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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
oTRANSITION 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 ClassTrading Symbol
Name of Each Exchange on Which
Registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o 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
oNon-accelerated filerx
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
The number of shares outstanding of the issuer’s common stock as of November 14, 2022 was 80,106,000.


Table of contents
TABLE OF CONTENTS
PART I
FINANCIAL INFORMATION
Item 1.
Consolidated Financial Statements




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MSC INCOME FUND, INC
Consolidated Balance Sheets
(in thousands, except shares and per share amounts)

September 30,
2022
December 31,
2021
ASSETS(Unaudited)
Investments at fair value:
Control investments (cost: $30,906 and $28,903 as of September 30, 2022 and December 31, 2021, respectively)
$50,546 $46,583 
Affiliate investments (cost: $228,834 and $209,971 as of September 30, 2022 and December 31, 2021, respectively)
257,418 234,158 
Non‑Control/Non‑Affiliate investments (cost: $837,919 and $828,301 as of September 30, 2022 and December 31, 2021, respectively)
788,204 796,395 
Total investments (cost: $1,097,659 and $1,067,175 as of September 30, 2022 and December 31, 2021, respectively)
1,096,168 1,077,136 
Cash and cash equivalents18,158 25,813 
Interest and dividend receivable12,196 12,991 
Receivable for securities sold6,745 21,729 
Deferred financing costs (net of accumulated amortization of $2,105 and $1,290 as of September 30, 2022 and December 31, 2021, respectively)
3,216 4,049 
Prepaids and other assets1,888 2,059 
Total assets$1,138,371 $1,143,777 
LIABILITIES
Credit facilities$352,688 $426,688 
Series A Notes due 2026 (par: $150,000 and $77,500 as of September 30, 2022 and December 31, 2021, respectively)
148,782 76,184 
Accounts payable and other liabilities2,136 3,159 
Payable for securities purchased— 4,170 
Interest payable6,606 3,093 
Dividend payable12,809 11,974 
Management and incentive fees payable5,281 5,339 
Deferred tax liability, net321 — 
Total liabilities528,623 530,607 
Commitments and contingencies (Note J)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 80,059,079 and 79,826,605 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)
80 80 
Additional paid‑in capital684,494 682,426 
Total overdistributed earnings(74,826)(69,336)
Total net assets609,748 613,170 
Total liabilities and net assets$1,138,371 $1,143,777 
NET ASSET VALUE PER SHARE$7.62 $7.68 
The accompanying notes are an integral part of these consolidated financial statements
1

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MSC INCOME FUND, INC.
Consolidated Statements of Operations
(in thousands, except shares and per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$555 $845 $2,595 $2,188 
Affiliate investments6,385 5,365 17,443 13,461 
Non‑Control/Non‑Affiliate investments19,111 16,544 53,753 49,873 
Total investment income26,051 22,754 73,791 65,522 
EXPENSES:
Interest(6,801)(3,759)(16,628)(10,223)
Base management fees(4,974)(4,473)(14,919)(12,534)
Internal administrative services expenses(1,405)(1,152)(3,888)(3,247)
General and administrative(941)(1,400)(3,017)(3,457)
Total expenses before expense waivers(14,121)(10,784)(38,452)(29,461)
Waiver of internal administrative services expenses1,252 1,152 3,431 3,247 
Total expenses, net of expense waivers(12,869)(9,632)(35,021)(26,214)
NET INVESTMENT INCOME13,182 13,122 38,770 39,308 
NET REALIZED GAIN (LOSS):
Affiliate investments(1,456)(203)(676)(2,673)
Non‑Control/Non‑Affiliate investments8,694 (3,473)8,541 (1,176)
Realized loss on extinguishment of debt— — — (2,091)
Total net realized gain (loss)7,238 (3,676)7,865 (5,940)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments574 572 1,959 569 
Affiliate investments3,909 3,987 4,401 10,017 
Non‑Control/Non‑Affiliate investments(8,918)2,784 (17,812)9,777 
Total net unrealized appreciation (depreciation)(4,435)7,343 (11,452)20,363 
INCOME TAXES:
Federal and state income, excise and other taxes(578)(453)(1,559)(1,283)
Deferred taxes(144)— (321)— 
Income tax provision(722)(453)(1,880)(1,283)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$15,263 $16,336 $33,303 $52,448 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$0.16 $0.16 $0.48 $0.49 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER
SHARE—BASIC AND DILUTED
$0.19 $0.20 $0.42 $0.66 
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED
80,048,855 79,908,827 79,960,302 79,831,292 
The accompanying notes are an integral part of these consolidated financial statements
2

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MSC INCOME FUND, INC.
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
Common StockAdditional
Paid-In
Capital
Total
Overdistributed
Earnings
Total Net
Asset Value
Number of
Shares
Par
Value
Balances at December 31, 202079,608,304$80 $682,028 $(102,484)$579,624 
Net increase resulting from operations — — 12,657 12,657 
Dividends to stockholders — — (7,961)(7,961)
Balances at March 31, 202179,608,304$80 $682,028 $(97,788)$584,320 
Offering of common stock67,114— 500 — 500 
Dividend reinvestment 424,455— 3,162 — 3,162 
Common stock repurchased(383,512)— (2,861)— (2,861)
Net increase resulting from operations — — 23,455 23,455 
Dividends to stockholders — — (9,964)(9,964)
Balances at June 30, 202179,716,361$80 $682,829 $(84,297)$598,612 
Dividend reinvestment 478,3093,682 — 3,683 
Common stock repurchased(438,292)(1)(3,317)— (3,318)
Net increase resulting from operations — — 16,336 $16,336 
Dividends to stockholders — — (11,964)$(11,964)
Balances at September 30, 202179,756,378$80 $683,194 $(79,925)$603,349 
Balances at December 31, 202179,826,605$80 $682,426 $(69,336)$613,170 
Dividend reinvestment 533,062— 4,212 — 4,212 
Common stock repurchased(489,031)— (3,790)— (3,790)
Net increase resulting from operations — — 16,213 16,213 
Dividends to stockholders — — (13,178)(13,178)
Balances at March 31, 202279,870,636$80 $682,848 $(66,301)$616,627 
Offering of common stock94,697— 750 — 750 
Dividend reinvestment 582,4534,612 — 4,613 
Common stock repurchased(536,065)(1)(4,151)(4,152)
Net increase resulting from operations 1,8231,823
Dividends to stockholders (12,802)(12,802)
Balances at June 30, 202280,011,721$80 $684,059 $(77,280)$606,859 
Dividend reinvestment 574,8664,478 — 4,479 
Common stock repurchased(527,508)(1)(4,043)— (4,044)
Net increase resulting from operations — — 15,263 15,263 
Dividends to stockholders — — (12,809)(12,809)
Balances at September 30, 202280,059,079$80 $684,494 $(74,826)$609,748 
The accompanying notes are an integral part of these consolidated financial statements
3

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MSC INCOME FUND, INC.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)


Nine Months Ended
September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$33,303 $52,448 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in portfolio companies(171,762)(333,778)
Proceeds from sales and repayments of debt investments in portfolio companies123,357 181,804 
Proceeds from sales and return of capital of equity investments in portfolio companies42,875 — 
Net unrealized (appreciation) depreciation11,452 (20,363)
Net realized (gain) loss on the sale of portfolio investments(7,865)3,986 
Realized loss on extinguishment of debt— 2,091 
Amortization of deferred financing costs1,080 886 
Amortization of deferred offering costs210 110 
Accretion of unearned income(3,576)(3,425)
Payment-in-kind interest(2,091)(4,357)
Cumulative dividends(608)(19)
Deferred tax provision321 — 
Changes in other assets and liabilities:
Interest and dividend receivable795 (2,425)
Prepaid and other assets171 977 
Management and incentive fees payable(58)272 
Interest payable3,513 3,155 
Accounts payable and other liabilities(1,024)619 
Net cash provided by (used in) operating activities30,093 (118,019)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock750 500 
Redemption of common stock(11,986)(6,179)
Payment of offering costs(210)(110)
Dividends paid(24,653)(11,081)
Repayments on credit facilities(161,000)(340,816)
Proceeds from credit facilities87,000 392,688 
Proceeds from Series A Notes due 202672,500 60,000 
Payment of deferred financing costs(149)(4,607)
Net cash provided by (used in) financing activities(37,748)90,395 
Net decrease in cash, cash equivalents and restricted cash(7,655)(27,624)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD25,813 49,066 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD$18,158 $21,442 
Supplemental cash flow disclosures:
Interest paid$9,578 $6,183 
Taxes paid$1,992 $1,328 
Non-cash financing activities:
Dividends declared and unpaid$12,809 $11,964 
Value of shares issued pursuant to the DRIP$13,304 $6,845 
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, 2022
(dollars in thousands)
(Unaudited)



Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(24)7/17/201739.0%$835 $710 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/19/201410.56%L+8.00%10/29/202619,94419,74119,944
Member Units(8)12/19/20142,8966,43522,750
26,17642,694
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(24)10/1/201749.3%3,8957,142
Subtotal Control Investments (8.3% of net assets at fair value)
$30,906 $50,546 
Affiliate Investments (6)
AFG Capital Group, LLCProvider of Rent-to-Own Financing Solutions and Services
Preferred Member Units(8)11/7/2014463002,190
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9) (33)8/16/2019L+10.00%8/16/20240(3)(3)
Secured Debt(9)8/16/201912.63%L+10.00%8/16/20241,1841,1471,147
Preferred Member Units8/16/201980012.63%8000
Preferred Member Units5/20/2021607607960
Warrants(27)8/16/20191058/16/202979790
2,6302,104
ATX Networks Corp.(11)Provider of Radio Frequency Management Equipment
Secured Debt(9)9/1/202111.14%L+7.50%9/1/20266,9076,3626,735
Unsecured Debt(19)9/1/202110.00%10.00%9/1/20283,3302,2512,481
Common Stock9/1/202158500
8,6139,216
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Barfly Ventures, LLC(10)Casual Restaurant Group
Member Units10/26/2020125281,107
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt(33)3/7/20223/31/20270(1)(1)
Secured Debt3/7/202211.00%3/31/20271,2251,2031,203
Preferred Stock3/7/2022453455455
1,6571,657
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201812.56%L+10.00%1/9/20231,5221,5201,520
Preferred Member Units(8)1/9/20187371,0701,420
2,5902,940
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (33)1/4/2019L+9.00%1/4/2026000
Secured Debt(9)1/4/201911.63%L+9.00%1/4/20263,7583,7293,729
Preferred Member Units1/4/20193,3271,5312,040
5,2605,769
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (33)2/26/2018L+6.00%2/26/2023000
Secured Debt(9)2/26/201810.63%L+8.00%2/26/20234,3664,3514,366
Member Units(8)2/26/20181,0872,8605,580
Member Units (8) (23)11/2/2018261,786443471
7,65410,417
Charps, LLCPipeline Maintenance and Construction
Preferred Member Units(8)2/3/20174574913,300
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt(9)12/20/201612.13%L+9.50%1/15/20242,6202,6202,620
Secured Debt12/20/201610.00%12/20/2036264262262
Member Units(8)12/20/20161791,8202,370
Member Units(23)12/20/201620053152
4,7555,404
Cody Pools, Inc.Designer of Residential and Commercial Pools
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9) (33)3/6/2020L+10.50%12/17/20260(10)0
Secured Debt(9)3/6/202013.63%L+10.50%12/17/20266,9586,8556,958
Preferred Member Units (8) (23)3/6/20201472,07914,300
8,92421,258
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(33)3/31/20213/31/2026000
Secured Debt3/31/202112.00%3/31/20265,9065,7995,799
Preferred Member Units(8)3/31/20214,3201,9202,300
7,7198,099
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/2025252525
Secured Debt3/31/20217.50%12/31/2025966896861
Preferred Member Units(8)3/31/20211,000290300
1,2111,186
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201812.63%L+10.00%4/1/20233,9663,9553,955
Preferred Member Units(8)4/1/20189642,3752,459
6,3306,414
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(9)2/13/201813.63%L+11.00%2/13/2024600595600
Secured Debt(9)2/13/201813.63%L+11.00%2/13/20244,4944,4614,494
Preferred Stock(8)2/13/20182,1002,1005,560
7,15610,654
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Secured Debt(9)10/29/20219.25%L+6.50%10/31/20261,9001,8841,900
Secured Debt(9)10/29/202113.75%L+11.00%10/31/20265,3005,1695,300
Preferred Equity(8)10/29/20212,3402,6003,460
9,65310,660
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP) (8) (24)7/31/20156.0%6,6306,175
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (33)6/24/2016L+8.00%1/1/2025000
Secured Debt(9)6/24/201610.63%L+8.00%1/1/20256,0205,9956,020
Member Units(8)6/24/20162,2614,42311,620
10,41817,640
GFG Group, LLC.Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20219.00%3/31/20262,9362,8722,936
Preferred Member Units(8)3/31/2021561,2251,790
4,0974,726
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (33)9/29/2017L+9.50%7/1/2027000
Secured Debt7/1/202212.50%6/30/2027600600571
Member Units4/29/20169209200
Member Units7/1/202215,9301,400980
2,9201,551
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (24)8/9/20178.2%2,5584,331
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201811.50%10/31/20235,1045,0665,066
Secured Debt10/31/20189.00%10/31/2048972963963
Member Units10/31/20181453,0602,310
Member Units (8) (23)10/31/2018200248615
9,3378,954
Market Force Information, LLCProvider of Customer Experience Management Services
Secured Debt (14) (19)7/28/201712.00%12.00%7/28/20236,5206,463718
Member Units7/28/2017185,9804,1600
10,623718
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt8/31/201513.00%12/31/20221,5591,559677
Preferred Member Units3/15/201916,5001,1000
Preferred Member Units9/1/20151,0001,5000
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
4,159677
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(33)8/18/20141/31/2024000
Secured Debt8/18/201410.00%1/31/20241,4361,4361,436
Common Stock(8)8/18/20141,4686805,175
2,1166,611
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt2/28/201811.00%2/28/2025404040
Secured Debt2/28/201811.00%2/28/20253,0663,0202,263
Preferred Member Units(8)2/28/201825,786,0462,053280
5,1132,583
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/20179.13%L+6.50%1/31/20251,1001,0971,097
Secured Debt1/31/201712.00%1/31/20254,6104,6024,602
Preferred Member Units1/31/20171022,5502,550
8,2498,249
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9)8/6/202113.56%L+11.00%8/6/20261,4001,3781,378
Preferred Stock8/6/2021264264264
1,6421,642
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (33)7/30/2021L+11.00%7/31/20260(3)(3)
Secured Debt(9)7/30/202113.63%L+11.00%7/31/20265,9005,8085,808
Preferred Stock (8) (23)7/30/20212,5002,5002,500
8,3058,305
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(9) (33)12/15/2021L+11.00%12/15/20260(8)(8)
Secured Debt(9)12/15/202113.63%L+11.00%12/15/20263,9903,9233,923
Preferred Equity12/15/20211,2301,2301,690
5,1455,605
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt 8/31/201810.25%8/31/2023750750750
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt 8/31/201810.25%8/31/202331,07930,88731,079
Preferred Member Units(8)8/31/2018524064,980
32,04336,809
Sonic Systems International, LLC(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/20219.78%L+7.50%8/20/202618,42518,12318,242
Common Stock8/20/202111,6471,5841,650
19,70719,892
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt8/31/201812.00%8/31/2023460460460
Secured Debt8/31/201812.00%8/31/20233,8003,7963,779
Preferred Member Units8/31/20181332,2671,784
6,5236,023
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(33)5/31/20195/31/20240(4)0
Secured Debt5/31/201912.00%5/31/20242,0802,0562,080
Common Stock(8)5/31/20191541,1641,850
3,2163,930
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (23)12/1/20218.63%L+6.00%12/1/2023200193193
Secured Debt(23)12/1/202111.50%12/1/20267,6007,4097,409
Preferred Equity (8) (23)12/1/20212,9602,9603,020
10,56210,622
Subtotal Affiliate Investments (42.2% of net assets at fair value)
$228,834 $257,418 
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider
Secured Debt(19)12/11/202018.00%18.00%6/25/20253,9863,7553,906
Common Stock12/11/2020593,9273,14875
Warrants(27)12/11/2020197,71712/11/20250027
6,9034,008
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt(9) (33)9/6/2022SF+6.00%9/6/20280(5)(5)
Secured Debt(9) (33)9/6/2022SF+6.00%9/6/20280(9)(9)
Secured Debt(9)9/6/20229.17%SF+6.00%9/6/20281,9831,9281,928
10

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
1,9141,914
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9)6/28/202212.02%L+9.50%10/26/20274,3684,2584,330
Secured Debt(9)6/28/202212.02%L+9.50%10/26/20271,3791,3461,367
5,6045,697
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9)3/11/202212.75%P+6.50%3/11/2027424424408
Secured Debt(9)3/11/202210.75%L+7.50%3/11/20272,9022,8952,840
3,3193,248
ADS Tactical, Inc.(11)Value-Added Logistics and Supply Chain Provider to the Defense Industry
Secured Debt(9)3/29/20218.80%L+5.75%3/19/20269,2509,1118,551
AMEREQUIP LLC.(10)Full Service Provider of Comprehensive Commercial Production Services, Including the Design, Engineering, and Manufacturing of Products It
Secured Debt(9) (33)8/31/2022SF+7.40%8/31/2027000
Secured Debt(9)8/31/20229.84%SF+7.40%8/31/20272,0312,0312,031
Common Stock8/31/2022117878
2,1092,109
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (33)11/19/2021L+7.00%11/19/20260(14)(14)
Secured Debt(9)11/19/20218.01%L+7.00%11/19/20268,2928,2238,292
8,2098,278
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/20228.98%SF+6.75%4/10/20264,4494,4264,341
Secured Debt(9)3/11/202210.98%SF+8.75%4/10/20264,4494,4264,347
8,8528,688
American Teleconferencing Services, Ltd.(11)Provider of Audio Conferencing and Video Collaboration Solutions
Secured Debt(14)9/17/20217.50%L+6.50%12/8/20222,4252,375136
Secured Debt (9) (14)5/19/20167.50%L+6.50%6/8/202311,69311,451658
13,826794
11

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt(9)11/9/20219.97%L+7.00%11/9/20262,4842,4232,194
Secured Debt(9)11/9/20219.87%L+7.00%11/9/202615,78615,52313,939
Common Equity11/9/20211241247
18,07016,140
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Secured Debt(9)8/11/20229.65%SF+6.50%8/11/2027262222
Secured Debt(9)8/11/20228.91%SF+6.50%8/11/20272,2052,1622,162
Common Stock8/11/202262,4026262
2,2462,246
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9) (33)1/18/2022SF+6.50%1/18/2027000
Secured Debt(9)1/18/20227.84%SF+5.50%1/18/2027925906883
Secured Debt(9)1/18/20229.84%SF+7.50%1/18/2027925906887
Common Stock1/18/2022100,000100100
1,9121,870
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer
Secured Debt(9)12/15/202110.32%L+7.00%12/15/20261009294
Secured Debt(9)12/15/202110.29%L+7.00%12/15/20261,6871,6591,591
Common Equity12/15/2021505036
1,8011,721
BBB Tank Services, LLCMaintenance, Repair and Construction Services to the Above-Ground Storage Tank Market
Unsecured Debt (9) (17)4/8/201613.56%L+11.00%4/8/2021200200200
Unsecured Debt (9) (17)4/8/201613.56%L+11.00%4/8/20211,0001,000375
Member Units4/8/2016200,0002000
Preferred Stock (non-voting)(19)12/17/2018 15.00%15.00%410
1,441575
Berry Aviation, Inc.(10)Charter Airline Services
Secured Debt(19)7/6/201812.00%10.50%1.50%1/6/2024189188189
Preferred Member Units (8) (19) (23)7/6/20181,548,3878.00%8.00%2,1184,607
12

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Member Units (8) (19) (23)11/12/2019122,41616.00%16.00%188379
2,4945,175
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (33)6/30/2022SF+6.00%6/30/20280(23)(23)
Secured Debt (9) (19)6/30/20229.78%SF+6.75%5.75%6/30/20287,8287,6797,828
7,6567,805
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Secured Debt(9) (33)3/10/2017SF+8.50%6/10/2024000
Member Units3/10/20171,050,0001,050560
1,050560
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)8/28/202011.29%L+8.50%8/28/20256,7806,7606,661
Common Stock(8)10/1/2020700,44605,273
6,76011,934
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/2027808080
Member Units(8)6/30/2017540,000564826
644906
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (8) (24)7/21/20140.5%2,4491,522
LP Interests (Brightwood Capital Fund IV, LP) (8) (24)10/26/20161.2%8,7378,954
11,18610,476
Buca C, LLCCasual Restaurant Group
Secured Debt6/30/20159.00%6/30/202311,85311,8539,473
Preferred Member Units(19)6/30/201546.00%6.00%3,0400
14,8939,473
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9)6/14/20217.52%L+5.00%6/10/2026413393413
Secured Debt(9)6/14/20217.52%L+5.00%6/10/202813,28913,09413,289
13,48713,702
13

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Cadence Aerospace LLC(10)Aerostructure Manufacturing
Secured Debt (9) (19) (30)11/14/201711.31%L+8.50%0.13%11/14/202320,15320,09320,129
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity(8)12/13/2021379,338379379
Preferred Equity12/13/2021126,44600
379379
Camin Cargo Control, Inc.(11)Provider of Mission Critical Inspection, Testing and Fuel Treatment Services
Secured Debt (9)6/14/20219.62%L+6.50%6/4/20267,6297,5697,362
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9) (33)12/17/2021L+6.00%12/17/20260(3)(3)
Secured Debt12/17/202112.50%12/17/20262,2502,1932,193
Common Stock12/17/202150,000500500
2,6902,690
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt(9) (33)5/18/2022L+5.25%5/18/20270(4)(4)
Secured Debt(9) (33)5/18/2022L+5.25%5/18/2027000
Secured Debt(9)5/18/20228.26%L+5.25%5/18/20271,9951,9761,952
1,9721,948
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9)2/7/20229.08%SF+6.25%2/7/2027477467454
Secured Debt(9)2/7/20227.70%SF+6.25%2/7/20273,5913,5273,421
3,9943,875
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17) (19)9/23/201415.00%15.00%1/5/20152,7472,40310
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/20208.38%L+6.00%3/12/20251,9401,9251,940
14

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt3/12/20208.00%3/12/20254,8194,7484,819
Preferred Member Units(8)3/12/2020391,4405,950
8,11312,709
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9)8/6/202110.13%L+7.50%8/6/20264,1674,1023,766
Secured Debt(9)8/6/202110.37%L+7.50%8/6/202615,60415,35814,102
19,46017,868
Construction Supply Investments, LLC(10)Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors
Member Units(8)12/29/2016861,6183,33520,795
Dalton US Inc.(10)Provider of Supplemental Labor Services
Secured Debt(9)8/16/202211.13%SF+8.00%8/16/2027553838
Secured Debt(9) (33)8/16/2022SF+8.00%8/16/20270(6)(6)
Secured Debt(9)8/16/202211.31%SF+8.00%8/16/20271,0381,0171,017
Common Stock8/16/2022141414
1,0631,063
DMA Industries, LLCDistributor of aftermarket ride control products
Secured Debt11/19/202112.00%11/19/20265,3005,2125,300
Preferred Equity11/19/20211,4861,4861,820
6,6987,120
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Secured Debt(9) (33)4/13/2018L+7.50%4/13/20230(2)(2)
Secured Debt(9)4/13/201810.44%L+7.50%4/13/20237,8697,8517,529
Class A Preferred Member Units(19)4/13/2018776,3168.00%8.00%776270
Class AA Preferred Member Units (non-voting) (8) (19)4/13/2018 10.00%10.00%1,1321,132
9,7578,929
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9) (33)7/17/2018L+8.50%7/17/2023000
15

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9)9/28/202210.75%L+7.50%7/17/20232,8052,7922,270
Secured Debt(9)9/28/202212.75%L+9.50%7/17/20232,8052,7922,149
5,5844,419
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/20229.38%SF+6.25%2/10/20282,4692,4242,376
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt(9)5/23/202211.00%SF+6.25%5/23/2027412640
Secured Debt(9)5/23/20229.38%SF+6.25%5/23/20285,1595,0664,981
5,0925,021
EPIC Y-Grade Services, LP(11)NGL Transportation & Storage
Secured Debt(9)6/22/20188.08%L+6.00%6/30/20276,8576,7915,817
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt (9) (23)12/22/20219.25%L+7.00%12/22/2026308305281
Secured Debt (9) (23)12/22/202110.67%L+7.00%12/22/20263,6923,6613,367
3,9663,648
Flip Electronics LLC(10)Distributor of Hard-to-Find and Obsolete Electronic Components
Secured Debt(9)3/24/202211.21%SF+7.50%1/2/2026545545545
Secured Debt(9)1/4/202111.19%SF+7.50%1/2/20266,8736,7516,753
7,2967,298
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/20168.38%L+6.00%1/15/2026796796796
Secured Debt12/2/20168.00%1/15/20268,2008,1438,200
Preferred Member Units(8)12/2/2016567134,770
Preferred Member Units(23)12/2/20165638250
9,69014,016
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt (9) (19)12/21/201811.76%SF+9.50%5.75%12/21/2023180179167
16

Table of Contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2022
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (19)12/21/201811.76%SF+9.50%5.75%12/21/20231,7541,7441,624
1,9231,791
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (33)8/1/2022SF+6.50%8/1/20270(19)(19)
Secured Debt(9) (33)8/1/2022SF+6.50%8/1/20270(19)(19)
Secured Debt(9)8/1/20229.52%SF+6.50%8/1/20275,0004,9034,903
4,8654,865
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202110.33%L+8.25%6/30/20267,8757,7547,468
IG Parent Corporation(11)Software Engineering
Secured Debt(9)7/30/20218.41%SF+5.75%7/30/2026295276290