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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

Table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

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

For the transition period from:             to             

Commission File Number: 814-00939

MSC Income Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland			45-3999996
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1300 Post Oak Boulevard, 8th Floor Houston, TX			77056
(Address of principal executive offices)			(Zip Code)

(713) 350-6000

(Registrant’s telephone number, including area code)

n/a

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

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

o

Non-accelerated filer

þ

Smaller reporting company

o

Emerging growth company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

The number of shares outstanding of the issuer’s common stock as of May 12, 2025 was 47,148,886.

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Table of contents

TABLE OF CONTENTS

PART I
FINANCIAL INFORMATION
Item 1.			Consolidated Financial Statements
			Consolidated Balance Sheets—March 31, 2025 (unaudited) and December 31, 2024			1
			Consolidated Statements of Operations (unaudited)—Three months ended March 31, 2025 and 2024			2
			Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 31, 2025 and 2024			3
			Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31, 2025 and 2024			4
			Consolidated Schedule of Investments (unaudited)—March 31, 2025			5
			Consolidated Schedule of Investments—December 31, 2024			26
			Notes to Consolidated Financial Statements (unaudited)			46
			Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 31, 2025 and 2024			84
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			94
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			107
Item 4.			Controls and Procedures			108
PART II
OTHER INFORMATION
Item 1.			Legal Proceedings			109
Item 1A.			Risk Factors			109
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			109
Item 5.			Other Information			109
Item 6.			Exhibits			110
			Signatures			111

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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 equivalents			39,459						28,375
Interest and dividend receivable			12,578						11,925
Receivable for securities sold			4						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 assets			3,329						4,113
Deferred tax asset, net			2,478						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 liabilities			1,745						4,723
Interest payable			7,715						6,909
Dividend payable			16,866						14,487
Management and incentive fees payable			6,994						8,508
Total liabilities			603,536						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 capital			784,601						689,580
Total overdistributed earnings			(65,708)						(64,717)
Total net assets			718,940						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,
			2025						2024
INVESTMENT INCOME:
Interest, fee and dividend income:
Control investments			$	1,442					$	811
Affiliate investments			9,335						6,929
Non‑Control/Non‑Affiliate investments			22,450						26,210
Total investment income			33,227						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 INCOME			16,788						14,546
NET REALIZED GAIN (LOSS):
Control investments			9						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 investments			2,836						(19)
Non‑Control/Non‑Affiliate investments			16,780						(1,536)
Total net unrealized appreciation (depreciation)			18,783						(1,133)
INCOME TAXES:
Federal and state income, excise and other taxes			(483)						(329)
Deferred taxes			1,853						(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, 2023			40,054,433						$	40					$	686,176					$	(63,909)					$	622,307
Issuance of common stock			157,034						—						2,500						—						2,500
Dividend reinvestment			282,485						1						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, 2024			40,056,294						$	40					$	686,622					$	(68,141)					$	618,521
Balances as of December 31, 2024			40,240,358						$	40					$	689,580					$	(64,717)					$	624,903
Issuances of common stock, net of underwriting and offering costs			6,325,000						6						90,526						—						90,532
Dividend reinvestment			284,173						1						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, 2025			46,849,531						$	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,
			2025						2024
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 companies			52,244						49,378
Proceeds from sales and return of capital of equity investments in portfolio companies			8,909						2,745
Net unrealized (appreciation) depreciation			(18,783)						1,133
Net realized loss on portfolio investments			21,066						1,884
Amortization of deferred financing costs			247						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 assets			784						(696)
Management and incentive fees payable			(1,514)						(80)
Interest payable			806						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 costs			90,532						2,500
Redemption of common stock			—						(6,547)
Dividends paid			(9,991)						(9,522)
Proceeds from Credit Facilities			130,000						82,000
Repayments on Credit Facilities			(125,000)						(63,000)
Payment of deferred financing costs			(1,963)						—
Net cash provided by financing activities			83,578						5,431
Net increase (decrease) in cash and cash equivalents			11,084						(6,138)
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD			28,375						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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Control Investments (5)
BDB Holdings, LLC						Casual Restaurant Group
									Secured Debt						2/24/2025						12.00%												2/27/2027			$	280		$	280		$	280
									Preferred Equity						11/4/2024			12,504,663																					13,025			12,610
																																							13,305			12,890
Copper Trail Fund Investments			(12) (13)			Investment Partnership
									LP Interests (CTMH, LP)			(24)			7/17/2017			38.75%																					640			514
GRT Rubber Technologies LLC						Manufacturer of Engineered Rubber Products
									Secured Debt						12/21/2018						10.48%			SF+			6.00%						10/29/2026			1,550			1,540			1,550
									Secured Debt						12/19/2014						12.48%			SF+			8.00%						10/29/2026			19,944			19,865			19,944
									Member Units			(8)			12/19/2014			2,896																					6,435			22,600
																																							27,840			44,094
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (2717 MH, L.P.)						10/1/2017			49.26%																					3,425			8,655
Volusion, LLC						Provider of Online Software-as-a-Service eCommerce Solutions
									Secured Debt						3/31/2023						10.00%												3/31/2025			900			900			900
									Preferred Member Units						3/31/2023			2,184,683																		1,574			1,574			2,220
									Preferred Member Units						3/31/2023			61,077																		—			—			—
									Preferred Member Units						1/26/2015			2,090,001																		6,000			6,000			—
									Common Stock						3/31/2023			772,620																					1,104			—
																																							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)			3/25/2025						12.95%			SF+			8.50%			12.95%			3/28/2028			$	2,111		$	2,111		$	2,111
									Secured Debt			(9)			3/25/2025						12.95%			SF+			8.50%			12.95%			3/28/2028			2,111			2,111			2,111
									Preferred Equity						3/25/2025			7,590																					2,556			2,556
																																							6,778			6,778
Analytical Systems Keco Holdings, LLC						Manufacturer of Liquid and Gas Analyzers
									Secured Debt			(30)			8/16/2019																		8/16/2029			—			—			—
									Secured Debt						8/16/2019						17.50%												8/16/2029			1,011			1,000			1,000
									Preferred Member Units						5/20/2021			607																					607			1,290
									Preferred Member Units						8/16/2019			800																					800			—
									Warrants			(27)			8/16/2019			105															8/16/2029						79			—
																																							2,486			2,290
Barfly Ventures, LLC			(10)			Casual Restaurant Group

5

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Member Units			(8)			10/26/2020			12																		528			528			1,920
Batjer TopCo, LLC						HVAC Mechanical Contractor
									Secured Debt						3/7/2022						11.00%												3/7/2027			20			20			20
									Secured Debt						3/7/2022						11.00%												3/7/2027			30			30			30
									Secured Debt						3/7/2022						11.00%												3/7/2027			1,175			1,166			1,166
									Preferred Stock			(8)			3/7/2022			453																					455			570
																																							1,671			1,786
Brewer Crane Holdings, LLC						Provider of Crane Rental and Operating Services
									Secured Debt			(9)			1/9/2018						14.48%			SF+			10.00%						12/31/2025			1,254			1,254			1,254
									Preferred Member Units			(8)			1/9/2018			737																					1,070			1,030
																																							2,324			2,284
Centre Technologies Holdings, LLC						Provider of IT Hardware Services and Software Solutions
									Secured Debt			(9) (30)			1/4/2019									SF+			10.00%						1/4/2028			—			—			—
									Secured Debt			(9)			11/29/2024						14.48%			SF+			10.00%						1/4/2028			6,116			6,093			6,116
									Preferred Member Units						1/4/2019			3,471																					1,596			3,570
																																							7,689			9,686
Chamberlin Holding LLC						Roofing and Waterproofing Specialty Contractor
									Secured Debt			(9) (30)			2/26/2018									SF+			6.00%						2/26/2026			—			(21)			—
									Secured Debt			(9)			2/26/2018						12.49%			SF+			8.00%						2/26/2026			4,305			4,302			4,305
									Member Units			(8)			2/26/2018			1,087																					2,860			8,560
									Member Units			(8) (23)			11/2/2018			261,786																					443			908
																																							7,584			13,773
Charps, LLC						Pipeline Maintenance and Construction
									Preferred Member Units			(8)			2/3/2017			457																					491			3,900
Clad-Rex Steel, LLC						Specialty Manufacturer of Vinyl-Clad Metal
									Secured Debt			(30)			10/28/2022																		1/15/2027			—			—			—
									Secured Debt						12/20/2016						9.00%												1/15/2027			1,630			1,620			1,630
									Secured Debt						12/20/2016						10.00%												12/20/2036			241			239			241
									Member Units			(8)			12/20/2016			179																					1,820			2,760
									Member Units			(23)			12/20/2016			200																					127			317
																																							3,806			4,948
Cody Pools, Inc.						Designer of Residential and Commercial Pools
									Secured Debt			(30)			3/6/2020																		12/17/2026			—			(3)			—
									Secured Debt						3/6/2020						12.50%												12/17/2026			6,327			6,316			6,327
									Preferred Member Units			(8) (23)			3/6/2020			147																					2,079			17,370
																																							8,392			23,697
Colonial Electric Company LLC						Provider of Electrical Contracting Services
									Secured Debt			(30)			3/31/2021																		3/31/2026			—			—			—
									Secured Debt						3/31/2021						12.00%												3/31/2026			3,499			3,481			3,499

6

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Member Units			(8)			3/31/2021			4,320																					1,920			3,580
																																							5,401			7,079
Compass Systems & Sales, LLC						Designer of End-to-End Material Handling Solutions
									Secured Debt			(30)			11/22/2023																		11/22/2028			—			(15)			(15)
									Secured Debt						11/22/2023						13.50%												11/22/2028			4,300			4,207			4,207
									Preferred Equity						11/22/2023			1,863																					1,863			1,863
																																							6,055			6,055
Datacom, LLC						Technology and Telecommunications Provider
									Secured Debt						3/1/2022						7.50%												12/31/2025			105			104			104
									Secured Debt						3/31/2021						10.00%												12/31/2025			891			876			876
									Preferred Member Units						3/31/2021			1,000																					290			30
																																							1,270			1,010
Digital Products Holdings LLC						Designer and Distributor of Consumer Electronics
									Secured Debt			(9)			4/1/2018						14.38%			SF+			10.00%						4/27/2026			3,072			3,061			3,026
									Preferred Member Units			(8)			4/1/2018			964																					2,375			2,459
																																							5,436			5,485
Direct Marketing Solutions, Inc.						Provider of Omni-Channel Direct Marketing Services
									Secured Debt			(30)			2/13/2018																		2/13/2026			—			(1)			—
									Secured Debt						12/27/2022						14.00%												2/13/2026			4,584			4,575			4,584
									Preferred Stock						2/13/2018			2,100																					2,100			4,620
																																							6,674			9,204
DMA Industries, LLC						Distributor of Aftermarket Ride Control Products
									Secured Debt						6/18/2024																		6/18/2029			140			138			138
									Secured Debt						11/19/2021						12.00%												6/18/2029			4,200			4,163			4,163
									Preferred Equity						11/19/2021			1,486																					1,486			1,486
									Preferred Equity			(8)			6/18/2024			767			15.00%									15.00%									840			840
																																							6,627			6,627
Flame King Holdings, LLC						Propane Tank and Accessories Distributor
									Preferred Equity			(8)			10/29/2021			2,340																					2,600			9,840
Freeport Financial Funds			(12) (13)			Investment Partnership
									LP Interests (Freeport First Lien Loan Fund III LP)			(8) (24)			7/31/2015			5.95%																					694			298
Gamber-Johnson Holdings, LLC						Manufacturer of Ruggedized Computer Mounting Systems
									Secured Debt			(9) (32) (30)			6/24/2016									SF+			7.50%						1/1/2028			—			—			—
									Secured Debt			(9)			11/22/2024						11.50%			SF+			7.50%						1/1/2028			18,282			18,176			18,282
									Member Units			(8)			6/24/2016			2,261																					4,423			28,690
																																							22,599			46,972
GFG Group, LLC						Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers

7

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						3/31/2021						8.00%												3/31/2026			2,046			2,034			2,046
									Preferred Member Units			(8)			3/31/2021			56																					1,225			2,410
																																							3,259			4,456
Gulf Publishing Holdings, LLC						Energy Industry Focused Media and Publishing
									Secured Debt			(9) (14) (30)			9/29/2017									SF+			9.50%						7/1/2027			—			—			—
									Secured Debt			(14)			7/1/2022						12.50%									12.50%			7/1/2027			600			555			434
									Preferred Equity						7/1/2022			15,930																					1,400			—
									Member Units						4/29/2016			920																					920			—
																																							2,875			434
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (HPEP 3, L.P.)			(24)			8/9/2017			8.22%																					2,092			4,462
IG Investor, LLC						Military and Other Tactical Gear
									Secured Debt						6/21/2023						13.00%												6/21/2028			400			381			400
									Secured Debt						6/21/2023						13.00%												6/21/2028			8,766			8,598			8,766
									Common Equity						6/21/2023			3,600																					3,600			4,450
																																							12,579			13,616
Independent Pet Partners Intermediate Holdings, LLC			(10)			Omnichannel Retailer of Specialty Pet Products
									Common Equity						4/7/2023			6,436,566																					6,540			7,090
Integral Energy Services			(10)			Nuclear Power Staffing Services
									Secured Debt			(9)			8/20/2021						12.07%			SF+			7.50%						8/20/2026			15,090			15,002			14,887
									Preferred Equity			(8)			12/7/2023			3,725			10.00%									10.00%									305			542
									Common Stock						8/20/2021			11,647																					1,584			640
																																							16,891			16,069
Kickhaefer Manufacturing Company, LLC						Precision Metal Parts Manufacturing
									Secured Debt						10/31/2018						11.50%												10/31/2026			3,550			3,543			3,543
									Secured Debt						10/31/2018						9.00%												10/31/2048			987			979			979
									Preferred Equity						10/31/2018			145																					3,060			3,220
									Member Units			(8) (23)			10/31/2018			200																					248			678
																																							7,830			8,420
KMS, LLC			(10)			Wholesaler of Closeout and Value-Priced Products
									Secured Debt						2/10/2025						12.50%									12.50%			10/1/2028			1,381			1,343			1,343
									Secured Debt						2/10/2025						12.50%									12.50%			10/1/2028			1,430			1,430			1,430
									Preferred Equity						2/10/2025			11,516																					6,113			6,113
																																							8,886			8,886
Mills Fleet Farm Group, LLC			(10)			Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
									Secured Debt			(9)			12/19/2024						9.79%			SF+			5.50%						12/31/2026			2,140			2,140			2,140
									Common Equity			(23)			12/19/2024			53,505															12/31/2026						11,166			10,770
																																							13,306			12,910
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers

8

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(30)			8/18/2014																		1/31/2027			—			—			—
									Secured Debt						8/18/2014						10.00%												1/31/2027			1,436			1,433			1,436
									Common Stock			(8)			8/18/2014			1,468																					680			6,590
																																							2,113			8,026
Nello Industries Investco, LLC						Manufacturer of Steel Poles and Towers For Critical Infrastructure
									Secured Debt						6/4/2024						13.50%												6/4/2029			6,800			6,629			6,629
									Common Equity			(8)			6/4/2024			91,145																					3,030			4,120
																																							9,659			10,749
NexRev LLC						Provider of Energy Efficiency Products & Services
									Preferred Member Units			(8)			2/28/2018			25,786,046																					2,053			3,350
NuStep, LLC						Designer, Manufacturer and Distributor of Fitness Equipment
									Secured Debt			(9) (17)			1/31/2017						10.98%			SF+			6.50%						1/31/2025			900			900			900
									Secured Debt			(17)			1/31/2017						12.00%												1/31/2025			4,610			4,610			4,610
									Preferred Member Units						11/2/2022			600																					696			1,500
									Preferred Member Units						1/31/2017			122																					2,966			3,050
																																							9,172			10,060
Oneliance, LLC						Construction Cleaning Company
									Preferred Stock			(8)			8/6/2021			282																					282			700
Orttech Holdings, LLC						Distributor of Industrial Clutches, Brakes and Other Components
									Secured Debt			(9) (30)			7/30/2021									SF+			11.00%						7/31/2026			—			(1)			—
									Secured Debt			(9)			7/30/2021						15.48%			SF+			11.00%						7/31/2026			5,390			5,362			5,390
									Preferred Stock			(8) (23)			7/30/2021			2,500																					2,500			3,360
																																							7,861			8,750
Pinnacle TopCo, LLC						Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
									Secured Debt			(30)			12/21/2023																		12/31/2028			—			(7)			—
									Secured Debt						12/21/2023						13.00%												12/31/2028			7,160			7,028			7,160
									Preferred Equity			(8)			12/21/2023			110																					3,135			5,030
																																							10,156			12,190
RA Outdoors LLC			(10)			Software Solutions Provider for Outdoor Activity Management
									Secured Debt			(9)			4/8/2021						11.25%			SF+			6.75%						4/8/2026			1,273			1,270			1,159
									Secured Debt			(9) (30)			4/8/2021									SF+			6.75%						4/8/2026			—			—			—
									Secured Debt			(9)			4/8/2021						11.25%			SF+			6.75%						4/8/2026			13,314			13,275			12,121
									Common Equity						8/12/2024			107																					—			—
																																							14,545			13,280
Robbins Bros. Jewelry, Inc.						Bridal Jewelry Retailer
									Secured Debt			(14) (30)			12/15/2021															10.00%			12/15/2026			—			(8)			(8)
									Secured Debt			(14)			12/15/2021						12.50%									10.00%			12/15/2026			3,740			3,581			1,595
									Preferred Equity						12/15/2021			1,230																					1,230			—

9

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							4,803			1,587
SI East, LLC						Rigid Industrial Packaging Manufacturing
									Secured Debt						8/31/2018						11.75%												6/16/2028			750			745			750
									Secured Debt			(33)			6/16/2023						12.82%												6/16/2028			22,554			22,534			22,554
									Preferred Member Units			(8)			8/31/2018			55																					508			4,150
																																							23,787			27,454
Student Resource Center, LLC			(10)			Higher Education Services
									Secured Debt						9/11/2024						8.50%									8.50%			12/31/2027			232			232			980
									Secured Debt			(14)			12/31/2022						8.50%									8.50%			12/31/2027			5,918			5,425			1,000
									Preferred Equity						12/31/2022			6,564,055																					—			—
																																							5,657			1,980
Tedder Industries, LLC						Manufacturer of Firearm Holsters and Accessories
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			460			455			389
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			3,800			3,761			802
									Preferred Member Units						8/28/2023			1,651																					165			—
									Preferred Member Units						2/1/2023			1,411																					141			—
									Preferred Member Units						8/31/2018			136																					2,311			—
																																							6,833			1,191
Trantech Radiator Topco, LLC						Transformer Cooling Products and Services
									Secured Debt			(30)			5/31/2019																		5/31/2027			—			(1)			(1)
									Secured Debt						5/31/2019						13.50%												5/31/2027			1,980			1,963			1,963
									Common Stock			(8)			5/31/2019			154																					1,164			2,140
																																							3,126			4,102
Urgent DSO LLC						General and Emergency Dentistry Practice
									Secured Debt						2/16/2024						13.50%												2/16/2029			2,200			2,148			2,148
									Preferred Equity			(8)			2/16/2024			1,000			9.00%									9.00%									1,104			1,104
																																							3,252			3,252
Victory Energy Operations, LLC						Provider of Industrial and Commercial Combustion Systems
									Secured Debt			(30)			10/3/2024																		10/3/2029			—			(5)			(5)
									Secured Debt						10/3/2024						13.00%												10/3/2029			7,749			7,540			7,540
									Preferred Equity			(8)			10/3/2024			8,338																					3,644			3,644
																																							11,179			11,179
VVS Holdco LLC						Omnichannel Retailer of Animal Health Products
									Secured Debt			(9) (30)			12/1/2021									SF+			6.00%						12/1/2025			—			—			—
									Secured Debt						12/1/2021						11.50%												12/1/2026			6,440			6,375			6,375
									Preferred Equity			(8) (23)			12/1/2021			3,060																					3,060			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

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(14)			3/28/2025															10.00%			3/31/2030			$	1,070		$	1,070		$	1,070
									Secured Debt			(14)			3/28/2025															10.00%			3/31/2030			1,070			1,070			1,070
									Preferred Equity						3/28/2025			4,342,688																					2,931			2,931
									Common Stock						12/11/2020			593,927																					3,148			—
									Warrants			(27)			12/11/2020			197,717															12/11/2025						—			—
																																							8,219			5,071
Adams Publishing Group, LLC			(10)			Local Newspaper Operator
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			948			948			928
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			2,180			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)			8/31/2022			11																					83			20
American Health Staffing Group, Inc.			(10)			Healthcare Temporary Staffing
									Secured Debt			(9) (30)			11/19/2021									P+			5.00%						11/19/2026			—			(6)			(6)
									Secured Debt			(9)			11/19/2021						12.50%			P+			5.00%						11/19/2026			7,385			7,360			7,385
																																							7,354			7,379
Ansira Partners II, LLC			(10)			Provider of Data-Driven Marketing Services
									Secured Debt			(9) (30)			7/1/2024									SF+			6.75%						7/1/2029			—			(42)			(42)
									Secured Debt			(9)			7/1/2024						11.07%			SF+			6.75%						7/1/2029			17,659			17,263			17,398
																																							17,221			17,356
ArborWorks, LLC			(10)			Vegetation Management Services
									Secured Debt						11/6/2023						15.00%									15.00%			11/6/2028			1,101			1,101			1,101
									Secured Debt			(9)			11/6/2023						10.92%			SF+			6.50%			10.92%			11/6/2028			4,396			4,396			4,396
									Preferred Equity						11/6/2023			17,265																					7,468			7,349
									Preferred Equity						11/6/2023			17,265																					—			—
									Common Equity						11/9/2021			2,070																					124			—
																																							13,089			12,846
Archer Systems, LLC			(10)			Mass Tort Settlement Administration Solutions Provider
									Common Stock			(8)			8/11/2022			62,402																					62			100
ATS Operating, LLC			(10)			For-Profit Thrift Retailer
									Secured Debt			(9) (28)			1/18/2022						10.56%			SF+			6.00%						1/18/2027			125			125			125
									Secured Debt			(9)			1/18/2022						9.57%			SF+			5.00%						1/18/2027			925			917			925
									Secured Debt			(9)			1/18/2022						11.57%			SF+			7.00%						1/18/2027			925			917			925
									Common Stock						1/18/2022			100,000																					100			120
																																							2,059			2,095
AVEX Aviation Holdings, LLC			(10)			Specialty Aircraft Dealer & MRO Provider
									Secured Debt			(9) (30)			12/23/2022									SF+			7.25%						12/23/2027			—			(11)			(11)
									Secured Debt			(9)			12/23/2022						11.70%			SF+			7.25%						12/23/2027			3,322			3,256			3,322
									Common Equity			(8)			12/15/2021			137																					130			157
																																							3,375			3,468
Berry Aviation, Inc.			(10)			Charter Airline Services

11

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Preferred Member Units			(23)			3/8/2024			286,109																					286			—
									Preferred Member Units			(23)			11/12/2019			122,416																					—			—
									Preferred Member Units			(23)			7/6/2018			1,548,387																					—			—
																																							286			—
Bettercloud, Inc.			(10)			SaaS Provider of Workflow Management and Business Application Solutions
									Secured Debt			(9) (14) (30)			6/30/2022									SF+			10.25%						6/30/2028			—			(14)			(14)
									Secured Debt			(9) (14)			6/30/2022						14.76%			SF+			10.25%			9.25%			6/30/2028			9,230			9,139			5,662
																																							9,125			5,648
Binswanger Enterprises, LLC			(10)			Glass Repair and Installation Service Provider
									Member Units						3/10/2017			1,050,000																					1,050			880
Bluestem Brands, Inc.			(11)			Multi-Channel Retailer of General Merchandise
									Secured Debt			(9) (14)			1/9/2024						12.95%			SF+			8.50%			11.95%			8/28/2025			215			138			139
									Secured Debt			(9) (14)			10/19/2022						15.00%			P+			7.50%			14.75%			8/28/2025			4,026			4,026			2,600
									Secured Debt			(9) (14)			8/28/2020						12.95%			SF+			8.50%			11.95%			8/28/2025			4,486			4,231			2,897
									Common Stock						10/1/2020			700,446																					—			—
									Warrants			(27)			10/19/2022			175,110															10/19/2032						1,111			—
																																							9,506			5,636
Boccella Precast Products LLC						Manufacturer of Precast Hollow Core Concrete
									Secured Debt						9/23/2021						10.00%												2/28/2027			80			80			65
									Member Units			(8)			6/30/2017			540,000																					564			280
																																							644			345
B-O-F Corporation			(10)			Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
									Secured Debt			(9)			2/3/2025						10.08%			SF+			5.75%						2/3/2030			60			46			46
									Secured Debt			(9)			2/3/2025						9.04%			SF+			4.75%						2/3/2030			3,000			2,949			2,949
									Secured Debt			(9)			2/3/2025						11.04%			SF+			6.75%						2/3/2030			3,000			2,949			2,949
									Common Equity						2/3/2025			180,000																					180			180
																																							6,124			6,124
Bond Brand Loyalty ULC			(10) (13) (21)			Provider of Loyalty Marketing Services
									Secured Debt			(9)			5/1/2023						11.46%			SF+			7.00%						5/1/2028			360			349			360
									Secured Debt			(9)			5/1/2023						10.46%			SF+			6.00%						5/1/2028			3,989			3,940			3,989
									Secured Debt			(9)			5/1/2023						12.46%			SF+			8.00%						5/1/2028			3,989			3,940			3,989
									Preferred Equity						5/1/2023			360																					360			310
									Common Equity						5/1/2023			360																					—			—
																																							8,589			8,648
BP Loenbro Holdings Inc.			(10)			Specialty Industrial Maintenance Services
									Secured Debt			(9) (28)			2/1/2024						10.17%			SF+			5.75%						2/1/2029			385			366			385
									Secured Debt			(9) (30)			2/1/2024									SF+			5.75%						2/1/2029			—			(10)			(10)
									Secured Debt			(9)			2/1/2024						10.14%			SF+			5.75%						2/1/2029			11,145			10,972			11,145
									Common Equity						2/1/2024			1,000,000																					1,000			1,750
																																							12,328			13,270

12

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Brightwood Capital Fund Investments			(12) (13)			Investment Partnership
									LP Interests (Brightwood Capital Fund III, LP)			(24)			7/21/2014			0.52%																					1,870			969
									LP Interests (Brightwood Capital Fund IV, LP)			(8) (24)			10/26/2016			1.17%																					7,737			7,704
																																							9,607			8,673
Buca C, LLC						Casual Restaurant Group
									Secured Debt			(14) (17)			8/7/2024						15.00%									15.00%			11/4/2024			4,158			3,962			—
									Secured Debt			(14) (30)			6/28/2024						15.00%									15.00%			4/1/2025			—			—			—
									Secured Debt			(14) (17)			6/30/2015						15.00%									15.00%			8/31/2023			4,078			4,078			—
									Preferred Member Units						6/30/2015			4			6.00%									6.00%									3,040			—
																																							11,080			—
Burning Glass Intermediate Holding Company, Inc.			(10)			Provider of Skills-Based Labor Market Analytics
									Secured Debt			(9) (30)			6/14/2021									SF+			5.00%						6/10/2026			—			(6)			—
									Secured Debt			(9)			6/14/2021						9.45%			SF+			5.00%						6/10/2028			10,955			10,861			10,955
																																							10,855			10,955
CAI Software LLC						Provider of Specialized Enterprise Resource Planning Software
									Preferred Equity						12/13/2021			454,344																					454			594
									Preferred Equity						12/13/2021			126,446																					—			—
																																							454			594
Career Team Holdings, LLC						Provider of Workforce Training and Career Development Services
									Secured Debt			(9)			12/17/2021						10.38%			SF+			6.00%						12/17/2026			200			197			197
									Secured Debt						12/17/2021						12.50%												12/17/2026			2,138			2,115			2,115
									Common Stock						12/17/2021			50,000																					500			530
																																							2,812			2,842
CaseWorthy, Inc.			(10)			SaaS Provider of Case Management Solutions
									Common Equity						12/30/2022			105,856																					106			186
CenterPeak Holdings, LLC						Executive Search Services
									Secured Debt			(30)			12/10/2021																		12/10/2026			—			(2)			—
									Secured Debt						12/10/2021						15.00%												12/10/2026			2,390			2,366			2,390
									Preferred Equity			(8)			12/10/2021			368																					404			1,780
																																							2,768			4,170
Channel Partners Intermediateco, LLC			(10)			Outsourced Consumer Services Provider
									Secured Debt			(9) (28)			2/7/2022						11.56%			SF+			7.00%						2/7/2027			571			562			559
									Secured Debt			(9)			2/7/2022						11.55%			SF+			7.00%						2/7/2027			3,317			3,292			3,247
									Secured Debt			(9)			6/24/2022						11.55%			SF+			7.00%						2/7/2027			184			183			180
									Secured Debt			(9)			3/27/2023						11.55%			SF+			7.00%						2/7/2027			444			439			435
																																							4,476			4,421
Clarius BIGS, LLC			(10)			Prints & Advertising Film Financing

13

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(14) (17)			9/23/2014																		1/5/2015			2,666			2,321			16
Classic H&G Holdings, LLC						Provider of Engineered Packaging Solutions
									Preferred Member Units			(8)			3/12/2020			39																					—			660
Computer Data Source, LLC			(10)			Third Party Maintenance Provider to the Data Center Ecosystem
									Secured Debt			(9) (28)			8/6/2021						12.70%			SF+			8.25%			11.96%			8/6/2026			6,734			6,674			6,175
									Secured Debt			(9)			8/6/2021						12.70%			SF+			8.25%			11.96%			8/6/2026			16,368			16,241			15,009
																																							22,915			21,184
Connect Telecommunications Solutions Holdings, Inc.			(13)			Value-Added Distributor of Fiber Products and Equipment
									Secured Debt						10/9/2024						13.00%												10/9/2029			3,024			2,941			2,941
									Preferred Equity						10/9/2024			2,478																					1,400			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%						6/28/2029			449			429			449
									Secured Debt			(9)			6/29/2024						10.32%			SF+			6.00%						6/28/2029			2,863			2,805			2,863
									Secured Debt			(9)			8/15/2024						10.31%			SF+			6.00%						6/28/2029			1,909			1,874			1,909
									Secured Debt			(9)			6/29/2024						10.57%			SF+			6.25%						6/28/2029			8,589			8,407			8,197
																																							13,515			13,418
CQ Fluency, LLC			(10)			Global Language Services Provider
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(28)			(28)
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(28)			(28)
									Secured Debt			(9)			12/27/2023						11.15%			SF+			6.75%						6/27/2027			7,125			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)			6/27/2024						10.55%			SF+			6.25%						6/27/2029			10,732			10,553			10,732
									Secured Debt			(9)			3/4/2025						10.57%			SF+			6.25%						6/27/2029			17,106			16,769			17,106
									Common Equity						3/4/2025			2,862																					286			286
																																							27,582			28,098
Dalton US Inc.			(10)			Provider of Supplemental Labor Services
									Common Stock						8/16/2022			37																					52			60
DTE Enterprises, LLC			(10)			Industrial Powertrain Repair and Services
									Class AA Preferred Member Units (non-voting)						4/13/2018						10.00%									10.00%									1,316			—
									Class A Preferred Member Units						4/13/2018			776,316			8.00%									8.00%									776			—
																																							2,092			—

14

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Dynamic Communities, LLC			(10)			Developer of Business Events and Online Community Groups
									Secured Debt			(9)			12/20/2022						11.92%			SF+			7.50%			11.92%			12/31/2026			2,384			2,226			2,286
									Secured Debt			(9)			12/20/2022						13.92%			SF+			9.50%			13.92%			12/31/2026			2,494			2,260			2,300
									Preferred Equity						12/20/2022			125,000																					128			110
									Preferred Equity						12/20/2022			2,376,241																					—			—
									Common Equity						12/20/2022			1,250,000																					—			—
																																							4,614			4,696
Electro Technical Industries, LLC			(10)			Manufacturer of Mission-Critical Electrical Distribution Systems
									Secured Debt			(9) (30)			3/31/2025									SF+			6.00%						3/31/2030			—			(93)			(93)
									Secured Debt			(9)			3/31/2025						10.30%			SF+			6.00%						3/31/2030			27,048			26,516			26,516
									Common Equity						3/31/2025			714,286																					714			714
																																							27,137			27,137
Elgin AcquireCo, LLC						Manufacturer and Distributor of Engine and Chassis Components
									Secured Debt			(9) (30)			10/3/2022									SF+			6.00%						10/3/2026			—			—			—
									Secured Debt						10/3/2022						12.00%												10/3/2027			1,177			1,159			1,159
									Secured Debt						10/3/2022						9.00%												10/3/2052			409			405			405
									Common Stock						10/3/2022			19																					374			330
									Common Stock			(23)			10/3/2022			61																					102			203
																																							2,040			2,097
Emerald Technologies Acquisition Co, Inc.			(11)			Design & Manufacturing
									Secured Debt			(9)			2/10/2022						10.67%			SF+			6.25%						12/29/2027			2,313			2,290			1,734
Escalent, Inc.			(10)			Market Research and Consulting Firm
									Secured Debt			(9) (30)			4/7/2023									SF+			8.00%						4/7/2029			—			(7)			(7)
									Secured Debt			(9)			10/2/2024						12.40%			SF+			8.00%						4/7/2029			363			357			363
									Secured Debt			(9)			4/7/2023						12.40%			SF+			8.00%						4/7/2029			6,837			6,697			6,837
									Common Equity			(8)			4/7/2023			170,998																					174			240
																																							7,221			7,433
Event Holdco, LLC			(10)			Event and Learning Management Software for Healthcare Organizations and Systems
									Secured Debt			(9)			12/22/2021						12.56%			SF+			8.00%						12/22/2026			308			307			308
									Secured Debt			(9)			12/22/2021						12.56%			SF+			8.00%			4.00%			12/22/2026			3,998			3,985			3,994
																																							4,292			4,302
FCC Intermediate Holdco, LLC						Supply Chain Management Services
									Secured Debt						5/28/2024						13.00%												5/29/2029			8,098			7,105			8,098
									Warrants			(8) (27)			5/28/2024			3																					980			3,660
																																							8,085			11,758
Garyline, LLC			(10)			Manufacturer of Consumer Plastic Products
									Secured Debt			(9) (28)			11/10/2023						11.16%			SF+			6.75%						11/10/2028			2,626			2,570			2,626
									Secured Debt			(9)			11/10/2023						11.17%			SF+			6.75%						11/10/2028			9,543			9,336			9,543
									Preferred Equity						2/24/2025			16,340																					16			16
									Common Equity						11/10/2023			210,084																					210			150
																																							12,132			12,335
GradeEight Corp.			(10)			Distributor of Maintenance and Repair Parts

15

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			10/4/2024						13.75%			P+			6.25%						10/4/2029			541			499			528
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(21)			(21)
									Secured Debt			(9) (26)			10/4/2024						11.57%			SF+			7.25%						10/4/2029			14,731			14,466			14,370
									Common Equity						10/4/2024			471																					471			471
																																							15,415			15,348
Hawk Ridge Systems, LLC						Value-Added Reseller of Engineering Design and Manufacturing Solutions
									Secured Debt			(9)			12/2/2016						10.48%			SF+			6.00%						1/15/2026			626			625			626
									Secured Debt						12/2/2016						12.50%												1/15/2026			9,744			9,726			9,744
									Preferred Member Units			(8)			12/2/2016			56																					713			5,280
									Preferred Member Units			(23)			12/2/2016			56																					38			280
																																							11,102			15,930
HDC/HW Intermediate Holdings			(10)			Managed Services and Hosting Provider
									Secured Debt			(9)			3/7/2024						8.75%			SF+			3.50%			2.50%			6/21/2026			1,370			1,324			1,236
									Secured Debt			(14)			3/7/2024						2.50%									2.50%			6/21/2026			914			400			137
									Common Equity						3/7/2024			35,971																					—			—
																																							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)			8/1/2022						10.82%			SF+			6.50%						8/1/2027			1,970			1,949			1,970
									Secured Debt			(9)			6/3/2024						10.82%			SF+			6.50%						8/1/2027			1,393			1,374			1,393
									Secured Debt			(9)			8/1/2022						10.82%			SF+			6.50%						8/1/2027			4,863			4,817			4,863
									Secured Debt			(9)			6/3/2024						10.82%			SF+			6.50%						8/1/2027			2,376			2,358			2,376
																																							10,489			10,593
Hornblower Sub, LLC			(10)			Marine Tourism and Transportation
									Secured Debt			(9) (28)			7/3/2024						9.80%			SF+			5.50%						7/3/2029			2,432			2,411			2,395
									Secured Debt			(9)			7/3/2024						9.81%			SF+			5.50%						7/3/2029			15,451			15,308			15,212
																																							17,719			17,607
Hybrid Promotions, LLC			(10)			Wholesaler of Licensed, Branded and Private Label Apparel
									Secured Debt			(9)			6/30/2021						12.82%			SF+			8.25%						12/31/2027			8,000			7,871			8,000
IG Parent Corporation			(11)			Software Engineering
									Secured Debt			(9) (30)			7/30/2021									SF+			5.75%						7/30/2026			—			(7)			—
									Secured Debt			(9)			7/30/2021						10.17%			SF+			5.75%						7/30/2028			6,154			6,107			6,154
									Secured Debt			(9)			7/30/2021						10.17%			SF+			5.75%						7/30/2028			1,917			1,902			1,917
																																							8,002			8,071
Imaging Business Machines, L.L.C.			(10)			Technology Hardware & Equipment
									Common Equity						6/8/2023			422																					580			640
Implus Footcare, LLC			(10)			Provider of Footwear and Related Accessories
									Secured Debt			(9) (14)			6/1/2017						13.73%			SF+			7.75%						7/31/2025			17,023			17,023			12,262
Infinity X1 Holdings, LLC						Manufacturer and Supplier of Personal Lighting Products

16

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						3/31/2023						12.00%												3/31/2028			3,706			3,663			3,706
									Preferred Equity			(8)			3/31/2023			21,840																					1,092			2,020
																																							4,755			5,726
Insight Borrower Corporation			(10)			Test, Inspection, and Certification Instrument Provider
									Secured Debt			(9) (30)			7/19/2023									SF+			6.25%						7/19/2028			—			(29)			(29)
									Secured Debt			(9) (30)			7/19/2023									SF+			6.25%						7/19/2029			—			(26)			(26)
									Secured Debt			(9)			7/19/2023						10.54%			SF+			6.25%						7/19/2029			16,698			16,520			15,601
									Common Equity						7/19/2023			47,847																					239			120
																																							16,704			15,666
Inspire Aesthetics Management, LLC			(10)			Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
									Secured Debt			(9) (28)			4/3/2023						14.42%			SF+			10.00%			2.00%			4/3/2028			723			710			659
									Secured Debt			(9)			4/3/2023						14.42%			SF+			10.00%			2.00%			4/3/2028			6,232			6,133			5,677
									Secured Debt			(9)			6/14/2023						14.42%			SF+			10.00%			2.00%			4/3/2028			1,255			1,235			1,143
									Secured Debt			(9)			12/31/2024						14.42%			SF+			10.00%			2.00%			4/3/2028			290			290			264
									Common Equity						4/3/2023			137,302																					358			30
																																							8,726			7,773
Interface Security Systems, L.L.C			(10)			Commercial Security & Alarm Services
									Secured Debt			(17) (28)			12/9/2021						14.41%			SF+			10.00%			14.41%			8/7/2023			2,149			2,149			1,655
									Secured Debt			(9) (14) (17)			8/7/2019						11.67%			SF+			7.00%			11.67%			8/7/2023			7,334			7,254			10
									Common Stock						12/7/2021			2,143																					—			—
																																							9,403			1,665
Invincible Boat Company, LLC.			(10)			Manufacturer of Sport Fishing Boats
									Secured Debt			(9) (28)			8/28/2019						11.97%			SF+			7.50%						12/31/2026			1,037			1,034			988
									Secured Debt			(9)			8/28/2019						11.97%			SF+			7.50%						12/31/2026			16,653			16,595			15,868
																																							17,629			16,856
Iron-Main Investments, LLC						Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
									Secured Debt						8/2/2021						13.00%												1/31/2028			1,128			1,115			1,115
									Secured Debt						9/1/2021						13.00%												1/31/2028			735			726			726
									Secured Debt						11/15/2021						13.00%												1/31/2028			2,236			2,236			2,236
									Secured Debt						11/15/2021						13.00%												1/31/2028			4,406			4,349			4,349
									Secured Debt						1/31/2023						13.00%												1/31/2028			2,389			2,316			2,316
									Preferred Equity						6/26/2024			178			25.00%									25.00%									178			190
									Common Stock						8/3/2021			50,753																					689			710
																																							11,609			11,642
Isagenix International, LLC			(11)			Direct Marketer of Health & Wellness Products
									Secured Debt			(9) (31)			4/13/2023						10.91%			SF+			6.60%			8.41%			4/14/2028			2,962			2,792			428
									Common Equity						4/13/2023			186,322																					—			—
																																							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)			5/20/2024									SF+			5.50%						5/17/2029			—			(5)			(5)
									Secured Debt			(9) (26)			5/20/2024						10.07%			SF+			5.50%						5/17/2029			2,111			2,078			2,063

17

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9) (26)			5/20/2024						11.07%			SF+			6.50%						5/17/2029			2,111			2,078			2,063
									Secured Debt			(9) (26)			5/20/2024						12.07%			SF+			7.50%						5/17/2029						2,078			2,063
																																							6,229			6,184
ITA Holdings Group, LLC						Air Ambulance Services
									Secured Debt			(9)			6/21/2023						12.96%			SF+			8.50%						6/21/2027			295			291			295
									Secured Debt			(9)			6/21/2023						12.96%			SF+			8.50%						6/21/2027			248			245			248
									Secured Debt			(9)			6/21/2023						11.96%			SF+			7.50%						6/21/2027			1,110			954			1,110
									Secured Debt			(9)			6/21/2023						13.96%			SF+			9.50%						6/21/2027			1,110			954			1,110
									Warrants			(27)			6/21/2023			48,327															6/21/2033						523			1,660
																																							2,967			4,423
Jackmont Hospitality, Inc.			(10)			Franchisee of Casual Dining Restaurants
									Secured Debt			(9) (26)			10/26/2022						11.58%			SF+			7.00%						11/4/2026			1,563			1,547			1,563
									Secured Debt			(9) (26)			2/27/2024						11.45%			SF+			7.00%						11/4/2026			1,251			1,238			1,251
									Secured Debt			(9) (26)			11/1/2024						11.45%			SF+			7.00%						11/4/2026			1,333			1,301			1,333
									Secured Debt			(9)			11/8/2021						11.68%			SF+			7.00%						11/4/2026			3,633			3,596			3,633
									Preferred Equity						11/8/2021			5,653,333																					216			1,740
																																							7,898			9,520
JDC Power Services, LLC			(10)			Provider of Electrical Equipment and Maintenance Services for Datacenters
									Secured Debt			(9) (30)			6/28/2024									SF+			6.50%						6/28/2029			—			(44)			(44)
									Secured Debt			(9)			6/28/2024						10.80%			SF+			6.50%						6/28/2029			17,559			17,192			17,559
																																							17,148			17,515
Joerns Healthcare, LLC			(11)			Manufacturer and Distributor of Health Care Equipment & Supplies
									Secured Debt			(9)			3/30/2024						13.14%			SF+			8.75%			6.00%			3/29/2029			1,493			1,493			1,493
									Secured Debt			(9)			3/30/2024						13.14%			SF+			8.75%			13.14%			3/29/2029			1,127			1,127			1,127
									Common Stock						3/29/2024			4,535,784																					166			110
																																							2,786			2,730
JorVet Holdings, LLC						Supplier and Distributor of Veterinary Equipment and Supplies
									Secured Debt						3/28/2022						12.00%												3/28/2027			2,591			2,571			2,571
									Preferred Equity			(8)			3/28/2022			12,214																					1,221			1,520
																																							3,792			4,091
JTI Electrical & Mechanical, LLC			(10)			Electrical, Mechanical and Automation Services
									Secured Debt			(9) (28)			12/22/2021						10.80%			SF+			6.25%						12/22/2026			702			697			665
									Secured Debt			(9)			12/22/2021						10.80%			SF+			6.25%						12/22/2026			2,941			2,919			2,787
									Secured Debt			(9)			2/1/2024						10.80%			SF+			6.25%						12/22/2026			275			270			262
									Common Equity						12/22/2021			140,351																					140			10
																																							4,026			3,724
LL Management, Inc.			(10)			Medical Transportation Service Provider
									Secured Debt			(9)			9/17/2024						11.67%			SF+			7.25%						12/31/2025			701			701			701
									Secured Debt			(9)			5/2/2019						11.67%			SF+			7.25%						12/31/2025			7,828			7,784			7,828
									Secured Debt			(9)			5/2/2019						11.67%			SF+			7.25%						12/31/2025			5,167			5,138			5,167
									Secured Debt			(9)			2/26/2021						11.67%			SF+			7.25%						12/31/2025			858			853			858
									Secured Debt			(9)			5/12/2022						11.67%			SF+			7.25%						12/31/2025			8,695			8,643			8,695
																																							23,119			23,249
LLFlex, LLC			(10)			Provider of Metal-Based Laminates

18

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			8/16/2021						12.46%			SF+			8.00%			3.00%			8/16/2026			4,627			4,599			3,630
Logix Acquisition Company, LLC			(10)			Competitive Local Exchange Carrier
									Secured Debt			(9) (17)			1/8/2018						12.25%			P+			4.25%						12/22/2024			12,672			12,672			11,323
Metalforming Holdings, LLC						Distributor of Sheet Metal Folding and Metal Forming Equipment
									Secured Debt			(30)			10/19/2022																		10/19/2025			—			—			—
									Secured Debt						10/19/2022						9.75%												10/19/2027			1,397			1,376			1,376
									Preferred Equity			(8)			10/19/2022			434,331			8.00%									8.00%									434			434
									Common Stock			(8)			10/19/2022			112,865																					113			540
																																							1,923			2,350
Microbe Formulas, LLC			(10)			Nutritional Supplements Provider
									Secured Debt			(9) (30)			4/4/2022									SF+			5.75%						4/3/2028			—			(4)			(4)
									Secured Debt			(9)			11/20/2024						10.17%			SF+			5.75%						4/3/2028			1,338			1,322			1,338
									Secured Debt			(9)			4/4/2022						10.07%			SF+			5.75%						4/3/2028			2,389			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)			11/30/2023						10.56%			SF+			6.25%						11/30/2028			1,065			1,044			1,028
									Secured Debt			(9) (26)			11/30/2023						10.55%			SF+			6.25%						11/30/2028			856			840			826
									Secured Debt			(9)			11/30/2023						9.56%			SF+			5.25%						11/30/2028			3,193			3,136			3,081
									Secured Debt			(9)			11/30/2023						11.56%			SF+			7.25%						11/30/2028			3,193			3,134			3,082
									Common Equity						11/30/2023			336,496																					343			220
																																							8,497			8,237
MoneyThumb Acquisition, LLC						Provider of Software-as-a-Service Financial File Conversion and Reconciliation
									Secured Debt						8/19/2024						14.00%												8/19/2029			2,400			2,208			2,208
									Preferred Member Units			(8)			8/19/2024			40,821			12.00%									12.00%									440			440
									Warrants			(27)			8/19/2024			14,842															8/19/2029						148			148
																																							2,796			2,796
MonitorUS Holding, LLC			(10) (13) (21)			SaaS Provider of Media Intelligence Services
									Secured Debt			(9)			5/24/2022						10.55%			SF+			6.25%						5/24/2027			1,181			1,172			1,172
									Secured Debt			(9)			5/24/2022						10.55%			SF+			6.25%						5/24/2027			3,063			3,037			3,284
									Secured Debt			(9)			5/24/2022						10.81%			SF+			6.25%						5/24/2027			5,201			5,158			5,201
									Unsecured Debt						3/1/2024						8.00%									8.00%			6/30/2025			34			34			34
									Unsecured Debt						9/25/2024						8.00%									8.00%			12/21/2025			32			32			32
									Unsecured Debt						1/31/2025						8.00%									8.00%			3/31/2026			22			22			22
									Common Stock						8/30/2022			15,935,356																					268			141
																																							9,723			9,886
NinjaTrader, LLC			(10)			Operator of Futures Trading Platform
									Secured Debt			(9) (30)			12/18/2019									SF+			6.50%						12/18/2026			—			(2)			(2)
									Secured Debt			(9)			12/18/2019						10.96%			SF+			6.50%						12/18/2026			14,404			14,303			14,404
																																							14,301			14,402
Northwind Midstream Partners LLC			(10)			Owner and Operator of Midstream Gas Infrastructure

19

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			3/18/2025						10.70%			SF+			6.25%						3/18/2030			12,500			12,254			12,254
Obra Capital, Inc.			(10)			Provider of Asset Management Services Specialized in Insurance-Linked Strategies
									Secured Debt			(9)			6/21/2024						11.93%			SF+			7.50%						12/21/2028			260			248			256
									Secured Debt			(9)			6/21/2024						11.93%			SF+			7.50%						6/21/2029			11,949			11,650			11,755
																																							11,898			12,011
OnPoint Industrial Services, LLC			(10)			Environmental & Facilities Services
									Secured Debt			(9)			12/18/2024						11.30%			SF+			7.00%						11/16/2027			1,047			1,038			1,047
									Secured Debt			(9)			4/1/2024						11.30%			SF+			7.00%						11/16/2027			2,910			2,890			2,910
																																							3,928			3,957
Peaches Holding Corporation						Wholesale Provider of Consumer Packaging Solutions
									Common Equity						5/22/2024			806																					1,805			410
Power System Solutions			(10)			Backup Power Generation
									Secured Debt			(9) (30)			6/7/2023									SF+			6.50%						6/7/2028			—			(25)			(25)
									Secured Debt			(9)			6/7/2023						10.82%			SF+			6.50%						6/7/2028			2,633			2,579			2,633
									Secured Debt			(9)			6/7/2023						10.82%			SF+			6.50%						6/7/2028			7,839			7,689			7,839
									Common Equity						6/7/2023			532																					532			1,780
																																							10,775			12,227
PrimeFlight Aviation Services			(10) (13)			Air Freight & Logistics
									Secured Debt			(9)			5/1/2023						10.58%			SF+			5.50%						5/1/2029			5,895			5,746			5,895
									Secured Debt			(9)			9/7/2023						9.83%			SF+			5.50%						5/1/2029			563			547			563
									Secured Debt			(9)			1/30/2024						9.83%			SF+			5.50%						5/1/2029			566			554			566
									Secured Debt			(9)			6/28/2024						9.83%			SF+			5.25%						5/1/2029			643			635			643
									Secured Debt			(9)			1/21/2025						9.54%			SF+			5.25%						5/1/2029			1,425			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)			8/19/2022						12.81%			SF+			8.25%						8/19/2027			448			439			441
									Secured Debt			(9)			8/19/2022						12.84%			SF+			8.25%						8/19/2027			1,120			1,102			1,103
																																							1,541			1,544
Purge Rite, LLC			(10)			HVAC Flushing and Filtration Services
									Preferred Equity						10/2/2023			13,021																					1,289			1,289
									Common Equity						4/1/2024			13,021																					13			1,560
																																							1,302			2,849
Richardson Sales Solutions			(10)			Business Services
									Secured Debt			(9) (30) (28)			8/24/2023									SF+			6.50%						8/24/2028			—			(39)			—
									Secured Debt			(9)			8/24/2023						10.80%			SF+			6.50%						8/24/2028			10,222			10,009			10,222
									Secured Debt			(9)			9/10/2024						10.79%			SF+			6.50%						8/24/2028			5,033			4,947			5,033
																																							14,917			15,255
Roof Opco, LLC			(10)			Residential Re-Roofing/Repair
									Secured Debt			(9) (30)			8/27/2021									SF+			8.00%						8/27/2026			—			(6)			—

20

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			8/27/2021						11.57%			SF+			7.00%						8/27/2026			4,219			4,171			3,848
									Secured Debt			(9)			8/27/2021						13.57%			SF+			9.00%						8/27/2026			4,219			4,171			3,823
																																							8,336			7,671
Rug Doctor, LLC.			(10)			Carpet Cleaning Products and Machinery
									Secured Debt			(9)			7/16/2021						12.49%			SF+			8.00%			2.00%			11/16/2025			6,575			6,567			6,575
									Secured Debt			(9)			7/16/2021						12.49%			SF+			8.00%			2.00%			11/16/2025			8,087			8,076			8,087
																																							14,643			14,662
Slick Innovations, LLC						Text Message Marketing Platform
									Secured Debt						9/13/2018						14.00%												3/21/2030			6,470			6,351			6,470
									Common Stock			(8)			9/13/2018			17,500																					—			490
																																							6,351			6,960
South Coast Terminals Holdings, LLC			(10)			Specialty Toll Chemical Manufacturer
									Secured Debt			(9) (30)			8/8/2024									SF+			5.25%						8/8/2029			—			—			—
									Secured Debt			(9)			8/8/2024						9.67%			SF+			5.25%						8/8/2029			33,214			33,185			33,214
									Common Equity						12/10/2021			61																					61			62
																																							33,246			33,276
SPAU Holdings, LLC			(10)			Digital Photo Product Provider
									Secured Debt			(9) (28)			7/1/2022						11.96%			SF+			7.50%						7/1/2027			440			431			440
									Secured Debt			(9)			7/1/2022						11.95%			SF+			7.50%						7/1/2027			4,863			4,819			4,862
									Common Stock						7/1/2022			200,000																					200			220
																																							5,450			5,522
TEC Services, LLC			(10)			Provider of Janitorial Service for Food Retailers
									Secured Debt			(9)			12/31/2024						10.14%			SF+			5.75%						12/31/2029			93			87			91
									Secured Debt			(9) (30)			12/31/2024									SF+			5.75%						12/31/2029			—			(5)			(5)
									Secured Debt			(9)			12/31/2024						10.13%			SF+			5.75%						12/31/2029			2,328			2,295			2,275
																																							2,377			2,361
Tex Tech Tennis, LLC			(10)			Sporting Goods & Textiles
									Preferred Equity			(23)			7/7/2021			1,000,000																					1,000			2,290
The Affiliati Network, LLC						Performance Marketing Solutions
									Secured Debt						8/9/2021						10.00%												8/9/2026			30			29			29
									Secured Debt						8/9/2021						10.00%												8/9/2026			1,300			1,292			1,277
									Preferred Stock			(8)			9/1/2023			78,227																					78			78
									Preferred Stock			(8)			8/9/2021			320,000																					1,600			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)			3/11/2024									SF+			6.50%						3/11/2029			—			(38)			(38)
									Secured Debt			(9)			3/11/2024						10.80%			SF+			6.50%						3/11/2029			13,049			12,689			13,049
									Secured Debt			(9)			2/27/2025						10.80%			SF+			6.50%						3/11/2029			1,665			1,625			1,665
									Preferred Equity						3/11/2024			468,750			8.00%									8.00%									469			540
																																							14,745			15,216
U.S. TelePacific Corp.			(11)			Provider of Communications and Managed Services
									Secured Debt			(9) (14)			6/1/2023						11.90%			SF+			7.40%			6.00%			5/2/2027			6,750			2,007			2,700
									Secured Debt			(14)			6/1/2023																		5/2/2027			692			15			—

21

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							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)			7/29/2024						10.57%			SF+			6.25%						7/27/2029			19,441			19,091			19,115
									Common Equity						7/29/2024			412,371																					412			380
																																							19,503			19,495
UserZoom Technologies, Inc.			(10)			Provider of User Experience Research Automation Software
									Secured Debt			(9)			1/11/2023						11.80%			SF+			7.50%						4/5/2029			3,000			2,942			3,000
Vitesse Systems			(10)			Component Manufacturing and Machining Platform
									Secured Debt			(28)			12/22/2023						11.44%			SF+			7.00%						12/22/2028			2,045			1,998			2,045
									Secured Debt			(9)			12/22/2023						11.44%			SF+			7.00%						12/22/2028			12,344			12,114			12,344
																																							14,112			14,389
VORTEQ Coil Finishers, LLC			(10)			Specialty Coating of Aluminum and Light-Gauge Steel
									Common Equity			(8)			11/30/2021			769,231																					769			1,950
Watterson Brands, LLC			(10)			Facility Management Services
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			312			310			294
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			54			51			51
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			2,223			2,212			2,091
									Secured Debt						12/17/2021						12.00%									4.00%			12/17/2026			2,005			1,995			1,886
																																							4,568			4,322
West Star Aviation Acquisition, LLC			(10)			Aircraft, Aircraft Engine and Engine Parts
									Secured Debt			(9) (26)			3/1/2022						9.32%			SF+			5.00%						3/1/2028			3,343			3,335			3,343
									Secured Debt			(9)			3/1/2022						9.32%			SF+			5.00%						3/1/2028			14,815			14,783			14,815
									Secured Debt			(9)			11/3/2023						9.32%			SF+			5.00%						3/1/2028			7,373			7,352			7,373
									Common Stock			(8)			3/1/2022			200,000																					200			640
																																							25,670			26,171
Winter Services LLC			(10)			Provider of Snow Removal and Ice Management Services
									Secured Debt			(9) (28)			11/19/2021						12.56%			SF+			8.00%						11/19/2026			3,333			3,291			3,273
									Secured Debt			(9)			11/19/2021						12.57%			SF+			8.00%						11/19/2026			2,343			2,314			2,300
									Secured Debt			(9)			1/16/2024						11.57%			SF+			7.00%						11/19/2026			9,050			8,929			8,885
									Secured Debt			(9)			1/16/2024						13.57%			SF+			9.00%						11/19/2026			9,050			8,929			8,885
																																							23,463			23,343
World Micro Holdings, LLC						Supply Chain Management
									Secured Debt						12/12/2022						11.00%												12/12/2027			1,364			1,350			1,350
									Preferred Equity			(8)			12/12/2022			530																					530			530
																																							1,880			1,880
Xenon Arc, Inc.			(10)			Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers
									Secured Debt			(9)			12/17/2021						9.65%			SF+			5.25%						12/20/2028			1,173			1,155			1,173
									Secured Debt			(9)			12/17/2021						9.64%			SF+			5.25%						12/20/2028			2,322			2,300			2,322
									Secured Debt			(9)			3/31/2025						10.15%			SF+			5.75%						12/20/2028			608			596			608

22

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Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2025

(dollars in thousands)

(Unaudited)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							4,051			4,103
YS Garments, LLC			(11)			Designer and Provider of Branded Activewear
									Secured Debt			(9)			8/22/2018						11.90%			SF+			7.50%						8/9/2026			5,059			5,012			4,411
Zips Car Wash, LLC			(10)			Express Car Wash Operator
									Secured Debt			(9)			2/10/2025						11.70%			SF+			7.25%						10/10/2025			132			132			132
									Secured Debt			(9)			2/10/2025						11.70%			SF+			7.25%						10/10/2025			230			230			230
									Secured Debt			(9) (14) (17)			2/11/2022						11.91%			SF+			7.25%			11.91%			12/31/2024			2,083			2,083			1,543
									Secured Debt			(9) (14) (17)			2/11/2022						11.91%			SF+			7.25%			11.91%			12/31/2024			522			522			387
																																							2,967			2,292
ZRG Partners, LLC			(10)			Talent Advisory Services Provider
									Secured Debt			(9)			6/14/2024						12.50%			P+			5.00%						6/14/2029			691			670			691
									Secured Debt			(9) (26)			6/14/2024						10.27%			SF+			6.00%						6/14/2029			1,000			975			1,000
									Secured Debt			(9)			6/14/2024						10.28%			SF+			6.00%						6/14/2029			815			804			815
									Secured Debt			(9)			6/14/2024						10.30%			SF+			6.00%						6/14/2029			5,835			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%.

24

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Control Investments (5)
BDB Holdings, LLC						Casual Restaurant Group
									Preferred Equity						11/4/2024			12,504,663																					$	13,025		$	12,610
Copper Trail Fund Investments			(12) (13)			Investment Partnership
									LP Interests (CTMH, LP)			(24)			7/17/2017			38.75%																					655			530
GRT Rubber Technologies LLC						Manufacturer of Engineered Rubber Products
									Secured Debt						12/21/2018						10.66%			SF+			6.00%						10/29/2026			1,550			1,539			1,550
									Secured Debt						12/19/2014						12.66%			SF+			8.00%						10/29/2026			19,944			19,852			19,944
									Member Units						12/19/2014			2,896																					6,435			22,600
																																							27,826			44,094
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (2717 MH, L.P.)			(8) (24)			10/1/2017			49.3%																					3,345			8,740
Volusion, LLC						Provider of Online Software-as-a-Service eCommerce Solutions
									Secured Debt						3/31/2023						10.00%												3/31/2025			900			900			900
									Preferred Member Units						3/31/2023			2,184,683																					1,705			3,004
									Preferred Member Units						3/31/2023			61,077																					—			—
									Preferred Member Units						1/26/2015			2,090,001																					6,000			—
									Common Stock						3/31/2023			772,620																					1,104			—
																																							9,709			3,904
Subtotal Control Investments (11.2% of net assets at fair value)																																							$	54,560		$	69,878
Affiliate Investments (6)
Analytical Systems Keco Holdings, LLC						Manufacturer of Liquid and Gas Analyzers
									Secured Debt			(30)			8/16/2019																		8/16/2029			$	—		$	—		$	—
									Secured Debt						8/16/2019						13.75%												8/16/2029			1,024			1,012			1,012
									Preferred Member Units						5/20/2021			607																					607			1,330
									Preferred Member Units						8/16/2019			800																					800			—
									Warrants			(27)			8/16/2019			105															8/16/2029						79			—
																																							2,498			2,342
Barfly Ventures, LLC			(10)			Casual Restaurant Group
									Member Units						10/26/2020			12.25%																					528			1,953
Batjer TopCo, LLC						HVAC Mechanical Contractor
									Secured Debt						3/7/2022						10.00%												3/7/2027			50			50			50
									Secured Debt						3/7/2022						10.00%												3/7/2027			30			30			30
									Secured Debt						3/7/2022						10.00%												3/7/2027			1,175			1,165			1,165
									Preferred Stock			(8)			3/7/2022			453																					455			570
																																							1,700			1,815
Brewer Crane Holdings, LLC						Provider of Crane Rental and Operating Services
									Secured Debt			(9)			1/9/2018						14.66%			SF+			10.00%						12/31/2025			1,254			1,254			1,254
									Preferred Member Units			(8)			1/9/2018			737																					1,070			1,170

26

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							2,324			2,424
Centre Technologies Holdings, LLC						Provider of IT Hardware Services and Software Solutions
									Secured Debt			(9) (30)			1/4/2019									SF+			9.00%						1/4/2028			—			—			—
									Secured Debt			(9)			11/29/2024						13.66%			SF+			9.00%						1/4/2028			6,384			6,356			6,384
									Preferred Member Units						1/4/2019			3,471																					1,596			3,110
																																							7,952			9,494
Chamberlin Holding LLC						Roofing and Waterproofing Specialty Contractor
									Secured Debt			(9) (30)			2/26/2018									SF+			6.00%						2/26/2026			—			(26)			—
									Secured Debt			(9)			2/26/2018						12.74%			SF+			8.00%						2/26/2026			3,905			3,904			3,905
									Member Units			(8)			2/26/2018			1,087																					2,860			8,280
									Member Units			(8) (23)			11/2/2018			261,786																					443			888
																																							7,181			13,073
Charps, LLC						Pipeline Maintenance and Construction
									Preferred Member Units			(8)			2/3/2017			457																					491			3,900
Clad-Rex Steel, LLC						Specialty Manufacturer of Vinyl-Clad Metal
									Secured Debt			(30)			10/28/2022																		1/15/2027			—			—			—
									Secured Debt						12/20/2016						9.00%												1/15/2027			1,690			1,681			1,690
									Secured Debt						12/20/2016						10.00%												12/20/2036			243			242			243
									Member Units			(8)			12/20/2016			179																					1,820			2,750
									Member Units			(23)			12/20/2016			200																					127			237
																																							3,870			4,920
Cody Pools, Inc.						Designer of Residential and Commercial Pools
									Secured Debt			(30)			3/6/2020																		12/17/2026			—			(3)			—
									Secured Debt						3/6/2020						12.50%												12/17/2026			6,598			6,585			6,598
									Preferred Member Units			(8) (23)			3/6/2020			147																					2,079			16,950
																																							8,661			23,548
Colonial Electric Company LLC						Provider of Electrical Contracting Services
									Secured Debt			(30)			3/31/2021																		3/31/2026			—			—			—
									Secured Debt						3/31/2021						12.00%												3/31/2026			3,578			3,554			3,578
									Preferred Member Units			(8)			3/31/2021			4,320																					1,920			3,390
																																							5,474			6,968
Compass Systems & Sales, LLC						Designer of End-to-End Material Handling Solutions
									Secured Debt			(30)			11/22/2023																		11/22/2028			—			(16)			(16)
									Secured Debt						11/22/2023						13.50%												11/22/2028			4,300			4,201			4,201
									Preferred Equity						11/22/2023			1,863																					1,863			1,860
																																							6,048			6,045
Datacom, LLC						Technology and Telecommunications Provider
									Secured Debt						3/1/2022						7.50%												12/31/2025			55			55			55
									Secured Debt						3/31/2021						10.00%												12/31/2025			898			878			878
									Preferred Member Units						3/31/2021			1,000																					290			30
																																							1,223			963
Digital Products Holdings LLC						Designer and Distributor of Consumer Electronics

27

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			4/1/2018						14.56%			SF+			10.00%						4/27/2026			3,154			3,140			3,105
									Preferred Member Units			(8)			4/1/2018			964																					2,375			2,459
																																							5,515			5,564
Direct Marketing Solutions, Inc.						Provider of Omni-Channel Direct Marketing Services
									Secured Debt			(30)			2/13/2018																		2/13/2026			—			(2)			—
									Secured Debt						12/27/2022						14.00%												2/13/2026			4,668			4,656			4,668
									Preferred Stock						2/13/2018			2,100																					2,100			4,480
																																							6,754			9,148
DMA Industries, LLC						Distributor of Aftermarket Ride Control Products
									Secured Debt						6/18/2024						12.00%												6/19/2029			140			138			138
									Secured Debt						11/19/2021						12.00%												6/19/2029			4,200			4,161			4,161
									Preferred Equity						11/19/2021			1,486																					1,486			1,486
									Preferred Equity			(8)			6/18/2024			767			15.00%									15.00%									810			810
																																							6,595			6,595
Flame King Holdings, LLC						Propane Tank and Accessories Distributor
									Preferred Equity			(8)			10/29/2021			2,340																					2,600			8,980
Freeport Financial Funds			(12) (13)			Investment Partnership
									LP Interests (Freeport First Lien Loan Fund III LP)			(8) (24)			7/31/2015			5.95%																					1,659			1,263
Gamber-Johnson Holdings, LLC						Manufacturer of Ruggedized Computer Mounting Systems
									Secured Debt			(9) (32) (30)			6/24/2016									SF+			7.00%						1/1/2028			—			—			—
									Secured Debt			(9) (32)			11/22/2024						11.00%			SF+			7.00%						1/1/2028			18,282			18,166			18,282
									Member Units			(8)			6/24/2016			2,261																					4,423			28,690
																																							22,589			46,972
GFG Group, LLC						Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
									Secured Debt						3/31/2021						8.00%												3/31/2026			2,046			2,030			2,046
									Preferred Member Units			(8)			3/31/2021			56.39%																					1,225			2,640
																																							3,255			4,686
Gulf Publishing Holdings, LLC						Energy Industry Focused Media and Publishing
									Secured Debt			(9) (14) (30)			9/29/2017									SF+			9.50%						7/1/2027			—			—			—
									Secured Debt			(14)			7/1/2022						12.50%									12.50%			7/1/2027			600			581			378
									Preferred Equity						7/1/2022			15,930																					1,400			—
									Member Units						4/29/2016			920																					920			—
																																							2,901			378
Harris Preston Fund Investments			(12) (13)			Investment Partnership
									LP Interests (HPEP 3, L.P.)			(24)			8/9/2017			8.2%																					2,296			4,472
IG Investor, LLC						Military and Other Tactical Gear

28

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt						6/21/2023						13.00%												6/21/2028			400			379			379
									Secured Debt						6/21/2023						13.00%												6/21/2028			8,876			8,693			8,693
									Common Equity						6/21/2023			3,600																					3,600			4,060
																																							12,672			13,132
Independent Pet Partners Intermediate Holdings, LLC			(10)			Omnichannel Retailer of Specialty Pet Products
									Common Equity						4/7/2023			6,436,566																					6,540			7,290
Integral Energy Services			(10)			Nuclear Power Staffing Services
									Secured Debt			(9)			8/20/2021						12.35%			SF+			7.50%						8/20/2026			15,090			14,986			14,872
									Preferred Equity			(8)			12/7/2023			3,725			10.00%									10.00%									297			535
									Common Stock						8/20/2021			11,647																					1,584			640
																																							16,867			16,047
Kickhaefer Manufacturing Company, LLC						Precision Metal Parts Manufacturing
									Secured Debt						10/31/2018						11.50%												10/31/2026			3,750			3,741			3,741
									Secured Debt						10/31/2018						9.00%												10/31/2048			990			982			982
									Preferred Equity						10/31/2018			145																					3,060			3,060
									Member Units			(8) (23)			10/31/2018			200																					248			678
																																							8,031			8,461
Mills Fleet Farm Group, LLC			(10)			Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
									Common Equity			(23)			12/19/2024			53,505															12/31/2026						11,166			11,166
Mystic Logistics Holdings, LLC						Logistics and Distribution Services Provider for Large Volume Mailers
									Secured Debt			(30)			8/18/2014																		1/31/2027			—			—			—
									Secured Debt						8/18/2014						10.00%												1/31/2027			1,436			1,433			1,436
									Common Stock			(8)			8/18/2014			1,468																					680			6,590
																																							2,113			8,026
Nello Industries Investco, LLC						Manufacturer of Steel Poles and Towers For Critical Infrastructure
									Secured Debt			(9) (30)			6/4/2024									SF+			6.50%						6/4/2025			—			(12)			(12)
									Secured Debt						6/4/2024						13.50%												6/4/2029			6,800			6,619			6,619
									Common Equity			(8)			6/4/2024			91,145																					3,030			3,890
																																							9,637			10,497
NexRev LLC						Provider of Energy Efficiency Products & Services
									Secured Debt						2/28/2018																		2/28/2025			—			—			—
									Secured Debt						2/28/2018						9.00%												2/28/2025			2,453			2,450			2,453
									Preferred Member Units			(8)			2/28/2018			25,786,046																					2,053			2,970
																																							4,503			5,423
NuStep, LLC						Designer, Manufacturer and Distributor of Fitness Equipment
									Secured Debt			(9)			1/31/2017						11.16%			SF+			6.50%						1/31/2025			900			900			900
									Secured Debt						1/31/2017						12.00%												1/31/2025			4,610			4,610			4,610
									Preferred Member Units						11/2/2022			600																					696			1,500
									Preferred Member Units						1/31/2017			122																					2,966			2,890
																																							9,172			9,900

29

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

December 31, 2024

(dollars in thousands)

Portfolio Company (1) (20)						Business Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Oneliance, LLC						Construction Cleaning Company
									Preferred Stock						8/6/2021			282																					282			640
Orttech Holdings, LLC						Distributor of Industrial Clutches, Brakes and Other Components
									Secured Debt			(9) (30)			7/30/2021									SF+			11.00%						7/31/2026			—			(1)			—
									Secured Debt			(9)			7/30/2021						15.66%			SF+			11.00%						7/31/2026			5,490			5,456			5,490
									Preferred Stock			(8) (23)			7/30/2021			2,500																					2,500			3,360
																																							7,955			8,850
Pinnacle TopCo, LLC						Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
									Secured Debt			(30)			12/21/2023																		12/31/2028			—			(8)			—
									Secured Debt						12/21/2023						13.00%												12/31/2028			7,160			7,019			7,160
									Preferred Equity			(8)			12/21/2023			110																					3,135			4,590
																																							10,146			11,750
RA Outdoors LLC			(10) (13)			Software Solutions Provider for Outdoor Activity Management
									Secured Debt			(9)			4/8/2021						11.74%			SF+			6.75%			11.74%			4/8/2026			1,311			1,307			1,215
									Secured Debt			(9)			4/8/2021						11.74%			SF+			6.75%			11.74%			4/8/2026			13,714			13,665			12,710
									Common Equity						8/12/2024			107						SF+			6.75%			11.59%			4/8/2026						—			—
																																							14,972			13,925
Robbins Bros. Jewelry, Inc.						Bridal Jewelry Retailer
									Secured Debt			(14) (30)			12/15/2021															10.00%			12/15/2026			—			(7)			(7)
									Secured Debt			(14)			12/15/2021						12.50%									10.00%			12/15/2026			3,740			3,604			1,617
									Preferred Equity						12/15/2021			1,230																					1,230			—
																																							4,827			1,610
SI East, LLC						Rigid Industrial Packaging Manufacturing
									Secured Debt						8/31/2018						11.75%												6/16/2028			750			744			750
									Secured Debt			(33)			6/16/2023						12.79%												6/16/2028			22,554			22,533			22,554
									Preferred Member Units			(8)			8/31/2018			55																					508			4,550
																																							23,785			27,854
Student Resource Center, LLC			(10)			Higher Education Services
									Secured Debt						9/11/2024						8.50%									8.50%			12/31/2027			227			227			227
									Secured Debt			(14)			12/31/2022						8.50%									8.50%			12/31/2027			5,918			5,425			1,826
									Preferred Equity						12/31/2022			6,564,055																					—			—
																																							5,652			2,053
Tedder Industries, LLC						Manufacturer of Firearm Holsters and Accessories
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			460			455			412
									Secured Debt			(14) (17)			8/31/2018						12.00%									12.00%			8/31/2023			3,800			3,761			901
									Preferred Member Units						8/28/2023			1,651																					165			—
									Preferred Member Units						2/1/2023			1,411																					141			—
									Preferred Member Units						8/31/2018			136																					2,311			—
																																							6,833			1,313
Trantech Radiator Topco, LLC						Transformer Cooling Products and Services
									Secured Debt			(30)			5/31/2019																		5/31/2027			—			(1)			(1)
									Secured Debt						5/31/2019						13.50%												5/31/2027			1,980			1,962			1,962
									Common Stock			(8)			5/31/2019			154																					1,164			2,140

30

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
																																							3,125			4,101
Urgent DSO LLC						General and Emergency Dentistry Practice
									Secured Debt						2/16/2024						13.50%												2/16/2029			2,200			2,145			2,145
									Preferred Equity			(8)			2/16/2024			1,000			9.00%									9.00%									1,080			1,080
																																							3,225			3,225
Victory Energy Operations, LLC						Provider of Industrial and Commercial Combustion Systems
									Secured Debt			(30)			10/3/2024																		10/3/2029			—			(5)			(5)
									Secured Debt						10/3/2024						13.00%												10/3/2029			7,749			7,529			7,529
									Preferred Equity						10/3/2024			8,338																					3,644			3,644
																																							11,168			11,168
VVS Holdco LLC						Omnichannel Retailer of Animal Health Products
									Secured Debt			(9) (30)			12/1/2021									SF+			6.00%						12/1/2025			—			—			—
									Secured Debt						12/1/2021						11.50%												12/1/2026			6,440			6,366			6,366
									Preferred Equity			(8) (23)			12/1/2021			3,060																					3,060			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 Debt						1/31/2023						18.00%									18.00%			6/25/2025			$	210		$	210		$	209
									Secured Debt						12/11/2020						18.00%									18.00%			6/25/2025			6,013			5,971			5,975
									Common Stock						12/11/2020			593,927																					3,148			$	—
									Warrants			(27)			12/11/2020			197,717															12/11/2025						—			—
																																							9,329			6,184
Adams Publishing Group, LLC			(10)			Local Newspaper Operator
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			946			946			928
									Secured Debt			(9) (29)			3/11/2022						11.00%			SF+			7.00%			1.00%			3/11/2027			2,251			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)			8/31/2022			11																					83			30
American Health Staffing Group, Inc.			(10)			Healthcare Temporary Staffing
									Secured Debt			(9) (30)			11/19/2021									P+			5.00%						11/19/2026			—			(6)			(6)
									Secured Debt			(9)			11/19/2021						12.50%			P+			5.00%						11/19/2026			7,703			7,673			7,703
																																							7,667			7,697
American Nuts, LLC			(10)			Roaster, Mixer and Packager of Bulk Nuts and Seeds
									Secured Debt			(9)			3/11/2022						14.49%			SF+			9.75%			14.49%			4/10/2026			5,626			5,614			4,480
									Secured Debt			(9) (14)			3/11/2022						16.49%			SF+			11.75%			16.49%			4/10/2026			4,270			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)			9/17/2021																		4/7/2023			2,425			2,375			59
									Secured Debt			(14) (17)			5/19/2016																		6/8/2023			11,693			11,451			282
																																							13,826			341

31

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Ansira Partners II, LLC			(10)			Provider of Data-Driven Marketing Services
									Secured Debt			(9) (30)			7/1/2024									SF+			6.75%						7/1/2029			—			(45)			(45)
									Secured Debt			(9)			7/1/2024						11.25%			SF+			6.75%						7/1/2029			17,659			17,239			17,375
																																							17,194			17,330
ArborWorks, LLC			(10)			Vegetation Management Services
									Secured Debt						11/6/2023						15.00%									15.00%			11/6/2028			1,061			1,061			1,061
									Secured Debt			(9)			11/6/2023						11.08%			SF+			6.50%			11.08%			11/6/2028			4,278			4,278			4,278
									Preferred Equity						11/6/2023			17,265																					7,468			6,667
									Preferred Equity						11/6/2023			17,265																					—			—
									Common Equity						11/9/2021			2,070																					124			—
																																							12,931			12,006
Archer Systems, LLC			(10)			Mass Tort Settlement Administration Solutions Provider
									Common Stock						8/11/2022			62,403																					62			110
ATS Operating, LLC			(10)			For-Profit Thrift Retailer
									Secured Debt			(9)			1/18/2022						10.85%			SF+			6.00%						1/18/2027			50			50			50
									Secured Debt			(9)			1/18/2022						9.85%			SF+			5.00%						1/18/2027			925			916			925
									Secured Debt			(9)			1/18/2022						11.85%			SF+			7.00%						1/18/2027			925			916			925
									Common Stock						1/18/2022			100,000																					100			120
																																							1,982			2,020
AVEX Aviation Holdings, LLC			(10)			Specialty Aircraft Dealer & MRO Provider
									Secured Debt			(9) (30)			12/23/2022									SF+			7.25%						12/23/2027			—			(12)			(12)
									Secured Debt			(9)			12/23/2022						11.73%			SF+			7.25%						12/23/2027			3,343			3,271			3,343
									Common Equity			(8)			12/15/2021			137																					130			124
																																							3,389			3,455
Berry Aviation, Inc.			(10)			Charter Airline Services
									Preferred Member Units						3/8/2024			286,109																					286			—
									Preferred Member Units			(23)			11/12/2019			122,416																					—			—
									Preferred Member Units			(23)			7/6/2018			1,548,387																					—			—
																																							286			—
Bettercloud, Inc.			(10)			SaaS Provider of Workflow Management and Business Application Solutions
									Secured Debt			(9) (30)			6/30/2022									SF+			10.25%						6/30/2028			—			(14)			(14)
									Secured Debt			(9)			6/30/2022						15.76%			SF+			10.25%			9.25%			6/30/2028			9,230			9,139			6,963
																																							9,125			6,949
Binswanger Enterprises, LLC			(10)			Glass Repair and Installation Service Provider
									Member Units						3/10/2017			1,050,000																					1,050			650
Bluestem Brands, Inc.			(11)			Multi-Channel Retailer of General Merchandise
									Secured Debt			(9)			1/9/2024						13.17%			SF+			8.50%			12.17%			8/28/2025			215			138			181
									Secured Debt			(9)			10/19/2022						15.00%			P+			7.50%			14.75%			8/28/2025			3,304			3,304			2,792
									Secured Debt			(9)			8/28/2020						13.17%			SF+			8.50%			12.17%			8/28/2025			4,486			4,231			3,790
									Common Stock						10/1/2020			700,446																					—			—
									Warrants			(27)			10/19/2022			175,110															10/19/2032						1,111			—
																																							8,784			6,763

32

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Boccella Precast Products LLC						Manufacturer of Precast Hollow Core Concrete
									Secured Debt						9/23/2021						10.00%												2/28/2027			80			80			66
									Member Units						6/30/2017			540,000																					564			80
																																							644			146
Bond Brand Loyalty ULC			(10) (13) (21)			Provider of Loyalty Marketing Services
									Secured Debt			(9)			5/1/2023						11.65%			SF+			7.00%						5/1/2028			360			348			360
									Secured Debt			(9)			5/1/2023						10.74%			SF+			6.00%						5/1/2028			3,999			3,945			3,999
									Secured Debt			(9)			5/1/2023						12.74%			SF+			8.00%						5/1/2028			3,999			3,945			3,999
									Preferred Equity						5/1/2023			360																					360			310
									Common Equity						5/1/2023			360																					—			—
																																							8,598			8,668
BP Loenbro Holdings Inc.			(10)			Specialty Industrial Maintenance Services
									Secured Debt			(9) (28)			2/1/2024						10.68%			SF+			6.25%						2/1/2029			514			493			514
									Secured Debt			(9) (30)			2/1/2024									SF+			6.25%						2/1/2029			—			(10)			(10)
									Secured Debt			(9)			2/1/2024						10.92%			SF+			6.25%						2/1/2029			11,217			11,031			11,217
									Common Equity						2/1/2024			1,000,000																					1,000			1,550
																																							12,514			13,271
Brightwood Capital Fund Investments			(12) (13)			Investment Partnership
									LP Interests (Brightwood Capital Fund III, LP)			(24)			7/21/2014			0.52%																					1,899			1,039
									LP Interests (Brightwood Capital Fund IV, LP)			(8) (24)			10/26/2016			1.17%																					8,064			8,031
																																							9,963			9,070
Buca C, LLC						Casual Restaurant Group
									Secured Debt			(14) (17)			8/7/2024						15.00%									15.00%			11/4/2024			4,291			3,717			—
									Secured Debt			(14)			6/28/2024						15.00%									15.00%			4/1/2025			10			—			—
									Secured Debt			(14) (17)			6/30/2015						15.00%									15.00%			8/31/2023			6,369			4,078			—
									Preferred Member Units						6/30/2015			4			6.00%									6.00%									3,040			—
																																							10,835			—
Burning Glass Intermediate Holding Company, Inc.			(10)			Provider of Skills-Based Labor Market Analytics
									Secured Debt			(9) (30)			6/14/2021									SF+			5.00%						6/10/2026			—			(8)			—
									Secured Debt			(9)			6/14/2021						9.46%			SF+			5.00%						6/10/2028			11,575			11,469			11,575
																																							11,461			11,575
CAI Software LLC						Provider of Specialized Enterprise Resource Planning Software
									Preferred Equity						12/13/2021			454,344																					454			513
									Preferred Equity						12/13/2021			126,446																					—			—
																																							454			513
Career Team Holdings, LLC						Provider of Workforce Training and Career Development Services
									Secured Debt			(9)			12/17/2021						10.56%			SF+			6.00%						12/17/2026			100			97			97
									Secured Debt						12/17/2021						12.50%												12/17/2026			2,160			2,134			2,134
									Common Stock						12/17/2021			50,000																					500			530
																																							2,731			2,761
CaseWorthy, Inc.			(10)			SaaS Provider of Case Management Solutions

33

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Equity						12/30/2022			80,000																					80			160
CenterPeak Holdings, LLC						Executive Search Services
									Secured Debt			(30)			12/10/2021																		12/10/2026			—			(3)			—
									Secured Debt						12/10/2021						15.00%												12/10/2026			2,390			2,364			2,390
									Preferred Equity			(8)			12/10/2021			368																					404			1,610
																																							2,765			4,000
Channel Partners Intermediateco, LLC			(10)			Outsourced Consumer Services Provider
									Secured Debt			(9) (28)			2/7/2022						11.53%			SF+			7.00%						2/7/2027			467			456			444
									Secured Debt			(9)			2/7/2022						11.93%			SF+			7.00%						2/7/2027			3,326			3,297			3,166
									Secured Debt			(9)			6/24/2022						11.93%			SF+			7.00%						2/7/2027			184			183			175
									Secured Debt			(9)			3/27/2023						11.93%			SF+			7.00%						2/7/2027			445			439			424
																																							4,375			4,209
Clarius BIGS, LLC			(10)			Prints & Advertising Film Financing
									Secured Debt			(14) (17)			9/23/2014																		1/5/2015			2,666			2,321			19
Classic H&G Holdings, LLC						Provider of Engineered Packaging Solutions
									Preferred Member Units			(8)			3/12/2020			39																					—			710
Computer Data Source, LLC			(10)			Third Party Maintenance Provider to the Data Center Ecosystem
									Secured Debt			(9) (28)			8/6/2021						12.93%			SF+			8.25%						8/6/2026			6,531			6,461			6,118
									Secured Debt			(9) (30)			3/29/2024									SF+			8.25%						8/6/2026			—			(42)			(42)
									Secured Debt			(9)			8/6/2021						12.92%			SF+			8.25%						8/6/2026			15,807			15,656			14,807
																																							22,075			20,883
Connect Telecommunications Solutions Holdings, Inc.			(13)			Value-added Distributor of Fiber Products and Equipment
									Secured Debt						10/9/2024						13.00%												10/9/2029			3,064			2,977			2,977
									Preferred Equity						10/9/2024			2,478																					1,400			1,400
																																							4,377			4,377
Coregistics Buyer LLC			(10) (13) (21)			Contract Packaging Service Provider
									Secured Debt			(9)			6/29/2024						10.39%			SF+			6.00%						6/28/2029			449			427			440
									Secured Debt			(9)			6/29/2024						10.36%			SF+			6.00%						6/28/2029			2,877			2,816			2,824
									Secured Debt			(9)			8/15/2024						10.40%			SF+			6.00%						6/28/2029			1,913			1,878			1,878
									Secured Debt			(9)			6/29/2024						10.61%			SF+			6.25%						6/28/2029			8,611			8,417			8,109
																																							13,538			13,251
CQ Fluency, LLC			(10)			Global Language Services Provider
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(31)			(31)
									Secured Debt			(9) (30)			12/27/2023									SF+			6.75%						6/27/2027			—			(31)			(31)
									Secured Debt			(9)			12/27/2023						11.18%			SF+			6.75%						6/27/2027			7,219			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)			6/27/2024									SF+			5.75%						6/27/2029			—			(28)			(28)

34

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			6/27/2024						10.11%			SF+			5.75%						6/27/2029			10,801			10,610			10,694
																																							10,582			10,666
Dalton US Inc.			(10)			Provider of Supplemental Labor Services
									Common Stock						8/16/2022			37																					52			50
DTE Enterprises, LLC			(10)			Industrial Powertrain Repair and Services
									Class AA Preferred Member Units (non-voting)			(8)			4/13/2018						10.00%									10.00%									1,316			438
									Class A Preferred Member Units						4/13/2018			776,316			8.00%									8.00%									776			—
																																							2,092			438
Dynamic Communities, LLC			(10)			Developer of Business Events and Online Community Groups
									Secured Debt			(9)			12/20/2022						11.46%			SF+			7.00%			11.46%			12/31/2026			2,318			2,160			2,220
									Secured Debt			(9)			12/20/2022						13.46%			SF+			9.00%			13.46%			12/31/2026			2,413			2,179			2,219
									Preferred Equity						12/20/2022			125,000																					128			60
									Preferred Equity						12/20/2022			2,376,241																					—			—
									Common Equity						12/20/2022			1,250,000																					—			—
																																							4,467			4,499
Elgin AcquireCo, LLC						Manufacturer and Distributor of Engine and Chassis Components
									Secured Debt			(9) (30)			10/3/2022									SF+			6.00%						10/3/2027			—			—			—
									Secured Debt						10/3/2022						12.00%												10/3/2027			1,181			1,162			1,162
									Secured Debt						10/3/2022						9.00%												10/3/2052			409			406			406
									Common Stock						10/3/2022			19																					374			370
									Common Stock			(23)			10/3/2022			61																					102			199
																																							2,044			2,137
Emerald Technologies Acquisition Co, Inc.			(11)			Design & Manufacturing
									Secured Debt			(9)			2/10/2022						10.71%			SF+			6.25%						12/29/2027			2,328			2,303			1,863
Escalent, Inc.			(10)			Market Research and Consulting Firm
									Secured Debt			(9) (30)			4/7/2023									SF+			8.00%						4/7/2029			—			(7)			(7)
									Secured Debt			(9)			10/2/2024						12.39%			SF+			8.00%						4/7/2029			364			358			358
									Secured Debt			(9)			4/7/2023						12.43%			SF+			8.00%						4/7/2029			6,855			6,707			6,855
									Common Equity						4/7/2023			170,998																					174			240
																																							7,232			7,446
Event Holdco, LLC			(10)			Event and Learning Management Software for Healthcare Organizations and Systems
									Secured Debt			(9)			12/22/2021						12.59%			SF+			8.00%						12/22/2026			308			306			308
									Secured Debt			(9)			12/22/2021						12.59%			SF+			8.00%			6.00%			12/22/2026			3,969			3,955			3,969
																																							4,261			4,277
FCC Intermediate Holdco, LLC						Supply Chain Management Services
									Secured Debt						5/28/2024						13.00%												5/29/2029			8,200			7,135			7,135
									Warrants			(27)			5/28/2024			3																					980			2,710
																																							8,115			9,845
Garyline, LLC			(10)			Manufacturer of Consumer Plastic Products
									Secured Debt			(9) (28)			11/10/2023						11.29%			SF+			6.75%						11/10/2028			2,416			2,355			2,416
									Secured Debt			(9)			11/10/2023						11.34%			SF+			6.75%						11/10/2028			9,567			9,346			9,567

35

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Common Equity						11/10/2023			210,084																					210			150
																																							11,911			12,133
GradeEight Corp.			(10)			Distributor of Maintenance and Repair Parts
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(45)			(45)
									Secured Debt			(9) (30)			10/4/2024									SF+			7.25%						10/4/2029			—			(22)			(22)
									Secured Debt			(9)			10/4/2024						11.74%			SF+			7.25%						10/4/2029			14,824			14,542			14,542
									Common Equity						10/4/2024			471																					471			471
																																							14,946			14,946
Hawk Ridge Systems, LLC						Value-Added Reseller of Engineering Design and Manufacturing Solutions
									Secured Debt			(9)			12/2/2016						10.73%			SF+			6.00%						1/15/2026			661			661			661
									Secured Debt						12/2/2016						12.50%												1/15/2026			9,744			9,721			9,744
									Preferred Member Units			(8)			12/2/2016			56																					713			5,060
									Preferred Member Units			(23)			12/2/2016			56																					38			270
																																							11,133			15,735
HDC/HW Intermediate Holdings			(10)			Managed Services and Hosting Provider
									Secured Debt			(9)			3/7/2024						8.75%			SF+			3.50%			2.50%			6/21/2026			1,361			1,307			1,307
									Secured Debt			(14)			3/7/2024						2.50%									2.50%			6/21/2026			914			401			235
									Common Equity						3/7/2024			35,971																					—			—
																																							1,708			1,542
HEADLANDS OP-CO LLC			(10)			Clinical Trial Sites Operator
									Secured Debt			(9) (30)			8/1/2022									SF+			6.50%						8/1/2027			—			(10)			(10)
									Secured Debt			(9)			8/1/2022						10.86%			SF+			6.50%						8/1/2027			1,975			1,951			1,975
									Secured Debt			(9)			6/3/2024						10.86%			SF+			6.50%						8/1/2027			1,397			1,362			1,396
									Secured Debt			(9)			8/1/2022						10.86%			SF+			6.50%						8/1/2027			4,875			4,824			4,875
									Secured Debt			(9)			6/3/2024						10.86%			SF+			6.50%						8/1/2027			2,382			2,363			2,382
																																							10,490			10,618
Hornblower Sub, LLC			(10)			Marine Tourism and Transportation
									Secured Debt			(9)			7/3/2024						9.92%			SF+			5.50%						7/3/2029			1,215			1,192			1,204
									Secured Debt			(9)			7/3/2024						10.11%			SF+			5.50%						7/3/2029			15,490			15,338			15,338
																																							16,530			16,542
Hybrid Promotions, LLC			(10)			Wholesaler of Licensed, Branded and Private Label Apparel
									Secured Debt			(9)			6/30/2021						13.10%			SF+			8.25%						12/31/2027			8,000			7,859			8,000
IG Parent Corporation			(11)			Software Engineering
									Secured Debt			(9) (30)			7/30/2021									SF+			5.75%						7/30/2026			—			(8)			—
									Secured Debt			(9)			7/30/2021						10.21%			SF+			5.75%						7/30/2028			6,154			6,102			6,154
									Secured Debt			(9)			7/30/2021						10.21%			SF+			5.75%						7/30/2028			1,922			1,906			1,922
																																							8,000			8,076
Imaging Business Machines, L.L.C.			(10)			Technology Hardware & Equipment
									Secured Debt			(9) (28)			6/8/2023						11.39%			SF+			7.00%						6/30/2028			791			791			791
									Secured Debt			(9)			6/8/2023						11.62%			SF+			7.00%						6/30/2028			10,280			10,034			10,280
									Common Equity						6/8/2023			422																					580			510
																																							11,405			11,581
Implus Footcare, LLC			(10)			Provider of Footwear and Related Accessories
									Secured Debt			(9)			6/1/2017						13.73%			SF+			7.75%			1.50%			7/31/2025			17,066			17,066			14,524

36

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
Infinity X1 Holdings, LLC						Manufacturer and Supplier of Personal Lighting Products
									Secured Debt						3/31/2023						12.00%												3/31/2028			3,763			3,714			3,763
									Preferred Equity			(8)			3/31/2023			21,840																					1,092			2,310
																																							4,806			6,073
Insight Borrower Corporation			(10)			Test, Inspection, and Certification Instrument Provider
									Secured Debt			(9) (30)			7/19/2023									SF+			6.25%						7/19/2028			—			(32)			(32)
									Secured Debt			(9) (30)			7/19/2023									SF+			6.25%						7/19/2029			—			(27)			(27)
									Secured Debt			(9)			7/19/2023						10.87%			SF+			6.25%						7/19/2029			8,289			8,100			7,869
									Common Equity						7/19/2023			47,847																					239			120
																																							8,280			7,930
Inspire Aesthetics Management, LLC			(10)			Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider
									Secured Debt			(9) (28)			4/3/2023						14.69%			SF+			10.00%						4/3/2028			677			664			620
									Secured Debt			(9)			4/3/2023						14.58%			SF+			10.00%						4/3/2028			6,198			6,091			5,681
									Secured Debt			(9)			6/14/2023						14.58%			SF+			10.00%						4/3/2028			1,248			1,227			1,144
									Common Equity						4/3/2023			128,727																					349			21
																																							8,331			7,466
Interface Security Systems, L.L.C			(10)			Commercial Security & Alarm Services
									Secured Debt			(17) (28)			12/9/2021						14.54%			SF+			10.00%			14.54%			8/7/2023			2,075			2,075			1,580
									Secured Debt			(9) (14) (17)			8/7/2019						11.67%			SF+			7.00%			11.67%			8/7/2023			7,334			7,254			13
									Common Stock						12/7/2021			2,143																					—			—
																																							9,329			1,593
Invincible Boat Company, LLC.			(10)			Manufacturer of Sport Fishing Boats
									Secured Debt			(9) (28)			8/28/2019						12.01%			SF+			7.50%						12/31/2026			1,037			1,033			996
									Secured Debt			(9)			8/28/2019						12.01%			SF+			7.50%						12/31/2026			16,771			16,704			16,098
																																							17,737			17,094
Iron-Main Investments, LLC						Consumer Reporting Agency Providing Employment Background Checks and Drug Testing
									Secured Debt						8/2/2021						13.00%												1/31/2028			1,128			1,113			1,113
									Secured Debt						9/1/2021						13.00%												1/31/2028			735			725			725
									Secured Debt						11/15/2021						13.00%												1/31/2028			2,236			2,236			2,236
									Secured Debt						11/15/2021						13.00%												1/31/2028			4,406			4,344			4,344
									Secured Debt						1/31/2023						13.00%												1/31/2028			2,461			2,379			2,379
									Preferred Equity						6/26/2024			177,800			25.00%									25.00%									178			190
									Common Stock						8/3/2021			50,753																					689			710
																																							11,664			11,697
Isagenix International, LLC			(11)			Direct Marketer of Health & Wellness Products
									Secured Debt			(9)			4/13/2023						11.25%			SF+			6.60%			8.75%			4/14/2028			2,962			2,778			622
									Common Equity						4/13/2023			186,322																					—			—
																																							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)			5/20/2024									SF+			6.50%						5/17/2029			—			(5)			(5)
									Secured Debt			(9)			5/20/2024						10.35%			SF+			5.50%						5/17/2029			1,735			1,708			1,722

37

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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 Description			Type of Investment (2) (3) (15)						Investment Date (22)			Shares/Units			Total Rate			Reference Rate and Spread (25)						PIK Rate (19)			Maturity Date			Principal (4)			Cost (4)			Fair Value (18)
									Secured Debt			(9)			5/20/2024						11.35%			SF+			6.50%						5/17/2029			1,735			1,708			1,722
									Secured Debt			(9)			5/20/2024						12.35%			SF+			7.50%						5/17/2029			1,735			1,708			1,722
																																							5,119			5,161
ITA Holdings Group, LLC						Air Ambulance Services
									Secured Debt			(9)			6/21/2023						13.78%			SF+			9.00%						6/21/2027			295			290			295
									Secured Debt			(9)			6/21/2023						13.78%			SF+			9.00%						6/21/2027			248			245			248
									Secured Debt			(9)			6/21/2023						12.78%			SF+			8.00%						6/21/2027			1,110			937			1,110
									Secured Debt			(9)			6/21/2023						14.78%			SF+			10.00%						6/21/2027			1,110			937			1,110
									Warrants			(27)			6/21/2023			48,327															6/21/2033						523			1,420
																																							2,932			4,183
Jackmont Hospitality, Inc.			(10)			Franchisee of Casual Dining Restaurants
									Secured Debt			(9) (26)			10/26/2022						12.18%			SF+			7.50%						11/4/2026			1,585			1,567			1,585
									Secured Debt			(9)			2/27/2024						12.19%			SF+			7.50%						11/4/2026			1,251			1,236			1,251
									Secured Debt			(9)			2/27/2024						12.18%			SF+			7.50%						11/4/2026			121			96			121
									Secured Debt			(9)			11/8/2021						12.18%			SF+			7.50%						11/4/2026			3,685			3,643			3,685
									Preferred Equity						11/8/2021			5,653,333																					216			1,740
																																							6,758			8,382
JDC Power Services, LLC			(10)			Provider of Electrical Equipment and Maintenance Services for Datacenters
									Secured Debt			(9) (30)			6/28/2024									SF+			6.50%						6/28/2029			—			(47)			(47)
									Secured Debt			(9)			6/28/2024						10.83%			SF+			6.50%						6/28/2029			17,671			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)			8/21/2019						21.59%			SF+			16.00%			21.59%			8/21/2024			942			942			—
									Secured Debt			(9) (14) (17)			8/21/2019						21.59%			SF+			16.00%			21.59%			8/21/2024			906			906			—
									Secured Debt			(9)			3/30/2024						13.21%			SF+			8.75%			6.00%			3/29/2029			1,470			1,470			1,470
									Secured Debt			(9)			3/30/2024						13.18%			SF+			8.75%			13.18%			3/29/2029			1,091			1,091			1,091
									Common Stock						8/21/2019			392,514																					3,678			—
									Common Stock						3/29/2024			4,535,784																					166			110
																																							8,253			2,671
JorVet Holdings, LLC						Supplier and Distributor of Veterinary Equipment and Supplies
									Secured Debt						3/28/2022						12.00%												3/28/2027			2,591			2,568			2,568
									Preferred Equity			(8)			3/28/2022			12,214																					1,221			1,460
																																							3,789			4,028
JTI Electrical & Mechanical, LLC			(10)			Electrical, Mechanical and Automation Services
									Secured Debt			(9) (28)			12/22/2021						12.72%			SF+			8.00%						12/22/2026			702			696			665
									Secured Debt			(9)			12/22/2021						12.58%			SF+			8.00%						12/22/2026			2,980			2,956			2,823
									Secured Debt			(9)			2/1/2024						12.58%			SF+			8.00%						12/22/2026			279			273			265
									Common Equity						12/22/2021			140,351																					140			30
																																							4,065			3,783
KMS, LLC			(10)			Wholesaler of Closeout and Value-priced Products
									Secured Debt			(9) (14)			10/4/2021						14.50%			SF+			9.75%						10/4/2026			1,286			1,238			829
									Secured Debt			(9)