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Jewelry, Inc., Secured Debt 12025-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22025-03-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2025-03-310001535778Robbins Bros. 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Warrants2025-03-310001535778msif:AACHoldingsIncMember2025-03-310001535778Adams Publishing Group, LLC, Secured Debt 12025-03-310001535778Adams Publishing Group, LLC, Secured Debt 22025-03-310001535778msif:AdamsPublishingGroupLLCMember2025-03-310001535778AMEREQUIP LLC., Common Stock2025-03-310001535778American Health Staffing Group, Inc., Secured Debt 12025-03-310001535778American Health Staffing Group, Inc., Secured Debt 22025-03-310001535778msif:AmericanHealthStaffingGroupIncMember2025-03-310001535778Ansira Partners II, LLC, Secured Debt 12025-03-310001535778Ansira Partners II, LLC, Secured Debt 22025-03-310001535778msif:AnsiraPartnersIILLCMember2025-03-310001535778ArborWorks, LLC, Secured Debt 12025-03-310001535778ArborWorks, LLC, Secured Debt 22025-03-310001535778ArborWorks, LLC, Preferred Equity 12025-03-310001535778ArborWorks, LLC, Preferred Equity 22025-03-310001535778ArborWorks, LLC, Common Equity2025-03-310001535778msif:ArborWorksLLCMember2025-03-310001535778Archer Systems, LLC, Common Stock2025-03-310001535778ATS Operating, LLC, Secured Debt 12025-03-310001535778ATS Operating, LLC, Secured Debt 22025-03-310001535778ATS Operating, LLC, Secured Debt 32025-03-310001535778ATS Operating, LLC, Common Stock2025-03-310001535778msif:ATSOperatingLLCMember2025-03-310001535778AVEX Aviation Holdings, LLC, Secured Debt 12025-03-310001535778AVEX Aviation Holdings, LLC, Secured Debt 22025-03-310001535778AVEX Aviation Holdings, LLC, Common Equity2025-03-310001535778msif:AVEXAviationHoldingsLLCMember2025-03-310001535778Berry Aviation, Inc., Preferred Member Units 12025-03-310001535778Berry Aviation, Inc., Preferred Member Units 22025-03-310001535778Berry Aviation, Inc., Preferred Member Units 32025-03-310001535778msif:BerryAviationIncMember2025-03-310001535778Bettercloud, Inc., Secured Debt 12025-03-310001535778Bettercloud, Inc., Secured Debt 22025-03-310001535778msif:BettercloudIncMember2025-03-310001535778Binswanger Enterprises, LLC, Member Units2025-03-310001535778Bluestem Brands, Inc., Secured Debt 12025-03-310001535778Bluestem Brands, Inc., Secured Debt 22025-03-310001535778Bluestem Brands, Inc., Secured Debt 32025-03-310001535778Bluestem Brands, Inc., Common Stock2025-03-310001535778Bluestem Brands, Inc., Warrants2025-03-310001535778msif:BluestemBrandsIncMember2025-03-310001535778Boccella Precast Products LLC, Secured Debt2025-03-310001535778Boccella Precast Products LLC, Member Units2025-03-310001535778msif:BoccellaPrecastProductsLLCMember2025-03-310001535778B-O-F Corporation, Secured Debt 12025-03-310001535778B-O-F Corporation, Secured Debt 22025-03-310001535778B-O-F Corporation, Secured Debt 32025-03-310001535778B-O-F Corporation, Common Equity2025-03-310001535778msif:BOFCorporationMember2025-03-310001535778Bond Brand Loyalty ULC, Secured Debt 12025-03-310001535778Bond Brand Loyalty ULC, Secured Debt 22025-03-310001535778Bond Brand Loyalty ULC, Secured Debt 32025-03-310001535778Bond Brand Loyalty ULC, Preferred Equity2025-03-310001535778Bond Brand Loyalty ULC, Common Equity2025-03-310001535778msif:BondBrandLoyaltyULCMember2025-03-310001535778BP Loenbro Holdings Inc., Secured Debt 12025-03-310001535778BP Loenbro Holdings Inc., Secured Debt 22025-03-310001535778BP Loenbro Holdings Inc., Secured Debt 32025-03-310001535778BP Loenbro Holdings Inc., Common Equity2025-03-310001535778msif:BPLoenbroHoldingsInc.Member2025-03-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund III, LP)2025-03-310001535778Brightwood Capital Fund Investments, LP Interests (Brightwood Capital Fund IV, LP)2025-03-310001535778msif:BrightwoodCapitalFundInvestmentsMember2025-03-310001535778Buca C, LLC, Secured Debt 12025-03-310001535778Buca C, LLC, Secured Debt 22025-03-310001535778Buca C, LLC, Secured Debt 32025-03-310001535778Buca C, LLC, Preferred Member Units2025-03-310001535778msif:BucaCLLCMember2025-03-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 12025-03-310001535778Burning Glass Intermediate 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32025-03-310001535778Channel Partners Intermediateco, LLC, Secured Debt 42025-03-310001535778msif:ChannelPartnersIntermediatecoLLCMember2025-03-310001535778Clarius BIGS, LLC, Secured Debt2025-03-310001535778Classic H&G Holdings, LLC, Preferred Member Units2025-03-310001535778Computer Data Source, LLC, Secured Debt 12025-03-310001535778Computer Data Source, LLC, Secured Debt 22025-03-310001535778msif:ComputerDataSourceLLCMember2025-03-310001535778Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2025-03-310001535778Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2025-03-310001535778msif:ConnectTelecommunicationsSolutionsHoldingsInc.Member2025-03-310001535778Coregistics Buyer LLC, Secured Debt 12025-03-310001535778Coregistics Buyer LLC, Secured Debt 22025-03-310001535778Coregistics Buyer LLC, Secured Debt 32025-03-310001535778Coregistics Buyer LLC, Secured Debt 42025-03-310001535778msif:CoregisticsBuyerLLCMember2025-03-310001535778CQ Fluency, LLC, Secured Debt 12025-03-310001535778CQ Fluency, LLC, Secured Debt 22025-03-310001535778CQ Fluency, LLC, Secured Debt 32025-03-310001535778msif:CQFluencyLLCMember2025-03-310001535778Creative Foam Corporation, Secured Debt 12025-03-310001535778Creative Foam Corporation, Secured Debt 22025-03-310001535778Creative Foam Corporation, Secured Debt 32025-03-310001535778Creative Foam Corporation, Common Equity2025-03-310001535778msif:CreativeFoamCorporationMember2025-03-310001535778Dalton US Inc., Common Stock2025-03-310001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2025-03-310001535778DTE Enterprises, LLC, Class A Preferred Member Units2025-03-310001535778msif:DTEEnterprisesLLCMember2025-03-310001535778Dynamic Communities, LLC, Secured Debt 12025-03-310001535778Dynamic Communities, LLC, Secured Debt 22025-03-310001535778Dynamic Communities, LLC, Preferred Equity 12025-03-310001535778Dynamic Communities, LLC, Preferred Equity 22025-03-310001535778Dynamic Communities, LLC, Common Equity2025-03-310001535778msif:DynamicCommunitiesLLCMember2025-03-310001535778Electro Technical Industries, LLC, Secured Debt 12025-03-310001535778Electro Technical Industries, LLC, Secured Debt 22025-03-310001535778Electro Technical Industries, LLC, Common Equity2025-03-310001535778msif:ElectroTechnicalIndustriesLLCMember2025-03-310001535778Elgin AcquireCo, LLC, Secured Debt 12025-03-310001535778Elgin AcquireCo, LLC, Secured Debt 22025-03-310001535778Elgin AcquireCo, LLC, Secured Debt 32025-03-310001535778Elgin AcquireCo, LLC, Common Stock 12025-03-310001535778Elgin AcquireCo, LLC, Common Stock 22025-03-310001535778msif:ElginAcquireCoLLCMember2025-03-310001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2025-03-310001535778Escalent, Inc., Secured Debt 12025-03-310001535778Escalent, Inc., Secured Debt 22025-03-310001535778Escalent, Inc., Secured Debt 32025-03-310001535778Escalent, Inc., Common Equity2025-03-310001535778msif:EscalentIncMember2025-03-310001535778Event Holdco, LLC, Secured Debt 12025-03-310001535778Event Holdco, LLC, Secured Debt 22025-03-310001535778msif:EventHoldcoLLCMember2025-03-310001535778FCC Intermediate Holdco, LLC, Secured Debt 2025-03-310001535778FCC Intermediate Holdco, LLC, Warrants2025-03-310001535778msif:FCCIntermediateHoldcoLLCMember2025-03-310001535778Garyline, LLC, Secured Debt 12025-03-310001535778Garyline, LLC, Secured Debt 22025-03-310001535778Garyline, LLC, Preferred Equity2025-03-310001535778Garyline, LLC, Common Equity2025-03-310001535778msif:GarylineLLCMember2025-03-310001535778GradeEight Corp., Secured Debt 12025-03-310001535778GradeEight Corp., Secured Debt 22025-03-310001535778GradeEight Corp., Secured Debt 32025-03-310001535778GradeEight Corp., Common Equity2025-03-310001535778msif:GradeEightCorp.Member2025-03-310001535778Hawk Ridge Systems, LLC, Secured Debt 12025-03-310001535778Hawk Ridge Systems, LLC, Secured Debt 22025-03-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12025-03-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22025-03-310001535778msif:HawkRidgeSystemsLLCMember2025-03-310001535778HDC/HW Intermediate Holdings, Secured Debt 12025-03-310001535778HDC/HW Intermediate Holdings, Secured Debt 22025-03-310001535778HDC/HW Intermediate Holdings, Common Equity2025-03-310001535778msif:HDCHWIntermediateHoldingsMember2025-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 12025-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 22025-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 32025-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 42025-03-310001535778HEADLANDS OP-CO LLC, Secured Debt 52025-03-310001535778msif:HEADLANDSOPCOLLCMember2025-03-310001535778Hornblower Sub, LLC, Secured Debt 12025-03-310001535778Hornblower Sub, LLC, Secured Debt 22025-03-310001535778msif:HornblowerSubLLCMember2025-03-310001535778Hybrid Promotions, LLC , Secured Debt2025-03-310001535778IG Parent Corporation, Secured Debt 12025-03-310001535778IG Parent Corporation, Secured Debt 22025-03-310001535778IG Parent Corporation, Secured Debt 32025-03-310001535778msif:IGParentCorporationMember2025-03-310001535778Imaging Business Machines, L.L.C., Common Equity2025-03-310001535778Implus Footcare, LLC, Secured Debt2025-03-310001535778Infinity X1 Holdings, LLC, Secured Debt2025-03-310001535778Infinity X1 Holdings, LLC, Preferred Equity2025-03-310001535778msif:InfinityX1HoldingsLLCMember2025-03-310001535778Insight Borrower Corporation, Secured Debt 12025-03-310001535778Insight Borrower Corporation, Secured Debt 22025-03-310001535778Insight Borrower Corporation, Secured Debt 32025-03-310001535778Insight Borrower Corporation, Common Equity2025-03-310001535778msif:InsightBorrowerCorporationMember2025-03-310001535778Inspire Aesthetics Management, LLC, Secured Debt 12025-03-310001535778Inspire Aesthetics Management, LLC, Secured Debt 22025-03-310001535778Inspire Aesthetics Management, LLC, Secured Debt 32025-03-310001535778Inspire Aesthetics Management, LLC, Secured Debt 42025-03-310001535778Inspire Aesthetics Management, LLC, Common Equity2025-03-310001535778msif:InspireAestheticsManagementLLCMember2025-03-310001535778Interface Security Systems, L.L.C, Secured Debt 12025-03-310001535778Interface Security Systems, L.L.C, Secured Debt 22025-03-310001535778Interface Security Systems, L.L.C, Common Stock2025-03-310001535778msif:InterfaceSecuritySystemsLLCMember2025-03-310001535778Invincible Boat Company, LLC., Secured Debt 12025-03-310001535778Invincible Boat Company, LLC., Secured Debt 22025-03-310001535778msif:InvincibleBoatCompanyLLCMember2025-03-310001535778Iron-Main Investments, LLC, Secured Debt 12025-03-310001535778Iron-Main Investments, LLC, Secured Debt 22025-03-310001535778Iron-Main Investments, LLC, Secured Debt 32025-03-310001535778Iron-Main Investments, LLC, Secured Debt 42025-03-310001535778Iron-Main Investments, LLC, Secured Debt 52025-03-310001535778Iron-Main Investments, LLC, Preferred Equity2025-03-310001535778Iron-Main Investments, LLC, Common Stock2025-03-310001535778msif:IronMainInvestmentsLLCMember2025-03-310001535778Isagenix International, LLC, Secured Debt2025-03-310001535778Isagenix International, LLC, Common Equity2025-03-310001535778msif:IsagenixInternationalLLCMember2025-03-310001535778Island Pump and Tank, LLC, Secured Debt 12025-03-310001535778Island Pump and Tank, LLC, Secured Debt 22025-03-310001535778Island Pump and Tank, LLC, Secured Debt 32025-03-310001535778Island Pump and Tank, LLC, Secured Debt 42025-03-310001535778msif:IslandPumpAndTankLLCMember2025-03-310001535778ITA Holdings Group, LLC, Secured Debt 12025-03-310001535778ITA Holdings Group, LLC, Secured Debt 22025-03-310001535778ITA Holdings Group, LLC, Secured Debt 32025-03-310001535778ITA Holdings Group, LLC, Secured Debt 42025-03-310001535778ITA Holdings Group, LLC, Warrants 2025-03-310001535778msif:ITAHoldingsGroupLLCMember2025-03-310001535778Jackmont Hospitality, Inc., Secured Debt 12025-03-310001535778Jackmont Hospitality, Inc., Secured Debt 22025-03-310001535778Jackmont Hospitality, Inc., Secured Debt 32025-03-310001535778Jackmont Hospitality, Inc., Secured Debt 42025-03-310001535778Jackmont Hospitality, Inc., Preferred Eqiuty2025-03-310001535778msif:JackmontHospitalityIncMember2025-03-310001535778JDC Power Services, LLC, Secured Debt 12025-03-310001535778JDC Power Services, LLC, Secured Debt 22025-03-310001535778msif:JDCPowerServicesLLCMember2025-03-310001535778Joerns Healthcare, LLC, Secured Debt 12025-03-310001535778Joerns Healthcare, LLC, Secured Debt 22025-03-310001535778Joerns Healthcare, LLC, Common Stock 2025-03-310001535778msif:JoernsHealthcareLLCMember2025-03-310001535778JorVet Holdings, LLC, Secured Debt 2025-03-310001535778JorVet Holdings, LLC., Preferred Eqiuty2025-03-310001535778msif:JorVetHoldingsLLCMember2025-03-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12025-03-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22025-03-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 32025-03-310001535778JTI Electrical & Mechanical, LLC, Common Eqiuty2025-03-310001535778msif:JTIElectricalMechanicalLLCMember2025-03-310001535778LL Management, Inc., Secured Debt 12025-03-310001535778LL Management, Inc., Secured Debt 22025-03-310001535778LL Management, Inc., Secured Debt 32025-03-310001535778LL Management, Inc., Secured Debt 42025-03-310001535778LL Management, Inc., Secured Debt 52025-03-310001535778msif:LLManagementIncMember2025-03-310001535778LLFlex, LLC, Secured Debt 2025-03-310001535778Logix Acquisition Company, LLC, Secured Debt2025-03-310001535778Metalforming Holdings, LLC, Secured Debt 12025-03-310001535778Metalforming Holdings, LLC, Secured Debt 22025-03-310001535778Metalforming Holdings, LLC, Preferred Equity2025-03-310001535778Metalforming Holdings, LLC, Common Stock2025-03-310001535778msif:MetalformingHoldingsLLCMember2025-03-310001535778Microbe Formulas, LLC, Secured Debt 12025-03-310001535778Microbe Formulas, LLC, Secured Debt 22025-03-310001535778Microbe Formulas, LLC, Secured Debt 32025-03-310001535778msif:MicrobeFormulasLLCMember2025-03-310001535778Mini Melts of America, LLC, Secured Debt 12025-03-310001535778Mini Melts of America, LLC, Secured Debt 22025-03-310001535778Mini Melts of America, LLC, Secured Debt 32025-03-310001535778Mini Melts of America, LLC, Secured Debt 42025-03-310001535778Mini Melts of America, LLC, Common Equity2025-03-310001535778msif:MiniMeltsOfAmericaLLCMember2025-03-310001535778MoneyThumb Acquisition, LLC, Secured Debt2025-03-310001535778MoneyThumb Acquisition, LLC, Preferred Member Units2025-03-310001535778MoneyThumb Acquisition, LLC, Warrants2025-03-310001535778msif:MoneyThumbAcquisitionLLCMember2025-03-310001535778MonitorUS Holding, LLC, Secured Debt 12025-03-310001535778MonitorUS Holding, LLC, Secured Debt 22025-03-310001535778MonitorUS Holding, LLC, Secured Debt 32025-03-310001535778MonitorUS Holding, LLC, Unsecured Debt 12025-03-310001535778MonitorUS Holding, LLC, Unsecured Debt 22025-03-310001535778MonitorUS Holding, LLC, Unsecured Debt 32025-03-310001535778MonitorUS Holding, LLC, Common Stock2025-03-310001535778msif:MonitorUSHoldingLLCMember2025-03-310001535778NinjaTrader, LLC, Secured Debt 12025-03-310001535778NinjaTrader, LLC, Secured Debt 22025-03-310001535778msif:NinjaTraderLLCMember2025-03-310001535778Northwind Midstream Partners LLC2025-03-310001535778Obra Capital, Inc., Secured Debt 12025-03-310001535778Obra Capital, Inc., Secured Debt 22025-03-310001535778msif:ObraCapitalInc.Member2025-03-310001535778OnPoint Industrial Services, LLC, Secured Debt 12025-03-310001535778OnPoint Industrial Services, LLC, Secured Debt 22025-03-310001535778msif:OnPointIndustrialServicesLLCMember2025-03-310001535778Peaches Holding Corporation, Common Equity2025-03-310001535778Power System Solutions, Secured Debt 12025-03-310001535778Power System Solutions, Secured Debt 22025-03-310001535778Power System Solutions, Secured Debt 32025-03-310001535778Power System Solutions, Common Equity2025-03-310001535778msif:PowerSystemSolutionsMember2025-03-310001535778PrimeFlight Aviation Services, Secured Debt 12025-03-310001535778PrimeFlight Aviation Services, Secured Debt 22025-03-310001535778PrimeFlight Aviation Services, Secured Debt 32025-03-310001535778PrimeFlight Aviation Services, Secured Debt 42025-03-310001535778PrimeFlight Aviation Services, Secured Debt 52025-03-310001535778msif:PrimeFlightAviationServicesMember2025-03-310001535778PTL US Bidco, Inc, Secured Debt 12025-03-310001535778PTL US Bidco, Inc, Secured Debt 22025-03-310001535778msif:PTLUSBidcoIncMember2025-03-310001535778Purge Rite, LLC, Preferred Equity2025-03-310001535778Purge Rite, LLC, Common Equity2025-03-310001535778msif:PurgeRiteLLCMember2025-03-310001535778Richardson Sales Solutions, Secured Debt 12025-03-310001535778Richardson Sales Solutions, Secured Debt 22025-03-310001535778Richardson Sales Solutions, Secured Debt 32025-03-310001535778msif:RichardsonSalesSolutionsMember2025-03-310001535778Roof Opco, LLC, Secured Debt 12025-03-310001535778Roof Opco, LLC, Secured Debt 22025-03-310001535778Roof Opco, LLC, Secured Debt 32025-03-310001535778msif:RoofOpcoLLCMember2025-03-310001535778Rug Doctor, LLC., Secured Debt 12025-03-310001535778Rug Doctor, LLC., Secured Debt 22025-03-310001535778msif:RugDoctorLLCMember2025-03-310001535778Slick Innovations, LLC, Secured Debt2025-03-310001535778Slick Innovations, LLC, Common Stock2025-03-310001535778msif:SlickInnovationsLLCMember2025-03-310001535778South Coast Terminals Holdings, LLC, Secured Debt 12025-03-310001535778South Coast Terminals Holdings, LLC, Secured Debt 22025-03-310001535778South Coast Terminals Holdings, LLC, Common Equity2025-03-310001535778msif:SouthCoastTerminalsHoldingsLLCMember2025-03-310001535778SPAU Holdings, LLC, Secured Debt 12025-03-310001535778SPAU Holdings, LLC, Secured Debt 22025-03-310001535778SPAU Holdings, LLC, Common Stock2025-03-310001535778msif:SPAUHoldingsLLCMember2025-03-310001535778TEC Services, LLC, Secured Debt 12025-03-310001535778TEC Services, LLC, Secured Debt 22025-03-310001535778TEC Services, LLC, Secured Debt 32025-03-310001535778msif:TECServicesLLCMember2025-03-310001535778Tex Tech Tennis, LLC, Preferred Equity2025-03-310001535778The Affiliati Network, LLC, Secured Debt 12025-03-310001535778The Affiliati Network, LLC, Secured Debt 22025-03-310001535778The Affiliati Network, LLC, Preferred Stock 12025-03-310001535778The Affiliati Network, LLC, Preferred Stock 22025-03-310001535778msif:TheAffiliatiNetworkLLCMember2025-03-310001535778Titan Meter Midco Corp., Secured Debt 12025-03-310001535778Titan Meter Midco Corp., Secured Debt 22025-03-310001535778Titan Meter Midco Corp., Secured Debt 32025-03-310001535778Titan Meter Midco Corp., Preferred Equity2025-03-310001535778msif:TitanMeterMidcoCorp.Member2025-03-310001535778U.S. TelePacific Corp., Secured Debt 12025-03-310001535778U.S. TelePacific Corp., Secured Debt 22025-03-310001535778msif:USTelePacificCorpMember2025-03-310001535778UPS Intermediate, LLC, Secured Debt2025-03-310001535778UPS Intermediate, LLC, Common Equity2025-03-310001535778msif:UPSIntermediateLLCMember2025-03-310001535778UserZoom Technologies, Inc., Secured Debt2025-03-310001535778Vitesse Systems, Secured Debt 12025-03-310001535778Vitesse Systems, Secured Debt 22025-03-310001535778msif:VitesseSystemsMember2025-03-310001535778VORTEQ Coil Finishers, LLC, Common Equity2025-03-310001535778Watterson Brands, LLC, Secured Debt 12025-03-310001535778Watterson Brands, LLC, Secured Debt 22025-03-310001535778Watterson Brands, LLC, Secured Debt 32025-03-310001535778Watterson Brands, LLC, Secured Debt 42025-03-310001535778msif:WattersonBrandsLLCMember2025-03-310001535778West Star Aviation Acquisition, LLC, Secured Debt 12025-03-310001535778West Star Aviation Acquisition, LLC, Secured Debt 22025-03-310001535778West Star Aviation Acquisition, LLC, Secured Debt 32025-03-310001535778West Star Aviation Acquisition, LLC, Common Stock2025-03-310001535778msif:WestStarAviationAcquisitionLLCMember2025-03-310001535778Winter Services LLC, Secured Debt 12025-03-310001535778Winter Services LLC, Secured Debt 22025-03-310001535778Winter Services LLC, Secured Debt 32025-03-310001535778Winter Services LLC, Secured Debt 42025-03-310001535778msif:WinterServicesLLCMember2025-03-310001535778World Micro Holdings, LLC, Secured Debt2025-03-310001535778World Micro Holdings, LLC, Preferred Equity2025-03-310001535778msif:WorldMicroHoldingsLLCMember2025-03-310001535778Xenon Arc, Inc., Secured Debt 12025-03-310001535778Xenon Arc, Inc., Secured Debt 22025-03-310001535778Xenon Arc, Inc., Secured Debt 32025-03-310001535778msif:XenonArcIncMember2025-03-310001535778YS Garments, LLC, Secured Debt 2025-03-310001535778Zips Car Wash, LLC, Secured Debt 12025-03-310001535778Zips Car Wash, LLC, Secured Debt 22025-03-310001535778Zips Car Wash, LLC, Secured Debt 32025-03-310001535778Zips Car Wash, LLC, Secured Debt 42025-03-310001535778msif:ZipsCarWashLLCMember2025-03-310001535778ZRG Partners, LLC, Secured Debt 12025-03-310001535778ZRG Partners, LLC, Secured Debt 22025-03-310001535778ZRG Partners, LLC, Secured Debt 32025-03-310001535778ZRG Partners, LLC, Secured Debt 42025-03-310001535778msif:ZRGPartnersLLCMember2025-03-310001535778First American Treasury Obligations Fund Class Z2025-03-310001535778Fidelity Government Portfolio Fund Class III2025-03-310001535778us-gaap:MoneyMarketFundsMember2025-03-310001535778srt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-03-310001535778srt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-03-310001535778srt:WeightedAverageMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-03-310001535778srt:MinimumMembermsif:SOFRAdjustmentSpreadMember2025-03-310001535778srt:MaximumMembermsif:SOFRAdjustmentSpreadMember2025-03-310001535778Bluestem Brands, Inc., Warrants2025-01-012025-03-310001535778Analytical Systems Keco Holdings, LLC, Warrants2025-01-012025-03-310001535778ITA Holdings Group, LLC, Warrants2025-01-012025-03-310001535778AAC Holdings, Inc., Warrants2025-01-012025-03-310001535778MoneyThumb Acquisition, LLC, Warrants2025-01-012025-03-310001535778FCC Intermediate Holdco, LLC , Warrants2025-01-012025-03-310001535778Acumera, Inc., Warrants2025-01-012025-03-310001535778Vitesse Systems, Secured Debt 1, Secured Overnight Financing Rate2025-03-310001535778 Fidelity Government Portfolio Fund Class III2025-03-310001535778BDB Holdings, LLC, Preferred Equity2024-12-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-12-310001535778GRT Rubber Technologies LLC, Secured Debt 12024-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22024-12-310001535778GRT Rubber Technologies LLC, Member Units2024-12-310001535778msif:GRTRubberTechnologiesLLCMember2024-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-12-310001535778Volusion, LLC, Secured Debt2024-12-310001535778Volusion, LLC, Preferred Member Units 12024-12-310001535778Volusion, LLC, Preferred Member Units 22024-12-310001535778Volusion, LLC, Preferred Member Units 32024-12-310001535778Volusion, LLC, Common Stock2024-12-310001535778msif:VolusionLLCMember2024-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 12024-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 22024-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2024-12-310001535778msif:AnalyticalSystemsKecoHoldingsLLCMember2024-12-310001535778Barfly Ventures, LLC, Member Units2024-12-310001535778Batjer TopCo, LLC, Secured Debt 12024-12-310001535778Batjer TopCo, LLC, Secured Debt 22024-12-310001535778Batjer TopCo, LLC, Secured Debt 32024-12-310001535778Batjer TopCo, LLC, Preferred Stock2024-12-310001535778msif:BatjerTopCoLLCMember2024-12-310001535778Brewer Crane Holdings, LLC, Provider of Crane Rental and Operating Services, Secured Debt2024-12-310001535778Brewer Crane Holdings, LLC, Provider of Crane Rental and Operating Services, Preferred Member Units2024-12-310001535778msif:BrewerCraneHoldingsLLCMember2024-12-310001535778Centre Technologies Holdings, LLC,Secured Debt 12024-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2024-12-310001535778msif:CentreTechnologiesHoldingsLLCMember2024-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 12024-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-12-310001535778Chamberlin Holding LLC, Member Units 12024-12-310001535778Chamberlin Holding LLC, Member Units 22024-12-310001535778msif:ChamberlinHoldingLLCMember2024-12-310001535778Charps, LLC, Preferred Member Units2024-12-310001535778Clad-Rex Steel, LLC, Secured Debt 12024-12-310001535778Clad-Rex Steel, LLC, Secured Debt 22024-12-310001535778Clad-Rex Steel, LLC, Secured Debt 32024-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-12-310001535778Clad-Rex Steel, LLC, Member Units 22024-12-310001535778msif:CladRexSteelLLCMember2024-12-310001535778Cody Pools, Inc., Secured Debt 12024-12-310001535778Cody Pools, Inc., Secured Debt 22024-12-310001535778Cody Pools, Inc., Preferred Member Units2024-12-310001535778msif:CodyPoolsIncMember2024-12-310001535778Colonial Electric Company LLC, Secured Debt 12024-12-310001535778Colonial Electric Company LLC, Secured Debt 22024-12-310001535778Colonial Electric Company LLC, Preferred Member Units 2024-12-310001535778msif:ColonialElectricCompanyLLCMember2024-12-310001535778Compass Systems & Sales, LLC, Secured Debt 12024-12-310001535778Compass Systems & Sales, LLC, Secured Debt 22024-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2024-12-310001535778msif:CompassSystemsSalesLLCMember2024-12-310001535778Datacom, LLC, Secured Debt 12024-12-310001535778Datacom, LLC, Secured Debt 22024-12-310001535778Datacom, LLC, Preferred Member Units2024-12-310001535778msif:DatacomLLCMember2024-12-310001535778Digital Products Holdings LLC, Secured Debt2024-12-310001535778Digital Products Holdings LLC, Preferred Member Units2024-12-310001535778msif:DigitalProductsHoldingsLLCMember2024-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12024-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 22024-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-12-310001535778msif:DirectMarketingSolutionsIncMember2024-12-310001535778DMA Industries, LLC, Secured Debt 12024-12-310001535778DMA Industries, LLC, Secured Debt 22024-12-310001535778DMA Industries, LLC, Preferred Equity 12024-12-310001535778DMA Industries, LLC, Preferred Equity 22024-12-310001535778msif:DMAIndustriesLLCMember2024-12-310001535778Flame King Holdings, LLC, Preferred Equity2024-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22024-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-12-310001535778msif:GamberJohnsonHoldingsLLCMember2024-12-310001535778GFG Group, LLC, Secured Debt2024-12-310001535778GFG Group, LLC, Preferred Member Units2024-12-310001535778msif:GFGGroupLLCMember2024-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12024-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2024-12-310001535778Gulf Publishing Holdings, LLC, Member Units2024-12-310001535778msif:GulfPublishingHoldingsLLCMember2024-12-310001535778Harris Preston Fund Investments, LP Interests (HPEP 3, L.P.)2024-12-310001535778IG Investor, LLC, Secured Debt 12024-12-310001535778IG Investor, LLC, Secured Debt 22024-12-310001535778IG Investor, LLC, Common Equity2024-12-310001535778msif:IGInvestorLLCMember2024-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-12-310001535778Integral Energy Services, Secured Debt2024-12-310001535778Integral Energy Services, Preferred Equity2024-12-310001535778Integral Energy Services, Common Stock2024-12-310001535778msif:IntegralEnergyServicesMember2024-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2024-12-310001535778msif:KickhaeferManufacturingCompanyLLCMember2024-12-310001535778Mystic Logistics Holdings, LLC, Common Equity2024-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12024-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22024-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2024-12-310001535778msif:MysticLogisticsHoldingsLLCMember2024-12-310001535778Nello Industries Investco, LLC, Secured Debt 12024-12-310001535778Nello Industries Investco, LLC, Secured Debt 22024-12-310001535778Nello Industries Investco, LLC, Common Equity2024-12-310001535778msif:NelloIndustriesInvestcoLLCMember2024-12-310001535778NexRev LLC, Secured Debt 12024-12-310001535778NexRev LLC, Secured Debt 22024-12-310001535778NexRev LLC, Preferred Member Units2024-12-310001535778msif:NexRevLLCMember2024-12-310001535778NuStep, LLC, Secured Debt 12024-12-310001535778NuStep, LLC, Secured Debt 22024-12-310001535778NuStep, LLC, Preferred Member Units 12024-12-310001535778NuStep, LLC, Preferred Member Units 22024-12-310001535778msif:NuStepLLCMember2024-12-310001535778Oneliance, LLC, Preferred Stock2024-12-310001535778Orttech Holdings, LLC, Secured Debt 12024-12-310001535778Orttech Holdings, LLC, Secured Debt 22024-12-310001535778Orttech Holdings, LLC, Preferred Stock2024-12-310001535778msif:OrttechHoldingsLLCMember2024-12-310001535778Pinnacle TopCo, LLC, Secured Debt 12024-12-310001535778Pinnacle TopCo, LLC, Secured Debt 22024-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2024-12-310001535778msif:PinnacleTopCoLLCMember2024-12-310001535778RA Outdoors LLC, Secured Debt 12024-12-310001535778RA Outdoors LLC, Secured Debt 22024-12-310001535778RA Outdoors LLC, Common Equity2024-12-310001535778msif:RAOutdoorsLLCMember2024-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-12-310001535778msif:RobbinsBrosJewelryIncMember2024-12-310001535778SI East, LLC, Secured Debt 12024-12-310001535778SI East, LLC, Secured Debt 22024-12-310001535778SI East, LLC, Preferred Member Units2024-12-310001535778msif:SIEastLLCMember2024-12-310001535778Student Resource Center, LLC, Secured Debt 12024-12-310001535778Student Resource Center, LLC, Secured Debt 22024-12-310001535778Student Resource Center, LLC, Preferred Equity2024-12-310001535778msif:StudentResourceCenterLLCMember2024-12-310001535778Tedder Industries, LLC, Secured Debt 12024-12-310001535778Tedder Industries, LLC, Secured Debt 22024-12-310001535778Tedder Industries, LLC, Preferred Member Units 12024-12-310001535778Tedder Industries, LLC, Preferred Member Units 22024-12-310001535778Tedder Industries, LLC, Preferred Member Units 32024-12-310001535778msif:TedderIndustriesLLCMember2024-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 12024-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 22024-12-310001535778Trantech Radiator Topco, LLC, Common Stock2024-12-310001535778msif:TrantechRadiatorTopcoLLCMember2024-12-310001535778Urgent DSO LLC, Secured Debt2024-12-310001535778Urgent DSO LLC, Preferred Equity2024-12-310001535778msif:UrgentDSOLLCMember2024-12-310001535778Victory Energy Operations, LLC, Secured Debt 12024-12-310001535778Victory Energy Operations, LLC, Secured Debt 22024-12-310001535778Victory Energy Operations, LLC, Preferred Equity2024-12-310001535778msif:VictoryEnergyOperationsLLCMember2024-12-310001535778VVS Holdco LLC, Secured Debt 12024-12-310001535778VVS Holdco LLC, Secured Debt 22024-12-310001535778VVS Holdco LLC, Preferred Equity2024-12-310001535778msif:VVSHoldcoLLCMember2024-12-310001535778AAC Holdings, Inc., Secured Debt 12024-12-310001535778AAC Holdings, Inc., Secured Debt 22024-12-310001535778AAC Holdings, Inc., Common Stock2024-12-310001535778AAC Holdings, Inc., Warrants2024-12-310001535778msif:AACHoldingsIncMember2024-12-310001535778Adams Publishing Group, LLC, Secured Debt 12024-12-310001535778Adams Publishing Group, LLC, Secured Debt 22024-12-310001535778msif:AdamsPublishingGroupLLCMember2024-12-310001535778AMEREQUIP LLC., Common Stock2024-12-310001535778American Health Staffing Group, Inc., Secured Debt 12024-12-310001535778American Health Staffing Group, Inc., Secured Debt 22024-12-310001535778msif:AmericanHealthStaffingGroupIncMember2024-12-310001535778American Nuts, LLC, Roaster,Secured Debt 12024-12-310001535778American Nuts, LLC, Roaster,Secured Debt 12025-03-310001535778American Nuts, LLC, Roaster, Secured Debt 22024-12-310001535778msif:AmericanNutsLLCMember2024-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 12024-12-310001535778American Teleconferencing Services, Ltd., Secured Debt 22024-12-310001535778msif:AmericanTeleconferencingServicesLtdMember2024-12-310001535778Ansira Partners II, LLC, Secured Debt 12024-12-310001535778Ansira Partners II, LLC, Secured Debt 22024-12-310001535778msif:AnsiraPartnersIILLCMember2024-12-310001535778ArborWorks, LLC, Secured Debt 12024-12-310001535778ArborWorks, LLC, Secured Debt 22024-12-310001535778ArborWorks, LLC, Preferred Equity 12024-12-310001535778ArborWorks, LLC, Preferred Equity 22024-12-310001535778ArborWorks, LLC, Common Equity2024-12-310001535778msif:ArborWorksLLCMember2024-12-310001535778Archer Systems, LLC, Common Stock2024-12-310001535778ATS Operating, LLC, Secured Debt 12024-12-310001535778ATS Operating, LLC, Secured Debt 22024-12-310001535778ATS Operating, LLC, Secured Debt 32024-12-310001535778ATS Operating, LLC, Common Stock2024-12-310001535778msif:ATSOperatingLLCMember2024-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 12024-12-310001535778AVEX Aviation Holdings, LLC, Secured Debt 22024-12-310001535778AVEX Aviation Holdings, LLC, Common Equity2024-12-310001535778msif:AVEXAviationHoldingsLLCMember2024-12-310001535778Berry Aviation, Inc., Preferred Member Units 12024-12-310001535778Berry Aviation, Inc., Preferred Member Units 22024-12-310001535778Berry Aviation, Inc., Preferred Member Units 32024-12-310001535778msif:BerryAviationIncMember2024-12-310001535778Bettercloud, Inc., Secured Debt 12024-12-310001535778Bettercloud, Inc., Secured Debt 22024-12-310001535778msif:BettercloudIncMember2024-12-310001535778Binswanger Enterprises, LLC, Member Units2024-12-310001535778Bluestem Brands, Inc., Secured Debt 12024-12-310001535778Bluestem Brands, Inc., Secured Debt 22024-12-310001535778Bluestem Brands, Inc., Secured Debt 32024-12-310001535778Bluestem Brands, Inc., Common Stock2024-12-310001535778Bluestem Brands, Inc., Warrants2024-12-310001535778msif:BluestemBrandsIncMember2024-12-310001535778Boccella Precast Products LLC, Secured Debt2024-12-310001535778Boccella Precast Products LLC, Member Units2024-12-310001535778msif:BoccellaPrecastProductsLLCMember2024-12-310001535778Bond Brand Loyalty ULC, Secured Debt 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32024-12-310001535778Buca C, LLC, Preferred Member Units2024-12-310001535778msif:BucaCLLCMember2024-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 12024-12-310001535778Burning Glass Intermediate Holding Company, Inc., Secured Debt 22024-12-310001535778msif:BurningGlassIntermediateHoldingCompanyIncMember2024-12-310001535778CAI Software LLC, Preferred Equity 12024-12-310001535778CAI Software LLC, Preferred Equity 22024-12-310001535778msif:CAISoftwareLLCMember2024-12-310001535778Career Team Holdings, LLC, Secured Debt 12024-12-310001535778Career Team Holdings, LLC, Secured Debt 22024-12-310001535778Career Team Holdings, LLC, Common Stock2024-12-310001535778msif:CareerTeamHoldingsLLCMember2024-12-310001535778CaseWorthy, Inc., Common Equity2024-12-310001535778CenterPeak Holdings, LLC, Secured Debt 12024-12-310001535778CenterPeak Holdings, LLC, Secured Debt 22024-12-310001535778CenterPeak Holdings, LLC, Preferred Equity2024-12-310001535778msif:CenterPeakHoldingsLLCMember2024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 12024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 22024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 32024-12-310001535778Channel Partners Intermediateco, LLC, Secured Debt 42024-12-310001535778msif:ChannelPartnersIntermediatecoLLCMember2024-12-310001535778Clarius BIGS, LLC, Secured Debt2024-12-310001535778Classic H&G Holdings, LLC, Preferred Member Units2024-12-310001535778Computer Data Source, LLC, Secured Debt 12024-12-310001535778Computer Data Source, LLC, Secured Debt 22024-12-310001535778Computer Data Source, LLC, Secured Debt 32024-12-310001535778msif:ComputerDataSourceLLCMember2024-12-310001535778Connect Telecommunications Solutions Holdings, Inc., Secured Debt 2024-12-310001535778Connect Telecommunications Solutions Holdings, Inc., Preferred Equity2024-12-310001535778msif:ConnectTelecommunicationsSolutionsHoldingsInc.Member2024-12-310001535778Coregistics Buyer LLC, Secured Debt 12024-12-310001535778Coregistics Buyer LLC, Secured Debt 22024-12-310001535778Coregistics Buyer LLC, Secured Debt 32024-12-310001535778Coregistics Buyer LLC, Secured Debt 42024-12-310001535778msif:CoregisticsBuyerLLCMember2024-12-310001535778CQ Fluency, LLC, Secured Debt 12024-12-310001535778CQ Fluency, LLC, Secured Debt 22024-12-310001535778CQ Fluency, LLC, Secured Debt 32024-12-310001535778msif:CQFluencyLLCMember2024-12-310001535778Creative Foam Corporation, Secured Debt 12024-12-310001535778Creative Foam Corporation, Secured Debt 22024-12-310001535778msif:CreativeFoamCorporationMember2024-12-310001535778Dalton US Inc., Common Stock2024-12-310001535778DTE Enterprises, LLC, Class AA Preferred Member Units (non-voting)2024-12-310001535778DTE Enterprises, LLC, Class A Preferred Member Units2024-12-310001535778msif:DTEEnterprisesLLCMember2024-12-310001535778Dynamic Communities, LLC, Secured Debt 12024-12-310001535778Dynamic Communities, LLC, Secured Debt 22024-12-310001535778Dynamic Communities, LLC, Preferred Equity 12024-12-310001535778Dynamic Communities, LLC, Preferred Equity 22024-12-310001535778Dynamic Communities, LLC, Common Equity2024-12-310001535778msif:DynamicCommunitiesLLCMember2024-12-310001535778Elgin AcquireCo, LLC, Secured Debt 12024-12-310001535778Elgin AcquireCo, LLC, Secured Debt 22024-12-310001535778Elgin AcquireCo, LLC, Secured Debt 32024-12-310001535778Elgin AcquireCo, LLC, Common Stock 12024-12-310001535778Elgin AcquireCo, LLC, Common Stock 22024-12-310001535778msif:ElginAcquireCoLLCMember2024-12-310001535778Emerald Technologies Acquisition Co, Inc., Secured Debt2024-12-310001535778Escalent, Inc., Secured Debt 12024-12-310001535778Escalent, Inc., Secured Debt 22024-12-310001535778Escalent, Inc., Secured Debt 32024-12-310001535778Escalent, Inc., Common Equity2024-12-310001535778msif:EscalentIncMember2024-12-310001535778Event Holdco, LLC, Secured Debt 12024-12-310001535778Event Holdco, LLC, Secured Debt 22024-12-310001535778msif:EventHoldcoLLCMember2024-12-310001535778FCC Intermediate Holdco, LLC, Secured Debt 2024-12-310001535778FCC Intermediate Holdco, LLC, Warrants2024-12-310001535778msif:FCCIntermediateHoldcoLLCMember2024-12-310001535778Garyline, LLC, Secured Debt 12024-12-310001535778Garyline, LLC, Secured Debt 22024-12-310001535778Garyline, LLC, Common Equity2024-12-310001535778msif:GarylineLLCMember2024-12-310001535778GradeEight Corp., Secured Debt 12024-12-310001535778GradeEight Corp., Secured Debt 22024-12-310001535778GradeEight Corp., Secured Debt 32024-12-310001535778GradeEight Corp., Common Equity2024-12-310001535778msif:GradeEightCorp.Member2024-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 12024-12-310001535778Hawk Ridge Systems, LLC, Secured Debt 22024-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 12024-12-310001535778Hawk Ridge Systems, LLC, Preferred Member Units 22024-12-310001535778msif:HawkRidgeSystemsLLCMember2024-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 12024-12-310001535778HDC/HW Intermediate Holdings, Secured Debt 22024-12-310001535778HDC/HW Intermediate Holdings, Common Equity2024-12-310001535778msif:HDCHWIntermediateHoldingsMember2024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 12024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 22024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 32024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 42024-12-310001535778HEADLANDS OP-CO LLC, Secured Debt 52024-12-310001535778msif:HEADLANDSOPCOLLCMember2024-12-310001535778Hornblower Sub, LLC, Secured Debt 12024-12-310001535778Hornblower Sub, LLC, Secured Debt 22024-12-310001535778msif:HornblowerSubLLCMember2024-12-310001535778Hybrid Promotions, LLC , Secured Debt2024-12-310001535778IG Parent Corporation, Secured Debt 12024-12-310001535778IG Parent Corporation, Secured Debt 22024-12-310001535778IG Parent Corporation, Secured Debt 32024-12-310001535778msif:IGParentCorporationMember2024-12-310001535778Imaging Business Machines, L.L.C., Secured Debt 12024-12-310001535778Imaging Business Machines, L.L.C., Secured Debt 22024-12-310001535778Imaging Business Machines, L.L.C., Common Equity2024-12-310001535778msif:ImagingBusinessMachinesLLCMember2024-12-310001535778Implus Footcare, LLC, Secured Debt2024-12-310001535778Infinity X1 Holdings, LLC, Secured Debt2024-12-310001535778Infinity X1 Holdings, LLC, Preferred Equity2024-12-310001535778msif:InfinityX1HoldingsLLCMember2024-12-310001535778Insight Borrower Corporation, Secured Debt 12024-12-310001535778Insight Borrower Corporation, Secured Debt 22024-12-310001535778Insight Borrower Corporation, Secured Debt 32024-12-310001535778Insight Borrower Corporation, Common Equity2024-12-310001535778msif:InsightBorrowerCorporationMember2024-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 12024-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 22024-12-310001535778Inspire Aesthetics Management, LLC, Secured Debt 32024-12-310001535778Inspire Aesthetics Management, LLC, Common Equity2024-12-310001535778msif:InspireAestheticsManagementLLCMember2024-12-310001535778Interface Security Systems, L.L.C, Secured Debt 12024-12-310001535778Interface Security Systems, L.L.C, Secured Debt 22024-12-310001535778Interface Security Systems, L.L.C, Common Stock2024-12-310001535778msif:InterfaceSecuritySystemsLLCMember2024-12-310001535778Invincible Boat Company, LLC., Secured Debt 12024-12-310001535778Invincible Boat Company, LLC., Secured Debt 22024-12-310001535778msif:InvincibleBoatCompanyLLCMember2024-12-310001535778Iron-Main Investments, LLC, Secured Debt 12024-12-310001535778Iron-Main Investments, LLC, Secured Debt 22024-12-310001535778Iron-Main Investments, LLC, Secured Debt 32024-12-310001535778Iron-Main Investments, LLC, Secured Debt 42024-12-310001535778Iron-Main Investments, LLC, Secured Debt 52024-12-310001535778Iron-Main Investments, LLC, Preferred Equity2024-12-310001535778Iron-Main Investments, LLC, Common Stock2024-12-310001535778msif:IronMainInvestmentsLLCMember2024-12-310001535778Isagenix International, LLC, Secured Debt2024-12-310001535778Isagenix International, LLC, Common Equity2024-12-310001535778msif:IsagenixInternationalLLCMember2024-12-310001535778Island Pump and Tank, LLC, Secured Debt 12024-12-310001535778Island Pump and Tank, LLC, Secured Debt 22024-12-310001535778Island Pump and Tank, LLC, Secured Debt 32024-12-310001535778Island Pump and Tank, LLC, Secured Debt 42024-12-310001535778msif:IslandPumpAndTankLLCMember2024-12-310001535778ITA Holdings Group, LLC, Secured Debt 12024-12-310001535778ITA Holdings Group, LLC, Secured Debt 22024-12-310001535778ITA Holdings Group, LLC, Secured Debt 32024-12-310001535778ITA Holdings Group, LLC, Secured Debt 42024-12-310001535778ITA Holdings Group, LLC, Warrants 2024-12-310001535778msif:ITAHoldingsGroupLLCMember2024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 12024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 22024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 32024-12-310001535778Jackmont Hospitality, Inc., Secured Debt 42024-12-310001535778Jackmont Hospitality, Inc., Preferred Eqiuty2024-12-310001535778msif:JackmontHospitalityIncMember2024-12-310001535778JDC Power Services, LLC, Secured Debt 12024-12-310001535778JDC Power Services, LLC, Secured Debt 22024-12-310001535778msif:JDCPowerServicesLLCMember2024-12-310001535778Joerns Healthcare, LLC, Secured Debt 12024-12-310001535778Joerns Healthcare, LLC, Secured Debt 22024-12-310001535778Joerns Healthcare, LLC, Secured Debt 32024-12-310001535778Joerns Healthcare, LLC, Secured Debt 42024-12-310001535778Joerns Healthcare, LLC, Common Stock 12024-12-310001535778Joerns Healthcare, LLC, Common Stock 22024-12-310001535778msif:JoernsHealthcareLLCMember2024-12-310001535778JorVet Holdings, LLC, Secured Debt 2024-12-310001535778JorVet Holdings, LLC., Preferred Eqiuty2024-12-310001535778msif:JorVetHoldingsLLCMember2024-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 12024-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 22024-12-310001535778JTI Electrical & Mechanical, LLC, Secured Debt 32024-12-310001535778JTI Electrical & Mechanical, LLC, Common Eqiuty2024-12-310001535778msif:JTIElectricalMechanicalLLCMember2024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 12024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 22024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 32024-12-310001535778KMS, LLC, Wholesaler of Closeout and Value-priced Products, Secured Debt 42024-12-310001535778msif:KMSLLCMember2024-12-310001535778Lightbox Holdings, L.P., Secured Debt 2024-12-310001535778LL Management, Inc., Secured Debt 12024-12-310001535778LL Management, Inc., Secured Debt 22024-12-310001535778LL Management, Inc., Secured Debt 32024-12-310001535778LL Management, Inc., Secured Debt 42024-12-310001535778LL Management, Inc., Secured Debt 52024-12-310001535778msif:LLManagementIncMember2024-12-310001535778LLFlex, LLC, Secured Debt 2024-12-310001535778Logix Acquisition Company, LLC, Secured Debt2024-12-310001535778Mako Steel, LP, Secured Debt 12024-12-310001535778Mako Steel, LP, Secured Debt 22024-12-310001535778msif:MakoSteelLPMember2024-12-310001535778Metalforming Holdings, LLC, Secured Debt 12024-12-310001535778Metalforming Holdings, LLC, Secured Debt 22024-12-310001535778Metalforming Holdings, LLC, Preferred Equity2024-12-310001535778Metalforming Holdings, LLC, Common Stock2024-12-310001535778msif:MetalformingHoldingsLLCMember2024-12-310001535778Microbe Formulas, LLC, Secured Debt 12024-12-310001535778Microbe Formulas, LLC, Secured Debt 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22025-03-310001535778Nello Industries Investco, LLC, Secured Debt 22025-01-012025-03-310001535778Nello Industries Investco, LLC, Secured Debt 22024-12-310001535778Nello Industries Investco, LLC, Common Equity2025-01-012025-03-310001535778Nello Industries Investco, LLC, Common Equity2024-12-310001535778NexRev LLC, Secured Debt 12025-01-012025-03-310001535778NexRev LLC, Secured Debt 12025-03-310001535778NexRev LLC, Secured Debt 22025-01-012025-03-310001535778NexRev LLC, Secured Debt 22025-03-310001535778NexRev LLC, Preferred Member Units2025-01-012025-03-310001535778NexRev LLC, Preferred Member Units2025-03-310001535778NuStep, LLC, Secured Debt 12025-03-310001535778NuStep, LLC, Secured Debt 12025-01-012025-03-310001535778NuStep, LLC, Secured Debt 22025-03-310001535778NuStep, LLC, Secured Debt 22025-01-012025-03-310001535778NuStep, LLC, Preferred Member Units 1.12025-01-012025-03-310001535778NuStep, LLC, Preferred Member Units 1.12024-12-310001535778NuStep, LLC, Preferred Member Units 1.12025-03-310001535778NuStep, LLC, Preferred Member Units 2.12025-01-012025-03-310001535778NuStep, LLC, Preferred Member Units 2.12024-12-310001535778NuStep, LLC, Preferred Member Units 2.12025-03-310001535778Oneliance, LLC, Secured Debt2025-01-012025-03-310001535778Oneliance, LLC, Secured Debt2024-12-310001535778Oneliance, LLC, Secured Debt2025-03-310001535778Orttech Holdings, LLC, Secured Debt 12025-03-310001535778Orttech Holdings, LLC, Secured Debt 12025-01-012025-03-310001535778Orttech Holdings, LLC, Secured Debt 22025-03-310001535778Orttech Holdings, LLC, Secured Debt 22025-01-012025-03-310001535778Orttech Holdings, LLC, Preferred Stock2025-01-012025-03-310001535778Orttech Holdings, LLC, Preferred Stock2025-03-310001535778Pinnacle TopCo, LLC, Secured Debt 12025-01-012025-03-310001535778Pinnacle TopCo, LLC, Secured Debt 12025-03-310001535778Pinnacle TopCo, LLC, Secured Debt 22025-03-310001535778Pinnacle TopCo, LLC, Secured Debt 22025-01-012025-03-310001535778Pinnacle TopCo, LLC, Preferred Equity2025-01-012025-03-310001535778Pinnacle TopCo, LLC, Preferred Equity2025-03-310001535778RA Outdoors LLC, Secured Debt 12025-03-310001535778RA Outdoors LLC, Secured Debt 12025-01-012025-03-310001535778RA Outdoors LLC, Secured Debt 22025-03-310001535778RA Outdoors LLC, Secured Debt 22025-01-012025-03-310001535778RA Outdoors LLC, Common Equity2025-01-012025-03-310001535778RA Outdoors LLC, Common Equity2025-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12025-01-012025-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22025-01-012025-03-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2025-01-012025-03-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2025-03-310001535778SI East, LLC, Secured Debt 12025-03-310001535778SI East, LLC, Secured Debt 12025-01-012025-03-310001535778SI East, LLC, Secured Debt 12024-12-310001535778SI East, LLC, Secured Debt 22025-01-012025-03-310001535778SI East, LLC, Secured Debt 22024-12-310001535778SI East, LLC, Secured Debt 22025-03-310001535778SI East, LLC, Preferred Member Units2025-01-012025-03-310001535778SI East, LLC, Preferred Member Units2024-12-310001535778Student Resource Center, LLC, Secured Debt 1.12025-03-310001535778Student Resource Center, LLC, Secured Debt 1.12025-01-012025-03-310001535778Student Resource Center, LLC, Secured Debt 1.12024-12-310001535778Student Resource Center, LLC, Preferred Equity2025-01-012025-03-310001535778Student Resource Center, LLC, Preferred Equity2025-03-310001535778Student Resource Center, LLC, Secured Debt 2.12025-03-310001535778Student Resource Center, LLC, Secured Debt 2.12025-01-012025-03-310001535778Student Resource Center, LLC, Secured Debt 2.12024-12-310001535778Tedder Industries, LLC, Secured Debt 12025-03-310001535778Tedder Industries, LLC, Secured Debt 12025-01-012025-03-310001535778Tedder Industries, LLC, Secured Debt 22025-03-310001535778Tedder Industries, LLC, Secured Debt 22025-01-012025-03-310001535778Tedder Industries, LLC, Preferred Member Units 12025-01-012025-03-310001535778Tedder Industries, LLC, Preferred Member Units 12025-03-310001535778Tedder Industries, LLC, Preferred Member Units 22025-01-012025-03-310001535778Tedder Industries, LLC, Preferred Member Units 22025-03-310001535778Tedder Industries, LLC, Preferred Member Units 32025-01-012025-03-310001535778Tedder Industries, LLC, Preferred Member Units 32025-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12025-01-012025-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22025-01-012025-03-310001535778Trantech Radiator Topco, LLC, Common Stock2025-01-012025-03-310001535778Urgent DSO LLC, Secured Debt2025-01-012025-03-310001535778Urgent DSO LLC, Preferred Equity2025-01-012025-03-310001535778Victory Energy Operations, LLC, Secured Debt 12025-01-012025-03-310001535778Victory Energy Operations, LLC, Secured Debt 22025-01-012025-03-310001535778Victory Energy Operations, LLC, Preferred Equity2025-01-012025-03-310001535778VVS Holdco LLC, Secured Debt 12025-01-012025-03-310001535778VVS Holdco LLC, Secured Debt 22025-01-012025-03-310001535778VVS Holdco LLC, Preferred Equity2025-01-012025-03-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2025-01-012025-03-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-12-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2025-03-310001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-03-310001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-01-012024-03-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2023-12-310001535778Copper Trail Fund Investments, LP Interests (CTMH, LP)2024-03-310001535778GRT Rubber Technologies LLC, Secured Debt 12024-03-310001535778GRT Rubber Technologies LLC, Secured Debt 12024-01-012024-03-310001535778GRT Rubber Technologies LLC, Secured Debt 12023-12-310001535778GRT Rubber Technologies LLC, Secured Debt 22024-03-310001535778GRT Rubber Technologies LLC, Secured Debt 22024-01-012024-03-310001535778GRT Rubber Technologies LLC, Secured Debt 22023-12-310001535778GRT Rubber Technologies LLC, Member Units2024-01-012024-03-310001535778GRT Rubber Technologies LLC, Member Units2023-12-310001535778GRT Rubber Technologies LLC, Member Units2024-03-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-01-012024-03-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2023-12-310001535778Harris Preston Fund Investments, LP Interests (2717 MH, L.P.)2024-03-310001535778Volusion, LLC, Secured Debt2024-03-310001535778Volusion, LLC, Secured Debt2024-01-012024-03-310001535778Volusion, LLC, Secured Debt2023-12-310001535778Volusion, LLC, Preferred Member Units 1.12024-01-012024-03-310001535778Volusion, LLC, Preferred Member Units 1.12023-12-310001535778Volusion, LLC, Preferred Member Units 1.12024-03-310001535778Volusion, LLC, Preferred Member Units 2.12024-01-012024-03-310001535778Volusion, LLC, Preferred Member Units 2.12023-12-310001535778Volusion, LLC, Preferred Member Units 2.12024-03-310001535778Volusion, LLC, Preferred Member Units 32024-01-012024-03-310001535778Volusion, LLC, Preferred Member Units 32023-12-310001535778Volusion, LLC, Preferred Member Units 32024-03-310001535778Volusion, LLC, Common Stock2024-01-012024-03-310001535778Volusion, LLC, Common Stock2023-12-310001535778Volusion, LLC, Common Stock2024-03-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Control Investments2024-01-012024-03-310001535778Other 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 Investments2024-03-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-310001535778us-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-03-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12024-01-012024-03-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 12023-12-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-03-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Analytical Systems Keco Holdings, LLC, Secured Debt 22023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.12024-03-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.12024-01-012024-03-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 1.12023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.12024-01-012024-03-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.12023-12-310001535778Analytical Systems Keco Holdings, LLC, Preferred Member Units 2.12024-03-310001535778Analytical Systems Keco Holdings, LLC, Warrants2024-01-012024-03-310001535778Analytical Systems Keco Holdings, LLC, Warrants2023-12-310001535778Analytical Systems Keco Holdings, LLC, Warrants2024-03-310001535778Barfly Ventures, LLC, Member Units2024-01-012024-03-310001535778Barfly Ventures, LLC, Member Units2023-12-310001535778Barfly Ventures, LLC, Member Units2024-03-310001535778Batjer TopCo, LLC, Secured Debt 12024-03-310001535778Batjer TopCo, LLC, Secured Debt 12024-01-012024-03-310001535778Batjer TopCo, LLC, Secured Debt 12023-12-310001535778Batjer TopCo, LLC, Secured Debt 22024-03-310001535778Batjer TopCo, LLC, Secured Debt 22024-01-012024-03-310001535778Batjer TopCo, LLC, Secured Debt 22023-12-310001535778Batjer TopCo, LLC, Secured Debt 32024-03-310001535778Batjer TopCo, LLC, Secured Debt 32024-01-012024-03-310001535778Batjer TopCo, LLC, Secured Debt 32023-12-310001535778Batjer TopCo, LLC, Preferred Stock2024-01-012024-03-310001535778Batjer TopCo, LLC, Preferred Stock2023-12-310001535778Batjer TopCo, LLC, Preferred Stock2024-03-310001535778Brewer Crane Holdings, LLC, Secured Debt2024-01-012024-03-310001535778Brewer Crane Holdings, LLC, Secured Debt2023-12-310001535778Brewer Crane Holdings, LLC, Secured Debt2024-03-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2024-01-012024-03-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2023-12-310001535778Brewer Crane Holdings, LLC, Preferred Member Units2024-03-310001535778Centre Technologies Holdings, Secured Debt 12024-03-310001535778Centre Technologies Holdings, Secured Debt 12024-01-012024-03-310001535778Centre Technologies Holdings, Secured Debt 12023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 22023-12-310001535778Centre Technologies Holdings, LLC, Secured Debt 32024-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 32024-01-012024-03-310001535778Centre Technologies Holdings, LLC, Secured Debt 32023-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2024-01-012024-03-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2023-12-310001535778Centre Technologies Holdings, LLC, Preferred Member Units2024-03-310001535778Chamberlin Holding LLC, Secured Debt 12023-03-310001535778Chamberlin Holding LLC, Secured Debt 12024-03-310001535778Chamberlin Holding LLC, Secured Debt 12024-01-012024-03-310001535778Chamberlin Holding LLC, Secured Debt 12023-12-310001535778Chamberlin Holding LLC, Secured Debt 22023-03-310001535778Chamberlin Holding LLC, Secured Debt 22024-03-310001535778Chamberlin Holding LLC, Secured Debt 22024-01-012024-03-310001535778Chamberlin Holding LLC, Secured Debt 22023-12-310001535778Chamberlin Holding LLC, Member Units 12024-01-012024-03-310001535778Chamberlin Holding LLC, Member Units 12023-12-310001535778Chamberlin Holding LLC, Member Units 12024-03-310001535778Chamberlin Holding LLC, Member Units 22024-01-012024-03-310001535778Chamberlin Holding LLC, Member Units 22023-12-310001535778Chamberlin Holding LLC, Member Units 22024-03-310001535778Charps, LLC, Preferred Member Units2024-01-012024-03-310001535778Charps, LLC, Preferred Member Units2023-12-310001535778Charps, LLC, Preferred Member Units2024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 1.12024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 1.12024-01-012024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 1.12023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 2.12024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 2.12024-01-012024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 2.12023-12-310001535778Clad-Rex Steel, LLC, Secured Debt 32024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 32024-01-012024-03-310001535778Clad-Rex Steel, LLC, Secured Debt 32023-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-01-012024-03-310001535778Clad-Rex Steel, LLC, Member Units 12023-12-310001535778Clad-Rex Steel, LLC, Member Units 12024-03-310001535778Clad-Rex Steel, LLC, Member Units 22024-01-012024-03-310001535778Clad-Rex Steel, LLC, Member Units 22023-12-310001535778Clad-Rex Steel, LLC, Member Units 22024-03-310001535778Cody Pools, Inc., Secured Debt 12024-03-310001535778Cody Pools, Inc., Secured Debt 12024-01-012024-03-310001535778Cody Pools, Inc., Secured Debt 12023-12-310001535778Cody Pools, Inc., Secured Debt 22024-03-310001535778Cody Pools, Inc., Secured Debt 22024-01-012024-03-310001535778Cody Pools, Inc., Secured Debt 22023-12-310001535778Cody Pools, Inc., Preferred Member Units2024-01-012024-03-310001535778Cody Pools, Inc., Preferred Member Units2023-12-310001535778Cody Pools, Inc., Preferred Member Units2024-03-310001535778Colonial Electric Company LLC, Secured Debt 12024-03-310001535778Colonial Electric Company LLC, Secured Debt 12024-01-012024-03-310001535778Colonial Electric Company LLC, Secured Debt 12023-12-310001535778Colonial Electric Company LLC, Secured Debt 22024-03-310001535778Colonial Electric Company LLC, Secured Debt 22024-01-012024-03-310001535778Colonial Electric Company LLC, Secured Debt 22023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12024-01-012024-03-310001535778Colonial Electric Company LLC, Preferred Member Units 12023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 12024-03-310001535778Colonial Electric Company LLC, Preferred Member Units 22024-01-012024-03-310001535778Colonial Electric Company LLC, Preferred Member Units 22023-12-310001535778Colonial Electric Company LLC, Preferred Member Units 22024-03-310001535778Compass Systems & Sales, LLC, Secured Debt 12024-03-310001535778Compass Systems & Sales, LLC, Secured Debt 12024-01-012024-03-310001535778Compass Systems & Sales, LLC, Secured Debt 12023-12-310001535778Compass Systems & Sales, LLC, Secured Debt 22024-03-310001535778Compass Systems & Sales, LLC, Secured Debt 22024-01-012024-03-310001535778Compass Systems & Sales, LLC, Secured Debt 22023-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2024-01-012024-03-310001535778Compass Systems & Sales, LLC, Preferred Equity2023-12-310001535778Compass Systems & Sales, LLC, Preferred Equity2024-03-310001535778Datacom, LLC, Secured Debt 12024-03-310001535778Datacom, LLC, Secured Debt 12024-01-012024-03-310001535778Datacom, LLC, Secured Debt 12023-12-310001535778Datacom, LLC, Secured Debt 22024-03-310001535778Datacom, LLC, Secured Debt 22024-01-012024-03-310001535778Datacom, LLC, Secured Debt 22023-12-310001535778Datacom, LLC, Preferred Member Units2024-01-012024-03-310001535778Datacom, LLC, Preferred Member Units2023-12-310001535778Datacom, LLC, Preferred Member Units2024-03-310001535778Digital Products Holdings LLC, Secured Debt2024-03-310001535778Digital Products Holdings LLC, Secured Debt2024-01-012024-03-310001535778Digital Products Holdings LLC, Secured Debt2023-12-310001535778Digital Products Holdings LLC, Preferred Member Units2024-01-012024-03-310001535778Digital Products Holdings LLC, Preferred Member Units2023-12-310001535778Digital Products Holdings LLC, Preferred Member Units2024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 12024-01-012024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 12023-12-310001535778Direct Marketing Solutions, Inc., Secured Debt 12024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22024-01-012024-03-310001535778Direct Marketing Solutions, Inc., Secured Debt 22023-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-01-012024-03-310001535778Direct Marketing Solutions, Inc., Preferred Stock2023-12-310001535778Direct Marketing Solutions, Inc., Preferred Stock2024-03-310001535778Flame King Holdings, LLC, Preferred Equity2024-01-012024-03-310001535778Flame King Holdings, LLC, Preferred Equity2023-12-310001535778Flame King Holdings, LLC, Preferred Equity2024-03-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-01-012024-03-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2023-12-310001535778Freeport Financial Funds, LP Interests (Freeport First Lien Loan Fund III LP)2024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12024-01-012024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 12023-12-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Gamber-Johnson Holdings, LLC, Secured Debt 22023-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-01-012024-03-310001535778Gamber-Johnson Holdings, LLC, Member Units2023-12-310001535778Gamber-Johnson Holdings, LLC, Member Units2024-03-310001535778GFG Group, LLC, Secured Debt2024-03-310001535778GFG Group, LLC, Secured Debt2024-01-012024-03-310001535778GFG Group, LLC, Secured Debt2023-12-310001535778GFG Group, LLC, Preferred Member Units2024-01-012024-03-310001535778GFG Group, LLC, Preferred Member Units2023-12-310001535778GFG Group, LLC, Preferred Member Units2024-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12024-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12024-01-012024-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 12023-12-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Gulf Publishing Holdings, LLC, Secured Debt 22023-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2024-01-012024-03-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2023-12-310001535778Gulf Publishing Holdings, LLC, Preferred Equity2024-03-310001535778Gulf Publishing Holdings, LLC, Member Units2024-01-012024-03-310001535778Gulf Publishing Holdings, LLC, Member Units2023-12-310001535778Gulf Publishing Holdings, LLC, Member Units2024-03-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-01-012024-03-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2023-12-310001535778HPEP 3, L.P., LP Interests (HPEP 3, L.P.)2024-03-310001535778IG Investor, LLC, Secured Debt 12024-03-310001535778IG Investor, LLC, Secured Debt 12024-01-012024-03-310001535778IG Investor, LLC, Secured Debt 12023-12-310001535778IG Investor, LLC, Secured Debt 22024-03-310001535778IG Investor, LLC, Secured Debt 22024-01-012024-03-310001535778IG Investor, LLC, Secured Debt 22023-12-310001535778IG Investor, LLC, Common Equity2024-01-012024-03-310001535778IG Investor, LLC, Common Equity2023-12-310001535778IG Investor, LLC, Common Equity2024-03-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-01-012024-03-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2023-12-310001535778Independent Pet Partners Intermediate Holdings, LLC, Common Equity2024-03-310001535778Integral Energy Services, Secured Debt2024-03-310001535778Integral Energy Services, Secured Debt2024-01-012024-03-310001535778Integral Energy Services, Secured Debt2023-12-310001535778Integral Energy Services, Preferred Equity2024-03-310001535778Integral Energy Services, Preferred Equity2024-01-012024-03-310001535778Integral Energy Services, Preferred Equity2023-12-310001535778Integral Energy Services, Common Stock2024-01-012024-03-310001535778Integral Energy Services, Common Stock2023-12-310001535778Integral Energy Services, Common Stock2024-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12024-01-012024-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 12023-12-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22024-01-012024-03-310001535778Kickhaefer Manufacturing Company, LLC, Secured Debt 22023-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-01-012024-03-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Preferred Equity2024-03-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2024-01-012024-03-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2023-12-310001535778Kickhaefer Manufacturing Company, LLC, Member Units2024-03-310001535778MH Corbin Holding LLC, Secured Debt2024-03-310001535778MH Corbin Holding LLC, Secured Debt2024-01-012024-03-310001535778MH Corbin Holding LLC, Secured Debt2023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12024-01-012024-03-310001535778MH Corbin Holding LLC, Preferred Member Units 12023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 12024-03-310001535778MH Corbin Holding LLC, Preferred Member Units 22024-01-012024-03-310001535778MH Corbin Holding LLC, Preferred Member Units 22023-12-310001535778MH Corbin Holding LLC, Preferred Member Units 22024-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12024-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12024-01-012024-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 12023-12-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22024-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Mystic Logistics Holdings, LLC, Secured Debt 22023-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2024-01-012024-03-310001535778Mystic Logistics Holdings, LLC, Common Stock2023-12-310001535778Mystic Logistics Holdings, LLC, Common Stock2024-03-310001535778NexRev LLC, Secured Debt 12024-03-310001535778NexRev LLC, Secured Debt 12024-01-012024-03-310001535778NexRev LLC, Secured Debt 12023-12-310001535778NexRev LLC, Secured Debt 22024-03-310001535778NexRev LLC, Secured Debt 22024-01-012024-03-310001535778NexRev LLC, Secured Debt 22023-12-310001535778NexRev LLC, Preferred Member Units2024-01-012024-03-310001535778NexRev LLC, Preferred Member Units2023-12-310001535778NexRev LLC, Preferred Member Units2024-03-310001535778NuStep, LLC, Secured Debt 12024-03-310001535778NuStep, LLC, Secured Debt 12024-01-012024-03-310001535778NuStep, LLC, Secured Debt 12023-12-310001535778NuStep, LLC, Secured Debt 22024-03-310001535778NuStep, LLC, Secured Debt 22024-01-012024-03-310001535778NuStep, LLC, Secured Debt 22023-12-310001535778NuStep, LLC, Preferred Member Units 1.12024-01-012024-03-310001535778NuStep, LLC, Preferred Member Units 1.12023-12-310001535778NuStep, LLC, Preferred Member Units 1.12024-03-310001535778NuStep, LLC, Preferred Member Units 2.12024-01-012024-03-310001535778NuStep, LLC, Preferred Member Units 2.12023-12-310001535778NuStep, LLC, Preferred Member Units 2.12024-03-310001535778Oneliance, LLC, Secured Debt2024-03-310001535778Oneliance, LLC, Secured Debt2024-01-012024-03-310001535778Oneliance, LLC, Secured Debt2023-12-310001535778Oneliance, LLC, Preferred Stock2024-01-012024-03-310001535778Oneliance, LLC, Preferred Stock2023-12-310001535778Oneliance, LLC, Preferred Stock2024-03-310001535778Orttech Holdings, LLC, Secured Debt 12024-03-310001535778Orttech Holdings, LLC, Secured Debt 12024-01-012024-03-310001535778Orttech Holdings, LLC, Secured Debt 12023-12-310001535778Orttech Holdings, LLC, Secured Debt 22024-03-310001535778Orttech Holdings, LLC, Secured Debt 22024-01-012024-03-310001535778Orttech Holdings, LLC, Secured Debt 22023-12-310001535778Orttech Holdings, LLC, Preferred Stock2024-01-012024-03-310001535778Orttech Holdings, LLC, Preferred Stock2023-12-310001535778Orttech Holdings, LLC, Preferred Stock2024-03-310001535778Pinnacle TopCo, LLC, Secured Debt 12024-03-310001535778Pinnacle TopCo, LLC, Secured Debt 12024-01-012024-03-310001535778Pinnacle TopCo, LLC, Secured Debt 12023-12-310001535778Pinnacle TopCo, LLC, Secured Debt 22024-03-310001535778Pinnacle TopCo, LLC, Secured Debt 22024-01-012024-03-310001535778Pinnacle TopCo, LLC, Secured Debt 22023-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2024-01-012024-03-310001535778Pinnacle TopCo, LLC, Preferred Equity2023-12-310001535778Pinnacle TopCo, LLC, Preferred Equity2024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12024-01-012024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 12023-12-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22024-01-012024-03-310001535778Robbins Bros. Jewelry, Inc., Secured Debt 22023-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-01-012024-03-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2023-12-310001535778Robbins Bros. Jewelry, Inc., Preferred Equity2024-03-310001535778SI East, LLC, Secured Debt 12024-03-310001535778SI East, LLC, Secured Debt 12024-01-012024-03-310001535778SI East, LLC, Secured Debt 12023-12-310001535778SI East, LLC, Secured Debt 22024-03-310001535778SI East, LLC, Secured Debt 22024-01-012024-03-310001535778SI East, LLC, Secured Debt 22023-12-310001535778SI East, LLC, Preferred Member Units 2024-01-012024-03-310001535778SI East, LLC, Preferred Member Units 2023-12-310001535778SI East, LLC, Preferred Member Units 2024-03-310001535778Student Resource Center, LLC, Secured Debt 12024-03-310001535778Student Resource Center, LLC, Secured Debt 12024-01-012024-03-310001535778Student Resource Center, LLC, Secured Debt 12023-12-310001535778Student Resource Center, LLC, Preferred Equity2024-01-012024-03-310001535778Student Resource Center, LLC, Preferred Equity2023-12-310001535778Student Resource Center, LLC, Preferred Equity2024-03-310001535778Tedder Industries, LLC, Secured Debt 12024-03-310001535778Tedder Industries, LLC, Secured Debt 12024-01-012024-03-310001535778Tedder Industries, LLC, Secured Debt 12023-12-310001535778Tedder Industries, LLC, Secured Debt 22024-03-310001535778Tedder Industries, LLC, Secured Debt 22024-01-012024-03-310001535778Tedder Industries, LLC, Secured Debt 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 12024-01-012024-03-310001535778Tedder Industries, LLC, Preferred Member Units 12023-12-310001535778Tedder Industries, LLC, Preferred Member Units 12024-03-310001535778Tedder Industries, LLC, Preferred Member Units 22024-01-012024-03-310001535778Tedder Industries, LLC, Preferred Member Units 22023-12-310001535778Tedder Industries, LLC, Preferred Member Units 22024-03-310001535778Tedder Industries, LLC, Preferred Member Units 32024-01-012024-03-310001535778Tedder Industries, LLC, Preferred Member Units 32023-12-310001535778Tedder Industries, LLC, Preferred Member Units 32024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12024-01-012024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 12023-12-310001535778Trantech Radiator Topco, LLC, Secured Debt 22024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22024-01-012024-03-310001535778Trantech Radiator Topco, LLC, Secured Debt 22023-12-310001535778Trantech Radiator Topco, LLC, Common Stock2024-01-012024-03-310001535778Trantech Radiator Topco, LLC, Common Stock2023-12-310001535778Trantech Radiator Topco, LLC, Common Stock2024-03-310001535778VVS Holdco LLC, Secured Debt 12024-03-310001535778VVS Holdco LLC, Secured Debt 12024-01-012024-03-310001535778VVS Holdco LLC, Secured Debt 12023-12-310001535778VVS Holdco LLC, Secured Debt 22024-03-310001535778VVS Holdco LLC, Secured Debt 22024-01-012024-03-310001535778VVS Holdco LLC, Secured Debt 22023-12-310001535778VVS Holdco LLC, Preferred Equity2024-01-012024-03-310001535778VVS Holdco LLC, Preferred Equity2023-12-310001535778VVS Holdco LLC, Preferred Equity2024-03-310001535778Other Amounts related to investments transferred to or from other 1940 Act classification during the period, Affiliate Investments2024-01-012024-03-310001535778Other 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 Investments2024-03-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001535778us-gaap:MidwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001535778us-gaap:NortheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001535778us-gaap:SoutheastRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001535778us-gaap:SouthwestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001535778us-gaap:WestRegionMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-31
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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 March 31, 2025
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
Common Stock, par value $0.001 per share
MSIF
New York Stock Exchange
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 May 12, 2025 was 47,148,886.


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TABLE OF CONTENTS




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MSC INCOME FUND, INC.

Consolidated Balance Sheets
(in thousands, except shares and per share amounts)

March 31,
2025
December 31,
2024
ASSETS(Unaudited)
Investments at fair value:
Control investments (cost: $54,788 and $54,560 as of March 31, 2025 and December 31, 2024, respectively)
$69,273 $69,878 
Affiliate investments (cost: $297,276 and $284,211 as of March 31, 2025 and December 31, 2024, respectively)
367,260 351,360 
Non‑Control/Non‑Affiliate investments (cost: $851,266 and $799,974 as of March 31, 2025 and December 31, 2024, respectively)
824,320 756,269 
Total investments (cost: $1,203,330 and $1,138,745 as of March 31, 2025 and December 31, 2024, respectively)
1,260,853 1,177,507 
Cash and cash equivalents39,459 28,375 
Interest and dividend receivable12,578 11,925 
Receivable for securities sold4 141 
Deferred financing costs (net of accumulated amortization of $6,622 and $6,449 as of March 31, 2025 and December 31, 2024, respectively)
3,775 1,985 
Prepaids and other assets3,329 4,113 
Deferred tax asset, net2,478 625 
Total assets$1,322,476 $1,224,671 
LIABILITIES
Credit Facilities$420,688 $415,688 
Series A Notes due 2026 (par: $150,000 as of both March 31, 2025 and December 31, 2024)
149,528 149,453 
Accounts payable and other liabilities1,745 4,723 
Interest payable7,715 6,909 
Dividend payable16,866 14,487 
Management and incentive fees payable6,994 8,508 
Total liabilities603,536 599,768 
Commitments and contingencies (Note I)
NET ASSETS
Common stock, $0.001 par value per share (450,000,000 shares authorized; 46,849,531 and 40,240,358 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)
47 40 
Additional paid‑in capital784,601 689,580 
Total overdistributed earnings(65,708)(64,717)
Total net assets718,940 624,903 
Total liabilities and net assets$1,322,476 $1,224,671 
NET ASSET VALUE PER SHARE$15.35 $15.53 





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
March 31,
20252024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments$1,442 $811 
Affiliate investments9,335 6,929 
Non‑Control/Non‑Affiliate investments22,450 26,210 
Total investment income33,227 33,950 
EXPENSES:
Interest(8,243)(9,549)
Base management fees(4,972)(5,028)
Incentive fees(2,023)(3,637)
Internal administrative services expenses(174)(2,267)
General and administrative(1,027)(1,034)
Total expenses before expense waivers(16,439)(21,515)
Waiver of internal administrative services expenses 2,111 
Total expenses, net of expense waivers(16,439)(19,404)
NET INVESTMENT INCOME16,788 14,546 
NET REALIZED GAIN (LOSS):
Control investments9 10 
Non‑Control/Non‑Affiliate investments(21,075)(1,894)
Total net realized loss(21,066)(1,884)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments(833)422 
Affiliate investments2,836 (19)
Non‑Control/Non‑Affiliate investments16,780 (1,536)
Total net unrealized appreciation (depreciation)18,783 (1,133)
INCOME TAXES:
Federal and state income, excise and other taxes(483)(329)
Deferred taxes1,853 (611)
Total income tax benefit (provision)1,370 (940)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$15,875 $10,589 
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED (1)$0.38 $0.36 
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED (1)$0.36 $0.26 
WEIGHTED-AVERAGE SHARES
OUTSTANDING—BASIC AND DILUTED (1)
44,680,084 40,129,395 

(1)As discussed in Note A.3. — Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.

The accompanying notes are an integral part of these consolidated financial statements
2

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MSC INCOME FUND, INC.
Consolidated Statements of Changes in Net Assets
(in thousands, except shares)
(Unaudited)

Common Stock (1)Additional
Paid-In
Capital
Total
Overdistributed
Earnings
Total Net
Asset Value
Number of
Shares
Par
Value
Balances as of December 31, 202340,054,433$40 $686,176 $(63,909)$622,307 
Issuance of common stock157,034— 2,500 — 2,500 
Dividend reinvestment 282,4851 4,492 — 4,493 
Common stock repurchased(437,658)(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, 202440,056,294$40 $686,622 $(68,141)$618,521 
Balances as of December 31, 202440,240,358$40 $689,580 $(64,717)$624,903 
Issuances of common stock, net of underwriting and offering costs6,325,0006 90,526 — 90,532 
Dividend reinvestment284,1731 4,495 — 4,496 
Net increase in net assets resulting from operations— — 15,875 15,875 
Dividends to stockholders— — (16,866)(16,866)
Balances as of March 31, 202546,849,531$47 784,601 (65,708)718,940 
(1)As discussed in Note A.3. — Reverse Stock Split, the Company completed a two-for-one reverse stock split, effective as of December 16, 2024.






















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)



Three Months Ended
March 31,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations$15,875 $10,589 
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Investments in portfolio companies(142,755)(75,728)
Proceeds from sales and repayments of debt investments in portfolio companies52,244 49,378 
Proceeds from sales and return of capital of equity investments in portfolio companies8,909 2,745 
Net unrealized (appreciation) depreciation(18,783)1,133 
Net realized loss on portfolio investments21,066 1,884 
Amortization of deferred financing costs247 772 
Accretion of unearned income(1,750)(1,611)
Payment-in-kind interest(1,915)(1,525)
Cumulative dividends(74)(22)
Deferred taxes(1,853)611 
Changes in other assets and liabilities:
Interest and dividend receivable(803)(1,283)
Prepaid and other assets784 (696)
Management and incentive fees payable(1,514)(80)
Interest payable806 2,145 
Accounts payable and other liabilities(2,978)119 
Net cash used in operating activities(72,494)(11,569)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock, net of underwriting and offering costs90,532 2,500 
Redemption of common stock (6,547)
Dividends paid(9,991)(9,522)
Proceeds from Credit Facilities130,000 82,000 
Repayments on Credit Facilities(125,000)(63,000)
Payment of deferred financing costs(1,963) 
Net cash provided by financing activities83,578 5,431 
Net increase (decrease) in cash and cash equivalents11,084 (6,138)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD28,375 30,786 
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD$39,459 $24,648 
Supplemental cash flow disclosures:
Interest paid$7,189 $6,632 
Taxes paid$4,120 $384 
Non-cash financing activities:
Dividends declared and unpaid$16,866 $14,821 
Value of shares issued pursuant to the DRIP$4,496 $4,493 




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
March 31, 2025
(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)
BDB Holdings, LLCCasual Restaurant Group
Secured Debt2/24/202512.00%2/27/2027$280 $280 $280 
Preferred Equity11/4/202412,504,66313,025 12,610 
13,305 12,890 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(24)7/17/201738.75%640 514 
GRT Rubber Technologies LLC Manufacturer of Engineered Rubber Products
Secured Debt 12/21/2018 10.48%SF+6.00%10/29/20261,550 1,540 1,550 
Secured Debt12/19/201412.48%SF+8.00%10/29/202619,944 19,865 19,944 
Member Units(8)12/19/20142,8966,435 22,600 
27,840 44,094 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)10/1/201749.26%    3,425 8,655 
      
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/2025900 900 900 
Preferred Member Units3/31/20232,184,6831,574 1,574 2,220 
Preferred Member Units3/31/202361,077   
Preferred Member Units1/26/20152,090,0016,000 6,000  
Common Stock3/31/2023772,6201,104  
9,578 3,120 
Subtotal Control Investments (9.6% of net assets at fair value)
$54,788 $69,273 
Affiliate Investments (6)     
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/25/202512.95%SF+8.50%12.95%3/28/2028$2,111 $2,111 $2,111 
Secured Debt(9)3/25/202512.95%SF+8.50%12.95%3/28/20282,111 2,111 2,111 
Preferred Equity3/25/20257,5902,556 2,556 
6,778 6,778 
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(30)8/16/20198/16/2029   
Secured Debt8/16/201917.50%8/16/20291,011 1,000 1,000 
Preferred Member Units5/20/2021607607 1,290 
Preferred Member Units8/16/2019800800  
Warrants(27)8/16/20191058/16/202979  
2,486 2,290 
Barfly Ventures, LLC(10)Casual Restaurant Group
5

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)
Member Units(8)10/26/202012528 528 1,920 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt3/7/202211.00%3/7/202720 20 20 
Secured Debt3/7/202211.00%3/7/202730 30 30 
Secured Debt3/7/202211.00%3/7/20271,175 1,166 1,166 
Preferred Stock(8)3/7/2022453455 570 
1,671 1,786 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201814.48%SF+10.00%12/31/20251,254 1,254 1,254 
Preferred Member Units(8)1/9/20187371,070 1,030 
2,324 2,284 
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)11/29/202414.48%SF+10.00%1/4/20286,116 6,093 6,116 
Preferred Member Units1/4/20193,4711,596 3,570 
7,689 9,686 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (30)2/26/2018SF+6.00%2/26/2026 (21) 
Secured Debt(9)2/26/201812.49%SF+8.00%2/26/20264,305 4,302 4,305 
Member Units(8)2/26/20181,0872,860 8,560 
Member Units(8) (23)11/2/2018261,786443 908 
7,584 13,773 
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 Debt12/20/20169.00%1/15/20271,630 1,620 1,630 
Secured Debt12/20/201610.00%12/20/2036241 239 241 
Member Units(8)12/20/20161791,820 2,760 
Member Units(23)12/20/2016200127 317 
3,806 4,948 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(30)3/6/202012/17/2026 (3) 
Secured Debt3/6/202012.50%12/17/20266,327 6,316 6,327 
Preferred Member Units(8) (23)3/6/20201472,079 17,370 
8,392 23,697 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(30)3/31/20213/31/2026   
Secured Debt3/31/202112.00%3/31/20263,499 3,481 3,499 
6

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)3/31/20214,3201,920 3,580 
5,401 7,079 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(30)11/22/202311/22/2028 (15)(15)
Secured Debt11/22/202313.50%11/22/20284,300 4,207 4,207 
Preferred Equity 11/22/20231,8631,863 1,863 
6,055 6,055 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt 3/1/20227.50%12/31/2025105 104 104 
Secured Debt3/31/202110.00%12/31/2025891 876 876 
Preferred Member Units3/31/20211,000290 30 
1,270 1,010 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
Secured Debt(9)4/1/201814.38%SF+10.00%4/27/20263,072 3,061 3,026 
Preferred Member Units(8)4/1/2018964  2,375 2,459 
   5,436 5,485 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(30)2/13/20182/13/2026 (1) 
Secured Debt 12/27/202214.00%  2/13/20264,584 4,575 4,584 
Preferred Stock 2/13/20182,1002,100 4,620 
6,674 9,204 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt6/18/20246/18/2029140 138 138 
Secured Debt11/19/202112.00%6/18/20294,200 4,163 4,163 
Preferred Equity11/19/20211,4861,486 1,486 
Preferred Equity(8)6/18/202476715.00%15.00%840 840 
6,627 6,627 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20212,3402,600 9,840 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP)(8) (24)7/31/20155.95%694 298 
  
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems       
Secured Debt(9) (32) (30)6/24/2016SF+7.50%1/1/2028   
Secured Debt(9)11/22/2024 11.50%SF+7.50%1/1/202818,282 18,176 18,282 
Member Units(8)6/24/20162,261  4,423 28,690 
22,599 46,972 
GFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
7

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
Secured Debt3/31/20218.00%3/31/20262,046 2,034 2,046 
Preferred Member Units(8)3/31/2021561,225 2,410 
   3,259 4,456 
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 555 434 
Preferred Equity7/1/202215,9301,400  
Member Units4/29/2016920920  
2,875 434 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(24)8/9/20178.22%2,092 4,462 
IG Investor, LLCMilitary and Other Tactical Gear
Secured Debt6/21/202313.00%6/21/2028400 381 400 
Secured Debt6/21/202313.00%6/21/20288,766 8,598 8,766 
Common Equity6/21/20233,6003,600 4,450 
12,579 13,616 
Independent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products
Common Equity4/7/20236,436,5666,540 7,090 
Integral Energy Services(10)Nuclear Power Staffing Services
Secured Debt(9)8/20/202112.07%SF+7.50%8/20/202615,090 15,002 14,887 
Preferred Equity(8)12/7/20233,72510.00%10.00%305 542 
Common Stock8/20/202111,6471,584 640 
16,891 16,069 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201811.50%10/31/20263,550 3,543 3,543 
Secured Debt10/31/20189.00%10/31/2048987 979 979 
Preferred Equity10/31/20181453,060 3,220 
Member Units(8) (23)10/31/2018200248 678 
7,830 8,420 
KMS, LLC(10)Wholesaler of Closeout and Value-Priced Products
Secured Debt 2/10/202512.50%  12.50%10/1/20281,381 1,343 1,343 
Secured Debt 2/10/2025 12.50%12.50%10/1/20281,430 1,430 1,430 
Preferred Equity2/10/202511,5166,113 6,113 
8,886 8,886 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Secured Debt(9)12/19/20249.79%SF+5.50%12/31/20262,140 2,140 2,140 
Common Equity(23)12/19/202453,505 12/31/202611,166 10,770 
   13,306 12,910 
Mystic Logistics Holdings, LLCLogistics and Distribution Services Provider for Large Volume Mailers
8

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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(30)8/18/20141/31/2027   
Secured Debt8/18/201410.00%1/31/20271,436 1,433 1,436 
Common Stock(8)8/18/20141,468680 6,590 
2,113 8,026 
Nello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure
Secured Debt6/4/202413.50%6/4/20296,800 6,629 6,629 
Common Equity(8)6/4/202491,1453,030 4,120 
9,659 10,749 
NexRev LLCProvider of Energy Efficiency Products & Services
Preferred Member Units(8)2/28/201825,786,0462,053 3,350 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9) (17)1/31/201710.98%SF+6.50%1/31/2025900 900 900 
Secured Debt(17)1/31/201712.00%1/31/20254,610 4,610 4,610 
Preferred Member Units11/2/2022600696 1,500 
Preferred Member Units1/31/20171222,966 3,050 
9,172 10,060 
Oneliance, LLCConstruction Cleaning Company
Preferred Stock(8)8/6/2021282282 700 
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)7/30/202115.48%SF+11.00%7/31/20265,390 5,362 5,390 
Preferred Stock(8) (23)7/30/20212,5002,500 3,360 
7,861 8,750 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt(30)12/21/202312/31/2028 (7) 
Secured Debt12/21/202313.00%12/31/20287,160 7,028 7,160 
Preferred Equity(8)12/21/20231103,135 5,030 
10,156 12,190 
RA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9)4/8/202111.25%SF+6.75%4/8/20261,273 1,270 1,159 
Secured Debt(9) (30)4/8/2021SF+6.75%4/8/2026   
Secured Debt(9)4/8/202111.25%SF+6.75%4/8/202613,314 13,275 12,121 
Common Equity8/12/2024107  
14,545 13,280 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(14) (30)12/15/202110.00%12/15/2026 (8)(8)
Secured Debt(14)12/15/202112.50%10.00%12/15/20263,740 3,581 1,595 
Preferred Equity12/15/20211,2301,230  
9

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
4,803 1,587 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.75%6/16/2028750 745 750 
Secured Debt(33)6/16/202312.82%6/16/202822,554 22,534 22,554 
Preferred Member Units(8)8/31/201855508 4,150 
23,787 27,454 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt9/11/20248.50%8.50%12/31/2027232 232 980 
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,918 5,425 1,000 
Preferred Equity12/31/20226,564,055  
5,657 1,980 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/2023460 455 389 
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/20233,800 3,761 802 
Preferred Member Units8/28/20231,651165  
Preferred Member Units2/1/20231,411141  
Preferred Member Units8/31/20181362,311  
6,833 1,191 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(30)5/31/20195/31/2027 (1)(1)
Secured Debt5/31/201913.50%5/31/20271,980 1,963 1,963 
Common Stock(8)5/31/20191541,164 2,140 
3,126 4,102 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/16/20292,200 2,148 2,148 
Preferred Equity(8)2/16/20241,0009.00%9.00%1,104 1,104 
3,252 3,252 
Victory Energy Operations, LLCProvider of Industrial and Commercial Combustion Systems
Secured Debt(30)10/3/202410/3/2029 (5)(5)
Secured Debt10/3/202413.00%10/3/20297,749 7,540 7,540 
Preferred Equity(8)10/3/20248,3383,644 3,644 
11,179 11,179 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (30)12/1/2021SF+6.00%12/1/2025   
Secured Debt12/1/202111.50%12/1/20266,440 6,375 6,375 
Preferred Equity(8) (23)12/1/20213,0603,060 3,060 
9,435 9,435 
Subtotal Affiliate Investments (51.1% of net assets at fair value)
$297,276 $367,260 
Non-Control/Non-Affiliate Investments (7) 
AAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider       
10

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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(14)3/28/202510.00%3/31/2030$1,070 $1,070 $1,070 
Secured Debt(14)3/28/202510.00%3/31/20301,070 1,070 1,070 
Preferred Equity3/28/20254,342,6882,931 2,931 
Common Stock12/11/2020593,9273,148  
Warrants(27)12/11/2020197,71712/11/2025  
8,219 5,071 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (29)3/11/202211.00%SF+7.00%1.00%3/11/2027948 948 928 
Secured Debt(9) (29)3/11/202211.00%SF+7.00%1.00%3/11/20272,180 2,178 2,134 
3,126 3,062 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock(8)8/31/20221183 20 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (30)11/19/2021P+5.00%11/19/2026 (6)(6)
Secured Debt(9)11/19/202112.50%P+5.00%11/19/20267,385 7,360 7,385 
7,354 7,379 
Ansira Partners II, LLC(10)Provider of Data-Driven Marketing Services
Secured Debt(9) (30)7/1/2024SF+6.75%7/1/2029 (42)(42)
Secured Debt(9)7/1/202411.07%SF+6.75%7/1/202917,659 17,263 17,398 
17,221 17,356 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt 11/6/2023 15.00%15.00%11/6/20281,101 1,101 1,101 
Secured Debt(9)11/6/202310.92%SF+6.50%10.92%11/6/20284,396 4,396 4,396 
Preferred Equity11/6/202317,2657,468 7,349 
Preferred Equity11/6/202317,265  
Common Equity11/9/20212,070124  
13,089 12,846 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock(8)8/11/202262,40262 100 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9) (28)1/18/202210.56%SF+6.00%1/18/2027125 125 125 
Secured Debt(9)1/18/20229.57%SF+5.00%1/18/2027925 917 925 
Secured Debt(9)1/18/202211.57%SF+7.00%1/18/2027925 917 925 
Common Stock1/18/2022100,000100 120 
2,059 2,095 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (30)12/23/2022SF+7.25%12/23/2027 (11)(11)
Secured Debt(9)12/23/202211.70%SF+7.25%12/23/20273,322 3,256 3,322 
Common Equity(8)12/15/2021137130 157 
3,375 3,468 
Berry Aviation, Inc.(10)Charter Airline Services
11

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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(23)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) (14) (30)6/30/2022SF+10.25%6/30/2028 (14)(14)
Secured Debt(9) (14)6/30/202214.76%SF+10.25%9.25%6/30/20289,230 9,139 5,662 
9,125 5,648 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 880 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9) (14)1/9/202412.95%SF+8.50%11.95%8/28/2025215 138 139 
Secured Debt(9) (14)10/19/202215.00%P+7.50%14.75%8/28/20254,026 4,026 2,600 
Secured Debt(9) (14)8/28/202012.95%SF+8.50%11.95%8/28/20254,486 4,231 2,897 
Common Stock10/1/2020700,446  
Warrants(27)10/19/2022175,11010/19/20321,111  
9,506 5,636 
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/202780 80 65 
Member Units(8)6/30/2017540,000564 280 
644 345 
B-O-F Corporation(10)Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
Secured Debt(9)2/3/202510.08%SF+5.75% 2/3/203060 46 46 
Secured Debt(9)2/3/20259.04%SF+4.75% 2/3/20303,000 2,949 2,949 
Secured Debt(9)2/3/202511.04%SF+6.75% 2/3/20303,000 2,949 2,949 
Common Equity2/3/2025180,000180 180 
     6,124 6,124 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9)5/1/202311.46%SF+7.00%5/1/2028360 349 360 
Secured Debt(9)5/1/202310.46%SF+6.00%5/1/20283,989 3,940 3,989 
Secured Debt(9)5/1/202312.46%SF+8.00%5/1/20283,989 3,940 3,989 
Preferred Equity5/1/2023360360 310 
Common Equity5/1/2023360  
8,589 8,648 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt(9) (28)2/1/202410.17%SF+5.75%2/1/2029385 366 385 
Secured Debt(9) (30)2/1/2024SF+5.75%2/1/2029 (10)(10)
Secured Debt(9)2/1/202410.14%SF+5.75%2/1/202911,145 10,972 11,145 
Common Equity2/1/20241,000,0001,000 1,750 
12,328 13,270 
12

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(24)7/21/20140.52%1,870 969 
LP Interests (Brightwood Capital Fund IV, LP)(8) (24)10/26/20161.17%7,737 7,704 
9,607 8,673 
Buca C, LLC Casual Restaurant Group
Secured Debt(14) (17)8/7/202415.00%  15.00%11/4/20244,158 3,962  
Secured Debt(14) (30)6/28/202415.00%  15.00%4/1/2025   
Secured Debt(14) (17)6/30/201515.00%  15.00%8/31/20234,078 4,078  
Preferred Member Units6/30/201546.00%6.00%3,040  
   11,080  
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9) (30)6/14/2021SF+5.00%6/10/2026 (6) 
Secured Debt(9)6/14/20219.45%SF+5.00%6/10/202810,955 10,861 10,955 
10,855 10,955 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/2021454,344454 594 
Preferred Equity12/13/2021126,446  
454 594 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202110.38%SF+6.00%12/17/2026200 197 197 
Secured Debt12/17/202112.50%12/17/20262,138 2,115 2,115 
Common Stock12/17/202150,000500 530 
2,812 2,842 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
Common Equity12/30/2022105,856106 186 
CenterPeak Holdings, LLCExecutive Search Services
Secured Debt(30)12/10/202112/10/2026 (2) 
Secured Debt12/10/202115.00%12/10/20262,390 2,366 2,390 
Preferred Equity (8)12/10/2021368404 1,780 
2,768 4,170 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (28)2/7/202211.56%SF+7.00%2/7/2027571 562 559 
Secured Debt(9)2/7/202211.55%SF+7.00%2/7/20273,317 3,292 3,247 
Secured Debt(9)6/24/202211.55%SF+7.00%2/7/2027184 183 180 
Secured Debt(9)3/27/202311.55%SF+7.00%2/7/2027444 439 435 
4,476 4,421 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
13

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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(14) (17)9/23/20141/5/20152,666 2,321 16 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Preferred Member Units (8)3/12/202039 660 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (28)8/6/202112.70%SF+8.25%11.96%8/6/20266,734 6,674 6,175 
Secured Debt(9)8/6/202112.70%SF+8.25%11.96%8/6/202616,368 16,241 15,009 
22,915 21,184 
Connect Telecommunications Solutions Holdings, Inc.(13)Value-Added Distributor of Fiber Products and Equipment
Secured Debt10/9/202413.00%10/9/20293,024 2,941 2,941 
Preferred Equity10/9/20242,4781,400 1,400 
4,341 4,341 
Coregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider
Secured Debt(9) (28)6/29/2024 10.31%SF+6.00%6/28/2029449 429 449 
Secured Debt(9)6/29/202410.32%SF+6.00%6/28/20292,863 2,805 2,863 
   Secured Debt(9)8/15/202410.31%SF+6.00%6/28/20291,909 1,874 1,909 
Secured Debt(9)6/29/202410.57%SF+6.25%6/28/20298,589 8,407 8,197 
13,515 13,418 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (30)12/27/2023SF+6.75%6/27/2027 (28)(28)
Secured Debt(9) (30)12/27/2023SF+6.75%6/27/2027 (28)(28)
Secured Debt(9)12/27/202311.15%SF+6.75%6/27/20277,125 6,987 7,017 
6,931 6,961 
Creative Foam Corporation(10)Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets
Secured Debt(9) (30)6/27/2024 SF+6.25%6/27/2029 (26)(26)
Secured Debt(9)6/27/202410.55%SF+6.25%6/27/202910,732 10,553 10,732 
Secured Debt(9)3/4/202510.57%SF+6.25%6/27/202917,106 16,769 17,106 
Common Equity 3/4/20252,862    286 286 
27,582 28,098 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock 8/16/202237   52 60 
      
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)4/13/201810.00%10.00%1,316  
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776  
2,092  
14

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202211.92%SF+7.50%11.92%12/31/20262,384 2,226 2,286 
Secured Debt(9)12/20/202213.92%SF+9.50%13.92%12/31/20262,494 2,260 2,300 
Preferred Equity12/20/2022125,000128 110 
Preferred Equity12/20/20222,376,241  
Common Equity12/20/20221,250,000  
4,614 4,696 
Electro Technical Industries, LLC(10)Manufacturer of Mission-Critical Electrical Distribution Systems
Secured Debt(9) (30)3/31/2025SF+6.00%3/31/2030 (93)(93)
Secured Debt(9)3/31/202510.30%SF+6.00%3/31/203027,048 26,516 26,516 
Common Equity3/31/2025714,286714 714 
27,137 27,137 
Elgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components
Secured Debt(9) (30)10/3/2022SF+6.00%10/3/2026   
Secured Debt10/3/202212.00%10/3/20271,177 1,159 1,159 
Secured Debt10/3/20229.00%10/3/2052409 405 405 
Common Stock10/3/202219374 330 
Common Stock(23)10/3/202261102 203 
2,040 2,097 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202210.67%SF+6.25%12/29/20272,313 2,290 1,734 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (30)4/7/2023SF+8.00%4/7/2029 (7)(7)
Secured Debt(9)10/2/202412.40%SF+8.00%4/7/2029363 357 363 
Secured Debt(9)4/7/202312.40%SF+8.00%4/7/20296,837 6,697 6,837 
Common Equity(8)4/7/2023170,998174 240 
7,221 7,433 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.56%SF+8.00%12/22/2026308 307 308 
Secured Debt(9)12/22/202112.56%SF+8.00%4.00%12/22/20263,998 3,985 3,994 
4,292 4,302 
FCC Intermediate Holdco, LLCSupply Chain Management Services
Secured Debt5/28/202413.00%5/29/20298,098 7,105 8,098 
Warrants(8) (27)5/28/20243980 3,660 
8,085 11,758 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (28)11/10/202311.16%SF+6.75%11/10/20282,626 2,570 2,626 
Secured Debt(9)11/10/202311.17%SF+6.75%11/10/20289,543 9,336 9,543 
Preferred Equity2/24/202516,34016 16 
Common Equity11/10/2023210,084210 150 
12,132 12,335 
GradeEight Corp.(10)Distributor of Maintenance and Repair Parts
15

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)10/4/202413.75%P+6.25%10/4/2029541 499 528 
Secured Debt(9) (30)10/4/2024SF+7.25%10/4/2029 (21)(21)
Secured Debt(9) (26)10/4/202411.57%SF+7.25%10/4/202914,731 14,466 14,370 
Common Equity10/4/2024471471 471 
15,415 15,348 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201610.48%SF+6.00%1/15/2026626 625 626 
Secured Debt12/2/201612.50%1/15/20269,744 9,726 9,744 
Preferred Member Units(8)12/2/201656713 5,280 
Preferred Member Units(23)12/2/20165638 280 
11,102 15,930 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9)3/7/20248.75%SF+3.50%2.50%6/21/20261,370 1,324 1,236 
Secured Debt(14)3/7/20242.50%2.50%6/21/2026914 400 137 
Common Equity3/7/202435,971  
1,724 1,373 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (30)8/1/2022 SF+6.50%8/1/2027 (9)(9)
Secured Debt(9)8/1/202210.82%SF+6.50%8/1/20271,970 1,949 1,970 
Secured Debt(9)6/3/2024 10.82%SF+6.50%8/1/20271,393 1,374 1,393 
Secured Debt(9)8/1/2022 10.82%SF+6.50%8/1/20274,863 4,817 4,863 
Secured Debt(9)6/3/202410.82%SF+6.50%8/1/20272,376 2,358 2,376 
10,489 10,593 
Hornblower Sub, LLC(10)Marine Tourism and Transportation
Secured Debt(9) (28)7/3/20249.80%SF+5.50%7/3/20292,432 2,411 2,395 
Secured Debt(9)7/3/20249.81%SF+5.50%7/3/202915,451 15,308 15,212 
17,719 17,607 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202112.82%SF+8.25%12/31/20278,000 7,871 8,000 
       
IG Parent Corporation(11)Software Engineering          
Secured Debt(9) (30)7/30/2021SF+5.75%7/30/2026 (7) 
Secured Debt(9)7/30/202110.17%SF+5.75%7/30/20286,154 6,107 6,154 
Secured Debt(9)7/30/202110.17%SF+5.75%7/30/20281,917 1,902 1,917 
   8,002 8,071 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Common Equity6/8/2023422580 640 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9) (14)6/1/201713.73%SF+7.75%7/31/202517,023 17,023 12,262 
Infinity X1 Holdings, LLC Manufacturer and Supplier of Personal Lighting Products
16

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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 3/31/202312.00%  3/31/20283,706 3,663 3,706 
Preferred Equity(8)3/31/202321,840   1,092 2,020 
       4,755 5,726 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt(9) (30)7/19/2023SF+6.25%7/19/2028 (29)(29)
Secured Debt(9) (30)7/19/2023SF+6.25%7/19/2029 (26)(26)
Secured Debt(9)7/19/202310.54%SF+6.25%7/19/202916,698 16,520 15,601 
Common Equity7/19/202347,847239 120 
16,704 15,666 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (28)4/3/202314.42%SF+10.00%2.00%4/3/2028723 710 659 
Secured Debt(9)4/3/202314.42%SF+10.00%2.00%4/3/20286,232 6,133 5,677 
Secured Debt(9)6/14/202314.42%SF+10.00%2.00%4/3/20281,255 1,235 1,143 
Secured Debt(9)12/31/202414.42%SF+10.00%2.00%4/3/2028290 290 264 
Common Equity4/3/2023137,302358 30 
8,726 7,773 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (28)12/9/202114.41%SF+10.00%14.41%8/7/20232,149 2,149 1,655 
Secured Debt(9) (14) (17)8/7/201911.67%SF+7.00%11.67%8/7/20237,334 7,254 10 
Common Stock12/7/20212,143  
9,403 1,665 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9) (28)8/28/201911.97%SF+7.50%12/31/20261,037 1,034 988 
Secured Debt(9)8/28/201911.97%SF+7.50%12/31/202616,653 16,595 15,868 
17,629 16,856 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.00%1/31/20281,128 1,115 1,115 
Secured Debt9/1/202113.00%1/31/2028735 726 726 
Secured Debt11/15/202113.00%1/31/20282,236 2,236 2,236 
Secured Debt11/15/202113.00%1/31/20284,406 4,349 4,349 
Secured Debt1/31/202313.00%1/31/20282,389 2,316 2,316 
Preferred Equity6/26/202417825.00%25.00%178 190 
Common Stock8/3/202150,753689 710 
11,609 11,642 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9) (31)4/13/202310.91%SF+6.60%8.41%4/14/20282,962 2,792 428 
Common Equity4/13/2023186,322  
2,792 428 
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+5.50%5/17/2029 (5)(5)
Secured Debt(9) (26)5/20/202410.07%SF+5.50%5/17/20292,111 2,078 2,063 
17

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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) (26)5/20/202411.07%SF+6.50%5/17/20292,111 2,078 2,063 
Secured Debt(9) (26)5/20/202412.07%SF+7.50%5/17/20292,078 2,063 
6,229 6,184 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202312.96%SF+8.50%6/21/2027295 291 295 
Secured Debt(9)6/21/202312.96%SF+8.50%6/21/2027248 245 248 
Secured Debt(9)6/21/202311.96%SF+7.50%6/21/20271,110 954 1,110 
Secured Debt(9)6/21/202313.96%SF+9.50%6/21/20271,110 954 1,110 
Warrants(27)6/21/202348,3276/21/2033523 1,660 
2,967 4,423 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202211.58%SF+7.00%11/4/20261,563 1,547 1,563 
Secured Debt(9) (26)2/27/202411.45%SF+7.00%11/4/20261,251 1,238 1,251 
Secured Debt(9) (26)11/1/202411.45%SF+7.00%11/4/20261,333 1,301 1,333 
Secured Debt(9)11/8/202111.68%SF+7.00%11/4/20263,633 3,596 3,633 
Preferred Equity11/8/20215,653,333216 1,740 
7,898 9,520 
JDC Power Services, LLC(10)Provider of Electrical Equipment and Maintenance Services for Datacenters
Secured Debt(9) (30)6/28/2024SF+6.50%6/28/2029 (44)(44)
Secured Debt(9)6/28/202410.80%SF+6.50%6/28/202917,559 17,192 17,559 
17,148 17,515 
Joerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies
Secured Debt(9)3/30/202413.14%SF+8.75%6.00%3/29/20291,493 1,493 1,493 
Secured Debt(9)3/30/202413.14%SF+8.75%13.14%3/29/20291,127 1,127 1,127 
Common Stock3/29/20244,535,784166 110 
2,786 2,730 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/20272,591 2,571 2,571 
Preferred Equity(8)3/28/202212,2141,221 1,520 
3,792 4,091 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (28)12/22/202110.80%SF+6.25%12/22/2026702 697 665 
Secured Debt(9)12/22/202110.80%SF+6.25%12/22/20262,941 2,919 2,787 
Secured Debt(9)2/1/202410.80%SF+6.25%12/22/2026275 270 262 
Common Equity12/22/2021140,351140 10 
4,026 3,724 
LL Management, Inc.(10)Medical Transportation Service Provider
Secured Debt(9)9/17/202411.67%SF+7.25%12/31/2025701 701 701 
Secured Debt(9)5/2/201911.67%SF+7.25%12/31/20257,828 7,784 7,828 
Secured Debt(9)5/2/201911.67%SF+7.25%12/31/20255,167 5,138 5,167 
Secured Debt(9)2/26/202111.67%SF+7.25%12/31/2025858 853 858 
Secured Debt(9)5/12/202211.67%SF+7.25%12/31/20258,695 8,643 8,695 
23,119 23,249 
LLFlex, LLC(10)Provider of Metal-Based Laminates
18

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)8/16/202112.46%SF+8.00%3.00%8/16/20264,627 4,599 3,630 
Logix Acquisition Company, LLC(10)Competitive Local Exchange Carrier
Secured Debt(9) (17)1/8/201812.25%P+4.25%12/22/202412,672 12,672 11,323 
Metalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment
Secured Debt(30)10/19/202210/19/2025   
Secured Debt10/19/20229.75%10/19/20271,397 1,376 1,376 
Preferred Equity(8)10/19/2022434,3318.00%8.00%434 434 
Common Stock(8)10/19/2022112,865113 540 
1,923 2,350 
Microbe Formulas, LLC(10)Nutritional Supplements Provider
Secured Debt(9) (30)4/4/2022SF+5.75%4/3/2028 (4)(4)
Secured Debt(9)11/20/202410.17%SF+5.75%4/3/20281,338 1,322 1,338 
Secured Debt(9)4/4/202210.07%SF+5.75%4/3/20282,389 2,364 2,389 
3,682 3,723 
Mini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream
Secured Debt(9) (28)11/30/202310.56%SF+6.25%11/30/20281,065 1,044 1,028 
Secured Debt(9) (26)11/30/202310.55%SF+6.25%11/30/2028856 840 826 
Secured Debt(9)11/30/20239.56%SF+5.25%11/30/20283,193 3,136 3,081 
Secured Debt(9)11/30/202311.56%SF+7.25%11/30/20283,193 3,134 3,082 
Common Equity11/30/2023336,496343 220 
8,497 8,237 
MoneyThumb Acquisition, LLCProvider of Software-as-a-Service Financial File Conversion and Reconciliation
Secured Debt8/19/202414.00%8/19/20292,400 2,208 2,208 
Preferred Member Units(8)8/19/202440,82112.00%12.00% 440 440 
Warrants(27)8/19/202414,8428/19/2029148 148 
2,796 2,796 
MonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services
Secured Debt(9)5/24/202210.55%SF+6.25%5/24/20271,181 1,172 1,172 
Secured Debt(9)5/24/202210.55%SF+6.25%5/24/20273,063 3,037 3,284 
Secured Debt(9)5/24/202210.81%SF+6.25%5/24/20275,201 5,158 5,201 
Unsecured Debt3/1/20248.00%8.00%6/30/202534 34 34 
Unsecured Debt9/25/20248.00%8.00%12/21/202532 32 32 
Unsecured Debt1/31/20258.00%8.00%3/31/202622 22 22 
Common Stock8/30/202215,935,356268 141 
9,723 9,886 
NinjaTrader, LLC(10)Operator of Futures Trading Platform
Secured Debt(9) (30)12/18/2019SF+6.50%12/18/2026 (2)(2)
Secured Debt(9)12/18/201910.96%SF+6.50%12/18/202614,404 14,303 14,404 
14,301 14,402 
Northwind Midstream Partners LLC(10)Owner and Operator of Midstream Gas Infrastructure
19

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)3/18/202510.70%SF+6.25%3/18/203012,500 12,254 12,254 
Obra Capital, Inc.(10)Provider of Asset Management Services Specialized in Insurance-Linked Strategies
Secured Debt(9)6/21/202411.93%SF+7.50%12/21/2028260 248 256 
Secured Debt(9)6/21/202411.93%SF+7.50%6/21/202911,949 11,650 11,755 
11,898 12,011 
OnPoint Industrial Services, LLC(10)Environmental & Facilities Services
Secured Debt(9)12/18/202411.30%SF+7.00%11/16/20271,047 1,038 1,047 
Secured Debt(9)4/1/202411.30%SF+7.00%11/16/20272,910 2,890 2,910 
3,928 3,957 
Peaches Holding CorporationWholesale Provider of Consumer Packaging Solutions
Common Equity5/22/20248061,805 410 
Power System Solutions(10)Backup Power Generation
Secured Debt(9) (30)6/7/2023SF+6.50%6/7/2028 (25)(25)
Secured Debt(9)6/7/202310.82%SF+6.50%6/7/20282,633 2,579 2,633 
Secured Debt(9)6/7/202310.82%SF+6.50%6/7/20287,839 7,689 7,839 
   Common Equity6/7/2023532532 1,780 
10,775 12,227 
PrimeFlight Aviation Services(10) (13)Air Freight & Logistics
Secured Debt(9)5/1/202310.58%SF+5.50%5/1/20295,895 5,746 5,895 
Secured Debt(9)9/7/20239.83%SF+5.50%5/1/2029563 547 563 
Secured Debt(9)1/30/20249.83%SF+5.50%5/1/2029566 554 566 
Secured Debt(9)6/28/20249.83%SF+5.25%5/1/2029643 635 643 
Secured Debt(9)1/21/20259.54%SF+5.25%5/1/20291,425 1,412 1,425 
8,894 9,092 
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)8/19/202212.81%SF+8.25%8/19/2027448 439 441 
Secured Debt(9)8/19/202212.84%SF+8.25%8/19/20271,120 1,102 1,103 
1,541 1,544 
Purge Rite, LLC(10)HVAC Flushing and Filtration Services
Preferred Equity10/2/202313,0211,289 1,289 
Common Equity4/1/202413,02113 1,560 
1,302 2,849 
Richardson Sales Solutions(10)Business Services
Secured Debt(9) (30) (28)8/24/2023SF+6.50%8/24/2028 (39) 
Secured Debt(9)8/24/202310.80%SF+6.50%8/24/202810,222 10,009 10,222 
Secured Debt(9)9/10/202410.79%SF+6.50%8/24/20285,033 4,947 5,033 
14,917 15,255 
Roof Opco, LLC(10)Residential Re-Roofing/Repair
Secured Debt(9) (30)8/27/2021SF+8.00%8/27/2026 (6) 
20

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)8/27/202111.57%SF+7.00%8/27/20264,219 4,171 3,848 
Secured Debt(9)8/27/202113.57%SF+9.00%8/27/20264,219 4,171 3,823 
8,336 7,671 
Rug Doctor, LLC.(10)Carpet Cleaning Products and Machinery
Secured Debt(9)7/16/202112.49%SF+8.00%2.00%11/16/20256,575 6,567 6,575 
Secured Debt(9)7/16/202112.49%SF+8.00%2.00%11/16/20258,087 8,076 8,087 
14,643 14,662 
Slick Innovations, LLCText Message Marketing Platform
Secured Debt9/13/201814.00%3/21/20306,470 6,351 6,470 
Common Stock(8)9/13/201817,500 490 
6,351 6,960 
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)8/8/20249.67%SF+5.25%8/8/202933,214 33,185 33,214 
Common Equity12/10/20216161 62 
33,246 33,276 
SPAU Holdings, LLC(10)Digital Photo Product Provider
Secured Debt(9) (28)7/1/202211.96%SF+7.50%7/1/2027440 431 440 
Secured Debt(9)7/1/202211.95%SF+7.50%7/1/20274,863 4,819 4,862 
Common Stock7/1/2022200,000200 220 
5,450 5,522 
TEC Services, LLC(10)Provider of Janitorial Service for Food Retailers
Secured Debt(9)12/31/202410.14%SF+5.75%12/31/202993 87 91 
Secured Debt(9) (30)12/31/2024SF+5.75%12/31/2029 (5)(5)
Secured Debt(9)12/31/202410.13%SF+5.75%12/31/20292,328 2,295 2,275 
2,377 2,361 
Tex Tech Tennis, LLC(10)Sporting Goods & Textiles
Preferred Equity(23)7/7/20211,000,0001,000 2,290 
The Affiliati Network, LLCPerformance Marketing Solutions
Secured Debt8/9/202110.00%8/9/202630 29 29 
Secured Debt8/9/202110.00%8/9/20261,300 1,292 1,277 
Preferred Stock(8)9/1/202378,22778 78 
Preferred Stock(8)8/9/2021320,0001,600 1,600 
2,999 2,984 
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 (38)(38)
Secured Debt(9)3/11/202410.80%SF+6.50%3/11/202913,049 12,689 13,049 
Secured Debt(9)2/27/202510.80%SF+6.50%3/11/20291,665 1,625 1,665 
Preferred Equity3/11/2024468,7508.00%8.00%469 540 
14,745 15,216 
U.S. TelePacific Corp.(11)Provider of Communications and Managed Services
Secured Debt(9) (14)6/1/202311.90%SF+7.40%6.00%5/2/20276,750 2,007 2,700 
Secured Debt(14)6/1/20235/2/2027692 15  
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(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)
2,022 2,700 
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)7/29/202410.57%SF+6.25%7/27/202919,441 19,091 19,115 
Common Equity7/29/2024412,371412 380 
19,503 19,495 
UserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software
Secured Debt(9)1/11/202311.80%SF+7.50%4/5/20293,000 2,942 3,000 
Vitesse Systems(10)Component Manufacturing and Machining Platform
Secured Debt(28)12/22/202311.44%SF+7.00%12/22/20282,045 1,998 2,045 
Secured Debt(9)12/22/202311.44%SF+7.00%12/22/202812,344 12,114 12,344 
14,112 14,389 
VORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel
Common Equity(8)11/30/2021769,231769 1,950 
Watterson Brands, LLC(10)Facility Management Services
Secured Debt12/17/202112.00%4.00%12/17/2026312 310 294 
Secured Debt12/17/202112.00%4.00%12/17/202654 51 51 
Secured Debt12/17/202112.00%4.00%12/17/20262,223 2,212 2,091 
Secured Debt12/17/202112.00%4.00%12/17/20262,005 1,995 1,886 
4,568 4,322 
West Star Aviation Acquisition, LLC(10)Aircraft, Aircraft Engine and Engine Parts
Secured Debt(9) (26)3/1/20229.32%SF+5.00%3/1/20283,343 3,335 3,343 
Secured Debt(9)3/1/20229.32%SF+5.00%3/1/202814,815 14,783 14,815 
Secured Debt(9)11/3/20239.32%SF+5.00%3/1/20287,373 7,352 7,373 
Common Stock(8)3/1/2022200,000200 640 
25,670 26,171 
Winter Services LLC(10)Provider of Snow Removal and Ice Management Services
Secured Debt(9) (28)11/19/202112.56%SF+8.00%11/19/20263,333 3,291 3,273 
Secured Debt(9)11/19/202112.57%SF+8.00%11/19/20262,343 2,314 2,300 
Secured Debt(9)1/16/202411.57%SF+7.00%11/19/20269,050 8,929 8,885 
Secured Debt(9)1/16/202413.57%SF+9.00%11/19/20269,050 8,929 8,885 
23,463 23,343 
World Micro Holdings, LLCSupply Chain Management
Secured Debt12/12/202211.00%12/12/20271,364 1,350 1,350 
Preferred Equity(8)12/12/2022530530 530 
1,880 1,880 
Xenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
Secured Debt(9)12/17/20219.65%SF+5.25%12/20/20281,173 1,155 1,173 
Secured Debt(9)12/17/20219.64%SF+5.25%12/20/20282,322 2,300 2,322 
Secured Debt(9)3/31/202510.15%SF+5.75%12/20/2028608 596 608 
22

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
Portfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)
4,051 4,103 
YS Garments, LLC(11)Designer and Provider of Branded Activewear
Secured Debt(9)8/22/201811.90%SF+7.50%8/9/20265,059 5,012 4,411 
Zips Car Wash, LLC(10)Express Car Wash Operator
Secured Debt(9)2/10/202511.70%SF+7.25%10/10/2025132 132 132 
Secured Debt(9)2/10/202511.70%SF+7.25%10/10/2025230 230 230 
Secured Debt(9) (14) (17)2/11/202211.91%SF+7.25%11.91%12/31/20242,083 2,083 1,543 
Secured Debt(9) (14) (17)2/11/202211.91%SF+7.25%11.91%12/31/2024522 522 387 
2,967 2,292 
ZRG Partners, LLC(10)Talent Advisory Services Provider
Secured Debt(9)6/14/202412.50%P+5.00%6/14/2029691 670 691 
Secured Debt(9) (26)6/14/202410.27%SF+6.00%6/14/20291,000 975 1,000 
Secured Debt(9)6/14/202410.28%SF+6.00%6/14/2029815 804 815 
Secured Debt(9)6/14/202410.30%SF+6.00%6/14/20295,835 5,738 5,835 
8,187 8,341 
Subtotal Non-Control/Non-Affiliate Investments (114.7% of net assets at fair value)
$851,266 $824,320 
Total Portfolio Investments, March 31, 2025 (175.4% of net assets at fair value)
$1,203,330 $1,260,853 
           
Money market funds (included in cash and cash equivalents) 
First American Treasury Obligations Fund Class Z(16)        $13,968 $13,968 
 Fidelity Government Portfolio Fund Class III(34)        1,563 1,563 
Total money market funds        $15,531 $15,531 
___________________________________________________
(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.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
(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.
(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, 97% of the loans (based on the par amount) contain Secured Overnight Financing Rate (“SOFR”) floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.32%.
(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 March 31, 2025 was approximately 4.21% 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 March 31, 2025.
(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, plus the Adjustment, exceeds the stated floor rate, as applicable. As of March 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.
(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 March 31, 2025.
(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 March 31, 2025.
(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
March 31, 2025
(dollars in thousands)
(Unaudited)
(30)The position is unfunded and no interest income is being earned as of March 31, 2025. The position may earn a nominal unused facility fee on committed amounts.
(31)Investment is accruing income at the fixed cash rate of 2.50% as of March 31, 2025.
(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.
(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 March 31, 2025 was approximately 3.98% on the Fidelity Government Portfolio Fund Class III.


25

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MSC INCOME FUND, INC.
Consolidated Schedule of Investments
December 31, 2024
(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)
BDB Holdings, LLCCasual Restaurant Group
Preferred Equity11/4/202412,504,663$13,025 $12,610 
Copper Trail Fund Investments(12) (13)Investment Partnership
LP Interests (CTMH, LP)(24)7/17/201738.75%655 530 
GRT Rubber Technologies LLCManufacturer of Engineered Rubber Products
Secured Debt12/21/201810.66%SF+6.00%10/29/20261,550 1,539 1,550 
Secured Debt12/19/201412.66%SF+8.00%10/29/202619,944 19,852 19,944 
Member Units12/19/20142,8966,435 22,600 
27,826 44,094 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (2717 MH, L.P.)(8) (24)10/1/201749.3%3,345 8,740 
Volusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions
Secured Debt3/31/202310.00%3/31/2025900 900 900 
Preferred Member Units3/31/20232,184,6831,705 3,004 
Preferred Member Units3/31/202361,077  
Preferred Member Units1/26/20152,090,0016,000  
Common Stock3/31/2023772,6201,104  
9,709 3,904 
Subtotal Control Investments (11.2% of net assets at fair value)
$54,560 $69,878 
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers
Secured Debt(30)8/16/20198/16/2029$ $ $ 
Secured Debt8/16/201913.75%8/16/20291,024 1,012 1,012 
Preferred Member Units5/20/2021607607 1,330 
Preferred Member Units8/16/2019800800  
Warrants(27)8/16/20191058/16/202979  
2,498 2,342 
Barfly Ventures, LLC(10)Casual Restaurant Group
Member Units10/26/202012.25%528 1,953 
Batjer TopCo, LLCHVAC Mechanical Contractor
Secured Debt3/7/202210.00%3/7/202750 50 50 
Secured Debt3/7/202210.00%3/7/202730 30 30 
Secured Debt3/7/202210.00%3/7/20271,175 1,165 1,165 
Preferred Stock(8)3/7/2022453455 570 
1,700 1,815 
Brewer Crane Holdings, LLCProvider of Crane Rental and Operating Services
Secured Debt(9)1/9/201814.66%SF+10.00%12/31/20251,254 1,254 1,254 
Preferred Member Units(8)1/9/20187371,070 1,170 
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
2,324 2,424 
Centre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions
Secured Debt(9) (30)1/4/2019SF+9.00%1/4/2028   
Secured Debt(9)11/29/202413.66%SF+9.00%1/4/20286,384 6,356 6,384 
Preferred Member Units1/4/20193,4711,596 3,110 
7,952 9,494 
Chamberlin Holding LLCRoofing and Waterproofing Specialty Contractor
Secured Debt(9) (30)2/26/2018SF+6.00%2/26/2026 (26) 
Secured Debt(9)2/26/201812.74%SF+8.00%2/26/20263,905 3,904 3,905 
Member Units(8)2/26/20181,0872,860 8,280 
Member Units(8) (23)11/2/2018261,786443 888 
7,181 13,073 
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 Debt12/20/20169.00%1/15/20271,690 1,681 1,690 
Secured Debt12/20/201610.00%12/20/2036243 242 243 
Member Units(8)12/20/20161791,820 2,750 
Member Units(23)12/20/2016200127 237 
3,870 4,920 
Cody Pools, Inc.Designer of Residential and Commercial Pools
Secured Debt(30)3/6/202012/17/2026 (3) 
Secured Debt3/6/202012.50%12/17/20266,598 6,585 6,598 
Preferred Member Units(8) (23)3/6/20201472,079 16,950 
8,661 23,548 
Colonial Electric Company LLCProvider of Electrical Contracting Services
Secured Debt(30)3/31/20213/31/2026   
Secured Debt3/31/202112.00%3/31/20263,578 3,554 3,578 
Preferred Member Units(8)3/31/20214,3201,920 3,390 
5,474 6,968 
Compass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions
Secured Debt(30)11/22/202311/22/2028 (16)(16)
Secured Debt11/22/202313.50%11/22/20284,300 4,201 4,201 
Preferred Equity11/22/20231,8631,863 1,860 
6,048 6,045 
Datacom, LLCTechnology and Telecommunications Provider
Secured Debt3/1/20227.50%12/31/202555 55 55 
Secured Debt3/31/202110.00%12/31/2025898 878 878 
Preferred Member Units3/31/20211,000290 30 
1,223 963 
Digital Products Holdings LLCDesigner and Distributor of Consumer Electronics
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MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)4/1/201814.56%SF+10.00%4/27/20263,154 3,140 3,105 
Preferred Member Units(8)4/1/20189642,375 2,459 
5,515 5,564 
Direct Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services
Secured Debt(30)2/13/20182/13/2026 (2) 
Secured Debt12/27/202214.00%2/13/20264,668 4,656 4,668 
Preferred Stock2/13/20182,1002,100 4,480 
6,754 9,148 
DMA Industries, LLCDistributor of Aftermarket Ride Control Products
Secured Debt6/18/202412.00%6/19/2029140 138 138 
Secured Debt11/19/202112.00%6/19/20294,200 4,161 4,161 
Preferred Equity11/19/20211,4861,486 1,486 
Preferred Equity(8)6/18/202476715.00%15.00%810 810 
6,595 6,595 
Flame King Holdings, LLCPropane Tank and Accessories Distributor
Preferred Equity(8)10/29/20212,3402,600 8,980 
Freeport Financial Funds(12) (13)Investment Partnership
LP Interests (Freeport First Lien Loan Fund III LP)(8) (24)7/31/20155.95%

1,659 1,263 
Gamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems
Secured Debt(9) (32) (30)6/24/2016SF+7.00%1/1/2028   
Secured Debt(9) (32)11/22/202411.00%SF+7.00%1/1/202818,282 18,166 18,282 
Member Units(8)6/24/20162,2614,423 28,690 
22,589 46,972 
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 2,030 2,046 
Preferred Member Units(8)3/31/202156.39%1,225 2,640 
3,255 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 581 378 
Preferred Equity7/1/202215,9301,400  
Member Units4/29/2016920920  
2,901 378 
Harris Preston Fund Investments(12) (13)Investment Partnership
LP Interests (HPEP 3, L.P.)(24)8/9/20178.2%

2,296 4,472 
IG Investor, LLCMilitary and Other Tactical Gear
28

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Debt6/21/202313.00%6/21/2028400 379 379 
Secured Debt6/21/202313.00%6/21/20288,876 8,693 8,693 
Common Equity6/21/20233,6003,600 4,060 
12,672 13,132 
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)8/20/202112.35%SF+7.50%8/20/202615,090 14,986 14,872 
Preferred Equity(8)12/7/20233,72510.00%10.00%297 535 
Common Stock8/20/202111,6471,584 640 
16,867 16,047 
Kickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing
Secured Debt10/31/201811.50%10/31/20263,750 3,741 3,741 
Secured Debt10/31/20189.00%10/31/2048990 982 982 
Preferred Equity10/31/20181453,060 3,060 
Member Units(8) (23)10/31/2018200248 678 
8,031 8,461 
Mills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
Common Equity(23)12/19/202453,50512/31/202611,166 11,166 
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 1,433 1,436 
Common Stock(8)8/18/20141,468680 6,590 
2,113 8,026 
Nello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure
Secured Debt(9) (30)6/4/2024SF+6.50%6/4/2025 (12)(12)
Secured Debt6/4/202413.50%6/4/20296,800 6,619 6,619 
Common Equity(8)6/4/202491,1453,030 3,890 
9,637 10,497 
NexRev LLCProvider of Energy Efficiency Products & Services
Secured Debt2/28/20182/28/2025   
Secured Debt2/28/20189.00%2/28/20252,453 2,450 2,453 
Preferred Member Units(8)2/28/201825,786,0462,053 2,970 
4,503 5,423 
NuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment
Secured Debt(9)1/31/201711.16%SF+6.50%1/31/2025900 900 900 
Secured Debt1/31/201712.00%1/31/20254,610 4,610 4,610 
Preferred Member Units11/2/2022600696 1,500 
Preferred Member Units1/31/20171222,966 2,890 
9,172 9,900 
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Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Oneliance, LLCConstruction Cleaning Company
Preferred Stock8/6/2021282282 640 
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)7/30/202115.66%SF+11.00%7/31/20265,490 5,456 5,490 
Preferred Stock(8) (23)7/30/20212,5002,500 3,360 
7,955 8,850 
Pinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
Secured Debt(30)12/21/202312/31/2028 (8) 
Secured Debt12/21/202313.00%12/31/20287,160 7,019 7,160 
Preferred Equity(8)12/21/20231103,135 4,590 
10,146 11,750 
RA Outdoors LLC(10) (13)Software Solutions Provider for Outdoor Activity Management
Secured Debt(9)4/8/202111.74%SF+6.75%11.74%4/8/20261,311 1,307 1,215 
Secured Debt(9)4/8/202111.74%SF+6.75%11.74%4/8/202613,714 13,665 12,710 
Common Equity8/12/2024107SF+6.75%11.59%4/8/2026  
14,972 13,925 
Robbins Bros. Jewelry, Inc.Bridal Jewelry Retailer
Secured Debt(14) (30)12/15/202110.00%12/15/2026 (7)(7)
Secured Debt(14)12/15/202112.50%10.00%12/15/20263,740 3,604 1,617 
Preferred Equity12/15/20211,2301,230  
4,827 1,610 
SI East, LLCRigid Industrial Packaging Manufacturing
Secured Debt8/31/201811.75%6/16/2028750 744 750 
Secured Debt(33)6/16/202312.79%6/16/202822,554 22,533 22,554 
Preferred Member Units(8)8/31/201855508 4,550 
23,785 27,854 
Student Resource Center, LLC(10)Higher Education Services
Secured Debt9/11/20248.50%8.50%12/31/2027227 227 227 
Secured Debt(14)12/31/20228.50%8.50%12/31/20275,918 5,425 1,826 
Preferred Equity12/31/20226,564,055  
5,652 2,053 
Tedder Industries, LLCManufacturer of Firearm Holsters and Accessories
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/2023460 455 412 
Secured Debt(14) (17)8/31/201812.00%12.00%8/31/20233,800 3,761 901 
Preferred Member Units8/28/20231,651165  
Preferred Member Units2/1/20231,411141  
Preferred Member Units8/31/20181362,311  
6,833 1,313 
Trantech Radiator Topco, LLCTransformer Cooling Products and Services
Secured Debt(30)5/31/20195/31/2027 (1)(1)
Secured Debt5/31/201913.50%5/31/20271,980 1,962 1,962 
Common Stock(8)5/31/20191541,164 2,140 
30

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
3,125 4,101 
Urgent DSO LLCGeneral and Emergency Dentistry Practice
Secured Debt2/16/202413.50%2/16/20292,200 2,145 2,145 
Preferred Equity(8)2/16/20241,0009.00%9.00%1,080 1,080 
3,225 3,225 
Victory Energy Operations, LLCProvider of Industrial and Commercial Combustion Systems
Secured Debt(30)10/3/202410/3/2029 (5)(5)
Secured Debt10/3/202413.00%10/3/20297,749 7,529 7,529 
Preferred Equity10/3/20248,3383,644 3,644 
11,168 11,168 
VVS Holdco LLCOmnichannel Retailer of Animal Health Products
Secured Debt(9) (30)12/1/2021SF+6.00%12/1/2025   
Secured Debt12/1/202111.50%12/1/20266,440 6,366 6,366 
Preferred Equity(8) (23)12/1/20213,0603,060 3,060 
9,426 9,426 
Subtotal Affiliate Investments (56.2% of net assets at fair value)
$284,211 $351,360 
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$210 $210 $209 
Secured Debt12/11/202018.00%18.00%6/25/20256,013 5,971 5,975 
Common Stock12/11/2020593,9273,148 $ 
Warrants(27)12/11/2020197,71712/11/2025  
9,329 6,184 
Adams Publishing Group, LLC(10)Local Newspaper Operator
Secured Debt(9) (29)3/11/202211.00%SF+7.00%1.00%3/11/2027946 946 928 
Secured Debt(9) (29)3/11/202211.00%SF+7.00%1.00%3/11/20272,251 2,248 2,209 
3,194 3,137 
AMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
Common Stock(8)8/31/20221183 30 
American Health Staffing Group, Inc.(10)Healthcare Temporary Staffing
Secured Debt(9) (30)11/19/2021P+5.00%11/19/2026 (6)(6)
Secured Debt(9)11/19/202112.50%P+5.00%11/19/20267,703 7,673 7,703 
7,667 7,697 
American Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds
Secured Debt(9)3/11/202214.49%SF+9.75%14.49%4/10/20265,626 5,614 4,480 
Secured Debt(9) (14)3/11/202216.49%SF+11.75%16.49%4/10/20264,270 4,244 2,621 
9,858 7,101 
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 59 
Secured Debt(14) (17)5/19/20166/8/202311,693 11,451 282 
13,826 341 
31

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Ansira Partners II, LLC(10)Provider of Data-Driven Marketing Services
Secured Debt(9) (30)7/1/2024SF+6.75%7/1/2029 (45)(45)
Secured Debt(9)7/1/202411.25%SF+6.75%7/1/202917,659 17,239 17,375 
17,194 17,330 
ArborWorks, LLC(10)Vegetation Management Services
Secured Debt11/6/202315.00%15.00%11/6/20281,061 1,061 1,061 
Secured Debt(9)11/6/202311.08%SF+6.50%11.08%11/6/20284,278 4,278 4,278 
Preferred Equity11/6/202317,2657,468 6,667 
Preferred Equity11/6/202317,265  
Common Equity11/9/20212,070124  
12,931 12,006 
Archer Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider
Common Stock8/11/202262,40362 110 
ATS Operating, LLC(10)For-Profit Thrift Retailer
Secured Debt(9)1/18/202210.85%SF+6.00%1/18/202750 50 50 
Secured Debt(9)1/18/20229.85%SF+5.00%1/18/2027925 916 925 
Secured Debt(9)1/18/202211.85%SF+7.00%1/18/2027925 916 925 
Common Stock1/18/2022100,000100 120 
1,982 2,020 
AVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider
Secured Debt(9) (30)12/23/2022SF+7.25%12/23/2027 (12)(12)
Secured Debt(9)12/23/202211.73%SF+7.25%12/23/20273,343 3,271 3,343 
Common Equity(8)12/15/2021137130 124 
3,389 3,455 
Berry Aviation, Inc.(10)Charter Airline Services
Preferred Member Units3/8/2024286,109286  
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 (14)(14)
Secured Debt(9)6/30/202215.76%SF+10.25%9.25%6/30/20289,230 9,139 6,963 
9,125 6,949 
Binswanger Enterprises, LLC(10)Glass Repair and Installation Service Provider
Member Units3/10/20171,050,0001,050 650 
Bluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise
Secured Debt(9)1/9/202413.17%SF+8.50%12.17%8/28/2025215 138 181 
Secured Debt(9)10/19/202215.00%P+7.50%14.75%8/28/20253,304 3,304 2,792 
Secured Debt(9)8/28/202013.17%SF+8.50%12.17%8/28/20254,486 4,231 3,790 
Common Stock10/1/2020700,446  
Warrants(27)10/19/2022175,11010/19/20321,111  
8,784 6,763 
32

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Boccella Precast Products LLCManufacturer of Precast Hollow Core Concrete
Secured Debt9/23/202110.00%2/28/202780 80 66 
Member Units6/30/2017540,000564 80 
644 146 
Bond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services
Secured Debt(9)5/1/202311.65%SF+7.00%5/1/2028360 348 360 
Secured Debt(9)5/1/202310.74%SF+6.00%5/1/20283,999 3,945 3,999 
Secured Debt(9)5/1/202312.74%SF+8.00%5/1/20283,999 3,945 3,999 
Preferred Equity5/1/2023360360 310 
Common Equity5/1/2023360  
8,598 8,668 
BP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services
Secured Debt(9) (28)2/1/202410.68%SF+6.25%2/1/2029514 493 514 
Secured Debt(9) (30)2/1/2024SF+6.25%2/1/2029 (10)(10)
Secured Debt(9)2/1/202410.92%SF+6.25%2/1/202911,217 11,031 11,217 
Common Equity2/1/20241,000,0001,000 1,550 
12,514 13,271 
Brightwood Capital Fund Investments(12) (13)Investment Partnership
LP Interests (Brightwood Capital Fund III, LP)(24)7/21/20140.52%1,899 1,039 
LP Interests (Brightwood Capital Fund IV, LP)(8) (24)10/26/20161.17%8,064 8,031 
9,963 9,070 
Buca C, LLCCasual Restaurant Group
Secured Debt(14) (17)8/7/202415.00%15.00%11/4/20244,291 3,717  
Secured Debt(14)6/28/202415.00%15.00%4/1/202510   
Secured Debt(14) (17)6/30/201515.00%15.00%8/31/20236,369 4,078  
Preferred Member Units6/30/201546.00%6.00%3,040  
10,835  
Burning Glass Intermediate Holding Company, Inc.(10)Provider of Skills-Based Labor Market Analytics
Secured Debt(9) (30)6/14/2021SF+5.00%6/10/2026 (8) 
Secured Debt(9)6/14/20219.46%SF+5.00%6/10/202811,575 11,469 11,575 
11,461 11,575 
CAI Software LLCProvider of Specialized Enterprise Resource Planning Software
Preferred Equity12/13/2021454,344454 513 
Preferred Equity12/13/2021126,446  
454 513 
Career Team Holdings, LLCProvider of Workforce Training and Career Development Services
Secured Debt(9)12/17/202110.56%SF+6.00%12/17/2026100 97 97 
Secured Debt12/17/202112.50%12/17/20262,160 2,134 2,134 
Common Stock12/17/202150,000500 530 
2,731 2,761 
CaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions
33

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Equity12/30/202280,00080 160 
CenterPeak Holdings, LLCExecutive Search Services
Secured Debt(30)12/10/202112/10/2026 (3) 
Secured Debt12/10/202115.00%12/10/20262,390 2,364 2,390 
Preferred Equity(8)12/10/2021368404 1,610 
2,765 4,000 
Channel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider
Secured Debt(9) (28)2/7/202211.53%SF+7.00%2/7/2027467 456 444 
Secured Debt(9)2/7/202211.93%SF+7.00%2/7/20273,326 3,297 3,166 
Secured Debt(9)6/24/202211.93%SF+7.00%2/7/2027184 183 175 
Secured Debt(9)3/27/202311.93%SF+7.00%2/7/2027445 439 424 
4,375 4,209 
Clarius BIGS, LLC(10)Prints & Advertising Film Financing
Secured Debt(14) (17)9/23/20141/5/20152,666 2,321 19 
Classic H&G Holdings, LLCProvider of Engineered Packaging Solutions
Preferred Member Units(8)3/12/202039 710 
Computer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem
Secured Debt(9) (28)8/6/202112.93%SF+8.25%8/6/20266,531 6,461 6,118 
Secured Debt(9) (30)3/29/2024SF+8.25%8/6/2026 (42)(42)
Secured Debt(9)8/6/202112.92%SF+8.25%8/6/202615,807 15,656 14,807 
22,075 20,883 
Connect Telecommunications Solutions Holdings, Inc.(13)Value-added Distributor of Fiber Products and Equipment
Secured Debt10/9/202413.00%10/9/20293,064 2,977 2,977 
Preferred Equity10/9/20242,4781,400 1,400 
4,377 4,377 
Coregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider
Secured Debt(9)6/29/202410.39%SF+6.00%6/28/2029449 427 440 
Secured Debt(9)6/29/202410.36%SF+6.00%6/28/20292,877 2,816 2,824 
Secured Debt(9)8/15/202410.40%SF+6.00%6/28/20291,913 1,878 1,878 
Secured Debt(9)6/29/202410.61%SF+6.25%6/28/20298,611 8,417 8,109 
13,538 13,251 
CQ Fluency, LLC(10)Global Language Services Provider
Secured Debt(9) (30)12/27/2023SF+6.75%6/27/2027 (31)(31)
Secured Debt(9) (30)12/27/2023SF+6.75%6/27/2027 (31)(31)
Secured Debt(9)12/27/202311.18%SF+6.75%6/27/20277,219 7,064 7,169 
7,002 7,107 
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 (28)(28)
34

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)6/27/202410.11%SF+5.75%6/27/202910,801 10,610 10,694 
10,582 10,666 
Dalton US Inc.(10)Provider of Supplemental Labor Services
Common Stock8/16/20223752 50 
DTE Enterprises, LLC(10)Industrial Powertrain Repair and Services
Class AA Preferred Member Units (non-voting)(8)4/13/201810.00%10.00%1,316 438 
Class A Preferred Member Units4/13/2018776,3168.00%8.00%776  
2,092 438 
Dynamic Communities, LLC(10)Developer of Business Events and Online Community Groups
Secured Debt(9)12/20/202211.46%SF+7.00%11.46%12/31/20262,318 2,160 2,220 
Secured Debt(9)12/20/202213.46%SF+9.00%13.46%12/31/20262,413 2,179 2,219 
Preferred Equity12/20/2022125,000128 60 
Preferred Equity12/20/20222,376,241  
Common Equity12/20/20221,250,000  
4,467 4,499 
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 1,162 1,162 
Secured Debt10/3/20229.00%10/3/2052409 406 406 
Common Stock10/3/202219374 370 
Common Stock(23)10/3/202261102 199 
2,044 2,137 
Emerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing
Secured Debt(9)2/10/202210.71%SF+6.25%12/29/20272,328 2,303 1,863 
Escalent, Inc.(10)Market Research and Consulting Firm
Secured Debt(9) (30)4/7/2023SF+8.00%4/7/2029 (7)(7)
Secured Debt(9)10/2/202412.39%SF+8.00%4/7/2029364 358 358 
Secured Debt(9)4/7/202312.43%SF+8.00%4/7/20296,855 6,707 6,855 
Common Equity4/7/2023170,998174 240 
7,232 7,446 
Event Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems
Secured Debt(9)12/22/202112.59%SF+8.00%12/22/2026308 306 308 
Secured Debt(9)12/22/202112.59%SF+8.00%6.00%12/22/20263,969 3,955 3,969 
4,261 4,277 
FCC Intermediate Holdco, LLCSupply Chain Management Services
Secured Debt5/28/202413.00%5/29/20298,200 7,135 7,135 
Warrants(27)5/28/20243980 2,710 
8,115 9,845 
Garyline, LLC(10)Manufacturer of Consumer Plastic Products
Secured Debt(9) (28)11/10/202311.29%SF+6.75%11/10/20282,416 2,355 2,416 
Secured Debt(9)11/10/202311.34%SF+6.75%11/10/20289,567 9,346 9,567 
35

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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 Equity11/10/2023210,084210 150 
11,911 12,133 
GradeEight Corp.(10)Distributor of Maintenance and Repair Parts
Secured Debt(9) (30)10/4/2024SF+7.25%10/4/2029 (45)(45)
Secured Debt(9) (30)10/4/2024SF+7.25%10/4/2029 (22)(22)
Secured Debt(9)10/4/202411.74%SF+7.25%10/4/202914,824 14,542 14,542 
Common Equity10/4/2024471471 471 
14,946 14,946 
Hawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions
Secured Debt(9)12/2/201610.73%SF+6.00%1/15/2026661 661 661 
Secured Debt12/2/201612.50%1/15/20269,744 9,721 9,744 
Preferred Member Units(8)12/2/201656713 5,060 
Preferred Member Units(23)12/2/20165638 270 
11,133 15,735 
HDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider
Secured Debt(9)3/7/20248.75%SF+3.50%2.50%6/21/20261,361 1,307 1,307 
Secured Debt(14)3/7/20242.50%2.50%6/21/2026914 401 235 
Common Equity3/7/202435,971  
1,708 1,542 
HEADLANDS OP-CO LLC(10)Clinical Trial Sites Operator
Secured Debt(9) (30)8/1/2022SF+6.50%8/1/2027 (10)(10)
Secured Debt(9)8/1/202210.86%SF+6.50%8/1/20271,975 1,951 1,975 
Secured Debt(9)6/3/202410.86%SF+6.50%8/1/20271,397 1,362 1,396 
Secured Debt(9)8/1/202210.86%SF+6.50%8/1/20274,875 4,824 4,875 
Secured Debt(9)6/3/202410.86%SF+6.50%8/1/20272,382 2,363 2,382 
10,490 10,618 
Hornblower Sub, LLC(10)Marine Tourism and Transportation
Secured Debt(9)7/3/20249.92%SF+5.50%7/3/20291,215 1,192 1,204 
Secured Debt(9)7/3/202410.11%SF+5.50%7/3/202915,490 15,338 15,338 
16,530 16,542 
Hybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel
Secured Debt(9)6/30/202113.10%SF+8.25%12/31/20278,000 7,859 8,000 
IG Parent Corporation(11)Software Engineering
Secured Debt(9) (30)7/30/2021SF+5.75%7/30/2026 (8) 
Secured Debt(9)7/30/202110.21%SF+5.75%7/30/20286,154 6,102 6,154 
Secured Debt(9)7/30/202110.21%SF+5.75%7/30/20281,922 1,906 1,922 
8,000 8,076 
Imaging Business Machines, L.L.C.(10)Technology Hardware & Equipment
Secured Debt(9) (28)6/8/202311.39%SF+7.00%6/30/2028791 791 791 
Secured Debt(9)6/8/202311.62%SF+7.00%6/30/202810,280 10,034 10,280 
Common Equity6/8/2023422580 510 
11,405 11,581 
Implus Footcare, LLC(10)Provider of Footwear and Related Accessories
Secured Debt(9)6/1/201713.73%SF+7.75%1.50%7/31/202517,066 17,066 14,524 
36

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)
Infinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products
Secured Debt3/31/202312.00%3/31/20283,763 3,714 3,763 
Preferred Equity(8)3/31/202321,8401,092 2,310 
4,806 6,073 
Insight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider
Secured Debt(9) (30)7/19/2023SF+6.25%7/19/2028 (32)(32)
Secured Debt(9) (30)7/19/2023SF+6.25%7/19/2029 (27)(27)
Secured Debt(9)7/19/202310.87%SF+6.25%7/19/20298,289 8,100 7,869 
Common Equity7/19/202347,847239 120 
8,280 7,930 
Inspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
Secured Debt(9) (28)4/3/202314.69%SF+10.00%4/3/2028677 664 620 
Secured Debt(9)4/3/202314.58%SF+10.00%4/3/20286,198 6,091 5,681 
Secured Debt(9)6/14/202314.58%SF+10.00%4/3/20281,248 1,227 1,144 
Common Equity4/3/2023128,727349 21 
8,331 7,466 
Interface Security Systems, L.L.C(10)Commercial Security & Alarm Services
Secured Debt(17) (28)12/9/202114.54%SF+10.00%14.54%8/7/20232,075 2,075 1,580 
Secured Debt(9) (14) (17)8/7/201911.67%SF+7.00%11.67%8/7/20237,334 7,254 13 
Common Stock12/7/20212,143  
9,329 1,593 
Invincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats
Secured Debt(9) (28)8/28/201912.01%SF+7.50%12/31/20261,037 1,033 996 
Secured Debt(9)8/28/201912.01%SF+7.50%12/31/202616,771 16,704 16,098 
17,737 17,094 
Iron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing
Secured Debt8/2/202113.00%1/31/20281,128 1,113 1,113 
Secured Debt9/1/202113.00%1/31/2028735 725 725 
Secured Debt11/15/202113.00%1/31/20282,236 2,236 2,236 
Secured Debt11/15/202113.00%1/31/20284,406 4,344 4,344 
Secured Debt1/31/202313.00%1/31/20282,461 2,379 2,379 
Preferred Equity6/26/2024177,80025.00%25.00%178 190 
Common Stock8/3/202150,753689 710 
11,664 11,697 
Isagenix International, LLC(11)Direct Marketer of Health & Wellness Products
Secured Debt(9)4/13/202311.25%SF+6.60%8.75%4/14/20282,962 2,778 622 
Common Equity4/13/2023186,322  
2,778 622 
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 (5)(5)
Secured Debt(9)5/20/202410.35%SF+5.50%5/17/20291,735 1,708 1,722 
37

Table of contents
MSC INCOME FUND, INC.
Consolidated Schedule of Investments (Continued)
December 31, 2024
(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)5/20/202411.35%SF+6.50%5/17/20291,735 1,708 1,722 
Secured Debt(9)5/20/202412.35%SF+7.50%5/17/20291,735 1,708 1,722 
5,119 5,161 
ITA Holdings Group, LLCAir Ambulance Services
Secured Debt(9)6/21/202313.78%SF+9.00%6/21/2027295 290 295 
Secured Debt(9)6/21/202313.78%SF+9.00%6/21/2027248 245 248 
Secured Debt(9)6/21/202312.78%SF+8.00%6/21/20271,110 937 1,110 
Secured Debt(9)6/21/202314.78%SF+10.00%6/21/20271,110 937 1,110 
Warrants(27)6/21/202348,3276/21/2033523 1,420 
2,932 4,183 
Jackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants
Secured Debt(9) (26)10/26/202212.18%SF+7.50%11/4/20261,585 1,567 1,585 
Secured Debt(9)2/27/202412.19%SF+7.50%11/4/20261,251 1,236 1,251 
Secured Debt(9)2/27/202412.18%SF+7.50%11/4/2026121 96 121 
Secured Debt(9)11/8/202112.18%SF+7.50%11/4/20263,685 3,643 3,685 
Preferred Equity11/8/20215,653,333216 1,740 
6,758 8,382 
JDC Power Services, LLC(10)Provider of Electrical Equipment and Maintenance Services for Datacenters
Secured Debt(9) (30)6/28/2024SF+6.50%6/28/2029 (47)(47)
Secured Debt(9)6/28/202410.83%SF+6.50%6/28/202917,671 17,277 17,489 
17,230 17,442 
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)3/30/202413.21%SF+8.75%6.00%3/29/20291,470 1,470 1,470 
Secured Debt(9)3/30/202413.18%SF+8.75%13.18%3/29/20291,091 1,091 1,091 
Common Stock8/21/2019392,5143,678  
Common Stock3/29/20244,535,784166 110 
8,253 2,671 
JorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies
Secured Debt3/28/202212.00%3/28/20272,591 2,568 2,568 
Preferred Equity(8)3/28/202212,2141,221 1,460 
3,789 4,028 
JTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services
Secured Debt(9) (28)12/22/202112.72%SF+8.00%12/22/2026702 696 665 
Secured Debt(9)12/22/202112.58%SF+8.00%12/22/20262,980 2,956 2,823 
Secured Debt(9)2/1/202412.58%SF+8.00%12/22/2026279 273 265 
Common Equity12/22/2021140,351140 30 
4,065 3,783 
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 1,238 829 
Secured Debt(9)