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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
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from:             to             
Commission File Number: 814-00939
MSC Income Fund, Inc.
(Exact name of registrant as specified in its charter)
Maryland
45-3999996
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
1300 Post Oak Boulevard, 8th Floor
Houston, TX
77056
(Address of principal executive offices)
(Zip Code)
(713350-6000
(Registrant’s telephone number including area code)
n/a
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol
Name of Each Exchange on Which
Registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 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
oNon-accelerated filerþ
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
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 equivalents48,926 30,786 
Interest and dividend receivable11,597 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 assets2,805 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 liabilities3,609 255 
Payable for securities purchased11,655 206 
Interest payable8,631 6,266 
Dividend payable14,478 14,019 
Management and incentive fees payable7,474 8,745 
Deferred tax liability, net6,883 3,259 
Total liabilities608,797 517,593 
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 capital689,949 686,136 
Total overdistributed earnings(71,544)(63,909)
Total net assets618,485 622,307 
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,
2024202320242023
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$818 $804 $2,643 $2,321 
Affiliate investments7,719 6,941 22,891 22,241 
Non‑Control/Non‑Affiliate investments24,940 24,606 75,839 72,064 
Total investment income33,477 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 expenses2,206 2,014 6,678 6,297 
Total expenses, net of expense waivers(19,295)(18,229)(58,280)(53,997)
NET INVESTMENT INCOME14,182 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 investments25,372 (109)23,745 (20,021)
Total net realized gain (loss)25,372 435 23,802 (24,986)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments912 (735)4,631 (1,433)
Affiliate investments182 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 StockAdditional
Paid-In
Capital
Total
Overdistributed
Earnings
Total Net
Asset Value
Number of
Shares
Par
Value
Balances as of December 31, 202280,105,999$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 operations12,231 12,231 
Dividends to stockholders (14,026)(14,026)
Balances as of March 31, 202380,150,887$80 $684,594 $(76,375)$608,299 
Issuance of common stock255,7542,0002,000 
Dividend reinvestment 608,618 1 4,7594,760 
Common stock repurchased(965,568)(1)(6,522)(6,523)
Net increase in net assets resulting from operations19,25619,256 
Dividends to stockholders (14,009)(14,009)
Balances as of June 30, 202380,049,691$80 $684,831 $(71,128)$613,783 
Issuance of common stock348,542 — 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, 202380,013,948$80 $685,237 $(71,748)$613,569 
Balances as of December 31, 202380,108,865$80 $686,136 $(63,909)$622,307 
Issuance of common stock314,070— 2,500 — 2,500 
Dividend reinvestment 564,9691 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, 202480,112,588$80 $686,582 $(68,141)$618,521 
Issuance of common stock315,259— 2,500 — 2,500 
Dividend reinvestment583,8751 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, 202480,141,342$80 $687,532 $(64,437)$623,175 
Issuance of common stock250,627— 2,000 — 2,000 
Dividend reinvestment557,9191 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, 202480,434,891$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,
20242023
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 companies169,961 119,927 
Proceeds from sales and return of capital of equity investments in portfolio companies39,496 13,280 
Net unrealized (appreciation) depreciation24,656 (30,415)
Net realized (gain) loss on portfolio investments(23,802)24,986 
Amortization of deferred financing costs2,338 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 provision3,625 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 payable2,365 3,231 
Accounts payable and other liabilities3,354 (552)
Net cash provided by (used in) operating activities(13,383)8,969 
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock7,000 4,750 
Redemption of common stock(16,765)(17,542)
Payment of offering costs (129)
Dividends paid(29,686)(26,990)
Proceeds from Credit Facilities252,000 107,000 
Repayments on Credit Facilities(181,000)(72,000)
Payment of deferred financing costs(26)(2,262)
Net cash provided by (used in) financing activities31,523 (7,173)
Net increase in cash and cash equivalents18,140 1,796 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD30,786 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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MSC INCOME FUND, INC.
Consolidated Schedule of Investments
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)  (24)7/17/201739.0%$655 $530 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt 12/21/201811.35%SF+6.00%10/29/20261,550 1,536 1,550 
Secured Debt 12/19/201413.35%SF+8.00%10/29/202619,944 19,841 19,944 
Member Units (8)12/19/20142,8966,435 21,890 
27,812 43,384 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.) (8) (24)10/1/201749.0%3,345 8,819 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/2025900 900 900 
Preferred Member Units3/31/20232,184,6831,901 3,200 
Preferred Member Units3/31/202361,077  
Preferred Member Units1/26/20152,090,0016,000  
Common Stock3/31/2023772,6201,104  
9,905 4,100 
Subtotal Control Investments (9.2% of net assets at fair value)
$41,717 $56,833 
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt (30)8/16/2019   8/16/2029$ $ $ 
Secured Debt 8/16/201913.75%  8/16/20291,036 1,024 1,024 
Preferred Member Units5/20/2021607607 1,430 
Preferred Member Units8/16/2019800 800  
Warrants (27)8/16/20191058/16/202979  
2,510 2,454 
Barfly Ventures, LLC(10)Casual Restaurant Group
Member Units 10/26/202012528 1,787 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt 3/7/202210.00%3/7/202750 49 49 
Secured Debt3/7/202210.00%3/7/202730 30 30 
Secured Debt 3/7/2022 10.00%3/7/20271,175 1,164 1,164 
5

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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 DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Stock (8)3/7/2022453455 570 
1,698 1,813 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt (9)1/9/201815.35%SF+10.00%1/9/20251,285 1,285 1,285 
Preferred Member Units (8)1/9/20187371,070 1,360 
2,355 2,645 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt (9) (30)1/4/2019SF+10.00%1/4/2028   
Secured Debt (9)1/4/201915.35%SF+10.00%1/4/20285,116 5,062 5,116 
Preferred Member Units1/4/20193,3271,531 2,990 
6,593 8,106 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt (9) (30)2/26/2018SF+6.00%2/26/2026 (32) 
Secured Debt (9)2/26/201813.36%SF+8.00%2/26/20263,905 3,904 3,905 
Member Units (8)2/26/20181,0872,860 7,630 
Member Units (8) (23)11/2/2018261,786443 805 
7,175 12,340 
Charps, LLCPipeline Maintenance and Construction
Preferred Member Units (8)2/3/2017457491 3,900 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt (30)10/28/20221/15/2027   
Secured Debt 12/20/201610.00%  1/15/20271,790 1,783 1,783 
Secured Debt12/20/201610.00%12/20/2036246 244 244 
Member Units (8)12/20/20161791,820 2,210 
Member Units (23)12/20/2016200127 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 3/6/202012.50%  12/17/20266,712 6,698 6,712 
Preferred Member Units (8) (23)3/6/20201472,079 17,490 
8,774 24,202 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt (30)3/31/20213/31/2026   
Secured Debt3/31/202112.00%3/31/20264,056 4,025 4,056 
Preferred Member Units (8)3/31/20214,3201,920 3,280 
5,945 7,336 
6

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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 DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt (30)11/22/2023 11/22/2028 (17)(17)
Secured Debt11/22/202313.50%11/22/20284,300 4,194 4,194 
Preferred Equity11/22/20231,8631,863 1,980 
6,040 6,157 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/202540 39 39 
Secured Debt3/31/202110.00%12/31/2025906 881 845 
Preferred Member Units 3/31/20211,000290 40 
1,210 924 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt (9)4/1/201815.25%SF+10.00%4/27/20263,237 3,220 3,203 
Preferred Member Units (8)4/1/20189642,375 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 12/27/202214.00%  2/13/20264,751 4,735 4,751 
Preferred Stock 2/13/20182,1002,100 4,820 
6,833 9,571 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity (8)10/29/20212,3402,600 8,940 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP) (8) (24)7/31/20156.0%2,155 1,893 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt (9) (29) (30)6/24/2016SF+7.00%1/1/2028   
Secured Debt (9) (29)12/15/202210.00%SF+7.00%1/1/202812,120 11,986 12,120 
Member Units (8)6/24/20162,2614,423 26,840 
16,409 38,960 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20262,046 2,027 2,046 
7

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Member Units (8)3/31/2021561,225 2,640 
3,252 4,686 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt (9) (14) (30)9/29/2017SF+9.50%7/1/2027   
Secured Debt(14)7/1/202212.50%12.50%7/1/2027600 600 351 
Preferred Equity7/1/202215,9301,400  
Member Units4/29/2016920920  
2,920 351 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.) (8) (24)8/9/20178.0%2,296 4,472 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt 6/21/202313.00%6/21/2028400 378 378 
Secured Debt6/21/202313.00%6/21/20288,986 8,787 8,787 
Common Equity6/21/20233,6003,600 3,720 
12,765 12,885 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/20236,436,5666,540 7,290 
        
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt (9)8/20/202113.09%SF+7.50%8/20/202615,090 14,971 14,739 
Preferred Equity (8)12/7/20233,72510.00%10.00%290 527 
Common Stock8/20/202111,6471,584 640 
16,845 15,906 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/20264,150 4,139 4,139 
Secured Debt10/31/20189.00%10/31/2048993 984 984 
Preferred Equity10/31/20181453,060 3,060 
Member Units (8) (23)10/31/2018200248 623 
8,431 8,806 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt 8/31/201514.00%12/31/20251,310 1,310 345 
Preferred Member Units3/15/201916,5001,100  
Preferred Member Units9/1/20151,0001,500  
3,910 345 
8

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt (30)8/18/20141/31/2027   
Secured Debt8/18/201410.00%1/31/20271,436 1,432 1,436 
Common Stock (8)8/18/20141,468680 6,530 
2,112 7,966 
Nello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure
Secured Debt (9)6/4/202411.75%SF+6.50%6/4/20253,588 3,588 
Secured Debt6/4/202413.50%6/4/20296,609 6,609 
Common Equity (8)6/4/2024913,030 3,030 
13,227 13,227 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt 2/28/201810.00%2/28/2025490 490 490 
Secured Debt2/28/201810.00%2/28/20252,453 2,446 2,453 
Preferred Member Units (8)2/28/201825,786,0462,053 2,460 
4,989 5,403 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt (9)1/31/201711.85%SF+6.50%1/31/2025900 900 900 
Secured Debt1/31/201712.00%1/31/20254,610 4,609 4,609 
Preferred Member Units11/2/2022576645 1,440 
Preferred Member Units1/31/20171142,808 2,660 
8,962 9,609 
Oneliance, LLCConstruction Cleaning Company
Preferred Stock8/6/2021282282 550 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt (9) (30)7/30/2021SF+11.00%7/31/2026 (1) 
Secured Debt (9)7/30/202116.35%SF+11.00%7/31/20265,490 5,449 5,490 
Preferred Stock (8) (23)7/30/20212,5002,500 3,670 
7,948 9,160 
Pinnacle TopCo, LLCManufacturer 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 Debt12/21/202313.00%12/31/20287,260 7,108 7,260 
Preferred Equity (8)12/21/20231103,135 4,340 
9

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
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%4/8/20261,313 1,308 1,190 
   Secured Debt (9)4/8/2021 11.59%SF+6.75%11.59%4/8/202613,731 13,672 12,441 
   Common Equity 8/12/202415,036    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)12/15/202112.50%  10.00%12/15/20263,740 3,699 1,713 
Preferred Equity12/15/20211,2301,230  
4,924 1,708 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt 8/31/201811.75%6/16/2028750 744 750 
Secured Debt (33)6/16/202312.63%6/16/202822,554 22,531 22,554 
Preferred Member Units (8)8/31/201855508 5,390 
23,783 28,694 
Student Resource Center, LLC(10)Higher Education Services
   Secured Debt 9/11/2024 8.50%  8.50%12/31/2027223 223 223 
Secured Debt (14)12/31/20228.50%  8.50%12/31/20275,918 5,425 1,826 
Preferred Equity12/31/20226,564,055  
5,648 2,049 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt (14) (17)8/31/201812.00%12.00%8/31/2023460 460 432 
Secured Debt (14) (17)8/31/201812.00%12.00%8/31/20233,800 3,800 1,164 
Preferred Member Units8/28/20231,651165  
Preferred Member Units2/1/20231,411141  
Preferred Member Units8/31/20181362,311  
6,877 1,596 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt (30)5/31/20195/31/2027 (1) 
Secured Debt5/31/201913.50%5/31/20271,980 1,960 1,980 
Common Stock (8)5/31/20191541,164 2,380 
3,123 4,360 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt (9) (30)12/1/2021 SF+6.00%12/1/2024   
Secured Debt 12/1/202111.50%12/1/20266,760 6,672 6,672 
10

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Equity (8) (23)12/1/20213,0603,060 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 Debt1/31/202318.00%18.00%6/25/2025$173 $172 $171 
Secured Debt 12/11/202018.00%18.00%6/25/20255,745 5,681 5,687 
Common Stock12/11/2020593,9273,148  
Warrants (27)12/11/2020197,71712/11/2025  
9,001 5,858 
Acumera, Inc.(10)Managed Security Service Provider
Common Equity (8)7/2/20243,311  30 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt (9) (29)3/11/202211.00%SF+7.00%1.00%3/11/2027943 943 924 
Secured Debt (9) (29)3/11/202211.00%SF+7.00%1.00%3/11/20272,322 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)8/31/20221183 40 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt (9) (30)11/19/2021P+5.00%11/19/2026 (7)(7)
Secured Debt (9)11/19/202113.00%P+5.00%11/19/20267,703 7,669 7,703 
7,662 7,696 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt (9)3/11/202215.23%SF+9.75%15.23%4/10/20265,425 5,411 4,556 
Secured Debt (9) (14)3/11/202217.20%SF+11.75%17.20%4/10/20264,270 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   4/7/20232,425 2,375 59 
Secured Debt (14) (17)5/19/2016   6/8/202311,693 11,451 282 
13,826 341 
Ansira Partners II, LLC(10)Provider of Data-Driven Marketing Services            
   Secured Debt (9)7/1/202411.88%SF+6.75% 7/1/2029195 148 148 
   Secured Debt (9)7/1/202412.08%SF+6.75% 7/1/202918,049 17,597 17,597 
11

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
            17,745 17,745 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt 11/6/202315.00% 15.00%11/6/20282,106 2,106 2,106 
Secured Debt (9)11/6/202311.76%SF+6.50%11.76%11/6/20284,157 4,157 4,157 
Preferred Equity11/6/202317,2657,468 6,667 
Preferred Equity11/6/202317,265  
Common Equity11/9/20212,070124  
13,855 12,930 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/202262,40362 100 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt (9)1/18/202211.59%SF+6.00%1/18/2027105 105 105 
Secured Debt (9)1/18/202210.59%SF+5.00%1/18/2027925 915 925 
Secured Debt (9)1/18/202212.59%SF+7.00%1/18/2027925 915 925 
Common Stock1/18/2022100,000100 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)12/23/202212.06%SF+7.25%12/23/20273,365 3,287 3,365 
Common Equity (8)12/15/2021137134 111 
3,407 3,462 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units 3/8/2024286,109286  
Preferred Member Units (23)11/12/2019122,416  
Preferred Member Units (23)7/6/20181,548,387  
286  
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt (9) (30)6/30/2022SF+10.25% 6/30/2028 (15)(15)
Secured Debt (9)6/30/202215.31%SF+10.25%9.25%6/30/20289,035 8,939 7,544 
8,924 7,529 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 580 
12

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt (9)1/9/202413.82%SF+8.50%12.82%8/28/2025204 99 187 
Secured Debt (9)10/19/202215.50%P+7.50%15.00%8/28/20253,703 3,703 3,388 
Secured Debt (9)8/28/202013.82%SF+8.50%12.82%8/28/20254,348 3,998 3,978 
Common Stock 10/1/2020700,446  
Warrants (27)10/19/2022175,11010/19/20321,111  
8,911 7,553 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/202780 80 66 
Member Units (8)6/30/2017540,000564 80 
644 146 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt (9) (30)5/1/2023SF+7.00%5/1/2028 (13)(13)
Secured Debt (9)5/1/202311.48%SF+6.00%5/1/20284,010 3,952 4,010 
Secured Debt (9)5/1/202313.48%SF+8.00%5/1/20284,010 3,952 4,010 
Preferred Equity5/1/2023360360 310 
Common Equity5/1/2023360  
8,251 8,317 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt (9) (28)2/1/202411.22%SF+6.00%2/1/2029771 748 771 
Secured Debt (9) (30)2/1/2024SF+6.00%2/1/2029 (11)(11)
Secured Debt (9)2/1/202411.35%SF+6.00%2/1/202911,288 11,091 11,288 
Common Equity2/1/20241,000,0001,000 1,550 
12,828 13,598 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP) (24)7/21/20141.0%1,974 1,156 
LP Interests (Brightwood Capital Fund IV, LP) (8) (24)10/26/20161.0%8,637 8,802 
10,611 9,958 
Buca C, LLCCasual Restaurant Group
Secured Debt (14)8/7/202415.00%10.00%11/4/202413,330 13,048 10,817 
   Secured Debt (14) (30)6/28/2024 15.00%  15.00%4/1/202510   
Secured Debt (14) (17)6/30/201515.00%15.00%8/31/20236,131 4,078  
Preferred Member Units 6/30/201546.00%6.00%3,040  
20,166 10,817 
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
13

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (30)6/14/2021 SF+5.00%6/10/2026 (9) 
Secured Debt (9)6/14/20219.95%SF+5.00%6/10/202812,125 12,006 12,125 
11,997 12,125 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity 12/13/2021454,344454 472 
Preferred Equity12/13/2021126,446  
454 472 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt (9)12/17/202111.25%SF+6.00%12/17/202675 71 71 
Secured Debt12/17/202113.00%12/17/20262,205 2,176 2,176 
Common Stock12/17/202150,000500 500 
2,747 2,747 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Common Equity12/30/202280,00080 160 
CenterPeak Holdings, LLC Executive Search Services            
   Secured Debt (30)12/10/2021     12/10/2026 (3) 
   Secured Debt 12/10/2021 15.00%   12/10/20262,390 2,361 2,390 
   Preferred Equity (8)12/10/2021368     404 1,590 
            2,762 3,980 
Central Moloney, LLC(10)Manufacturer of Electricity Transformers and Related Equipment
Secured Debt (9)2/9/202411.35%SF+6.75%10/20/202812,861 12,639 12,773 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt (9) (28)2/7/202212.02%SF+7.00%2/7/2027467 455 437 
Secured Debt (9)2/7/202212.55%SF+7.00%2/7/20273,334 3,303 3,125 
Secured Debt (9)6/24/202212.55%SF+7.00%2/7/2027185 183 173 
Secured Debt (9)3/27/202312.55%SF+7.00%2/7/2027446 439 418 
4,380 4,153 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt (14) (17)9/23/2014  1/5/20152,685 2,340 17 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Preferred Member Units (8)3/12/202039 660 
14

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt (9) (28)8/6/202113.29%SF+8.00%8/6/20266,250 6,170 6,117 
Secured Debt (9) (30)3/29/2024SF+8.00%8/6/2026 (49)(49)
Secured Debt (9)8/6/202113.28%SF+8.00%8/6/202615,146 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)6/29/2024SF+6.50%6/28/2029426 429 
Secured Debt (9)6/29/202411.45%SF+6.50%6/28/20292,813 2,752 
Secured Debt (9)8/15/202411.62%SF+6.50%6/28/20291,881 1,835 
   Secured Debt (9)6/29/2024 11.70%SF+6.75% 6/28/20298,449 8,448 
13,569 13,464 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt (9) (30)12/27/2023SF+6.75%6/27/2027 (35)(35)
Secured Debt (9) (30)12/27/2023SF+6.75%6/27/2027 (35)(35)
Secured Debt (9)12/27/202311.49%SF+6.75%6/27/20277,313 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)6/27/2024SF+5.75%6/27/2029 (29)(29)
Secured Debt (9)6/27/202410.35%SF+5.75%6/27/202910,869 10,666 10,733 
10,637 10,704 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock 8/16/202237    52 60 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt6/18/202412.00%6/19/2029140 137 137 
Secured Debt11/19/202112.00%6/19/20294,200 4,159 4,159 
Preferred Equity11/19/20211,4861,486 1,486 
   Preferred Equity (8)6/18/202476715.00%  15.00% 781 781 
6,563 6,563 
15

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
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 4/13/2018776,3168.00%8.00%776  
2,092 681 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt (9)12/20/202211.45%SF+6.50%11.45%12/31/20262,253 2,094 2,155 
Secured Debt (9)12/20/202213.45%SF+8.50%13.45%12/31/20262,333 2,100 2,139 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241  
Common Equity12/20/20221,250,000  
4,322 4,354 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt (9) (30)10/3/2022SF+6.00%10/3/2027   
Secured Debt10/3/202212.00%10/3/20271,181 1,160 1,160 
Secured Debt10/3/20229.00%10/3/2052410 406 406 
Common Stock10/3/202219374 370 
Common Stock (23)10/3/202261102 196 
2,042 2,132 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt (9)2/10/202211.20%SF+6.25%12/29/20272,359 2,332 1,935 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt (9) (30)4/7/2023SF+8.00%4/7/2029 (8)(8)
Secured Debt (9)4/7/202312.70%SF+8.00%4/7/20296,872 6,716 6,872 
Common Equity4/7/2023170,998174 240 
6,882 7,104 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt (9)12/22/202112.87%SF+8.00%12/22/2026308 306 308 
Secured Debt (9)12/22/202112.87%SF+8.00%8.00%12/22/20263,909 3,893 3,909 
4,199 4,217 
FCC Intermediate Holdco, LLCSupply Chain Management Services
Secured Debt5/28/202413.00%5/29/20298,200 7,074 7,074 
Warrants (27)5/28/20243980 980 980 
16

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
8,054 8,054 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt (9) (28)11/10/202311.95%SF+6.75%11/10/20281,786 1,721 1,755 
Secured Debt (9)11/10/202311.95%SF+6.75%11/10/20289,616 9,379 9,448 
Common Equity 11/10/2023210,084    210 170 
11,310 11,373 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt (9)12/2/201611.35%SF+6.00%1/15/2026640 639 640 
Secured Debt12/2/201612.50%1/15/20269,744 9,715 9,744 
Preferred Member Units (8)12/2/201656713 4,750 
Preferred Member Units (23)12/2/20165638 250 
11,105 15,384 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt (9)3/7/20248.75%SF+3.50%2.50%6/21/20261,353 1,289 1,289 
Secured Debt(14)3/7/20242.50%  2.50%6/21/2026914 401 359 
Common Equity3/7/202435,971  
1,690 1,648 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt (9) (30)8/1/2022SF+6.50%8/1/2027 (11)(11)
Secured Debt (9)8/1/202211.35%SF+6.50%8/1/20271,980 1,954 1,980 
Secured Debt (9) (30)6/3/2024SF+6.50%8/1/2027 (18)(18)
Secured Debt (9)8/1/202211.35%SF+6.50%8/1/20274,888 4,832 4,887 
Secured Debt (9)6/3/202411.35%SF+6.50%8/1/20272,388 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)7/3/202410.82%SF+5.50% 7/3/202915,529 15,368 15,368 
            15,344 15,344 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt (9)6/30/202113.84%SF+8.25% 12/31/20278,000 7,847 8,000 
IG Parent Corporation(11)Software Engineering
Secured Debt (9)7/30/202110.95%SF+5.75%7/30/2026306 297 306 
Secured Debt (9)7/30/202110.70%SF+5.75%7/30/20286,154 6,101 6,154 
Secured Debt (9)7/30/202110.70%SF+5.75%7/30/20281,927 1,910 1,927 
8,308 8,387 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
17

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (28)6/8/202312.08%SF+7.00%6/30/2028593 593 593 
Secured Debt (9)6/8/202311.62%SF+7.00%6/30/202810,306 10,042 10,306 
Common Equity6/8/2023422580 540 
11,215 11,439 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt (9)6/1/201714.01%SF+9.25%1.50%7/31/202517,043 17,043 15,988 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202312.00%3/31/20283,819 3,766 3,766 
Preferred Equity (8)3/31/202321,8401,092 1,730 
4,858 5,496 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt (9) (30)7/19/2023SF+6.25%7/19/2028 (34)(34)
Secured Debt (9) (30)7/19/2023SF+6.25%7/19/2029 (29)(29)
Secured Debt (9)7/19/202311.53%SF+6.25%7/19/20298,310 8,111 7,880 
Common Equity7/19/202347,847239 130 
8,287 7,947 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt (9) (28)4/3/202313.03%SF+8.00%4/3/2028676 662 609 
Secured Debt (9)4/3/202313.27%SF+8.00%4/3/20286,209 6,093 5,591 
Secured Debt (9)6/14/202313.27%SF+8.00%4/3/20281,250 1,227 1,126 
Common Equity4/3/2023101,719322 10 
8,304 7,336 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt (17) (28)12/9/202115.06%SF+10.00%15.22%8/7/20231,998 1,998 1,842 
Secured Debt (9) (14) (17)8/7/201912.35%SF+7.00%12.35%8/7/20237,334 7,254 11 
Common Stock12/7/20212,143  
9,252 1,853 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt (9) (28)8/28/201911.29%SF+6.50%8/28/20251,037 1,036 991 
Secured Debt (9)8/28/201911.25%SF+6.50%8/28/202516,812 16,779 16,070 
17,815 17,061 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt (9)5/19/202110.62%SF+5.75%3/25/20276,375 6,283 5,355 
18

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.00%1/31/20281,128 1,112 1,112 
Secured Debt9/1/202113.00%1/31/2028735 724 724 
Secured Debt11/15/202113.00%1/31/20282,236 2,236 2,236 
Secured Debt11/15/202113.00%1/31/20284,406 4,339 4,339 
Secured Debt1/31/202313.00%1/31/20282,521 2,431 2,431 
Preferred Equity6/26/2024177,80025.00%  25.00%178 190 
Common Stock8/3/202150,753689 710 
11,709 11,742 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt (9)4/13/202311.89%SF+6.60%9.43%4/14/20282,897 2,700 797 
Common Equity4/13/2023186,322  
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)5/20/2024SF+6.50%5/17/2029 (6)(6)
Secured Debt (9)5/20/202411.09%SF+5.50%5/17/20291,735 1,706 1,686 
Secured Debt (9)5/20/202412.09%SF+6.50%5/17/20291,735 1,706 1,686 
Secured Debt (9)5/20/202413.09%SF+7.50%5/17/20291,735 1,706 1,686 
5,112 5,052 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt (9)6/21/202315.53%SF+9.00%1.00%6/21/2027299 294 294 
Secured Debt (9)6/21/202315.53%SF+9.00%1.00%6/21/2027252 248 248 
Secured Debt (9)6/21/202314.53%SF+8.00%1.00%6/21/20271,105 915 915 
Secured Debt (9)6/21/202316.53%SF+10.00%1.00%6/21/20271,105 915 915 
Warrants (27)6/21/202348,3276/21/2033523 820 
2,895 3,192 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt (9) (26)10/26/202212.86%SF+7.50%11/4/20241,607 1,604 1,607 
Secured Debt (9)2/27/202415.28%SF+10.00%11/4/20241,251 1,244 1,251 
Secured Debt (9)11/8/202112.90%SF+7.50%11/4/20243,738 3,738 3,738 
Preferred Equity 11/8/20215,653,333216 1,740 
6,802 8,336 
JDC Power Services, LLC(10)Provider of Electrical Equipment and Maintenance Services for Datacenters
Secured Debt (9) (30)6/28/2024SF+6.75%6/28/2029 (49)(49)
Secured Debt (9)6/28/202411.35%SF+6.75%6/28/202917,783 17,367 17,076 
17,318 17,027 
19

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt (9) (14) (17)8/21/201921.59%SF+16.00%21.59%8/21/2024942 942  
Secured Debt (9) (14) (17)8/21/201921.59%SF+16.00%21.59%8/21/2024906 906  
Secured Debt (9)3/30/202413.45%SF+8.75%6.00%3/29/20291,666 1,666 1,666 
Secured Debt (9)3/30/202413.45%SF+8.75%13.45%3/29/20291,055 1,055 1,055 
Common Stock8/21/2019392,5143,678  
Common Stock3/29/20244,535,784166 166 
8,413 2,887 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/20272,750 2,723 2,723 
Preferred Equity (8)3/28/202212,2141,221 1,250 
3,944 3,973 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt (9) (28)12/22/202113.37%SF+8.00%12/22/2026702 695 664 
Secured Debt (9)12/22/202112.85%SF+8.00%12/22/20262,980 2,953 2,820 
Secured Debt (9)2/1/202412.85%SF+8.00%12/22/2026279 272 264 
Common Equity12/22/2021140,351140 20 
4,060 3,768 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt (9) (14)10/4/202114.50%SF+9.75%10/4/20261,286 1,238 967 
Secured Debt (9) (14)10/4/202114.50%SF+9.75%10/4/20269,262 9,175 6,966 
10,413 7,933 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt 5/9/201910.11%SF+5.00%5/9/20265,720 5,701 5,548 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt (9)9/17/202412.43%SF+7.25%12/31/2025601 601 601 
Secured Debt (9)5/2/201912.60%SF+7.25%12/31/20257,872 7,798 7,872 
Secured Debt (9)5/2/201912.60%SF+7.25%12/31/20255,194 5,144 5,194 
Secured Debt (9)2/26/202112.60%SF+7.25%12/31/2025863 854 863 
   Secured Debt (9)5/12/2022 12.60%SF+7.25% 12/31/20258,737 8,651 8,737 
23,048 23,267 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt (9)8/16/202113.48%SF+8.00%3.00%8/16/20264,510 4,472 3,724 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
20

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9)1/8/201813.25%P+4.75%12/22/202411,552 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)3/28/202412.59%SF+7.50%3/15/202621,222 21,014 21,222 
20,990 21,222 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt (30)10/19/202210/19/2025   
Secured Debt10/19/202210.75%10/19/20271,663 1,633 1,633 
Preferred Equity (8)10/19/2022434,3318.00%8.00%434 460 
Common Stock 10/19/2022112,865113 290 
2,180 2,383 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt (9) (30)4/4/2022SF+6.00%4/3/2028 (5)(5)
Secured Debt (9)4/4/202210.95%SF+6.00%4/3/20282,497 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)10/24/201812.56%SF+7.00%12/31/202618,152 17,935 16,242 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt (9) (28)11/30/202311.37%SF+6.25%11/30/2028975 951 975 
Secured Debt (9) (26)11/30/202311.33%SF+6.25%11/30/2028860 842 860 
Secured Debt (9)11/30/202310.31%SF+5.25%11/30/20283,209 3,144 3,209 
Secured Debt (9)11/30/202312.31%SF+7.25%11/30/20283,209 3,142 3,209 
Common Equity11/30/2023300,000300 300 
8,379 8,553 
MoneyThumb Acquisition, LLC Provider of Software-as-a-Service Financial File Conversion and Reconciliation            
   Secured Debt 8/19/202414.00%   8/19/20292,400 2,186 2,186 
   Preferred Member Units (8)8/19/202440,82112.00%  12.00% 414 414 
   Warrants (27)8/19/202414,842     148 148 
            2,748 2,748 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt 5/24/202214.00%  4.00%5/24/20271,155 1,143 1,181 
Secured Debt 5/24/202214.00%  4.00%5/24/20273,002 2,970 3,319 
Secured Debt 5/24/202214.00%  4.00%5/24/20275,109 5,057 5,109 
21

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
   Unsecured Debt 11/14/2023 8.00%  8.00%3/31/202532 32 32 
   Unsecured Debt 3/15/2024 8.00%  8.00%6/30/202516 16 16 
Unsecured Debt9/25/20248.00%8.00%12/21/202530 30 30 
Common Stock8/30/202212,798,820256 211 
9,504 9,898 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt (9) (30)12/18/2019SF+6.50%12/18/2026 (3)(3)
Secured Debt (9)12/18/201911.98%SF+6.50%12/18/202614,651 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)6/21/2024SF+7.50%12/21/2028 (14)(14)
Secured Debt (9)6/21/202412.53%SF+7.50%6/21/202911,979 11,643 11,514 
11,629 11,500 
OnPoint(10)Environmental & Facilities Services
Secured Debt (9)4/1/202411.60%SF+7.00%11/16/20272,910 2,886 2,886 
Peaches Holding CorporationWholesale Provider of Consumer Packaging Solutions
Common Equity5/22/20248061,805 1,805 
Power System Solutions(10)Backup Power Generation
Secured Debt (9) (30)6/7/2023SF+6.50%6/7/2028 (29)(29)
Secured Debt (9)6/7/202311.35%SF+6.50%6/7/20282,646 2,583 2,646 
Secured Debt (9)6/7/202311.60%SF+6.50%6/7/20287,879 7,705 7,879 
Common Equity6/7/2023532532 1,360 
10,791 11,856 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt (9)5/1/202310.58%SF+5.50%5/1/20295,925 5,757 5,925 
Secured Debt (9)9/7/202310.10%SF+5.50%5/1/2029566 548 566 
Secured Debt (9)1/30/202410.10%SF+5.50%5/1/2029569 556 569 
Secured Debt (9)6/28/20249.85%SF+5.25%5/1/2029646 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)8/19/202212.19%SF+6.75%8/19/2027448 441 442 
Secured Debt (9)8/19/202212.13%SF+6.75%8/19/20271,422 1,404 1,403 
22

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
1,845 1,845 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt (9) (30)10/2/2023SF+8.00%10/2/2028 (16)(16)
Secured Debt (9)10/2/202313.64%SF+8.00%10/2/20283,906 3,828 3,906 
Preferred Equity10/2/202313,0211,289 1,289 
Common Equity4/1/202413,02113 520 
5,114 5,699 
Richardson Sales Solutions(10)Business Services
Secured Debt (9) (28)8/24/202311.92%SF+6.75%8/24/20281,333 1,288 1,313 
Secured Debt (9)8/24/202312.03%SF+6.75%8/24/202810,354 10,109 10,194 
   Secured Debt (9)9/10/202411.86%SF+6.75% 8/24/20285,097 4,997 5,018 
16,394 16,525 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt (9) (30)8/27/2021SF+8.00%8/27/2026 (7) 
Secured Debt (9)8/27/202112.59%SF+7.00% 8/27/20264,223 4,158 4,057 
Secured Debt (9)8/27/202114.59%SF+9.00% 8/27/20264,223 4,158 4,016 
8,309 8,073 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt (9)7/16/202112.79%SF+8.00%2.00%11/16/20256,509 6,496 6,509 
Secured Debt (9)7/16/202112.79%SF+8.00%2.00%11/16/20258,465 8,446 8,465 
14,942 14,974 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/20274,200 4,087 4,200 
Common Stock (8)9/13/201817,500 540 
4,087 4,740 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt (9) (30)8/8/2024SF+5.25%8/8/2029   
Secured Debt (9)8/8/202410.20%SF+5.25%8/8/20294,388 4,355 4,355 
Common Equity12/10/20216161 59 
4,416 4,414 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt (9) (28)7/1/202212.46%SF+7.50%7/1/2027780 769 780 
Secured Debt (9)7/1/202212.45%SF+7.50%7/1/20274,888 4,834 4,888 
Common Stock7/1/2022200,000200 190 
5,803 5,858 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity (23)7/7/20211,000,0001,000 2,410 
23

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt (30)8/9/20218/9/2026 (2)(2)
Secured Debt8/9/202110.00%8/9/20261,400 1,388 1,372 
Preferred Stock (8)9/1/202365,42765 65 
Preferred Stock (8)8/9/2021320,0001,600 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)3/11/2024SF+6.50%3/11/2029 (43)(43)
Secured Debt (9)3/11/202411.10%SF+6.50%3/11/202913,082 12,676 12,844 
Preferred Equity3/11/2024468,7508.00%  8.00%469 469 
13,102 13,270 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt (9) (14)6/1/202312.50%SF+7.15%6.00%5/2/20276,755 2,458 2,702 
Secured Debt (14)6/1/2023    5/2/2027692 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)7/29/202411.51%SF+6.25% 7/27/202919,539 19,147 19,147 
   Common Equity 7/29/2024412,371     412 412 
            19,559 19,559 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/16/20292,200 2,142 2,142 
Preferred Equity (8)2/16/20241,0009.00%9.00%1,057 1,057 
3,199 3,199 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt (9)1/11/202312.75%SF+7.50%4/5/20293,000 2,934 3,000 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 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 DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt (9) (32)12/22/202312.47%12/22/20281,705 1,666 1,705 
Secured Debt (9)12/22/202311.96%SF+7.00%12/22/202812,406 12,146 12,406 
13,812 14,111 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity (8)11/30/2021769,231769 1,910 
Wall Street Prep, Inc.(10)Financial Training Services
Secured Debt (9) (30)7/19/2021SF+7.00%7/19/2026 (4)(4)
Secured Debt (9)7/19/202112.48%SF+7.00%7/19/20263,733 3,702 3,733 
Common Stock7/19/2021500,000500 1,160 
4,198 4,889 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt 12/17/202112.00%  4.00%12/17/2026306 303 290 
Secured Debt 12/17/202112.00%  4.00%12/17/202653 48 50 
Secured Debt 12/17/202112.00%  4.00%12/17/20262,177 2,162 2,059 
Secured Debt 12/17/202112.00%  4.00%12/17/20261,965 1,951 1,858 
4,464 4,257 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt (9) (26)3/1/20229.60%SF+5.00%3/1/2028662 652 662 
Secured Debt (9)3/1/20229.60%SF+5.00%3/1/20282,925 2,888 2,925 
Secured Debt (9)11/3/20239.60%SF+5.00%3/1/20281,456 1,430 1,456 
Common Stock (8)3/1/2022200,000200 590 
5,170 5,633 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt (9)11/19/202113.59%SF+8.00%11/19/2026833 778 800 
Secured Debt (9)11/19/202113.59%SF+8.00%11/19/20262,343 2,305 2,248 
Secured Debt (9)1/16/202412.59%SF+7.00%11/19/20269,050 8,892 8,684 
Secured Debt (9)1/16/202414.59%SF+9.00%11/19/20269,050 8,892 8,684 
20,867 20,416 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202213.00%12/12/20271,606 1,586 1,586 
Preferred Equity (8)12/12/2022530530 530 
2,116 2,116 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt (9)12/17/202110.16%SF+5.25%12/20/20281,179 1,159 1,179 
Secured Debt (9)12/17/202110.63%SF+5.25%12/20/20282,334 2,309 2,334 
3,468 3,513 
25

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
September 30, 2024
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt (9)8/22/201812.89%SF+7.50%8/9/20265,153 5,087 4,699 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt (9) (26)2/11/202212.46%SF+7.25%1.50%12/31/20242,360 2,360 2,219 
Secured Debt (9) (26)2/11/202212.46%SF+7.25%1.50%12/31/2024591 591 555 
2,951 2,774 
ZRG Partners, LLC(10)Talent Advisory Services Provider
Secured Debt (9) (30)6/14/2024SF+6.00%6/14/2029 (29)(29)
Secured Debt (9)6/14/2024SF+6.00%6/14/2029630 598 613 
Secured Debt (9)6/14/202411.26%SF+6.00%6/14/2029995 977 969 
Secured Debt (9)6/14/202411.30%SF+6.00%6/14/20297,133 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.
27

Table of contents
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.


28

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Control Investments (5)
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(8) (24)7/17/201738.8%$693 $568 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201811.48%SF+6.00%10/29/20261,182 1,173 1,182 
Secured Debt12/19/201413.48%SF+8.00%10/29/202619,944 19,803 19,944 
Member Units12/19/20142,8966,435 21,890 
27,411 43,016 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(8) (24)10/1/201749.3%3,345 6,050 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/2025900 900 900 
Preferred Member Units3/31/20232,184,6833,706 3,110 
Preferred Member Units3/31/202361,077  
Preferred Member Units1/26/20152,090,0016,000  
Common Stock3/31/2023772,6201,104  
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, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/2024$55 $54 $54 
Secured Debt(9)8/16/201915.38%SF+10.00%8/16/20241,031 1,020 1,020 
Preferred Member Units5/20/2021607607 1,210 
Preferred Member Units8/16/201980014.13%800  
Warrants(27)8/16/20191058/16/202979  
2,560 2,284 
Barfly Ventures, LLC(10)Casual Restaurant Group
Member Units10/26/202012528 1,380 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt(37)3/7/20223/7/2027 (1) 
Secured Debt3/7/202210.00%3/7/202730 30 30 
Secured Debt3/7/202210.00%3/7/20271,175 1,160 1,175 
Preferred Stock(8)3/7/2022453455 680 
1,644 1,885 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201815.46%L+10.00%1/9/20251,375 1,375 1,374 
Preferred Member Units(8)1/9/20187371,070 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 DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (37)1/4/2019SF+9.00%1/4/2026   
Secured Debt(9)1/4/201914.48%SF+9.00%1/4/20264,394 4,364 4,394 
Preferred Member Units1/4/20193,3271,531 2,760 
5,895 7,154 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (37)2/26/2018SF+6.00%2/26/2026 (49) 
Secured Debt(9)2/26/201813.49%SF+8.00%2/26/20263,905 3,903 3,905 
Member Units(8)2/26/20181,0872,860 7,330 
Member Units(8) (23)11/2/2018261,786443 715 
7,157 11,950 
Charps, LLCPipeline Maintenance and Construction
Preferred Member Units(8)2/3/2017457491 3,920 
Clad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal
Secured Debt12/20/201611.50%1/15/20242,140 2,140 2,103 
Secured Debt12/20/201610.00%12/20/2036253 251 251 
Member Units(8)12/20/20161791,820 1,300 
Member Units(23)12/20/2016200127 282 
4,338 3,936 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(37)3/6/202012/17/2026 (2) 
Secured Debt3/6/202012.50%12/17/20267,111 7,089 7,111 
Preferred Member Units(8) (23)3/6/20201472,079 18,120 
9,166 25,231 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(37)3/31/20213/31/2026   
Secured Debt3/31/202112.00%3/31/20265,513 5,448 5,407 
Preferred Member Units6/27/2023240240 600 
Preferred Member Units3/31/20214,3201,920 1,920 
7,608 7,927 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(37)11/22/202311/22/2028   
Secured Debt11/22/202313.50%11/22/20284,300 4,175 4,175 
Preferred Equity11/22/20231,8631,863 1,863 
6,038 6,038 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/202550 49 49 
Secured Debt3/31/202110.00%12/31/2025928 887 844 
Preferred Member Units3/31/20211,000290 10 
1,226 903 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
30

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9)4/1/201815.38%SF+10.00%4/27/20263,718 3,689 3,673 
Preferred Member Units(8)4/1/20189642,375 2,459 
6,064 6,132 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt2/13/201814.00%2/13/2026217 213 217 
Secured Debt12/27/202214.00%2/13/20265,002 4,974 5,002 
Preferred Stock(8)2/13/20182,1002,100 5,180 
7,287 10,399 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20212,3402,600 6,970 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP)(8) (24)7/31/20156.0%4,160 3,705 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (36) (37)6/24/2016SF+7.50%1/1/2028   
Secured Debt(9) (36)12/15/202210.50%SF+7.50%1/1/202813,520 13,336 13,520 
Member Units(8)6/24/20162,2614,423 24,180 
17,759 37,700 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
Secured Debt3/31/20218.00%3/31/20262,336 2,304 2,336 
Preferred Member Units(8)3/31/2021561,225 2,870 
3,529 5,206 
Gulf Publishing Holdings, LLCEnergy Industry Focused Media and Publishing
Secured Debt(9) (37)9/29/2017SF+9.50%7/1/2027   
Secured Debt7/1/202212.50%7/1/2027600 600 571 
Preferred Equity7/1/202215,9301,400 620 
Member Units4/29/2016920920  
2,920 1,191 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(24)8/9/20178.2%2,296 4,225 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt(37)6/21/20236/21/2028 (27)(27)
Secured Debt6/21/202313.00%6/21/20289,316 9,069 9,069 
Common Equity6/21/20233,6003,600 3,600 
12,642 12,642 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/20236,436,5666,540 6,320 
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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 DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202113.16%SF+7.50%8/20/202616,925 16,737 16,232 
Preferred Equity12/7/20233,72510.00%10.00%265 350 
Common Stock8/20/202111,6471,584 190 
18,586 16,772 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201812.00%10/31/20264,950 4,933 4,933 
Secured Debt10/31/20189.00%10/31/2048960 951 951 
Preferred Equity10/31/20181453,060 2,420 
Member Units(23)10/31/2018200248 683 
9,192 8,987 
MH Corbin Holding LLCManufacturer and Distributor of Traffic Safety Products
Secured Debt(17)8/31/201513.00%12/31/20221,350 1,350 1,256 
Preferred Member Units3/15/201916,5001,100 80 
Preferred Member Units9/1/20151,0001,500  
3,950 1,336 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
Secured Debt(37)8/18/20141/31/2024   
Secured Debt8/18/201410.00%1/31/20241,436 1,436 1,436 
Common Stock(8)8/18/20141,468680 6,598 
2,116 8,034 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt(37)2/28/20182/28/2025   
Secured Debt2/28/201810.00%2/28/20252,453 2,435 2,435 
Preferred Member Units(8)2/28/201825,786,0462,053 1,590 
4,488 4,025 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.98%SF+6.50%1/31/2025900 899 899 
Secured Debt1/31/201712.00%1/31/20254,610 4,606 4,606 
Preferred Member Units11/2/2022515515 1,290 
Preferred Member Units1/31/20171022,550 2,310 
8,570 9,105 
Oneliance, LLCConstruction Cleaning Company
Secured Debt(9)8/6/202116.48%SF+11.00%8/6/20261,360 1,346 1,339 
Preferred Stock8/6/2021282282 282 
1,628 1,621 
Orttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components
Secured Debt(9) (37)7/30/2021SF+11.00%7/31/2026 (2) 
Secured Debt(9)7/30/202116.48%SF+11.00%7/31/20265,510 5,452 5,510 
Preferred Stock(8) (23)7/30/20212,5002,500 4,260 
7,950 9,770 
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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 DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt12/21/20238.00%12/31/2028115 105 105 
Secured Debt12/21/202313.00%12/31/20287,660 7,472 7,472 
Preferred Equity12/21/20231103,135 3,135 
10,712 10,712 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(37)12/15/202112/15/2026 (6)(6)
Secured Debt12/15/202112.50%12/15/20263,790 3,745 3,421 
Preferred Equity12/15/20211,2301,230  
4,969 3,415 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.25%6/16/2028375 370 375 
Secured Debt6/16/202312.47%6/16/202818,179 18,019 18,179 
Preferred Member Units(8)8/31/201855508 6,390 
18,897 24,944 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,918 5,426 3,543 
Preferred Equity12/31/20226,564,055  
5,426 3,543 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(17)8/31/201812.00%8/31/2023460 460 432 
Secured Debt(17)8/31/201812.00%8/31/20233,800 3,800 3,565 
Preferred Member Units8/28/20231,651165  
Preferred Member Units2/1/20231,411141  
Preferred Member Units8/31/20181362,311  
6,877 3,997 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(37)5/31/20195/31/2024 (1) 
Secured Debt5/31/201912.00%5/31/20241,980 1,975 1,980 
Common Stock(8)5/31/20191541,164 3,180 
3,138 5,160 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (17) (37)12/1/2021SF+6.00%12/1/2023   
Secured Debt12/1/202111.50%12/1/20267,050 6,926 6,926 
Preferred Equity(8) (23)12/1/20213,0603,060 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 Debt1/31/202318.00%18.00%6/25/2025$151 $149 $149 
Secured Debt12/11/202018.00%18.00%6/25/20255,014 4,888 4,958 
Common Stock12/11/2020593,9273,148  
33

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Warrants(27)12/11/2020197,71712/11/2025  
8,185 5,107 
AB Centers Acquisition Corporation(10)Applied Behavior Analysis Therapy Provider
Secured Debt(9) (37)9/6/2022P+5.00%9/6/2028 (20) 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20281,081 1,066 1,081 
Secured Debt(9)9/6/202211.43%SF+6.00%9/6/20282,304 2,219 2,304 
Secured Debt(9)6/21/202311.43%SF+6.00%9/6/2028772 743 772 
4,008 4,157 
Acumera, Inc.(10)Managed Security Service Provider
Secured Debt(9) (37)6/7/2023SF+7.50%6/7/2028 (8)(8)
Secured Debt(9)6/7/202312.98%SF+7.50%6/7/202811,922 11,825 11,922 
Warrants(40)6/7/202314,9535/19/2028 90 
11,817 12,004 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (36)3/11/202211.00%SF+7.00%1.00%3/11/2027936 936 917 
Secured Debt(9) (36)3/11/202211.00%SF+7.00%1.00%3/11/20272,531 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)3/29/202111.22%SF+5.75%3/19/20264,250 4,210 4,214 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Secured Debt(9) (37)8/31/2022SF+7.40%8/31/2027   
Secured Debt(9)8/31/202212.76%SF+7.40%8/31/20271,538 1,538 1,538 
Common Stock(8)8/31/20221183 100 
1,621 1,638 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (37)11/19/2021P+5.00%11/19/2026 (10)(10)
Secured Debt(9)11/19/202113.50%P+5.00%11/19/20268,188 8,140 8,188 
8,130 8,178 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/20264,833 4,812 4,102 
Secured Debt(9)3/11/202215.29%SF+9.75%15.29%4/10/2026   
Secured Debt(9) (14)3/11/202217.29%SF+11.75%17.29%4/10/20264,270 4,244 2,522 
Secured Debt(9) (14)3/11/202217.29%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)9/17/20214/7/20232,425 2,375 109 
Secured Debt(14) (17)5/19/20166/8/202311,693 11,451 526 
13,826 635 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20281,007 1,007 1,007 
Secured Debt(9)11/6/202312.04%SF+6.50%12.04%11/6/20283,765 3,765 3,765 
Preferred Equity11/6/202317,2657,468 7,468 
34

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Equity11/6/202317,265  
Common Equity11/9/20212,070124  
12,364 12,240 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/202262,40262 100 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202212.16%SF+6.50%1/18/202750 50 50 
Secured Debt(9)1/18/202211.16%SF+5.50%1/18/2027925 911 925 
Secured Debt(9)1/18/202213.16%SF+7.50%1/18/2027925 911 925 
Common Stock1/18/2022100,000100 90 
1,972 1,990 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (37)12/23/2022SF+7.25%12/23/2027 (17)(5)
Secured Debt(9)12/23/202212.76%SF+7.25%12/23/20273,417 3,321 3,344 
Common Equity(8)12/15/2021137134 124 
3,438 3,463 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units(23)11/12/2019122,416 200 
Preferred Member Units(8) (23)7/6/20181,548,387 2,560 
 2,760 
Bettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions
Secured Debt(9) (37)6/30/2022SF+7.25%6/30/2028 (18)(18)
Secured Debt(9)6/30/202212.64%SF+7.25%6.25%6/30/20288,535 8,419 7,998 
8,401 7,980 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 120 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)10/19/202216.00%P+7.50%15.00%8/28/20252,035 2,035 1,907 
Secured Debt(9)8/28/202013.96%SF+8.50%12.96%8/28/20253,941 3,305 3,695 
Common Stock10/1/2020700,446 533 
Warrants(27)10/19/2022175,11010/19/20321,111 129 
6,451 6,264 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/202780 80 80 
Member Units6/30/2017540,000564 498 
644 578 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9) (37)5/1/2023SF+7.00%5/1/2028 (16)(16)
Secured Debt(9)5/1/202311.54%SF+6.00%5/1/20284,040 3,970 4,040 
Secured Debt(9)5/1/202313.54%SF+8.00%5/1/20284,040 3,970 4,040 
35

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Equity5/1/2023360360 310 
Common Equity5/1/2023360  
8,284 8,374 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(24)7/21/20140.5%2,270 1,360 
LP Interests (Brightwood Capital Fund IV, LP)(8) (24)10/26/20161.2%8,737 8,716 
11,007 10,076 
Buca C, LLCCasual Restaurant Group
Secured Debt(17)6/30/201512.00%8/31/202311,490 11,490 8,218 
Preferred Member Units6/30/201546.00%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)6/14/202110.46%SF+5.00%6/10/2026310 296 310 
Secured Debt(9)6/14/202110.46%SF+5.00%6/10/202813,121 12,970 13,121 
13,266 13,431 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/2021379,338379 379 
Preferred Equity12/13/2021126,446  
379 379 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202111.38%SF+6.00%12/17/2026100 96 96 
Secured Debt12/17/202113.00%12/17/20262,225 2,185 2,185 
Common Stock12/17/202150,000500 500 
2,781 2,781 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Secured Debt(9) (37)5/18/2022SF+6.00%5/18/2027 (3)(3)
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20272,581 2,561 2,581 
Secured Debt(9)5/18/202211.61%SF+6.00%5/18/20271,985 1,971 1,985 
Common Equity12/30/202280,00080 80 
4,609 4,643 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (44)2/7/202212.60%SF+7.00%2/7/2027190 175 183 
Secured Debt(9)2/7/202212.66%SF+7.00%2/7/20273,360 3,317 3,224 
Secured Debt(9)6/24/202212.66%SF+7.00%2/7/2027186 184 179 
Secured Debt(9)3/27/202312.66%SF+7.00%2/7/2027450 440 432 
4,116 4,018 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,694 2,350 16 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Secured Debt(9)3/12/202011.69%SF+6.00%3/12/20251,140 1,133 1,140 
Secured Debt3/12/20208.00%3/12/20254,819 4,781 4,819 
36

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Preferred Member Units(8)3/12/2020391,440 4,000 
7,354 9,959 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (30)8/6/202113.52%SF+8.00%8/6/20264,167 4,123 4,040 
Secured Debt(9)8/6/202113.52%SF+8.00%8/6/202615,260 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 Units12/29/2016861,6183,335 23,135 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (37)12/27/2023SF+7.00%6/27/2027 (44)(44)
Secured Debt(9) (37)12/27/2023SF+7.00%6/27/2027 (44)(44)
Secured Debt(9)12/27/202312.45%SF+7.00%6/27/20277,500 7,280 7,280 
7,192 7,192 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/20223752 60 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt11/19/202112.00%11/19/20264,700 4,642 4,700 
Preferred Equity11/19/20211,4861,486 1,920 
6,128 6,620 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,284 1,283 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776 260 
2,060 1,543 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202210.45%SF+5.00%10.45%12/31/20262,070 1,912 1,912 
Secured Debt(9)12/20/202212.45%SF+7.00%12.45%12/31/20262,113 1,879 1,859 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241  
Common Equity12/20/20221,250,000  
3,919 3,831 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (37)10/3/2022SF+6.00%10/3/2027   
Secured Debt10/3/202212.00%10/3/20271,227 1,200 1,200 
Secured Debt10/3/20229.00%10/3/2052412 409 409 
Common Stock10/3/202219374 390 
Common Stock(23)10/3/202261102 109 
2,085 2,108 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
37

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt(9)2/10/202211.79%SF+6.25%12/29/20272,391 2,357 2,175 
Engineering Research & Consulting, LLC(10)Provider of Engineering & Consulting Services to US Department of Defense
Secured Debt(9) (37)5/23/2022P+5.50%5/23/2027 (11) 
Secured Debt(9)5/23/202211.98%SF+6.50%5/23/20285,095 5,023 5,095 
5,012 5,095 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (37)4/7/2023SF+8.00%4/7/2029 (9)(9)
Secured Debt(9)4/7/202313.45%SF+8.00%4/7/20296,924 6,742 6,924 
Common Equity4/7/2023170,998174 190 
6,907 7,105 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/2026308 306 302 
Secured Debt(9)12/22/202112.61%SF+7.00%12/22/20263,681 3,659 3,614 
3,965 3,916 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (37)11/10/2023SF+6.75%11/10/2028 (76)(76)
Secured Debt(9)11/10/202312.22%SF+6.75%11/10/20289,664 9,384 9,384 
Common Equity11/10/2023210,084210 210 
9,518 9,518 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201611.65%SF+6.00%1/15/2026494 492 494 
Secured Debt12/2/201612.50%1/15/20269,744 9,697 9,744 
Preferred Member Units12/2/201656713 4,370 
Preferred Member Units(23)12/2/20165638 230 
10,940 14,838 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/2023205 205 186 
Secured Debt(9) (17)12/21/201814.34%SF+9.50%14.34%12/21/20232,036 2,036 1,849 
2,241 2,035 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (37)8/1/2022SF+6.50%8/1/2027 (14)(14)
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/20271,995 1,962 1,995 
Secured Debt(9)8/1/202211.86%SF+6.50%8/1/20274,925 4,854 4,925 
6,802 6,906 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202115.91%SF+8.25%2.00%6/30/20267,964 7,813 7,313 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (37)7/30/2021SF+5.75%7/30/2026 (13) 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20286,266 6,200 6,266 
Secured Debt(9)7/30/202110.96%SF+5.50%7/30/20281,942 1,921 1,942 
8,108 8,208 
38

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt(9) (29)6/8/202312.41%SF+7.00%6/30/2028791 791 786 
Secured Debt(9)6/8/202312.45%SF+7.00%6/30/202810,384 10,068 10,318 
Common Equity6/8/2023422580 550 
11,439 11,654 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201714.25%SF+7.75%1.00%7/31/202417,012 17,010 15,816 
Industrial Services Acquisition, LLC(10)Industrial Cleaning Services
Secured Debt(9) (32)8/13/202112.22%SF+6.75%8/13/2026752 734 752 
Secured Debt(9)8/13/202112.22%SF+6.75%8/13/202611,436 11,330 11,436 
Preferred Member Units(8) (23)1/31/201833610.00%10.00%321 415 
Preferred Member Units(8) (23)5/17/201918720.00%20.00%240 279 
Member Units(23)6/17/20162,1002,100 1,610 
14,725 14,492 
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202313.00%3/31/20284,388 4,314 4,314 
Preferred Equity3/31/202320,0001,000 1,000 
5,314 5,314 
Infolinks Media Buyco, LLC(10)Exclusive Placement Provider to the Advertising Ecosystem
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20261,881 1,829 1,881 
Secured Debt(9)11/1/202111.21%SF+5.75%11/1/20269,690 9,579 9,690 
11,408 11,571 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt(9) (37)7/19/2023SF+6.25%7/19/2028 (40)(40)
Secured Debt(9) (37)7/19/2023SF+6.25%7/19/2029 (33)(33)
Secured Debt(9)7/19/202311.65%SF+6.25%7/19/20298,373 8,143 8,287 
Common Equity7/19/202347,847239 239 
8,309 8,453 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (31)4/3/202313.53%SF+8.00%4/3/2028676 659 664 
Secured Debt(9)4/3/202313.55%SF+8.00%4/3/20286,256 6,115 6,144 
Secured Debt(9)6/14/202313.55%SF+8.00%4/3/20281,260 1,231 1,237 
Common Equity4/3/2023101,719322 190 
8,327 8,235 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (28)12/9/202115.48%SF+10.00%8/7/20231,835 1,835 1,781 
Secured Debt(9) (14) (17)8/7/201912.46%SF+7.00%12.46%8/7/20237,334 7,254 433 
Common Stock12/7/20212,143  
9,089 2,214 
Intermedia Holdings, Inc.(11)Unified Communications as a Service
Secured Debt(9)8/3/201811.47%SF+6.00%7/19/20255,544 5,539 5,370 
39

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/2025519 516 509 
Secured Debt(9)8/28/201912.00%SF+6.50%8/28/202516,812 16,751 16,515 
17,267 17,024 
INW Manufacturing, LLC(11)Manufacturer of Nutrition and Wellness Products
Secured Debt(9)5/19/202111.36%SF+5.75%3/25/20276,656 6,537 5,325 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.50%1/31/20281,128 1,108 1,108 
Secured Debt9/1/202113.50%1/31/2028735 722 722 
Secured Debt11/15/202113.50%1/31/20282,236 2,236 2,236 
Secured Debt11/15/202113.50%1/31/20284,906 4,815 4,815 
Secured Debt1/31/202313.50%1/31/20282,641 2,525 2,525 
Common Stock8/3/202150,753689 670 
12,095 12,076 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.04%SF+5.50%8.54%4/14/20282,615 2,374 2,301 
Common Equity4/13/2023186,322  
2,374 2,301 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027207 201 201 
Secured Debt(9)6/21/202316.59%SF+9.00%2.00%6/21/2027178 174 174 
Secured Debt(9)6/21/202315.59%SF+8.00%2.00%6/21/20271,084 842 842 
Secured Debt(9)6/21/202317.59%SF+10.00%2.00%6/21/20271,091 848 848 
Warrants(27)6/21/202348,3276/21/2033523 523 
2,588 2,588 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202212.46%SF+7.00%11/4/20241,675 1,649 1,675 
Secured Debt(9)11/8/202112.46%SF+7.00%11/4/20243,948 3,948 3,948 
Preferred Equity11/8/20215,653,333216 2,190 
5,813 7,813 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9) (14)11/15/202123.63%SF+18.00%23.63%1/31/20242,048 2,048 1,747 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20241,708 1,701 121 
Secured Debt(9) (14)8/21/201921.63%SF+16.00%21.63%8/21/20241,643 1,635 117 
Common Stock8/21/2019392,5143,678  
9,062 1,985 
Johnson Downie Opco, LLCExecutive Search Services
Secured Debt(37)12/10/202112/10/2026 (4) 
Secured Debt12/10/202115.00%12/10/20262,690 2,645 2,690 
Preferred Equity12/10/2021368404 1,070 
40

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
3,045 3,760 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/20272,850 2,814 2,814 
Preferred Equity(8)3/28/202211,9341,193 1,193 
4,007 4,007 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (41)12/22/202111.64%SF+6.00%12/22/2026261 253 261 
Secured Debt(9)12/22/202111.61%SF+6.00%12/22/20263,000 2,963 3,000 
Common Equity12/22/2021140,351140 140 
3,356 3,401 
KMS, LLC(10)Wholesaler of Closeout and Value-priced Products
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20261,292 1,235 1,180 
Secured Debt(9)10/4/202114.75%SF+9.25%10/4/20269,310 9,205 8,475 
10,440 9,655 
Lightbox Holdings, L.P.(11)Provider of Commercial Real Estate Software
Secured Debt5/9/201910.62%SF+5.00%5/9/20265,765 5,736 5,592 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20247,960 7,933 7,960 
Secured Debt(9)5/2/201912.71%SF+7.25%9/25/20245,246 5,228 5,246 
Secured Debt(9)11/20/202012.71%SF+7.25%9/25/2024   
Secured Debt(9)2/26/202112.71%SF+7.25%9/25/2024871 868 871 
Secured Debt(9)5/12/202212.71%SF+7.25%9/25/20248,822 8,781 8,822 
22,810 22,899 
LLFlex, LLC(10)Provider of Metal-Based Laminates
Secured Debt(9)8/16/202115.54%SF+9.00%1.00%8/16/20264,920 4,861 4,417 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9)1/8/201813.25%P+4.75%12/22/202411,552 11,285 9,069 
Mako Steel, LP(10)Self-Storage Design & Construction
Secured Debt(9) (37)3/15/2021SF+6.75%3/15/2026 (36) 
Secured Debt(9)3/15/202112.28%SF+6.75%3/15/202616,721 16,568 16,721 
16,532 16,721 
MB2 Dental Solutions, LLC(11)Dental Partnership Organization
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20272,803 2,771 2,803 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,925 3,880 3,925 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20273,464 3,424 3,464 
Secured Debt(9)1/28/202111.46%SF+6.00%1/29/20277,796 7,725 7,796 
17,800 17,988 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(37)10/19/202210/19/2024   
41

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt10/19/202212.75%10/19/20271,748 1,707 1,707 
Preferred Equity(8)10/19/2022434,3318.00%8.00%443 443 
Common Stock10/19/2022112,865113 110 
2,263 2,260 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (37)4/4/2022SF+6.25%4/3/2028 (6)(6)
Secured Debt(9)4/4/202211.46%SF+6.00%4/3/20282,671 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)10/24/201812.52%SF+7.00%12/31/202618,152 17,863 17,524 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (37)11/30/2023SF+6.25%11/30/2028 (28)(28)
Secured Debt(9) (37)11/30/2023SF+6.25%11/30/2028 (10)(10)
Secured Debt(9)11/30/202310.64%SF+5.25%11/30/20283,225 3,149 3,149 
Secured Debt(9)11/30/202312.64%SF+7.25%11/30/20283,225 3,146 3,146 
Common Equity11/30/2023300,000300 300 
6,557 6,557 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt5/24/202214.00%4.00%5/24/20271,120 1,106 1,133 
Secured Debt5/24/202214.00%4.00%5/24/20272,912 2,870 3,184 
Secured Debt5/24/202214.00%4.00%5/24/20274,957 4,890 4,957 
Common Stock8/30/202212,798,820256 197 
9,122 9,471 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (37)12/18/2019SF+7.00%12/18/2026 (4)(3)
Secured Debt(9) (37)12/18/2019SF+7.00%12/18/2026 (12)(12)
Secured Debt(9)12/18/201912.54%SF+7.00%12/18/202610,991 10,888 10,991 
Secured Debt(9)12/18/202312.52%SF+7.00%12/18/20263,878 3,807 3,878 
14,679 14,854 
Obra Capital, Inc. (f/k/a Vida Capital, Inc.)(11)Alternative Asset Manager
Secured Debt10/10/201911.47%SF+6.00%10/1/20267,043 6,711 6,039 
Paragon Healthcare, Inc.(10)Infusion Therapy Treatment Provider
Secured Debt(9) (37)1/19/2022SF+5.75%1/19/2027 (11) 
Secured Debt(9) (43)1/19/202211.24%SF+5.75%1/19/2027423 414 421 
Secured Debt(9)1/19/202211.25%SF+5.75%1/19/20272,456 2,412 2,442 
2,815 2,863 
Power System Solutions(10)Backup Power Generation
Secured Debt(9) (37)6/7/2023SF+6.75%6/7/2028 (35)(35)
Secured Debt(9) (37)6/7/2023SF+6.75%6/7/2028 (35)(35)
Secured Debt(9)6/7/202312.12%SF+6.75%6/7/20287,939 7,729 7,939 
42

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Common Equity6/7/2023532532 500 
8,191 8,369 
PrimeFlight Aviation Services(10)Air Freight & Logistics
Secured Debt(9)5/1/202312.28%SF+6.85%5/1/20295,970 5,813 5,970 
Secured Debt(9)9/7/202312.20%SF+6.85%5/1/2029570 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)8/19/202212.80%SF+7.25%8/19/2027198 189 196 
Secured Debt(9)8/19/202212.88%SF+7.25%8/19/20271,734 1,707 1,720 
1,896 1,916 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Secured Debt(9) (37)10/2/2023SF+8.00%10/2/2028 (19)(19)
Secured Debt(9)10/2/202313.70%SF+8.00%10/2/20283,906 3,813 3,813 
Preferred Equity10/2/20231,302,0831,302 1,302 
5,096 5,096 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9) (32)4/8/202112.22%SF+6.75%4/8/2026796 789 745 
Secured Debt(9)4/8/202112.21%SF+6.75%4/8/202612,917 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)12/29/201711.14%SF+5.50%12/20/20249,691 9,691 7,237 
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (34)8/24/202318.47%SF+6.50%8/24/2028833 781 818 
Secured Debt(9)8/24/202311.88%SF+6.50%8/24/202810,553 10,261 10,362 
11,042 11,180 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (37)8/27/2021SF+6.50%8/27/2026 (10) 
Secured Debt(9)8/27/202112.16%SF+6.50%8/27/20264,219 4,150 4,142 
Secured Debt(9)8/27/202114.16%SF+8.50%8/27/20264,219 4,150 4,082 
8,290 8,224 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20256,410 6,389 6,383 
Secured Debt(9)7/16/202113.54%SF+6.00%2.00%11/16/20259,022 8,991 8,984 
15,380 15,367 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%12/22/20272,860 2,777 2,860 
Common Stock9/13/201817,500114 600 
2,891 3,460 
South Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer
Secured Debt(9)12/10/202111.46%SF+6.00%12/13/202638 34 34 
Secured Debt(9)12/10/202111.70%SF+6.00%12/13/20262,979 2,943 2,979 
43

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2023
(dollars in thousands)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Common Equity12/10/202160,60661 59 
3,038 3,072 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (37)7/1/2022SF+8.00%7/1/2027 (14) 
Secured Debt(9)7/1/202213.72%SF+8.00%7/1/20274,925 4,857 4,925 
Common Stock7/1/2022200,000200 160 
5,043 5,085 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(23)7/7/20211,000,0001,000 2,840 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202113.00%8/9/202640 37 37 
Secured Debt8/9/202113.00%8/9/20261,880 1,858 1,841 
Preferred Stock9/1/202343,02743 43 
Preferred Stock(8)8/9/2021320,0001,600 1,600 
3,538 3,521 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202312.53%SF+7.15%6.00%5/2/20276,802 2,623 2,438 
Secured Debt(14)6/1/20235/2/2027692 15  
2,638 2,438 
USA DeBusk LLC(10)Provider of Industrial Cleaning Services
Secured Debt(9)10/22/201911.46%SF+6.00%9/8/202612,405 12,308 12,405 
Secured Debt(9)7/19/202311.96%SF+6.50%9/8/20264,825 4,742 4,825 
Secured Debt(9)11/21/202311.96%SF+6.50%9/8/20262,515 2,468 2,515 
19,518 19,745 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202312.99%SF+7.50%4/5/20293,000 2,923 3,000 
Vistar Media, Inc.(10)Operator of Digital Out-of-Home Advertising Platform
Preferred Stock4/3/201970,207767 2,180 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(9)12/22/202312.63%SF+7.00%12/22/202812,500 12,193 12,193 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel