Excluding the waiver of incentive fee on income, the expense and income ratios are as follows:
Three Months Ended March 31,
2026
Ratio of total expenses, including tax expenses, to average NAV(1)(2)(3) 2.60  %
Ratio of operating expenses to average NAV(2)(3) 2.45  %
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3) 1.22  %
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3) 0.89  %
Ratio of net investment income to average NAV (2) 2.09  %
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See footnotes (1), (2) and (3) immediately prior to this table.