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Secured Debt 22024-09-300001535778msif:CreativeFoamCorporationMember2024-09-300001535778Dalton US Inc., Common Stock2024-09-300001535778DMA Industries, LLC, Secured Debt 12024-09-300001535778DMA Industries, LLC, Secured Debt 22024-09-300001535778DMA Industries, LLC, Preferred Equity 12024-09-300001535778DMA Industries, LLC, Preferred Equity 22024-09-300001535778msif:DMAIndustriesLLCMember2024-09-300001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-09-300001535778DTE Enterprises, LLC, Class A Preferred Member Units2024-09-300001535778msif:DTEEnterprisesLLCMember2024-09-300001535778Dynamic Communities, LLC, Secured Debt 12024-09-300001535778Dynamic Communities, LLC, Secured Debt 22024-09-300001535778Dynamic Communities, LLC, Preferred Equity 12024-09-300001535778Dynamic Communities, LLC, Preferred Equity 22024-09-300001535778Dynamic Communities, LLC, Common Equity2024-09-300001535778msif:DynamicCommunitiesLLCMember2024-09-300001535778Elgin AcquireCo, LLC, Secured Debt 12024-09-300001535778Elgin AcquireCo, LLC, Secured Debt 22024-09-300001535778Elgin AcquireCo, LLC, Secured Debt 32024-09-300001535778Elgin AcquireCo, LLC, Common Stock 12024-09-300001535778Elgin AcquireCo, LLC, Common Stock 22024-09-300001535778msif:ElginAcquireCoLLCMember2024-09-300001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2024-09-300001535778Escalent, Inc., Secured Debt 12024-09-300001535778Escalent, Inc., Secured Debt 22024-09-300001535778Escalent, Inc., Common Equity2024-09-300001535778msif:EscalentIncMember2024-09-300001535778Event Holdco, LLC, Secured Debt 12024-09-300001535778Event Holdco, LLC, Secured Debt 22024-09-300001535778msif:EventHoldcoLLCMember2024-09-300001535778FCC Intermediate Holdco, LLC, Secured Debt 2024-09-300001535778FCC Intermediate Holdco, LLC, Warrants2024-09-300001535778msif:FCCIntermediateHoldcoLLCMember2024-09-300001535778Garyline, LLC, Secured Debt 12024-09-300001535778Garyline, LLC, Secured Debt 22024-09-300001535778Garyline, LLC, Common Equity2024-09-300001535778msif:GarylineLLCMember2024-09-300001535778Hawk Ridge Systems, LLC, Secured Debt 12024-09-300001535778Hawk Ridge Systems, LLC, Secured Debt 22024-09-300001535778Hawk Ridge Systems, LLC, Preferred Member Units 12024-09-300001535778Hawk Ridge Systems, LLC, Preferred Member Units 22024-09-300001535778msif:HawkRidgeSystemsLLCMember2024-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 12024-09-300001535778HDC/HW Intermediate Holdings, Secured Debt 22024-09-300001535778HDC/HW Intermediate Holdings, Common Equity2024-09-300001535778msif:HDCHWIntermediateHoldingsMember2024-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 12024-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 22024-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 32024-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 42024-09-300001535778HEADLANDS OP-CO LLC, Secured Debt 52024-09-300001535778msif:HEADLANDSOPCOLLCMember2024-09-300001535778Hornblower Sub, LLC, Secured Debt 12024-09-300001535778Hornblower Sub, LLC, Secured Debt 22024-09-300001535778msif:HornblowerSubLLCMember2024-09-300001535778Hybrid Promotions, LLC, Secured Debt2024-09-300001535778IG Parent Corporation, Secured Debt 12024-09-300001535778IG Parent Corporation, Secured Debt 22024-09-300001535778IG Parent Corporation, Secured Debt 32024-09-300001535778msif:IGParentCorporationMember2024-09-300001535778Imaging Business Machines, L.L.C., Secured Debt 12024-09-300001535778Imaging Business Machines, L.L.C., Secured Debt 22024-09-300001535778Imaging Business Machines, L.L.C., Common Equity2024-09-300001535778msif:ImagingBusinessMachinesLLCMember2024-09-300001535778Implus Footcare, LLC, Secured Debt2024-09-300001535778Infinity X1 Holdings, LLC, Secured Debt2024-09-300001535778Infinity X1 Holdings, LLC, Preferred Equity2024-09-300001535778msif:InfinityX1HoldingsLLCMember2024-09-300001535778Insight Borrower Corporation, Secured Debt 12024-09-300001535778Insight Borrower Corporation, Secured Debt 22024-09-300001535778Insight Borrower Corporation, Secured Debt 32024-09-300001535778Insight Borrower Corporation, Common Equity2024-09-300001535778msif:InsightBorrowerCorporationMember2024-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 12024-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 22024-09-300001535778Inspire Aesthetics Management, LLC, Secured Debt 32024-09-300001535778Inspire Aesthetics Management, LLC, Common Equity2024-09-300001535778msif:InspireAestheticsManagementLLCMember2024-09-300001535778Interface Security Systems, L.L.C, Secured Debt 12024-09-300001535778Interface Security Systems, L.L.C, Secured Debt 22024-09-300001535778Interface Security Systems, L.L.C, Common Stock2024-09-300001535778msif:InterfaceSecuritySystemsLLCMember2024-09-300001535778Invincible Boat Company, LLC., Secured Debt 12024-09-300001535778Invincible Boat Company, LLC., Secured Debt 22024-09-300001535778msif:InvincibleBoatCompanyLLCMember2024-09-300001535778INW Manufacturing, LLC, Secured Debt2024-09-300001535778Iron-Main Investments, LLC, Secured Debt 12024-09-300001535778Iron-Main Investments, LLC, Secured Debt 22024-09-300001535778Iron-Main Investments, LLC, Secured Debt 32024-09-300001535778Iron-Main Investments, LLC, Secured Debt 42024-09-300001535778Iron-Main Investments, LLC, Secured Debt 52024-09-300001535778Iron-Main Investments, LLC, Preferred Equity2024-09-300001535778Iron-Main Investments, LLC, Common Stock2024-09-300001535778msif:IronMainInvestmentsLLCMember2024-09-300001535778Isagenix International, LLC, Secured Debt2024-09-300001535778Isagenix International, LLC, Common Equity2024-09-300001535778msif:IsagenixInternationalLLCMember2024-09-300001535778Island Pump and Tank, LLC, Secured Debt 12024-09-300001535778Island Pump and Tank, LLC, Secured Debt 22024-09-300001535778Island Pump and Tank, LLC, Secured Debt 32024-09-300001535778Island Pump and Tank, LLC, Secured Debt 42024-09-300001535778msif:IslandPumpAndTankLLCMember2024-09-300001535778ITA Holdings Group, LLC, Secured Debt 12024-09-300001535778ITA Holdings Group, LLC, Secured Debt 22024-09-300001535778ITA Holdings Group, LLC, Secured Debt 32024-09-300001535778ITA Holdings Group, LLC, Secured Debt 42024-09-300001535778ITA Holdings Group, LLC, Warrants2024-09-300001535778msif:ITAHoldingsGroupLLCMember2024-09-300001535778Jackmont Hospitality, Inc., Secured Debt 12024-09-300001535778Jackmont Hospitality, Inc., Secured Debt 22024-09-300001535778Jackmont Hospitality, Inc., Secured Debt 32024-09-300001535778Jackmont Hospitality, Inc., Preferred Equity2024-09-300001535778msif:JackmontHospitalityIncMember2024-09-300001535778JDC Power Services, LLC, Secured Debt 12024-09-300001535778JDC Power Services, LLC, Secured Debt 22024-09-300001535778msif:JDCPowerServicesLLCMember2024-09-300001535778Joerns Healthcare, LLC, Secured Debt 12024-09-300001535778Joerns Healthcare, LLC, Secured Debt 22024-09-300001535778Joerns Healthcare, LLC, Secured Debt 32024-09-300001535778Joerns Healthcare, LLC, Secured Debt 42024-09-300001535778Joerns Healthcare, LLC, Common Stock 12024-09-300001535778Joerns Healthcare, LLC, Common Stock 22024-09-300001535778msif:JoernsHealthcareLLCMember2024-09-300001535778JorVet Holdings, LLC, Secured Debt2024-09-300001535778JorVet Holdings, LLC, Preferred Equity2024-09-300001535778msif:JorVetHoldingsLLCMember2024-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 12024-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 22024-09-300001535778JTI Electrical & Mechanical, LLC, Secured Debt 32024-09-300001535778JTI Electrical & Mechanical, LLC, Common Equity2024-09-300001535778msif:JTIElectricalMechanicalLLCMember2024-09-300001535778KMS, LLC, Secured Debt 12024-09-300001535778KMS, LLC, Secured Debt 22024-09-300001535778msif:KMSLLCMember2024-09-300001535778Lightbox Holdings, L.P., Secured Debt2024-09-300001535778LL Management, Inc., Secured Debt 12024-09-300001535778LL Management, Inc., Secured Debt 22024-09-300001535778LL Management, Inc., Secured Debt 32024-09-300001535778LL Management, Inc., Secured Debt 42024-09-300001535778LL Management, Inc., Secured Debt 52024-09-300001535778msif:LLManagementIncMember2024-09-300001535778LLFlex, LLC, Secured Debt2024-09-300001535778Logix Acquisition Company, LLC, Secured Debt2024-09-300001535778Mako Steel, LP, Secured Debt 12024-09-300001535778Mako Steel, LP, Secured Debt 22024-09-300001535778msif:MakoSteelLPMember2024-09-300001535778Metalforming Holdings, LLC, Secured Debt 12024-09-300001535778Metalforming Holdings, LLC, Secured Debt 22024-09-300001535778Metalforming Holdings, LLC, Preferred Equity2024-09-300001535778Metalforming Holdings, LLC, Common Stock2024-09-300001535778msif:MetalformingHoldingsLLCMember2024-09-300001535778Microbe Formulas, LLC, Secured Debt 12024-09-300001535778Microbe Formulas, LLC, Secured Debt 22024-09-300001535778msif:MicrobeFormulasLLCMember2024-09-300001535778Mills Fleet Farm Group, LLC, Secured Debt2024-09-300001535778Mini Melts of America, LLC, Secured Debt 12024-09-300001535778Mini Melts of America, LLC, Secured Debt 22024-09-300001535778Mini Melts of America, LLC, Secured Debt 32024-09-300001535778Mini Melts of America, LLC, Secured Debt 42024-09-300001535778Mini Melts of America, LLC, Common Equity2024-09-300001535778msif:MiniMeltsOfAmericaLLCMember2024-09-300001535778MoneyThumb Acquisition, LLC, Secured Debt2024-09-300001535778MoneyThumb Acquisition, LLC, Preferred Member Units2024-09-300001535778MoneyThumb Acquisition, LLC, Warrants2024-09-300001535778msif:MoneyThumbAcquisitionLLCMember2024-09-300001535778MonitorUS Holding, LLC, Secured Debt 12024-09-300001535778MonitorUS Holding, LLC, Secured Debt 22024-09-300001535778MonitorUS Holding, LLC, Secured Debt 32024-09-300001535778MonitorUS Holding, LLC, Unsecured Debt 12024-09-300001535778MonitorUS Holding, LLC, Unsecured Debt 22024-09-300001535778MonitorUS Holding, LLC, Unsecured Debt 32024-09-300001535778MonitorUS Holding, LLC, Common Stock2024-09-300001535778msif:MonitorUSHoldingLLCMember2024-09-300001535778NinjaTrader, LLC, Secured Debt 12024-09-300001535778NinjaTrader, LLC, Secured Debt 22024-09-300001535778msif:NinjaTraderLLCMember2024-09-300001535778Obra Capital, Inc., Secured Debt 12024-09-300001535778Obra Capital, Inc., Secured Debt 22024-09-300001535778msif:ObraCapitalInc.Member2024-09-300001535778OnPoint, Secured Debt 2024-09-300001535778Peaches Holding Corporation, Common Equity2024-09-300001535778Power System Solutions, Secured Debt 12024-09-300001535778Power System Solutions, Secured Debt 22024-09-300001535778Power System Solutions, Secured Debt 32024-09-300001535778Power System Solutions, Common Equity2024-09-300001535778msif:PowerSystemSolutionsMember2024-09-300001535778PrimeFlight Aviation Services, Secured Debt 12024-09-300001535778PrimeFlight Aviation Services, Secured Debt 22024-09-300001535778PrimeFlight Aviation Services, Secured Debt 32024-09-300001535778PrimeFlight Aviation Services, Secured Debt 42024-09-300001535778msif:PrimeFlightAviationServicesMember2024-09-300001535778PTL US Bidco, Inc, Secured Debt 12024-09-300001535778PTL US Bidco, Inc, Secured Debt 22024-09-300001535778msif:PTLUSBidcoIncMember2024-09-300001535778Purge Rite, LLC, Secured Debt 12024-09-300001535778Purge Rite, LLC, Secured Debt 22024-09-300001535778Purge Rite, LLC, Preferred Equity2024-09-300001535778Purge Rite, LLC, Common Equity2024-09-300001535778msif:PurgeRiteLLCMember2024-09-300001535778Richardson Sales Solutions, Secured Debt 12024-09-300001535778Richardson Sales Solutions, Secured Debt 22024-09-300001535778Richardson Sales Solutions, Secured Debt 32024-09-300001535778msif:RichardsonSalesSolutionsMember2024-09-300001535778Roof Opco, LLC, Secured Debt 12024-09-300001535778Roof Opco, LLC, Secured Debt 22024-09-300001535778Roof Opco, LLC, Secured Debt 32024-09-300001535778msif:RoofOpcoLLCMember2024-09-300001535778Rug Doctor, LLC., Secured Debt 12024-09-300001535778Rug Doctor, LLC., Secured Debt 22024-09-300001535778msif:RugDoctorLLCMember2024-09-300001535778Slick Innovations, LLC, Secured Debt2024-09-300001535778Slick Innovations, LLC, Common Stock2024-09-300001535778msif:SlickInnovationsLLCMember2024-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 12024-09-300001535778South Coast Terminals Holdings, LLC, Secured Debt 22024-09-300001535778South Coast Terminals Holdings, LLC, Common Equity2024-09-300001535778msif:SouthCoastTerminalsHoldingsLLCMember2024-09-300001535778SPAU Holdings, LLC, Secured Debt 12024-09-300001535778SPAU Holdings, LLC, Secured Debt 22024-09-300001535778SPAU Holdings, LLC, Common Stock2024-09-300001535778msif:SPAUHoldingsLLCMember2024-09-300001535778Tex Tech Tennis, LLC, Preferred Equity2024-09-300001535778The Affiliati Network, LLC, Secured Debt 12024-09-300001535778The Affiliati Network, LLC, Secured Debt 22024-09-300001535778The Affiliati Network, LLC, Preferred Stock 12024-09-300001535778The Affiliati Network, LLC, Preferred Stock 22024-09-300001535778msif:TheAffiliatiNetworkLLCMember2024-09-300001535778Titan Meter Midco Corp., Secured Debt 12024-09-300001535778Titan Meter Midco Corp., Secured Debt 22024-09-300001535778Titan Meter Midco Corp., Preferred Equity2024-09-300001535778msif:TitanMeterMidcoCorp.Member2024-09-300001535778U.S. TelePacific Corp., Secured Debt 12024-09-300001535778U.S. TelePacific Corp., Secured Debt 22024-09-300001535778msif:USTelePacificCorpMember2024-09-300001535778UPS Intermediate, LLC, Secured Debt 2024-09-300001535778UPS Intermediate, LLC, Common Equity2024-09-300001535778msif:UPSIntermediateLLCMember2024-09-300001535778Urgent DSO LLC, Secured Debt2024-09-300001535778Urgent DSO LLC, Preferred Equity2024-09-300001535778msif:UrgentDSOLLCMember2024-09-300001535778UserZoom Technologies, Inc., Secured Debt2024-09-300001535778Vistar Media, Inc., Preferred Stock2024-09-300001535778Vitesse Systems, Secured Debt 12024-09-300001535778Vitesse Systems, Secured Debt 22024-09-300001535778msif:VitesseSystemsMember2024-09-300001535778VORTEQ Coil Finishers, LLC, Common Equity2024-09-300001535778Wall Street Prep, Inc., Secured Debt 12024-09-300001535778Wall Street Prep, Inc., Secured Debt 22024-09-300001535778Wall Street Prep, Inc., Common Stock2024-09-300001535778msif:WallStreetPrepIncMember2024-09-300001535778Watterson Brands, LLC, Secured Debt 12024-09-300001535778Watterson Brands, LLC, Secured Debt 22024-09-300001535778Watterson Brands, LLC, Secured Debt 32024-09-300001535778Watterson Brands, LLC, Secured Debt 42024-09-300001535778msif:WattersonBrandsLLCMember2024-09-300001535778West Star Aviation Acquisition, LLC, Secured Debt 12024-09-300001535778West Star Aviation Acquisition, LLC, Secured Debt 22024-09-300001535778West Star Aviation Acquisition, LLC, Secured Debt 32024-09-300001535778West Star Aviation Acquisition, LLC, Common Stock2024-09-300001535778msif:WestStarAviationAcquisitionLLCMember2024-09-300001535778Winter Services LLC, Secured Debt 12024-09-300001535778Winter Services LLC, Secured Debt 22024-09-300001535778Winter Services LLC, Secured Debt 32024-09-300001535778Winter Services LLC, Secured Debt 42024-09-300001535778msif:WinterServicesLLCMember2024-09-300001535778World Micro Holdings, LLC, Secured Debt2024-09-300001535778World Micro Holdings, LLC, Preferred Equity2024-09-300001535778msif:WorldMicroHoldingsLLCMember2024-09-300001535778Xenon Arc, Inc., Secured Debt 12024-09-300001535778Xenon Arc, Inc., Secured Debt 22024-09-300001535778msif:XenonArcIncMember2024-09-300001535778YS Garments, LLC, Secured Debt2024-09-300001535778Zips Car Wash, LLC, Secured Debt 12024-09-300001535778Zips Car Wash, LLC, Secured Debt 22024-09-300001535778msif:ZipsCarWashLLCMember2024-09-300001535778ZRG Partners, LLC, Secured Debt 12024-09-300001535778ZRG Partners, LLC, Secured Debt 22024-09-300001535778ZRG Partners, LLC, Secured Debt 32024-09-300001535778ZRG Partners, LLC, Secured Debt 42024-09-300001535778msif:ZRGPartnersLLCMember2024-09-300001535778First American Treasury Obligations Fund Class Z2024-09-300001535778 Fidelity Government Portfolio Fund Class III2024-09-300001535778us-gaap:MoneyMarketFundsMember2024-09-300001535778srt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001535778srt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001535778srt:WeightedAverageMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-09-300001535778srt:MinimumMember2024-09-300001535778srt:MaximumMember2024-09-300001535778MoneyThumb Acquisition, LLC, Warrants2024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2024-01-012024-09-300001535778ITA Holdings Group, LLC, Warrants2024-01-012024-09-300001535778Bluestem Brands, Inc., Warrants2024-01-012024-09-300001535778FCC Intermediate Holdco, LLC , Warrants2024-01-012024-09-300001535778AAC Holdings, Inc., Warrants2024-01-012024-09-300001535778Acumera, Inc., Warrants2024-01-012024-09-300001535778Vitesse Systems, Secured Debt 1, Secured Overnight Financing Rate2024-09-300001535778Vitesse Systems, Secured Debt 1, Prime2024-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-12-310001535778GRT Rubber Technologies LLC, Secured Debt 12023-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22023-12-310001535778GRT Rubber Technologies LLC, Member Units2023-12-310001535778msif:GRTRubberTechnologiesLLCMember2023-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-12-310001535778Volusion, LLC, Secured Debt2023-12-310001535778Volusion, LLC, Preferred Member Units 12023-12-310001535778Volusion, LLC, Preferred Member Units 22023-12-310001535778Volusion, LLC, Preferred Member Units 32023-12-310001535778Volusion, LLC, Common Stock2023-12-310001535778msif:VolusionLLCMember2023-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12023-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2023-12-310001535778msif:AnalyticalSystemsKecoHoldingsLLCMember2023-12-310001535778Barfly Ventures, LLC, Member Units2023-12-310001535778Batjer TopCo, LLC, Secured Debt 12023-12-310001535778Batjer TopCo, LLC, Secured Debt 22023-12-310001535778Batjer TopCo, LLC, Secured Debt 32023-12-310001535778Batjer TopCo, LLC, Preferred Stock2023-12-310001535778msif:BatjerTopCoLLCMember2023-12-310001535778Brewer Crane Holdings, LLC, Secured Debt2023-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-12-310001535778msif:BrewerCraneHoldingsLLCMember2023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 12023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22023-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-12-310001535778msif:CentreTechnologiesHoldingsLLCMember2023-12-310001535778Chamberlin Holding LLC, Secured Debt 12023-12-310001535778Chamberlin Holding LLC, Secured Debt 22023-12-310001535778Chamberlin Holding LLC, Member Units 12023-12-310001535778Chamberlin Holding LLC, Member Units 22023-12-310001535778msif:ChamberlinHoldingLLCMember2023-12-310001535778Charps, LLC, Preferred Member Units2023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 12023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22023-12-310001535778Clad-Rex Steel, LLC, Member Units 12023-12-310001535778Clad-Rex Steel, LLC, Member Units 22023-12-310001535778msif:CladRexSteelLLCMember2023-12-310001535778Cody Pools, Inc., Secured Debt 12023-12-310001535778Cody Pools, Inc., Secured Debt 22023-12-310001535778Cody Pools, Inc., Preferred Member Units2023-12-310001535778msif:CodyPoolsIncMember2023-12-310001535778Colonial Electric Company LLC, Secured Debt 12023-12-310001535778Colonial Electric Company LLC, Secured Debt 22023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 22023-12-310001535778msif:ColonialElectricCompanyLLCMember2023-12-310001535778Compass Systems & Sales, LLC, Secured Debt 12023-12-310001535778Compass Systems & Sales, LLC, Secured Debt 22023-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2023-12-310001535778msif:CompassSystemsSalesLLCMember2023-12-310001535778Datacom, LLC, Secured Debt 12023-12-310001535778Datacom, LLC, Secured Debt 22023-12-310001535778Datacom, LLC, Preferred Member Units2023-12-310001535778msif:DatacomLLCMember2023-12-310001535778Digital Products Holdings LLC, Secured Debt2023-12-310001535778Digital Products Holdings LLC, Preferred Member Units2023-12-310001535778msif:DigitalProductsHoldingsLLCMember2023-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12023-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22023-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-12-310001535778msif:DirectMarketingSolutionsIncMember2023-12-310001535778Flame King Holdings, LLC, Preferred Equity2023-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-12-310001535778msif:GamberJohnsonHoldingsLLCMember2023-12-310001535778GFG Group, LLC, Secured Debt2023-12-310001535778GFG Group, LLC, Preferred Member Units2023-12-310001535778msif:GFGGroupLLCMember2023-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-12-310001535778Gulf Publishing Holdings, LLC, Member Units2023-12-310001535778msif:GulfPublishingHoldingsLLCMember2023-12-310001535778Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2023-12-310001535778IG Investor, LLC, Secured Debt 12023-12-310001535778IG Investor, LLC, Secured Debt 22023-12-310001535778IG Investor, LLC, Common Equity2023-12-310001535778msif:IGInvestorLLCMember2023-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-12-310001535778Integral Energy Services, Secured Debt2023-12-310001535778Integral Energy Services, Preferred Equity2023-12-310001535778Integral Energy Services, Common Stock2023-12-310001535778msif:IntegralEnergyServicesMember2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-12-310001535778msif:KickhaeferManufacturingCompanyLLCMember2023-12-310001535778MH Corbin Holding LLC, Secured Debt2023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22023-12-310001535778msif:MHCorbinHoldingLLCMember2023-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-12-310001535778msif:MysticLogisticsHoldingsLLCMember2023-12-310001535778NexRev LLC, Secured Debt 12023-12-310001535778NexRev LLC, Secured Debt 22023-12-310001535778NexRev LLC, Preferred Member Units2023-12-310001535778msif:NexRevLLCMember2023-12-310001535778NuStep, LLC, Secured Debt 12023-12-310001535778NuStep, LLC, Secured Debt 22023-12-310001535778NuStep, LLC, Preferred Member Units 12023-12-310001535778NuStep, LLC, Preferred Member Units 22023-12-310001535778msif:NuStepLLCMember2023-12-310001535778Oneliance, LLC, Secured Debt2023-12-310001535778Oneliance, LLC, Preferred Stock2023-12-310001535778msif:OnelianceLLCMember2023-12-310001535778Orttech Holdings, LLC, Secured Debt 12023-12-310001535778Orttech Holdings, LLC, Secured Debt 22023-12-310001535778Orttech Holdings, LLC, Preferred Stock2023-12-310001535778msif:OrttechHoldingsLLCMember2023-12-310001535778Pinnacle TopCo, LLC, Secured Debt 12023-12-310001535778Pinnacle TopCo, LLC, Secured Debt 22023-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2023-12-310001535778msif:PinnacleTopCoLLCMember2023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-12-310001535778msif:RobbinsBrosJewelryIncMember2023-12-310001535778SI East, LLC, Secured Debt 12023-12-310001535778SI East, LLC, Secured Debt 22023-12-310001535778SI East, LLC, Preferred Member Units2023-12-310001535778msif:SIEastLLCMember2023-12-310001535778Student Resource Center, LLC, Secured Debt2023-12-310001535778Student Resource Center, LLC, Preferred Equity2023-12-310001535778msif:StudentResourceCenterLLCMember2023-12-310001535778Tedder Industries, LLC, Secured Debt 12023-12-310001535778Tedder Industries, LLC, Secured Debt 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 12023-12-310001535778Tedder Industries, LLC, Preferred Member Units 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 32023-12-310001535778msif:TedderIndustriesLLCMember2023-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 22023-12-310001535778Trantech Radiator Topco, LLC, Common Stock2023-12-310001535778msif:TrantechRadiatorTopcoLLCMember2023-12-310001535778VVS Holdco LLC, Secured Debt 12023-12-310001535778VVS Holdco LLC, Secured Debt 22023-12-310001535778VVS Holdco LLC, Preferred Equity2023-12-310001535778msif:VVSHoldcoLLCMember2023-12-310001535778AAC Holdings, Inc., Secured Debt 12023-12-310001535778AAC Holdings, Inc., Secured Debt 22023-12-310001535778AAC Holdings, Inc., Common Stock2023-12-310001535778AAC Holdings, Inc., Warrants2023-12-310001535778msif:AACHoldingsIncMember2023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 12023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 22023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 32023-12-310001535778AB Centers Acquisition Corporation, Secured Debt 42023-12-310001535778msif:ABCentersAcquisitionCorporationMember2023-12-310001535778Acumera, Inc., Secured Debt 12023-12-310001535778Acumera, Inc., Secured Debt 22023-12-310001535778Acumera, Inc., Warrants2023-12-310001535778msif:AcumeraIncMember2023-12-310001535778Adams Publishing Group, LLC, Secured Debt 12023-12-310001535778Adams Publishing Group, LLC, Secured Debt 22023-12-310001535778msif:AdamsPublishingGroupLLCMember2023-12-310001535778ADS Tactical, Inc., Secured Debt2023-12-310001535778AMEREQUIP LLC, Secured Debt 12023-12-310001535778AMEREQUIP LLC, Secured Debt 22023-12-310001535778AMEREQUIP LLC, Common Stock2023-12-310001535778msif:AMEREQUIPLLCMember2023-12-310001535778American Health Staffing Group, Inc., Secured Debt 12023-12-310001535778American Health Staffing Group, Inc., Secured Debt 22023-12-310001535778msif:AmericanHealthStaffingGroupIncMember2023-12-310001535778American Nuts, LLC, Secured Debt 12023-12-310001535778American Nuts, LLC, Secured Debt 22023-12-310001535778American Nuts, LLC, Secured Debt 32023-12-310001535778American Nuts, LLC, Secured Debt 42023-12-310001535778msif:AmericanNutsLLCMember2023-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 12023-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 22023-12-310001535778msif:AmericanTeleconferencingServicesLtdMember2023-12-310001535778ArborWorks, LLC, Secured Debt 12023-12-310001535778ArborWorks, LLC, Secured Debt 22023-12-310001535778ArborWorks, LLC, Preferred Equity 12023-12-310001535778ArborWorks, LLC, Preferred Equity 22023-12-310001535778ArborWorks, LLC, Common Equity2023-12-310001535778msif:ArborWorksLLCMember2023-12-310001535778Archer Systems, LLC, Common Stock2023-12-310001535778ATS Operating, LLC, Secured Debt 12023-12-310001535778ATS Operating, LLC, Secured Debt 22023-12-310001535778ATS Operating, LLC, Secured Debt 32023-12-310001535778ATS Operating, LLC, Common Stock2023-12-310001535778msif:ATSOperatingLLCMember2023-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 12023-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 22023-12-310001535778AVEX Aviation Holdings, LLC, Common Equity2023-12-310001535778msif:AVEXAviationHoldingsLLCMember2023-12-310001535778Berry Aviation, Inc., Preferred Member Units 12023-12-310001535778Berry Aviation, Inc., Preferred Member Units 22023-12-310001535778msif:BerryAviationIncMember2023-12-310001535778Bettercloud, Inc., Secured Debt 12023-12-310001535778Bettercloud, Inc., Secured Debt 22023-12-310001535778msif:BettercloudIncMember2023-12-310001535778Binswanger Enterprises, LLC, Member Units2023-12-310001535778Bluestem Brands, Inc., Secured Debt 12023-12-310001535778Bluestem Brands, Inc., Secured Debt 22023-12-310001535778Bluestem Brands, Inc., Common Stock2023-12-310001535778Bluestem Brands, Inc., Warrants2023-12-310001535778msif:BluestemBrandsIncMember2023-12-310001535778Boccella Precast Products LLC, Secured Debt2023-12-310001535778Boccella Precast Products LLC, Member Units2023-12-310001535778msif:BoccellaPrecastProductsLLCMember2023-12-310001535778Bond Brand Loyalty ULC, Secured Debt 12023-12-310001535778Bond Brand Loyalty ULC, Secured Debt 22023-12-310001535778Bond Brand Loyalty ULC, Secured Debt 32023-12-310001535778Bond Brand Loyalty ULC, Preferred Equity2023-12-310001535778Bond Brand Loyalty ULC, Common Equity2023-12-310001535778msif:BondBrandLoyaltyULCMember2023-12-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2023-12-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2023-12-310001535778msif:BrightwoodCapitalFundInvestmentsMember2023-12-310001535778Buca C, LLC, Secured Debt2023-12-310001535778Buca C, LLC, Preferred Member Units2023-12-310001535778msif:BucaCLLCMember2023-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 12023-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 22023-12-310001535778msif:BurningGlassIntermediateHoldingCompanyIncMember2023-12-310001535778CAI Software LLC, Preferred Equity 12023-12-310001535778CAI Software LLC, Preferred Equity 22023-12-310001535778msif:CAISoftwareLLCMember2023-12-310001535778Career Team Holdings, LLC, Secured Debt 12023-12-310001535778Career Team Holdings, LLC, Secured Debt 22023-12-310001535778Career Team Holdings, LLC, Common Stock2023-12-310001535778msif:CareerTeamHoldingsLLCMember2023-12-310001535778CaseWorthy, Inc., Secured Debt 12023-12-310001535778CaseWorthy, Inc., Secured Debt 22023-12-310001535778CaseWorthy, Inc., Secured Debt 32023-12-310001535778CaseWorthy, Inc., Common Equity2023-12-310001535778msif:CaseWorthyIncMember2023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 12023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 22023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 32023-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 42023-12-310001535778msif:ChannelPartnersIntermediatecoLLCMember2023-12-310001535778Clarius BIGS, LLC, Secured Debt2023-12-310001535778Classic H&G Holdings, LLC, Secured Debt 12023-12-310001535778Classic H&G Holdings, LLC, Secured Debt 22023-12-310001535778Classic H&G Holdings, LLC, Preferred Member Units2023-12-310001535778msif:ClassicHGHoldingsLLCMember2023-12-310001535778Computer Data Source, LLC, Secured Debt 12023-12-310001535778Computer Data Source, LLC, Secured Debt 22023-12-310001535778msif:ComputerDataSourceLLCMember2023-12-310001535778Construction Supply Investments, LLC, Member Units2023-12-310001535778CQ Fluency, LLC, Secured Debt 12023-12-310001535778CQ Fluency, LLC, Secured Debt 22023-12-310001535778CQ Fluency, LLC, Secured Debt 32023-12-310001535778msif:CQFluencyLLCMember2023-12-310001535778Dalton US Inc., Common Stock2023-12-310001535778DMA Industries, LLC, Secured Debt2023-12-310001535778DMA Industries, LLC, Preferred Equity2023-12-310001535778msif:DMAIndustriesLLCMember2023-12-310001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2023-12-310001535778DTE Enterprises, LLC, Class A Preferred Member Units2023-12-310001535778msif:DTEEnterprisesLLCMember2023-12-310001535778Dynamic Communities, LLC, Secured Debt 12023-12-310001535778Dynamic Communities, LLC, Secured Debt 22023-12-310001535778Dynamic Communities, LLC, Preferred Equity 12023-12-310001535778Dynamic Communities, LLC, Preferred Equity 22023-12-310001535778Dynamic Communities, LLC, Common Equity2023-12-310001535778msif:DynamicCommunitiesLLCMember2023-12-310001535778Elgin AcquireCo, LLC, Secured Debt 12023-12-310001535778Elgin AcquireCo, LLC, Secured Debt 22023-12-310001535778Elgin AcquireCo, LLC, Secured Debt 32023-12-310001535778Elgin AcquireCo, LLC, Common Stock 12023-12-310001535778Elgin AcquireCo, LLC, Common Stock 22023-12-310001535778msif:ElginAcquireCoLLCMember2023-12-310001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2023-12-310001535778Engineering Research & Consulting, LLC, Secured Debt 12023-12-310001535778Engineering Research & Consulting, LLC, Secured Debt 22023-12-310001535778msif:EngineeringResearchConsultingLLCMember2023-12-310001535778Escalent, Inc., Secured Debt 12023-12-310001535778Escalent, Inc., Secured Debt 22023-12-310001535778Escalent, Inc., Common Equity2023-12-310001535778msif:EscalentIncMember2023-12-310001535778Event Holdco, LLC, Secured Debt 12023-12-310001535778Event Holdco, LLC, Secured Debt 22023-12-310001535778msif:EventHoldcoLLCMember2023-12-310001535778Garyline, LLC, Secured Debt 12023-12-310001535778Garyline, LLC, Secured Debt 22023-12-310001535778Garyline, LLC, Common Equity2023-12-310001535778msif:GarylineLLCMember2023-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 12023-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 22023-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12023-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22023-12-310001535778msif:HawkRidgeSystemsLLCMember2023-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 12023-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 22023-12-310001535778msif:HDCHWIntermediateHoldingsMember2023-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 12023-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 22023-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 32023-12-310001535778msif:HEADLANDSOPCOLLCMember2023-12-310001535778Hybrid Promotions, LLC, Secured Debt2023-12-310001535778IG Parent Corporation, Secured Debt 12023-12-310001535778IG Parent Corporation, Secured Debt 22023-12-310001535778IG Parent Corporation, Secured Debt 32023-12-310001535778msif:IGParentCorporationMember2023-12-310001535778Imaging Business Machines, L.L.C., Secured Debt 12023-12-310001535778Imaging Business Machines, L.L.C., Secured Debt 22023-12-310001535778Imaging Business Machines, L.L.C., Common Equity2023-12-310001535778msif:ImagingBusinessMachinesLLCMember2023-12-310001535778Implus Footcare, LLC, Secured Debt2023-12-310001535778Industrial Services Acquisition, LLC, Secured Debt 12023-12-310001535778Industrial Services Acquisition, LLC, Secured Debt 22023-12-310001535778Industrial Services Acquisition, LLC, Preferred Member Units 12023-12-310001535778Industrial Services Acquisition, LLC, Preferred Member Units 22023-12-310001535778Industrial Services Acquisition, LLC, Member Units2023-12-310001535778msif:IndustrialServicesAcquisitionLLCMember2023-12-310001535778Infinity X1 Holdings, LLC, Secured Debt2023-12-310001535778Infinity X1 Holdings, LLC, Preferred Equity2023-12-310001535778msif:InfinityX1HoldingsLLCMember2023-12-310001535778Infolinks Media Buyco, LLC, Secured Debt 12023-12-310001535778Infolinks Media Buyco, LLC, Secured Debt 22023-12-310001535778msif:InfolinksMediaBuycoLLCMember2023-12-310001535778Insight Borrower Corporation, Secured Debt 12023-12-310001535778Insight Borrower Corporation, Secured Debt 22023-12-310001535778Insight Borrower Corporation, Secured Debt 32023-12-310001535778Insight Borrower Corporation, Common Equity2023-12-310001535778msif:InsightBorrowerCorporationMember2023-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 12023-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 22023-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 32023-12-310001535778Inspire Aesthetics Management, LLC, Common Equity2023-12-310001535778msif:InspireAestheticsManagementLLCMember2023-12-310001535778Interface Security Systems, L.L.C, Secured Debt 12023-12-310001535778Interface Security Systems, L.L.C, Secured Debt 22023-12-310001535778Interface Security Systems, L.L.C, Common Stock2023-12-310001535778msif:InterfaceSecuritySystemsLLCMember2023-12-310001535778Intermedia Holdings, Inc., Secured Debt2023-12-310001535778Invincible Boat Company, LLC., Secured Debt 12023-12-310001535778Invincible Boat Company, LLC., Secured Debt 22023-12-310001535778msif:InvincibleBoatCompanyLLCMember2023-12-310001535778INW Manufacturing, LLC, Secured Debt2023-12-310001535778Iron-Main Investments, LLC, Secured Debt 12023-12-310001535778Iron-Main Investments, LLC, Secured Debt 22023-12-310001535778Iron-Main Investments, LLC, Secured Debt 32023-12-310001535778Iron-Main Investments, LLC, Secured Debt 42023-12-310001535778Iron-Main Investments, LLC, Secured Debt 52023-12-310001535778Iron-Main Investments, LLC, Common Stock2023-12-310001535778msif:IronMainInvestmentsLLCMember2023-12-310001535778Isagenix International, LLC, Secured Debt2023-12-310001535778Isagenix International, LLC, Common Equity2023-12-310001535778msif:IsagenixInternationalLLCMember2023-12-310001535778ITA Holdings Group, LLC, Secured Debt 12023-12-310001535778ITA Holdings Group, LLC, Secured Debt 22023-12-310001535778ITA Holdings Group, LLC, Secured Debt 32023-12-310001535778ITA Holdings Group, LLC, Secured Debt 42023-12-310001535778ITA Holdings Group, LLC, Warrants2023-12-310001535778msif:ITAHoldingsGroupLLCMember2023-12-310001535778Jackmont Hospitality, Inc., Secured Debt 12023-12-310001535778Jackmont Hospitality, Inc., Secured Debt 22023-12-310001535778Jackmont Hospitality, Inc., Preferred Equity2023-12-310001535778msif:JackmontHospitalityIncMember2023-12-310001535778Joerns Healthcare, LLC, Secured Debt 12023-12-310001535778Joerns Healthcare, LLC, Secured Debt 22023-12-310001535778Joerns Healthcare, LLC, Secured Debt 32023-12-310001535778Joerns Healthcare, LLC, Common Stock2023-12-310001535778msif:JoernsHealthcareLLCMember2023-12-310001535778Johnson Downie Opco, LLC, Secured Debt 12023-12-310001535778Johnson Downie Opco, LLC, Secured Debt 22023-12-310001535778Johnson Downie Opco, LLC, Preferred Equity2023-12-310001535778msif:JohnsonDownieOpcoLLCMember2023-12-310001535778JorVet Holdings, LLC, Secured Debt2023-12-310001535778JorVet Holdings, LLC, Preferred Equity2023-12-310001535778msif:JorVetHoldingsLLCMember2023-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12023-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22023-12-310001535778JTI Electrical & Mechanical, LLC, Common Equity2023-12-310001535778msif:JTIElectricalMechanicalLLCMember2023-12-310001535778KMS, LLC, Secured Debt 12023-12-310001535778KMS, LLC, Secured Debt 22023-12-310001535778msif:KMSLLCMember2023-12-310001535778Lightbox Holdings, L.P., Secured Debt2023-12-310001535778LL Management, Inc., Secured Debt 12023-12-310001535778LL Management, Inc., Secured Debt 22023-12-310001535778LL Management, Inc., Secured Debt 32023-12-310001535778LL Management, Inc., Secured Debt 42023-12-310001535778LL Management, Inc., Secured Debt 52023-12-310001535778msif:LLManagementIncMember2023-12-310001535778LLFlex, LLC, Secured Debt2023-12-310001535778Logix Acquisition Company, LLC, Secured Debt2023-12-310001535778Mako Steel, LP, Secured Debt 12023-12-310001535778Mako Steel, LP, Secured Debt 22023-12-310001535778msif:MakoSteelLPMember2023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 12023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 22023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 32023-12-310001535778MB2 Dental Solutions, LLC, Secured Debt 42023-12-310001535778msif:MB2DentalSolutionsLLCMember2023-12-310001535778Metalforming Holdings, LLC, Secured Debt 12023-12-310001535778Metalforming Holdings, LLC, Secured Debt 22023-12-310001535778Metalforming Holdings, LLC, Preferred Equity2023-12-310001535778Metalforming Holdings, LLC, Common Stock2023-12-310001535778msif:MetalformingHoldingsLLCMember2023-12-310001535778Microbe Formulas, LLC, Secured Debt 12023-12-310001535778Microbe Formulas, LLC, Secured Debt 22023-12-310001535778msif:MicrobeFormulasLLCMember2023-12-310001535778Mills Fleet Farm Group, LLC, Secured Debt2023-12-310001535778Mini Melts of America, LLC, Secured Debt 12023-12-310001535778Mini Melts of America, LLC, Secured Debt 22023-12-310001535778Mini Melts of America, LLC, Secured Debt 32023-12-310001535778Mini Melts of America, LLC, Secured Debt 42023-12-310001535778Mini Melts of America, LLC, Common Equity2023-12-310001535778msif:MiniMeltsOfAmericaLLCMember2023-12-310001535778MonitorUS Holding, LLC, Secured Debt 12023-12-310001535778MonitorUS Holding, LLC, Secured Debt 22023-12-310001535778MonitorUS Holding, LLC, Secured Debt 32023-12-310001535778MonitorUS Holding, LLC, Common Stock2023-12-310001535778msif:MonitorUSHoldingLLCMember2023-12-310001535778NinjaTrader, LLC, Secured Debt 12023-12-310001535778NinjaTrader, LLC, Secured Debt 22023-12-310001535778NinjaTrader, LLC, Secured Debt 32023-12-310001535778NinjaTrader, LLC, Secured Debt 42023-12-310001535778msif:NinjaTraderLLCMember2023-12-310001535778Obra Capital, Inc. (f/k/a Vida Capital, Inc.), Secured Debt2023-12-310001535778Paragon Healthcare, Inc., Secured Debt 12023-12-310001535778Paragon Healthcare, Inc., Secured Debt 22023-12-310001535778Paragon Healthcare, Inc., Secured Debt 32023-12-310001535778msif:ParagonHealthcareIncMember2023-12-310001535778Power System Solutions, Secured Debt 12023-12-310001535778Power System Solutions, Secured Debt 22023-12-310001535778Power System Solutions, Secured Debt 32023-12-310001535778Power System Solutions, Common Equity2023-12-310001535778msif:PowerSystemSolutionsMember2023-12-310001535778PrimeFlight Aviation Services, Secured Debt 12023-12-310001535778PrimeFlight Aviation Services, Secured Debt 22023-12-310001535778msif:PrimeFlightAviationServicesMember2023-12-310001535778PTL US Bidco, Inc, Secured Debt 12023-12-310001535778PTL US Bidco, Inc, Secured Debt 22023-12-310001535778msif:PTLUSBidcoIncMember2023-12-310001535778Purge Rite, LLC, Secured Debt 12023-12-310001535778Purge Rite, LLC, Secured Debt 22023-12-310001535778Purge Rite, LLC, Preferred Equity2023-12-310001535778msif:PurgeRiteLLCMember2023-12-310001535778RA Outdoors LLC, Secured Debt 12023-12-310001535778RA Outdoors LLC, Secured Debt 22023-12-310001535778msif:RAOutdoorsLLCMember2023-12-310001535778Research Now Group, Inc. and Survey Sampling International, LLC, Secured Debt2023-12-310001535778Richardson Sales Solutions, Secured Debt 12023-12-310001535778Richardson Sales Solutions, Secured Debt 22023-12-310001535778msif:RichardsonSalesSolutionsMember2023-12-310001535778Roof Opco, LLC, Secured Debt 12023-12-310001535778Roof Opco, LLC, Secured Debt 22023-12-310001535778Roof Opco, LLC, Secured Debt 32023-12-310001535778msif:RoofOpcoLLCMember2023-12-310001535778Rug Doctor, LLC., Secured Debt 12023-12-310001535778Rug Doctor, LLC., Secured Debt 22023-12-310001535778msif:RugDoctorLLCMember2023-12-310001535778Slick Innovations, LLC, Secured Debt2023-12-310001535778Slick Innovations, LLC, Common 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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 Investments2024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Analytical 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 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32023-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-01-012024-09-300001535778Clad-Rex Steel, LLC, Member Units 22024-01-012024-09-300001535778Cody Pools, Inc., Secured Debt 12024-01-012024-09-300001535778Cody Pools, Inc., Secured Debt 22024-01-012024-09-300001535778Cody Pools, Inc., Preferred Member Units2024-01-012024-09-300001535778Colonial Electric Company LLC, Secured Debt 12024-01-012024-09-300001535778Colonial Electric Company LLC, Secured Debt 22024-01-012024-09-300001535778Colonial Electric Company LLC, Preferred Member Units 12024-01-012024-09-300001535778Colonial 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 22024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 12024-01-012024-09-300001535778Compass Systems & Sales, LLC, Secured Debt 22024-01-012024-09-300001535778Compass Systems & Sales, LLC, 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22024-01-012024-09-300001535778NuStep, 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, Preferred Stock2024-01-012024-09-300001535778Orttech Holdings, LLC, Secured Debt 12024-01-012024-09-300001535778Orttech Holdings, LLC, Secured Debt 22024-01-012024-09-300001535778Orttech Holdings, LLC, Preferred Stock2024-01-012024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 12024-01-012024-09-300001535778Pinnacle TopCo, LLC, Secured Debt 22024-01-012024-09-300001535778Pinnacle TopCo, LLC, Preferred Equity2024-01-012024-09-300001535778RA Outdoors LLC, Secured Debt 12024-01-012024-09-300001535778RA Outdoors LLC, Secured Debt 22024-01-012024-09-300001535778RA Outdoors LLC, Common Equity2024-01-012024-09-300001535778RA Outdoors LLC, Common Equity2023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-01-012024-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-09-300001535778Robbins Bros. 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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: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:InvestmentAffiliatedIssuerNoncontrolledMember2024-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-01-012023-09-300001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2022-12-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-09-300001535778GRT Rubber Technologies LLC, Secured Debt 12023-09-300001535778GRT Rubber Technologies LLC, Secured Debt 12023-01-012023-09-300001535778GRT Rubber Technologies LLC, Secured Debt 12022-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22023-09-300001535778GRT Rubber Technologies LLC, Secured Debt 22023-01-012023-09-300001535778GRT Rubber Technologies LLC, Secured Debt 22022-12-310001535778GRT Rubber Technologies LLC, Member Units2023-01-012023-09-300001535778GRT Rubber Technologies LLC, Member Units2022-12-310001535778GRT Rubber Technologies LLC, Member Units2023-09-300001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-01-012023-09-300001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2022-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-09-300001535778Volusion, LLC, Secured Debt 12023-09-300001535778Volusion, LLC, Secured Debt 12023-01-012023-09-300001535778Volusion, LLC, Secured Debt 12022-12-310001535778Volusion, LLC, Secured Debt 22023-01-012023-09-300001535778Volusion, LLC, Secured Debt 22022-12-310001535778Volusion, LLC, Secured Debt 22023-09-300001535778Volusion, LLC, Unsecured Convertible Debt2023-01-012023-09-300001535778Volusion, LLC, Unsecured Convertible Debt2022-12-310001535778Volusion, LLC, Unsecured Convertible Debt2023-09-300001535778Volusion, LLC, Preferred Member Units 12023-01-012023-09-300001535778Volusion, LLC, Preferred Member Units 12022-12-310001535778Volusion, LLC, Preferred Member Units 12023-09-300001535778Volusion, LLC, Preferred Member Units 22023-01-012023-09-300001535778Volusion, LLC, Preferred Member Units 22022-12-310001535778Volusion, LLC, Preferred Member Units 22023-09-300001535778Volusion, LLC, Preferred Member Units 32023-01-012023-09-300001535778Volusion, LLC, Preferred Member Units 32022-12-310001535778Volusion, LLC, Preferred Member Units 32023-09-300001535778Volusion, LLC, Common Stock2023-01-012023-09-300001535778Volusion, LLC, Common Stock2022-12-310001535778Volusion, LLC, Common Stock2023-09-300001535778Volusion, LLC, Warrants2023-01-012023-09-300001535778Volusion, LLC, Warrants2022-12-310001535778Volusion, LLC, Warrants2023-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-01-012023-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2022-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2023-09-300001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001535778AFG Capital Group, LLC, Preferred Member Units2023-01-012023-09-300001535778AFG Capital Group, LLC, Preferred Member Units2022-12-310001535778AFG Capital Group, LLC, Preferred Member Units2023-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12023-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12022-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22023-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22022-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12023-01-012023-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12022-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-01-012023-09-300001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22022-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22023-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2023-01-012023-09-300001535778Analytical Systems Keco Holdings, LLC, Warrants2022-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2023-09-300001535778ATX Networks Corp., Secured Debt2023-09-300001535778ATX Networks Corp., Secured Debt2023-01-012023-09-300001535778ATX Networks Corp., Secured Debt2022-12-310001535778ATX Networks Corp., Unsecured Debt2023-01-012023-09-300001535778ATX Networks Corp., Unsecured Debt2022-12-310001535778ATX Networks Corp., Unsecured Debt2023-09-300001535778ATX Networks Corp., Common Stock2023-01-012023-09-300001535778ATX Networks Corp., Common Stock2022-12-310001535778ATX Networks Corp., Common Stock2023-09-300001535778Barfly Ventures, LLC, Member Units2023-01-012023-09-300001535778Barfly Ventures, LLC, Member Units2022-12-310001535778Barfly Ventures, LLC, Member Units2023-09-300001535778Batjer TopCo, LLC, Secured Debt 12023-01-012023-09-300001535778Batjer TopCo, LLC, Secured Debt 12022-12-310001535778Batjer TopCo, LLC, Secured Debt 12023-09-300001535778Batjer TopCo, LLC, Secured Debt 22023-09-300001535778Batjer TopCo, LLC, Secured Debt 22023-01-012023-09-300001535778Batjer TopCo, LLC, Secured Debt 22022-12-310001535778Batjer TopCo, LLC, Secured Debt 32023-09-300001535778Batjer TopCo, LLC, Secured Debt 32023-01-012023-09-300001535778Batjer TopCo, LLC, Secured Debt 32022-12-310001535778Batjer TopCo, LLC, Preferred Stock2023-01-012023-09-300001535778Batjer TopCo, LLC, Preferred Stock2022-12-310001535778Batjer TopCo, LLC, Preferred Stock2023-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2023-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2023-01-012023-09-300001535778Brewer Crane Holdings, LLC, Secured Debt2022-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-01-012023-09-300001535778Brewer Crane Holdings, LLC, Preferred Member Units2022-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12023-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 12022-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22023-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Centre Technologies Holdings, LLC, Secured Debt 22022-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-01-012023-09-300001535778Centre Technologies Holdings, LLC, Preferred Member Units2022-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-09-300001535778Chamberlin Holding LLC, Secured Debt 12023-09-300001535778Chamberlin Holding LLC, Secured Debt 12023-01-012023-09-300001535778Chamberlin Holding LLC, Secured Debt 12022-12-310001535778Chamberlin Holding LLC, Secured Debt 22023-09-300001535778Chamberlin Holding LLC, Secured Debt 22023-01-012023-09-300001535778Chamberlin Holding LLC, Secured Debt 22022-12-310001535778Chamberlin Holding LLC, Member Units 12023-01-012023-09-300001535778Chamberlin Holding LLC, Member Units 12022-12-310001535778Chamberlin Holding LLC, Member Units 12023-09-300001535778Chamberlin Holding LLC, Member Units 22023-01-012023-09-300001535778Chamberlin Holding LLC, Member Units 22022-12-310001535778Chamberlin Holding LLC, Member Units 22023-09-300001535778Charps, LLC, Preferred Member Units2023-01-012023-09-300001535778Charps, LLC, Preferred Member Units2022-12-310001535778Charps, LLC, Preferred Member Units2023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 12023-01-012023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 12022-12-310001535778Clad-Rex Steel, LLC, Secured Debt 12023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 22023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 22023-01-012023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 22022-12-310001535778Clad-Rex Steel, LLC, Secured Debt 32023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 32023-01-012023-09-300001535778Clad-Rex Steel, LLC, Secured Debt 32022-12-310001535778Clad-Rex Steel, LLC, Member Units 12023-01-012023-09-300001535778Clad-Rex Steel, LLC, Member Units 12022-12-310001535778Clad-Rex Steel, LLC, Member Units 12023-09-300001535778Clad-Rex Steel, LLC, Member Units 22023-01-012023-09-300001535778Clad-Rex Steel, LLC, Member Units 22022-12-310001535778Clad-Rex Steel, LLC, Member Units 22023-09-300001535778Cody Pools, Inc., Secured Debt 12023-01-012023-09-300001535778Cody Pools, Inc., Secured Debt 12022-12-310001535778Cody Pools, Inc., Secured Debt 12023-09-300001535778Cody Pools, Inc., Secured Debt 22023-09-300001535778Cody Pools, Inc., Secured Debt 22023-01-012023-09-300001535778Cody Pools, Inc., Secured Debt 22022-12-310001535778Cody Pools, Inc., Secured Debt 32023-09-300001535778Cody Pools, Inc., Secured Debt 32023-01-012023-09-300001535778Cody Pools, Inc., Secured Debt 32022-12-310001535778Cody Pools, Inc., Secured Debt 42023-09-300001535778Cody Pools, Inc., Secured Debt 42023-01-012023-09-300001535778Cody Pools, Inc., Secured Debt 42022-12-310001535778Cody Pools, Inc., Preferred Member Units2023-01-012023-09-300001535778Cody Pools, Inc., Preferred Member Units2022-12-310001535778Cody Pools, Inc., Preferred Member Units2023-09-300001535778Colonial Electric Company LLC, Secured Debt 12023-01-012023-09-300001535778Colonial Electric Company LLC, Secured Debt 12022-12-310001535778Colonial Electric Company LLC, Secured Debt 12023-09-300001535778Colonial Electric Company LLC, Secured Debt 22023-09-300001535778Colonial Electric Company LLC, Secured Debt 22023-01-012023-09-300001535778Colonial Electric Company LLC, Secured Debt 22022-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12023-01-012023-09-300001535778Colonial Electric Company LLC, Preferred Member Units 12022-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12023-09-300001535778Colonial Electric Company LLC, Preferred Member Units 22023-01-012023-09-300001535778Colonial Electric Company LLC, Preferred Member Units 22022-12-310001535778Colonial Electric Company LLC, Preferred Member Units 22023-09-300001535778Datacom, LLC, Secured Debt 12023-09-300001535778Datacom, LLC, Secured Debt 12023-01-012023-09-300001535778Datacom, LLC, Secured Debt 12022-12-310001535778Datacom, LLC, Secured Debt 22023-09-300001535778Datacom, LLC, Secured Debt 22023-01-012023-09-300001535778Datacom, LLC, Secured Debt 22022-12-310001535778Datacom, LLC, Preferred Member Units2023-01-012023-09-300001535778Datacom, LLC, Preferred Member Units2022-12-310001535778Datacom, LLC, Preferred Member Units2023-09-300001535778Digital Products Holdings LLC, Secured Debt2023-09-300001535778Digital Products Holdings LLC, Secured Debt2023-01-012023-09-300001535778Digital Products Holdings LLC, Secured Debt2022-12-310001535778Digital Products Holdings LLC, Preferred Member Units2023-01-012023-09-300001535778Digital Products Holdings LLC, Preferred Member Units2022-12-310001535778Digital Products Holdings LLC, Preferred Member Units2023-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12023-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12023-01-012023-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 12022-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22023-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22023-01-012023-09-300001535778Direct Marketing Solutions, Inc., Secured Debt 22022-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-01-012023-09-300001535778Direct Marketing Solutions, Inc., Preferred Stock2022-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-09-300001535778Flame King Holdings, LLC, Secured Debt 12023-09-300001535778Flame King Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Flame King Holdings, LLC, Secured Debt 12022-12-310001535778Flame King Holdings, LLC, Secured Debt 22023-09-300001535778Flame King Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Flame King Holdings, LLC, Secured Debt 22022-12-310001535778Flame King Holdings, LLC, Preferred Equity2023-01-012023-09-300001535778Flame King Holdings, LLC, Preferred Equity2022-12-310001535778Flame King Holdings, LLC, Preferred Equity2023-09-300001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-01-012023-09-300001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2022-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 12022-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Gamber-Johnson Holdings, LLC, Secured Debt 22022-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-01-012023-09-300001535778Gamber-Johnson Holdings, LLC, Member Units2022-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-09-300001535778GFG Group, LLC, Secured Debt2023-09-300001535778GFG Group, LLC, Secured Debt2023-01-012023-09-300001535778GFG Group, LLC, Secured Debt2022-12-310001535778GFG Group, LLC, Preferred Member Units2023-01-012023-09-300001535778GFG Group, LLC, Preferred Member Units2022-12-310001535778GFG Group, LLC, Preferred Member Units2023-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 12022-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Gulf Publishing Holdings, LLC, Secured Debt 22022-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-01-012023-09-300001535778Gulf Publishing Holdings, LLC, Preferred Equity2022-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-09-300001535778Gulf Publishing Holdings, LLC, Member Units2023-01-012023-09-300001535778Gulf Publishing Holdings, LLC, Member Units2022-12-310001535778Gulf Publishing Holdings, LLC, Member Units2023-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-01-012023-09-300001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2022-12-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-09-300001535778IG Investor, LLC, Secured Debt 12023-01-012023-09-300001535778IG Investor, LLC, Secured Debt 12022-12-310001535778IG Investor, LLC, Secured Debt 12023-09-300001535778IG Investor, LLC, Secured Debt 22023-09-300001535778IG Investor, LLC, Secured Debt 22023-01-012023-09-300001535778IG Investor, LLC, Secured Debt 22022-12-310001535778IG Investor, LLC, Common Equity2023-01-012023-09-300001535778IG Investor, LLC, Common Equity2022-12-310001535778IG Investor, LLC, Common Equity2023-09-300001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-01-012023-09-300001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2022-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-09-300001535778Integral Energy Services, Secured Debt2023-09-300001535778Integral Energy Services, Secured Debt2023-01-012023-09-300001535778Integral Energy Services, Secured Debt2022-12-310001535778Integral Energy Services, Common Stock2023-01-012023-09-300001535778Integral Energy Services, Common Stock2022-12-310001535778Integral Energy Services, Common Stock2023-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-01-012023-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12022-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-01-012023-09-300001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22022-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-01-012023-09-300001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2022-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-01-012023-09-300001535778Kickhaefer Manufacturing Company, LLC, Member Units2022-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-09-300001535778Market Force Information, LLC, Secured Debt2023-01-012023-09-300001535778Market Force Information, LLC, Secured Debt2022-12-310001535778Market Force Information, LLC, Secured Debt2023-09-300001535778Market Force Information, LLC, Member Units2023-01-012023-09-300001535778Market Force Information, LLC, Member Units2022-12-310001535778Market Force Information, LLC, Member Units2023-09-300001535778MH Corbin Holding LLC, Secured Debt2023-09-300001535778MH Corbin Holding LLC, Secured Debt2023-01-012023-09-300001535778MH Corbin Holding LLC, Secured Debt2022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-01-012023-09-300001535778MH Corbin Holding LLC, Preferred Member Units 12022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-09-300001535778MH Corbin Holding LLC, Preferred Member Units 22023-01-012023-09-300001535778MH Corbin Holding LLC, Preferred Member Units 22022-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22023-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 12022-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Mystic Logistics Holdings, LLC, Secured Debt 22022-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-01-012023-09-300001535778Mystic Logistics Holdings, LLC, Common Stock2022-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-09-300001535778NexRev LLC, Secured Debt 12023-01-012023-09-300001535778NexRev LLC, Secured Debt 12022-12-310001535778NexRev LLC, Secured Debt 12023-09-300001535778NexRev LLC, Secured Debt 22023-09-300001535778NexRev LLC, Secured Debt 22023-01-012023-09-300001535778NexRev LLC, Secured Debt 22022-12-310001535778NexRev LLC, Preferred Member Units2023-01-012023-09-300001535778NexRev LLC, Preferred Member Units2022-12-310001535778NexRev LLC, Preferred Member Units2023-09-300001535778NuStep, LLC, Secured Debt 12023-09-300001535778NuStep, LLC, Secured Debt 12023-01-012023-09-300001535778NuStep, LLC, Secured Debt 12022-12-310001535778NuStep, LLC, Secured Debt 22023-09-300001535778NuStep, LLC, Secured Debt 22023-01-012023-09-300001535778NuStep, LLC, Secured Debt 22022-12-310001535778NuStep, LLC, Preferred Member Units 12023-01-012023-09-300001535778NuStep, LLC, Preferred Member Units 12022-12-310001535778NuStep, LLC, Preferred Member Units 12023-09-300001535778NuStep, LLC, Preferred Member Units 22023-01-012023-09-300001535778NuStep, LLC, Preferred Member Units 22022-12-310001535778NuStep, LLC, Preferred Member Units 22023-09-300001535778Oneliance, LLC, Secured Debt2023-09-300001535778Oneliance, LLC, Secured Debt2023-01-012023-09-300001535778Oneliance, LLC, Secured Debt2022-12-310001535778Oneliance, LLC, Preferred Stock2023-01-012023-09-300001535778Oneliance, LLC, Preferred Stock2022-12-310001535778Oneliance, LLC, Preferred Stock2023-09-300001535778Orttech Holdings, LLC, Secured Debt 12023-09-300001535778Orttech Holdings, LLC, Secured Debt 12023-01-012023-09-300001535778Orttech Holdings, LLC, Secured Debt 12022-12-310001535778Orttech Holdings, LLC, Secured Debt 22023-09-300001535778Orttech Holdings, LLC, Secured Debt 22023-01-012023-09-300001535778Orttech Holdings, LLC, Secured Debt 22022-12-310001535778Orttech Holdings, LLC, Preferred Stock2023-01-012023-09-300001535778Orttech Holdings, LLC, Preferred Stock2022-12-310001535778Orttech Holdings, LLC, Preferred Stock2023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-01-012023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 12022-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-01-012023-09-300001535778Robbins Bros. Jewelry, Inc., Secured Debt 22022-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-01-012023-09-300001535778Robbins Bros. Jewelry, Inc., Preferred Equity2022-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-09-300001535778SI East, LLC, Secured Debt 12023-09-300001535778SI East, LLC, Secured Debt 12023-01-012023-09-300001535778SI East, LLC, Secured Debt 12022-12-310001535778SI East, LLC, Secured Debt 22023-09-300001535778SI East, LLC, Secured Debt 22023-01-012023-09-300001535778SI East, LLC, Secured Debt 22022-12-310001535778SI East, LLC, Secured Debt 32023-01-012023-09-300001535778SI East, LLC, Secured Debt 32022-12-310001535778SI East, LLC, Secured Debt 32023-09-300001535778SI East, LLC, Preferred Member Units2023-01-012023-09-300001535778SI East, LLC, Preferred Member Units2022-12-310001535778SI East, LLC, Preferred Member Units2023-09-300001535778Student Resource Center, LLC, Secured Debt2023-09-300001535778Student Resource Center, LLC, Secured Debt2023-01-012023-09-300001535778Student Resource Center, LLC, Secured Debt2022-12-310001535778Student Resource Center, LLC, Preferred Equity2023-01-012023-09-300001535778Student Resource Center, LLC, Preferred Equity2022-12-310001535778Student Resource Center, LLC, Preferred Equity2023-09-300001535778Tedder Industries, LLC, Secured Debt 12023-09-300001535778Tedder Industries, LLC, Secured Debt 12023-01-012023-09-300001535778Tedder Industries, LLC, Secured Debt 12022-12-310001535778Tedder Industries, LLC, Secured Debt 22023-09-300001535778Tedder Industries, LLC, Secured Debt 22023-01-012023-09-300001535778Tedder Industries, LLC, Secured Debt 22022-12-310001535778Tedder Industries, LLC, Preferred Member Units 12023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 12022-12-310001535778Tedder Industries, LLC, Preferred Member Units 12023-09-300001535778Tedder Industries, LLC, Preferred Member Units 22023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 22022-12-310001535778Tedder Industries, LLC, Preferred Member Units 22023-09-300001535778Tedder Industries, LLC, Preferred Member Units 32023-01-012023-09-300001535778Tedder Industries, LLC, Preferred Member Units 32022-12-310001535778Tedder Industries, LLC, Preferred Member Units 32023-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 12023-01-012023-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 12022-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22023-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22023-01-012023-09-300001535778Trantech Radiator Topco, LLC, Secured Debt 22022-12-310001535778Trantech Radiator Topco, LLC, Common Stock2023-01-012023-09-300001535778Trantech Radiator Topco, LLC, Common Stock2022-12-310001535778Trantech Radiator Topco, LLC, Common Stock2023-09-300001535778VVS Holdco LLC, Secured Debt 12023-09-300001535778VVS Holdco LLC, Secured Debt 12023-01-012023-09-300001535778VVS Holdco LLC, Secured Debt 12022-12-310001535778VVS Holdco LLC, Secured Debt 22023-09-300001535778VVS Holdco LLC, Secured Debt 22023-01-012023-09-300001535778VVS Holdco LLC, Secured Debt 22022-12-310001535778VVS Holdco LLC, Preferred Equity2023-01-012023-09-300001535778VVS Holdco LLC, Preferred Equity2022-12-310001535778VVS Holdco LLC, Preferred Equity2023-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period2023-01-012023-09-300001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period2022-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period2023-09-300001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2023-09-300001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-09-30
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, 2024
OR
| | | | | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from: to
Commission File Number: 814-00939
MSC Income Fund, Inc.
(Exact name of registrant as specified in its charter)
| | | | | |
Maryland | 45-3999996 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1300 Post Oak Boulevard, 8th Floor Houston, TX | 77056 |
(Address of principal executive offices) | (Zip Code) |
(713) 350-6000
(Registrant’s telephone number including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
None | | N/A | | N/A |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 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.
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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 12, 2024 was 80,480,822.
TABLE OF CONTENTS
MSC INCOME FUND, INC.
Consolidated Balance Sheets
(in thousands, except shares and per share amounts)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
ASSETS | (Unaudited) | | |
Investments at fair value: | | | |
Control investments (cost: $41,717 and $43,159 as of September 30, 2024 and December 31, 2023, respectively) | $ | 56,833 | | | $ | 53,644 | |
Affiliate investments (cost: $254,666 and $231,378 as of September 30, 2024 and December 31, 2023, respectively) | 315,190 | | | 291,279 | |
Non‑Control/Non‑Affiliate investments (cost: $836,194 and $763,781 as of September 30, 2024 and December 31, 2023, respectively) | 790,604 | | | 747,972 | |
Total investments (cost: $1,132,577 and $1,038,318 as of September 30, 2024 and December 31, 2023, respectively) | 1,162,627 | | | 1,092,895 | |
Cash and cash equivalents | 48,926 | | | 30,786 | |
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Interest and dividend receivable | 11,597 | | | 10,541 | |
Receivable for securities sold | — | | | 171 | |
Deferred financing costs (net of accumulated amortization of $6,282 and $4,168 as of September 30, 2024 and December 31, 2023, respectively) | 1,327 | | | 3,416 | |
Prepaids and other assets | 2,805 | | | 2,091 | |
Total assets | $ | 1,227,282 | | | $ | 1,139,900 | |
LIABILITIES | | | |
Credit Facilities | $ | 406,688 | | | $ | 335,688 | |
Series A Notes due 2026 (par: $150,000 as of both September 30, 2024 and December 31, 2023) | 149,379 | | | 149,155 | |
Accounts payable and other liabilities | 3,609 | | | 255 | |
Payable for securities purchased | 11,655 | | | 206 | |
Interest payable | 8,631 | | | 6,266 | |
Dividend payable | 14,478 | | | 14,019 | |
Management and incentive fees payable | 7,474 | | | 8,745 | |
Deferred tax liability, net | 6,883 | | | 3,259 | |
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| | | |
Total liabilities | 608,797 | | | 517,593 | |
Commitments and contingencies (Note I) | | | |
NET ASSETS | | | |
Common stock, $0.001 par value per share (450,000,000 shares authorized; 80,434,891 and 80,108,865 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) | 80 | | | 80 | |
Additional paid‑in capital | 689,949 | | | 686,136 | |
| | | |
| | | |
| | | |
Total overdistributed earnings | (71,544) | | | (63,909) | |
Total net assets | 618,485 | | | 622,307 | |
Total liabilities and net assets | $ | 1,227,282 | | | $ | 1,139,900 | |
NET ASSET VALUE PER SHARE | $ | 7.69 | | | $ | 7.77 | |
The accompanying notes are an integral part of these consolidated financial statements
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, | | |
| 2024 | | 2023 | | 2024 | | 2023 | | | | | | |
INVESTMENT INCOME: | | | | | | | | | | | | | |
Interest, fee and dividend income: | | | | | | | | | | | | | |
Control investments | $ | 818 | | | $ | 804 | | | $ | 2,643 | | | $ | 2,321 | | | | | | | |
Affiliate investments | 7,719 | | | 6,941 | | | 22,891 | | | 22,241 | | | | | | | |
Non‑Control/Non‑Affiliate investments | 24,940 | | | 24,606 | | | 75,839 | | | 72,064 | | | | | | | |
Total investment income | 33,477 | | | 32,351 | | | 101,373 | | | 96,626 | | | | | | | |
EXPENSES: | | | | | | | | | | | | | |
Interest | (10,374) | | | (9,403) | | | (29,470) | | | (26,599) | | | | | | | |
Base management fees | (5,338) | | | (4,994) | | | (15,545) | | | (14,761) | | | | | | | |
Incentive fees | (2,136) | | | (2,572) | | | (9,364) | | | (8,891) | | | | | | | |
Internal administrative services expenses | (2,368) | | | (2,168) | | | (7,155) | | | (6,752) | | | | | | | |
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| | | | | | | | | | | | | |
General and administrative | (1,285) | | | (1,106) | | | (3,424) | | | (3,291) | | | | | | | |
Total expenses before expense waivers | (21,501) | | | (20,243) | | | (64,958) | | | (60,294) | | | | | | | |
Waiver of internal administrative services expenses | 2,206 | | | 2,014 | | | 6,678 | | | 6,297 | | | | | | | |
Total expenses, net of expense waivers | (19,295) | | | (18,229) | | | (58,280) | | | (53,997) | | | | | | | |
NET INVESTMENT INCOME | 14,182 | | | 14,122 | | | 43,093 | | | 42,629 | | | | | | | |
NET REALIZED GAIN (LOSS): | | | | | | | | | | | | | |
Control investments | — | | | 546 | | | 57 | | | 2,223 | | | | | | | |
Affiliate investments | — | | | (2) | | | — | | | (7,188) | | | | | | | |
Non‑Control/Non‑Affiliate investments | 25,372 | | | (109) | | | 23,745 | | | (20,021) | | | | | | | |
| | | | | | | | | | | | | |
Total net realized gain (loss) | 25,372 | | | 435 | | | 23,802 | | | (24,986) | | | | | | | |
NET UNREALIZED APPRECIATION (DEPRECIATION): | | | | | | | | | | | | | |
Control investments | 912 | | | (735) | | | 4,631 | | | (1,433) | | | | | | | |
Affiliate investments | 182 | | | 4,780 | | | 1,166 | | | 22,468 | | | | | | | |
Non‑Control/Non‑Affiliate investments | (30,843) | | | (5,247) | | | (30,453) | | | 9,380 | | | | | | | |
Total net unrealized appreciation (depreciation) | (29,749) | | | (1,202) | | | (24,656) | | | 30,415 | | | | | | | |
INCOME TAXES: | | | | | | | | | | | | | |
Federal and state income, excise and other taxes | (1,649) | | | (431) | | | (2,525) | | | (954) | | | | | | | |
Deferred taxes | (785) | | | 458 | | | (3,625) | | | (2,235) | | | | | | | |
Income tax benefit (provision) | (2,434) | | | 27 | | | (6,150) | | | (3,189) | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,371 | | | $ | 13,382 | | | $ | 36,089 | | | $ | 44,869 | | | | | | | |
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED | $ | 0.18 | | | $ | 0.18 | | | $ | 0.54 | | | $ | 0.53 | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED | $ | 0.09 | | | $ | 0.17 | | | $ | 0.45 | | | $ | 0.56 | | | | | | | |
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED | 80,335,969 | | | 80,300,145 | | | 80,309,460 | | | 80,245,958 | | | | | | | |
The accompanying notes are an integral part of these consolidated financial statements
MSC INCOME FUND, INC.
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-In Capital | | Total Overdistributed Earnings | | Total Net Asset Value |
| Number of Shares | | Par Value | | | |
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Balances as of December 31, 2022 | 80,105,999 | | $ | 80 | | | $ | 684,165 | | | $ | (74,580) | | | $ | 609,665 | |
| | | | | | | | | |
Dividend reinvestment | 564,377 | | | 1 | | | 4,413 | | | — | | 4,414 | |
Common stock repurchased | (519,489) | | | (1) | | | (3,984) | | | — | | (3,985) | |
Net increase in net assets resulting from operations | — | | — | | — | | 12,231 | | | 12,231 | |
Dividends to stockholders | — | | — | | — | | (14,026) | | | (14,026) | |
| | | | | | | | | |
Balances as of March 31, 2023 | 80,150,887 | | $ | 80 | | | $ | 684,594 | | | $ | (76,375) | | | $ | 608,299 | |
Issuance of common stock | 255,754 | | — | | 2,000 | | — | | 2,000 | |
Dividend reinvestment | 608,618 | | | 1 | | | 4,759 | | — | | 4,760 | |
Common stock repurchased | (965,568) | | | (1) | | | (6,522) | | | — | | (6,523) | |
Net increase in net assets resulting from operations | — | | — | | — | | 19,256 | | 19,256 | |
Dividends to stockholders | — | | — | | — | | (14,009) | | | (14,009) | |
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Balances as of June 30, 2023 | 80,049,691 | | $ | 80 | | | $ | 684,831 | | | $ | (71,128) | | | $ | 613,783 | |
Issuance of common stock | 348,542 | | | — | | | 2,750 | | | — | | | 2,750 | |
Dividend reinvestment | 594,294 | | | 1 | | | 4,689 | | | — | | | 4,690 | |
Common stock repurchased | (978,579) | | | (1) | | | (7,033) | | | — | | | (7,034) | |
Net increase in net assets resulting from operations | — | | | — | | | — | | | 13,382 | | | 13,382 | |
Dividends to stockholders | — | | | — | | | — | | | (14,002) | | | (14,002) | |
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Balances as of September 30, 2023 | 80,013,948 | | $ | 80 | | | $ | 685,237 | | | $ | (71,748) | | | $ | 613,569 | |
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Balances as of December 31, 2023 | 80,108,865 | | $ | 80 | | | $ | 686,136 | | | $ | (63,909) | | | $ | 622,307 | |
Issuance of common stock | 314,070 | | — | | | 2,500 | | | — | | | 2,500 | |
Dividend reinvestment | 564,969 | | 1 | | | 4,492 | | | — | | | 4,493 | |
Common stock repurchased | (875,316) | | (1) | | | (6,546) | | | — | | | (6,547) | |
Net increase in net assets resulting from operations | — | | — | | | — | | | 10,589 | | | 10,589 | |
Dividends to stockholders | — | | — | | | — | | | (14,821) | | | (14,821) | |
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Balances as of March 31, 2024 | 80,112,588 | | $ | 80 | | | $ | 686,582 | | | $ | (68,141) | | | $ | 618,521 | |
Issuance of common stock | 315,259 | | — | | | 2,500 | | | — | | | 2,500 | |
Dividend reinvestment | 583,875 | | 1 | | | 4,631 | | | — | | | 4,632 | |
Common stock repurchased | (870,380) | | (1) | | | (6,181) | | | — | | | (6,182) | |
Net increase in net assets resulting from operations | — | | — | | | — | | | 18,129 | | | 18,129 | |
Dividends to stockholders | — | | — | | | — | | | (14,425) | | | (14,425) | |
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Balances as of June 30, 2024 | 80,141,342 | | $ | 80 | | | $ | 687,532 | | | $ | (64,437) | | | $ | 623,175 | |
Issuance of common stock | 250,627 | | — | | | 2,000 | | | — | | | 2,000 | |
Dividend reinvestment | 557,919 | | 1 | | | 4,452 | | | — | | | 4,453 | |
Common stock repurchased | (514,997) | | (1) | | | (4,035) | | | — | | | (4,036) | |
Net increase in net assets resulting from operations | — | | — | | | — | | | 7,371 | | | 7,371 | |
Dividends to stockholders | — | | — | | | — | | | (14,478) | | | (14,478) | |
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Balances as of September 30, 2024 | 80,434,891 | | $ | 80 | | | $ | 689,949 | | | $ | (71,544) | | | $ | 618,485 | |
The accompanying notes are an integral part of these consolidated financial statements
MSC INCOME FUND, INC.
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
CASH FLOWS FROM OPERATING ACTIVITIES | | | |
Net increase in net assets resulting from operations | $ | 36,089 | | | $ | 44,869 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities: | | | |
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Investments in portfolio companies | (253,889) | | | (156,523) | |
Proceeds from sales and repayments of debt investments in portfolio companies | 169,961 | | | 119,927 | |
Proceeds from sales and return of capital of equity investments in portfolio companies | 39,496 | | | 13,280 | |
Net unrealized (appreciation) depreciation | 24,656 | | | (30,415) | |
Net realized (gain) loss on portfolio investments | (23,802) | | | 24,986 | |
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Amortization of deferred financing costs | 2,338 | | | 1,273 | |
Amortization of deferred offering costs | — | | | 129 | |
Accretion of unearned income | (5,740) | | | (5,772) | |
Payment-in-kind interest | (5,100) | | | (3,805) | |
Cumulative dividends | (101) | | | (129) | |
Deferred tax provision | 3,625 | | | 2,235 | |
Changes in other assets and liabilities: | | | |
Interest and dividend receivable | (4,650) | | | (2,307) | |
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Prepaid and other assets | (714) | | | (1,982) | |
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Management and incentive fees payable | (1,271) | | | 524 | |
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Interest payable | 2,365 | | | 3,231 | |
Accounts payable and other liabilities | 3,354 | | | (552) | |
Net cash provided by (used in) operating activities | (13,383) | | | 8,969 | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | |
Issuance of common stock | 7,000 | | | 4,750 | |
Redemption of common stock | (16,765) | | | (17,542) | |
Payment of offering costs | — | | | (129) | |
Dividends paid | (29,686) | | | (26,990) | |
Proceeds from Credit Facilities | 252,000 | | | 107,000 | |
Repayments on Credit Facilities | (181,000) | | | (72,000) | |
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Payment of deferred financing costs | (26) | | | (2,262) | |
Net cash provided by (used in) financing activities | 31,523 | | | (7,173) | |
Net increase in cash and cash equivalents | 18,140 | | | 1,796 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 30,786 | | | 21,312 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 48,926 | | | $ | 23,108 | |
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Supplemental cash flow disclosures: | | | |
Interest paid | $ | 24,766 | | | $ | 22,106 | |
Taxes paid | $ | 489 | | | $ | 1,960 | |
Non-cash financing activities: | | | |
Dividends declared and unpaid | $ | 14,478 | | | $ | 14,002 | |
Value of shares issued pursuant to the DRIP | $ | 13,578 | | | $ | 13,864 | |
| | | |
The accompanying notes are an integral part of these consolidated financial statements
MSC INCOME FUND, INC.
Consolidated Schedule of Investments
September 30, 2024
(dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |
Control Investments (5) | | | | | | | | | | | | | | |
Copper Trail Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (CTMH, LP) | (24) | 7/17/2017 | 39.0% | | | | | | | $ | 655 | | $ | 530 | |
| | | | | | | | | | | | | | |
GRT Rubber Technologies LLC | | Manufacturer of Engineered Rubber Products | | | | | | | | | | | | |
| | | Secured Debt | | 12/21/2018 | | 11.35% | SF+ | 6.00% | | 10/29/2026 | 1,550 | | 1,536 | | 1,550 | |
| | | Secured Debt | | 12/19/2014 | | 13.35% | SF+ | 8.00% | | 10/29/2026 | 19,944 | | 19,841 | | 19,944 | |
| | | Member Units | (8) | 12/19/2014 | 2,896 | | | | | | | 6,435 | | 21,890 | |
| | | | | | | | | | | | | 27,812 | | 43,384 | |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (2717 MH, L.P.) | (8) (24) | 10/1/2017 | 49.0% | | | | | | | 3,345 | | 8,819 | |
| | | | | | | | | | | | | | |
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 | | | | | | | 1,901 | | 3,200 | |
| | | 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 | | — | |
| | | | | | | | | | | | | 9,905 | | 4,100 | |
Subtotal Control Investments (9.2% of net assets at fair value) | | | | | | | | | | | | | $ | 41,717 | | $ | 56,833 | |
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 | 1,036 | | 1,024 | | 1,024 | |
| | | Preferred Member Units | | 5/20/2021 | 607 | | | | | | | 607 | | 1,430 | |
| | | Preferred Member Units | | 8/16/2019 | 800 | | | | | | | 800 | | — | |
| | | Warrants | (27) | 8/16/2019 | 105 | | | | | 8/16/2029 | | 79 | | — | |
| | | | | | | | | | | | | 2,510 | | 2,454 | |
Barfly Ventures, LLC | (10) | Casual Restaurant Group | | | | | | | | | | | | |
| | | Member Units | | 10/26/2020 | 12 | | | | | | | 528 | | 1,787 | |
| | | | | | | | | | | | | | |
Batjer TopCo, LLC | | HVAC Mechanical Contractor | | | | | | | | | | | | |
| | | Secured Debt | | 3/7/2022 | | 10.00% | | | | 3/7/2027 | 50 | | 49 | | 49 | |
| | | 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 | | 1,164 | | 1,164 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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 Stock | (8) | 3/7/2022 | 453 | | | | | | | 455 | | 570 | |
| | | | | | | | | | | | | 1,698 | | 1,813 | |
Brewer Crane Holdings, LLC | | Provider of Crane Rental and Operating Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/9/2018 | | 15.35% | SF+ | 10.00% | | 1/9/2025 | 1,285 | | 1,285 | | 1,285 | |
| | | Preferred Member Units | (8) | 1/9/2018 | 737 | | | | | | | 1,070 | | 1,360 | |
| | | | | | | | | | | | | 2,355 | | 2,645 | |
Centre Technologies Holdings, LLC | | Provider of IT Hardware Services and Software Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 1/4/2019 | | | SF+ | 10.00% | | 1/4/2028 | — | | — | | — | |
| | | Secured Debt | (9) | 1/4/2019 | | 15.35% | SF+ | 10.00% | | 1/4/2028 | 5,116 | | 5,062 | | 5,116 | |
| | | Preferred Member Units | | 1/4/2019 | 3,327 | | | | | | | 1,531 | | 2,990 | |
| | | | | | | | | | | | | 6,593 | | 8,106 | |
Chamberlin Holding LLC | | Roofing and Waterproofing Specialty Contractor | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 2/26/2018 | | | SF+ | 6.00% | | 2/26/2026 | — | | (32) | | — | |
| | | Secured Debt | (9) | 2/26/2018 | | 13.36% | SF+ | 8.00% | | 2/26/2026 | 3,905 | | 3,904 | | 3,905 | |
| | | Member Units | (8) | 2/26/2018 | 1,087 | | | | | | | 2,860 | | 7,630 | |
| | | Member Units | (8) (23) | 11/2/2018 | 261,786 | | | | | | | 443 | | 805 | |
| | | | | | | | | | | | | 7,175 | | 12,340 | |
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 | | 10.00% | | | | 1/15/2027 | 1,790 | | 1,783 | | 1,783 | |
| | | Secured Debt | | 12/20/2016 | | 10.00% | | | | 12/20/2036 | 246 | | 244 | | 244 | |
| | | Member Units | (8) | 12/20/2016 | 179 | | | | | | | 1,820 | | 2,210 | |
| | | Member Units | (23) | 12/20/2016 | 200 | | | | | | | 127 | | 237 | |
| | | | | | | | | | | | | 3,974 | | 4,474 | |
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 | 6,712 | | 6,698 | | 6,712 | |
| | | Preferred Member Units | (8) (23) | 3/6/2020 | 147 | | | | | | | 2,079 | | 17,490 | |
| | | | | | | | | | | | | 8,774 | | 24,202 | |
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 | 4,056 | | 4,025 | | 4,056 | |
| | | Preferred Member Units | (8) | 3/31/2021 | 4,320 | | | | | | | 1,920 | | 3,280 | |
| | | | | | | | | | | | | 5,945 | | 7,336 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
Compass Systems & Sales, LLC | | Designer of End-to-End Material Handling Solutions | | | | | | | | | | | | |
| | | Secured Debt | (30) | 11/22/2023 | | | | | | 11/22/2028 | — | | (17) | | (17) | |
| | | Secured Debt | | 11/22/2023 | | 13.50% | | | | 11/22/2028 | 4,300 | | 4,194 | | 4,194 | |
| | | Preferred Equity | | 11/22/2023 | 1,863 | | | | | | | 1,863 | | 1,980 | |
| | | | | | | | | | | | | 6,040 | | 6,157 | |
Datacom, LLC | | Technology and Telecommunications Provider | | | | | | | | | | | | |
| | | Secured Debt | | 3/1/2022 | | 7.50% | | | | 12/31/2025 | 40 | | 39 | | 39 | |
| | | Secured Debt | | 3/31/2021 | | 10.00% | | | | 12/31/2025 | 906 | | 881 | | 845 | |
| | | Preferred Member Units | | 3/31/2021 | 1,000 | | | | | | | 290 | | 40 | |
| | | | | | | | | | | | | 1,210 | | 924 | |
Digital Products Holdings LLC | | Designer and Distributor of Consumer Electronics | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/1/2018 | | 15.25% | SF+ | 10.00% | | 4/27/2026 | 3,237 | | 3,220 | | 3,203 | |
| | | Preferred Member Units | (8) | 4/1/2018 | 964 | | | | | | | 2,375 | | 2,459 | |
| | | | | | | | | | | | | 5,595 | | 5,662 | |
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 | 4,751 | | 4,735 | | 4,751 | |
| | | Preferred Stock | | 2/13/2018 | 2,100 | | | | | | | 2,100 | | 4,820 | |
| | | | | | | | | | | | | 6,833 | | 9,571 | |
Flame King Holdings, LLC | | Propane Tank and Accessories Distributor | | | | | | | | | | | | |
| | | Preferred Equity | (8) | 10/29/2021 | 2,340 | | | | | | | 2,600 | | 8,940 | |
| | | | | | | | | | | | | | |
Freeport Financial Funds | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (24) | 7/31/2015 | 6.0% | | | | | | | 2,155 | | 1,893 | |
| | | | | | | | | | | | | | |
Gamber-Johnson Holdings, LLC | | Manufacturer of Ruggedized Computer Mounting Systems | | | | | | | | | | | | |
| | | Secured Debt | (9) (29) (30) | 6/24/2016 | | | SF+ | 7.00% | | 1/1/2028 | — | | — | | — | |
| | | Secured Debt | (9) (29) | 12/15/2022 | | 10.00% | SF+ | 7.00% | | 1/1/2028 | 12,120 | | 11,986 | | 12,120 | |
| | | Member Units | (8) | 6/24/2016 | 2,261 | | | | | | | 4,423 | | 26,840 | |
| | | | | | | | | | | | | 16,409 | | 38,960 | |
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 | | 2,027 | | 2,046 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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 | 56 | | | | | | | 1,225 | | 2,640 | |
| | | | | | | | | | | | | 3,252 | | 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 | | 600 | | 351 | |
| | | Preferred Equity | | 7/1/2022 | 15,930 | | | | | | | 1,400 | | — | |
| | | Member Units | | 4/29/2016 | 920 | | | | | | | 920 | | — | |
| | | | | | | | | | | | | 2,920 | | 351 | |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (HPEP 3, L.P.) | (8) (24) | 8/9/2017 | 8.0% | | | | | | | 2,296 | | 4,472 | |
| | | | | | | | | | | | | | |
IG Investor, LLC | | Military and Other Tactical Gear | | | | | | | | | | | | |
| | | Secured Debt | | 6/21/2023 | | 13.00% | | | | 6/21/2028 | 400 | | 378 | | 378 | |
| | | Secured Debt | | 6/21/2023 | | 13.00% | | | | 6/21/2028 | 8,986 | | 8,787 | | 8,787 | |
| | | Common Equity | | 6/21/2023 | 3,600 | | | | | | | 3,600 | | 3,720 | |
| | | | | | | | | | | | | 12,765 | | 12,885 | |
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 | | 13.09% | SF+ | 7.50% | | 8/20/2026 | 15,090 | | 14,971 | | 14,739 | |
| | | Preferred Equity | (8) | 12/7/2023 | 3,725 | 10.00% | | | 10.00% | | | 290 | | 527 | |
| | | Common Stock | | 8/20/2021 | 11,647 | | | | | | | 1,584 | | 640 | |
| | | | | | | | | | | | | 16,845 | | 15,906 | |
Kickhaefer Manufacturing Company, LLC | | Precision Metal Parts Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | | 10/31/2018 | | 12.00% | | | | 10/31/2026 | 4,150 | | 4,139 | | 4,139 | |
| | | Secured Debt | | 10/31/2018 | | 9.00% | | | | 10/31/2048 | 993 | | 984 | | 984 | |
| | | Preferred Equity | | 10/31/2018 | 145 | | | | | | | 3,060 | | 3,060 | |
| | | Member Units | (8) (23) | 10/31/2018 | 200 | | | | | | | 248 | | 623 | |
| | | | | | | | | | | | | 8,431 | | 8,806 | |
MH Corbin Holding LLC | | Manufacturer and Distributor of Traffic Safety Products | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2015 | | 14.00% | | | | 12/31/2025 | 1,310 | | 1,310 | | 345 | |
| | | Preferred Member Units | | 3/15/2019 | 16,500 | | | | | | | 1,100 | | — | |
| | | Preferred Member Units | | 9/1/2015 | 1,000 | | | | | | | 1,500 | | — | |
| | | | | | | | | | | | | 3,910 | | 345 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
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 | | 1,432 | | 1,436 | |
| | | Common Stock | (8) | 8/18/2014 | 1,468 | | | | | | | 680 | | 6,530 | |
| | | | | | | | | | | | | 2,112 | | 7,966 | |
Nello Industries Investco, LLC | | Manufacturer of Steel Poles and Towers For Critical Infrastructure | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/4/2024 | | 11.75% | SF+ | 6.50% | | 6/4/2025 | | 3,588 | | 3,588 | |
| | | Secured Debt | | 6/4/2024 | | 13.50% | | | | 6/4/2029 | | 6,609 | | 6,609 | |
| | | Common Equity | (8) | 6/4/2024 | 91 | | | | | | | 3,030 | | 3,030 | |
| | | | | | | | | | | | | 13,227 | | 13,227 | |
NexRev LLC | | Provider of Energy Efficiency Products & Services | | | | | | | | | | | | |
| | | Secured Debt | | 2/28/2018 | | 10.00% | | | | 2/28/2025 | 490 | | 490 | | 490 | |
| | | Secured Debt | | 2/28/2018 | | 10.00% | | | | 2/28/2025 | 2,453 | | 2,446 | | 2,453 | |
| | | Preferred Member Units | (8) | 2/28/2018 | 25,786,046 | | | | | | | 2,053 | | 2,460 | |
| | | | | | | | | | | | | 4,989 | | 5,403 | |
NuStep, LLC | | Designer, Manufacturer and Distributor of Fitness Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/31/2017 | | 11.85% | SF+ | 6.50% | | 1/31/2025 | 900 | | 900 | | 900 | |
| | | Secured Debt | | 1/31/2017 | | 12.00% | | | | 1/31/2025 | 4,610 | | 4,609 | | 4,609 | |
| | | Preferred Member Units | | 11/2/2022 | 576 | | | | | | | 645 | | 1,440 | |
| | | Preferred Member Units | | 1/31/2017 | 114 | | | | | | | 2,808 | | 2,660 | |
| | | | | | | | | | | | | 8,962 | | 9,609 | |
Oneliance, LLC | | Construction Cleaning Company | | | | | | | | | | | | |
| | | Preferred Stock | | 8/6/2021 | 282 | | | | | | | 282 | | 550 | |
| | | | | | | | | | | | | | |
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 | | 16.35% | SF+ | 11.00% | | 7/31/2026 | 5,490 | | 5,449 | | 5,490 | |
| | | Preferred Stock | (8) (23) | 7/30/2021 | 2,500 | | | | | | | 2,500 | | 3,670 | |
| | | | | | | | | | | | | 7,948 | | 9,160 | |
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 | 7,260 | | 7,108 | | 7,260 | |
| | | Preferred Equity | (8) | 12/21/2023 | 110 | | | | | | | 3,135 | | 4,340 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | | | | | | | | | | | 10,235 | | 11,600 | |
RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/8/2021 | | 11.59% | SF+ | 6.75% | 11.59% | 4/8/2026 | 1,313 | | 1,308 | | 1,190 | |
| | | Secured Debt | (9) | 4/8/2021 | | 11.59% | SF+ | 6.75% | 11.59% | 4/8/2026 | 13,731 | | 13,672 | | 12,441 | |
| | | Common Equity | | 8/12/2024 | 15,036 | | | | | 4/8/2026 | | — | | — | |
| | | | | | | | | | | | | 14,980 | | 13,631 | |
Robbins Bros. Jewelry, Inc. | | Bridal Jewelry Retailer | | | | | | | | | | | | |
| | | Secured Debt | (14) (30) | 12/15/2021 | | | | | 10.00% | 12/15/2026 | — | | (5) | | (5) | |
| | | Secured Debt | (14) | 12/15/2021 | | 12.50% | | | 10.00% | 12/15/2026 | 3,740 | | 3,699 | | 1,713 | |
| | | Preferred Equity | | 12/15/2021 | 1,230 | | | | | | | 1,230 | | — | |
| | | | | | | | | | | | | 4,924 | | 1,708 | |
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 | | 12.63% | | | | 6/16/2028 | 22,554 | | 22,531 | | 22,554 | |
| | | Preferred Member Units | (8) | 8/31/2018 | 55 | | | | | | | 508 | | 5,390 | |
| | | | | | | | | | | | | 23,783 | | 28,694 | |
Student Resource Center, LLC | (10) | Higher Education Services | | | | | | | | | | | | |
| | | Secured Debt | | 9/11/2024 | | 8.50% | | | 8.50% | 12/31/2027 | 223 | | 223 | | 223 | |
| | | 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 | | | | | | | — | | — | |
| | | | | | | | | | | | | 5,648 | | 2,049 | |
Tedder Industries, LLC | | Manufacturer of Firearm Holsters and Accessories | | | | | | | | | | | | |
| | | Secured Debt | (14) (17) | 8/31/2018 | | 12.00% | | | 12.00% | 8/31/2023 | 460 | | 460 | | 432 | |
| | | Secured Debt | (14) (17) | 8/31/2018 | | 12.00% | | | 12.00% | 8/31/2023 | 3,800 | | 3,800 | | 1,164 | |
| | | 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 | | — | |
| | | | | | | | | | | | | 6,877 | | 1,596 | |
Trantech Radiator Topco, LLC | | Transformer Cooling Products and Services | | | | | | | | | | | | |
| | | Secured Debt | (30) | 5/31/2019 | | | | | | 5/31/2027 | — | | (1) | | — | |
| | | Secured Debt | | 5/31/2019 | | 13.50% | | | | 5/31/2027 | 1,980 | | 1,960 | | 1,980 | |
| | | Common Stock | (8) | 5/31/2019 | 154 | | | | | | | 1,164 | | 2,380 | |
| | | | | | | | | | | | | 3,123 | | 4,360 | |
VVS Holdco LLC | | Omnichannel Retailer of Animal Health Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 12/1/2021 | | | SF+ | 6.00% | | 12/1/2024 | — | | — | | — | |
| | | Secured Debt | | 12/1/2021 | | 11.50% | | | | 12/1/2026 | 6,760 | | 6,672 | | 6,672 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) (23) | 12/1/2021 | 3,060 | | | | | | | 3,060 | | 3,060 | |
| | | | | | | | | | | | | 9,732 | | 9,732 | |
Subtotal Affiliate Investments (51.0% of net assets at fair value) | | | | | | | | | | | | | $ | 254,666 | | $ | 315,190 | |
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 | $ | 173 | | $ | 172 | | $ | 171 | |
| | | Secured Debt | | 12/11/2020 | | 18.00% | | | 18.00% | 6/25/2025 | 5,745 | | 5,681 | | 5,687 | |
| | | Common Stock | | 12/11/2020 | 593,927 | | | | | | | 3,148 | | — | |
| | | Warrants | (27) | 12/11/2020 | 197,717 | | | | | 12/11/2025 | | — | | — | |
| | | | | | | | | | | | | 9,001 | | 5,858 | |
Acumera, Inc. | (10) | Managed Security Service Provider | | | | | | | | | | | | |
| | | Common Equity | (8) | 7/2/2024 | 3,311 | | | | | | | — | | 30 | |
| | | | | | | | | | | | | | |
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 | 943 | | 943 | | 924 | |
| | | Secured Debt | (9) (29) | 3/11/2022 | | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 2,322 | | 2,318 | | 2,274 | |
| | | | | | | | | | | | | 3,261 | | 3,198 | |
AMEREQUIP LLC | (10) | Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment | | | | | | | | | | | | |
| | | Common Stock | (8) | 8/31/2022 | 11 | | | | | | | 83 | | 40 | |
| | | | | | | | | | | | | | |
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 11/19/2021 | | | P+ | 5.00% | | 11/19/2026 | — | | (7) | | (7) | |
| | | Secured Debt | (9) | 11/19/2021 | | 13.00% | P+ | 5.00% | | 11/19/2026 | 7,703 | | 7,669 | | 7,703 | |
| | | | | | | | | | | | | 7,662 | | 7,696 | |
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/11/2022 | | 15.23% | SF+ | 9.75% | 15.23% | 4/10/2026 | 5,425 | | 5,411 | | 4,556 | |
| | | Secured Debt | (9) (14) | 3/11/2022 | | 17.20% | SF+ | 11.75% | 17.20% | 4/10/2026 | 4,270 | | 4,244 | | 2,851 | |
| | | | | | | | | | | | | 9,655 | | 7,407 | |
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 | |
Ansira Partners II, LLC | (10) | Provider of Data-Driven Marketing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/1/2024 | | 11.88% | SF+ | 6.75% | | 7/1/2029 | 195 | | 148 | | 148 | |
| | | Secured Debt | (9) | 7/1/2024 | | 12.08% | SF+ | 6.75% | | 7/1/2029 | 18,049 | | 17,597 | | 17,597 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | | | | | | | | | | | 17,745 | | 17,745 | |
ArborWorks, LLC | (10) | Vegetation Management Services | | | | | | | | | | | | |
| | | Secured Debt | | 11/6/2023 | | 15.00% | | | 15.00% | 11/6/2028 | 2,106 | | 2,106 | | 2,106 | |
| | | Secured Debt | (9) | 11/6/2023 | | 11.76% | SF+ | 6.50% | 11.76% | 11/6/2028 | 4,157 | | 4,157 | | 4,157 | |
| | | 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 | | — | |
| | | | | | | | | | | | | 13,855 | | 12,930 | |
Archer Systems, LLC | (10) | Mass Tort Settlement Administration Solutions Provider | | | | | | | | | | | | |
| | | Common Stock | | 8/11/2022 | 62,403 | | | | | | | 62 | | 100 | |
| | | | | | | | | | | | | | |
ATS Operating, LLC | (10) | For-Profit Thrift Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/18/2022 | | 11.59% | SF+ | 6.00% | | 1/18/2027 | 105 | | 105 | | 105 | |
| | | Secured Debt | (9) | 1/18/2022 | | 10.59% | SF+ | 5.00% | | 1/18/2027 | 925 | | 915 | | 925 | |
| | | Secured Debt | (9) | 1/18/2022 | | 12.59% | SF+ | 7.00% | | 1/18/2027 | 925 | | 915 | | 925 | |
| | | Common Stock | | 1/18/2022 | 100,000 | | | | | | | 100 | | 100 | |
| | | | | | | | | | | | | 2,035 | | 2,055 | |
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer & MRO Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 12/23/2022 | | | SF+ | 7.25% | | 12/23/2027 | — | | (14) | | (14) | |
| | | Secured Debt | (9) | 12/23/2022 | | 12.06% | SF+ | 7.25% | | 12/23/2027 | 3,365 | | 3,287 | | 3,365 | |
| | | Common Equity | (8) | 12/15/2021 | 137 | | | | | | | 134 | | 111 | |
| | | | | | | | | | | | | 3,407 | | 3,462 | |
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 | — | | (15) | | (15) | |
| | | Secured Debt | (9) | 6/30/2022 | | 15.31% | SF+ | 10.25% | 9.25% | 6/30/2028 | 9,035 | | 8,939 | | 7,544 | |
| | | | | | | | | | | | | 8,924 | | 7,529 | |
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider | | | | | | | | | | | | |
| | | Member Units | | 3/10/2017 | 1,050,000 | | | | | | | 1,050 | | 580 | |
| | | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/9/2024 | | 13.82% | SF+ | 8.50% | 12.82% | 8/28/2025 | 204 | | 99 | | 187 | |
| | | Secured Debt | (9) | 10/19/2022 | | 15.50% | P+ | 7.50% | 15.00% | 8/28/2025 | 3,703 | | 3,703 | | 3,388 | |
| | | Secured Debt | (9) | 8/28/2020 | | 13.82% | SF+ | 8.50% | 12.82% | 8/28/2025 | 4,348 | | 3,998 | | 3,978 | |
| | | Common Stock | | 10/1/2020 | 700,446 | | | | | | | — | | — | |
| | | Warrants | (27) | 10/19/2022 | 175,110 | | | | | 10/19/2032 | | 1,111 | | — | |
| | | | | | | | | | | | | 8,911 | | 7,553 | |
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 | (8) | 6/30/2017 | 540,000 | | | | | | | 564 | | 80 | |
| | | | | | | | | | | | | 644 | | 146 | |
Bond Brand Loyalty ULC | (10) (13) (21) | Provider of Loyalty Marketing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 5/1/2023 | | | SF+ | 7.00% | | 5/1/2028 | — | | (13) | | (13) | |
| | | Secured Debt | (9) | 5/1/2023 | | 11.48% | SF+ | 6.00% | | 5/1/2028 | 4,010 | | 3,952 | | 4,010 | |
| | | Secured Debt | (9) | 5/1/2023 | | 13.48% | SF+ | 8.00% | | 5/1/2028 | 4,010 | | 3,952 | | 4,010 | |
| | | Preferred Equity | | 5/1/2023 | 360 | | | | | | | 360 | | 310 | |
| | | Common Equity | | 5/1/2023 | 360 | | | | | | | — | | — | |
| | | | | | | | | | | | | 8,251 | | 8,317 | |
BP Loenbro Holdings Inc. | (10) | Specialty Industrial Maintenance Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 2/1/2024 | | 11.22% | SF+ | 6.00% | | 2/1/2029 | 771 | | 748 | | 771 | |
| | | Secured Debt | (9) (30) | 2/1/2024 | | | SF+ | 6.00% | | 2/1/2029 | — | | (11) | | (11) | |
| | | Secured Debt | (9) | 2/1/2024 | | 11.35% | SF+ | 6.00% | | 2/1/2029 | 11,288 | | 11,091 | | 11,288 | |
| | | Common Equity | | 2/1/2024 | 1,000,000 | | | | | | | 1,000 | | 1,550 | |
| | | | | | | | | | | | | 12,828 | | 13,598 | |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Brightwood Capital Fund III, LP) | (24) | 7/21/2014 | 1.0% | | | | | | | 1,974 | | 1,156 | |
| | | LP Interests (Brightwood Capital Fund IV, LP) | (8) (24) | 10/26/2016 | 1.0% | | | | | | | 8,637 | | 8,802 | |
| | | | | | | | | | | | | 10,611 | | 9,958 | |
Buca C, LLC | | Casual Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | (14) | 8/7/2024 | | 15.00% | | | 10.00% | 11/4/2024 | 13,330 | | 13,048 | | 10,817 | |
| | | Secured Debt | (14) (30) | 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 | 6,131 | | 4,078 | | — | |
| | | Preferred Member Units | | 6/30/2015 | 4 | 6.00% | | | 6.00% | | | 3,040 | | — | |
| | | | | | | | | | | | | 20,166 | | 10,817 | |
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) | 6/14/2021 | | | SF+ | 5.00% | | 6/10/2026 | — | | (9) | | — | |
| | | Secured Debt | (9) | 6/14/2021 | | 9.95% | SF+ | 5.00% | | 6/10/2028 | 12,125 | | 12,006 | | 12,125 | |
| | | | | | | | | | | | | 11,997 | | 12,125 | |
CAI Software LLC | | Provider of Specialized Enterprise Resource Planning Software | | | | | | | | | | | | |
| | | Preferred Equity | | 12/13/2021 | 454,344 | | | | | | | 454 | | 472 | |
| | | Preferred Equity | | 12/13/2021 | 126,446 | | | | | | | — | | — | |
| | | | | | | | | | | | | 454 | | 472 | |
Career Team Holdings, LLC | | Provider of Workforce Training and Career Development Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/17/2021 | | 11.25% | SF+ | 6.00% | | 12/17/2026 | 75 | | 71 | | 71 | |
| | | Secured Debt | | 12/17/2021 | | 13.00% | | | | 12/17/2026 | 2,205 | | 2,176 | | 2,176 | |
| | | Common Stock | | 12/17/2021 | 50,000 | | | | | | | 500 | | 500 | |
| | | | | | | | | | | | | 2,747 | | 2,747 | |
CaseWorthy, Inc. | (10) | SaaS Provider of Case Management Solutions | | | | | | | | | | | | |
| | | 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 | | 2,361 | | 2,390 | |
| | | Preferred Equity | (8) | 12/10/2021 | 368 | | | | | | | 404 | | 1,590 | |
| | | | | | | | | | | | | 2,762 | | 3,980 | |
Central Moloney, LLC | (10) | Manufacturer of Electricity Transformers and Related Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) | 2/9/2024 | | 11.35% | SF+ | 6.75% | | 10/20/2028 | 12,861 | | 12,639 | | 12,773 | |
| | | | | | | | | | | | | | |
Channel Partners Intermediateco, LLC | (10) | Outsourced Consumer Services Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 2/7/2022 | | 12.02% | SF+ | 7.00% | | 2/7/2027 | 467 | | 455 | | 437 | |
| | | Secured Debt | (9) | 2/7/2022 | | 12.55% | SF+ | 7.00% | | 2/7/2027 | 3,334 | | 3,303 | | 3,125 | |
| | | Secured Debt | (9) | 6/24/2022 | | 12.55% | SF+ | 7.00% | | 2/7/2027 | 185 | | 183 | | 173 | |
| | | Secured Debt | (9) | 3/27/2023 | | 12.55% | SF+ | 7.00% | | 2/7/2027 | 446 | | 439 | | 418 | |
| | | | | | | | | | | | | 4,380 | | 4,153 | |
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing | | | | | | | | | | | | |
| | | Secured Debt | (14) (17) | 9/23/2014 | | | | | | 1/5/2015 | 2,685 | | 2,340 | | 17 | |
| | | | | | | | | | | | | | |
Classic H&G Holdings, LLC | | Provider of Engineered Packaging Solutions | | | | | | | | | | | | |
| | | Preferred Member Units | (8) | 3/12/2020 | 39 | | | | | | | — | | 660 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | | | | | | | | | | | | |
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 8/6/2021 | | 13.29% | SF+ | 8.00% | | 8/6/2026 | 6,250 | | 6,170 | | 6,117 | |
| | | Secured Debt | (9) (30) | 3/29/2024 | | | SF+ | 8.00% | | 8/6/2026 | — | | (49) | | (49) | |
| | | Secured Debt | (9) | 8/6/2021 | | 13.28% | SF+ | 8.00% | | 8/6/2026 | 15,146 | | 14,970 | | 14,823 | |
| | | | | | | | | | | | | 21,091 | | 20,891 | |
Construction Supply Investments, LLC | (10) | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | | | | | | | | | | | | |
| | | Member Units | | 12/29/2016 | | | | | | | | — | | — | |
| | | | | | | | | | | | | | |
Coregistics Buyer LLC | (10) (13) (21) | Contract Packaging Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/29/2024 | | | SF+ | 6.50% | | 6/28/2029 | | 426 | | 429 | |
| | | Secured Debt | (9) | 6/29/2024 | | 11.45% | SF+ | 6.50% | | 6/28/2029 | | 2,813 | | 2,752 | |
| | | Secured Debt | (9) | 8/15/2024 | | 11.62% | SF+ | 6.50% | | 6/28/2029 | | 1,881 | | 1,835 | |
| | | Secured Debt | (9) | 6/29/2024 | | 11.70% | SF+ | 6.75% | | 6/28/2029 | | 8,449 | | 8,448 | |
| | | | | | | | | | | | | 13,569 | | 13,464 | |
CQ Fluency, LLC | (10) | Global Language Services Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 12/27/2023 | | | SF+ | 6.75% | | 6/27/2027 | — | | (35) | | (35) | |
| | | Secured Debt | (9) (30) | 12/27/2023 | | | SF+ | 6.75% | | 6/27/2027 | — | | (35) | | (35) | |
| | | Secured Debt | (9) | 12/27/2023 | | 11.49% | SF+ | 6.75% | | 6/27/2027 | 7,313 | | 7,142 | | 7,170 | |
| | | | | | | | | | | | | 7,072 | | 7,100 | |
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 | — | | (29) | | (29) | |
| | | Secured Debt | (9) | 6/27/2024 | | 10.35% | SF+ | 5.75% | | 6/27/2029 | 10,869 | | 10,666 | | 10,733 | |
| | | | | | | | | | | | | 10,637 | | 10,704 | |
Dalton US Inc. | (10) | Provider of Supplemental Labor Services | | | | | | | | | | | | |
| | | Common Stock | | 8/16/2022 | 37 | | | | | | | 52 | | 60 | |
| | | | | | | | | | | | | | |
DMA Industries, LLC | | Distributor of Aftermarket Ride Control Products | | | | | | | | | | | | |
| | | Secured Debt | | 6/18/2024 | | 12.00% | | | | 6/19/2029 | 140 | | 137 | | 137 | |
| | | Secured Debt | | 11/19/2021 | | 12.00% | | | | 6/19/2029 | 4,200 | | 4,159 | | 4,159 | |
| | | Preferred Equity | | 11/19/2021 | 1,486 | | | | | | | 1,486 | | 1,486 | |
| | | Preferred Equity | (8) | 6/18/2024 | 767 | 15.00% | | | 15.00% | | | 781 | | 781 | |
| | | | | | | | | | | | | 6,563 | | 6,563 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
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 | | 681 | |
| | | Class A Preferred Member Units | | 4/13/2018 | 776,316 | 8.00% | | | 8.00% | | | 776 | | — | |
| | | | | | | | | | | | | 2,092 | | 681 | |
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/20/2022 | | 11.45% | SF+ | 6.50% | 11.45% | 12/31/2026 | 2,253 | | 2,094 | | 2,155 | |
| | | Secured Debt | (9) | 12/20/2022 | | 13.45% | SF+ | 8.50% | 13.45% | 12/31/2026 | 2,333 | | 2,100 | | 2,139 | |
| | | 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 | | | | | | | — | | — | |
| | | | | | | | | | | | | 4,322 | | 4,354 | |
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 | | 1,160 | | 1,160 | |
| | | Secured Debt | | 10/3/2022 | | 9.00% | | | | 10/3/2052 | 410 | | 406 | | 406 | |
| | | Common Stock | | 10/3/2022 | 19 | | | | | | | 374 | | 370 | |
| | | Common Stock | (23) | 10/3/2022 | 61 | | | | | | | 102 | | 196 | |
| | | | | | | | | | | | | 2,042 | | 2,132 | |
Emerald Technologies Acquisition Co, Inc. | (11) | Design & Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | (9) | 2/10/2022 | | 11.20% | SF+ | 6.25% | | 12/29/2027 | 2,359 | | 2,332 | | 1,935 | |
| | | | | | | | | | | | | | |
Escalent, Inc. | (10) | Market Research and Consulting Firm | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 4/7/2023 | | | SF+ | 8.00% | | 4/7/2029 | — | | (8) | | (8) | |
| | | Secured Debt | (9) | 4/7/2023 | | 12.70% | SF+ | 8.00% | | 4/7/2029 | 6,872 | | 6,716 | | 6,872 | |
| | | Common Equity | | 4/7/2023 | 170,998 | | | | | | | 174 | | 240 | |
| | | | | | | | | | | | | 6,882 | | 7,104 | |
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/22/2021 | | 12.87% | SF+ | 8.00% | | 12/22/2026 | 308 | | 306 | | 308 | |
| | | Secured Debt | (9) | 12/22/2021 | | 12.87% | SF+ | 8.00% | 8.00% | 12/22/2026 | 3,909 | | 3,893 | | 3,909 | |
| | | | | | | | | | | | | 4,199 | | 4,217 | |
FCC Intermediate Holdco, LLC | | Supply Chain Management Services | | | | | | | | | | | | |
| | | Secured Debt | | 5/28/2024 | | 13.00% | | | | 5/29/2029 | 8,200 | | 7,074 | | 7,074 | |
| | | Warrants | (27) | 5/28/2024 | 3 | | | | | | 980 | | 980 | | 980 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | | | | | | | | | | | 8,054 | | 8,054 | |
Garyline, LLC | (10) | Manufacturer of Consumer Plastic Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 11/10/2023 | | 11.95% | SF+ | 6.75% | | 11/10/2028 | 1,786 | | 1,721 | | 1,755 | |
| | | Secured Debt | (9) | 11/10/2023 | | 11.95% | SF+ | 6.75% | | 11/10/2028 | 9,616 | | 9,379 | | 9,448 | |
| | | Common Equity | | 11/10/2023 | 210,084 | | | | | | | 210 | | 170 | |
| | | | | | | | | | | | | 11,310 | | 11,373 | |
Hawk Ridge Systems, LLC | | Value-Added Reseller of Engineering Design and Manufacturing Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/2/2016 | | 11.35% | SF+ | 6.00% | | 1/15/2026 | 640 | | 639 | | 640 | |
| | | Secured Debt | | 12/2/2016 | | 12.50% | | | | 1/15/2026 | 9,744 | | 9,715 | | 9,744 | |
| | | Preferred Member Units | (8) | 12/2/2016 | 56 | | | | | | | 713 | | 4,750 | |
| | | Preferred Member Units | (23) | 12/2/2016 | 56 | | | | | | | 38 | | 250 | |
| | | | | | | | | | | | | 11,105 | | 15,384 | |
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/7/2024 | | 8.75% | SF+ | 3.50% | 2.50% | 6/21/2026 | 1,353 | | 1,289 | | 1,289 | |
| | | Secured Debt | (14) | 3/7/2024 | | 2.50% | | | 2.50% | 6/21/2026 | 914 | | 401 | | 359 | |
| | | Common Equity | | 3/7/2024 | 35,971 | | | | | | | — | | — | |
| | | | | | | | | | | | | 1,690 | | 1,648 | |
HEADLANDS OP-CO LLC | (10) | Clinical Trial Sites Operator | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 8/1/2022 | | | SF+ | 6.50% | | 8/1/2027 | — | | (11) | | (11) | |
| | | Secured Debt | (9) | 8/1/2022 | | 11.35% | SF+ | 6.50% | | 8/1/2027 | 1,980 | | 1,954 | | 1,980 | |
| | | Secured Debt | (9) (30) | 6/3/2024 | | | SF+ | 6.50% | | 8/1/2027 | — | | (18) | | (18) | |
| | | Secured Debt | (9) | 8/1/2022 | | 11.35% | SF+ | 6.50% | | 8/1/2027 | 4,888 | | 4,832 | | 4,887 | |
| | | Secured Debt | (9) | 6/3/2024 | | 11.35% | SF+ | 6.50% | | 8/1/2027 | 2,388 | | 2,367 | | 2,388 | |
| | | | | | | | | | | | | 9,124 | | 9,226 | |
Hornblower Sub, LLC | (10) | Marine Tourism and Transportation | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 7/3/2024 | | | SF+ | 5.50% | | 7/3/2029 | — | | (24) | | (24) | |
| | | Secured Debt | (9) | 7/3/2024 | | 10.82% | SF+ | 5.50% | | 7/3/2029 | 15,529 | | 15,368 | | 15,368 | |
| | | | | | | | | | | | | 15,344 | | 15,344 | |
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/30/2021 | | 13.84% | SF+ | 8.25% | | 12/31/2027 | 8,000 | | 7,847 | | 8,000 | |
| | | | | | | | | | | | | | |
IG Parent Corporation | (11) | Software Engineering | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/30/2021 | | 10.95% | SF+ | 5.75% | | 7/30/2026 | 306 | | 297 | | 306 | |
| | | Secured Debt | (9) | 7/30/2021 | | 10.70% | SF+ | 5.75% | | 7/30/2028 | 6,154 | | 6,101 | | 6,154 | |
| | | Secured Debt | (9) | 7/30/2021 | | 10.70% | SF+ | 5.75% | | 7/30/2028 | 1,927 | | 1,910 | | 1,927 | |
| | | | | | | | | | | | | 8,308 | | 8,387 | |
Imaging Business Machines, L.L.C. | (10) | Technology Hardware & Equipment | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) | 6/8/2023 | | 12.08% | SF+ | 7.00% | | 6/30/2028 | 593 | | 593 | | 593 | |
| | | Secured Debt | (9) | 6/8/2023 | | 11.62% | SF+ | 7.00% | | 6/30/2028 | 10,306 | | 10,042 | | 10,306 | |
| | | Common Equity | | 6/8/2023 | 422 | | | | | | | 580 | | 540 | |
| | | | | | | | | | | | | 11,215 | | 11,439 | |
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/1/2017 | | 14.01% | SF+ | 9.25% | 1.50% | 7/31/2025 | 17,043 | | 17,043 | | 15,988 | |
| | | | | | | | | | | | | | |
Infinity X1 Holdings, LLC | | Manufacturer and Supplier of Personal Lighting Products | | | | | | | | | | | | |
| | | Secured Debt | | 3/31/2023 | | 12.00% | | | | 3/31/2028 | 3,819 | | 3,766 | | 3,766 | |
| | | Preferred Equity | (8) | 3/31/2023 | 21,840 | | | | | | | 1,092 | | 1,730 | |
| | | | | | | | | | | | | 4,858 | | 5,496 | |
Insight Borrower Corporation | (10) | Test, Inspection, and Certification Instrument Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 7/19/2023 | | | SF+ | 6.25% | | 7/19/2028 | — | | (34) | | (34) | |
| | | Secured Debt | (9) (30) | 7/19/2023 | | | SF+ | 6.25% | | 7/19/2029 | — | | (29) | | (29) | |
| | | Secured Debt | (9) | 7/19/2023 | | 11.53% | SF+ | 6.25% | | 7/19/2029 | 8,310 | | 8,111 | | 7,880 | |
| | | Common Equity | | 7/19/2023 | 47,847 | | | | | | | 239 | | 130 | |
| | | | | | | | | | | | | 8,287 | | 7,947 | |
Inspire Aesthetics Management, LLC | (10) | Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 4/3/2023 | | 13.03% | SF+ | 8.00% | | 4/3/2028 | 676 | | 662 | | 609 | |
| | | Secured Debt | (9) | 4/3/2023 | | 13.27% | SF+ | 8.00% | | 4/3/2028 | 6,209 | | 6,093 | | 5,591 | |
| | | Secured Debt | (9) | 6/14/2023 | | 13.27% | SF+ | 8.00% | | 4/3/2028 | 1,250 | | 1,227 | | 1,126 | |
| | | Common Equity | | 4/3/2023 | 101,719 | | | | | | | 322 | | 10 | |
| | | | | | | | | | | | | 8,304 | | 7,336 | |
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services | | | | | | | | | | | | |
| | | Secured Debt | (17) (28) | 12/9/2021 | | 15.06% | SF+ | 10.00% | 15.22% | 8/7/2023 | 1,998 | | 1,998 | | 1,842 | |
| | | Secured Debt | (9) (14) (17) | 8/7/2019 | | 12.35% | SF+ | 7.00% | 12.35% | 8/7/2023 | 7,334 | | 7,254 | | 11 | |
| | | Common Stock | | 12/7/2021 | 2,143 | | | | | | | — | | — | |
| | | | | | | | | | | | | 9,252 | | 1,853 | |
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 8/28/2019 | | 11.29% | SF+ | 6.50% | | 8/28/2025 | 1,037 | | 1,036 | | 991 | |
| | | Secured Debt | (9) | 8/28/2019 | | 11.25% | SF+ | 6.50% | | 8/28/2025 | 16,812 | | 16,779 | | 16,070 | |
| | | | | | | | | | | | | 17,815 | | 17,061 | |
INW Manufacturing, LLC | (11) | Manufacturer of Nutrition and Wellness Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/19/2021 | | 10.62% | SF+ | 5.75% | | 3/25/2027 | 6,375 | | 6,283 | | 5,355 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | | | | | | | | | | | | |
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 | | 1,112 | | 1,112 | |
| | | Secured Debt | | 9/1/2021 | | 13.00% | | | | 1/31/2028 | 735 | | 724 | | 724 | |
| | | Secured Debt | | 11/15/2021 | | 13.00% | | | | 1/31/2028 | 2,236 | | 2,236 | | 2,236 | |
| | | Secured Debt | | 11/15/2021 | | 13.00% | | | | 1/31/2028 | 4,406 | | 4,339 | | 4,339 | |
| | | Secured Debt | | 1/31/2023 | | 13.00% | | | | 1/31/2028 | 2,521 | | 2,431 | | 2,431 | |
| | | Preferred Equity | | 6/26/2024 | 177,800 | 25.00% | | | 25.00% | | | 178 | | 190 | |
| | | Common Stock | | 8/3/2021 | 50,753 | | | | | | | 689 | | 710 | |
| | | | | | | | | | | | | 11,709 | | 11,742 | |
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/13/2023 | | 11.89% | SF+ | 6.60% | 9.43% | 4/14/2028 | 2,897 | | 2,700 | | 797 | |
| | | Common Equity | | 4/13/2023 | 186,322 | | | | | | | — | | — | |
| | | | | | | | | | | | | 2,700 | | 797 | |
Island Pump and Tank, LLC | (10) | Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S. | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 5/20/2024 | | | SF+ | 6.50% | | 5/17/2029 | — | | (6) | | (6) | |
| | | Secured Debt | (9) | 5/20/2024 | | 11.09% | SF+ | 5.50% | | 5/17/2029 | 1,735 | | 1,706 | | 1,686 | |
| | | Secured Debt | (9) | 5/20/2024 | | 12.09% | SF+ | 6.50% | | 5/17/2029 | 1,735 | | 1,706 | | 1,686 | |
| | | Secured Debt | (9) | 5/20/2024 | | 13.09% | SF+ | 7.50% | | 5/17/2029 | 1,735 | | 1,706 | | 1,686 | |
| | | | | | | | | | | | | 5,112 | | 5,052 | |
ITA Holdings Group, LLC | | Air Ambulance Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/21/2023 | | 15.53% | SF+ | 9.00% | 1.00% | 6/21/2027 | 299 | | 294 | | 294 | |
| | | Secured Debt | (9) | 6/21/2023 | | 15.53% | SF+ | 9.00% | 1.00% | 6/21/2027 | 252 | | 248 | | 248 | |
| | | Secured Debt | (9) | 6/21/2023 | | 14.53% | SF+ | 8.00% | 1.00% | 6/21/2027 | 1,105 | | 915 | | 915 | |
| | | Secured Debt | (9) | 6/21/2023 | | 16.53% | SF+ | 10.00% | 1.00% | 6/21/2027 | 1,105 | | 915 | | 915 | |
| | | Warrants | (27) | 6/21/2023 | 48,327 | | | | | 6/21/2033 | | 523 | | 820 | |
| | | | | | | | | | | | | 2,895 | | 3,192 | |
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants | | | | | | | | | | | | |
| | | Secured Debt | (9) (26) | 10/26/2022 | | 12.86% | SF+ | 7.50% | | 11/4/2024 | 1,607 | | 1,604 | | 1,607 | |
| | | Secured Debt | (9) | 2/27/2024 | | 15.28% | SF+ | 10.00% | | 11/4/2024 | 1,251 | | 1,244 | | 1,251 | |
| | | Secured Debt | (9) | 11/8/2021 | | 12.90% | SF+ | 7.50% | | 11/4/2024 | 3,738 | | 3,738 | | 3,738 | |
| | | Preferred Equity | | 11/8/2021 | 5,653,333 | | | | | | | 216 | | 1,740 | |
| | | | | | | | | | | | | 6,802 | | 8,336 | |
JDC Power Services, LLC | (10) | Provider of Electrical Equipment and Maintenance Services for Datacenters | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 6/28/2024 | | | SF+ | 6.75% | | 6/28/2029 | — | | (49) | | (49) | |
| | | Secured Debt | (9) | 6/28/2024 | | 11.35% | SF+ | 6.75% | | 6/28/2029 | 17,783 | | 17,367 | | 17,076 | |
| | | | | | | | | | | | | 17,318 | | 17,027 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) (17) | 8/21/2019 | | 21.59% | SF+ | 16.00% | 21.59% | 8/21/2024 | 942 | | 942 | | — | |
| | | Secured Debt | (9) (14) (17) | 8/21/2019 | | 21.59% | SF+ | 16.00% | 21.59% | 8/21/2024 | 906 | | 906 | | — | |
| | | Secured Debt | (9) | 3/30/2024 | | 13.45% | SF+ | 8.75% | 6.00% | 3/29/2029 | 1,666 | | 1,666 | | 1,666 | |
| | | Secured Debt | (9) | 3/30/2024 | | 13.45% | SF+ | 8.75% | 13.45% | 3/29/2029 | 1,055 | | 1,055 | | 1,055 | |
| | | Common Stock | | 8/21/2019 | 392,514 | | | | | | | 3,678 | | — | |
| | | Common Stock | | 3/29/2024 | 4,535,784 | | | | | | | 166 | | 166 | |
| | | | | | | | | | | | | 8,413 | | 2,887 | |
JorVet Holdings, LLC | | Supplier and Distributor of Veterinary Equipment and Supplies | | | | | | | | | | | | |
| | | Secured Debt | | 3/28/2022 | | 12.00% | | | | 3/28/2027 | 2,750 | | 2,723 | | 2,723 | |
| | | Preferred Equity | (8) | 3/28/2022 | 12,214 | | | | | | | 1,221 | | 1,250 | |
| | | | | | | | | | | | | 3,944 | | 3,973 | |
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 12/22/2021 | | 13.37% | SF+ | 8.00% | | 12/22/2026 | 702 | | 695 | | 664 | |
| | | Secured Debt | (9) | 12/22/2021 | | 12.85% | SF+ | 8.00% | | 12/22/2026 | 2,980 | | 2,953 | | 2,820 | |
| | | Secured Debt | (9) | 2/1/2024 | | 12.85% | SF+ | 8.00% | | 12/22/2026 | 279 | | 272 | | 264 | |
| | | Common Equity | | 12/22/2021 | 140,351 | | | | | | | 140 | | 20 | |
| | | | | | | | | | | | | 4,060 | | 3,768 | |
KMS, LLC | (10) | Wholesaler of Closeout and Value-priced Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) | 10/4/2021 | | 14.50% | SF+ | 9.75% | | 10/4/2026 | 1,286 | | 1,238 | | 967 | |
| | | Secured Debt | (9) (14) | 10/4/2021 | | 14.50% | SF+ | 9.75% | | 10/4/2026 | 9,262 | | 9,175 | | 6,966 | |
| | | | | | | | | | | | | 10,413 | | 7,933 | |
Lightbox Holdings, L.P. | (11) | Provider of Commercial Real Estate Software | | | | | | | | | | | | |
| | | Secured Debt | | 5/9/2019 | | 10.11% | SF+ | 5.00% | | 5/9/2026 | 5,720 | | 5,701 | | 5,548 | |
| | | | | | | | | | | | | | |
LL Management, Inc. | (10) | Medical Transportation Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 9/17/2024 | | 12.43% | SF+ | 7.25% | | 12/31/2025 | 601 | | 601 | | 601 | |
| | | Secured Debt | (9) | 5/2/2019 | | 12.60% | SF+ | 7.25% | | 12/31/2025 | 7,872 | | 7,798 | | 7,872 | |
| | | Secured Debt | (9) | 5/2/2019 | | 12.60% | SF+ | 7.25% | | 12/31/2025 | 5,194 | | 5,144 | | 5,194 | |
| | | Secured Debt | (9) | 2/26/2021 | | 12.60% | SF+ | 7.25% | | 12/31/2025 | 863 | | 854 | | 863 | |
| | | Secured Debt | (9) | 5/12/2022 | | 12.60% | SF+ | 7.25% | | 12/31/2025 | 8,737 | | 8,651 | | 8,737 | |
| | | | | | | | | | | | | 23,048 | | 23,267 | |
LLFlex, LLC | (10) | Provider of Metal-Based Laminates | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/16/2021 | | 13.48% | SF+ | 8.00% | 3.00% | 8/16/2026 | 4,510 | | 4,472 | | 3,724 | |
| | | | | | | | | | | | | | |
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) | 1/8/2018 | | 13.25% | P+ | 4.75% | | 12/22/2024 | 11,552 | | 11,486 | | 8,578 | |
| | | | | | | | | | | | | | |
Mako Steel, LP | (10) | Self-Storage Design & Construction | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 3/15/2021 | | | SF+ | 7.50% | | 3/15/2026 | — | | (24) | | — | |
| | | Secured Debt | (9) | 3/28/2024 | | 12.59% | SF+ | 7.50% | | 3/15/2026 | 21,222 | | 21,014 | | 21,222 | |
| | | | | | | | | | | | | 20,990 | | 21,222 | |
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 | | 10.75% | | | | 10/19/2027 | 1,663 | | 1,633 | | 1,633 | |
| | | Preferred Equity | (8) | 10/19/2022 | 434,331 | 8.00% | | | 8.00% | | | 434 | | 460 | |
| | | Common Stock | | 10/19/2022 | 112,865 | | | | | | | 113 | | 290 | |
| | | | | | | | | | | | | 2,180 | | 2,383 | |
Microbe Formulas, LLC | (10) | Nutritional Supplements Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 4/4/2022 | | | SF+ | 6.00% | | 4/3/2028 | — | | (5) | | (5) | |
| | | Secured Debt | (9) | 4/4/2022 | | 10.95% | SF+ | 6.00% | | 4/3/2028 | 2,497 | | 2,466 | | 2,497 | |
| | | | | | | | | | | | | 2,461 | | 2,492 | |
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/24/2018 | | 12.56% | SF+ | 7.00% | | 12/31/2026 | 18,152 | | 17,935 | | 16,242 | |
| | | | | | | | | | | | | | |
Mini Melts of America, LLC | (10) | Manufacturer and Distributor of Branded Premium Beaded Ice Cream | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 11/30/2023 | | 11.37% | SF+ | 6.25% | | 11/30/2028 | 975 | | 951 | | 975 | |
| | | Secured Debt | (9) (26) | 11/30/2023 | | 11.33% | SF+ | 6.25% | | 11/30/2028 | 860 | | 842 | | 860 | |
| | | Secured Debt | (9) | 11/30/2023 | | 10.31% | SF+ | 5.25% | | 11/30/2028 | 3,209 | | 3,144 | | 3,209 | |
| | | Secured Debt | (9) | 11/30/2023 | | 12.31% | SF+ | 7.25% | | 11/30/2028 | 3,209 | | 3,142 | | 3,209 | |
| | | Common Equity | | 11/30/2023 | 300,000 | | | | | | | 300 | | 300 | |
| | | | | | | | | | | | | 8,379 | | 8,553 | |
MoneyThumb Acquisition, LLC | | Provider of Software-as-a-Service Financial File Conversion and Reconciliation | | | | | | | | | | | | |
| | | Secured Debt | | 8/19/2024 | | 14.00% | | | | 8/19/2029 | 2,400 | | 2,186 | | 2,186 | |
| | | Preferred Member Units | (8) | 8/19/2024 | 40,821 | 12.00% | | | 12.00% | | | 414 | | 414 | |
| | | Warrants | (27) | 8/19/2024 | 14,842 | | | | | | | 148 | | 148 | |
| | | | | | | | | | | | | 2,748 | | 2,748 | |
MonitorUS Holding, LLC | (10) (13) (21) | SaaS Provider of Media Intelligence Services | | | | | | | | | | | | |
| | | Secured Debt | | 5/24/2022 | | 14.00% | | | 4.00% | 5/24/2027 | 1,155 | | 1,143 | | 1,181 | |
| | | Secured Debt | | 5/24/2022 | | 14.00% | | | 4.00% | 5/24/2027 | 3,002 | | 2,970 | | 3,319 | |
| | | Secured Debt | | 5/24/2022 | | 14.00% | | | 4.00% | 5/24/2027 | 5,109 | | 5,057 | | 5,109 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | Unsecured Debt | | 11/14/2023 | | 8.00% | | | 8.00% | 3/31/2025 | 32 | | 32 | | 32 | |
| | | Unsecured Debt | | 3/15/2024 | | 8.00% | | | 8.00% | 6/30/2025 | 16 | | 16 | | 16 | |
| | | Unsecured Debt | | 9/25/2024 | | 8.00% | | | 8.00% | 12/21/2025 | 30 | | 30 | | 30 | |
| | | Common Stock | | 8/30/2022 | 12,798,820 | | | | | | | 256 | | 211 | |
| | | | | | | | | | | | | 9,504 | | 9,898 | |
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 12/18/2019 | | | SF+ | 6.50% | | 12/18/2026 | — | | (3) | | (3) | |
| | | Secured Debt | (9) | 12/18/2019 | | 11.98% | SF+ | 6.50% | | 12/18/2026 | 14,651 | | 14,521 | | 14,651 | |
| | | | | | | | | | | | | 14,518 | | 14,648 | |
Obra Capital, Inc. | (10) | Provider of Asset Management Services Specialized in Insurance-Linked Strategies | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 6/21/2024 | | | SF+ | 7.50% | | 12/21/2028 | — | | (14) | | (14) | |
| | | Secured Debt | (9) | 6/21/2024 | | 12.53% | SF+ | 7.50% | | 6/21/2029 | 11,979 | | 11,643 | | 11,514 | |
| | | | | | | | | | | | | 11,629 | | 11,500 | |
OnPoint | (10) | Environmental & Facilities Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/1/2024 | | 11.60% | SF+ | 7.00% | | 11/16/2027 | 2,910 | | 2,886 | | 2,886 | |
| | | | | | | | | | | | | | |
Peaches Holding Corporation | | Wholesale Provider of Consumer Packaging Solutions | | | | | | | | | | | | |
| | | Common Equity | | 5/22/2024 | 806 | | | | | | | 1,805 | | 1,805 | |
| | | | | | | | | | | | | | |
Power System Solutions | (10) | Backup Power Generation | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 6/7/2023 | | | SF+ | 6.50% | | 6/7/2028 | — | | (29) | | (29) | |
| | | Secured Debt | (9) | 6/7/2023 | | 11.35% | SF+ | 6.50% | | 6/7/2028 | 2,646 | | 2,583 | | 2,646 | |
| | | Secured Debt | (9) | 6/7/2023 | | 11.60% | SF+ | 6.50% | | 6/7/2028 | 7,879 | | 7,705 | | 7,879 | |
| | | Common Equity | | 6/7/2023 | 532 | | | | | | | 532 | | 1,360 | |
| | | | | | | | | | | | | 10,791 | | 11,856 | |
PrimeFlight Aviation Services | (10) | Air Freight & Logistics | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/1/2023 | | 10.58% | SF+ | 5.50% | | 5/1/2029 | 5,925 | | 5,757 | | 5,925 | |
| | | Secured Debt | (9) | 9/7/2023 | | 10.10% | SF+ | 5.50% | | 5/1/2029 | 566 | | 548 | | 566 | |
| | | Secured Debt | (9) | 1/30/2024 | | 10.10% | SF+ | 5.50% | | 5/1/2029 | 569 | | 556 | | 569 | |
| | | Secured Debt | (9) | 6/28/2024 | | 9.85% | SF+ | 5.25% | | 5/1/2029 | 646 | | 637 | | 646 | |
| | | | | | | | | | | | | 7,498 | | 7,706 | |
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 | | 12.19% | SF+ | 6.75% | | 8/19/2027 | 448 | | 441 | | 442 | |
| | | Secured Debt | (9) | 8/19/2022 | | 12.13% | SF+ | 6.75% | | 8/19/2027 | 1,422 | | 1,404 | | 1,403 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
| | | | | | | | | | | | | 1,845 | | 1,845 | |
Purge Rite, LLC | (10) | HVAC Flushing and Filtration Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 10/2/2023 | | | SF+ | 8.00% | | 10/2/2028 | — | | (16) | | (16) | |
| | | Secured Debt | (9) | 10/2/2023 | | 13.64% | SF+ | 8.00% | | 10/2/2028 | 3,906 | | 3,828 | | 3,906 | |
| | | Preferred Equity | | 10/2/2023 | 13,021 | | | | | | | 1,289 | | 1,289 | |
| | | Common Equity | | 4/1/2024 | 13,021 | | | | | | | 13 | | 520 | |
| | | | | | | | | | | | | 5,114 | | 5,699 | |
Richardson Sales Solutions | (10) | Business Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 8/24/2023 | | 11.92% | SF+ | 6.75% | | 8/24/2028 | 1,333 | | 1,288 | | 1,313 | |
| | | Secured Debt | (9) | 8/24/2023 | | 12.03% | SF+ | 6.75% | | 8/24/2028 | 10,354 | | 10,109 | | 10,194 | |
| | | Secured Debt | (9) | 9/10/2024 | | 11.86% | SF+ | 6.75% | | 8/24/2028 | 5,097 | | 4,997 | | 5,018 | |
| | | | | | | | | | | | | 16,394 | | 16,525 | |
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 8/27/2021 | | | SF+ | 8.00% | | 8/27/2026 | — | | (7) | | — | |
| | | Secured Debt | (9) | 8/27/2021 | | 12.59% | SF+ | 7.00% | | 8/27/2026 | 4,223 | | 4,158 | | 4,057 | |
| | | Secured Debt | (9) | 8/27/2021 | | 14.59% | SF+ | 9.00% | | 8/27/2026 | 4,223 | | 4,158 | | 4,016 | |
| | | | | | | | | | | | | 8,309 | | 8,073 | |
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/16/2021 | | 12.79% | SF+ | 8.00% | 2.00% | 11/16/2025 | 6,509 | | 6,496 | | 6,509 | |
| | | Secured Debt | (9) | 7/16/2021 | | 12.79% | SF+ | 8.00% | 2.00% | 11/16/2025 | 8,465 | | 8,446 | | 8,465 | |
| | | | | | | | | | | | | 14,942 | | 14,974 | |
Slick Innovations, LLC | | Text Message Marketing Platform | | | | | | | | | | | | |
| | | Secured Debt | | 9/13/2018 | | 14.00% | | | | 12/22/2027 | 4,200 | | 4,087 | | 4,200 | |
| | | Common Stock | (8) | 9/13/2018 | 17,500 | | | | | | | — | | 540 | |
| | | | | | | | | | | | | 4,087 | | 4,740 | |
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 8/8/2024 | | | SF+ | 5.25% | | 8/8/2029 | — | | — | | — | |
| | | Secured Debt | (9) | 8/8/2024 | | 10.20% | SF+ | 5.25% | | 8/8/2029 | 4,388 | | 4,355 | | 4,355 | |
| | | Common Equity | | 12/10/2021 | 61 | | | | | | | 61 | | 59 | |
| | | | | | | | | | | | | 4,416 | | 4,414 | |
SPAU Holdings, LLC | (10) | Digital Photo Product Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (28) | 7/1/2022 | | 12.46% | SF+ | 7.50% | | 7/1/2027 | 780 | | 769 | | 780 | |
| | | Secured Debt | (9) | 7/1/2022 | | 12.45% | SF+ | 7.50% | | 7/1/2027 | 4,888 | | 4,834 | | 4,888 | |
| | | Common Stock | | 7/1/2022 | 200,000 | | | | | | | 200 | | 190 | |
| | | | | | | | | | | | | 5,803 | | 5,858 | |
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles | | | | | | | | | | | | |
| | | Preferred Equity | (23) | 7/7/2021 | 1,000,000 | | | | | | | 1,000 | | 2,410 | |
| | | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
The Affiliati Network, LLC | | Performance Marketing Solutions | | | | | | | | | | | | |
| | | Secured Debt | (30) | 8/9/2021 | | | | | | 8/9/2026 | — | | (2) | | (2) | |
| | | Secured Debt | | 8/9/2021 | | 10.00% | | | | 8/9/2026 | 1,400 | | 1,388 | | 1,372 | |
| | | Preferred Stock | (8) | 9/1/2023 | 65,427 | | | | | | | 65 | | 65 | |
| | | Preferred Stock | (8) | 8/9/2021 | 320,000 | | | | | | | 1,600 | | 1,600 | |
| | | | | | | | | | | | | 3,051 | | 3,035 | |
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) (30) | 3/11/2024 | | | SF+ | 6.50% | | 3/11/2029 | — | | (43) | | (43) | |
| | | Secured Debt | (9) | 3/11/2024 | | 11.10% | SF+ | 6.50% | | 3/11/2029 | 13,082 | | 12,676 | | 12,844 | |
| | | Preferred Equity | | 3/11/2024 | 468,750 | 8.00% | | | 8.00% | | | 469 | | 469 | |
| | | | | | | | | | | | | 13,102 | | 13,270 | |
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) | 6/1/2023 | | 12.50% | SF+ | 7.15% | 6.00% | 5/2/2027 | 6,755 | | 2,458 | | 2,702 | |
| | | Secured Debt | (14) | 6/1/2023 | | | | | | 5/2/2027 | 692 | | 15 | | — | |
| | | | | | | | | | | | | 2,473 | | 2,702 | |
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 | | 11.51% | SF+ | 6.25% | | 7/27/2029 | 19,539 | | 19,147 | | 19,147 | |
| | | Common Equity | | 7/29/2024 | 412,371 | | | | | | | 412 | | 412 | |
| | | | | | | | | | | | | 19,559 | | 19,559 | |
Urgent DSO LLC | | General and Emergency Dentistry Practice | | | | | | | | | | | | |
| | | Secured Debt | | 2/16/2024 | | 13.50% | | | | 2/16/2029 | 2,200 | | 2,142 | | 2,142 | |
| | | Preferred Equity | (8) | 2/16/2024 | 1,000 | 9.00% | | | 9.00% | | | 1,057 | | 1,057 | |
| | | | | | | | | | | | | 3,199 | | 3,199 | |
UserZoom Technologies, Inc. | (10) | Provider of User Experience Research Automation Software | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/11/2023 | | 12.75% | SF+ | 7.50% | | 4/5/2029 | 3,000 | | 2,934 | | 3,000 | |
| | | | | | | | | | | | | | |
Vistar Media, Inc. | (10) | Operator of Digital Out-of-Home Advertising Platform | | | | | | | | | | | | |
| | | Preferred Stock | | 4/3/2019 | 70,207 | | | | | | | 767 | | 3,180 | |
| | | | | | | | | | | | | | |
Vitesse Systems | (10) | Component Manufacturing and Machining Platform | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) (32) | 12/22/2023 | | 12.47% | | | | 12/22/2028 | 1,705 | | 1,666 | | 1,705 | |
| | | Secured Debt | (9) | 12/22/2023 | | 11.96% | SF+ | 7.00% | | 12/22/2028 | 12,406 | | 12,146 | | 12,406 | |
| | | | | | | | | | | | | 13,812 | | 14,111 | |
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel | | | | | | | | | | | | |
| | | Common Equity | (8) | 11/30/2021 | 769,231 | | | | | | | 769 | | 1,910 | |
| | | | | | | | | | | | | | |
Wall Street Prep, Inc. | (10) | Financial Training Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 7/19/2021 | | | SF+ | 7.00% | | 7/19/2026 | — | | (4) | | (4) | |
| | | Secured Debt | (9) | 7/19/2021 | | 12.48% | SF+ | 7.00% | | 7/19/2026 | 3,733 | | 3,702 | | 3,733 | |
| | | Common Stock | | 7/19/2021 | 500,000 | | | | | | | 500 | | 1,160 | |
| | | | | | | | | | | | | 4,198 | | 4,889 | |
Watterson Brands, LLC | (10) | Facility Management Services | | | | | | | | | | | | |
| | | Secured Debt | | 12/17/2021 | | 12.00% | | | 4.00% | 12/17/2026 | 306 | | 303 | | 290 | |
| | | Secured Debt | | 12/17/2021 | | 12.00% | | | 4.00% | 12/17/2026 | 53 | | 48 | | 50 | |
| | | Secured Debt | | 12/17/2021 | | 12.00% | | | 4.00% | 12/17/2026 | 2,177 | | 2,162 | | 2,059 | |
| | | Secured Debt | | 12/17/2021 | | 12.00% | | | 4.00% | 12/17/2026 | 1,965 | | 1,951 | | 1,858 | |
| | | | | | | | | | | | | 4,464 | | 4,257 | |
West Star Aviation Acquisition, LLC | (10) | Aircraft, Aircraft Engine and Engine Parts | | | | | | | | | | | | |
| | | Secured Debt | (9) (26) | 3/1/2022 | | 9.60% | SF+ | 5.00% | | 3/1/2028 | 662 | | 652 | | 662 | |
| | | Secured Debt | (9) | 3/1/2022 | | 9.60% | SF+ | 5.00% | | 3/1/2028 | 2,925 | | 2,888 | | 2,925 | |
| | | Secured Debt | (9) | 11/3/2023 | | 9.60% | SF+ | 5.00% | | 3/1/2028 | 1,456 | | 1,430 | | 1,456 | |
| | | Common Stock | (8) | 3/1/2022 | 200,000 | | | | | | | 200 | | 590 | |
| | | | | | | | | | | | | 5,170 | | 5,633 | |
Winter Services LLC | (10) | Provider of Snow Removal and Ice Management Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/19/2021 | | 13.59% | SF+ | 8.00% | | 11/19/2026 | 833 | | 778 | | 800 | |
| | | Secured Debt | (9) | 11/19/2021 | | 13.59% | SF+ | 8.00% | | 11/19/2026 | 2,343 | | 2,305 | | 2,248 | |
| | | Secured Debt | (9) | 1/16/2024 | | 12.59% | SF+ | 7.00% | | 11/19/2026 | 9,050 | | 8,892 | | 8,684 | |
| | | Secured Debt | (9) | 1/16/2024 | | 14.59% | SF+ | 9.00% | | 11/19/2026 | 9,050 | | 8,892 | | 8,684 | |
| | | | | | | | | | | | | 20,867 | | 20,416 | |
World Micro Holdings, LLC | | Supply Chain Management | | | | | | | | | | | | |
| | | Secured Debt | | 12/12/2022 | | 13.00% | | | | 12/12/2027 | 1,606 | | 1,586 | | 1,586 | |
| | | Preferred Equity | (8) | 12/12/2022 | 530 | | | | | | | 530 | | 530 | |
| | | | | | | | | | | | | 2,116 | | 2,116 | |
Xenon Arc, Inc. | (10) | Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/17/2021 | | 10.16% | SF+ | 5.25% | | 12/20/2028 | 1,179 | | 1,159 | | 1,179 | |
| | | Secured Debt | (9) | 12/17/2021 | | 10.63% | SF+ | 5.25% | | 12/20/2028 | 2,334 | | 2,309 | | 2,334 | |
| | | | | | | | | | | | | 3,468 | | 3,513 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(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) |
YS Garments, LLC | (11) | Designer and Provider of Branded Activewear | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/22/2018 | | 12.89% | SF+ | 7.50% | | 8/9/2026 | 5,153 | | 5,087 | | 4,699 | |
| | | | | | | | | | | | | | |
Zips Car Wash, LLC | (10) | Express Car Wash Operator | | | | | | | | | | | | |
| | | Secured Debt | (9) (26) | 2/11/2022 | | 12.46% | SF+ | 7.25% | 1.50% | 12/31/2024 | 2,360 | | 2,360 | | 2,219 | |
| | | Secured Debt | (9) (26) | 2/11/2022 | | 12.46% | SF+ | 7.25% | 1.50% | 12/31/2024 | 591 | | 591 | | 555 | |
| | | | | | | | | | | | | 2,951 | | 2,774 | |
ZRG Partners, LLC | (10) | Talent Advisory Services Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 6/14/2024 | | | SF+ | 6.00% | | 6/14/2029 | — | | (29) | | (29) | |
| | | Secured Debt | (9) | 6/14/2024 | | | SF+ | 6.00% | | 6/14/2029 | 630 | | 598 | | 613 | |
| | | Secured Debt | (9) | 6/14/2024 | | 11.26% | SF+ | 6.00% | | 6/14/2029 | 995 | | 977 | | 969 | |
| | | Secured Debt | (9) | 6/14/2024 | | 11.30% | SF+ | 6.00% | | 6/14/2029 | 7,133 | | 7,000 | | 6,944 | |
| | | | | | | | | | | | | 8,546 | | 8,497 | |
Subtotal Non-Control/Non-Affiliate Investments (127.8% of net assets at fair value) | | | | | | | | | | | | | $ | 836,194 | | $ | 790,604 | |
Total Portfolio Investments, September 30, 2024 (188.0% of net assets at fair value) | | | | | | | | | | | | | $ | 1,132,577 | | $ | 1,162,627 | |
| | | | | | | | | | | | | | |
Money market funds (included in cash and cash equivalents) | | | | | | | | | | | | | | |
First American Treasury Obligations Fund Class Z | (16) | | | | | | | | | | | | $ | 10,798 | | $ | 10,798 | |
Fidelity Government Portfolio Fund Class III | (34) | | | | | | | | | | | | 20,397 | | 20,397 | |
Total money market funds | | | | | | | | | | | | | $ | 31,195 | | $ | 31,195 | |
___________________________________________________
(1)All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered as security for one of the Company’s Credit Facilities.
(2)Debt investments are income producing, unless otherwise noted by footnote (14), as described below. Equity and warrants are non-income producing, unless otherwise noted by footnote (8), as described below.
(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.
(4)Principal is net of repayments. Cost is net of repayments and accumulated unearned income. Negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.
(5)Control investments are defined by the 1940 Act as investments in which more than 25% of the voting securities are owned or where the ability to nominate greater than 50% of the board representation is maintained.
(6)Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.
(7)Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
(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, 96% of the loans (based on the par amount) contain Term SOFR (“SOFR”) floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.25%.
(10)Private Loan portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Private Loan portfolio investments.
(11)Middle Market portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Middle Market portfolio investments.
(12)Other Portfolio investment. See Note C—Fair Value Hierarchy for Investments—Portfolio Composition for a description of Other Portfolio investments.
(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.
(14)Non-accrual and non-income producing debt investment.
(15)All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”
(16)Effective yield as of September 30, 2024 was approximately 4.97% 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, 2024.
(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 HoldCo entity.
(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.
(25)A majority of the variable rate loans in the Company’s Investment Portfolio (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 rate, plus the Adjustment, exceeds the stated floor rate, as applicable. As of September 30, 2024, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.43%.
(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, 2024.
(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.
(28)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2024.
(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
(30)The position is unfunded and no interest income is being earned as of September 30, 2024. The position may earn a nominal unused facility fee on committed amounts.
(31)Warrants are presented in equivalent shares/units with a strike price of $1.00 per share/unit.
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
(32)RLOC facility permits the borrower to make an interest rate election regarding the base rate on each draw under the facility. As of September 30, 2024, the facility had contracts running under the terms SF+7.00% (Floor 1.00%) and P+6.00% (Floor 2.00%). The rate presented represents a weighted-average rate for borrowings under the facility, as of September 30, 2024.
(33)The Company has entered into an intercreditor agreement that entitles the Company 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 Company receives a higher interest rate than the contractual stated interest rate of 11.75% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.
(34)Effective yield as of September 30, 2024 was approximately 4.58% on the Fidelity Government Portfolio Fund Class III.
MSC INCOME FUND, INC.
Consolidated Schedule of Investments
December 31, 2023
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |
Control Investments (5) | | | | | | | | | | | | | | |
Copper Trail Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (CTMH, LP) | (8) (24) | 7/17/2017 | 38.8% | | | | | | | $ | 693 | | $ | 568 | |
| | | | | | | | | | | | | | |
GRT Rubber Technologies LLC | | Manufacturer of Engineered Rubber Products | | | | | | | | | | | | |
| | | Secured Debt | | 12/21/2018 | | 11.48% | SF+ | 6.00% | | 10/29/2026 | 1,182 | | 1,173 | | 1,182 | |
| | | Secured Debt | | 12/19/2014 | | 13.48% | SF+ | 8.00% | | 10/29/2026 | 19,944 | | 19,803 | | 19,944 | |
| | | Member Units | | 12/19/2014 | 2,896 | | | | | | | 6,435 | | 21,890 | |
| | | | | | | | | | | | | 27,411 | | 43,016 | |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (2717 MH, L.P.) | (8) (24) | 10/1/2017 | 49.3% | | | | | | | 3,345 | | 6,050 | |
| | | | | | | | | | | | | | |
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 | | | | | | | 3,706 | | 3,110 | |
| | | 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 | | — | |
| | | | | | | | | | | | | 11,710 | | 4,010 | |
Subtotal Control Investments (8.6% of net assets at fair value) | | | | | | | | | | | | | $ | 43,159 | | $ | 53,644 | |
Affiliate Investments (6) | | | | | | | | | | | | | | |
Analytical Systems Keco Holdings, LLC | | Manufacturer of Liquid and Gas Analyzers | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/16/2019 | | 15.38% | SF+ | 10.00% | | 8/16/2024 | $ | 55 | | $ | 54 | | $ | 54 | |
| | | Secured Debt | (9) | 8/16/2019 | | 15.38% | SF+ | 10.00% | | 8/16/2024 | 1,031 | | 1,020 | | 1,020 | |
| | | Preferred Member Units | | 5/20/2021 | 607 | | | | | | | 607 | | 1,210 | |
| | | Preferred Member Units | | 8/16/2019 | 800 | 14.13% | | | | | | 800 | | — | |
| | | Warrants | (27) | 8/16/2019 | 105 | | | | | 8/16/2029 | | 79 | | — | |
| | | | | | | | | | | | | 2,560 | | 2,284 | |
Barfly Ventures, LLC | (10) | Casual Restaurant Group | | | | | | | | | | | | |
| | | Member Units | | 10/26/2020 | 12 | | | | | | | 528 | | 1,380 | |
| | | | | | | | | | | | | | |
Batjer TopCo, LLC | | HVAC Mechanical Contractor | | | | | | | | | | | | |
| | | Secured Debt | (37) | 3/7/2022 | | | | | | 3/7/2027 | — | | (1) | | — | |
| | | 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 | | 1,160 | | 1,175 | |
| | | Preferred Stock | (8) | 3/7/2022 | 453 | | | | | | | 455 | | 680 | |
| | | | | | | | | | | | | 1,644 | | 1,885 | |
Brewer Crane Holdings, LLC | | Provider of Crane Rental and Operating Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/9/2018 | | 15.46% | L+ | 10.00% | | 1/9/2025 | 1,375 | | 1,375 | | 1,374 | |
| | | Preferred Member Units | (8) | 1/9/2018 | 737 | | | | | | | 1,070 | | 1,400 | |
| | | | | | | | | | | | | 2,445 | | 2,774 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |
Centre Technologies Holdings, LLC | | Provider of IT Hardware Services and Software Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 1/4/2019 | | | SF+ | 9.00% | | 1/4/2026 | — | | — | | — | |
| | | Secured Debt | (9) | 1/4/2019 | | 14.48% | SF+ | 9.00% | | 1/4/2026 | 4,394 | | 4,364 | | 4,394 | |
| | | Preferred Member Units | | 1/4/2019 | 3,327 | | | | | | | 1,531 | | 2,760 | |
| | | | | | | | | | | | | 5,895 | | 7,154 | |
Chamberlin Holding LLC | | Roofing and Waterproofing Specialty Contractor | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 2/26/2018 | | | SF+ | 6.00% | | 2/26/2026 | — | | (49) | | — | |
| | | Secured Debt | (9) | 2/26/2018 | | 13.49% | SF+ | 8.00% | | 2/26/2026 | 3,905 | | 3,903 | | 3,905 | |
| | | Member Units | (8) | 2/26/2018 | 1,087 | | | | | | | 2,860 | | 7,330 | |
| | | Member Units | (8) (23) | 11/2/2018 | 261,786 | | | | | | | 443 | | 715 | |
| | | | | | | | | | | | | 7,157 | | 11,950 | |
Charps, LLC | | Pipeline Maintenance and Construction | | | | | | | | | | | | |
| | | Preferred Member Units | (8) | 2/3/2017 | 457 | | | | | | | 491 | | 3,920 | |
| | | | | | | | | | | | | | |
Clad-Rex Steel, LLC | | Specialty Manufacturer of Vinyl-Clad Metal | | | | | | | | | | | | |
| | | Secured Debt | | 12/20/2016 | | 11.50% | | | | 1/15/2024 | 2,140 | | 2,140 | | 2,103 | |
| | | Secured Debt | | 12/20/2016 | | 10.00% | | | | 12/20/2036 | 253 | | 251 | | 251 | |
| | | Member Units | (8) | 12/20/2016 | 179 | | | | | | | 1,820 | | 1,300 | |
| | | Member Units | (23) | 12/20/2016 | 200 | | | | | | | 127 | | 282 | |
| | | | | | | | | | | | | 4,338 | | 3,936 | |
Cody Pools, Inc. | | Designer of Residential and Commercial Pools | | | | | | | | | | | | |
| | | Secured Debt | (37) | 3/6/2020 | | | | | | 12/17/2026 | — | | (2) | | — | |
| | | Secured Debt | | 3/6/2020 | | 12.50% | | | | 12/17/2026 | 7,111 | | 7,089 | | 7,111 | |
| | | Preferred Member Units | (8) (23) | 3/6/2020 | 147 | | | | | | | 2,079 | | 18,120 | |
| | | | | | | | | | | | | 9,166 | | 25,231 | |
Colonial Electric Company LLC | | Provider of Electrical Contracting Services | | | | | | | | | | | | |
| | | Secured Debt | (37) | 3/31/2021 | | | | | | 3/31/2026 | — | | — | | — | |
| | | Secured Debt | | 3/31/2021 | | 12.00% | | | | 3/31/2026 | 5,513 | | 5,448 | | 5,407 | |
| | | Preferred Member Units | | 6/27/2023 | 240 | | | | | | | 240 | | 600 | |
| | | Preferred Member Units | | 3/31/2021 | 4,320 | | | | | | | 1,920 | | 1,920 | |
| | | | | | | | | | | | | 7,608 | | 7,927 | |
Compass Systems & Sales, LLC | | Designer of End-to-End Material Handling Solutions | | | | | | | | | | | | |
| | | Secured Debt | (37) | 11/22/2023 | | | | | | 11/22/2028 | — | | — | | — | |
| | | Secured Debt | | 11/22/2023 | | 13.50% | | | | 11/22/2028 | 4,300 | | 4,175 | | 4,175 | |
| | | Preferred Equity | | 11/22/2023 | 1,863 | | | | | | | 1,863 | | 1,863 | |
| | | | | | | | | | | | | 6,038 | | 6,038 | |
Datacom, LLC | | Technology and Telecommunications Provider | | | | | | | | | | | | |
| | | Secured Debt | | 3/1/2022 | | 7.50% | | | | 12/31/2025 | 50 | | 49 | | 49 | |
| | | Secured Debt | | 3/31/2021 | | 10.00% | | | | 12/31/2025 | 928 | | 887 | | 844 | |
| | | Preferred Member Units | | 3/31/2021 | 1,000 | | | | | | | 290 | | 10 | |
| | | | | | | | | | | | | 1,226 | | 903 | |
Digital Products Holdings LLC | | Designer and Distributor of Consumer Electronics | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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 | | 15.38% | SF+ | 10.00% | | 4/27/2026 | 3,718 | | 3,689 | | 3,673 | |
| | | Preferred Member Units | (8) | 4/1/2018 | 964 | | | | | | | 2,375 | | 2,459 | |
| | | | | | | | | | | | | 6,064 | | 6,132 | |
Direct Marketing Solutions, Inc. | | Provider of Omni-Channel Direct Marketing Services | | | | | | | | | | | | |
| | | Secured Debt | | 2/13/2018 | | 14.00% | | | | 2/13/2026 | 217 | | 213 | | 217 | |
| | | Secured Debt | | 12/27/2022 | | 14.00% | | | | 2/13/2026 | 5,002 | | 4,974 | | 5,002 | |
| | | Preferred Stock | (8) | 2/13/2018 | 2,100 | | | | | | | 2,100 | | 5,180 | |
| | | | | | | | | | | | | 7,287 | | 10,399 | |
Flame King Holdings, LLC | | Propane Tank and Accessories Distributor | | | | | | | | | | | | |
| | | Preferred Equity | (8) | 10/29/2021 | 2,340 | | | | | | | 2,600 | | 6,970 | |
| | | | | | | | | | | | | | |
Freeport Financial Funds | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Freeport First Lien Loan Fund III LP) | (8) (24) | 7/31/2015 | 6.0% | | | | | | | 4,160 | | 3,705 | |
| | | | | | | | | | | | | | |
Gamber-Johnson Holdings, LLC | | Manufacturer of Ruggedized Computer Mounting Systems | | | | | | | | | | | | |
| | | Secured Debt | (9) (36) (37) | 6/24/2016 | | | SF+ | 7.50% | | 1/1/2028 | — | | — | | — | |
| | | Secured Debt | (9) (36) | 12/15/2022 | | 10.50% | SF+ | 7.50% | | 1/1/2028 | 13,520 | | 13,336 | | 13,520 | |
| | | Member Units | (8) | 6/24/2016 | 2,261 | | | | | | | 4,423 | | 24,180 | |
| | | | | | | | | | | | | 17,759 | | 37,700 | |
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 | 2,336 | | 2,304 | | 2,336 | |
| | | Preferred Member Units | (8) | 3/31/2021 | 56 | | | | | | | 1,225 | | 2,870 | |
| | | | | | | | | | | | | 3,529 | | 5,206 | |
Gulf Publishing Holdings, LLC | | Energy Industry Focused Media and Publishing | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 9/29/2017 | | | SF+ | 9.50% | | 7/1/2027 | — | | — | | — | |
| | | Secured Debt | | 7/1/2022 | | 12.50% | | | | 7/1/2027 | 600 | | 600 | | 571 | |
| | | Preferred Equity | | 7/1/2022 | 15,930 | | | | | | | 1,400 | | 620 | |
| | | Member Units | | 4/29/2016 | 920 | | | | | | | 920 | | — | |
| | | | | | | | | | | | | 2,920 | | 1,191 | |
Harris Preston Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (HPEP 3, L.P.) | (24) | 8/9/2017 | 8.2% | | | | | | | 2,296 | | 4,225 | |
| | | | | | | | | | | | | | |
IG Investor, LLC | | Military and Other Tactical Gear | | | | | | | | | | | | |
| | | Secured Debt | (37) | 6/21/2023 | | | | | | 6/21/2028 | — | | (27) | | (27) | |
| | | Secured Debt | | 6/21/2023 | | 13.00% | | | | 6/21/2028 | 9,316 | | 9,069 | | 9,069 | |
| | | Common Equity | | 6/21/2023 | 3,600 | | | | | | | 3,600 | | 3,600 | |
| | | | | | | | | | | | | 12,642 | | 12,642 | |
Independent Pet Partners Intermediate Holdings, LLC | (10) | Omnichannel Retailer of Specialty Pet Products | | | | | | | | | | | | |
| | | Common Equity | | 4/7/2023 | 6,436,566 | | | | | | | 6,540 | | 6,320 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) |
| | | | | | | | | | | | | | |
Integral Energy Services | (10) | Nuclear Power Staffing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/20/2021 | | 13.16% | SF+ | 7.50% | | 8/20/2026 | 16,925 | | 16,737 | | 16,232 | |
| | | Preferred Equity | | 12/7/2023 | 3,725 | 10.00% | | | 10.00% | | | 265 | | 350 | |
| | | Common Stock | | 8/20/2021 | 11,647 | | | | | | | 1,584 | | 190 | |
| | | | | | | | | | | | | 18,586 | | 16,772 | |
Kickhaefer Manufacturing Company, LLC | | Precision Metal Parts Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | | 10/31/2018 | | 12.00% | | | | 10/31/2026 | 4,950 | | 4,933 | | 4,933 | |
| | | Secured Debt | | 10/31/2018 | | 9.00% | | | | 10/31/2048 | 960 | | 951 | | 951 | |
| | | Preferred Equity | | 10/31/2018 | 145 | | | | | | | 3,060 | | 2,420 | |
| | | Member Units | (23) | 10/31/2018 | 200 | | | | | | | 248 | | 683 | |
| | | | | | | | | | | | | 9,192 | | 8,987 | |
MH Corbin Holding LLC | | Manufacturer and Distributor of Traffic Safety Products | | | | | | | | | | | | |
| | | Secured Debt | (17) | 8/31/2015 | | 13.00% | | | | 12/31/2022 | 1,350 | | 1,350 | | 1,256 | |
| | | Preferred Member Units | | 3/15/2019 | 16,500 | | | | | | | 1,100 | | 80 | |
| | | Preferred Member Units | | 9/1/2015 | 1,000 | | | | | | | 1,500 | | — | |
| | | | | | | | | | | | | 3,950 | | 1,336 | |
Mystic Logistics Holdings, LLC | | Logistics and Distribution Services Provider for Large Volume Mailers | | | | | | | | | | | | |
| | | Secured Debt | (37) | 8/18/2014 | | | | | | 1/31/2024 | — | | — | | — | |
| | | Secured Debt | | 8/18/2014 | | 10.00% | | | | 1/31/2024 | 1,436 | | 1,436 | | 1,436 | |
| | | Common Stock | (8) | 8/18/2014 | 1,468 | | | | | | | 680 | | 6,598 | |
| | | | | | | | | | | | | 2,116 | | 8,034 | |
NexRev LLC | | Provider of Energy Efficiency Products & Services | | | | | | | | | | | | |
| | | Secured Debt | (37) | 2/28/2018 | | | | | | 2/28/2025 | — | | — | | — | |
| | | Secured Debt | | 2/28/2018 | | 10.00% | | | | 2/28/2025 | 2,453 | | 2,435 | | 2,435 | |
| | | Preferred Member Units | (8) | 2/28/2018 | 25,786,046 | | | | | | | 2,053 | | 1,590 | |
| | | | | | | | | | | | | 4,488 | | 4,025 | |
NuStep, LLC | | Designer, Manufacturer and Distributor of Fitness Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/31/2017 | | 11.98% | SF+ | 6.50% | | 1/31/2025 | 900 | | 899 | | 899 | |
| | | Secured Debt | | 1/31/2017 | | 12.00% | | | | 1/31/2025 | 4,610 | | 4,606 | | 4,606 | |
| | | Preferred Member Units | | 11/2/2022 | 515 | | | | | | | 515 | | 1,290 | |
| | | Preferred Member Units | | 1/31/2017 | 102 | | | | | | | 2,550 | | 2,310 | |
| | | | | | | | | | | | | 8,570 | | 9,105 | |
Oneliance, LLC | | Construction Cleaning Company | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/6/2021 | | 16.48% | SF+ | 11.00% | | 8/6/2026 | 1,360 | | 1,346 | | 1,339 | |
| | | Preferred Stock | | 8/6/2021 | 282 | | | | | | | 282 | | 282 | |
| | | | | | | | | | | | | 1,628 | | 1,621 | |
Orttech Holdings, LLC | | Distributor of Industrial Clutches, Brakes and Other Components | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 7/30/2021 | | | SF+ | 11.00% | | 7/31/2026 | — | | (2) | | — | |
| | | Secured Debt | (9) | 7/30/2021 | | 16.48% | SF+ | 11.00% | | 7/31/2026 | 5,510 | | 5,452 | | 5,510 | |
| | | Preferred Stock | (8) (23) | 7/30/2021 | 2,500 | | | | | | | 2,500 | | 4,260 | |
| | | | | | | | | | | | | 7,950 | | 9,770 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) |
Pinnacle TopCo, LLC | | Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products | | | | | | | | | | | | |
| | | Secured Debt | | 12/21/2023 | | 8.00% | | | | 12/31/2028 | 115 | | 105 | | 105 | |
| | | Secured Debt | | 12/21/2023 | | 13.00% | | | | 12/31/2028 | 7,660 | | 7,472 | | 7,472 | |
| | | Preferred Equity | | 12/21/2023 | 110 | | | | | | | 3,135 | | 3,135 | |
| | | | | | | | | | | | | 10,712 | | 10,712 | |
Robbins Bros. Jewelry, Inc. | | Bridal Jewelry Retailer | | | | | | | | | | | | |
| | | Secured Debt | (37) | 12/15/2021 | | | | | | 12/15/2026 | — | | (6) | | (6) | |
| | | Secured Debt | | 12/15/2021 | | 12.50% | | | | 12/15/2026 | 3,790 | | 3,745 | | 3,421 | |
| | | Preferred Equity | | 12/15/2021 | 1,230 | | | | | | | 1,230 | | — | |
| | | | | | | | | | | | | 4,969 | | 3,415 | |
SI East, LLC | | Rigid Industrial Packaging Manufacturing | | | | | | | | | | | | |
| | | Secured Debt | | 8/31/2018 | | 11.25% | | | | 6/16/2028 | 375 | | 370 | | 375 | |
| | | Secured Debt | | 6/16/2023 | | 12.47% | | | | 6/16/2028 | 18,179 | | 18,019 | | 18,179 | |
| | | Preferred Member Units | (8) | 8/31/2018 | 55 | | | | | | | 508 | | 6,390 | |
| | | | | | | | | | | | | 18,897 | | 24,944 | |
Student Resource Center, LLC | (10) | Higher Education Services | | | | | | | | | | | | |
| | | Secured Debt | (14) | 12/31/2022 | | 8.50% | | | 8.50% | 12/31/2027 | 5,918 | | 5,426 | | 3,543 | |
| | | Preferred Equity | | 12/31/2022 | 6,564,055 | | | | | | | — | | — | |
| | | | | | | | | | | | | 5,426 | | 3,543 | |
Tedder Industries, LLC | | Manufacturer of Firearm Holsters and Accessories | | | | | | | | | | | | |
| | | Secured Debt | (17) | 8/31/2018 | | 12.00% | | | | 8/31/2023 | 460 | | 460 | | 432 | |
| | | Secured Debt | (17) | 8/31/2018 | | 12.00% | | | | 8/31/2023 | 3,800 | | 3,800 | | 3,565 | |
| | | 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 | | — | |
| | | | | | | | | | | | | 6,877 | | 3,997 | |
Trantech Radiator Topco, LLC | | Transformer Cooling Products and Services | | | | | | | | | | | | |
| | | Secured Debt | (37) | 5/31/2019 | | | | | | 5/31/2024 | — | | (1) | | — | |
| | | Secured Debt | | 5/31/2019 | | 12.00% | | | | 5/31/2024 | 1,980 | | 1,975 | | 1,980 | |
| | | Common Stock | (8) | 5/31/2019 | 154 | | | | | | | 1,164 | | 3,180 | |
| | | | | | | | | | | | | 3,138 | | 5,160 | |
VVS Holdco LLC | | Omnichannel Retailer of Animal Health Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (17) (37) | 12/1/2021 | | | SF+ | 6.00% | | 12/1/2023 | — | | — | | — | |
| | | Secured Debt | | 12/1/2021 | | 11.50% | | | | 12/1/2026 | 7,050 | | 6,926 | | 6,926 | |
| | | Preferred Equity | (8) (23) | 12/1/2021 | 3,060 | | | | | | | 3,060 | | 3,060 | |
| | | | | | | | | | | | | 9,986 | | 9,986 | |
Subtotal Affiliate Investments (46.8% of net assets at fair value) | | | | | | | | | | | | | $ | 231,378 | | $ | 291,279 | |
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 | $ | 151 | | $ | 149 | | $ | 149 | |
| | | Secured Debt | | 12/11/2020 | | 18.00% | | | 18.00% | 6/25/2025 | 5,014 | | 4,888 | | 4,958 | |
| | | Common Stock | | 12/11/2020 | 593,927 | | | | | | | 3,148 | | — | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) |
| | | Warrants | (27) | 12/11/2020 | 197,717 | | | | | 12/11/2025 | | — | | — | |
| | | | | | | | | | | | | 8,185 | | 5,107 | |
AB Centers Acquisition Corporation | (10) | Applied Behavior Analysis Therapy Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 9/6/2022 | | | P+ | 5.00% | | 9/6/2028 | — | | (20) | | — | |
| | | Secured Debt | (9) | 9/6/2022 | | 11.43% | SF+ | 6.00% | | 9/6/2028 | 1,081 | | 1,066 | | 1,081 | |
| | | Secured Debt | (9) | 9/6/2022 | | 11.43% | SF+ | 6.00% | | 9/6/2028 | 2,304 | | 2,219 | | 2,304 | |
| | | Secured Debt | (9) | 6/21/2023 | | 11.43% | SF+ | 6.00% | | 9/6/2028 | 772 | | 743 | | 772 | |
| | | | | | | | | | | | | 4,008 | | 4,157 | |
Acumera, Inc. | (10) | Managed Security Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 6/7/2023 | | | SF+ | 7.50% | | 6/7/2028 | — | | (8) | | (8) | |
| | | Secured Debt | (9) | 6/7/2023 | | 12.98% | SF+ | 7.50% | | 6/7/2028 | 11,922 | | 11,825 | | 11,922 | |
| | | Warrants | (40) | 6/7/2023 | 14,953 | | | | | 5/19/2028 | | — | | 90 | |
| | | | | | | | | | | | | 11,817 | | 12,004 | |
Adams Publishing Group, LLC | (10) | Local Newspaper Operator | | | | | | | | | | | | |
| | | Secured Debt | (9) (36) | 3/11/2022 | | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 936 | | 936 | | 917 | |
| | | Secured Debt | (9) (36) | 3/11/2022 | | 11.00% | SF+ | 7.00% | 1.00% | 3/11/2027 | 2,531 | | 2,527 | | 2,481 | |
| | | | | | | | | | | | | 3,463 | | 3,398 | |
ADS Tactical, Inc. | (11) | Value-Added Logistics and Supply Chain Provider to the Defense Industry | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/29/2021 | | 11.22% | SF+ | 5.75% | | 3/19/2026 | 4,250 | | 4,210 | | 4,214 | |
| | | | | | | | | | | | | | |
AMEREQUIP LLC | (10) | Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 8/31/2022 | | | SF+ | 7.40% | | 8/31/2027 | — | | — | | — | |
| | | Secured Debt | (9) | 8/31/2022 | | 12.76% | SF+ | 7.40% | | 8/31/2027 | 1,538 | | 1,538 | | 1,538 | |
| | | Common Stock | (8) | 8/31/2022 | 11 | | | | | | | 83 | | 100 | |
| | | | | | | | | | | | | 1,621 | | 1,638 | |
American Health Staffing Group, Inc. | (10) | Healthcare Temporary Staffing | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 11/19/2021 | | | P+ | 5.00% | | 11/19/2026 | — | | (10) | | (10) | |
| | | Secured Debt | (9) | 11/19/2021 | | 13.50% | P+ | 5.00% | | 11/19/2026 | 8,188 | | 8,140 | | 8,188 | |
| | | | | | | | | | | | | 8,130 | | 8,178 | |
American Nuts, LLC | (10) | Roaster, Mixer and Packager of Bulk Nuts and Seeds | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/11/2022 | | 15.29% | SF+ | 9.75% | 15.29% | 4/10/2026 | 4,833 | | 4,812 | | 4,102 | |
| | | Secured Debt | (9) | 3/11/2022 | | 15.29% | SF+ | 9.75% | 15.29% | 4/10/2026 | — | | — | | — | |
| | | Secured Debt | (9) (14) | 3/11/2022 | | 17.29% | SF+ | 11.75% | 17.29% | 4/10/2026 | 4,270 | | 4,244 | | 2,522 | |
| | | Secured Debt | (9) (14) | 3/11/2022 | | 17.29% | SF+ | 11.75% | 17.29% | 4/10/2026 | — | | — | | — | |
| | | | | | | | | | | | | 9,056 | | 6,624 | |
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 | | 109 | |
| | | Secured Debt | (14) (17) | 5/19/2016 | | | | | | 6/8/2023 | 11,693 | | 11,451 | | 526 | |
| | | | | | | | | | | | | 13,826 | | 635 | |
ArborWorks, LLC | (10) | Vegetation Management Services | | | | | | | | | | | | |
| | | Secured Debt | | 11/6/2023 | | 15.00% | | | 15.00% | 11/6/2028 | 1,007 | | 1,007 | | 1,007 | |
| | | Secured Debt | (9) | 11/6/2023 | | 12.04% | SF+ | 6.50% | 12.04% | 11/6/2028 | 3,765 | | 3,765 | | 3,765 | |
| | | Preferred Equity | | 11/6/2023 | 17,265 | | | | | | | 7,468 | | 7,468 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |
| | | Preferred Equity | | 11/6/2023 | 17,265 | | | | | | | — | | — | |
| | | Common Equity | | 11/9/2021 | 2,070 | | | | | | | 124 | | — | |
| | | | | | | | | | | | | 12,364 | | 12,240 | |
Archer Systems, LLC | (10) | Mass Tort Settlement Administration Solutions Provider | | | | | | | | | | | | |
| | | Common Stock | | 8/11/2022 | 62,402 | | | | | | | 62 | | 100 | |
| | | | | | | | | | | | | | |
ATS Operating, LLC | (10) | For-Profit Thrift Retailer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/18/2022 | | 12.16% | SF+ | 6.50% | | 1/18/2027 | 50 | | 50 | | 50 | |
| | | Secured Debt | (9) | 1/18/2022 | | 11.16% | SF+ | 5.50% | | 1/18/2027 | 925 | | 911 | | 925 | |
| | | Secured Debt | (9) | 1/18/2022 | | 13.16% | SF+ | 7.50% | | 1/18/2027 | 925 | | 911 | | 925 | |
| | | Common Stock | | 1/18/2022 | 100,000 | | | | | | | 100 | | 90 | |
| | | | | | | | | | | | | 1,972 | | 1,990 | |
AVEX Aviation Holdings, LLC | (10) | Specialty Aircraft Dealer & MRO Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 12/23/2022 | | | SF+ | 7.25% | | 12/23/2027 | — | | (17) | | (5) | |
| | | Secured Debt | (9) | 12/23/2022 | | 12.76% | SF+ | 7.25% | | 12/23/2027 | 3,417 | | 3,321 | | 3,344 | |
| | | Common Equity | (8) | 12/15/2021 | 137 | | | | | | | 134 | | 124 | |
| | | | | | | | | | | | | 3,438 | | 3,463 | |
Berry Aviation, Inc. | (10) | Charter Airline Services | | | | | | | | | | | | |
| | | Preferred Member Units | (23) | 11/12/2019 | 122,416 | | | | | | | — | | 200 | |
| | | Preferred Member Units | (8) (23) | 7/6/2018 | 1,548,387 | | | | | | | — | | 2,560 | |
| | | | | | | | | | | | | — | | 2,760 | |
Bettercloud, Inc. | (10) | SaaS Provider of Workflow Management and Business Application Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 6/30/2022 | | | SF+ | 7.25% | | 6/30/2028 | — | | (18) | | (18) | |
| | | Secured Debt | (9) | 6/30/2022 | | 12.64% | SF+ | 7.25% | 6.25% | 6/30/2028 | 8,535 | | 8,419 | | 7,998 | |
| | | | | | | | | | | | | 8,401 | | 7,980 | |
Binswanger Enterprises, LLC | (10) | Glass Repair and Installation Service Provider | | | | | | | | | | | | |
| | | Member Units | | 3/10/2017 | 1,050,000 | | | | | | | 1,050 | | 120 | |
| | | | | | | | | | | | | | |
Bluestem Brands, Inc. | (11) | Multi-Channel Retailer of General Merchandise | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/19/2022 | | 16.00% | P+ | 7.50% | 15.00% | 8/28/2025 | 2,035 | | 2,035 | | 1,907 | |
| | | Secured Debt | (9) | 8/28/2020 | | 13.96% | SF+ | 8.50% | 12.96% | 8/28/2025 | 3,941 | | 3,305 | | 3,695 | |
| | | Common Stock | | 10/1/2020 | 700,446 | | | | | | | — | | 533 | |
| | | Warrants | (27) | 10/19/2022 | 175,110 | | | | | 10/19/2032 | | 1,111 | | 129 | |
| | | | | | | | | | | | | 6,451 | | 6,264 | |
Boccella Precast Products LLC | | Manufacturer of Precast Hollow Core Concrete | | | | | | | | | | | | |
| | | Secured Debt | | 9/23/2021 | | 10.00% | | | | 2/28/2027 | 80 | | 80 | | 80 | |
| | | Member Units | | 6/30/2017 | 540,000 | | | | | | | 564 | | 498 | |
| | | | | | | | | | | | | 644 | | 578 | |
Bond Brand Loyalty ULC | (10) (13) (21) | Provider of Loyalty Marketing Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 5/1/2023 | | | SF+ | 7.00% | | 5/1/2028 | — | | (16) | | (16) | |
| | | Secured Debt | (9) | 5/1/2023 | | 11.54% | SF+ | 6.00% | | 5/1/2028 | 4,040 | | 3,970 | | 4,040 | |
| | | Secured Debt | (9) | 5/1/2023 | | 13.54% | SF+ | 8.00% | | 5/1/2028 | 4,040 | | 3,970 | | 4,040 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |
| | | Preferred Equity | | 5/1/2023 | 360 | | | | | | | 360 | | 310 | |
| | | Common Equity | | 5/1/2023 | 360 | | | | | | | — | | — | |
| | | | | | | | | | | | | 8,284 | | 8,374 | |
Brightwood Capital Fund Investments | (12) (13) | Investment Partnership | | | | | | | | | | | | |
| | | LP Interests (Brightwood Capital Fund III, LP) | (24) | 7/21/2014 | 0.5% | | | | | | | 2,270 | | 1,360 | |
| | | LP Interests (Brightwood Capital Fund IV, LP) | (8) (24) | 10/26/2016 | 1.2% | | | | | | | 8,737 | | 8,716 | |
| | | | | | | | | | | | | 11,007 | | 10,076 | |
Buca C, LLC | | Casual Restaurant Group | | | | | | | | | | | | |
| | | Secured Debt | (17) | 6/30/2015 | | 12.00% | | | | 8/31/2023 | 11,490 | | 11,490 | | 8,218 | |
| | | Preferred Member Units | | 6/30/2015 | 4 | 6.00% | | | 6.00% | | | 3,040 | | — | |
| | | | | | | | | | | | | 14,530 | | 8,218 | |
Burning Glass Intermediate Holding Company, Inc. | (10) | Provider of Skills-Based Labor Market Analytics | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/14/2021 | | 10.46% | SF+ | 5.00% | | 6/10/2026 | 310 | | 296 | | 310 | |
| | | Secured Debt | (9) | 6/14/2021 | | 10.46% | SF+ | 5.00% | | 6/10/2028 | 13,121 | | 12,970 | | 13,121 | |
| | | | | | | | | | | | | 13,266 | | 13,431 | |
CAI Software LLC | | Provider of Specialized Enterprise Resource Planning Software | | | | | | | | | | | | |
| | | Preferred Equity | | 12/13/2021 | 379,338 | | | | | | | 379 | | 379 | |
| | | Preferred Equity | | 12/13/2021 | 126,446 | | | | | | | — | | — | |
| | | | | | | | | | | | | 379 | | 379 | |
Career Team Holdings, LLC | | Provider of Workforce Training and Career Development Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/17/2021 | | 11.38% | SF+ | 6.00% | | 12/17/2026 | 100 | | 96 | | 96 | |
| | | Secured Debt | | 12/17/2021 | | 13.00% | | | | 12/17/2026 | 2,225 | | 2,185 | | 2,185 | |
| | | Common Stock | | 12/17/2021 | 50,000 | | | | | | | 500 | | 500 | |
| | | | | | | | | | | | | 2,781 | | 2,781 | |
CaseWorthy, Inc. | (10) | SaaS Provider of Case Management Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 5/18/2022 | | | SF+ | 6.00% | | 5/18/2027 | — | | (3) | | (3) | |
| | | Secured Debt | (9) | 5/18/2022 | | 11.61% | SF+ | 6.00% | | 5/18/2027 | 2,581 | | 2,561 | | 2,581 | |
| | | Secured Debt | (9) | 5/18/2022 | | 11.61% | SF+ | 6.00% | | 5/18/2027 | 1,985 | | 1,971 | | 1,985 | |
| | | Common Equity | | 12/30/2022 | 80,000 | | | | | | | 80 | | 80 | |
| | | | | | | | | | | | | 4,609 | | 4,643 | |
Channel Partners Intermediateco, LLC | (10) | Outsourced Consumer Services Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (44) | 2/7/2022 | | 12.60% | SF+ | 7.00% | | 2/7/2027 | 190 | | 175 | | 183 | |
| | | Secured Debt | (9) | 2/7/2022 | | 12.66% | SF+ | 7.00% | | 2/7/2027 | 3,360 | | 3,317 | | 3,224 | |
| | | Secured Debt | (9) | 6/24/2022 | | 12.66% | SF+ | 7.00% | | 2/7/2027 | 186 | | 184 | | 179 | |
| | | Secured Debt | (9) | 3/27/2023 | | 12.66% | SF+ | 7.00% | | 2/7/2027 | 450 | | 440 | | 432 | |
| | | | | | | | | | | | | 4,116 | | 4,018 | |
Clarius BIGS, LLC | (10) | Prints & Advertising Film Financing | | | | | | | | | | | | |
| | | Secured Debt | (14) (17) | 9/23/2014 | | | | | | 1/5/2015 | 2,694 | | 2,350 | | 16 | |
| | | | | | | | | | | | | | |
Classic H&G Holdings, LLC | | Provider of Engineered Packaging Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 3/12/2020 | | 11.69% | SF+ | 6.00% | | 3/12/2025 | 1,140 | | 1,133 | | 1,140 | |
| | | Secured Debt | | 3/12/2020 | | 8.00% | | | | 3/12/2025 | 4,819 | | 4,781 | | 4,819 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio Company (1) (20) | | Business Description | Type of Investment (2) (3) (15) | | Investment Date (22) | Shares/Units | Total Rate | Reference Rate and Spread (25) | PIK Rate (19) | Maturity Date | Principal (4) | Cost (4) | Fair Value (18) |
| | | Preferred Member Units | (8) | 3/12/2020 | 39 | | | | | | | 1,440 | | 4,000 | |
| | | | | | | | | | | | | 7,354 | | 9,959 | |
Computer Data Source, LLC | (10) | Third Party Maintenance Provider to the Data Center Ecosystem | | | | | | | | | | | | |
| | | Secured Debt | (9) (30) | 8/6/2021 | | 13.52% | SF+ | 8.00% | | 8/6/2026 | 4,167 | | 4,123 | | 4,040 | |
| | | Secured Debt | (9) | 8/6/2021 | | 13.52% | SF+ | 8.00% | | 8/6/2026 | 15,260 | | 15,098 | | 14,797 | |
| | | | | | | | | | | | | 19,221 | | 18,837 | |
Construction Supply Investments, LLC | (10) | Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors | | | | | | | | | | | | |
| | | Member Units | | 12/29/2016 | 861,618 | | | | | | | 3,335 | | 23,135 | |
| | | | | | | | | | | | | | |
CQ Fluency, LLC | (10) | Global Language Services Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 12/27/2023 | | | SF+ | 7.00% | | 6/27/2027 | — | | (44) | | (44) | |
| | | Secured Debt | (9) (37) | 12/27/2023 | | | SF+ | 7.00% | | 6/27/2027 | — | | (44) | | (44) | |
| | | Secured Debt | (9) | 12/27/2023 | | 12.45% | SF+ | 7.00% | | 6/27/2027 | 7,500 | | 7,280 | | 7,280 | |
| | | | | | | | | | | | | 7,192 | | 7,192 | |
Dalton US Inc. | (10) | Provider of Supplemental Labor Services | | | | | | | | | | | | |
| | | Common Stock | | 8/16/2022 | 37 | | | | | | | 52 | | 60 | |
| | | | | | | | | | | | | | |
DMA Industries, LLC | | Distributor of Aftermarket Ride Control Products | | | | | | | | | | | | |
| | | Secured Debt | | 11/19/2021 | | 12.00% | | | | 11/19/2026 | 4,700 | | 4,642 | | 4,700 | |
| | | Preferred Equity | | 11/19/2021 | 1,486 | | | | | | | 1,486 | | 1,920 | |
| | | | | | | | | | | | | 6,128 | | 6,620 | |
DTE Enterprises, LLC | (10) | Industrial Powertrain Repair and Services | | | | | | | | | | | | |
| | | Class AA Preferred Member Units (non-voting) | (8) | 4/13/2018 | | 10.00% | | | 10.00% | | | 1,284 | | 1,283 | |
| | | Class A Preferred Member Units | | 4/13/2018 | 776,316 | 8.00% | | | 8.00% | | | 776 | | 260 | |
| | | | | | | | | | | | | 2,060 | | 1,543 | |
Dynamic Communities, LLC | (10) | Developer of Business Events and Online Community Groups | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/20/2022 | | 10.45% | SF+ | 5.00% | 10.45% | 12/31/2026 | 2,070 | | 1,912 | | 1,912 | |
| | | Secured Debt | (9) | 12/20/2022 | | 12.45% | SF+ | 7.00% | 12.45% | 12/31/2026 | 2,113 | | 1,879 | | 1,859 | |
| | | 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 | | | | | | | — | | — | |
| | | | | | | | | | | | | 3,919 | | 3,831 | |
Elgin AcquireCo, LLC | | Manufacturer and Distributor of Engine and Chassis Components | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 10/3/2022 | | | SF+ | 6.00% | | 10/3/2027 | — | | — | | — | |
| | | Secured Debt | | 10/3/2022 | | 12.00% | | | | 10/3/2027 | 1,227 | | 1,200 | | 1,200 | |
| | | Secured Debt | | 10/3/2022 | | 9.00% | | | | 10/3/2052 | 412 | | 409 | | 409 | |
| | | Common Stock | | 10/3/2022 | 19 | | | | | | | 374 | | 390 | |
| | | Common Stock | (23) | 10/3/2022 | 61 | | | | | | | 102 | | 109 | |
| | | | | | | | | | | | | 2,085 | | 2,108 | |
Emerald Technologies Acquisition Co, Inc. | (11) | Design & Manufacturing | | | | | | | | | | | | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) | 2/10/2022 | | 11.79% | SF+ | 6.25% | | 12/29/2027 | 2,391 | | 2,357 | | 2,175 | |
| | | | | | | | | | | | | | |
Engineering Research & Consulting, LLC | (10) | Provider of Engineering & Consulting Services to US Department of Defense | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 5/23/2022 | | | P+ | 5.50% | | 5/23/2027 | — | | (11) | | — | |
| | | Secured Debt | (9) | 5/23/2022 | | 11.98% | SF+ | 6.50% | | 5/23/2028 | 5,095 | | 5,023 | | 5,095 | |
| | | | | | | | | | | | | 5,012 | | 5,095 | |
Escalent, Inc. | (10) | Market Research and Consulting Firm | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 4/7/2023 | | | SF+ | 8.00% | | 4/7/2029 | — | | (9) | | (9) | |
| | | Secured Debt | (9) | 4/7/2023 | | 13.45% | SF+ | 8.00% | | 4/7/2029 | 6,924 | | 6,742 | | 6,924 | |
| | | Common Equity | | 4/7/2023 | 170,998 | | | | | | | 174 | | 190 | |
| | | | | | | | | | | | | 6,907 | | 7,105 | |
Event Holdco, LLC | (10) | Event and Learning Management Software for Healthcare Organizations and Systems | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/22/2021 | | 12.61% | SF+ | 7.00% | | 12/22/2026 | 308 | | 306 | | 302 | |
| | | Secured Debt | (9) | 12/22/2021 | | 12.61% | SF+ | 7.00% | | 12/22/2026 | 3,681 | | 3,659 | | 3,614 | |
| | | | | | | | | | | | | 3,965 | | 3,916 | |
Garyline, LLC | (10) | Manufacturer of Consumer Plastic Products | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 11/10/2023 | | | SF+ | 6.75% | | 11/10/2028 | — | | (76) | | (76) | |
| | | Secured Debt | (9) | 11/10/2023 | | 12.22% | SF+ | 6.75% | | 11/10/2028 | 9,664 | | 9,384 | | 9,384 | |
| | | Common Equity | | 11/10/2023 | 210,084 | | | | | | | 210 | | 210 | |
| | | | | | | | | | | | | 9,518 | | 9,518 | |
Hawk Ridge Systems, LLC | | Value-Added Reseller of Engineering Design and Manufacturing Solutions | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/2/2016 | | 11.65% | SF+ | 6.00% | | 1/15/2026 | 494 | | 492 | | 494 | |
| | | Secured Debt | | 12/2/2016 | | 12.50% | | | | 1/15/2026 | 9,744 | | 9,697 | | 9,744 | |
| | | Preferred Member Units | | 12/2/2016 | 56 | | | | | | | 713 | | 4,370 | |
| | | Preferred Member Units | (23) | 12/2/2016 | 56 | | | | | | | 38 | | 230 | |
| | | | | | | | | | | | | 10,940 | | 14,838 | |
HDC/HW Intermediate Holdings | (10) | Managed Services and Hosting Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (17) | 12/21/2018 | | 14.34% | SF+ | 9.50% | 14.34% | 12/21/2023 | 205 | | 205 | | 186 | |
| | | Secured Debt | (9) (17) | 12/21/2018 | | 14.34% | SF+ | 9.50% | 14.34% | 12/21/2023 | 2,036 | | 2,036 | | 1,849 | |
| | | | | | | | | | | | | 2,241 | | 2,035 | |
HEADLANDS OP-CO LLC | (10) | Clinical Trial Sites Operator | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 8/1/2022 | | | SF+ | 6.50% | | 8/1/2027 | — | | (14) | | (14) | |
| | | Secured Debt | (9) | 8/1/2022 | | 11.86% | SF+ | 6.50% | | 8/1/2027 | 1,995 | | 1,962 | | 1,995 | |
| | | Secured Debt | (9) | 8/1/2022 | | 11.86% | SF+ | 6.50% | | 8/1/2027 | 4,925 | | 4,854 | | 4,925 | |
| | | | | | | | | | | | | 6,802 | | 6,906 | |
Hybrid Promotions, LLC | (10) | Wholesaler of Licensed, Branded and Private Label Apparel | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/30/2021 | | 15.91% | SF+ | 8.25% | 2.00% | 6/30/2026 | 7,964 | | 7,813 | | 7,313 | |
| | | | | | | | | | | | | | |
IG Parent Corporation | (11) | Software Engineering | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 7/30/2021 | | | SF+ | 5.75% | | 7/30/2026 | — | | (13) | | — | |
| | | Secured Debt | (9) | 7/30/2021 | | 10.96% | SF+ | 5.50% | | 7/30/2028 | 6,266 | | 6,200 | | 6,266 | |
| | | Secured Debt | (9) | 7/30/2021 | | 10.96% | SF+ | 5.50% | | 7/30/2028 | 1,942 | | 1,921 | | 1,942 | |
| | | | | | | | | | | | | 8,108 | | 8,208 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) |
Imaging Business Machines, L.L.C. | (10) | Technology Hardware & Equipment | | | | | | | | | | | | |
| | | Secured Debt | (9) (29) | 6/8/2023 | | 12.41% | SF+ | 7.00% | | 6/30/2028 | 791 | | 791 | | 786 | |
| | | Secured Debt | (9) | 6/8/2023 | | 12.45% | SF+ | 7.00% | | 6/30/2028 | 10,384 | | 10,068 | | 10,318 | |
| | | Common Equity | | 6/8/2023 | 422 | | | | | | | 580 | | 550 | |
| | | | | | | | | | | | | 11,439 | | 11,654 | |
Implus Footcare, LLC | (10) | Provider of Footwear and Related Accessories | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/1/2017 | | 14.25% | SF+ | 7.75% | 1.00% | 7/31/2024 | 17,012 | | 17,010 | | 15,816 | |
| | | | | | | | | | | | | | |
Industrial Services Acquisition, LLC | (10) | Industrial Cleaning Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (32) | 8/13/2021 | | 12.22% | SF+ | 6.75% | | 8/13/2026 | 752 | | 734 | | 752 | |
| | | Secured Debt | (9) | 8/13/2021 | | 12.22% | SF+ | 6.75% | | 8/13/2026 | 11,436 | | 11,330 | | 11,436 | |
| | | Preferred Member Units | (8) (23) | 1/31/2018 | 336 | 10.00% | | | 10.00% | | | 321 | | 415 | |
| | | Preferred Member Units | (8) (23) | 5/17/2019 | 187 | 20.00% | | | 20.00% | | | 240 | | 279 | |
| | | Member Units | (23) | 6/17/2016 | 2,100 | | | | | | | 2,100 | | 1,610 | |
| | | | | | | | | | | | | 14,725 | | 14,492 | |
Infinity X1 Holdings, LLC | | Manufacturer and Supplier of Personal Lighting Products | | | | | | | | | | | | |
| | | Secured Debt | | 3/31/2023 | | 13.00% | | | | 3/31/2028 | 4,388 | | 4,314 | | 4,314 | |
| | | Preferred Equity | | 3/31/2023 | 20,000 | | | | | | | 1,000 | | 1,000 | |
| | | | | | | | | | | | | 5,314 | | 5,314 | |
Infolinks Media Buyco, LLC | (10) | Exclusive Placement Provider to the Advertising Ecosystem | | | | | | | | | | | | |
| | | Secured Debt | (9) | 11/1/2021 | | 11.21% | SF+ | 5.75% | | 11/1/2026 | 1,881 | | 1,829 | | 1,881 | |
| | | Secured Debt | (9) | 11/1/2021 | | 11.21% | SF+ | 5.75% | | 11/1/2026 | 9,690 | | 9,579 | | 9,690 | |
| | | | | | | | | | | | | 11,408 | | 11,571 | |
Insight Borrower Corporation | (10) | Test, Inspection, and Certification Instrument Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 7/19/2023 | | | SF+ | 6.25% | | 7/19/2028 | — | | (40) | | (40) | |
| | | Secured Debt | (9) (37) | 7/19/2023 | | | SF+ | 6.25% | | 7/19/2029 | — | | (33) | | (33) | |
| | | Secured Debt | (9) | 7/19/2023 | | 11.65% | SF+ | 6.25% | | 7/19/2029 | 8,373 | | 8,143 | | 8,287 | |
| | | Common Equity | | 7/19/2023 | 47,847 | | | | | | | 239 | | 239 | |
| | | | | | | | | | | | | 8,309 | | 8,453 | |
Inspire Aesthetics Management, LLC | (10) | Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (31) | 4/3/2023 | | 13.53% | SF+ | 8.00% | | 4/3/2028 | 676 | | 659 | | 664 | |
| | | Secured Debt | (9) | 4/3/2023 | | 13.55% | SF+ | 8.00% | | 4/3/2028 | 6,256 | | 6,115 | | 6,144 | |
| | | Secured Debt | (9) | 6/14/2023 | | 13.55% | SF+ | 8.00% | | 4/3/2028 | 1,260 | | 1,231 | | 1,237 | |
| | | Common Equity | | 4/3/2023 | 101,719 | | | | | | | 322 | | 190 | |
| | | | | | | | | | | | | 8,327 | | 8,235 | |
Interface Security Systems, L.L.C | (10) | Commercial Security & Alarm Services | | | | | | | | | | | | |
| | | Secured Debt | (17) (28) | 12/9/2021 | | 15.48% | SF+ | 10.00% | | 8/7/2023 | 1,835 | | 1,835 | | 1,781 | |
| | | Secured Debt | (9) (14) (17) | 8/7/2019 | | 12.46% | SF+ | 7.00% | 12.46% | 8/7/2023 | 7,334 | | 7,254 | | 433 | |
| | | Common Stock | | 12/7/2021 | 2,143 | | | | | | | — | | — | |
| | | | | | | | | | | | | 9,089 | | 2,214 | |
Intermedia Holdings, Inc. | (11) | Unified Communications as a Service | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/3/2018 | | 11.47% | SF+ | 6.00% | | 7/19/2025 | 5,544 | | 5,539 | | 5,370 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) |
| | | | | | | | | | | | | | |
Invincible Boat Company, LLC. | (10) | Manufacturer of Sport Fishing Boats | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/28/2019 | | 12.00% | SF+ | 6.50% | | 8/28/2025 | 519 | | 516 | | 509 | |
| | | Secured Debt | (9) | 8/28/2019 | | 12.00% | SF+ | 6.50% | | 8/28/2025 | 16,812 | | 16,751 | | 16,515 | |
| | | | | | | | | | | | | 17,267 | | 17,024 | |
INW Manufacturing, LLC | (11) | Manufacturer of Nutrition and Wellness Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/19/2021 | | 11.36% | SF+ | 5.75% | | 3/25/2027 | 6,656 | | 6,537 | | 5,325 | |
| | | | | | | | | | | | | | |
Iron-Main Investments, LLC | | Consumer Reporting Agency Providing Employment Background Checks and Drug Testing | | | | | | | | | | | | |
| | | Secured Debt | | 8/2/2021 | | 13.50% | | | | 1/31/2028 | 1,128 | | 1,108 | | 1,108 | |
| | | Secured Debt | | 9/1/2021 | | 13.50% | | | | 1/31/2028 | 735 | | 722 | | 722 | |
| | | Secured Debt | | 11/15/2021 | | 13.50% | | | | 1/31/2028 | 2,236 | | 2,236 | | 2,236 | |
| | | Secured Debt | | 11/15/2021 | | 13.50% | | | | 1/31/2028 | 4,906 | | 4,815 | | 4,815 | |
| | | Secured Debt | | 1/31/2023 | | 13.50% | | | | 1/31/2028 | 2,641 | | 2,525 | | 2,525 | |
| | | Common Stock | | 8/3/2021 | 50,753 | | | | | | | 689 | | 670 | |
| | | | | | | | | | | | | 12,095 | | 12,076 | |
Isagenix International, LLC | (11) | Direct Marketer of Health & Wellness Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 4/13/2023 | | 11.04% | SF+ | 5.50% | 8.54% | 4/14/2028 | 2,615 | | 2,374 | | 2,301 | |
| | | Common Equity | | 4/13/2023 | 186,322 | | | | | | | — | | — | |
| | | | | | | | | | | | | 2,374 | | 2,301 | |
ITA Holdings Group, LLC | | Air Ambulance Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 6/21/2023 | | 16.59% | SF+ | 9.00% | 2.00% | 6/21/2027 | 207 | | 201 | | 201 | |
| | | Secured Debt | (9) | 6/21/2023 | | 16.59% | SF+ | 9.00% | 2.00% | 6/21/2027 | 178 | | 174 | | 174 | |
| | | Secured Debt | (9) | 6/21/2023 | | 15.59% | SF+ | 8.00% | 2.00% | 6/21/2027 | 1,084 | | 842 | | 842 | |
| | | Secured Debt | (9) | 6/21/2023 | | 17.59% | SF+ | 10.00% | 2.00% | 6/21/2027 | 1,091 | | 848 | | 848 | |
| | | Warrants | (27) | 6/21/2023 | 48,327 | | | | | 6/21/2033 | | 523 | | 523 | |
| | | | | | | | | | | | | 2,588 | | 2,588 | |
Jackmont Hospitality, Inc. | (10) | Franchisee of Casual Dining Restaurants | | | | | | | | | | | | |
| | | Secured Debt | (9) (26) | 10/26/2022 | | 12.46% | SF+ | 7.00% | | 11/4/2024 | 1,675 | | 1,649 | | 1,675 | |
| | | Secured Debt | (9) | 11/8/2021 | | 12.46% | SF+ | 7.00% | | 11/4/2024 | 3,948 | | 3,948 | | 3,948 | |
| | | Preferred Equity | | 11/8/2021 | 5,653,333 | | | | | | | 216 | | 2,190 | |
| | | | | | | | | | | | | 5,813 | | 7,813 | |
Joerns Healthcare, LLC | (11) | Manufacturer and Distributor of Health Care Equipment & Supplies | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) | 11/15/2021 | | 23.63% | SF+ | 18.00% | 23.63% | 1/31/2024 | 2,048 | | 2,048 | | 1,747 | |
| | | Secured Debt | (9) (14) | 8/21/2019 | | 21.63% | SF+ | 16.00% | 21.63% | 8/21/2024 | 1,708 | | 1,701 | | 121 | |
| | | Secured Debt | (9) (14) | 8/21/2019 | | 21.63% | SF+ | 16.00% | 21.63% | 8/21/2024 | 1,643 | | 1,635 | | 117 | |
| | | Common Stock | | 8/21/2019 | 392,514 | | | | | | | 3,678 | | — | |
| | | | | | | | | | | | | 9,062 | | 1,985 | |
Johnson Downie Opco, LLC | | Executive Search Services | | | | | | | | | | | | |
| | | Secured Debt | (37) | 12/10/2021 | | | | | | 12/10/2026 | — | | (4) | | — | |
| | | Secured Debt | | 12/10/2021 | | 15.00% | | | | 12/10/2026 | 2,690 | | 2,645 | | 2,690 | |
| | | Preferred Equity | | 12/10/2021 | 368 | | | | | | | 404 | | 1,070 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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) |
| | | | | | | | | | | | | 3,045 | | 3,760 | |
JorVet Holdings, LLC | | Supplier and Distributor of Veterinary Equipment and Supplies | | | | | | | | | | | | |
| | | Secured Debt | | 3/28/2022 | | 12.00% | | | | 3/28/2027 | 2,850 | | 2,814 | | 2,814 | |
| | | Preferred Equity | (8) | 3/28/2022 | 11,934 | | | | | | | 1,193 | | 1,193 | |
| | | | | | | | | | | | | 4,007 | | 4,007 | |
JTI Electrical & Mechanical, LLC | (10) | Electrical, Mechanical and Automation Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (41) | 12/22/2021 | | 11.64% | SF+ | 6.00% | | 12/22/2026 | 261 | | 253 | | 261 | |
| | | Secured Debt | (9) | 12/22/2021 | | 11.61% | SF+ | 6.00% | | 12/22/2026 | 3,000 | | 2,963 | | 3,000 | |
| | | Common Equity | | 12/22/2021 | 140,351 | | | | | | | 140 | | 140 | |
| | | | | | | | | | | | | 3,356 | | 3,401 | |
KMS, LLC | (10) | Wholesaler of Closeout and Value-priced Products | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/4/2021 | | 14.75% | SF+ | 9.25% | | 10/4/2026 | 1,292 | | 1,235 | | 1,180 | |
| | | Secured Debt | (9) | 10/4/2021 | | 14.75% | SF+ | 9.25% | | 10/4/2026 | 9,310 | | 9,205 | | 8,475 | |
| | | | | | | | | | | | | 10,440 | | 9,655 | |
Lightbox Holdings, L.P. | (11) | Provider of Commercial Real Estate Software | | | | | | | | | | | | |
| | | Secured Debt | | 5/9/2019 | | 10.62% | SF+ | 5.00% | | 5/9/2026 | 5,765 | | 5,736 | | 5,592 | |
| | | | | | | | | | | | | | |
LL Management, Inc. | (10) | Medical Transportation Service Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/2/2019 | | 12.71% | SF+ | 7.25% | | 9/25/2024 | 7,960 | | 7,933 | | 7,960 | |
| | | Secured Debt | (9) | 5/2/2019 | | 12.71% | SF+ | 7.25% | | 9/25/2024 | 5,246 | | 5,228 | | 5,246 | |
| | | Secured Debt | (9) | 11/20/2020 | | 12.71% | SF+ | 7.25% | | 9/25/2024 | — | | — | | — | |
| | | Secured Debt | (9) | 2/26/2021 | | 12.71% | SF+ | 7.25% | | 9/25/2024 | 871 | | 868 | | 871 | |
| | | Secured Debt | (9) | 5/12/2022 | | 12.71% | SF+ | 7.25% | | 9/25/2024 | 8,822 | | 8,781 | | 8,822 | |
| | | | | | | | | | | | | 22,810 | | 22,899 | |
LLFlex, LLC | (10) | Provider of Metal-Based Laminates | | | | | | | | | | | | |
| | | Secured Debt | (9) | 8/16/2021 | | 15.54% | SF+ | 9.00% | 1.00% | 8/16/2026 | 4,920 | | 4,861 | | 4,417 | |
| | | | | | | | | | | | | | |
Logix Acquisition Company, LLC | (10) | Competitive Local Exchange Carrier | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/8/2018 | | 13.25% | P+ | 4.75% | | 12/22/2024 | 11,552 | | 11,285 | | 9,069 | |
| | | | | | | | | | | | | | |
Mako Steel, LP | (10) | Self-Storage Design & Construction | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 3/15/2021 | | | SF+ | 6.75% | | 3/15/2026 | — | | (36) | | — | |
| | | Secured Debt | (9) | 3/15/2021 | | 12.28% | SF+ | 6.75% | | 3/15/2026 | 16,721 | | 16,568 | | 16,721 | |
| | | | | | | | | | | | | 16,532 | | 16,721 | |
MB2 Dental Solutions, LLC | (11) | Dental Partnership Organization | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/28/2021 | | 11.46% | SF+ | 6.00% | | 1/29/2027 | 2,803 | | 2,771 | | 2,803 | |
| | | Secured Debt | (9) | 1/28/2021 | | 11.46% | SF+ | 6.00% | | 1/29/2027 | 3,925 | | 3,880 | | 3,925 | |
| | | Secured Debt | (9) | 1/28/2021 | | 11.46% | SF+ | 6.00% | | 1/29/2027 | 3,464 | | 3,424 | | 3,464 | |
| | | Secured Debt | (9) | 1/28/2021 | | 11.46% | SF+ | 6.00% | | 1/29/2027 | 7,796 | | 7,725 | | 7,796 | |
| | | | | | | | | | | | | 17,800 | | 17,988 | |
Metalforming Holdings, LLC | | Distributor of Sheet Metal Folding and Metal Forming Equipment | | | | | | | | | | | | |
| | | Secured Debt | (37) | 10/19/2022 | | | | | | 10/19/2024 | — | | — | | — | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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 | | 10/19/2022 | | 12.75% | | | | 10/19/2027 | 1,748 | | 1,707 | | 1,707 | |
| | | Preferred Equity | (8) | 10/19/2022 | 434,331 | 8.00% | | | 8.00% | | | 443 | | 443 | |
| | | Common Stock | | 10/19/2022 | 112,865 | | | | | | | 113 | | 110 | |
| | | | | | | | | | | | | 2,263 | | 2,260 | |
Microbe Formulas, LLC | (10) | Nutritional Supplements Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 4/4/2022 | | | SF+ | 6.25% | | 4/3/2028 | — | | (6) | | (6) | |
| | | Secured Debt | (9) | 4/4/2022 | | 11.46% | SF+ | 6.00% | | 4/3/2028 | 2,671 | | 2,632 | | 2,671 | |
| | | | | | | | | | | | | 2,626 | | 2,665 | |
Mills Fleet Farm Group, LLC | (10) | Omnichannel Retailer of Work, Farm and Lifestyle Merchandise | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/24/2018 | | 12.52% | SF+ | 7.00% | | 12/31/2026 | 18,152 | | 17,863 | | 17,524 | |
| | | | | | | | | | | | | | |
Mini Melts of America, LLC | (10) | Manufacturer and Distributor of Branded Premium Beaded Ice Cream | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 11/30/2023 | | | SF+ | 6.25% | | 11/30/2028 | — | | (28) | | (28) | |
| | | Secured Debt | (9) (37) | 11/30/2023 | | | SF+ | 6.25% | | 11/30/2028 | — | | (10) | | (10) | |
| | | Secured Debt | (9) | 11/30/2023 | | 10.64% | SF+ | 5.25% | | 11/30/2028 | 3,225 | | 3,149 | | 3,149 | |
| | | Secured Debt | (9) | 11/30/2023 | | 12.64% | SF+ | 7.25% | | 11/30/2028 | 3,225 | | 3,146 | | 3,146 | |
| | | Common Equity | | 11/30/2023 | 300,000 | | | | | | | 300 | | 300 | |
| | | | | | | | | | | | | 6,557 | | 6,557 | |
MonitorUS Holding, LLC | (10) (13) (21) | SaaS Provider of Media Intelligence Services | | | | | | | | | | | | |
| | | Secured Debt | | 5/24/2022 | | 14.00% | | | 4.00% | 5/24/2027 | 1,120 | | 1,106 | | 1,133 | |
| | | Secured Debt | | 5/24/2022 | | 14.00% | | | 4.00% | 5/24/2027 | 2,912 | | 2,870 | | 3,184 | |
| | | Secured Debt | | 5/24/2022 | | 14.00% | | | 4.00% | 5/24/2027 | 4,957 | | 4,890 | | 4,957 | |
| | | Common Stock | | 8/30/2022 | 12,798,820 | | | | | | | 256 | | 197 | |
| | | | | | | | | | | | | 9,122 | | 9,471 | |
NinjaTrader, LLC | (10) | Operator of Futures Trading Platform | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 12/18/2019 | | | SF+ | 7.00% | | 12/18/2026 | — | | (4) | | (3) | |
| | | Secured Debt | (9) (37) | 12/18/2019 | | | SF+ | 7.00% | | 12/18/2026 | — | | (12) | | (12) | |
| | | Secured Debt | (9) | 12/18/2019 | | 12.54% | SF+ | 7.00% | | 12/18/2026 | 10,991 | | 10,888 | | 10,991 | |
| | | Secured Debt | (9) | 12/18/2023 | | 12.52% | SF+ | 7.00% | | 12/18/2026 | 3,878 | | 3,807 | | 3,878 | |
| | | | | | | | | | | | | 14,679 | | 14,854 | |
Obra Capital, Inc. (f/k/a Vida Capital, Inc.) | (11) | Alternative Asset Manager | | | | | | | | | | | | |
| | | Secured Debt | | 10/10/2019 | | 11.47% | SF+ | 6.00% | | 10/1/2026 | 7,043 | | 6,711 | | 6,039 | |
| | | | | | | | | | | | | | |
Paragon Healthcare, Inc. | (10) | Infusion Therapy Treatment Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 1/19/2022 | | | SF+ | 5.75% | | 1/19/2027 | — | | (11) | | — | |
| | | Secured Debt | (9) (43) | 1/19/2022 | | 11.24% | SF+ | 5.75% | | 1/19/2027 | 423 | | 414 | | 421 | |
| | | Secured Debt | (9) | 1/19/2022 | | 11.25% | SF+ | 5.75% | | 1/19/2027 | 2,456 | | 2,412 | | 2,442 | |
| | | | | | | | | | | | | 2,815 | | 2,863 | |
Power System Solutions | (10) | Backup Power Generation | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 6/7/2023 | | | SF+ | 6.75% | | 6/7/2028 | — | | (35) | | (35) | |
| | | Secured Debt | (9) (37) | 6/7/2023 | | | SF+ | 6.75% | | 6/7/2028 | — | | (35) | | (35) | |
| | | Secured Debt | (9) | 6/7/2023 | | 12.12% | SF+ | 6.75% | | 6/7/2028 | 7,939 | | 7,729 | | 7,939 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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 | | 6/7/2023 | 532 | | | | | | | 532 | | 500 | |
| | | | | | | | | | | | | 8,191 | | 8,369 | |
PrimeFlight Aviation Services | (10) | Air Freight & Logistics | | | | | | | | | | | | |
| | | Secured Debt | (9) | 5/1/2023 | | 12.28% | SF+ | 6.85% | | 5/1/2029 | 5,970 | | 5,813 | | 5,970 | |
| | | Secured Debt | (9) | 9/7/2023 | | 12.20% | SF+ | 6.85% | | 5/1/2029 | 570 | | 553 | | 570 | |
| | | | | | | | | | | | | 6,366 | | 6,540 | |
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) (45) | 8/19/2022 | | 12.80% | SF+ | 7.25% | | 8/19/2027 | 198 | | 189 | | 196 | |
| | | Secured Debt | (9) | 8/19/2022 | | 12.88% | SF+ | 7.25% | | 8/19/2027 | 1,734 | | 1,707 | | 1,720 | |
| | | | | | | | | | | | | 1,896 | | 1,916 | |
Purge Rite, LLC | (10) | HVAC Flushing and Filtration Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 10/2/2023 | | | SF+ | 8.00% | | 10/2/2028 | — | | (19) | | (19) | |
| | | Secured Debt | (9) | 10/2/2023 | | 13.70% | SF+ | 8.00% | | 10/2/2028 | 3,906 | | 3,813 | | 3,813 | |
| | | Preferred Equity | | 10/2/2023 | 1,302,083 | | | | | | | 1,302 | | 1,302 | |
| | | | | | | | | | | | | 5,096 | | 5,096 | |
RA Outdoors LLC | (10) | Software Solutions Provider for Outdoor Activity Management | | | | | | | | | | | | |
| | | Secured Debt | (9) (32) | 4/8/2021 | | 12.22% | SF+ | 6.75% | | 4/8/2026 | 796 | | 789 | | 745 | |
| | | Secured Debt | (9) | 4/8/2021 | | 12.21% | SF+ | 6.75% | | 4/8/2026 | 12,917 | | 12,829 | | 12,089 | |
| | | | | | | | | | | | | 13,618 | | 12,834 | |
Research Now Group, Inc. and Survey Sampling International, LLC | (11) | Provider of Outsourced Online Surveying | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/29/2017 | | 11.14% | SF+ | 5.50% | | 12/20/2024 | 9,691 | | 9,691 | | 7,237 | |
| | | | | | | | | | | | | | |
Richardson Sales Solutions | (10) | Business Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (34) | 8/24/2023 | | 18.47% | SF+ | 6.50% | | 8/24/2028 | 833 | | 781 | | 818 | |
| | | Secured Debt | (9) | 8/24/2023 | | 11.88% | SF+ | 6.50% | | 8/24/2028 | 10,553 | | 10,261 | | 10,362 | |
| | | | | | | | | | | | | 11,042 | | 11,180 | |
Roof Opco, LLC | (10) | Residential Re-Roofing/Repair | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 8/27/2021 | | | SF+ | 6.50% | | 8/27/2026 | — | | (10) | | — | |
| | | Secured Debt | (9) | 8/27/2021 | | 12.16% | SF+ | 6.50% | | 8/27/2026 | 4,219 | | 4,150 | | 4,142 | |
| | | Secured Debt | (9) | 8/27/2021 | | 14.16% | SF+ | 8.50% | | 8/27/2026 | 4,219 | | 4,150 | | 4,082 | |
| | | | | | | | | | | | | 8,290 | | 8,224 | |
Rug Doctor, LLC. | (10) | Carpet Cleaning Products and Machinery | | | | | | | | | | | | |
| | | Secured Debt | (9) | 7/16/2021 | | 13.54% | SF+ | 6.00% | 2.00% | 11/16/2025 | 6,410 | | 6,389 | | 6,383 | |
| | | Secured Debt | (9) | 7/16/2021 | | 13.54% | SF+ | 6.00% | 2.00% | 11/16/2025 | 9,022 | | 8,991 | | 8,984 | |
| | | | | | | | | | | | | 15,380 | | 15,367 | |
Slick Innovations, LLC | | Text Message Marketing Platform | | | | | | | | | | | | |
| | | Secured Debt | | 9/13/2018 | | 14.00% | | | | 12/22/2027 | 2,860 | | 2,777 | | 2,860 | |
| | | Common Stock | | 9/13/2018 | 17,500 | | | | | | | 114 | | 600 | |
| | | | | | | | | | | | | 2,891 | | 3,460 | |
South Coast Terminals Holdings, LLC | (10) | Specialty Toll Chemical Manufacturer | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/10/2021 | | 11.46% | SF+ | 6.00% | | 12/13/2026 | 38 | | 34 | | 34 | |
| | | Secured Debt | (9) | 12/10/2021 | | 11.70% | SF+ | 6.00% | | 12/13/2026 | 2,979 | | 2,943 | | 2,979 | |
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(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 | | 12/10/2021 | 60,606 | | | | | | | 61 | | 59 | |
| | | | | | | | | | | | | 3,038 | | 3,072 | |
SPAU Holdings, LLC | (10) | Digital Photo Product Provider | | | | | | | | | | | | |
| | | Secured Debt | (9) (37) | 7/1/2022 | | | SF+ | 8.00% | | 7/1/2027 | — | | (14) | | — | |
| | | Secured Debt | (9) | 7/1/2022 | | 13.72% | SF+ | 8.00% | | 7/1/2027 | 4,925 | | 4,857 | | 4,925 | |
| | | Common Stock | | 7/1/2022 | 200,000 | | | | | | | 200 | | 160 | |
| | | | | | | | | | | | | 5,043 | | 5,085 | |
Tex Tech Tennis, LLC | (10) | Sporting Goods & Textiles | | | | | | | | | | | | |
| | | Preferred Equity | (23) | 7/7/2021 | 1,000,000 | | | | | | | 1,000 | | 2,840 | |
| | | | | | | | | | | | | | |
The Affiliati Network, LLC | | Performance Marketing Solutions | | | | | | | | | | | | |
| | | Secured Debt | | 8/9/2021 | | 13.00% | | | | 8/9/2026 | 40 | | 37 | | 37 | |
| | | Secured Debt | | 8/9/2021 | | 13.00% | | | | 8/9/2026 | 1,880 | | 1,858 | | 1,841 | |
| | | Preferred Stock | | 9/1/2023 | 43,027 | | | | | | | 43 | | 43 | |
| | | Preferred Stock | (8) | 8/9/2021 | 320,000 | | | | | | | 1,600 | | 1,600 | |
| | | | | | | | | | | | | 3,538 | | 3,521 | |
U.S. TelePacific Corp. | (11) | Provider of Communications and Managed Services | | | | | | | | | | | | |
| | | Secured Debt | (9) (14) | 6/1/2023 | | 12.53% | SF+ | 7.15% | 6.00% | 5/2/2027 | 6,802 | | 2,623 | | 2,438 | |
| | | Secured Debt | (14) | 6/1/2023 | | | | | | 5/2/2027 | 692 | | 15 | | — | |
| | | | | | | | | | | | | 2,638 | | 2,438 | |
USA DeBusk LLC | (10) | Provider of Industrial Cleaning Services | | | | | | | | | | | | |
| | | Secured Debt | (9) | 10/22/2019 | | 11.46% | SF+ | 6.00% | | 9/8/2026 | 12,405 | | 12,308 | | 12,405 | |
| | | Secured Debt | (9) | 7/19/2023 | | 11.96% | SF+ | 6.50% | | 9/8/2026 | 4,825 | | 4,742 | | 4,825 | |
| | | Secured Debt | (9) | 11/21/2023 | | 11.96% | SF+ | 6.50% | | 9/8/2026 | 2,515 | | 2,468 | | 2,515 | |
| | | | | | | | | | | | | 19,518 | | 19,745 | |
UserZoom Technologies, Inc. | (10) | Provider of User Experience Research Automation Software | | | | | | | | | | | | |
| | | Secured Debt | (9) | 1/11/2023 | | 12.99% | SF+ | 7.50% | | 4/5/2029 | 3,000 | | 2,923 | | 3,000 | |
| | | | | | | | | | | | | | |
Vistar Media, Inc. | (10) | Operator of Digital Out-of-Home Advertising Platform | | | | | | | | | | | | |
| | | Preferred Stock | | 4/3/2019 | 70,207 | | | | | | | 767 | | 2,180 | |
| | | | | | | | | | | | | | |
Vitesse Systems | (10) | Component Manufacturing and Machining Platform | | | | | | | | | | | | |
| | | Secured Debt | (9) | 12/22/2023 | | 12.63% | SF+ | 7.00% | | 12/22/2028 | 12,500 | | 12,193 | | 12,193 | |
| | | | | | | | | | | | | | |
VORTEQ Coil Finishers, LLC | (10) | Specialty Coating of Aluminum and Light-Gauge Steel | | | | | | | | | | | | |
|