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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

Table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended September 30, 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.

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.

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Table of contents

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
Item 1.			Consolidated Financial Statements
			Consolidated Balance Sheets—September 30, 2024 (unaudited) and December 31, 2023			1
			Consolidated Statements of Operations (unaudited)—Three and nine months ended September 30, 2024 and 2023			2
			Consolidated Statements of Changes in Net Assets (unaudited)—Three and nine months ended September 30, 2024 and 2023			3
			Consolidated Statements of Cash Flows (unaudited)—Nine months ended September 30, 2024 and 2023			4
			Consolidated Schedule of Investments (unaudited)—September 30, 2024			5
			Consolidated Schedule of Investments—December 31, 2023			29
			Notes to Consolidated Financial Statements (unaudited)			49
			Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Nine months ended September 30, 2024 and 2023			86
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			96
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			112
Item 4.			Controls and Procedures			113
PART II
OTHER INFORMATION
Item 1.			Legal Proceedings			114
Item 1A.			Risk Factors			114
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			114
Item 5.			Other Information			114
Item 6.			Exhibits			116
			Signatures			117

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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
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
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

1

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MSC INCOME FUND, INC.

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			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)
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

2

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MSC INCOME FUND, INC.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)

			Common Stock												Additional Paid-In Capital						Total Overdistributed Earnings						Total Net Asset Value
			Number of Shares						Par Value
Balances 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)
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)
Balances as of September 30, 2023			80,013,948						$	80					$	685,237					$	(71,748)					$	613,569
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)
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)
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)
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

3

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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:
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
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)
Prepaid and other assets			(714)						(1,982)
Management and incentive fees payable			(1,271)						524
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)
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
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

4

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Table of contents

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

5

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Table of contents

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

6

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Table of contents

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

7

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Table of contents

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

8

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Table of contents

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

9

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Table of contents

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

10

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Table of contents

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

11

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Table of contents

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

12

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Table of contents

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

13

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Table of contents

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

14

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Table of contents

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

15

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Table of contents

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

16

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Table of contents

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

17

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Table of contents

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

18

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Table of contents

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

19

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Table of contents

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

20

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Table of contents

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

21

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Table of contents

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

22

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Table of contents

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

23

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Table of contents

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

24

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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

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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.

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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.

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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.

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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

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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

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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

31

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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

32

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Table of contents

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			—

33

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Table of contents

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

34

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Table of contents

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

35

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Table of contents

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

36

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Table of contents

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

37

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Table of contents

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

38

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Table of contents

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

39

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Table of contents

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

40

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Table of contents

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			—			—			—

41

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Table of contents

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

42

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Table of contents

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

43

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Table of contents

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