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AcquireCo, LLC | Common Stock 22026-03-310001535778msif:ElginAcquireCoLLCMember2026-03-310001535778Emerald Technologies Acquisition Co, Inc. | Secured Debt2026-03-310001535778Escalent, Inc. | Secured Debt 12026-03-310001535778Escalent, Inc. | Secured Debt 22026-03-310001535778Escalent, Inc. | Secured Debt 32026-03-310001535778Escalent, Inc. | Common Equity2026-03-310001535778msif:EscalentIncMember2026-03-310001535778Event Holdco, LLC | Secured Debt 12026-03-310001535778Event Holdco, LLC | Secured Debt 22026-03-310001535778msif:EventHoldcoLLCMember2026-03-310001535778FCC Intermediate Holdco, LLC | Secured Debt 12026-03-310001535778FCC Intermediate Holdco, LLC | Secured Debt 22026-03-310001535778FCC Intermediate Holdco, LLC | Warrants2026-03-310001535778msif:FCCIntermediateHoldcoLLCMember2026-03-310001535778Garyline, LLC | Secured Debt 12026-03-310001535778Garyline, LLC | Secured Debt 22026-03-310001535778Garyline, LLC | Common Equity2026-03-310001535778msif:GarylineLLCMember2026-03-310001535778GradeEight Corp. | Secured Debt 12026-03-310001535778GradeEight Corp. | Secured Debt 22026-03-310001535778GradeEight Corp. | Secured Debt 32026-03-310001535778GradeEight Corp. | Common Equity2026-03-310001535778msif:GradeEightCorp.Member2026-03-310001535778Harris Preston Fund Investments | LP Interests (423 AER II, LP)2026-03-310001535778Hawk Ridge Systems, LLC | Secured Debt 12026-03-310001535778Hawk Ridge Systems, LLC | Secured Debt 22026-03-310001535778Hawk Ridge Systems, LLC | Secured Debt 32026-03-310001535778Hawk Ridge Systems, LLC | Secured Debt 42026-03-310001535778Hawk Ridge Systems, LLC | Preferred Member Units 12026-03-310001535778Hawk Ridge Systems, LLC | Preferred Member Units 22026-03-310001535778msif:HawkRidgeSystemsLLCMember2026-03-310001535778HDC/HW Intermediate Holdings | Secured Debt 12026-03-310001535778HDC/HW Intermediate Holdings | Secured Debt 22026-03-310001535778HDC/HW Intermediate Holdings | 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Secured Debt 22026-03-310001535778Interface Security Systems, L.L.C | Common Stock2026-03-310001535778msif:InterfaceSecuritySystemsLLCMember2026-03-310001535778Invincible Boat Company, LLC. | Secured Debt 12026-03-310001535778Invincible Boat Company, LLC. | Secured Debt 22026-03-310001535778msif:InvincibleBoatCompanyLLCMember2026-03-310001535778Iron-Main Investments, LLC | Secured Debt 12026-03-310001535778Iron-Main Investments, LLC | Secured Debt 22026-03-310001535778Iron-Main Investments, LLC | Secured Debt 32026-03-310001535778Iron-Main Investments, LLC | Secured Debt 42026-03-310001535778Iron-Main Investments, LLC | Secured Debt 52026-03-310001535778Iron-Main Investments, LLC | Preferred Equity 12026-03-310001535778Iron-Main Investments, LLC | Preferred Equity 22026-03-310001535778Iron-Main Investments, LLC | Common Stock2026-03-310001535778msif:IronMainInvestmentsLLCMember2026-03-310001535778Isagenix International, LLC | Secured Debt2026-03-310001535778Isagenix International, LLC | Common Equity2026-03-310001535778msif:IsagenixInternationalLLCMember2026-03-310001535778Island Pump and Tank, LLC | Secured Debt 12026-03-310001535778Island Pump and Tank, LLC | Secured Debt 22026-03-310001535778Island Pump and Tank, LLC | Secured Debt 32026-03-310001535778Island Pump and Tank, LLC | Secured Debt 42026-03-310001535778msif:IslandPumpAndTankLLCMember2026-03-310001535778ITA Holdings Group, LLC | Secured Debt 12026-03-310001535778ITA Holdings Group, LLC | Secured Debt 22026-03-310001535778ITA Holdings Group, LLC | Secured Debt 32026-03-310001535778ITA Holdings Group, LLC | Secured Debt 42026-03-310001535778ITA Holdings Group, LLC | Secured Debt 52026-03-310001535778ITA Holdings Group, LLC | Secured Debt 62026-03-310001535778ITA Holdings Group, LLC | Secured Debt 72026-03-310001535778ITA Holdings Group, LLC | Warrants 2026-03-310001535778msif:ITAHoldingsGroupLLCMember2026-03-310001535778Jackmont Hospitality, Inc. | Secured Debt 12026-03-310001535778Jackmont Hospitality, Inc. | Secured Debt 22026-03-310001535778Jackmont Hospitality, Inc. | Secured Debt 32026-03-310001535778Jackmont Hospitality, Inc. | Secured Debt 42026-03-310001535778Jackmont Hospitality, Inc. | Preferred Equity2026-03-310001535778msif:JackmontHospitalityIncMember2026-03-310001535778Joerns Healthcare, LLC | Secured Debt 12026-03-310001535778Joerns Healthcare, LLC | Secured Debt 22026-03-310001535778Joerns Healthcare, LLC | Common Stock 2026-03-310001535778msif:JoernsHealthcareLLCMember2026-03-310001535778JorVet Holdings, LLC | Secured Debt 2026-03-310001535778JorVet Holdings, LLC. | Preferred Eqiuty2026-03-310001535778msif:JorVetHoldingsLLCMember2026-03-310001535778JTI Electrical & Mechanical, LLC | Secured Debt 12026-03-310001535778JTI Electrical & Mechanical, LLC | Secured Debt 22026-03-310001535778JTI Electrical & Mechanical, LLC | Secured Debt 32026-03-310001535778JTI Electrical & Mechanical, LLC | Common Equity 12026-03-310001535778JTI Electrical & Mechanical, LLC | Common Equity 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22024-12-310001535778Compass Systems & Sales, LLC | Preferred Equity2025-01-012025-03-310001535778Compass Systems & Sales, LLC | Preferred Equity2024-12-310001535778Compass Systems & Sales, LLC | Preferred Equity2025-03-310001535778Datacom, LLC | Secured Debt 12025-03-310001535778Datacom, LLC | Secured Debt 12025-01-012025-03-310001535778Datacom, LLC | Secured Debt 12024-12-310001535778Datacom, LLC | Secured Debt 22025-03-310001535778Datacom, LLC | Secured Debt 22025-01-012025-03-310001535778Datacom, LLC | Secured Debt 22024-12-310001535778Datacom, LLC | Preferred Member Units2025-01-012025-03-310001535778Datacom, LLC | Preferred Member Units2024-12-310001535778Datacom, LLC | Preferred Member Units2025-03-310001535778Digital Products Holdings LLC | Secured Debt2025-03-310001535778Digital Products Holdings LLC | Secured Debt2025-01-012025-03-310001535778Digital Products Holdings LLC | Secured Debt2024-12-310001535778Digital Products Holdings LLC | Preferred Member 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12024-12-310001535778DMA Industries, LLC | Secured Debt 22025-03-310001535778DMA Industries, LLC | Secured Debt 22025-01-012025-03-310001535778DMA Industries, LLC | Secured Debt 22024-12-310001535778DMA Industries, LLC | Preferred Equity 12025-01-012025-03-310001535778DMA Industries, LLC | Preferred Equity 12024-12-310001535778DMA Industries, LLC | Preferred Equity 12025-03-310001535778DMA Industries, LLC | Preferred Equity 22025-03-310001535778DMA Industries, LLC | Preferred Equity 22025-01-012025-03-310001535778DMA Industries, LLC | Preferred Equity 22024-12-310001535778Flame King Holdings, LLC | Preferred Equity2025-01-012025-03-310001535778Flame King Holdings, LLC | Preferred Equity2024-12-310001535778Flame King Holdings, LLC | Preferred Equity2025-03-310001535778Freeport Financial Funds | LP Interests (Freeport First Lien Loan Fund III LP)2025-01-012025-03-310001535778Freeport Financial Funds | LP Interests (Freeport First Lien Loan Fund III LP)2024-12-310001535778Freeport Financial Funds | LP Interests (Freeport First Lien Loan Fund III LP)2025-03-310001535778Gamber-Johnson Holdings, LLC | Secured Debt 12025-03-310001535778Gamber-Johnson Holdings, LLC | Secured Debt 12025-01-012025-03-310001535778Gamber-Johnson Holdings, LLC | Secured Debt 12024-12-310001535778Gamber-Johnson Holdings, LLC | Secured Debt 22025-03-310001535778Gamber-Johnson Holdings, LLC | Secured Debt 22025-01-012025-03-310001535778Gamber-Johnson Holdings, LLC | Secured Debt 22024-12-310001535778Gamber-Johnson Holdings, LLC | Member Units2025-01-012025-03-310001535778Gamber-Johnson Holdings, LLC | Member Units2024-12-310001535778Gamber-Johnson Holdings, LLC | Member Units2025-03-310001535778GFG Group, LLC | Secured Debt2025-03-310001535778GFG Group, LLC | Secured Debt2025-01-012025-03-310001535778GFG Group, LLC | Secured Debt2024-12-310001535778GFG Group, LLC | Preferred Member Units2025-01-012025-03-310001535778GFG Group, LLC | Preferred Member Units2024-12-310001535778GFG Group, LLC | Preferred Member Units2025-03-310001535778Gulf Publishing Holdings, LLC | Secured Debt 12025-03-310001535778Gulf Publishing Holdings, LLC | Secured Debt 12025-01-012025-03-310001535778Gulf Publishing Holdings, LLC | Secured Debt 12024-12-310001535778Gulf Publishing Holdings, LLC | Secured Debt 22025-03-310001535778Gulf Publishing Holdings, LLC | Secured Debt 22025-01-012025-03-310001535778Gulf Publishing Holdings, LLC | Secured Debt 22024-12-310001535778Gulf Publishing Holdings, LLC | Preferred Equity2025-01-012025-03-310001535778Gulf Publishing Holdings, LLC | Preferred Equity2024-12-310001535778Gulf Publishing Holdings, LLC | Preferred Equity2025-03-310001535778Gulf Publishing Holdings, LLC | Member Units2025-01-012025-03-310001535778Gulf Publishing Holdings, LLC | Member Units2024-12-310001535778Gulf Publishing Holdings, LLC | Member Units2025-03-310001535778HPEP 3, L.P. | LP Interests (HPEP 3, L.P.)2025-01-012025-03-310001535778HPEP 3, L.P. | LP Interests (HPEP 3, L.P.)2024-12-310001535778HPEP 3, L.P. | LP Interests (HPEP 3, L.P.)2025-03-310001535778IG Investor, LLC | Secured Debt 12025-03-310001535778IG Investor, LLC | Secured Debt 12025-01-012025-03-310001535778IG Investor, LLC | Secured Debt 12024-12-310001535778IG Investor, LLC | Secured Debt 22025-03-310001535778IG Investor, LLC | Secured Debt 22025-01-012025-03-310001535778IG Investor, LLC | Secured Debt 22024-12-310001535778IG Investor, LLC | Common Equity2025-01-012025-03-310001535778IG Investor, LLC | Common Equity2024-12-310001535778IG Investor, LLC | Common Equity2025-03-310001535778Independent Pet Partners Intermediate Holdings, LLC | Common Equity2025-01-012025-03-310001535778Independent Pet Partners Intermediate Holdings, LLC | Common Equity2024-12-310001535778Independent Pet Partners Intermediate Holdings, LLC | Common Equity2025-03-310001535778Integral Energy Services | Secured Debt2025-03-310001535778Integral Energy Services | Secured Debt2025-01-012025-03-310001535778Integral Energy Services | Secured Debt2024-12-310001535778Integral Energy Services | Preferred Equity2025-03-310001535778Integral Energy Services | Preferred Equity2025-01-012025-03-310001535778Integral Energy Services | Preferred Equity2024-12-310001535778Integral Energy Services | Common Stock2025-01-012025-03-310001535778Integral Energy Services | Common Stock2024-12-310001535778Integral Energy Services | Common Stock2025-03-310001535778Kickhaefer Manufacturing Company, LLC | Secured Debt 12025-03-310001535778Kickhaefer Manufacturing Company, LLC | Secured Debt 12025-01-012025-03-310001535778Kickhaefer Manufacturing Company, LLC | Secured Debt 12024-12-310001535778Kickhaefer Manufacturing Company, LLC | Secured Debt 22025-03-310001535778Kickhaefer Manufacturing Company, LLC | Secured Debt 22025-01-012025-03-310001535778Kickhaefer Manufacturing Company, LLC | Secured Debt 22024-12-310001535778Kickhaefer Manufacturing Company, LLC | Preferred Equity2025-01-012025-03-310001535778Kickhaefer Manufacturing Company, LLC | Preferred Equity2024-12-310001535778Kickhaefer Manufacturing Company, LLC | Preferred Equity2025-03-310001535778Kickhaefer Manufacturing Company, LLC | Member Units2025-01-012025-03-310001535778Kickhaefer Manufacturing Company, LLC | Member Units2024-12-310001535778Kickhaefer Manufacturing Company, LLC | Member Units2025-03-310001535778KMS, LLC | Secured Debt 12025-03-310001535778KMS, LLC | Secured Debt 12025-01-012025-03-310001535778KMS, LLC | Secured Debt 12024-12-310001535778KMS, LLC | Secured Debt 22025-03-310001535778KMS, LLC | Secured Debt 22025-01-012025-03-310001535778KMS, LLC | Secured Debt 22024-12-310001535778KMS, LLC | Secured Debt 32025-03-310001535778KMS, LLC | Secured Debt 32025-01-012025-03-310001535778KMS, LLC | Secured Debt 32024-12-310001535778KMS, LLC | Secured Debt 42025-03-310001535778KMS, LLC | Secured Debt 42025-01-012025-03-310001535778KMS, LLC | Secured Debt 42024-12-310001535778KMS, LLC | Secured Debt 52025-03-310001535778KMS, LLC | Secured Debt 52025-01-012025-03-310001535778KMS, LLC | Secured Debt 52024-12-310001535778KMS, LLC | Secured Debt 62025-03-310001535778KMS, LLC | Secured Debt 62025-01-012025-03-310001535778KMS, LLC | Secured Debt 62024-12-310001535778KMS, LLC | Secured Debt 72025-03-310001535778KMS, LLC | Secured Debt 72025-01-012025-03-310001535778KMS, LLC | Secured Debt 72024-12-310001535778KMS, LLC | Preferred Equity2025-01-012025-03-310001535778KMS, LLC | Preferred Equity2024-12-310001535778KMS, LLC | Preferred Equity2025-03-310001535778Mills Fleet Farm Group, LLC | Common Equity2025-01-012025-03-310001535778Mills Fleet Farm Group, LLC | Common Equity2024-12-310001535778Mills Fleet Farm Group, LLC | Common Equity2025-03-310001535778Mills Fleet Farm Group, LLC | Secured Debt2025-03-310001535778Mills Fleet Farm Group, LLC | Secured Debt2025-01-012025-03-310001535778Mills Fleet Farm Group, LLC | Secured Debt2024-12-310001535778Mystic Logistics Holdings, LLC | Secured Debt 12025-01-012025-03-310001535778Mystic Logistics Holdings, LLC | Secured Debt 12024-12-310001535778Mystic Logistics Holdings, LLC | Secured Debt 12025-03-310001535778Mystic Logistics Holdings, LLC | Secured Debt 22025-03-310001535778Mystic Logistics Holdings, LLC | Secured Debt 22025-01-012025-03-310001535778Mystic Logistics Holdings, LLC | Secured Debt 22024-12-310001535778Mystic Logistics Holdings, LLC | Common Stock2025-01-012025-03-310001535778Mystic Logistics Holdings, LLC | Common Stock2024-12-310001535778Mystic Logistics Holdings, LLC | Common Stock2025-03-310001535778Nello Industries Investco, LLC | Secured Debt 12025-03-310001535778Nello Industries Investco, LLC | Secured Debt 12025-01-012025-03-310001535778Nello Industries Investco, LLC | Secured Debt 12024-12-310001535778Nello Industries Investco, LLC | Secured Debt 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 Equity2024-12-310001535778Nello Industries Investco, LLC | Common Equity2025-03-310001535778NexRev LLC | Secured Debt 12025-01-012025-03-310001535778NexRev LLC | Secured Debt 12024-12-310001535778NexRev LLC | Secured Debt 12025-03-310001535778NexRev LLC | Secured Debt 22025-01-012025-03-310001535778NexRev LLC | Secured Debt 22024-12-310001535778NexRev LLC | Secured Debt 22025-03-310001535778NexRev LLC | Preferred Member Units2025-01-012025-03-310001535778NexRev LLC | Preferred Member Units2024-12-310001535778NexRev LLC | Preferred Member Units2025-03-310001535778NuStep, LLC | Secured Debt 12025-03-310001535778NuStep, LLC | Secured Debt 12025-01-012025-03-310001535778NuStep, LLC | Secured Debt 12024-12-310001535778NuStep, LLC | Secured Debt 22025-03-310001535778NuStep, LLC | Secured Debt 22025-01-012025-03-310001535778NuStep, LLC | Secured Debt 22024-12-310001535778NuStep, LLC | Preferred Member Units 12025-01-012025-03-310001535778NuStep, LLC | Preferred Member Units 12024-12-310001535778NuStep, LLC | Preferred Member Units 12025-03-310001535778NuStep, LLC | Preferred Member Units 22025-01-012025-03-310001535778NuStep, LLC | Preferred Member Units 22024-12-310001535778NuStep, LLC | Preferred Member Units 22025-03-310001535778Oneliance, LLC | Preferred Stock2025-01-012025-03-310001535778Oneliance, LLC | Preferred Stock2024-12-310001535778Oneliance, LLC | Preferred Stock2025-03-310001535778Orttech Holdings, LLC | Secured Debt 12025-03-310001535778Orttech Holdings, LLC | Secured Debt 12025-01-012025-03-310001535778Orttech Holdings, LLC | Secured Debt 12024-12-310001535778Orttech Holdings, LLC | Secured Debt 22025-03-310001535778Orttech Holdings, LLC | Secured Debt 22025-01-012025-03-310001535778Orttech Holdings, LLC | Secured Debt 22024-12-310001535778Orttech Holdings, LLC | Preferred Stock2025-01-012025-03-310001535778Orttech Holdings, LLC | Preferred Stock2024-12-310001535778Orttech Holdings, LLC | Preferred Stock2025-03-310001535778Pinnacle TopCo, LLC | Secured Debt 12025-01-012025-03-310001535778Pinnacle TopCo, LLC | Secured Debt 12024-12-310001535778Pinnacle 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 | Secured Debt 22024-12-310001535778Pinnacle TopCo, LLC | Preferred Equity2025-01-012025-03-310001535778Pinnacle TopCo, LLC | Preferred Equity2024-12-310001535778Pinnacle 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 12024-12-310001535778RA Outdoors LLC | Secured Debt 22025-03-310001535778RA Outdoors LLC | Secured Debt 22025-01-012025-03-310001535778RA Outdoors LLC | Secured Debt 22024-12-310001535778RA Outdoors LLC | Common Equity2025-01-012025-03-310001535778RA Outdoors LLC | Common Equity2024-12-310001535778RA Outdoors LLC | Common Equity2025-03-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 12025-03-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 12025-01-012025-03-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 12024-12-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 22025-03-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 22025-01-012025-03-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 22024-12-310001535778Robbins Bros. Jewelry, Inc. | Preferred Equity2025-01-012025-03-310001535778Robbins Bros. Jewelry, Inc. | Preferred Equity2024-12-310001535778Robbins 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 22025-03-310001535778SI East, LLC | Secured Debt 22025-01-012025-03-310001535778SI East, LLC | Secured Debt 22024-12-310001535778SI East, LLC | Preferred Member Units2025-01-012025-03-310001535778SI East, LLC | Preferred Member Units2024-12-310001535778SI East, LLC | Preferred Member Units2025-03-310001535778Student Resource Center, LLC | Secured Debt 12025-03-310001535778Student Resource Center, LLC | Secured Debt 12025-01-012025-03-310001535778Student Resource Center, LLC | Secured Debt 12024-12-310001535778Student Resource Center, LLC | Preferred Equity2025-01-012025-03-310001535778Student Resource Center, LLC | Preferred Equity2024-12-310001535778Student Resource Center, LLC | Preferred Equity2025-03-310001535778Student Resource Center, LLC | Secured Debt 22025-03-310001535778Student Resource Center, LLC | Secured Debt 22025-01-012025-03-310001535778Student Resource Center, LLC | Secured Debt 22024-12-310001535778Tedder Industries, LLC | Secured Debt 12025-03-310001535778Tedder Industries, LLC | Secured Debt 12025-01-012025-03-310001535778Tedder Industries, LLC | Secured Debt 12024-12-310001535778Tedder Industries, LLC | Secured Debt 22025-03-310001535778Tedder Industries, LLC | Secured Debt 22025-01-012025-03-310001535778Tedder Industries, LLC | Secured Debt 22024-12-310001535778Tedder Industries, LLC | Preferred Member Units 12025-01-012025-03-310001535778Tedder Industries, LLC | Preferred Member Units 12024-12-310001535778Tedder Industries, LLC | Preferred Member Units 12025-03-310001535778Tedder Industries, LLC | Preferred Member Units 22025-01-012025-03-310001535778Tedder Industries, LLC | Preferred Member Units 22024-12-310001535778Tedder Industries, LLC | Preferred Member Units 22025-03-310001535778Tedder Industries, LLC | Preferred Member Units 32025-01-012025-03-310001535778Tedder Industries, LLC | Preferred Member Units 32024-12-310001535778Tedder Industries, LLC | Preferred Member Units 32025-03-310001535778Trantech Radiator Topco, LLC | Secured Debt 12025-01-012025-03-310001535778Trantech Radiator Topco, LLC | Secured Debt 12024-12-310001535778Trantech Radiator Topco, LLC | Secured Debt 12025-03-310001535778Trantech Radiator Topco, LLC | Secured Debt 22025-03-310001535778Trantech Radiator Topco, LLC | Secured Debt 22025-01-012025-03-310001535778Trantech Radiator Topco, LLC | Secured Debt 22024-12-310001535778Trantech Radiator Topco, LLC | Common Stock2025-01-012025-03-310001535778Trantech Radiator Topco, LLC | Common Stock2024-12-310001535778Trantech Radiator Topco, LLC | Common Stock2025-03-310001535778Urgent DSO LLC | Secured Debt2025-03-310001535778Urgent DSO LLC | Secured Debt2025-01-012025-03-310001535778Urgent DSO LLC | Secured Debt2024-12-310001535778Urgent DSO LLC | Preferred Equity2025-03-310001535778Urgent DSO LLC | Preferred Equity2025-01-012025-03-310001535778Urgent DSO LLC | Preferred Equity2024-12-310001535778Victory Energy Operations, LLC | Secured Debt 12025-01-012025-03-310001535778Victory Energy Operations, LLC | Secured Debt 12024-12-310001535778Victory Energy Operations, LLC | Secured Debt 12025-03-310001535778Victory Energy Operations, LLC | Secured Debt 22025-03-310001535778Victory Energy Operations, LLC | Secured Debt 22025-01-012025-03-310001535778Victory Energy Operations, LLC | Secured Debt 22024-12-310001535778Victory Energy Operations, LLC | Preferred Equity2025-01-012025-03-310001535778Victory Energy Operations, LLC | Preferred Equity2024-12-310001535778Victory Energy Operations, LLC | Preferred Equity2025-03-310001535778VVS Holdco LLC | Secured Debt 12025-03-310001535778VVS Holdco LLC | Secured Debt 12025-01-012025-03-310001535778VVS Holdco LLC | Secured Debt 12024-12-310001535778VVS Holdco LLC | Secured Debt 22025-03-310001535778VVS Holdco LLC | Secured Debt 22025-01-012025-03-310001535778VVS Holdco LLC | Secured Debt 22024-12-310001535778VVS Holdco LLC | Preferred Equity2025-01-012025-03-310001535778VVS Holdco LLC | Preferred Equity2024-12-310001535778VVS Holdco LLC | Preferred Equity2025-03-310001535778Other\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period | Preferred Equity2025-01-012025-03-310001535778Other\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period | Preferred Equity2024-12-310001535778Other\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period | Preferred Equity2025-03-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001535778us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-310001535778us-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:InvestmentAffiliatedIssuerNoncontrolledMember2025-03-31\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nForm 10-Q\n\n(Mark One)\n\nþ    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\no    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from:             to             \n\nCommission File Number: 814-00939\n\nMSC Income Fund, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nMaryland\n\n45-3999996\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n1300 Post Oak Boulevard, 8th Floor\n\nHouston, TX\n\n77056\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n(713) 350-6000\n\n(Registrant’s telephone number, including area code)\n\nn/a\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol\nName of Each Exchange on Which\n\nRegistered\n\nCommon Stock, par value $0.001 per share\nMSIF\n\nNew York Stock Exchange\n\nNYSE Texas\n\nIndicate 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\n\nIndicate 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\n\nIndicate 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.\n\nLarge accelerated filer\nþ\nAccelerated filer\noNon-accelerated filero\nSmaller reporting company\no\n\nEmerging growth company\no\n\nIf 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\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ\n\nThe number of shares outstanding of the issuer’s common stock as of May 7, 2026 was 45,345,229.\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nTABLE OF CONTENTS\n\nPART I\n\nFINANCIAL INFORMATION\n\n[Item 1.](#i67b2a34b0c294631ad7f17e74adf23d3_13)\n\n[Consolidated Financial Statements](#i67b2a34b0c294631ad7f17e74adf23d3_13)\n\n[Consolidated Balance Sheets—](#i67b2a34b0c294631ad7f17e74adf23d3_16)[March](#i67b2a34b0c294631ad7f17e74adf23d3_16)[3](#i67b2a34b0c294631ad7f17e74adf23d3_16)[1](#i67b2a34b0c294631ad7f17e74adf23d3_16)[, 202](#i67b2a34b0c294631ad7f17e74adf23d3_16)[6](#i67b2a34b0c294631ad7f17e74adf23d3_16)[(unaudited) and December 31, 20](#i67b2a34b0c294631ad7f17e74adf23d3_16)[25](#i67b2a34b0c294631ad7f17e74adf23d3_16)\n\n[1](#i67b2a34b0c294631ad7f17e74adf23d3_16)\n\n[Consolidated Statements of Operations (unaudited)—Three](#i67b2a34b0c294631ad7f17e74adf23d3_19)[months ended](#i67b2a34b0c294631ad7f17e74adf23d3_19)[M](#i67b2a34b0c294631ad7f17e74adf23d3_19)[a](#i67b2a34b0c294631ad7f17e74adf23d3_19)[rch](#i67b2a34b0c294631ad7f17e74adf23d3_19)[3](#i67b2a34b0c294631ad7f17e74adf23d3_19)[1](#i67b2a34b0c294631ad7f17e74adf23d3_19)[, 202](#i67b2a34b0c294631ad7f17e74adf23d3_19)[6](#i67b2a34b0c294631ad7f17e74adf23d3_19)[and 202](#i67b2a34b0c294631ad7f17e74adf23d3_19)[5](#i67b2a34b0c294631ad7f17e74adf23d3_19)\n\n[2](#i67b2a34b0c294631ad7f17e74adf23d3_19)\n\n[Consolidated Statements of Changes in Net Assets (unaudited)—Three](#i67b2a34b0c294631ad7f17e74adf23d3_25)[months](#i67b2a34b0c294631ad7f17e74adf23d3_25)[ended](#i67b2a34b0c294631ad7f17e74adf23d3_25)[March](#i67b2a34b0c294631ad7f17e74adf23d3_25)[3](#i67b2a34b0c294631ad7f17e74adf23d3_25)[1](#i67b2a34b0c294631ad7f17e74adf23d3_25)[, 202](#i67b2a34b0c294631ad7f17e74adf23d3_25)[6](#i67b2a34b0c294631ad7f17e74adf23d3_25)[and 202](#i67b2a34b0c294631ad7f17e74adf23d3_25)[5](#i67b2a34b0c294631ad7f17e74adf23d3_25)\n\n[3](#i67b2a34b0c294631ad7f17e74adf23d3_25)\n\n[Consolidated Statements of Cash Flows (unaudited)—](#i67b2a34b0c294631ad7f17e74adf23d3_31)[Three](#i67b2a34b0c294631ad7f17e74adf23d3_31)[months ended](#i67b2a34b0c294631ad7f17e74adf23d3_31)[March 31,](#i67b2a34b0c294631ad7f17e74adf23d3_31)[202](#i67b2a34b0c294631ad7f17e74adf23d3_31)[6](#i67b2a34b0c294631ad7f17e74adf23d3_31)[and 202](#i67b2a34b0c294631ad7f17e74adf23d3_31)[5](#i67b2a34b0c294631ad7f17e74adf23d3_31)\n\n[4](#i67b2a34b0c294631ad7f17e74adf23d3_31)\n\n[Consolidated Schedule of Investments (unaudited)—](#i67b2a34b0c294631ad7f17e74adf23d3_34)[March 31,](#i67b2a34b0c294631ad7f17e74adf23d3_34)[202](#i67b2a34b0c294631ad7f17e74adf23d3_34)[6](#i67b2a34b0c294631ad7f17e74adf23d3_34)\n\n[5](#i67b2a34b0c294631ad7f17e74adf23d3_34)\n\n[Consolidated Schedule of Investments—December 31, 202](#i67b2a34b0c294631ad7f17e74adf23d3_37)[5](#i67b2a34b0c294631ad7f17e74adf23d3_37)\n\n[26](#i67b2a34b0c294631ad7f17e74adf23d3_37)\n\n[Notes to Consolidated Financial Statements (unaudited)](#i67b2a34b0c294631ad7f17e74adf23d3_43)\n\n[46](#i67b2a34b0c294631ad7f17e74adf23d3_43)\n\n[Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—](#i67b2a34b0c294631ad7f17e74adf23d3_82)[Three](#i67b2a34b0c294631ad7f17e74adf23d3_82)[months ended](#i67b2a34b0c294631ad7f17e74adf23d3_82)[March 31,](#i67b2a34b0c294631ad7f17e74adf23d3_82)[202](#i67b2a34b0c294631ad7f17e74adf23d3_82)[6](#i67b2a34b0c294631ad7f17e74adf23d3_82)[and 202](#i67b2a34b0c294631ad7f17e74adf23d3_82)[5](#i67b2a34b0c294631ad7f17e74adf23d3_82)\n\n[89](#i67b2a34b0c294631ad7f17e74adf23d3_82)\n\n[Item 2.](#i67b2a34b0c294631ad7f17e74adf23d3_88)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i67b2a34b0c294631ad7f17e74adf23d3_88)\n\n[99](#i67b2a34b0c294631ad7f17e74adf23d3_88)\n\n[Item 3.](#i67b2a34b0c294631ad7f17e74adf23d3_115)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#i67b2a34b0c294631ad7f17e74adf23d3_115)\n\n[115](#i67b2a34b0c294631ad7f17e74adf23d3_115)\n\n[Item 4.](#i67b2a34b0c294631ad7f17e74adf23d3_118)\n\n[Controls and Procedures](#i67b2a34b0c294631ad7f17e74adf23d3_118)\n\n[116](#i67b2a34b0c294631ad7f17e74adf23d3_118)\n\nPART II\n\nOTHER INFORMATION\n\n[Item 1.](#i67b2a34b0c294631ad7f17e74adf23d3_124)\n\n[Legal Proceedings](#i67b2a34b0c294631ad7f17e74adf23d3_124)\n\n[117](#i67b2a34b0c294631ad7f17e74adf23d3_124)\n\n[Item 1A.](#i67b2a34b0c294631ad7f17e74adf23d3_127)\n\n[Risk Factors](#i67b2a34b0c294631ad7f17e74adf23d3_127)\n\n[117](#i67b2a34b0c294631ad7f17e74adf23d3_127)\n\n[Item 2.](#i67b2a34b0c294631ad7f17e74adf23d3_130)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i67b2a34b0c294631ad7f17e74adf23d3_130)\n\n[117](#i67b2a34b0c294631ad7f17e74adf23d3_130)\n\n[Item 5.](#i67b2a34b0c294631ad7f17e74adf23d3_133)\n\n[Other Information](#i67b2a34b0c294631ad7f17e74adf23d3_133)\n\n[117](#i67b2a34b0c294631ad7f17e74adf23d3_133)\n\n[Item 6.](#i67b2a34b0c294631ad7f17e74adf23d3_136)\n\n[Exhibits](#i67b2a34b0c294631ad7f17e74adf23d3_136)\n\n[118](#i67b2a34b0c294631ad7f17e74adf23d3_136)\n\n[Signatures](#i67b2a34b0c294631ad7f17e74adf23d3_139)\n\n[119](#i67b2a34b0c294631ad7f17e74adf23d3_139)\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Balance Sheets\n\n(in thousands, except shares and per share amounts)\n\nMarch 31,\n2026December 31,\n2025\n\nASSETS(Unaudited)\n\nInvestments at fair value:\n\nControl investments (cost: $52,432 and $52,550 as of March 31, 2026 and December 31, 2025, respectively)\n$53,802 $58,372 \n\nAffiliate investments (cost: $333,498 and $322,074 as of March 31, 2026 and December 31, 2025, respectively)\n426,618 406,771 \n\nNon‑Control/Non‑Affiliate investments (cost: $910,600 and $885,299 as of March 31, 2026 and December 31, 2025, respectively)\n888,782 870,244 \n\nTotal investments (cost: $1,296,530 and $1,259,923 as of March 31, 2026 and December 31, 2025, respectively)\n1,369,202 1,335,387 \n\nCash and cash equivalents15,559 20,635 \n\nInterest and dividend receivable11,942 12,273 \n\nPrepaids and other assets10,094 9,546 \n\nDeferred financing costs (net of accumulated amortization of $7,467 and $7,259 as of March 31, 2026 and December 31, 2025, respectively)\n3,128 3,190 \n\nTotal assets$1,409,925 $1,381,031 \n\nLIABILITIES\n\nCredit Facilities$350,000 $453,000 \n\nOctober 2026 Notes (par: $150,000 as of both March 31, 2026 and December 31, 2025)\n149,826 149,751 \n\nMay 2029 Notes (par: $150,000 as of March 31, 2026)\n149,274 — \n\nAccounts payable and other liabilities4,408 3,549 \n\nInterest payable7,463 5,946 \n\nDividend payable16,324 16,772 \n\nBase management and incentive fees payable7,340 8,388 \n\nDeferred tax liability, net5,762 4,966 \n\nTotal liabilities690,397 642,372 \n\nCommitments and contingencies (Note I)\n\nNET ASSETS\n\nCommon stock, $0.001 par value per share (450,000,000 shares authorized; 45,345,229 and 46,588,608 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)\n45 47 \n\nAdditional paid‑in capital765,979 782,007 \n\nTotal overdistributed earnings(46,496)(43,395)\n\nTotal net assets719,528 738,659 \n\nTotal liabilities and net assets$1,409,925 $1,381,031 \n\nNET ASSET VALUE PER SHARE$15.87 $15.85 \n\nThe accompanying notes are an integral part of these consolidated financial statements\n\n1\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Statements of Operations\n\n(in thousands, except shares and per share amounts)\n\n(Unaudited)\n\nThree Months Ended\nMarch 31,\n\n20262025\n\nINVESTMENT INCOME:\n\nInterest, dividend and fee income:\n\nControl investments$1,195 $1,442 \n\nAffiliate investments9,247 9,335 \n\nNon‑Control/Non‑Affiliate investments23,645 22,450 \n\nTotal investment income34,087 33,227 \n\nEXPENSES:\n\nInterest(8,920)(8,243)\n\nBase management fee(5,225)(4,972)\n\nIncentive fee on income(3,099)(2,023)\n\nIncentive fee on capital gains638 — \n\nGeneral and administrative(1,039)(1,027)\n\nInternal administrative services expenses(186)(174)\n\nTotal expenses before expense waivers(17,831)(16,439)\n\nWaiver of incentive fee on income985 — \n\nTotal expenses, net of expense waivers(16,846)(16,439)\n\nNET INVESTMENT INCOME BEFORE TAXES17,241 16,788 \n\nExcise tax expense(50)(192)\n\nFederal and state income and other tax expenses(956)(850)\n\nNET INVESTMENT INCOME16,235 15,746 \n\nNET REALIZED GAIN (LOSS):\n\nControl investments— 9 \n\nAffiliate investments(1,656)— \n\nNon‑Control/Non‑Affiliate investments1,415 (21,075)\n\nTotal net realized loss(241)(21,066)\n\nNET UNREALIZED APPRECIATION (DEPRECIATION):\n\nControl investments(4,452)(833)\n\nAffiliate investments8,423 2,836 \n\nNon‑Control/Non‑Affiliate investments(6,614)16,780 \n\nTotal net unrealized appreciation (depreciation)(2,643)18,783 \n\nIncome tax benefit (provision) on net realized loss and net unrealized appreciation (depreciation)(128)2,412 \n\nNET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$13,223 $15,875 \n\nNET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED$0.35 $0.35 \n\nNET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED$0.29 $0.36 \n\nWEIGHTED-AVERAGE SHARES\nOUTSTANDING—BASIC AND DILUTED46,116,898 44,680,084 \n\nThe accompanying notes are an integral part of these consolidated financial statements\n\n2\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Statements of Changes in Net Assets\n\n(in thousands, except shares)\n\n(Unaudited)\n\nCommon StockAdditional\nPaid-In\nCapitalTotal\nOverdistributed\nEarningsTotal Net\nAsset Value\n\nNumber of\nSharesPar\nValue\n\nBalances as of December 31, 202440,240,358$40 $689,580 $(64,717)$624,903 \n\nIssuances of common stock, net of underwriting and offering costs6,325,0006 90,526 — 90,532 \n\nDividend reinvestment284,1731 4,495 — 4,496 \n\nNet increase in net assets resulting from operations—— — 15,875 15,875 \n\nDividends to stockholders—— — (16,866)(16,866)\n\nBalances as of March 31, 202546,849,531$47 $784,601 $(65,708)$718,940 \n\nBalances as of December 31, 202546,588,608$47 $782,007 $(43,395)$738,659 \n\nCommon stock repurchased(1,243,379)(2)(16,028)— (16,030)\n\nNet increase in net assets resulting from operations—— — 13,223 13,223 \n\nDividends to stockholders —— — (16,324)(16,324)\n\nBalances as of March 31, 202645,345,229$45 $765,979 $(46,496)$719,528 \n\nThe accompanying notes are an integral part of these consolidated financial statements\n\n3\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Statements of Cash Flows\n\n(in thousands)\n\n(Unaudited)\n\nThree Months Ended\nMarch 31,\n\n20262025\n\nCASH FLOWS FROM OPERATING ACTIVITIES\n\nNet increase in net assets resulting from operations$13,223 $15,875 \n\nAdjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:\n\nInvestments in portfolio companies(73,732)(142,755)\n\nProceeds from sales and repayments of debt investments in portfolio companies33,827 52,244 \n\nProceeds from sales and return of capital of equity investments in portfolio companies7,796 8,909 \n\nNet unrealized (appreciation) depreciation2,643 (18,783)\n\nNet realized loss241 21,066 \n\nAccretion of unearned income(1,692)(1,750)\n\nPayment-in-kind interest(2,500)(1,915)\n\nCumulative dividends(285)(74)\n\nAmortization of deferred financing costs298 247 \n\nDeferred taxes796 (1,853)\n\nChanges in other assets and liabilities:\n\nInterest and dividend receivable168 (803)\n\nPrepaid and other assets(506)784 \n\nAccounts payable and other liabilities867 (2,978)\n\nInterest payable1,517 806 \n\nBase management and incentive fees payable(1,048)(1,514)\n\nNet cash used in operating activities(18,387)(72,494)\n\nCASH FLOWS FROM FINANCING ACTIVITIES\n\nProceeds from public offering of common stock, net of underwriting and offering costs— 90,532 \n\nRedemption of common stock(16,030)— \n\nDividends paid(16,772)(9,991)\n\nProceeds from Credit Facilities138,000 130,000 \n\nRepayments on Credit Facilities(241,000)(125,000)\n\nProceeds from May 2029 Notes150,000 — \n\nPayment of deferred financing costs(887)(1,963)\n\nNet cash provided by financing activities13,311 83,578 \n\nNet increase (decrease) in cash and cash equivalents(5,076)11,084 \n\nCASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD20,635 28,375 \n\nCASH AND CASH EQUIVALENTS AS OF END OF PERIOD$15,559 $39,459 \n\nSupplemental cash flow disclosures:\n\nInterest paid$7,106 $7,189 \n\nTaxes paid$88 $4,120 \n\nNon-cash financing activities:\n\nDividends declared and unpaid$16,324 $16,866 \n\nValue of shares issued pursuant to the dividend reinvestment plan$— $4,496 \n\nThe accompanying notes are an integral part of these consolidated financial statements\n\n4\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nControl Investments (5)\n\nBDB Holdings, LLCCasual Restaurant Group\n\nSecured Debt2/24/202512.00%2/27/2027$1,182 $1,182 $1,182 \n\nPreferred Equity11/4/202413,024,66313,025 5,189 \n\n14,207 6,371 \n\nCopper Trail Fund Investments(12) (13)Investment Partnership\n\nLP Interests (CTMH, LP) (24)7/17/201738.75%515 530 \n\nGRT Rubber Technologies LLCManufacturer of Engineered Rubber Products\n\nSecured Debt12/21/20189.79%SF+6.00%10/29/20261,550 1,546 1,550 \n\nSecured Debt12/19/201411.79%SF+8.00%10/29/202619,944 19,914 19,944 \n\nMember Units (8)12/19/20142,8966,435 21,680 \n\n27,895 43,174 \n\nHarris Preston Fund Investments(12) (13)Investment Partnership\n\nLP Interests (2717 MH, L.P.) (24)10/1/201749.26%1,158 1,957 \n\nVolusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions\n\nSecured Debt (17)3/31/202310.00%3/31/2025900 900 900 \n\nPreferred Member Units3/31/20232,184,683653 870 \n\nPreferred Member Units3/31/202361,077— — \n\nPreferred Member Units1/26/20152,090,0016,000 — \n\nCommon Stock3/31/2023772,6201,104 — \n\n8,657 1,770 \n\nSubtotal Control investments (7.5% of net assets at fair value)\n$52,432 $53,802 \n\nAffiliate Investments (6)     \n\nAmerican Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds\n\nSecured Debt (9)3/27/202612.36%SF+8.50%12.36%3/28/2028$89 $89 $89 \n\nSecured Debt (9)3/25/202512.31%SF+8.50%12.31%3/28/20282,397 2,397 2,397 \n\nSecured Debt (9)3/25/202512.31%SF+8.50%12.31%3/28/20282,397 2,397 1,978 \n\nPreferred Equity3/25/20257,5902,556 1,080 \n\n7,439 5,544 \n\nAnalytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers\n\nSecured Debt8/16/201913.25%8/16/2029935 928 928 \n\nPreferred Member Units5/20/2021603597 1,510 \n\nPreferred Member Units8/16/2019777800 140 \n\nWarrants (27)8/16/20191058/16/202979 — \n\n2,404 2,578 \n\nBatjer TopCo, LLCHVAC Mechanical Contractor\n\n5\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (30)3/7/20223/7/2027— — — \n\nSecured Debt (30)3/7/20223/7/2027— — — \n\nSecured Debt3/7/202210.00%3/7/20271,093 1,088 1,093 \n\nPreferred Stock (8)3/7/2022453455 1,040 \n\n1,543 2,133 \n\nBrewer Crane Holdings, LLCProvider of Crane Rental and Operating Services\n\nSecured Debt (9)1/9/201813.79%SF+10.00%12/31/20261,254 1,254 1,254 \n\nPreferred Member Units (8)1/9/20187371,070 740 \n\nPreferred Member Units (8)7/7/20257815.00%15.00%87 87 \n\n2,411 2,081 \n\nCentre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions\n\nSecured Debt (9) (30)1/4/2019SF+8.00%1/4/2028— — — \n\nSecured Debt (9)11/29/202411.79%SF+8.00%1/4/20286,021 6,005 6,021 \n\nPreferred Member Units1/4/20193,4711,596 11,490 \n\n7,601 17,511 \n\nChamberlin Holding LLCRoofing and Waterproofing Specialty Contractor\n\nSecured Debt (9) (30)2/26/2018SF+6.00%2/26/2029— (20)— \n\nSecured Debt (9)2/26/201811.86%SF+8.00%2/26/202910,305 10,170 10,305 \n\nMember Units (8)2/26/20181,0872,860 9,880 \n\nMember Units (8) (23)11/2/2018261,786443 1,020 \n\n13,453 21,205 \n\nCharps, LLCPipeline Maintenance and Construction\n\nPreferred Member Units (8)2/3/2017457491 4,010 \n\nClad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal\n\nSecured Debt (30)10/28/20227/31/2027— — — \n\nSecured Debt12/20/201610.00%7/31/20302,310 2,289 2,310 \n\nSecured Debt12/20/201610.00%12/20/2036229 228 229 \n\nMember Units (8)12/20/20161791,820 3,720 \n\nMember Units (23)12/20/2016200127 377 \n\n4,464 6,636 \n\nCody Pools, Inc.Designer of Residential and Commercial Pools\n\nSecured Debt (30)3/6/202012/3/2030— (21)— \n\nSecured Debt3/6/202012.50%12/3/20305,783 5,683 5,783 \n\nPreferred Member Units (8) (23)3/6/20201472,079 16,070 \n\n7,741 21,853 \n\nColonial Electric Company LLCProvider of Electrical Contracting Services\n\nSecured Debt (30)3/31/20213/31/2028— — — \n\nSecured Debt3/31/20219.00%3/31/20282,195 2,169 2,195 \n\nPreferred Member Units (8)3/31/20214,3201,920 4,740 \n\n4,089 6,935 \n\n6\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nCompass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions\n\nSecured Debt (30)11/22/202311/22/2028— (11)(11)\n\nSecured Debt11/22/202313.50%11/22/20284,050 3,986 4,008 \n\nPreferred Equity11/22/20231,8631,863 1,860 \n\n5,838 5,857 \n\nDatacom, LLCTechnology and Telecommunications Provider\n\nSecured Debt (17)3/1/20227.50%12/31/202575 75 75 \n\nSecured Debt (17)3/31/202110.00%12/31/2025861 861 343 \n\nPreferred Member Units3/31/20211,040330 — \n\n1,266 418 \n\nDigital Products Holdings LLCDesigner and Distributor of Consumer Electronics\n\nSecured Debt (9)4/1/201813.69%SF+10.00%4/27/20292,989 2,988 2,837 \n\nPreferred Member Units (8)4/1/20189642,375 2,459 \n\n5,363 5,296 \n\nDirect Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services\n\nSecured Debt (30)2/13/20182/28/2031— (18)— \n\nSecured Debt12/27/202214.00%2/28/20318,726 8,511 8,726 \n\nPreferred Stock2/13/20182,4843,260 7,209 \n\n11,753 15,935 \n\nDMA Industries, LLCDistributor of Aftermarket Ride Control Products\n\nSecured Debt6/18/202410.00%6/18/2029140 138 140 \n\nSecured Debt11/19/202110.00%6/18/20293,200 3,179 3,200 \n\nPreferred Equity11/19/20211,4861,486 3,416 \n\nPreferred Equity (8)6/18/202476715.00%15.00%973 1,973 \n\n5,776 8,729 \n\nFlame King Holdings, LLCPropane Tank and Accessories Distributor\n\nSecured Debt6/30/202512.00%6/30/203016,500 16,224 16,500 \n\nPreferred Equity (8)10/29/20212,3402,600 13,940 \n\n18,824 30,440 \n\nFreeport Financial Funds(12) (13)Investment Partnership\n\nLP Interests (Freeport First Lien Loan Fund III LP) (24)7/31/20155.95%671 193 \n\nGamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems\n\nSecured Debt (9) (32)6/24/201611.19%SF+7.50%1/1/2028400 400 400 \n\nSecured Debt (9)11/22/202411.19%SF+7.50%1/1/202818,742 18,656 18,742 \n\nMember Units (8)6/24/20162,2614,423 29,460 \n\nMember Units (23)12/15/202510276 76 \n\n23,555 48,678 \n\nGFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers\n\nSecured Debt3/31/20218.00%3/31/20263,513 3,513 3,513 \n\n7\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nPreferred Member Units (8)3/31/2021561,225 2,740 \n\n4,738 6,253 \n\nHarris Preston Fund Investments(12) (13)Investment Partnership\n\nLP Interests (HPEP 3, L.P.) (24)8/9/20178.22%1,297 3,736 \n\nIG Investor, LLCMilitary and Other Tactical Gear\n\nSecured Debt6/21/202313.00%6/21/2028200 187 200 \n\nSecured Debt6/21/202313.00%6/21/20288,566 8,452 8,566 \n\nCommon Equity6/21/20233,6003,600 7,190 \n\n12,239 15,956 \n\nIndependent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products\n\nCommon Equity4/7/20236,436,5666,540 6,790 \n\nIntegral Energy Services(10)Nuclear Power Staffing Services\n\nSecured Debt (9)8/20/202111.42%SF+7.50%8/20/202614,340 14,315 13,770 \n\nPreferred Equity (8)12/7/20233,72510.00%10.00%337 498 \n\nPreferred Equity6/3/20253,59610.00%10.00%383 480 \n\nCommon Stock8/20/202111,6471,584 330 \n\n16,619 15,078 \n\nKickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing\n\nSecured Debt10/31/201811.50%10/31/20262,550 2,548 2,548 \n\nSecured Debt10/31/20189.00%10/31/2048974 967 967 \n\nPreferred Equity (8)10/31/20181453,060 4,590 \n\nMember Units (8) (23)10/31/2018200248 1,048 \n\n6,823 9,153 \n\nKMS, LLC(10)Wholesaler of Closeout and Value-Priced Products\n\nSecured Debt (9)12/29/20259.20%SF+5.50%10/1/20281,629 1,584 1,629 \n\nSecured Debt2/10/202512.50%10/1/20281,466 1,439 1,466 \n\nSecured Debt2/10/202512.50%10/1/20281,259 1,259 1,259 \n\nPreferred Equity2/10/202511,5166,113 7,830 \n\n10,395 12,184 \n\nMills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise\n\nSecured Debt (9)12/19/20249.81%SF+5.50%9.81%1/28/20312,400 2,400 2,314 \n\nSecured Debt (9)4/11/20259.17%SF+5.50%9.17%1/28/20311,427 1,427 1,376 \n\nPreferred Equity (8) (23)12/19/202453,50512,283 9,460 \n\n16,110 13,150 \n\nNello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure\n\nSecured Debt6/4/202412.50%6/4/202910,318 10,267 10,318 \n\nPreferred Equity (8)6/4/202484,2012,799 7,390 \n\n13,066 17,708 \n\nNexRev LLCProvider of Energy Efficiency Products & Services\n\n8\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nPreferred Member Units2/28/201825,786,0462,053 3,140 \n\nNuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment\n\nSecured Debt (9)1/31/201710.29%SF+6.50%1/31/2028650 650 650 \n\nSecured Debt1/31/201712.00%1/31/20304,610 4,542 4,542 \n\nPreferred Member Units11/2/2022600696 1,570 \n\nPreferred Member Units1/31/20171222,966 2,730 \n\n8,8549,492\n\nOneliance, LLCConstruction Cleaning Company\n\nPreferred Stock (8)8/6/2021282282810\n\nOrttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components\n\nSecured Debt (9) (30)7/30/2021SF+11.00%7/31/2026— (2)— \n\nSecured Debt (9)7/30/202114.79%SF+11.00%7/31/20265,190 5,183 5,190 \n\nPreferred Stock (23)7/30/20212,5002,500 3,360 \n\n7,681 8,550 \n\nPinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products\n\nSecured Debt (30)12/21/202312/21/2028— (5)— \n\nSecured Debt12/21/202313.00%12/21/20286,600 6,510 6,600 \n\nPreferred Equity (8)12/21/20231103,135 5,110 \n\n9,640 11,710 \n\nRA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management\n\nSecured Debt (9)4/8/202110.56%SF+6.75%10.56%6/30/20271,422 1,421 1,178 \n\nSecured Debt (9)2/5/202510.59%SF+6.75%10.59%6/30/2027449 449 372 \n\nSecured Debt (9)7/17/202510.59%SF+6.75%10.59%6/30/2027438 438 363 \n\nSecured Debt (9)4/8/202110.56%SF+6.75%10.56%6/30/202714,867 14,859 12,320 \n\nCommon Equity8/12/2024107— — \n\n17,167 14,233 \n\nRobbins Bros. Jewelry, Inc.Bridal Jewelry Retailer\n\nSecured Debt (14) (30)12/15/202112/15/2026— (13)(13)\n\nSecured Debt (14)12/15/202112.50%10.00%12/15/20263,740 3,486 1,552 \n\nPreferred Equity12/15/20211,2301,230 — \n\n4,703 1,539 \n\nSI East, LLCRigid Industrial Packaging Manufacturing\n\nSecured Debt8/31/201811.80%6/16/2028750 746 750 \n\nSecured Debt (33)6/16/202312.86%6/16/202822,283 22,256 22,283 \n\nPreferred Member Units (8)8/31/201855508 5,730 \n\n23,510 28,763 \n\nStudent Resource Center, LLC(10)Higher Education Services\n\n9\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt9/11/20248.50%8.50%12/31/2027251 251 871 \n\nSecured Debt (14)12/31/20228.50%8.50%12/31/20275,918 5,425 1,817 \n\nPreferred Equity12/31/20226,564,055— — \n\n5,676 2,688 \n\nTedder Industries, LLCManufacturer of Firearm Holsters and Accessories\n\nSecured Debt (17)8/31/201812.00%12.00%8/31/2023328 324 328 \n\nSecured Debt (14) (17)8/31/201812.00%12.00%8/31/20233,800 3,761 1,344 \n\nPreferred Member Units8/28/20231,651165 — \n\nPreferred Member Units2/1/20231,411141 — \n\nPreferred Member Units8/31/20181362,311 — \n\n6,702 1,672 \n\nTrantech Radiator Topco, LLCTransformer Cooling Products and Services\n\nSecured Debt5/31/201911.50%5/31/2031400 400 400 \n\nSecured Debt5/31/201913.50%5/31/20317,820 7,656 7,820 \n\nSecured Debt11/21/20259.00%5/31/2027510 508 510 \n\nSecured Debt3/25/20269.00%5/31/2027500 498 500 \n\nSecured Debt3/25/20269.00%5/31/2027100 100 100 \n\nCommon Stock (8)5/31/20191631,505 4,960 \n\nCommon Equity (23)11/21/2025181174 174 \n\n10,841 14,464 \n\nUrgent DSO LLCGeneral and Emergency Dentistry Practice\n\nSecured Debt2/16/202413.50%2/16/20292,200 2,162 2,122 \n\nPreferred Equity (8)2/16/20241,0001,154 640 \n\n3,316 2,762 \n\nVictory Energy Operations, LLCProvider of Industrial and Commercial Combustion Systems\n\nSecured Debt10/3/202413.00%10/3/2029346 332 332 \n\nSecured Debt10/3/202413.00%10/3/20297,749 7,587 7,587 \n\nPreferred Equity10/3/20248,2593,609 3,800 \n\n11,528 11,719 \n\nVVS Holdco LLCOmnichannel Retailer of Animal Health Products\n\nSecured Debt (9) (30)12/1/2021SF+6.00%12/1/2026— — — \n\nSecured Debt12/1/202111.50%12/1/20266,000 5,976 5,976 \n\nPreferred Equity (23)12/1/20213,0603,060 3,060 \n\n9,036 9,036 \n\nSubtotal Affiliate investments (59.3% of net assets at fair value)\n$333,498 $426,618 \n\nNon-Control/Non-Affiliate Investments (7) \n\nAAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider\n\nSecured Debt11/24/202521.00%21.00%11/24/2032$373 $337 $373 \n\nSecured Debt4/1/202520.00%20.00%11/24/2032323 323 323 \n\nSecured Debt (14)3/28/202520.00%20.00%11/24/20321,070 1,070 875 \n\nSecured Debt (14)3/28/202520.00%20.00%11/24/20321,070 1,070 875 \n\nPreferred Equity3/28/20254,342,6882,931 10 \n\n10\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nCommon Stock12/11/2020593,9273,148 — \n\n8,879 2,456 \n\nAdams Publishing Group, LLC(10)Local Newspaper Operator\n\nSecured Debt (9) (29)3/11/202211.00%SF+8.00%1.00%3/11/2027958 958 953 \n\nSecured Debt (9)11/26/202511.00%SF+8.00%1.00%3/11/202792 91 91 \n\nSecured Debt (9) (29)3/11/202211.00%SF+8.00%1.00%3/11/20271,895 1,894 1,887 \n\n2,943 2,931 \n\nAGS American Glass Services Acquisition, LLC(10)Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions\n\nSecured Debt (9) (30)7/24/2025SF+5.50%7/24/2031— (45)(45)\n\nSecured Debt (9) (30)7/24/2025SF+5.50%7/24/2031— (26)(26)\n\nSecured Debt (9)7/24/20259.17%SF+5.50%7/24/203113,737 13,556 13,415 \n\nPreferred Equity7/24/202510,0001,000 780 \n\n14,485 14,124 \n\nAiro Purchaser, Inc.(10)Provider of HVAC and Plumbing Installation Services\n\nSecured Debt (9) (30)8/1/2025SF+5.25%8/1/2030— (48)(48)\n\nSecured Debt (9) (30)8/1/2025SF+5.25%8/1/2030— (24)(24)\n\nSecured Debt (9)8/1/20258.92%SF+5.25%8/1/203022,318 21,980 22,318 \n\nCommon Equity8/1/20251,2331,233 1,340 \n\n23,141 23,586 \n\nAMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment\n\nCommon Stock (8)8/31/20221183 — \n\nAmerican Health Staffing Group, Inc.(10)Healthcare Temporary Staffing\n\nSecured Debt (9) (30)11/19/2021P+5.25%11/19/2028— (2)(2)\n\nSecured Debt (9)11/19/202112.00%P+5.25%11/19/20286,720 6,709 6,720 \n\n6,707 6,718 \n\nArborWorks, LLC(10)Vegetation Management Services\n\nSecured Debt11/6/202315.00%15.00%11/6/20282,303 2,303 2,303 \n\nSecured Debt (9)11/6/202310.28%SF+6.50%10.28%11/6/20284,896 4,896 4,896 \n\nPreferred Equity11/6/202317,2657,468 9,256 \n\nPreferred Equity11/6/202317,265— — \n\nCommon Equity11/9/20212,070124 — \n\n14,791 16,455 \n\nArcher Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider\n\nCommon Stock (8)8/11/202262,40262 110 \n\nATS Operating, LLC(10)For-Profit Thrift Retailer\n\nSecured Debt (9) (28)1/18/20229.92%SF+6.00%1/18/2028225 216 225 \n\nSecured Debt (9)1/18/20228.92%SF+5.00%1/18/2028925 920 925 \n\nSecured Debt (9)1/18/202210.92%SF+7.00%1/18/2028925 920 925 \n\nCommon Stock1/18/2022100,000100 140 \n\n2,156 2,215 \n\n11\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nAuria Space, LLC(10)Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms\n\nSecured Debt (9) (30)12/31/2025SF+5.00%12/31/2030— (36)(36)\n\nSecured Debt (9)12/31/20258.68%SF+5.00%12/31/203013,793 13,598 13,598 \n\nSecured Debt (9)12/31/20258.68%SF+5.00%12/31/203012,931 12,750 12,642 \n\nMember Units2/6/2026127,648690 690 \n\n27,002 26,894 \n\nAVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider\n\nSecured Debt (9) (30)12/23/2022SF+7.25%12/23/2027— (8)(8)\n\nSecured Debt (9) (30)12/18/2025SF+7.25%12/23/2027— (5)(5)\n\nSecured Debt (9)12/23/202211.11%SF+7.25%12/23/20273,236 3,192 3,236 \n\nCommon Equity (8)12/15/2021137130 152 \n\n3,309 3,375 \n\nBehavior Development Group Holdings(10)Applied Behavior Analysis Therapy Provider\n\nSecured Debt (9)12/17/20259.67%SF+6.00%12/17/20301,000 965 965 \n\nSecured Debt (9)12/17/20259.70%SF+6.00%12/17/203015,953 15,730 15,730 \n\nCommon Equity12/17/2025500500 500 \n\n17,195 17,195 \n\nBerry Aviation, Inc.(10)Charter Airline Services\n\nPreferred Member Units (23)3/8/2024286,109286 — \n\nPreferred Member Units (23)11/12/2019122,416— — \n\nPreferred Member Units (23)7/6/20181,548,387— — \n\n286 — \n\nBluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise\n\nSecured Debt (9) (14)1/9/202412.28%SF+8.50%11.28%5/6/2026215 134 264 \n\nSecured Debt (9) (14)10/19/202214.25%P+7.50%13.25%5/6/20262,980 2,927 95 \n\nSecured Debt (9) (14)8/28/202012.28%SF+8.50%11.28%5/6/20264,486 4,174 — \n\nCommon Stock10/1/2020700,446— — \n\nWarrants (27)10/19/2022175,11010/19/20321,111 — \n\n8,346 359 \n\nBoccella Precast Products LLCManufacturer of Precast Hollow Core Concrete\n\nSecured Debt9/23/202110.00%2/28/202764 64 64 \n\nMember Units (8)6/30/2017540,000564 660 \n\n628 724 \n\nB-O-F Corporation(10)Manufacturer of Gravity Flow Shelving Solutions for Retail Applications\n\nSecured Debt (9) (30)2/3/2025SF+5.75%2/3/2030— (11)(11)\n\nSecured Debt (9)2/3/20258.41%SF+4.75%2/3/20302,850 2,812 2,833 \n\nSecured Debt (9)2/3/202510.41%SF+6.75%2/3/20302,850 2,812 2,833 \n\nCommon Equity2/3/2025180,000180 180 \n\n5,793 5,835 \n\nBond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services\n\nSecured Debt (9)5/1/20239.56%SF+5.75%5/1/2028360 353 360 \n\n12\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (9)10/31/20259.56%SF+5.75%5/1/2028878 862 878 \n\nSecured Debt (9)5/1/20238.56%SF+4.75%5/1/20283,949 3,916 3,949 \n\nSecured Debt (9)5/1/202310.56%SF+6.75%5/1/20283,949 3,916 3,949 \n\nPreferred Equity5/1/2023360360 390 \n\nCommon Equity5/1/2023360— — \n\n9,407 9,526 \n\nBrightwood Capital Fund Investments(12) (13)Investment Partnership\n\nLP Interests (Brightwood Capital Fund III, LP) (24)7/21/20141.59%1,727 869 \n\nLP Interests (Brightwood Capital Fund IV, LP) (8) (24)10/26/20160.59%6,440 6,447 \n\n8,167 7,316 \n\nBuca C, LLCCasual Restaurant Group\n\nSecured Debt (14) (17)8/7/202415.00%15.00%11/4/20244,492 4,222 — \n\nSecured Debt (14) (17)6/28/202415.00%15.00%4/1/2025— — — \n\nSecured Debt (14) (17)6/30/201515.00%15.00%8/31/20234,078 4,078 — \n\nPreferred Member Units6/30/201546.00%6.00%3,040 — \n\n11,340 — \n\nCareer Team Holdings, LLCProvider of Workforce Training and Career Development Services\n\nSecured Debt (9) (30)12/17/2021SF+6.00%6/5/2030— (6)(6)\n\nSecured Debt12/17/202113.00%6/5/20302,432 2,382 2,382 \n\nCommon Stock12/17/202157,402574 600 \n\n2,950 2,976 \n\nCaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions\n\nCommon Equity12/30/2022105,856106 230 \n\nCenterPeak Holdings, LLCExecutive Search Services\n\nSecured Debt12/10/202115.00%12/10/2026200 199 200 \n\nSecured Debt12/10/202115.00%12/10/20262,790 2,789 2,790 \n\nPreferred Equity (8)12/10/2021368404 2,840 \n\n3,392 5,830 \n\nChannel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider\n\nSecured Debt (9) (28)2/7/202210.66%SF+6.75%2/7/2027438 431 438 \n\nSecured Debt (9)2/7/202210.64%SF+6.75%2/7/20273,283 3,271 3,283 \n\nSecured Debt (9)6/24/202210.64%SF+6.75%2/7/2027182 181 182 \n\nSecured Debt (9)3/27/202310.64%SF+6.75%2/7/2027440 437 440 \n\n4,320 4,343 \n\nClarius BIGS, LLC(10)Prints & Advertising Film Financing\n\nSecured Debt (14) (17)9/23/20141/5/20152,644 2,300 8 \n\nClassic H&G Holdings, LLCProvider of Engineered Packaging Solutions\n\nPreferred Member Units3/12/202039— 530 \n\n13\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nComputer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem\n\nSecured Debt3/6/202615.00%15.00%8/6/2026632 613 613 \n\nSecured Debt (9) (28)8/6/202112.06%SF+8.25%12.06%8/6/20267,552 7,537 6,472 \n\nSecured Debt (9)8/6/202112.06%SF+8.25%12.06%8/6/202618,333 18,302 15,713 \n\n26,452 22,798 \n\nConnect Telecommunications Solutions Holdings, Inc.(13) (21)Value-Added Distributor of Fiber Products and Equipment\n\nSecured Debt10/9/202413.00%10/9/20292,604 2,548 2,548 \n\nPreferred Equity10/9/20242,4781,400 1,400 \n\n3,948 3,948 \n\nCore Transformers(10)Refurbisher and Distributor of Electric Transformers\n\nSecured Debt (9) (30)9/24/2025SF+5.50%9/23/2031— (90)(90)\n\nSecured Debt (9) (30)9/24/2025SF+5.50%9/23/2031— (90)(90)\n\nSecured Debt (9)9/24/20259.18%SF+5.50%9/23/203110,000 9,819 10,000 \n\nCommon Equity9/24/20251,000,0001,000 1,640 \n\n10,639 11,460 \n\nCoregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider\n\nSecured Debt (9) (28)6/29/202410.17%SF+6.50%6/28/2029449 433 444 \n\nSecured Debt (9)6/29/202410.17%SF+6.50%6/28/20292,834 2,790 2,802 \n\nSecured Debt (9)6/29/202410.42%SF+6.75%6/28/20298,524 8,386 8,329 \n\nSecured Debt (9)8/15/202410.16%SF+6.50%6/28/20291,889 1,864 1,867 \n\n13,473 13,442 \n\nCoreStack, Inc.(10)Multi-Cloud Governance Platform Provider\n\nSecured Debt3/25/202610.00%10.00%9/25/2028400 400 400 \n\nSecured Debt3/25/20269/25/20283,800 3,800 3,800 \n\n4,200 4,200 \n\nCQ Fluency, LLC(10)Global Language Services Provider\n\nSecured Debt (9) (30)12/27/2023SF+6.50%6/27/2027— (16)(16)\n\nSecured Debt (9)12/27/202310.30%SF+6.50%6/27/20276,750 6,675 6,750 \n\n6,659 6,734 \n\nCRC Evans USA 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\n\nSecured Debt (9) (30) (28)8/19/2022SF+6.75%6/30/2029— (11)— \n\nSecured Debt (9) (30)12/31/2025SF+6.75%6/30/2029— (17)(17)\n\nSecured Debt (9)12/31/202510.71%SF+6.75%6/30/2029617 606 617 \n\nSecured Debt (9)8/19/202210.71%SF+6.75%6/30/2029967 947 967 \n\n1,525 1,567 \n\nCreative Foam Corporation(10)Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets\n\nSecured Debt (9) (30)6/27/2024SF+7.00%6/27/2029— (20)(20)\n\nSecured Debt (9)3/4/202510.65%SF+7.00%6/27/202916,578 16,326 16,578 \n\nSecured Debt (9)6/27/202410.70%SF+7.00%6/27/202910,400 10,265 10,400 \n\n14\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nCommon Equity3/4/20252,862286 180 \n\n26,857 27,138 \n\nDalton US Inc.(10)Provider of Supplemental Labor Services\n\nCommon Stock8/16/20223752 52 50 \n\nDynamic Communities, LLC(10)Developer of Business Events and Online Community Groups\n\nSecured Debt (9)12/20/202211.77%SF+8.00%11.77%12/31/20262,689 2,610 2,689 \n\nSecured Debt (9)12/20/202212.77%SF+9.00%12/31/20262,493 2,259 2,463 \n\nPreferred Equity12/20/2022125,000128 110 \n\nPreferred Equity12/20/20222,376,241— — \n\nCommon Equity12/20/20221,250,000— — \n\n4,997 5,262 \n\nElectro Technical Industries, LLC(10)Manufacturer of Mission-Critical Electrical Distribution Systems\n\nSecured Debt (9) (30)3/31/2025SF+5.50%3/31/2030— (68)(68)\n\nSecured Debt (9)3/31/20259.18%SF+5.50%3/31/203024,311 23,922 24,311 \n\nCommon Equity3/31/2025714,286714 1,580 \n\n24,568 25,823 \n\nElgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components\n\nSecured Debt (9) (30)10/3/2022SF+6.00%10/3/2027— — — \n\nSecured Debt10/3/202212.00%10/3/20271,089 1,079 1,079 \n\nSecured Debt10/3/20229.00%10/3/2052405 402 402 \n\nCommon Stock10/3/202219374 340 \n\nCommon Stock (23)10/3/202261102 218 \n\n1,957 2,039 \n\nEmerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing\n\nSecured Debt (9)2/10/202210.10%SF+6.25%12/29/20272,266 2,251 1,391 \n\nEscalent, Inc.(10)Market Research and Consulting Firm\n\nSecured Debt (9) (30)4/7/2023SF+6.00%4/7/2029— (5)— \n\nSecured Debt (9)10/2/20249.70%SF+6.00%4/7/2029354 349 354 \n\nSecured Debt (9)4/7/20239.70%SF+6.00%4/7/20296,663 6,559 6,663 \n\nCommon Equity4/7/2023170,998174 240 \n\n7,077 7,257 \n\nEvent Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems\n\nSecured Debt (9)12/22/202110.96%SF+7.00%12/22/2026308 307 308 \n\nSecured Debt (9)12/22/202110.96%SF+7.00%12/22/20263,991 3,986 3,991 \n\n4,293 4,299 \n\nFCC Intermediate Holdco, LLCSupply Chain Management Services\n\nSecured Debt (30)5/28/20245/28/2029— — — \n\nSecured Debt5/28/202413.00%5/29/20297,688 6,971 7,688 \n\nWarrants (8) (27)5/28/202435/28/2034980 3,660 \n\n7,951 11,348 \n\nGaryline, LLC(10)Manufacturer of Consumer Plastic Products\n\n15\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (9)4/14/202510.92%SF+7.25%10/14/2027611 593 611 \n\nSecured Debt (9)4/14/202510.92%SF+7.25%10/14/20278,460 8,357 8,460 \n\nCommon Equity11/10/2023210,084210 130 \n\n9,160 9,201 \n\nGradeEight Corp.(10)Distributor of Maintenance and Repair Parts\n\nSecured Debt (9)10/4/202411.18%SF+7.50%10/4/2029424 391 417 \n\nSecured Debt (9)10/4/202411.18%SF+7.50%10/4/20291,959 1,924 1,924 \n\nSecured Debt (9) (26)10/4/202411.17%SF+7.50%10/4/202914,360 14,158 14,059 \n\nCommon Equity10/4/2024570564 350 \n\n17,037 16,750 \n\nHarris Preston Fund Investments(12) (13)Investment Partnership\n\nLP Interests (423 AER II, LP) (24)6/2/20254.13%1,590 1,831 \n\nHawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions\n\nSecured Debt (9) (30)12/2/2016SF+6.00%1/15/2029— (5)— \n\nSecured Debt (30)1/2/20261/15/2029— — — \n\nSecured Debt (30)1/2/20261/15/2029— — — \n\nSecured Debt12/2/201611.00%1/15/202910,879 10,820 10,879 \n\nPreferred Member Units (8)12/2/201656713 6,580 \n\nPreferred Member Units (23)12/2/20165638 350 \n\n11,566 17,809 \n\nHDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider\n\nSecured Debt (9) (14)3/7/20249.01%SF+3.50%2.50%6/21/20261,465 1,436 1,104 \n\nSecured Debt (14)3/7/20242.50%2.50%6/21/2026914 401 — \n\nCommon Equity3/7/202435,971— — \n\n1,837 1,104 \n\nHornblower Sub, LLC(10)Marine Tourism and Transportation\n\nSecured Debt (9) (28)7/3/20249.18%SF+5.50%1.50%7/3/20292,446 2,430 2,419 \n\nSecured Debt (9)7/3/20249.15%SF+5.50%1.50%7/3/202916,464 16,340 16,256 \n\n18,770 18,675 \n\nHybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel\n\nSecured Debt (9)6/30/202111.91%SF+8.25%12/31/20278,000 7,917 8,000 \n\nIG Parent Corporation(11)Software Engineering\n\nSecured Debt (9) (30)7/30/2021SF+5.75%7/30/2028— (5)— \n\nSecured Debt (9)7/30/20219.52%SF+5.75%7/30/20286,122 6,089 6,122 \n\nSecured Debt (9)7/30/20219.52%SF+5.75%7/30/20281,897 1,887 1,897 \n\n7,971 8,019 \n\nIgnite Visibility LLC(10)Digital Marketing Services Agency\n\nSecured Debt (9)12/15/20258.41%SF+4.75%12/1/20287,931 7,826 7,826 \n\nSecured Debt (9)12/15/202510.41%SF+6.75%12/1/20287,931 7,826 7,826 \n\n15,652 15,652 \n\nImaging Business Machines, L.L.C.(10)Technology Hardware & Equipment\n\n16\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nCommon Equity (8)6/8/2023422580 540 \n\nImplus Footcare, LLC(10)Provider of Footwear and Related Accessories\n\nSecured Debt (9)6/13/20259.70%SF+6.00%4.00%10/30/20281,794 1,794 1,794 \n\nSecured Debt (9)7/31/20259.70%SF+6.00%9.70%10/30/20284,142 4,142 4,142 \n\nCommon Equity7/31/20253,874,0405,191 3,420 \n\n11,127 9,356 \n\nInfinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products\n\nSecured Debt (30)2/2/20263/31/2028— — — \n\nSecured Debt3/31/202312.00%3/31/20283,769 3,765 3,769 \n\nPreferred Equity (8)3/31/202321,8401,092 2,130 \n\n4,857 5,899 \n\nInsight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider\n\nSecured Debt (9) (30)7/19/2023SF+6.25%7/19/2028— (21)(21)\n\nSecured Debt (9)7/19/20239.92%SF+6.25%7/19/202916,548 16,411 15,069 \n\nCommon Equity7/19/202347,847239 40 \n\n16,629 15,088 \n\nInspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider\n\nSecured Debt (9) (28)4/3/202313.27%SF+9.50%1.50%4/3/2028737 729 696 \n\nSecured Debt (9)4/3/202313.27%SF+9.50%1.50%4/3/20286,270 6,205 5,920 \n\nSecured Debt (9)6/14/202313.27%SF+9.50%1.50%4/3/20281,263 1,249 1,192 \n\nSecured Debt (9)12/31/202413.27%SF+9.50%1.50%4/3/2028291 291 275 \n\nCommon Equity4/3/2023137,302358 75 \n\n8,832 8,158 \n\nInterface Security Systems, L.L.C(10)Commercial Security & Alarm Services\n\nSecured Debt (17) (28)12/9/202113.77%SF+10.00%13.77%8/7/20232,475 2,475 2,160 \n\nSecured Debt (9) (14) (17)8/7/201911.02%SF+7.00%11.02%8/7/20237,334 7,254 5 \n\nCommon Stock12/7/20212,143— — \n\n9,729 2,165 \n\nInvincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats\n\nSecured Debt (9) (28)8/28/201911.32%SF+7.50%3/31/20281,556 1,550 1,226 \n\nSecured Debt (9)8/28/201911.32%SF+8.00%3.32%3/31/202816,945 16,910 13,289 \n\n18,460 14,515 \n\nIron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing\n\nSecured Debt8/2/202113.00%1/31/20281,128 1,119 1,119 \n\nSecured Debt9/1/202113.00%1/31/2028735 729 729 \n\nSecured Debt11/15/202113.00%1/31/20282,236 2,236 2,236 \n\nSecured Debt11/15/202113.00%1/31/20284,354 4,318 4,318 \n\nSecured Debt1/31/202313.00%1/31/20282,300 2,255 2,255 \n\nPreferred Equity6/26/202417825.00%25.00%178 270 \n\nPreferred Equity9/26/20253925.00%25.00%39 39 \n\nCommon Stock8/3/202150,753689 710 \n\n11,563 11,676 \n\n17\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nIsagenix International, LLC(11)Direct Marketer of Health & Wellness Products\n\nSecured Debt (9) (14)4/13/202311.27%SF+7.50%8.77%4/14/20282,962 2,828 429 \n\nCommon Equity4/13/2023186,322— — \n\n2,828 429 \n\nIsland Pump and Tank, LLC(10)Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.\n\nSecured Debt (9)5/20/202410.92%SF+7.00%5/17/2029456 453 386 \n\nSecured Debt (9) (26)5/20/20249.92%SF+6.00%5/17/20292,111 2,086 1,785 \n\nSecured Debt (9) (26)5/20/202410.92%SF+7.00%5/17/20292,111 2,086 1,785 \n\nSecured Debt (9) (26)5/20/202411.92%SF+8.00%5/17/20292,111 2,086 1,785 \n\n6,711 5,741 \n\nITA Holdings Group, LLCAir Ambulance Services\n\nSecured Debt (9)6/21/202310.84%SF+7.00%6/21/2027295 292 295 \n\nSecured Debt (9)6/30/202510.84%SF+7.00%6/21/20271,328 1,319 1,327 \n\nSecured Debt (9) (30)3/4/2026SF+7.00%6/21/2027— — — \n\nSecured Debt (9)6/21/202310.84%SF+7.00%6/21/20271,234 1,148 1,234 \n\nSecured Debt (9)6/21/202310.84%SF+7.00%6/21/20271,234 1,148 1,234 \n\nSecured Debt (9)6/30/202510.84%SF+7.00%6/21/2027443 440 443 \n\nSecured Debt (9)3/4/202610.84%SF+7.00%6/21/2027590 590 590 \n\nWarrants (8) (27)6/21/202348,3276/21/2033523 3,810 \n\n5,460 8,933 \n\nJackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants\n\nSecured Debt (9) (26)10/26/202211.31%SF+7.50%11/4/20261,480 1,474 1,480 \n\nSecured Debt (9) (26)2/27/202411.29%SF+7.50%11/4/20261,251 1,246 1,251 \n\nSecured Debt (9) (26)11/1/202411.18%SF+7.50%11/4/20261,333 1,321 1,333 \n\nSecured Debt (9)11/8/202111.31%SF+7.50%11/4/20263,423 3,410 3,423 \n\nPreferred Equity11/8/20215,653,333216 1,300 \n\n7,667 8,787 \n\nJoerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies\n\nSecured Debt (9)3/30/202411.77%SF+8.00%3/29/20291,523 1,523 1,523 \n\nSecured Debt (9)3/30/202411.77%SF+8.00%3/29/20291,137 1,137 1,137 \n\nCommon Stock3/29/20244,535,784166 230 \n\n2,826 2,890 \n\nJorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies\n\nSecured Debt3/28/202212.00%3/28/20272,591 2,581 2,581 \n\nPreferred Equity (8)3/28/202212,2141,221 1,221 \n\n3,802 3,802 \n\nJTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services\n\nSecured Debt (9) (14)8/25/20258.92%SF+5.00%8.92%6/20/2030544 544 544 \n\nSecured Debt (9) (14)8/25/20259.92%SF+6.00%9.92%6/20/20303,043 3,043 720 \n\nSecured Debt (14)8/25/202515.00%15.00%6/20/20301,404 517 — \n\nCommon Equity12/22/2021140,351140 — \n\nCommon Equity8/25/202570,00070 — \n\n4,314 1,264 \n\nLLFlex, LLC(10)Provider of Metal-Based Laminates\n\n18\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (9)8/16/202111.81%SF+8.00%3.00%12/31/20294,718 4,631 3,837 \n\nLogix Acquisition Company, LLC(10)Competitive Local Exchange Carrier\n\nSecured Debt (9)4/11/202511.17%SF+7.50%2.75%12/31/202820,693 20,401 20,693 \n\nSecured Debt4/11/202512/31/20281,380 1,091 1,051 \n\n21,492 21,744 \n\nMCT Purchaserco Holding Inc.(10) (13) (21)Manufacturer and Distributor of High-Voltage Disconnect Switches\n\nSecured Debt (9)12/1/20259.20%SF+5.50%12/2/20304,857 4,799 4,799 \n\nSecured Debt (9)12/1/20259.17%SF+5.50%12/2/203021,533 21,332 21,332 \n\nCommon Equity12/1/2025863,506619 619 \n\n26,750 26,750 \n\nMetalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment\n\nSecured Debt (30)10/19/202210/19/2026— — — \n\nSecured Debt10/19/20228.75%10/19/20271,266 1,254 1,266 \n\nPreferred Equity (8)10/19/2022434,3318.00%8.00%434 434 \n\nCommon Stock (8)10/19/2022112,865113 740 \n\n1,801 2,440 \n\nMicrobe Formulas, LLC(10)Nutritional Supplements Provider\n\nSecured Debt (9) (30)4/4/2022SF+5.50%4/3/2028— (3)(3)\n\nSecured Debt (9)11/20/20249.27%SF+5.50%4/3/20281,325 1,313 1,325 \n\nSecured Debt (9)4/4/20229.27%SF+5.50%4/3/20281,608 1,596 1,608 \n\n2,906 2,930 \n\nMini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream\n\nSecured Debt (9) (28)11/30/20239.92%SF+6.25%11/30/20281,005 990 932 \n\nSecured Debt (9) (26)11/30/20239.92%SF+6.25%11/30/2028850 838 788 \n\nSecured Debt (9)11/30/20238.92%SF+5.25%11/30/20283,146 3,106 2,919 \n\nSecured Debt (9)11/30/202310.92%SF+7.25%11/30/20283,146 3,104 2,918 \n\nCommon Equity11/30/2023342,574343 150 \n\n8,381 7,707 \n\nMission Critical Group(10)Backup Power Generation\n\nSecured Debt (9) (30)4/17/2025SF+5.50%4/17/2030— (51)(51)\n\nSecured Debt (9)4/17/20259.17%SF+5.50%4/17/20304,090 3,991 4,090 \n\nSecured Debt (9)4/17/20259.17%SF+5.50%4/17/203018,392 18,096 18,392 \n\nCommon Equity6/7/2023532532 9,590 \n\n22,568 32,021 \n\nMoneyThumb Acquisition, LLCProvider of Software-as-a-Service Financial File Conversion and Reconciliation\n\nSecured Debt8/19/202414.00%8/19/20291,891 1,762 1,762 \n\nPreferred Member Units (8)8/19/202440,82112.00%12.00%496 580 \n\nWarrants (27)8/19/202414,8428/19/2029148 220 \n\n2,406 2,562 \n\nMonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services\n\nSecured Debt (9)5/24/202210.21%SF+6.25%5/24/20271,181 1,176 1,246 \n\n19\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (9)5/24/202210.21%SF+6.25%5/24/20273,033 3,019 3,457 \n\nSecured Debt (9)5/24/202210.21%SF+6.25%5/24/20275,152 5,129 5,152 \n\nSecured Debt (9)6/25/202510.21%SF+6.25%5/24/2027354 350 350 \n\nCommon Stock8/30/202231,980,838352 154 \n\n10,026 10,359 \n\nObra Capital, Inc.(10)Provider of Asset Management Services Specialized in Insurance-Linked Strategies\n\nSecured Debt (9) (30)6/21/2024SF+7.25%12/21/2028— (9)(9)\n\nSecured Debt (9)6/21/202411.04%SF+7.25%6/21/202911,829 11,602 11,829 \n\nSecured Debt (9)5/13/202511.04%SF+7.25%6/21/20291,345 1,314 1,345 \n\n12,907 13,165 \n\nOnPoint Industrial Services, LLC(10)Environmental & Facilities Services\n\nSecured Debt (9)12/18/20249.45%SF+5.75%11/16/20271,037 1,031 1,037 \n\nSecured Debt (9)4/1/20249.45%SF+5.75%11/16/20272,881 2,862 2,881 \n\n3,893 3,918 \n\nPavCon LLC(10)Provider of Predictive Data Analytics to the Department of Defense\n\nSecured Debt (9) (30)1/2/2026SF+5.50%1/2/2031— (48)(48)\n\nSecured Debt (9) (30)1/2/2026SF+5.50%1/2/2031— (48)(48)\n\nSecured Debt (9)1/2/20269.46%SF+5.50%1/2/203117,500 17,167 17,167 \n\n17,071 17,071 \n\nPeaches Holding CorporationWholesale Provider of Consumer Packaging Solutions\n\nCommon Equity5/22/20248061,805 — \n\nPrimeFlight Aviation Services(10) (13)Air Freight & Logistics\n\nSecured Debt (9)5/1/20239.16%SF+5.50%5/1/20295,835 5,723 5,835 \n\nSecured Debt (9)9/7/20239.20%SF+5.50%5/1/2029557 546 557 \n\nSecured Debt (9)1/30/20249.20%SF+5.50%5/1/2029560 551 560 \n\nSecured Debt (9)6/28/20248.95%SF+5.25%5/1/2029636 630 636 \n\nSecured Debt (9)1/21/20258.92%SF+5.25%5/1/20291,411 1,401 1,411 \n\nSecured Debt (9)7/31/20258.92%SF+5.25%5/1/20291,323 1,313 1,323 \n\nSecured Debt (9)11/21/20258.41%SF+4.75%5/1/20291,080 1,071 1,080 \n\nSecured Debt (9)2/4/20268.41%SF+4.75%5/1/20295,890 5,834 5,890 \n\n17,069 17,292 \n\nRichardson Sales Solutions(10)Business Services\n\nSecured Debt (9) (30) (28)8/24/2023SF+5.00%8/24/2028— (28)— \n\nSecured Debt (9)8/24/20238.67%SF+5.00%8/24/20289,956 9,807 9,955 \n\nSecured Debt (9)9/10/20248.65%SF+5.00%8/24/20284,906 4,845 4,905 \n\n14,624 14,860 \n\nRoof Opco, LLC(10)Residential Re-Roofing/Repair\n\nSecured Debt (30)8/27/20218/31/2029— (2)— \n\nSecured Debt8/27/202110.00%10.00%8/31/20294,590 4,569 3,427 \n\nSecured Debt8/27/202110.00%10.00%8/31/20294,635 4,613 3,320 \n\n9,180 6,747 \n\nRoyal Cup Inc.(10)Coffee Roaster and Beverage Solutions Provider\n\n20\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (9)11/26/20258.91%SF+5.25%11/26/2030943 895 933 \n\nSecured Debt (9) (30)11/26/2025SF+5.25%11/26/2030— (18)(18)\n\nSecured Debt (9) (30)11/26/2025SF+5.25%11/26/2030— (78)(78)\n\nSecured Debt (9)11/26/20258.93%SF+5.25%11/26/203011,970 11,805 11,841 \n\nPreferred Equity11/26/2025857,143857 857 \n\n13,461 13,535 \n\nRug Doctor, LLC.(10)Carpet Cleaning Products and Machinery\n\nSecured Debt (9)7/16/20219.17%SF+5.50%5/16/20283,134 3,041 3,134 \n\nSecured Debt (9)7/16/20219.20%SF+5.50%5/16/20287,474 7,473 7,474 \n\n10,514 10,608 \n\nSlick Innovations, LLCText Message Marketing Platform\n\nSecured Debt9/13/201814.00%3/21/20306,070 5,979 6,070 \n\nCommon Stock9/13/201817,500— 670 \n\n5,979 6,740 \n\nSouth Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer\n\nSecured Debt (9) (30)8/8/2024SF+5.25%8/8/2029— — — \n\nSecured Debt (9)8/8/20249.02%SF+5.25%8/8/202933,214 33,192 33,214 \n\nSecured Debt (9)7/31/20259.02%SF+5.25%8/8/20296,509 6,456 6,509 \n\nCommon Equity12/10/20216161 71 \n\n39,709 39,794 \n\nSPAU Holdings, LLC(10)Digital Photo Product Provider\n\nSecured Debt (9) (28)7/1/202210.84%SF+7.00%7/2/2029460 449 460 \n\nSecured Debt (9)7/1/202210.85%SF+7.00%7/2/20294,813 4,758 4,812 \n\nCommon Stock7/1/2022200,000200 200 \n\n5,407 5,472 \n\nTEC Services, LLC(10)Provider of Janitorial Service for Food Retailers\n\nSecured Debt (9) (30)12/31/2024SF+5.50%12/31/2029— (5)(5)\n\nSecured Debt (9) (30)12/31/2024SF+5.50%12/31/2029— (4)(4)\n\nSecured Debt (9)12/31/20249.30%SF+5.50%12/31/20292,304 2,279 2,304 \n\n2,270 2,295 \n\nTex Tech Tennis, LLC(10)Sporting Goods & Textiles\n\nPreferred Equity (8) (23)7/7/20211,000,0001,000 3,100 \n\nThe Affiliati Network, LLCPerformance Marketing Solutions\n\nPreferred Stock9/1/202378,22778 78 \n\nPreferred Stock (8)8/9/2021320,0001,600 1,600 \n\n1,678 1,678 \n\nTitan Meter Midco Corp.(10)Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry\n\nSecured Debt (9)3/11/202410.20%SF+6.50%3/11/2029554 525 554 \n\nSecured Debt (9)3/11/202410.20%SF+6.50%3/11/202912,884 12,619 12,884 \n\nSecured Debt (9)2/27/202510.20%SF+6.50%3/11/20291,649 1,619 1,649 \n\nSecured Debt (9)8/5/202510.20%SF+6.50%3/11/20291,866 1,828 1,866 \n\nPreferred Equity3/11/2024522,6518.00%8.00%529 710 \n\n17,120 17,663 \n\n21\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nU.S. TelePacific Corp.(11)Provider of Communications and Managed Services\n\nSecured Debt (9)3/18/202614.78%SF+11.00%10.00%5/2/2026454 454 454 \n\nSecured Debt (9) (14)6/1/202313.75%P+7.00%7.00%5/2/20276,741 1,783 2,774 \n\nSecured Debt (14)6/1/20235/2/2027692 15 — \n\n2,252 3,228 \n\nUBM AcquireCo LLCMail Commingling and Logistics Provider\n\nSecured Debt (30)12/20/202512/20/2027— (22)(22)\n\nSecured Debt12/20/202510.00%12/20/203010,700 10,448 10,448 \n\nCommon Equity (8)12/20/2025202,000 2,000 \n\n12,426 12,426 \n\nUPS Intermediate, LLC(10)Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets\n\nSecured Debt (9)7/29/202410.17%SF+6.50%7/27/202919,245 18,977 19,239 \n\nCommon Equity7/29/2024412412 460 \n\n19,389 19,699 \n\nUserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software\n\nSecured Debt (9)1/7/202611.40%SF+7.75%1.75%4/5/2029243 238 243 \n\nSecured Debt (9)1/11/202311.42%SF+7.75%1.75%4/5/20293,012 2,962 3,012 \n\n3,200 3,255 \n\nVitesse Systems(10)Component Manufacturing and Machining Platform\n\nSecured Debt (28)12/22/202310.95%SF+7.00%12/22/20282,273 2,238 2,273 \n\nSecured Debt (9)3/4/202610.92%SF+7.00%12/22/20281,055 1,029 1,055 \n\nSecured Debt (9)12/22/202310.96%SF+7.00%12/22/202812,219 12,051 12,219 \n\n15,318 15,547 \n\nVORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel\n\nCommon Equity (8)11/30/2021769,231769 2,980 \n\nWash & Wax Systems LLC(10)Express Car Wash Operator\n\nSecured Debt (9)4/30/20259.19%SF+5.50%4/30/202844 44 44 \n\nSecured Debt (9)4/30/20259.17%SF+5.50%4/30/20281,022 1,022 1,022 \n\nSecured Debt4/30/202512.00%12.00%7/31/2028735 735 735 \n\nCommon Equity4/30/2025439465 190 \n\n2,266 1,991 \n\nWatterson Brands, LLC(10)Facility Management Services\n\nSecured Debt (14)12/17/202112.00%4.00%12/17/2026319 308 183 \n\nSecured Debt (14)12/17/202112.00%4.00%12/17/202655 51 31 \n\nSecured Debt (14)12/17/202112.00%4.00%12/17/20262,255 2,179 1,295 \n\nSecured Debt (14)12/17/202112.00%4.00%12/17/20262,035 1,966 1,169 \n\n4,504 2,678 \n\nWinter Services LLC(10)Provider of Snow Removal and Ice Management Services\n\nSecured Debt (9) (28)11/19/202111.43%SF+7.50%11/19/20273,667 3,594 3,667 \n\nSecured Debt (9)11/19/202111.42%SF+7.50%11/19/20272,343 2,328 2,343 \n\n22\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt (9)1/16/202410.42%SF+6.50%11/19/20279,050 8,989 9,050 \n\nSecured Debt (9)1/16/202412.42%SF+8.50%11/19/20279,050 8,989 9,050 \n\n23,900 24,110 \n\nWorld Micro Holdings, LLCSupply Chain Management\n\nSecured Debt12/12/202213.00%12/12/20271,364 1,355 1,355 \n\nPreferred Equity (8)12/12/2022530530 530 \n\n1,885 1,885 \n\nXenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers\n\nSecured Debt (9)12/17/20219.54%SF+5.75%12/20/20281,161 1,148 1,161 \n\nSecured Debt (9)12/17/20219.52%SF+5.75%12/20/20282,298 2,282 2,298 \n\nSecured Debt (9)3/31/20259.55%SF+5.75%12/20/2028602 593 602 \n\n4,023 4,061 \n\nYS Garments, LLC(11)Designer and Provider of Branded Activewear\n\nSecured Debt (9)8/22/201811.26%SF+7.50%8/9/20274,965 4,936 4,222 \n\nZRG Partners, LLC(10)Talent Advisory Services Provider\n\nSecured Debt (9)6/14/202411.75%P+5.00%6/14/20291,080 1,064 1,080 \n\nSecured Debt (9) (26)6/14/20249.69%SF+6.00%6/14/20291,980 1,952 1,980 \n\nSecured Debt (9)6/14/20249.60%SF+6.00%6/14/2029807 800 807 \n\nSecured Debt (9)6/14/20249.69%SF+6.00%6/14/20295,769 5,696 5,769 \n\n9,512 9,636 \n\nSubtotal Non-Control/Non-Affiliate investments (123.5% of net assets at fair value)\n$910,600 $888,782 \n\nTotal Portfolio Company investments, March 31, 2026 (190.3% of net assets at fair value)\n$1,296,530 $1,369,202 \n\n           \n\nMoney market funds (included in cash and cash equivalents)\n\nFirst American Treasury Obligations Fund Class Z(16) $7,213 $7,213 \n\nFidelity Government Portfolio Fund Class III(31)        1,478 1,478 \n\nTotal money market funds        $8,691 $8,691 \n\n___________________________________________________\n\n(1)All investments are LMM (as defined below) portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Credit Facilities (as defined below).\n\n(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.\n\n(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.\n\n23\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\n(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.\n\n(5)“Control” investments are defined by the 1940 Act (as defined below) 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.\n\n(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.\n\n(7)“Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.\n\n(8)Income producing through dividends or distributions.\n\n(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 1.30%.\n\n(10)Private Loan (as defined below) portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.\n\n(11)Middle Market (as defined below) portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.\n\n(12)Other Portfolio (as defined below) investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.\n\n(13)Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act (as defined below). Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.\n\n(14)Non-accrual or non-income producing debt investment.\n\n(15)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”\n\n(16)Effective yield as of March 31, 2026 was approximately 3.55% on the First American Treasury Obligations Fund Class Z.\n\n(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.\n\n(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.\n\n(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, 2026.\n\n(20)All portfolio company headquarters are based in the U.S., unless otherwise noted.\n\n(21)Portfolio company headquarters are located outside of the U.S.\n\n(22)Investment Date represents the date of initial investment in the security position.\n\n(23)Shares/Units represent ownership in a related real estate or holding entity.\n\n(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.\n\n(25)A majority of the variable rate loans in the Investment Portfolio (as 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, 2026, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.\n\n(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, 2026.\n\n24\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\n(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.\n\n(28)Revolving line of credit 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, 2026.\n\n(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.\n\n(30)The position is unfunded and no interest income is being earned as of March 31, 2026. The position may earn a nominal unused facility fee on committed amounts.\n\n(31)Effective yield as of March 31, 2026 was approximately 3.28% on the Fidelity Government Portfolio Fund Class III.\n\n(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.\n\n(33)The Fund has entered into an intercreditor agreement that entitles the Fund 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 Fund receives a higher interest rate than the contractual stated interest rate of 11.80% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.\n\n25\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nControl Investments (5)\n\nBDB Holdings, LLCCasual Restaurant Group\n\nSecured Debt2/24/202512.00%2/27/2027$1,182 $1,182 $1,182 \n\nPreferred Equity11/4/202412,504,66313,025 8,430 \n\n14,207 9,612 \n\nCopper Trail Fund Investments(12) (13)Investment Partnership\n\nLP Interests (CTMH, LP)(24)7/17/201738.75%515 390 \n\nGRT Rubber Technologies LLCManufacturer of Engineered Rubber Products\n\nSecured Debt12/21/20189.98%SF+6.00%10/29/20261,550 1,545 1,550 \n\nSecured Debt12/19/201411.98%SF+8.00%10/29/202619,944 19,902 19,944 \n\nMember Units(8)12/19/20142,8966,435 22,830 \n\n27,882 44,324 \n\nHarris Preston Fund Investments(12) (13)Investment Partnership\n\nLP Interests (2717 MH, L.P.)(24)10/1/201749.26%1,158 1,897 \n\nVolusion, LLCProvider of Online Software-as-a-Service eCommerce Solutions\n\nSecured Debt(17)3/31/202310.00%3/31/2025900 900 900 \n\nPreferred Member Units3/31/20232,184,683784 1,249 \n\nPreferred Member Units3/31/202361,077— — \n\nPreferred Member Units1/26/20152,090,0016,000 — \n\nCommon Stock3/31/2023772,6201,104 — \n\n8,788 2,149 \n\nSubtotal Control investments (7.9% of net assets at fair value)\n$52,550 $58,372 \n\nAffiliate Investments (6)\n\nAmerican Nuts, LLC(10)Roaster, Mixer and Packager of Bulk Nuts and Seeds\n\nSecured Debt(9)3/25/202512.64%SF+8.50%12.64%3/28/2028$2,325 $2,325 $2,325 \n\nSecured Debt(9)3/25/202512.64%SF+8.50%12.64%3/28/20282,325 2,325 1,875 \n\nPreferred Equity3/25/20257,5902,556 1,210 \n\n7,206 5,410 \n\nAnalytical Systems Keco Holdings, LLCManufacturer of Liquid and Gas Analyzers\n\nSecured Debt8/16/201913.75%8/16/2029974 965 965 \n\nPreferred Member Units5/20/2021603597 1,510 \n\nPreferred Member Units8/16/2019777800 30 \n\nWarrants(27)8/16/20191058/16/202979 — \n\n2,441 2,505 \n\nBatjer TopCo, LLCHVAC Mechanical Contractor\n\nSecured Debt(30)3/7/20223/7/2027— — — \n\nSecured Debt(30)3/7/20223/7/2027— — — \n\nSecured Debt3/7/202210.00%3/7/20271,105 1,100 1,105 \n\nPreferred Stock(8)3/7/2022453455 970 \n\n1,555 2,075 \n\n26\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nBettercloud, Inc.(10)SaaS Provider of Workflow Management and Business Application Solutions\n\nSecured Debt(9)11/10/202512.07%SF+8.25%12.07%6/30/20281,747 1,747 1,747 \n\nCommon Equity11/10/2025204,904 4,550 \n\n6,651 6,297 \n\nBrewer Crane Holdings, LLCProvider of Crane Rental and Operating Services\n\nSecured Debt(9)1/9/201813.98%SF+10.00%12/31/20261,254 1,254 1,254 \n\nPreferred Member Units(8)1/9/20187371,070 860 \n\nPreferred Member Units(8)7/7/20257815.00%15.00%84 84 \n\n2,408 2,198 \n\nCentre Technologies Holdings, LLCProvider of IT Hardware Services and Software Solutions\n\nSecured Debt(9) (30)1/4/2019SF+8.00%1/4/2028— — — \n\nSecured Debt(9)11/29/202411.98%SF+8.00%1/4/20286,021 6,003 6,021 \n\nPreferred Member Units1/4/20193,4711,596 10,680 \n\n7,599 16,701 \n\nChamberlin Holding LLCRoofing and Waterproofing Specialty Contractor\n\nSecured Debt(9) (30)2/26/2018SF+6.00%2/26/2029— (21)— \n\nSecured Debt(9)2/26/201811.99%SF+8.00%2/26/202910,505 10,355 10,505 \n\nMember Units(8)2/26/20181,0872,860 8,880 \n\nMember Units(8) (23)11/2/2018261,786443 1,043 \n\n13,637 20,428 \n\nCharps, LLCPipeline Maintenance and Construction\n\nPreferred Member Units(8)2/3/2017457491 4,010 \n\nClad-Rex Steel, LLCSpecialty Manufacturer of Vinyl-Clad Metal\n\nSecured Debt(30)10/28/20227/31/2027— — — \n\nSecured Debt12/20/201610.00%7/31/20302,370 2,348 2,370 \n\nSecured Debt12/20/201610.00%12/20/2036232 231 232 \n\nMember Units(8)12/20/20161791,820 3,530 \n\nMember Units(23)12/20/2016200127 317 \n\n4,526 6,449 \n\nCody Pools, Inc.Designer of Residential and Commercial Pools\n\nSecured Debt(30)3/6/202012/3/2030— (19)— \n\nSecured Debt3/6/202012.50%12/3/20305,891 5,785 5,891 \n\nPreferred Member Units(8) (23)3/6/20201472,079 16,270 \n\n7,845 22,161 \n\nColonial Electric Company LLCProvider of Electrical Contracting Services\n\nSecured Debt(30)3/31/20213/31/2028— — — \n\nSecured Debt3/31/20219.00%3/31/20282,195 2,191 2,195 \n\nPreferred Member Units(8)3/31/20214,3201,920 4,210 \n\n4,111 6,405 \n\nCompass Systems & Sales, LLCDesigner of End-to-End Material Handling Solutions\n\nSecured Debt(30)11/22/202311/22/2028— (12)(12)\n\nSecured Debt11/22/202313.50%11/22/20284,300 4,227 4,249 \n\n27\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nPreferred Equity11/22/20231,8631,863 1,800 \n\n6,078 6,037 \n\nDatacom, LLCTechnology and Telecommunications Provider\n\nSecured Debt3/1/20227.50%12/31/202575 75 75 \n\nSecured Debt3/31/202110.00%12/31/2025868 868 463 \n\nPreferred Member Units3/31/20211,040330 — \n\n1,273 538 \n\nDigital Products Holdings LLCDesigner and Distributor of Consumer Electronics\n\nSecured Debt(9)4/1/201813.88%SF+10.00%4/27/20262,989 2,986 2,834 \n\nPreferred Member Units(8)4/1/20189642,375 2,459 \n\n5,361 5,293 \n\nDirect Marketing Solutions, Inc.Provider of Omni-Channel Direct Marketing Services\n\nSecured Debt2/13/201814.00%2/13/2026315 315 315 \n\nSecured Debt12/27/202214.00%2/13/20264,501 4,500 4,501 \n\nPreferred Stock2/13/20182,1002,100 4,940 \n\n6,915 9,756 \n\nDMA Industries, LLCDistributor of Aftermarket Ride Control Products\n\nSecured Debt6/18/202410.00%6/18/2029140 138 140 \n\nSecured Debt11/19/202110.00%6/18/20293,200 3,177 3,200 \n\nPreferred Equity11/19/20211,4861,486 2,296 \n\nPreferred Equity(8)6/18/202476715.00%15.00%938 1,358 \n\n5,739 6,994 \n\nFlame King Holdings, LLCPropane Tank and Accessories Distributor\n\nSecured Debt(30)6/30/20256/30/2030— — — \n\nSecured Debt6/30/202512.00%6/30/203016,500 16,208 16,500 \n\nPreferred Equity(8)10/29/20212,3402,600 13,660 \n\n18,808 30,160 \n\nFreeport Financial Funds(12) (13)Investment Partnership\n\nLP Interests (Freeport First Lien Loan Fund III LP)(24)7/31/20155.95%671 193 \n\nGamber-Johnson Holdings, LLCManufacturer of Ruggedized Computer Mounting Systems\n\nSecured Debt(9) (32) (30)6/24/2016SF+7.50%1/1/2028— — — \n\nSecured Debt(9)11/22/202411.38%SF+7.50%1/1/202817,632 17,557 17,632 \n\nMember Units(8)6/24/20162,2614,423 28,450 \n\nCommon Equity(23)12/15/202513399 99 \n\n22,079 46,181 \n\nGFG Group, LLCGrower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers\n\nSecured Debt3/31/20218.00%3/31/20263,513 3,506 3,513 \n\nPreferred Member Units(8)3/31/2021561,225 2,740 \n\n4,731 6,253 \n\n28\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nHarris Preston Fund Investments(12) (13)Investment Partnership\n\nLP Interests (HPEP 3, L.P.)(24)8/9/20178.22%1,549 4,116 \n\nIG Investor, LLCMilitary and Other Tactical Gear\n\nSecured Debt6/21/202313.00%6/21/2028400 385 400 \n\nSecured Debt6/21/202313.00%6/21/20288,766 8,636 8,766 \n\nCommon Equity6/21/20233,6003,600 7,010 \n\n12,621 16,176 \n\nIndependent Pet Partners Intermediate Holdings, LLC(10)Omnichannel Retailer of Specialty Pet Products\n\nCommon Equity4/7/20236,436,5666,540 6,790 \n\nIntegral Energy Services(10)Nuclear Power Staffing Services\n\nSecured Debt(9)8/20/202111.75%SF+7.50%8/20/202614,340 14,299 14,071 \n\nPreferred Equity(8)12/7/20233,72510.00%10.00%329 490 \n\nPreferred Equity6/3/20253,59610.00%10.00%383 480 \n\nCommon Stock8/20/202111,6471,584 410 \n\n16,595 15,451 \n\nKickhaefer Manufacturing Company, LLCPrecision Metal Parts Manufacturing\n\nSecured Debt10/31/201811.50%10/31/20262,550 2,547 2,547 \n\nSecured Debt10/31/20189.00%10/31/2048978 970 970 \n\nPreferred Equity(8)10/31/20181453,060 4,290 \n\nMember Units(8) (23)10/31/2018200248 1,048 \n\n6,825 8,855 \n\nKMS, LLC(10)Wholesaler of Closeout and Value-Priced Products\n\nSecured Debt(9) (30)12/29/2025SF+5.50%10/1/2028— (49)(49)\n\nSecured Debt2/10/202512.50%10/1/20281,463 1,433 1,433 \n\nSecured Debt2/10/202512.50%10/1/20281,259 1,259 1,259 \n\nPreferred Equity2/10/202511,5166,113 7,830 \n\n8,756 10,473 \n\nMills Fleet Farm Group, LLC(10)Omnichannel Retailer of Work, Farm and Lifestyle Merchandise\n\nSecured Debt(9)12/19/20249.81%SF+5.50%9.81%1/28/20312,342 2,342 2,256 \n\nSecured Debt(9)4/11/20259.32%SF+5.50%9.32%1/28/20311,395 1,395 1,344 \n\nPreferred Equity(8) (23)12/19/202453,50512,058 10,134 \n\n15,795 13,734 \n\nNello Industries Investco, LLCManufacturer of Steel Poles and Towers For Critical Infrastructure\n\nSecured Debt6/4/202412.50%6/4/20298,018 7,862 8,018 \n\nPreferred Equity(8)6/4/202484,2012,799 5,830 \n\n10,661 13,848 \n\nNexRev LLCProvider of Energy Efficiency Products & Services\n\nPreferred Member Units(8)2/28/201825,786,0462,053 3,210 \n\nNuStep, LLCDesigner, Manufacturer and Distributor of Fitness Equipment\n\n29\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt(9) (17)1/31/201710.48%SF+6.50%1/31/2025250 250 250 \n\nSecured Debt(17)1/31/201712.00%1/31/20254,610 4,610 4,610 \n\nPreferred Member Units11/2/2022600696 1,530 \n\nPreferred Member Units1/31/20171222,966 3,050 \n\n8,522 9,440 \n\nOneliance, LLCConstruction Cleaning Company\n\nPreferred Stock(8)8/6/2021282282 810 \n\nOrttech Holdings, LLCDistributor of Industrial Clutches, Brakes and Other Components\n\nSecured Debt(9)7/30/202114.98%SF+11.00%7/31/2026153 150 153 \n\nSecured Debt(9)7/30/202114.98%SF+11.00%7/31/20265,190 5,178 5,190 \n\nPreferred Stock(23)7/30/20212,5002,500 3,360 \n\n7,828 8,703 \n\nPinnacle TopCo, LLCManufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products\n\nSecured Debt(30)12/21/202312/21/2028— (6)— \n\nSecured Debt12/21/202313.00%12/21/20286,800 6,699 6,800 \n\nPreferred Equity(8)12/21/20231103,135 5,110 \n\n9,828 11,910 \n\nRA Outdoors LLC(10)Software Solutions Provider for Outdoor Activity Management\n\nSecured Debt(9)4/8/202110.89%SF+6.75%10.89%6/30/20271,385 1,384 1,142 \n\nSecured Debt(9) (30)2/5/2025SF+6.75%6/30/2027— — — \n\nSecured Debt(9)4/8/202110.89%SF+6.75%10.89%6/30/202714,484 14,475 11,937 \n\nSecured Debt(9) (30)7/17/2025SF+6.75%6/30/2027— — — \n\nCommon Equity8/12/2024107— — \n\n15,859 13,079 \n\nRobbins Bros. Jewelry, Inc.Bridal Jewelry Retailer\n\nSecured Debt(14) (30)12/15/202112/15/2026— (12)(12)\n\nSecured Debt(14)12/15/202112.50%10.00%12/15/20263,740 3,518 1,559 \n\nPreferred Equity12/15/20211,2301,230 — \n\n4,736 1,547 \n\nSI East, LLCRigid Industrial Packaging Manufacturing\n\nSecured Debt8/31/201811.80%6/16/2028750 746 750 \n\nSecured Debt(33)6/16/202312.85%6/16/202822,283 22,253 22,283 \n\nPreferred Member Units(8)8/31/201855508 5,730 \n\n23,507 28,763 \n\nStudent Resource Center, LLC(10)Higher Education Services\n\nSecured Debt9/11/20248.50%8.50%12/31/2027246 246 866 \n\nSecured Debt(14)12/31/20228.50%8.50%12/31/20275,918 5,425 1,598 \n\nPreferred Equity12/31/20226,564,055— — \n\n5,671 2,464 \n\nTedder Industries, LLCManufacturer of Firearm Holsters and Accessories\n\nSecured Debt(14) (17)8/31/201812.00%12.00%8/31/2023301 215 241 \n\nSecured Debt(14) (17)8/31/201812.00%12.00%8/31/20233,800 3,761 707 \n\nPreferred Member Units8/28/20231,651165 — \n\n30\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nPreferred Member Units2/1/20231,411141 — \n\nPreferred Member Units8/31/20181362,311 — \n\n6,593 948 \n\nTrantech Radiator Topco, LLCTransformer Cooling Products and Services\n\nSecured Debt(30)5/31/20195/31/2027— — — \n\nSecured Debt5/31/201913.50%5/31/20272,250 2,232 2,250 \n\nSecured Debt11/21/20259.00%5/31/2027510 508 510 \n\nCommon Equity(23)11/21/2025181174 174 \n\nCommon Stock(8)5/31/20191541,164 3,730 \n\n4,078 6,664 \n\nUrgent DSO LLCGeneral and Emergency Dentistry Practice\n\nSecured Debt2/16/202413.50%2/16/20292,200 2,158 2,168 \n\nPreferred Equity(8)2/16/20241,0001,154 1,089 \n\n3,312 3,257 \n\nVictory Energy Operations, LLCProvider of Industrial and Commercial Combustion Systems\n\nSecured Debt10/3/202413.00%10/3/2029138 127 127 \n\nSecured Debt10/3/202413.00%10/3/20297,749 7,575 7,575 \n\nPreferred Equity10/3/20248,2593,609 3,760 \n\n11,311 11,462 \n\nVVS Holdco LLCOmnichannel Retailer of Animal Health Products\n\nSecured Debt(9) (30)12/1/2021SF+6.00%12/1/2026— — — \n\nSecured Debt12/1/202111.50%12/1/20266,000 5,967 5,967 \n\nPreferred Equity(8) (23)12/1/20213,0603,060 3,060 \n\n9,027 9,027 \n\nSubtotal Affiliate investments (55.1% of net assets at fair value)\n$322,074 $406,771 \n\nNon-Control/Non-Affiliate Investments (7)\n\nAAC Holdings, Inc.(11)Substance Abuse Treatment Service Provider\n\nSecured Debt4/1/202520.00%20.00%11/24/2032$308 $308 $308 \n\nSecured Debt11/24/202521.00%21.00%11/24/2032177 173 173 \n\nSecured Debt(14)3/28/202520.00%20.00%11/24/20321,070 1,070 948 \n\nSecured Debt(14)3/28/202520.00%20.00%11/24/20321,070 1,070 948 \n\nPreferred Equity3/28/20254,342,6882,931 720 \n\nCommon Stock12/11/2020593,9273,148 — \n\n8,700 3,097 \n\nAdams Publishing Group, LLC(10)Local Newspaper Operator\n\nSecured Debt(9) (29)3/11/202211.00%SF+7.00%1.00%3/11/2027955 955 951 \n\nSecured Debt(9)11/26/202511.00%SF+7.00%1.00%3/11/202794 93 93 \n\nSecured Debt(9) (29)3/11/202211.00%SF+7.00%1.00%3/11/20271,967 1,965 1,959 \n\n3,013 3,003 \n\nAGS American Glass Services Acquisition, LLC(10)Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions\n\nSecured Debt(9) (30)7/24/2025SF+5.50%7/24/2031— (47)(47)\n\nSecured Debt(9) (30)7/24/2025SF+5.50%7/24/2031— (27)(27)\n\nSecured Debt(9)7/24/20259.22%SF+5.50%7/24/203113,771 13,582 13,440 \n\nPreferred Equity7/24/202510,0001,000 1,000 \n\n31\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\n14,508 14,366 \n\nAiro Purchaser, Inc.(10)Provider of HVAC and Plumbing Installation Services\n\nSecured Debt(9) (30)8/1/2025SF+5.25%8/1/2030— (51)(51)\n\nSecured Debt(9) (30)8/1/2025SF+5.25%8/1/2030— (26)(26)\n\nSecured Debt(9)8/1/20259.22%SF+5.25%8/1/203022,374 22,016 22,110 \n\nCommon Equity8/1/20251,2331,233 1,233 \n\n23,172 23,266 \n\nAMEREQUIP LLC(10)Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment\n\nCommon Stock(8)8/31/20221183 — \n\nAmerican Health Staffing Group, Inc.(10)Healthcare Temporary Staffing\n\nSecured Debt(9) (30)11/19/2021P+5.00%11/19/2026— (3)(3)\n\nSecured Debt(9)11/19/202111.75%P+5.00%11/19/20267,000 6,987 7,000 \n\n6,984 6,997 \n\nArborWorks, LLC(10)Vegetation Management Services\n\nSecured Debt11/6/202315.00%15.00%11/6/20282,218 2,218 2,218 \n\nSecured Debt(9)11/6/202310.34%SF+6.50%10.34%11/6/20284,772 4,772 4,772 \n\nPreferred Equity11/6/202317,2657,468 8,848 \n\nPreferred Equity11/6/202317,265— — \n\nCommon Equity11/9/20212,070124 — \n\n14,582 15,838 \n\nArcher Systems, LLC(10)Mass Tort Settlement Administration Solutions Provider\n\nCommon Stock(8)8/11/202262,40262 110 \n\nATS Operating, LLC(10)For-Profit Thrift Retailer\n\nSecured Debt(9) (28)1/18/202210.22%SF+6.00%1/18/2028250 241 250 \n\nSecured Debt(9)1/18/20229.25%SF+5.00%1/18/2028925 919 925 \n\nSecured Debt(9)1/18/202211.25%SF+7.00%1/18/2028925 919 925 \n\nCommon Stock1/18/2022100,000100 140 \n\n2,179 2,240 \n\nAuria Space, LLC(10)Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms\n\nSecured Debt(9) (30)12/31/2025SF+5.00%12/31/2030(38)(38)\n\nSecured Debt(9) (30)12/31/2025SF+5.00%12/31/2030(68)(68)\n\nSecured Debt(9)12/31/20258.72%SF+5.00%12/31/203012,740 12,740 \n\n12,634 12,634 \n\nAVEX Aviation Holdings, LLC(10)Specialty Aircraft Dealer & MRO Provider\n\nSecured Debt(9) (30)12/23/2022SF+7.25%12/23/2027— (9)(9)\n\nSecured Debt(9)12/23/202211.09%SF+7.25%12/23/20273,257 3,208 3,257 \n\nSecured Debt(9) (30)12/18/2025SF+7.25%12/23/2027— (5)(5)\n\nCommon Equity(8)12/15/2021137130 128 \n\n3,324 3,371 \n\nBehavior Development Group Holdings(10)Applied Behavior Analysis Therapy Provider\n\n32\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt(9) (30)12/17/2025SF+6.00%12/17/2030— (37)(37)\n\nSecured Debt(9)12/17/20259.70%SF+6.00%12/17/203015,993 15,757 15,757 \n\nCommon Equity12/17/2025500500 500 \n\n16,220 16,220 \n\nBerry Aviation, Inc.(10)Charter Airline Services\n\nPreferred Member Units(23)3/8/2024286,109286 — \n\nPreferred Member Units(23)11/12/2019122,416— — \n\nPreferred Member Units(23)7/6/20181,548,387— — \n\n286 — \n\nBluestem Brands, Inc.(11)Multi-Channel Retailer of General Merchandise\n\nSecured Debt(9) (14)1/9/202412.49%SF+8.50%11.49%1/31/2026215 138 255 \n\nSecured Debt(9) (14)10/19/202214.25%P+7.50%13.25%1/31/20262,980 2,980 195 \n\nSecured Debt(9) (14)8/28/202012.49%SF+8.50%11.49%1/31/20264,486 4,231 — \n\nCommon Stock10/1/2020700,446— — \n\nWarrants(27)10/19/2022175,11010/19/20321,111 — \n\n8,460 450 \n\nBoccella Precast Products LLCManufacturer of Precast Hollow Core Concrete\n\nSecured Debt9/23/202110.00%2/28/202764 64 64 \n\nMember Units(8)6/30/2017540,000564 700 \n\n628 764 \n\nB-O-F Corporation(10)Manufacturer of Gravity Flow Shelving Solutions for Retail Applications\n\nSecured Debt(9) (30)2/3/2025SF+5.75%2/3/2030— (12)(12)\n\nSecured Debt(9)2/3/20258.74%SF+4.75%2/3/20302,850 2,809 2,831 \n\nSecured Debt(9)2/3/202510.74%SF+6.75%2/3/20302,850 2,809 2,831 \n\nCommon Equity2/3/2025180,000180 180 \n\n5,786 5,830 \n\nBond Brand Loyalty ULC(10) (13) (21)Provider of Loyalty Marketing Services\n\nSecured Debt(9)5/1/20239.89%SF+5.75%5/1/2028360 352 360 \n\nSecured Debt(9)10/31/20259.59%SF+5.75%5/1/2028880 863 880 \n\nSecured Debt(9)5/1/20238.89%SF+4.75%5/1/20283,959 3,922 3,959 \n\nSecured Debt(9)5/1/202310.89%SF+6.75%5/1/20283,959 3,922 3,959 \n\nPreferred Equity5/1/2023360360 350 \n\nCommon Equity5/1/2023360— — \n\n9,419 9,508 \n\nBP Loenbro Holdings Inc.(10)Specialty Industrial Maintenance Services\n\nSecured Debt(9) (28)2/1/20249.75%SF+5.75%2/1/20291,024 993 1,024 \n\nSecured Debt(9)2/1/20249.84%SF+5.75%2/1/20291,279 1,260 1,279 \n\nSecured Debt(9)2/1/20249.75%SF+5.75%2/1/202911,003 10,865 11,003 \n\nSecured Debt(9)1/2/20259.83%SF+5.75%2/1/2029— — — \n\nSecured Debt(9)7/1/20259.84%SF+5.75%2/1/20294,219 4,146 4,219 \n\nCommon Equity2/1/20241,000,0001,000 3,790 \n\n18,264 21,315 \n\nBrightwood Capital Fund Investments(12) (13)Investment Partnership\n\n33\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nLP Interests (Brightwood Capital Fund III, LP)(24)7/21/20141.59%1,755 897 \n\nLP Interests (Brightwood Capital Fund IV, LP)(8) (24)10/26/20160.59%6,440 6,447 \n\n8,195 7,344 \n\nBuca C, LLCCasual Restaurant Group\n\nSecured Debt(14) (17)8/7/202415.00%15.00%11/4/20244,458 4,188 — \n\nSecured Debt(14) (17)6/28/202415.00%15.00%4/1/2025— — — \n\nSecured Debt(14) (17)6/30/201515.00%15.00%8/31/20234,078 4,078 — \n\nPreferred Member Units6/30/201546.00%6.00%3,040 — \n\n11,306 — \n\nCareer Team Holdings, LLCProvider of Workforce Training and Career Development Services\n\nSecured Debt(9) (30)12/17/2021SF+6.00%6/5/2030— (6)(6)\n\nSecured Debt12/17/202113.00%6/5/20302,432 2,379 2,379 \n\nCommon Stock12/17/202157,402574 600 \n\n2,947 2,973 \n\nCaseWorthy, Inc.(10)SaaS Provider of Case Management Solutions\n\nCommon Equity12/30/2022105,856106 230 \n\nCenterPeak Holdings, LLCExecutive Search Services\n\nSecured Debt12/10/202115.00%12/10/2026200 199 200 \n\nSecured Debt12/10/202115.00%12/10/20262,790 2,789 2,790 \n\nPreferred Equity(8)12/10/2021368404 2,700 \n\n3,392 5,690 \n\nChannel Partners Intermediateco, LLC(10)Outsourced Consumer Services Provider\n\nSecured Debt(9) (28)2/7/202210.84%SF+6.75%2/7/2027667 657 667 \n\nSecured Debt(9)2/7/202210.84%SF+6.75%2/7/20273,291 3,276 3,291 \n\nSecured Debt(9)6/24/202210.84%SF+6.75%2/7/2027182 182 182 \n\nSecured Debt(9)3/27/202310.84%SF+6.75%2/7/2027441 437 441 \n\n4,552 4,581 \n\nClarius BIGS, LLC(10)Prints & Advertising Film Financing\n\nSecured Debt(14) (17)9/23/20141/5/20152,644 2,300 8 \n\nClassic H&G Holdings, LLCProvider of Engineered Packaging Solutions\n\nPreferred Member Units3/12/202039— 510 \n\nComputer Data Source, LLC(10)Third Party Maintenance Provider to the Data Center Ecosystem\n\nSecured Debt(9) (28)8/6/202112.28%SF+8.25%12.02%8/6/20267,359 7,333 6,996 \n\nSecured Debt(9)8/6/202112.02%SF+8.25%12.02%8/6/202617,842 17,787 16,960 \n\n25,120 23,956 \n\nConnect Telecommunications Solutions Holdings, Inc.(13) (21)Value-Added Distributor of Fiber Products and Equipment\n\nSecured Debt10/9/202413.00%10/9/20292,704 2,642 2,642 \n\nPreferred Equity10/9/20242,4781,400 1,400 \n\n4,042 4,042 \n\n34\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nCore Transformers(10)Refurbisher and Distributor of Electric Transformers\n\nSecured Debt(9) (30)9/24/2025SF+5.50%9/23/2031(95)(95)\n\nSecured Debt(9) (30)9/24/2025SF+5.50%9/23/2031(95)(95)\n\nSecured Debt(9)9/24/20259.23%SF+5.50%9/23/20319,811 9,811 \n\nCommon Equity9/24/20251,000,0001,000 1,000 \n\n10,621 10,621 \n\nCoregistics Buyer LLC(10) (13) (21)Contract Packaging Service Provider\n\nSecured Debt(9) (28)6/29/202410.32%SF+6.50%6/28/2029449 432 445 \n\nSecured Debt(9)6/29/202410.34%SF+6.50%6/28/20292,841 2,793 2,818 \n\nSecured Debt(9)6/29/202410.59%SF+6.75%6/28/20298,546 8,396 8,516 \n\nSecured Debt(9)8/15/202410.37%SF+6.50%6/28/20291,894 1,868 1,879 \n\n13,489 13,658 \n\nCQ Fluency, LLC(10)Global Language Services Provider\n\nSecured Debt(9) (30)12/27/2023SF+6.75%6/27/2027— (19)(19)\n\nSecured Debt(9)12/27/202310.52%SF+6.75%6/27/20276,844 6,753 6,844 \n\n6,734 6,825 \n\nCRC Evans USA 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\n\nSecured Debt(9) (28)8/19/202210.87%SF+6.75%6/30/2029448 436 448 \n\nSecured Debt(30)12/31/2025SF+6.75%6/30/2029— (18)(18)\n\nSecured Debt(9)12/31/202510.70%SF+6.75%6/30/2029625 613 613 \n\nSecured Debt(9)8/19/202210.83%SF+6.75%6/30/2029979 957 979 \n\n1,988 2,022 \n\nCreative Foam Corporation(10)Manufacturer of Custom Engineered Die Cut, Formed Foam, Nonwoven, and Multi-material Component Solutions for the Automotive and Healthcare Markets\n\nSecured Debt(9) (30)6/27/2024SF+6.75%6/27/2029— (22)(22)\n\nSecured Debt(9)3/4/202510.69%SF+6.75%6/27/202916,578 16,307 16,578 \n\nSecured Debt(9)6/27/202410.44%SF+6.75%6/27/202910,400 10,255 10,400 \n\nCommon Equity3/4/20252,862286 230 \n\n26,826 27,186 \n\nDalton US Inc.(10)Provider of Supplemental Labor Services\n\nCommon Stock8/16/20223752 50 \n\nDTE Enterprises, LLC(10)Industrial Powertrain Repair and Services\n\nClass AA Preferred Member Units (non-voting)4/13/201810.00%10.00%1,316 — \n\nClass A Preferred Member Units4/13/2018776,3168.00%8.00%776 — \n\n2,092 — \n\nDynamic Communities, LLC(10)Developer of Business Events and Online Community Groups\n\nSecured Debt(9)12/20/202211.82%SF+8.00%11.82%12/31/20262,612 2,507 2,612 \n\nSecured Debt(9)12/20/202212.82%SF+9.00%12/31/20262,493 2,259 2,464 \n\nPreferred Equity12/20/2022125,000128 110 \n\n35\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nPreferred Equity12/20/20222,376,241— — \n\nCommon Equity12/20/20221,250,000— — \n\n4,894 5,186 \n\nElectro Technical Industries, LLC(10)Manufacturer of Mission-Critical Electrical Distribution Systems\n\nSecured Debt(9) (30)3/31/2025SF+5.50%3/31/2030— (73)(73)\n\nSecured Debt(9)3/31/20259.22%SF+5.50%3/31/203024,466 24,052 24,466 \n\nCommon Equity3/31/2025714,286714 1,080 \n\n24,693 25,473 \n\nElgin AcquireCo, LLCManufacturer and Distributor of Engine and Chassis Components\n\nSecured Debt(9) (30)10/3/2022SF+6.00%10/3/2027— — — \n\nSecured Debt10/3/202212.00%10/3/20271,097 1,085 1,085 \n\nSecured Debt10/3/20229.00%10/3/2052406 402 402 \n\nCommon Stock10/3/202219374 330 \n\nCommon Stock(23)10/3/202261102 214 \n\n1,963 2,031 \n\nEmerald Technologies Acquisition Co, Inc.(11)Design & Manufacturing\n\nSecured Debt(9)2/10/202210.22%SF+6.25%12/29/20272,266 2,249 1,427 \n\nEscalent, Inc.(10)Market Research and Consulting Firm\n\nSecured Debt(9) (30)4/7/2023SF+6.00%4/7/2029— (6)— \n\nSecured Debt(9)10/2/20249.67%SF+6.00%4/7/2029356 352 356 \n\nSecured Debt(9)4/7/20239.67%SF+6.00%4/7/20296,715 6,602 6,715 \n\nCommon Equity4/7/2023170,998174 240 \n\n7,122 7,311 \n\nEvent Holdco, LLC(10)Event and Learning Management Software for Healthcare Organizations and Systems\n\nSecured Debt(9)12/22/202110.93%SF+7.00%12/22/2026308 307 308 \n\nSecured Debt(9)12/22/202110.93%SF+7.00%12/22/20264,003 3,996 4,003 \n\n4,303 4,311 \n\nFCC Intermediate Holdco, LLCSupply Chain Management Services\n\nSecured Debt(30)5/28/20245/28/2029— — — \n\nSecured Debt5/28/202413.00%5/29/20297,790 7,007 7,790 \n\nWarrants(8) (27)5/28/202435/28/2034980 3,780 \n\n7,987 11,570 \n\nGaryline, LLC(10)Manufacturer of Consumer Plastic Products\n\nSecured Debt(9) (30)4/14/2025SF+7.25%10/14/2027— (21)— \n\nSecured Debt(9)4/14/202510.98%SF+7.25%10/14/20278,514 8,394 8,514 \n\nCommon Equity11/10/2023210,084210 130 \n\n8,583 8,644 \n\nGradeEight Corp.(10)Distributor of Maintenance and Repair Parts\n\nSecured Debt(9)10/4/202411.23%SF+7.50%10/4/2029400 365 391 \n\nSecured Debt(9)10/4/202411.23%SF+7.50%10/4/20291,959 1,922 1,922 \n\nSecured Debt(9) (26)10/4/202411.31%SF+7.25%10/4/202914,453 14,235 14,136 \n\nCommon Equity10/4/2024570564 423 \n\n17,086 16,872 \n\n36\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nHarris Preston Fund Investments(12) (13)Investment Partnership\n\nLP Interests (423 AER II, LP)(24)6/2/20254.13%1,590 1,590 \n\nHawk Ridge Systems, LLCValue-Added Reseller of Engineering Design and Manufacturing Solutions\n\nSecured Debt(9)12/2/20169.98%SF+6.00%1/15/2026805 805 805 \n\nSecured Debt12/2/201611.00%1/15/20269,744 9,744 9,744 \n\nPreferred Member Units(8)12/2/201656713 6,580 \n\nPreferred Member Units(23)12/2/20165638 350 \n\n11,300 17,479 \n\nHDC/HW Intermediate Holdings(10)Managed Services and Hosting Provider\n\nSecured Debt(9) (14)3/7/20249.01%SF+3.50%2.50%6/21/20261,465 1,437 1,276 \n\nSecured Debt(14)3/7/20242.50%2.50%6/21/2026914 401 — \n\nCommon Equity3/7/202435,971— — \n\n1,838 1,276 \n\nHornblower Sub, LLC(10)Marine Tourism and Transportation\n\nSecured Debt(9) (28)7/3/20249.32%SF+5.50%7/3/20292,376 2,359 2,348 \n\nSecured Debt(9)7/3/20249.46%SF+5.50%7/3/202916,300 16,167 16,082 \n\n18,526 18,430 \n\nHybrid Promotions, LLC(10)Wholesaler of Licensed, Branded and Private Label Apparel\n\nSecured Debt(9)6/30/202112.24%SF+8.25%12/31/20278,000 7,906 8,000 \n\nIG Parent Corporation(11)Software Engineering\n\nSecured Debt(9) (30)7/30/2021SF+5.75%7/30/2028— (5)— \n\nSecured Debt(9)7/30/20219.57%SF+5.75%7/30/20286,138 6,101 6,138 \n\nSecured Debt(9)7/30/20219.57%SF+5.75%7/30/20281,902 1,891 1,902 \n\n7,987 8,040 \n\nIgnite Visibility LLC(10)Digital Marketing Services Agency\n\nSecured Debt(9)12/15/20258.84%SF+5.00%12/1/20287,931 7,816 7,816 \n\nSecured Debt(9)12/15/202510.84%SF+7.00%12/1/20287,931 7,816 7,816 \n\n15,632 15,632 \n\nImaging Business Machines, L.L.C.(10)Technology Hardware & Equipment\n\nCommon Equity6/8/2023422580 540 \n\nImplus Footcare, LLC(10)Provider of Footwear and Related Accessories\n\nSecured Debt(9)6/13/20259.68%SF+6.00%4.00%10/30/20281,776 1,776 1,776 \n\nSecured Debt(9)7/31/20259.68%SF+6.00%9.68%10/30/20284,044 4,044 4,044 \n\nCommon Equity7/31/20253,874,0405,191 4,490 \n\n11,011 10,310 \n\nInfinity X1 Holdings, LLCManufacturer and Supplier of Personal Lighting Products\n\nSecured Debt3/31/202312.00%3/31/20283,825 3,820 3,825 \n\nPreferred Equity(8)3/31/202321,8401,092 2,040 \n\n4,912 5,865 \n\n37\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nInsight Borrower Corporation(10)Test, Inspection, and Certification Instrument Provider\n\nSecured Debt(9)7/19/202310.10%SF+6.25%7/19/20281,691 1,668 1,574 \n\nSecured Debt(9)7/19/202310.12%SF+6.25%7/19/202916,572 16,424 15,424 \n\nCommon Equity7/19/202347,847239 100 \n\n18,331 17,098 \n\nInspire Aesthetics Management, LLC(10)Surgical and Non-Surgical Plastic Surgery and Aesthetics Provider\n\nSecured Debt(9) (28)4/3/202313.97%SF+10.00%2.00%4/3/2028733 725 691 \n\nSecured Debt(9)4/3/202313.97%SF+10.00%2.00%4/3/20286,260 6,187 5,901 \n\nSecured Debt(9)6/14/202313.97%SF+10.00%2.00%4/3/20281,261 1,246 1,188 \n\nSecured Debt(9)12/31/202413.97%SF+10.00%2.00%4/3/2028291 291 274 \n\nCommon Equity4/3/2023137,302358 75 \n\n8,807 8,129 \n\nInterface Security Systems, L.L.C(10)Commercial Security & Alarm Services\n\nSecured Debt(17) (28)12/9/202113.92%SF+10.00%13.92%8/7/20232,392 2,392 2,078 \n\nSecured Debt(9) (14) (17)8/7/201911.02%SF+7.00%11.02%8/7/20237,334 7,254 1 \n\nCommon Stock12/7/20212,143— — \n\n9,646 2,079 \n\nInvincible Boat Company, LLC.(10)Manufacturer of Sport Fishing Boats\n\nSecured Debt(9) (28)8/28/201911.37%SF+7.50%3/31/20281,452 1,445 1,319 \n\nSecured Debt(9)8/28/201911.37%SF+7.50%3.37%3/31/202816,804 16,765 15,247 \n\n18,210 16,566 \n\nIron-Main Investments, LLCConsumer Reporting Agency Providing Employment Background Checks and Drug Testing\n\nSecured Debt8/2/202113.00%1/31/20281,128 1,118 1,118 \n\nSecured Debt9/1/202113.00%1/31/2028735 728 728 \n\nSecured Debt11/15/202113.00%1/31/20282,236 2,236 2,236 \n\nSecured Debt11/15/202113.00%1/31/20284,406 4,364 4,364 \n\nSecured Debt1/31/202313.00%1/31/20282,389 2,335 2,335 \n\nPreferred Equity6/26/202417825.00%25.00%178 260 \n\nPreferred Equity9/26/20253925.00%25.00%39 39 \n\nCommon Stock8/3/202150,753689 680 \n\n11,687 11,760 \n\nIsagenix International, LLC(11)Direct Marketer of Health & Wellness Products\n\nSecured Debt(9) (31)4/13/20232.50%4/14/20282,962 2,831 429 \n\nCommon Equity4/13/2023186,322— — \n\n2,831 429 \n\nIsland Pump and Tank, LLC(10)Provider of Facility and Maintenance Services to Fuel Retailers in Northeast U.S.\n\nSecured Debt(9)5/20/202411.25%SF+7.00%5/17/2029456 452 443 \n\nSecured Debt(9) (26)5/20/202410.25%SF+6.00%5/17/20292,111 2,084 2,048 \n\nSecured Debt(9) (26)5/20/202411.25%SF+7.00%5/17/20292,111 2,084 2,048 \n\nSecured Debt(9) (26)5/20/202412.25%SF+8.00%5/17/20292,111 2,084 2,048 \n\n6,704 6,587 \n\nITA Holdings Group, LLCAir Ambulance Services\n\n38\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt(9)6/21/202311.15%SF+7.00%6/21/2027295 292 295 \n\nSecured Debt(9)6/30/202511.15%SF+7.00%6/21/20271,328 1,317 1,327 \n\nSecured Debt(9)6/21/202311.15%SF+7.00%6/21/20271,234 1,130 1,234 \n\nSecured Debt(9)6/21/202311.15%SF+7.00%6/21/20271,234 1,130 1,234 \n\nSecured Debt(9)6/30/202511.15%SF+7.00%6/21/2027443 439 443 \n\nWarrants(8) (27)6/21/202348,3276/21/2033523 3,810 \n\n4,831 8,343 \n\nJackmont Hospitality, Inc.(10)Franchisee of Casual Dining Restaurants\n\nSecured Debt(9) (26)10/26/202211.01%SF+7.00%11/4/20261,501 1,493 1,501 \n\nSecured Debt(9) (26)2/27/202411.23%SF+7.00%11/4/20261,251 1,244 1,251 \n\nSecured Debt(9) (26)11/1/202411.11%SF+7.00%11/4/20261,333 1,316 1,333 \n\nSecured Debt(9)11/8/202110.84%SF+7.00%11/4/20263,475 3,456 3,476 \n\nPreferred Equity11/8/20215,653,333216 1,500 \n\n7,725 9,061 \n\nJoerns Healthcare, LLC(11)Manufacturer and Distributor of Health Care Equipment & Supplies\n\nSecured Debt(9)3/30/202411.94%SF+8.00%3/29/20291,523 1,523 1,523 \n\nSecured Debt(9)3/30/202411.94%SF+8.00%3/29/20291,137 1,137 1,137 \n\nCommon Stock3/29/20244,535,784166 290 \n\n2,826 2,950 \n\nJorVet Holdings, LLCSupplier and Distributor of Veterinary Equipment and Supplies\n\nSecured Debt3/28/202212.00%3/28/20272,591 2,578 2,578 \n\nPreferred Equity(8)3/28/202212,2141,221 1,220 \n\n3,799 3,798 \n\nJTI Electrical & Mechanical, LLC(10)Electrical, Mechanical and Automation Services\n\nSecured Debt(9)8/25/20259.13%SF+5.00%6/20/2030526 526 526 \n\nSecured Debt(9)8/25/202510.13%SF+6.00%10.13%6/20/20303,043 3,043 3,036 \n\nSecured Debt(14)8/25/202515.00%15.00%6/20/20301,404 517 78 \n\nCommon Equity12/22/2021140,351140 — \n\nCommon Equity8/25/202570,00070 — \n\n4,296 3,640 \n\nLLFlex, LLC(10)Provider of Metal-Based Laminates\n\nSecured Debt(9)8/16/202112.14%SF+8.00%3.00%8/16/20264,696 4,683 3,698 \n\nLogix Acquisition Company, LLC(10)Competitive Local Exchange Carrier\n\nSecured Debt(9)4/11/202511.41%SF+7.50%2.75%12/31/202820,551 20,233 20,551 \n\nSecured Debt4/11/202512/31/20281,380 1,065 1,027 \n\n21,298 21,578 \n\nMCT Purchaserco Holding Inc.(10) (13) (21)Manufacturer and Distributor of High-Voltage Disconnect Switches\n\nSecured Debt(9)12/1/20259.36%SF+5.50%12/2/20303,310 3,250 3,250 \n\nSecured Debt(9)12/1/20259.29%SF+5.50%12/2/203021,587 21,375 21,375 \n\nCommon Equity12/1/2025863,506619 619 \n\n25,244 25,244 \n\nMetalforming Holdings, LLCDistributor of Sheet Metal Folding and Metal Forming Equipment\n\n39\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt(17) (30)10/19/202210/19/2025— — — \n\nSecured Debt10/19/20228.75%10/19/20271,266 1,252 1,266 \n\nPreferred Equity(8)10/19/2022434,3318.00%8.00%434 434 \n\nCommon Stock(8)10/19/2022112,865113 720 \n\n1,799 2,420 \n\nMicrobe Formulas, LLC(10)Nutritional Supplements Provider\n\nSecured Debt(9) (30)4/4/2022SF+5.50%4/3/2028— (3)(3)\n\nSecured Debt(9)11/20/20249.32%SF+5.50%4/3/20281,328 1,316 1,328 \n\nSecured Debt(9)4/4/20229.32%SF+5.50%4/3/20281,673 1,659 1,673 \n\n2,972 2,998 \n\nMini Melts of America, LLC(10)Manufacturer and Distributor of Branded Premium Beaded Ice Cream\n\nSecured Debt(9) (28)11/30/202310.06%SF+6.25%11/30/2028930 913 888 \n\nSecured Debt(9) (26)11/30/202310.05%SF+6.25%11/30/2028852 839 813 \n\nSecured Debt(9)11/30/20239.07%SF+5.25%11/30/20283,154 3,110 3,012 \n\nSecured Debt(9)11/30/202311.07%SF+7.25%11/30/20283,154 3,108 3,000 \n\nCommon Equity11/30/2023342,574343 190 \n\n8,313 7,903 \n\nMission Critical Group(10)Backup Power Generation\n\nSecured Debt(9) (30)4/17/2025SF+5.50%4/17/2030— (55)(55)\n\nSecured Debt(9)4/17/20259.33%SF+5.50%4/17/20304,100 3,996 4,100 \n\nSecured Debt(9)4/17/20259.23%SF+5.50%4/17/203018,438 18,123 18,438 \n\nCommon Equity6/7/2023532532 6,690 \n\n22,596 29,173 \n\nMoneyThumb Acquisition, LLCProvider of Software-as-a-Service Financial File Conversion and Reconciliation\n\nSecured Debt8/19/202414.00%8/19/20292,040 1,891 1,891 \n\nPreferred Member Units(8)8/19/202440,82112.00%12.00%481 530 \n\nWarrants(27)8/19/202414,8428/19/2029148 200 \n\n2,520 2,621 \n\nMonitorUS Holding, LLC(10) (13) (21)SaaS Provider of Media Intelligence Services\n\nSecured Debt(9)5/24/202210.18%SF+6.25%5/24/20271,181 1,175 1,272 \n\nSecured Debt(9)5/24/202210.18%SF+6.25%5/24/20273,048 3,031 3,544 \n\nSecured Debt(9)5/24/202210.18%SF+6.25%5/24/20275,164 5,136 5,164 \n\nSecured Debt(9)6/25/202510.18%SF+6.25%5/24/2027355 350 359 \n\nUnsecured Debt1/31/20258.00%8.00%3/31/202623 23 23 \n\nCommon Stock8/30/202230,699,450331 204 \n\n10,046 10,566 \n\nObra Capital, Inc.(10)Provider of Asset Management Services Specialized in Insurance-Linked Strategies\n\nSecured Debt(9) (30)6/21/2024SF+7.25%12/21/2028— (10)(10)\n\nSecured Debt(9)6/21/202411.09%SF+7.25%6/21/202911,859 11,614 11,859 \n\nSecured Debt(9)5/13/202511.09%SF+7.25%6/21/20291,349 1,314 1,349 \n\n12,918 13,198 \n\nOnPoint Industrial Services, LLC(10)Environmental & Facilities Services\n\nSecured Debt(9)12/18/20249.42%SF+5.75%11/16/20271,040 1,033 1,039 \n\nSecured Debt(9)4/1/20249.42%SF+5.75%11/16/20272,888 2,866 2,888 \n\n40\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\n3,899 3,927 \n\nPeaches Holding CorporationWholesale Provider of Consumer Packaging Solutions\n\nCommon Equity5/22/20248061,805 — \n\nPrimeFlight Aviation Services(10) (13)Air Freight & Logistics\n\nSecured Debt(9)5/1/20239.35%SF+5.50%5/1/20295,850 5,728 5,850 \n\nSecured Debt(9)9/7/20239.17%SF+5.50%5/1/2029559 546 559 \n\nSecured Debt(9)1/30/20249.17%SF+5.50%5/1/2029561 552 561 \n\nSecured Debt(9)6/28/20248.92%SF+5.25%5/1/2029638 631 638 \n\nSecured Debt(9)1/21/20259.12%SF+5.25%5/1/20291,414 1,403 1,414 \n\nSecured Debt(9)7/31/20259.09%SF+5.25%5/1/20291,327 1,315 1,327 \n\nSecured Debt(9)11/21/20258.63%SF+4.75%5/1/20291,083 1,073 1,073 \n\n11,248 11,422 \n\nRichardson Sales Solutions(10)Business Services\n\nSecured Debt(9) (28)8/24/20238.86%SF+5.00%8/24/2028340 310 340 \n\nSecured Debt(9)8/24/20238.86%SF+5.00%8/24/202810,023 9,857 10,023 \n\nSecured Debt(9)9/10/20248.93%SF+5.00%8/24/20284,938 4,870 4,938 \n\n15,037 15,301 \n\nRoof Opco, LLC(10)Residential Re-Roofing/Repair\n\nSecured Debt(30)8/27/20218/31/2029— (3)— \n\nSecured Debt8/27/202110.00%10.00%8/31/20294,219 4,197 3,056 \n\nSecured Debt8/27/202110.00%10.00%8/31/20294,219 4,197 2,970 \n\n8,391 6,026 \n\nRoyal Cup Inc.(10)Coffee Roaster and Beverage Solutions Provider\n\nSecured Debt(9) (30)11/26/2025SF+5.25%11/26/2030— (51)(51)\n\nSecured Debt(9) (30)11/26/2025SF+5.25%11/26/2030— (19)(19)\n\nSecured Debt(9) (30)11/26/2025SF+5.25%11/26/2030— (82)(82)\n\nSecured Debt(9)11/26/20258.98%SF+5.25%11/26/203012,000 11,826 11,826 \n\nPreferred Equity11/26/2025857,143857 857 \n\n12,531 12,531 \n\nRug Doctor, LLC.(10)Carpet Cleaning Products and Machinery\n\nSecured Debt(9)7/16/20219.17%SF+5.50%5/16/20284,134 4,030 4,134 \n\nSecured Debt(9)7/16/20219.17%SF+5.50%5/16/20287,590 7,589 7,590 \n\n11,619 11,724 \n\nSlick Innovations, LLCText Message Marketing Platform\n\nSecured Debt9/13/201814.00%3/21/20306,170 6,073 6,170 \n\nCommon Stock(8)9/13/201817,500— 560 \n\n6,073 6,730 \n\nSouth Coast Terminals Holdings, LLC(10)Specialty Toll Chemical Manufacturer\n\nSecured Debt(9) (30)8/8/2024SF+5.25%8/8/2029— — — \n\nSecured Debt(9)8/8/20249.07%SF+5.25%8/8/202933,214 33,190 33,214 \n\nSecured Debt(9)7/31/20259.07%SF+5.25%8/8/20296,525 6,468 6,525 \n\nCommon Equity12/10/20216161 71 \n\n39,719 39,810 \n\nSPAU Holdings, LLC(10)Digital Photo Product Provider\n\n41\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nSecured Debt(9) (30) (28)7/1/2022SF+7.00%7/1/2027— (8)— \n\nSecured Debt(9)7/1/202210.82%SF+7.00%7/1/20274,825 4,789 4,825 \n\nCommon Stock7/1/2022200,000200 200 \n\n4,981 5,025 \n\nTEC Services, LLC(10)Provider of Janitorial Service for Food Retailers\n\nSecured Debt(9) (30)12/31/2024SF+5.50%12/31/2029— (6)(6)\n\nSecured Debt(9) (30)12/31/2024SF+5.50%12/31/2029— (4)(4)\n\nSecured Debt(9)12/31/20249.27%SF+5.50%12/31/20292,310 2,283 2,302 \n\n2,273 2,292 \n\nTex Tech Tennis, LLC(10)Sporting Goods & Textiles\n\nPreferred Equity(23)7/7/20211,000,0001,000 2,900 \n\nThe Affiliati Network, LLCPerformance Marketing Solutions\n\nPreferred Stock9/1/202378,22778 78 \n\nPreferred Stock(8)8/9/2021320,0001,600 1,600 \n\n1,678 1,678 \n\nTitan Meter Midco Corp.(10)Value Added Distributor of a Variety of Metering and Measurement Products and Solutions to the Energy Industry\n\nSecured Debt(9)3/11/202410.17%SF+6.50%3/11/2029554 523 554 \n\nSecured Debt(9)3/11/202410.17%SF+6.50%3/11/202912,917 12,628 12,917 \n\nSecured Debt(9)2/27/202510.17%SF+6.50%3/11/20291,653 1,621 1,653 \n\nSecured Debt(9)8/5/202510.17%SF+6.50%3/11/20291,870 1,829 1,870 \n\nPreferred Equity3/11/2024522,6518.00%8.00%529 590 \n\n17,130 17,584 \n\nU.S. TelePacific Corp.(11)Provider of Communications and Managed Services\n\nSecured Debt(9) (14)6/1/202312.32%SF+8.15%7.00%5/2/20276,741 1,783 2,747 \n\nSecured Debt(14)6/1/20235/2/2027692 15 — \n\n1,798 2,747 \n\nUBM AcquireCo LLCMail Commingling and Logistics Provider\n\nSecured Debt(30)12/20/202512/20/2027— (10)(10)\n\nSecured Debt12/20/202510.00%12/20/203010,700 10,595 10,595 \n\nCommon Equity12/20/2025202,000 2,000 \n\n12,585 12,585 \n\nUPS Intermediate, LLC(10)Provider of Maintenance, Repair, and Overhaul Services for Industrial Equipment Serving the Refining, Chemical, Midstream, Renewables, Power, and Utilities End Markets\n\nSecured Debt(9)7/29/20249.97%SF+6.25%7/27/202919,294 19,005 19,168 \n\nCommon Equity7/29/2024412,371412 420 \n\n19,417 19,588 \n\nUserZoom Technologies, Inc.(10)Provider of User Experience Research Automation Software\n\nSecured Debt(9)1/11/202311.63%SF+7.50%4/5/20293,000 2,953 3,000 \n\n42\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\nVitesse Systems(10)Component Manufacturing and Machining Platform\n\nSecured Debt(28)12/22/202310.98%SF+7.00%12/22/20282,273 2,235 2,273 \n\nSecured Debt(9)12/22/202310.93%SF+7.00%12/22/202812,250 12,067 12,250 \n\n14,302 14,523 \n\nVORTEQ Coil Finishers, LLC(10)Specialty Coating of Aluminum and Light-Gauge Steel\n\nCommon Equity(8)11/30/2021769,231769 2,670 \n\nWash & Wax Systems LLC(10)Express Car Wash Operator\n\nSecured Debt(9)4/30/20259.28%SF+5.50%4/30/202844 44 44 \n\nSecured Debt(9)4/30/20259.34%SF+5.50%4/30/20281,029 1,029 1,029 \n\nSecured Debt4/30/202512.00%12.00%7/31/2028730 730 730 \n\nCommon Equity4/30/2025439465 210 \n\n2,268 2,013 \n\nWatterson Brands, LLC(10)Facility Management Services\n\nSecured Debt(14)12/17/202112.00%4.00%12/17/2026319 317 218 \n\nSecured Debt(14)12/17/202112.00%4.00%12/17/202655 52 37 \n\nSecured Debt(14)12/17/202112.00%4.00%12/17/20262,262 2,254 1,543 \n\nSecured Debt(14)12/17/202112.00%4.00%12/17/20262,041 2,034 1,392 \n\n4,657 3,190 \n\nWinter Services LLC(10)Provider of Snow Removal and Ice Management Services\n\nSecured Debt(9) (28)11/19/202111.49%SF+7.50%11/19/20275,000 4,975 5,000 \n\nSecured Debt(9)11/19/202111.75%SF+7.50%11/19/20272,343 2,326 2,343 \n\nSecured Debt(9)1/16/202410.75%SF+6.50%11/19/20279,050 8,980 9,050 \n\nSecured Debt(9)1/16/202412.75%SF+8.50%11/19/20279,050 8,980 9,050 \n\n25,261 25,443 \n\nWorld Micro Holdings, LLCSupply Chain Management\n\nSecured Debt12/12/202212.00%12/12/20271,364 1,354 1,354 \n\nPreferred Equity(8)12/12/2022530530 530 \n\n1,884 1,884 \n\nXenon Arc, Inc.(10)Tech-enabled Distribution Services to Chemicals and Food Ingredients Primary Producers\n\nSecured Debt(9)12/17/20219.54%SF+5.75%12/20/20281,164 1,150 1,164 \n\nSecured Debt(9)12/17/20219.72%SF+5.75%12/20/20282,304 2,286 2,304 \n\nSecured Debt(9)3/31/20259.52%SF+5.75%12/20/2028604 594 604 \n\n4,030 4,072 \n\nYS Garments, LLC(11)Designer and Provider of Branded Activewear\n\nSecured Debt(9)8/22/201811.48%SF+7.50%8/9/20274,965 4,931 4,167 \n\nZRG Partners, LLC(10)Talent Advisory Services Provider\n\nSecured Debt(9)6/14/202411.75%P+5.00%6/14/2029821 803 821 \n\nSecured Debt(9) (26)6/14/20249.69%SF+6.00%6/14/20291,465 1,441 1,465 \n\nSecured Debt(9)6/14/20249.60%SF+6.00%6/14/2029809 800 809 \n\nSecured Debt(9)6/14/20249.73%SF+6.00%6/14/20295,786 5,706 5,786 \n\n43\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\nPortfolio Company (1) (20)Business DescriptionType of Investment (2) (3) (15)Investment Date (22)Shares/UnitsTotal RateReference Rate and Spread (25)PIK Rate (19)Maturity DatePrincipal (4)Cost (4)Fair Value (18)\n\n8,750 8,881 \n\nSubtotal Non-Control/Non-Affiliate investments (117.8% of net assets at fair value)\n$885,299 $870,244 \n\nTotal Portfolio Company investments, December 31, 2025 (180.8% of net assets at fair value)\n$1,259,923 $1,335,387 \n\nMoney market funds (included in cash and cash equivalents)\n\nFirst American Treasury Obligations Fund Class Z(16)$9,540 $9,540 \n\nFidelity Government Portfolio Fund Class III(34)1,571 1,571 \n\nTotal money market funds$11,111 $11,111 \n\n___________________________________________________\n\n(1)All investments are LMM portfolio investments, unless otherwise noted. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of LMM portfolio investments. All of the Fund’s investments, unless otherwise noted, are encumbered as security for one of the Fund’s Credit Facilities.\n\n(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.\n\n(3)See Note C — Fair Value Hierarchy for Investments — Portfolio Composition and Schedule 12-14 for a summary of geographic location of portfolio companies.\n\n(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.\n\n(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.\n\n(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.\n\n(7)“Non-Control/Non-Affiliate” investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.\n\n(8)Income producing through dividends or distributions.\n\n(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 SOFR floors which range between 0.75% and 5.25%, with a weighted-average floor of 1.31%.\n\n(10)Private Loan portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Private Loan portfolio investments.\n\n(11)Middle Market portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Middle Market portfolio investments.\n\n(12)Other Portfolio investment. See Note C — Fair Value Hierarchy for Investments — Portfolio Composition for a description of Other Portfolio investments.\n\n(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.\n\n(14)Non-accrual or non-income producing debt investment.\n\n(15)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”\n\n44\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments (Continued)\n\nDecember 31, 2025\n\n(dollars in thousands)\n\n(16)Effective yield as of December 31, 2025 was approximately 3.67% on the First American Treasury Obligations Fund Class Z.\n\n(17)Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.\n\n(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.\n\n(19)Investments may have a portion, or all, of their income received from 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 December 31, 2025.\n\n(20)All portfolio company headquarters are based in the U.S., unless otherwise noted.\n\n(21)Portfolio company headquarters are located outside of the U.S.\n\n(22)Investment Date represents the date of initial investment in the security position.\n\n(23)Shares/Units represent ownership in a related real estate or holding entity.\n\n(24)Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.\n\n(25)A majority of the variable rate loans in the Investment Portfolio 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 December 31, 2025, SOFR based contracts in the portfolio had Adjustments ranging from 0.10% to 0.26%.\n\n(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 December 31, 2025.\n\n(27)Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.\n\n(28)Revolving line of credit 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 December 31, 2025.\n\n(29)Index based floating interest rate is subject to contractual maximum base rate of 3.00%.\n\n(30)The position is unfunded and no interest income is being earned as of December 31, 2025. The position may earn a nominal unused facility fee on committed amounts.\n\n(31)Investment is accruing income at the fixed cash rate of 2.50% as of December 31, 2025.\n\n(32)Index based floating interest rate is subject to contractual maximum base rate of 4.00%.\n\n(33)The Fund has entered into an intercreditor agreement that entitles the Fund 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 Fund receives a higher interest rate than the contractual stated interest rate of 11.80% per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.\n\n(34)Effective yield as of December 31, 2025 was approximately 3.42% on the Fidelity Government Portfolio Fund Class III.\n\n45\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements\n\n(Unaudited)\n\nNOTE A — ORGANIZATION AND BASIS OF PRESENTATION\n\n1.Organization\n\nMSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Fund”) is a principal investment firm primarily focused on providing debt capital to private (“Private Loan”) companies owned by or in the process of being acquired by a private equity fund (its “Private Loan investment strategy”). MSC Income’s portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. MSC Income seeks to partner with private equity fund sponsors in its Private Loan investment strategy and primarily invests in secured debt investments of Private Loan companies generally headquartered in the U.S.\n\nMSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its “LMM investment portfolio”), and through those investments MSC Income has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (“Main Street”), a New York Stock Exchange (“NYSE”) listed business development company (“BDC”), utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s LMM investment strategy (the “LMM investment strategy”). Through the LMM investment strategy, MSC Income primarily invested in secured debt investments, equity investments, warrants and other securities of LMM companies typically based in the U.S. Effective upon the MSC Income Listing (as defined below) on January 29, 2025, MSC Income changed its investment strategy for investments in new portfolio companies to be solely focused on its Private Loan investment strategy, rather than its historical focus primarily on the Private Loan investment strategy and secondarily on the LMM investment strategy (as further discussed below).\n\nMSC Income also maintains a legacy portfolio of investments in larger middle market (“Middle Market”) companies (its “Middle Market investment portfolio”) and a limited portfolio of other portfolio (“Other Portfolio”) investments. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. Similar to its Middle Market investments, MSC Income has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as its existing Other Portfolio investments are repaid or sold.\n\nThe “Investment Portfolio,” as used herein, refers to all of MSC Income’s investments in Private Loan portfolio companies, investments in LMM portfolio companies, investments in Middle Market portfolio companies and Other Portfolio investments.\n\nMSIF was formed in November 2011 to operate as an externally managed BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). MSIF has elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, MSIF generally does not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that it distributes to its stockholders.\n\nOn October 28, 2020, MSC Income’s stockholders approved the appointment of MSC Adviser I, LLC (the “Adviser”), which is wholly-owned by Main Street, as MSC Income’s investment adviser and administrator under an Investment Advisory and Administrative Services Agreement dated October 30, 2020 (the “Prior Investment Advisory Agreement”).\n\nOn January 29, 2025, MSC Income’s shares of common stock were listed on the NYSE under the ticker symbol “MSIF” (the “MSC Income Listing”).\n\n46\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nOn January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into an Amended and Restated Investment Advisory and Administrative Services Agreement (the “Advisory Agreement”) with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at a special meeting of MSC Income’s stockholders held on December 11, 2024 (the “2024 Special Meeting”), and the Advisory Agreement became effective upon the MSC Income Listing. In such role, the Adviser has the responsibility to manage the business of MSC Income, including the responsibility to identify, evaluate, negotiate and structure prospective investments, make investment and portfolio management decisions, monitor its Investment Portfolio and provide ongoing administrative services.\n\nOn January 29, 2025, in connection with the MSC Income Listing, the Fund amended and restated its Articles of Amendment and Restatement, as amended, by filing new Articles of Amendment and Restatement of the Fund (the “New Articles”) with the State Department of Assessments and Taxation of the State of Maryland. The New Articles revised the Fund’s charter to, among other things, (i) include a provision that limits the transferability of shares of its common stock outstanding at the time of the MSC Income Listing during the 365-day period following the MSC Income Listing, (ii) reflect an amendment to delete provisions regarding restrictions and requirements applicable to its DRIP (as defined below), (iii) reflect an amendment to delete provisions prohibiting acquisitions of assets in exchange for shares of its common stock and restricting certain transactions between the Fund and the Adviser and its affiliates and (iv) delete certain provisions required by, and remove references to, the NASAA Guidelines in order to conform certain provisions of the Fund’s charter more closely to provisions in the charters of other BDCs whose securities are listed and publicly-traded on a national securities exchange.\n\nOn January 30, 2025, in connection with the MSC Income Listing, MSC Income closed a follow-on public offering of 5,500,000 shares of its common stock, at the public offering price of $15.53 per share. In addition, on February 3, 2025, MSC Income issued and sold 825,000 additional shares of its common stock, at the public offering price of $15.53 per share, pursuant to the underwriters’ full exercise of their overallotment option (together with the offering and sale of the 5,500,000 shares, the “MSC Income Offering”). Net of underwriting discounts and commissions and offering costs, the Fund received net cash proceeds of $90.5 million in connection with the MSC Income Offering.\n\nMSIF has certain direct and indirect wholly-owned subsidiaries that have elected to be taxable entities (the “Taxable Subsidiaries”). The primary purpose of the Taxable Subsidiaries is to permit MSIF to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes. MSIF also has certain direct and indirect wholly-owned subsidiaries formed for financing purposes (the “Structured Subsidiaries”).\n\nUnless otherwise noted or the context otherwise indicates, the terms “MSC Income” and the “Fund” refer to MSIF and its consolidated subsidiaries, which include the Taxable Subsidiaries and the Structured Subsidiaries.\n\n2.Basis of Presentation\n\nMSC Income’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies (“ASC 946”). For each of the periods presented herein, MSC Income’s consolidated financial statements include the accounts of MSIF and its consolidated subsidiaries. MSC Income’s results of operations for the three months ended March 31, 2026 and 2025, cash flows for the three months ended March 31, 2026 and 2025 and financial position as of March 31, 2026 and December 31, 2025 are presented on a consolidated basis. The effects of all intercompany transactions between MSIF and its consolidated subsidiaries have been eliminated in consolidation.\n\n47\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nThe accompanying unaudited consolidated financial statements of MSC Income are presented in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2025. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods included herein. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the operating results to be expected for the full year. Financial statements prepared on a U.S. GAAP basis require management to make estimates and assumptions that affect the amounts and disclosures reported in the consolidated financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.\n\nPrinciples of Consolidation\n\nUnder ASC 946, MSC Income is precluded from consolidating other entities in which MSC Income has equity investments, including those in which it has a controlling interest, unless the other entity is another investment company. An exception to this general principle in ASC 946 occurs if MSC Income holds a controlling interest in an operating company that provides all or substantially all of its services directly to MSC Income. Accordingly, as noted above, MSC Income’s consolidated financial statements include the financial position and operating results for the Taxable Subsidiaries and the Structured Subsidiaries. MSC Income has determined that none of its portfolio investments qualify for this exception. Therefore, MSC Income’s Investment Portfolio is carried on the Consolidated Balance Sheets at fair value (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio below) with any adjustments to fair value recognized as “Net Unrealized Appreciation (Depreciation)” until the investment is realized, usually upon exit, resulting in any gain or loss being recognized as a “Net Realized Gain (Loss),” in both cases, on the Consolidated Statements of Operations.\n\nPortfolio Investment Classification\n\nMSC Income classifies its Investment Portfolio in accordance with the requirements of the 1940 Act. Under the 1940 Act, (a) “Control” investments are defined as investments in which MSC Income owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate” investments are defined as investments in which MSC Income owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation and (c) “Non-Control/Non-Affiliate” investments are defined as investments that are neither Control investments nor Affiliate investments. For purposes of determining the classification of its Investment Portfolio, MSC Income has excluded consideration of any voting securities or board appointment rights held by Main Street or any other advisory clients of the Adviser.\n\nNOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES\n\n1.Valuation of the Investment Portfolio\n\nMSC Income accounts for its Investment Portfolio at fair value. As a result, MSC Income follows the provisions of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. ASC 820 requires MSC Income to assume that the portfolio investment is to be sold in the principal market to independent market participants, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact.\n\n48\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMSC Income’s investment strategy calls for it to invest primarily in debt securities issued by Private Loan companies. MSC Income also maintains its LMM investment portfolio and its investment strategy calls for it to invest in future follow-on investments in illiquid debt and equity securities issued by its existing LMM portfolio companies, as or if such opportunities exist. Effective on the date of the MSC Income Listing, the Fund changed its investment strategy with respect to new platform investments to be solely focused on the Private Loan investment strategy. As a result, the size of the LMM investment portfolio is expected to decrease over time as existing LMM investments are repaid or sold in the ordinary course of business. MSC Income also maintains a legacy portfolio of investments in Middle Market companies and a limited portfolio of Other Portfolio investments which are also expected to decrease over time as MSC Income is generally no longer making new Middle Market investments or Other Portfolio investments. MSC Income’s portfolio investments may be subject to restrictions on resale.\n\nPrivate Loan investments may include investments which have no established market or have established markets that are not active, while LMM investments and Other Portfolio investments generally have no established trading market. Middle Market portfolio investments generally have established markets that are not active. MSC Income determines in good faith the fair value of its Investment Portfolio pursuant to a valuation policy in accordance with ASC 820, with such valuation process approved by its Board of Directors and in accordance with the 1940 Act. MSC Income’s valuation policies and processes are intended to provide a consistent basis for determining the fair value of MSC Income’s Investment Portfolio.\n\nFor Private Loan and Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value the investment in a current hypothetical sale using the yield-to-maturity model (“Yield-to-Maturity”) valuation method. For LMM portfolio investments, MSC Income generally reviews external events, including private mergers, sales and acquisitions involving comparable companies, and includes these events in the valuation process by using an enterprise value waterfall (“Waterfall”) valuation method for its LMM equity investments and an income approach using a Yield-to-Maturity valuation method for its LMM debt investments. For Middle Market portfolio investments in debt securities for which it has determined that third-party quotes or other independent prices are available, MSC Income primarily uses quoted prices in the valuation process. MSC Income determines the appropriateness of the use of third-party broker quotes, if any, in determining fair value based on its understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer, the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company and other market indices. For its Other Portfolio equity investments, MSC Income generally calculates the fair value of the investment primarily based on the net asset value (“NAV”) of the investment fund and adjusts the fair value for other factors deemed relevant that would affect the fair value of the investment. All of the valuation approaches for MSC Income’s portfolio investments estimate the value of the investment as if MSC Income were to sell, or exit, the investment as of the measurement date.\n\nThese valuation approaches consider the value associated with MSC Income’s ability to control the capital structure of the portfolio company, as well as the timing of a potential exit. For valuation purposes, “control” portfolio investments are composed of debt and equity securities in companies for which MSC Income has a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors. For valuation purposes, “non-control” portfolio investments are generally composed of debt and equity securities in companies for which MSC Income does not have a controlling interest in the equity ownership of the portfolio company or the ability to nominate a majority of the portfolio company’s board of directors.\n\n49\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nUnder the Waterfall valuation method, MSC Income estimates the enterprise value of a portfolio company using a combination of market and income approaches or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations of the portfolio company, and then performs a Waterfall calculation by allocating the enterprise value over the portfolio company’s securities in order of their preference relative to one another. The enterprise value is the fair value at which an enterprise could be sold in a transaction between two willing parties, other than through a forced or liquidation sale. Typically, privately held companies are bought and sold based on multiples of earnings before interest, taxes, depreciation and amortization (“EBITDA”), cash flows, net income, revenues, or in limited cases, book value. There is no single methodology for estimating enterprise value. For any one portfolio company, enterprise value is generally described as a range of values from which a single estimate of enterprise value is derived. In estimating the enterprise value of a portfolio company, MSC Income analyzes various factors including the portfolio company’s historical and projected financial results. Due to Securities and Exchange Commission (“SEC”) deadlines for MSC Income’s quarterly and annual financial reporting, the operating results of a portfolio company used in the current period valuation are generally the results from the period ended three months prior to such valuation date and may include unaudited, projected, budgeted or pro forma financial information and may require adjustments for non-recurring items or to normalize the operating results that may require significant judgment in determining. In addition, projecting future financial results requires significant judgment regarding future growth assumptions. In evaluating the operating results, MSC Income also analyzes the impact of exposure to litigation, loss of customers or other contingencies. After determining the appropriate enterprise value, MSC Income allocates the enterprise value to investments in order of the legal priority of the various components of the portfolio company’s capital structure. In applying the Waterfall valuation method, MSC Income assumes the loans are paid-off at the principal amount in a change in control transaction and are not assumed by the buyer, which MSC Income believes is consistent with its past transaction history and standard industry practices.\n\nUnder the Yield-to-Maturity valuation method, MSC Income also uses the income approach to determine the fair value of debt securities based on projections of the discounted future free cash flows that the debt security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of the portfolio company. MSC Income’s estimate of the expected repayment date of its debt securities is generally the maturity date of the instrument, as MSC Income generally intends to hold its loans and debt securities to maturity. The Yield-to-Maturity analysis also considers changes in leverage levels, credit quality, portfolio company performance, changes in market-based interest rates and other factors. MSC Income will generally use the value determined by the Yield-to-Maturity analysis as the fair value for that security; however, because of MSC Income’s general intent to hold its loans to maturity, the fair value will not exceed the principal amount of the debt security valued using the Yield-to-Maturity valuation method. A change in the assumptions that MSC Income uses to estimate the fair value of its debt securities using the Yield-to-Maturity valuation method could have a material impact on the determination of fair value. If there is deterioration in credit quality or if a debt security is in workout status, MSC Income may consider other factors in determining the fair value of the debt security, including the value attributable to the debt security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.\n\nUnder the NAV valuation method, for an investment in an investment fund that does not have a readily determinable fair value, MSC Income measures the fair value of the investment predominately based on the NAV of the investment fund as of the measurement date and adjusts the investment’s fair value for factors known to MSC Income that would affect that fund’s NAV, including, but not limited to, fair values for individual investments held by the fund if MSC Income holds the same investment or for a publicly traded investment. In addition, in determining the fair value of the investment, MSC Income considers whether adjustments to the NAV are necessary in certain circumstances, based on the analysis of any restrictions on redemption of MSC Income’s investment as of the measurement date, recent actual sales or redemptions of interests in the investment fund, and expected future cash flows available to equity holders, including the rate of return on those cash flows compared to an implied market return on equity required by market participants, or other uncertainties surrounding MSC Income’s ability to realize the full NAV of its interests in the investment fund.\n\n50\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nPursuant to its internal valuation process and the requirements under the 1940 Act, MSC Income performs valuation procedures on each of its portfolio investments quarterly. In addition to its internal valuation process, in arriving at estimates of fair value for its investments in its Private Loan portfolio companies, MSC Income, among other things, consults with a nationally recognized independent financial advisory services firm (the “Financial Advisory Firm”). The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding MSC Income’s determinations of the fair value of its Private Loan portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income’s investments in each Private Loan portfolio company at least once every calendar year, and for MSC Income’s investments in new Private Loan portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, MSC Income may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more Private Loan portfolio companies. Such instances include, but are not limited to, situations where the fair value of MSC Income’s investment in a Private Loan portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 15 and 13 Private Loan portfolio companies as of March 31, 2026 and 2025, respectively, representing 30% and 26% of the total Private Loan portfolio at fair value as of March 31, 2026 and 2025, respectively. A total of 60 Private Loan portfolio companies were reviewed and certified by the Financial Advisory Firm as of the end of a fiscal quarter during the trailing twelve months ended March 31, 2026, representing 83% of the total Private Loan portfolio at fair value as of March 31, 2026. Excluding its investments in Private Loan portfolio companies that, as of March 31, 2026, had not been in the Investment Portfolio for at least twelve months subsequent to the initial investment, 97% of the Private Loan portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2026.\n\nFor valuation purposes, all of MSC Income’s Private Loan portfolio investments are non-control investments. For Private Loan portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Private Loan debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Private Loan equity investments in a current hypothetical sale using the Waterfall valuation method.\n\nIn addition to its internal valuation process, in arriving at estimates of fair value for its investments in its LMM portfolio companies, MSC Income, among other things, consults with the Financial Advisory Firm. The Financial Advisory Firm analyzes and provides observations, recommendations and an assurance certification regarding MSC Income’s determinations of the fair value of its LMM portfolio company investments. The Financial Advisory Firm is generally consulted relative to MSC Income’s investments in each LMM portfolio company at least once every calendar year, and for MSC Income’s investments in new LMM portfolio companies, at least once in the twelve-month period subsequent to the initial investment. In certain instances, MSC Income may determine that it is not cost-effective, and as a result is not in its stockholders’ best interest, to consult with the Financial Advisory Firm on its investments in one or more LMM portfolio companies. Such instances include, but are not limited to, situations where the fair value of MSC Income’s investment in a LMM portfolio company is determined to be insignificant relative to the total Investment Portfolio. MSC Income consulted with and received an assurance certification from the Financial Advisory Firm in arriving at its determination of fair value for its investments in a total of 13 and 12 LMM portfolio companies as of March 31, 2026 and 2025, respectively, representing 30% and 26% of the total LMM portfolio at fair value as of March 31, 2026 and 2025, respectively. A total of 48 LMM portfolio companies were reviewed and certified by the Financial Advisory Firm as of the end of a fiscal quarter during the trailing twelve months ended March 31, 2026, representing 96% of the total LMM portfolio at fair value as of March 31, 2026. Excluding its investments in LMM portfolio companies whose primary purpose is to own real estate for which a third-party appraisal is obtained on at least an annual basis, 99% of the LMM portfolio at fair value was reviewed and certified by the Financial Advisory Firm during the trailing twelve months ended March 31, 2026.\n\n51\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nFor valuation purposes, all of MSC Income’s Middle Market portfolio investments are non-control investments. To the extent sufficient observable inputs are available to determine fair value, MSC Income uses observable inputs to determine the fair value of these investments through obtaining third-party quotes or other independent pricing. For Middle Market portfolio investments for which it has determined that third-party quotes or other independent pricing are not available or appropriate, MSC Income generally estimates the fair value based on the assumptions that it believes hypothetical market participants would use to value such Middle Market debt investments in a current hypothetical sale using the Yield-to-Maturity valuation method and such Middle Market equity investments in a current hypothetical sale using the Waterfall valuation method. MSC Income generally consults on a limited basis with the Financial Advisory Firm in connection with determining the fair value of its Middle Market portfolio investments due to the nature of these investments. The vast majority (86% and 85% as of March 31, 2026 and December 31, 2025, respectively) of the Middle Market portfolio investments (i) are valued using third-party quotes or other independent pricing services or (ii) MSC Income has consulted with and received an assurance certification from the Financial Advisory Firm within the last twelve months.\n\nFor valuation purposes, all of MSC Income’s Other Portfolio investments are non-control investments. MSC Income’s Other Portfolio investments comprised 1.1% and 1.2% of MSC Income’s Investment Portfolio at fair value as of March 31, 2026 and December 31, 2025, respectively. Similar to the LMM investment portfolio, market quotations for Other Portfolio equity investments are generally not readily available. For its Other Portfolio equity investments, MSC Income generally determines the fair value of these investments using the NAV valuation method.\n\nDue to the inherent uncertainty in the valuation process, MSC Income’s determination of fair value for its Investment Portfolio may differ materially from the values that would have been determined had a ready market for the securities existed. In addition, changes in the market environment, portfolio company performance and other events that may occur over the lives of the investments may cause the gains or losses ultimately realized on these investments to be materially different than the valuations currently assigned. MSC Income determines the fair value of each individual investment and records changes in fair value as unrealized appreciation or depreciation.\n\nMSC Income uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures for its Private Loan, LMM and Middle Market portfolio companies. This system takes into account both quantitative and qualitative factors of each Private Loan, LMM and Middle Market portfolio company.\n\nRule 2a-5 under the 1940 Act permits a BDC’s board of directors to designate its executive officers or investment adviser as a valuation designee to determine the fair value for its investment portfolio, subject to the active oversight of the board. MSC Income’s Board of Directors has approved policies and procedures pursuant to Rule 2a-5 (the “Valuation Procedures”) and has designated the Adviser, led by a group of its executive officers, to serve as the Board of Directors’ valuation designee. MSC Income believes its Investment Portfolio as of March 31, 2026 and December 31, 2025 approximates fair value as of those dates based on the markets in which it operates and other conditions in existence on those reporting dates.\n\n2.Use of Estimates\n\nThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results may differ from these estimates under different conditions or assumptions. Additionally, as explained in Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio, the consolidated financial statements include investments in the Investment Portfolio whose values have been estimated by MSC Income, pursuant to the Valuation Procedures, in the absence of readily ascertainable market values. Because of the inherent uncertainty of the Investment Portfolio valuations, those estimated values may differ materially from the values that would have been determined had a ready market for the securities existed.\n\n52\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMacroeconomic factors, including pandemics, risk of recession, inflation, supply chain constraints or disruptions, geopolitical disruptions, uncertainty with respect to the imposition of tariffs on and trade disputes with certain countries and changing market index interest rates, and the related effect on the U.S. and global economies, have impacted, and may continue to impact, the businesses and operating results of certain of MSC Income’s portfolio companies. As a result of these and other current effects of macroeconomic factors, as well as the uncertainty regarding the extent and duration of their impact, the valuation of MSC Income’s Investment Portfolio has and may continue to experience increased volatility.\n\n3.Cash and Cash Equivalents\n\nCash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are carried at cost, which approximates fair value. As of March 31, 2026 and December 31, 2025, the Fund had $8.7 million and $11.1 million, respectively, of cash equivalents invested in AAA-rated money market funds pending investment in the Fund’s primary investment strategies. These highly liquid investments are included in the Consolidated Schedule of Investments.\n\nAs of March 31, 2026 and December 31, 2025, cash balances totaling $5.9 million and $8.5 million, respectively, exceeded Federal Deposit Insurance Corporation insurance protection levels, subjecting the Fund to risk related to the uninsured balance.\n\n4.Interest, Dividend and Fee Income\n\nMSC Income records interest and dividend income on the accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. MSC Income evaluates accrued interest and dividend income periodically for collectability. When a loan or debt security becomes 90 days or more past due, and if MSC Income otherwise does not expect the debtor to be able to service its debt obligation, MSC Income will generally place the loan or debt security on non-accrual status and cease recognizing interest income on that loan or debt security until the borrower has demonstrated the ability and intent to pay contractual amounts due. If a loan or debt security’s status significantly improves regarding the debtor’s ability to service the debt obligation, or if a loan or debt security is sold or written off, MSC Income removes it from non-accrual status. Generally, any interest payments received for investments on non-accrual status reduce the cost basis of the investment and are not recorded as income.\n\nAs of March 31, 2026, investments on non-accrual status were $15.1 million at fair value and $55.0 million at cost and comprised 1.1% and 4.2% of MSC Income’s total Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, investments on non-accrual status were $13.7 million at fair value and $49.0 million at cost and comprised 1.0% and 3.9% of MSC Income’s total Investment Portfolio at fair value and cost, respectively.\n\nMSC Income holds certain debt and preferred equity instruments in its Investment Portfolio that contain PIK interest and cumulative dividend provisions. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. Cumulative dividends are recorded as dividend income, and any dividends in arrears are added to the balance of the preferred equity investment. The actual collection of these dividends in arrears may be deferred until such time as the preferred equity is redeemed or sold. To maintain RIC tax treatment (see Note B.8. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the PIK interest and cumulative dividends in cash. MSC Income stops accruing PIK interest and cumulative dividends and writes off any accrued and uncollected interest and dividends in arrears when it determines that such PIK interest and dividends in arrears are no longer collectible. For the three months ended March 31, 2026 and 2025, (i) 7.3% and 5.8%, respectively, of MSC Income’s total investment income was attributable to PIK interest income not paid currently in cash and (ii) 0.8% and 0.2%, respectively, of MSC Income’s total investment income was attributable to cumulative dividend income not paid currently in cash.\n\n53\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMSC Income may periodically provide services, including structuring and advisory services, to its portfolio companies or other third parties. For services that are separately identifiable and evidence exists to substantiate fair value, fee income is recognized as earned, which is generally when the investment or other applicable transaction closes. Fees received in connection with debt financing transactions for services that do not meet these criteria are treated as debt origination fees and are generally deferred and accreted into income over the life of the financing.\n\nA presentation of total investment income MSC Income earned from its Investment Portfolio in each of the periods presented is as follows:\n\nThree Months Ended\nMarch 31,\n\n20262025\n\n(in thousands)\n\nInterest, dividend and fee income:\n\nInterest income$29,379 $27,424 \n\nDividend income3,538 5,142 \n\nFee income1,170 661 \n\nTotal investment income$34,087 $33,227 \n\n5.Deferred Financing Costs\n\nDeferred financing costs include commitment fees and other direct costs incurred in connection with arranging MSC Income’s borrowings. Deferred financing costs incurred in connection with the Credit Facilities (as defined in Note D — Debt) are capitalized as an asset. Deferred financing costs incurred in connection with the October 2026 Notes and the May 2029 Notes (as defined in Note D — Debt) are reflected as a direct deduction from the principal amount outstanding.\n\n6.Equity Offering Costs\n\nThe Fund’s offering costs are charged against the proceeds from equity offerings when the proceeds are received.\n\n7.Unearned Income — Debt Origination Fees and Original Issue Discount and Discounts / Premiums to Par Value\n\nMSC Income capitalizes debt origination fees received in connection with financings and reflects such fees as unearned income netted against the applicable debt investments. The unearned income from the fees is accreted into income over the life of the financing.\n\nIn connection with its portfolio debt investments, MSC Income sometimes receives nominal cost warrants or warrants with an exercise price below the fair value of the underlying equity (together, “nominal cost equity”) that are valued as part of the negotiation process with the particular portfolio company. When MSC Income receives nominal cost equity, it allocates its cost basis in its investment between its debt security and its nominal cost equity at the time of origination based on amounts negotiated with the particular portfolio company. The allocated amounts are based upon the fair value of the nominal cost equity, which is then used to determine the allocation of cost to the debt security. Any discount recorded on a debt investment resulting from this allocation is reflected as unearned income, which is netted against the applicable debt investment, and accreted into interest income over the life of the debt investment. The actual collection of this interest is deferred until the time of debt principal repayment.\n\nMSC Income may also purchase debt securities at a discount or at a premium to the par value of the debt security. In the case of a purchase at a discount, MSC Income records the investment at the par value of the debt security net of the discount, and the discount is accreted into interest income over the life of the debt investment. In the case of a purchase at a premium, MSC Income records the investment at the par value of the debt security plus the premium, and the premium is amortized as a reduction to interest income over the life of the debt investment.\n\n54\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nTo maintain RIC tax treatment (see Note B.8. — Summary of Significant Accounting Policies — Income Taxes below), these non-cash sources of income may need to be paid out to stockholders in the form of distributions, even though MSC Income may not have collected the interest income. For the three months ended March 31, 2026 and 2025, 2.6% and 2.3%, respectively, of MSC Income’s total investment income was attributable to interest income from the accretion of discounts associated with debt investments, net of any premium amortization.\n\n8.Income Taxes\n\nMSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSIF generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSIF distributes to its stockholders. MSIF must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) the filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.\n\nThe Taxable Subsidiaries primarily hold certain equity investments for MSC Income. The Taxable Subsidiaries permit MSC Income to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSC Income for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSIF for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in MSC Income’s consolidated financial statements.\n\nThe Taxable Subsidiaries use the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided, if necessary, against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. MSC Income’s net assets as included on the Consolidated Balance Sheets and Consolidated Statements of Changes in Net Assets include an adjustment to classification as a result of permanent book-to-tax differences, which include differences in the book and tax treatment of income and expenses.\n\nTaxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized.\n\n9.Net Realized Gains or Losses and Net Unrealized Appreciation or Depreciation\n\nRealized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net unrealized appreciation or depreciation reflects the net change in the fair value of the Investment Portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.\n\n55\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\n10.Fair Value of Financial Instruments\n\nFair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. MSC Income believes that the carrying amounts of its financial instruments, consisting of cash and cash equivalents, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.\n\nMSC Income’s debt instruments, including all revolving and term debt, are accounted for on a historical cost basis as applicable under U.S. GAAP. As also required under U.S. GAAP, MSC Income discloses the estimated fair value of its debt obligations in Note D — Debt. To estimate the fair value of MSC Income’s October 2026 Notes and May 2029 Notes as disclosed in Note D — Debt, MSC Income uses the Yield-to-Maturity valuation method based on projections of the discounted future free cash flows that the debt security will likely generate, including both the discounted cash flows of the associated interest and principal amounts for the debt security. The inputs used to value MSC Income’s debt instruments for purposes of the fair value estimate disclosures in Note D — Debt are considered to be Level 2 according to the ASC 820 fair value hierarchy.\n\n11.Earnings Per Share\n\nBasic and diluted per share calculations, including net increase in net assets resulting from operations per share and net investment income per share, are computed utilizing the weighted-average number of shares of common stock outstanding for the period.\n\n12.Segments\n\nMSC Income operates as a single segment with a principal investment objective to maximize total return, primarily by generating current income from debt investments and, to a lesser extent, by generating current income and capital appreciation from equity and equity-related investments. The Adviser’s Investment Committee and the Fund’s Chief Executive Officer collectively perform the function that allocates resources and assesses performance, and thus together, serve as the Fund’s chief operating decision maker (the “CODM”). Among other metrics, the CODM uses net investment income as a primary U.S. GAAP profit or loss metric used in making operating decisions, which can be found on the Consolidated Statement of Operations along with significant expenses. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.\n\n13.Recently Issued or Adopted Accounting Standards\n\nFrom time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that are adopted by the Fund as of the specified effective date. The Fund believes that the impact of recently issued standards and any that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.\n\nNOTE C — FAIR VALUE HIERARCHY FOR INVESTMENTS — PORTFOLIO COMPOSITION\n\nASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the quality of inputs used to measure fair value, and enhances disclosure requirements for fair value measurements. MSC Income accounts for its investments at fair value.\n\nFair Value Hierarchy\n\nIn accordance with ASC 820, MSC Income has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).\n\nInvestments recorded on MSC Income’s Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:\n\nLevel 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that MSC Income has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).\n\n56\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nLevel 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment. Level 2 inputs include the following:\n\n•Quoted prices for similar assets in active markets (for example, investments in restricted stock);\n\n•Quoted prices for identical or similar assets in non-active markets (for example, investments in thinly traded public companies);\n\n•Pricing models whose inputs are observable for substantially the full term of the investment (for example, market interest rate indices); and\n\n•Pricing models whose inputs are derived principally from, or corroborated by, observable market data through correlation or other means for substantially the full term of the investment.\n\nLevel 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.\n\nAs required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).\n\nAs of March 31, 2026 and December 31, 2025, all of MSC Income’s Private Loan portfolio investments consisted of illiquid securities issued by privately held companies. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of MSC Income’s Private Loan portfolio investments were categorized as Level 3 as of March 31, 2026 and December 31, 2025.\n\nAs of March 31, 2026 and December 31, 2025, all of MSC Income’s LMM portfolio investments consisted of illiquid securities issued by privately held companies and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of MSC Income’s LMM portfolio investments were categorized as Level 3 as of March 31, 2026 and December 31, 2025.\n\nAs of March 31, 2026 and December 31, 2025, MSC Income’s Middle Market portfolio investments consisted primarily of investments in secured and unsecured debt investments and independently rated debt investments. The fair value determination for these investments consisted of a combination of observable inputs in non-active markets for which sufficient observable inputs were not available to determine the fair value of these investments and unobservable inputs. As a result, all of MSC Income’s Middle Market portfolio investments were categorized as Level 3 as of March 31, 2026 and December 31, 2025.\n\nAs of March 31, 2026 and December 31, 2025, all of MSC Income’s Other Portfolio investments consisted of illiquid securities issued by privately held entities and the fair value determination for these investments primarily consisted of unobservable inputs. As a result, all of MSC Income’s Other Portfolio investments were categorized as Level 3 as of March 31, 2026 and December 31, 2025.\n\nAs of March 31, 2026 and December 31, 2025, all money market funds included in cash and cash equivalents were valued using Level 1 inputs.\n\n57\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nThe fair value determination of each portfolio investment categorized as Level 3 required one or more of the following unobservable inputs:\n\n•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted financial information;\n\n•Current and projected financial condition of the portfolio company;\n\n•Current and projected ability of the portfolio company to service its debt obligations;\n\n•Type and amount of collateral, if any, underlying the investment;\n\n•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;\n\n•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);\n\n•Pending debt or capital restructuring of the portfolio company;\n\n•Projected operating results of the portfolio company;\n\n•Current information regarding any offers to purchase the investment;\n\n•Current ability of the portfolio company to raise any additional financing as needed;\n\n•Changes in the economic environment which may have a material impact on the operating results of the portfolio company;\n\n•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;\n\n•Qualitative assessment of key management;\n\n•Contractual rights, obligations or restrictions associated with the investment; and\n\n•Other factors deemed relevant.\n\nThe use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of MSC Income’s LMM equity securities, which are generally valued through an average of the discounted cash flow technique and the market comparable/enterprise value technique (unless one of these approaches is determined to not be appropriate), are (i) EBITDA multiples and (ii) the weighted-average cost of capital (“WACC”). Significant increases (decreases) in EBITDA multiple inputs in isolation would result in a significantly higher (lower) fair value measurement, and significant increases (decreases) in WACC inputs in isolation would result in a significantly lower (higher) fair value measurement. The significant unobservable inputs used in the fair value measurement of MSC Income’s Private Loan, LMM and Middle Market debt securities are (i) risk adjusted discount rates used in the Yield-to-Maturity valuation technique (see Note B.1. — Summary of Significant Accounting Policies — Valuation of the Investment Portfolio) and (ii) the percentage of expected principal recovery. Significant increases (decreases) in any of these discount rates in isolation would result in a significantly lower (higher) fair value measurement. Significant increases (decreases) in any of these expected principal recovery percentages in isolation would result in a significantly higher (lower) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.\n\n58\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nA summary of the significant unobservable inputs used in the fair value measurement of MSC Income’s Level 3 portfolio investments as of March 31, 2026 and December 31, 2025 is as follows:\n\nType of\nInvestment\nFair Value as of\n\nMarch 31,\n2026\n\n(in thousands)\nValuation TechniqueSignificant\nUnobservable InputsRange (3)Weighted-Average\n(3)(4)Median (3)\n\nEquity investments$317,983 Discounted cash flowWACC\n11.4% - 22.3%\n14.6%15.1%\n\nMarket comparable / Enterprise valueEBITDA multiple (1)\n5.0x - 9.0x (2)\n7.3x7.0x\n\nDebt investments$1,046,617 Discounted cash flowRisk adjusted discount rate (5)\n7.5% - 18.0% (2)\n12.2%11.3%\n\nExpected principal recovery percentage\n0.1% - 500.0%\n99.9%100.0%\n\nDebt investments$4,602 Market approachThird-party quote\n14.5 - 61.4\n44.741.2\n\nTotal Level 3 investments$1,369,202 \n\n_____________________\n\n(1)EBITDA may include pro forma adjustments and/or other add-backs based on specific circumstances related to each investment.\n\n(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 2.0x - 13.5x and the range for risk adjusted discount rate is 5.4% - 32.6%.\n\n(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.\n\n(4)Weighted-Average is calculated for each significant unobservable input based on the applicable security’s fair value.\n\n(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.\n\n59\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nType of\nInvestment\nFair Value as of\n\nDecember 31, 2025\n\n(in thousands)\nValuation TechniqueSignificant\nUnobservable InputsRange (3)Weighted-Average\n(3)(4)Median (3)\n\nEquity investments$317,892 Discounted cash flowWACC\n11.4% - 22.2%\n14.5%15.0%\n\nMarket comparable / Enterprise valueEBITDA multiple (1)\n5.0x - 8.9x (2)\n7.1x7.0x\n\nDebt investments$1,012,883 Discounted cash flowRisk adjusted discount rate (5)\n7.5% - 18.0% (2)\n12.0%11.3%\n\nExpected principal recovery percentage\n0.0% - 500.0%\n100.0%100.0%\n\nDebt investments$4,612 Market approachThird-party quote\n14.5 - 63.0\n45.140.8\n\nTotal Level 3 investments$1,335,387 \n\n_____________________\n\n(1)EBITDA may include pro forma adjustments and/or other add-backs based on specific circumstances related to each investment.\n\n(2)Range excludes outliers that are greater than one standard deviation from the mean. Including these outliers, the range for EBITDA multiple is 1.2x - 13.5x and the range for risk adjusted discount rate is 5.4% - 40.4%.\n\n(3)Does not include investments for which the valuation technique does not include the use of the applicable fair value input.\n\n(4)Weighted-Average is calculated for each significant unobservable input based on the applicable security’s fair value.\n\n(5)Discount rate includes the effect of the standard SOFR base rate, as applicable.\n\n60\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nA summary of changes in the fair value of MSC Income’s Level 3 portfolio investments for the three months ended March 31, 2026 and 2025 is as follows (in thousands):\n\nType of\nInvestment\nFair Value\n\nas of\n\nDecember 31,\n2025\nTransfers\nInto (Out of)\nLevel 3\nHierarchyRedemptions/\nRepaymentsNew\nInvestmentsNet\nChanges\nfrom\nUnrealized\nto RealizedNet\nUnrealized\nAppreciation\n(Depreciation)Other (1)\nFair Value\n\nas of\n\nMarch 31,\n2026\n\nDebt$1,017,495 $— $(33,081)$75,643 $(656)$(8,162)$(20)$1,051,219 \n\nEquity310,102 — (8,470)2,516 676 5,449 20 310,293 \n\nEquity Warrant7,790 — — — — (100)— 7,690 \n\n$1,335,387 $— $(41,551)$78,159 $20 $(2,813)$— $1,369,202 \n\n______________________\n\n(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.\n\nType of\nInvestment\nFair Value\n\nas of\n\nDecember 31,\n2024\nTransfers\nInto (Out of)\nLevel 3\nHierarchyRedemptions/\nRepaymentsNew\nInvestmentsNet\nChanges\nfrom\nUnrealized\nto RealizedNet\nUnrealized\nAppreciation\n(Depreciation)Other (1)\nFair Value\n\nas of\n\nMarch 31,\n2025\n\nDebt$895,676 $— $(74,862)$144,667 $23,520 $(7,955)$(11,612)$969,434 \n\nEquity277,553 — (6,617)1,397 (2,289)4,295 11,612 285,951 \n\nEquity Warrant4,278 — — — — 1,190 — 5,468 \n\n$1,177,507 $— $(81,479)$146,064 $21,231 $(2,470)$— $1,260,853 \n\n_____________________\n\n(1)Includes the impact of non-cash conversions. These transactions represent non-cash investing activities. See additional cash flow information in the Consolidated Statements of Cash Flows.\n\n61\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nAs of March 31, 2026 and December 31, 2025, MSC Income’s investments at fair value were categorized as follows in the fair value hierarchy for ASC 820 purposes:\n\nFair Value Measurements\n\n(in thousands)\n\nMarch 31, 2026\nFair ValueQuoted Prices in\nActive Markets for\nIdentical Assets\n(Level 1)Significant Other\nObservable Inputs\n(Level 2)Significant\nUnobservable\nInputs\n(Level 3)\n\nPrivate Loan portfolio investments$823,061 $— $— $823,061 \n\nLMM portfolio investments507,583 — — 507,583 \n\nMiddle Market portfolio investments22,995 — — 22,995 \n\nOther Portfolio investments15,563 — — 15,563 \n\nTotal investments$1,369,202 $— $— $1,369,202 \n\nFair Value Measurements\n\n(in thousands)\n\nDecember 31, 2025\nFair ValueQuoted Prices in\nActive Markets for\nIdentical Assets\n(Level 1)Significant Other\nObservable Inputs\n(Level 2)Significant\nUnobservable\nInputs\n(Level 3)\n\nPrivate Loan portfolio investments$808,957 $— $— $808,957 \n\nLMM portfolio investments487,593 — — 487,593 \n\nMiddle Market portfolio investments23,307 — — 23,307 \n\nOther Portfolio investments15,530 — — 15,530 \n\nTotal investments$1,335,387 $— $— $1,335,387 \n\nInvestment Portfolio Composition\n\nMSC Income’s principal investment objective is to maximize its portfolio’s total return, primarily by generating current income from its debt investments and, to a lesser extent, by generating current income and capital appreciation from its equity and equity-related investments, including warrants, convertible securities and other rights to acquire equity securities in a portfolio company. MSC Income seeks to achieve its investment objective primarily through its Private Loan investment strategy and secondarily through its LMM investment portfolio.\n\nMSC Income’s Private Loan investment strategy is focused on investments in secured debt in privately held companies that generally have annual revenues between $25 million and $500 million, and its Private Loan investments generally range in size from $1 million to $30 million. MSC Income’s Private Loan investments primarily consist of debt securities that have primarily been originated directly by the Adviser or, to a lesser extent, through the Adviser’s strategic relationships with other investment funds on a collaborative basis through investments that are often referred to in the debt markets as “club deals” because of the small lender group size. In both cases, MSC Income’s Private Loan investments are typically made in a company owned by or in the process of being acquired by a private equity fund. MSC Income’s Private Loan portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company and typically have a term of between three and seven years from the original investment date. MSC Income may also co-invest with Main Street and the private equity fund in the equity securities of its Private Loan portfolio companies.\n\n62\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMSC Income maintains a LMM investment portfolio with investments in secured debt and equity investments in privately held, LMM companies based in the U.S. MSC Income’s LMM portfolio companies generally have annual revenues between $10 million and $150 million, and its LMM investments generally range in size from $1 million to $30 million. The LMM portfolio debt investments are generally secured by a first priority lien on the assets of the portfolio company, can include either fixed or floating interest rates and generally have a term of between five and seven years from the original investment date. MSC Income typically makes direct equity investments and/or receives nominally priced equity warrants in connection with a LMM portfolio company debt investment.\n\nIn connection with the MSC Income Listing, the Fund changed its investment strategy with respect to new platform investments to be solely focused on the Private Loan investment strategy. As a result, the size of the Fund’s LMM investment portfolio is expected to decrease over time as existing LMM investments are repaid or sold in the ordinary course of business. The Fund does, however, plan to continue executing follow-on investments in its existing LMM portfolio companies going forward in accordance with its existing SEC order for co-investment exemptive relief.\n\nMSC Income also maintains a legacy portfolio of investments in Middle Market companies. MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally issued through a syndication financing process. MSC Income has generally stopped making new Middle Market investments and expects the size of its Middle Market investment portfolio to continue to decline in future periods as its existing Middle Market investments are repaid or sold. MSC Income’s Middle Market debt investments generally range in size from $1 million to $20 million, are generally secured by a first priority lien on the assets of the portfolio company and typically have an expected duration of between three and seven years from the original investment date.\n\nMSC Income’s Other Portfolio investments primarily consist of investments that are not consistent with the typical profiles for its Private Loan, LMM or Middle Market portfolio investments, including investments in unaffiliated investment companies and private funds managed by third parties. In the Other Portfolio, MSC Income may incur indirect fees and expenses in connection with investments managed by third parties, such as investments in other investment companies or private funds. For Other Portfolio investments, MSC Income generally receives distributions related to the assets held by the portfolio company. Those assets are typically expected to be realized over a five to ten-year period. Similar to its Middle Market investments, the Fund has generally stopped making new Other Portfolio investments and expects the size of its Other Portfolio to continue to decline in future periods as existing Other Portfolio investments are repaid or sold.\n\nBased upon MSC Income’s liquidity and capital structure management activities, MSC Income’s Investment Portfolio may also periodically include short-term portfolio investments that are atypical of MSC Income’s Private Loan and LMM portfolio investments in that they are intended to be a short-term deployment of capital. Those assets are typically expected to be realized in one year or less. These short-term portfolio investments are not expected to be a significant portion of the overall Investment Portfolio.\n\nInvestment income, consisting of interest, dividends and fees, can fluctuate dramatically due to various factors, including the level of new investment activity, repayments of debt investments or sales of equity interests. Investment income in any given year could also be highly concentrated among several portfolio companies. For the three months ended March 31, 2026 and 2025, MSC Income did not record investment income from any single portfolio company in excess of 10% of total investment income.\n\n63\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nA summary of MSC Income’s Private Loan and LMM portfolio investments as of March 31, 2026 and December 31, 2025 is as follows (this information excludes Middle Market and Other Portfolio investments, which are discussed further below):\n\nMarch 31, 2026\n\nPrivate LoanLMM (a)\n\n(dollars in millions)\n\nNumber of portfolio companies80 55 \n\nFair value$823.1 $507.6 \n\nCost$843.1 $399.7 \n\nDebt investments as a % of portfolio (at cost)93.1 %71.3 %\n\nEquity investments as a % of portfolio (at cost)6.9 %28.7 %\n\n% of debt investments at cost secured by first priority lien99.5 %99.9 %\n\nWeighted-average annual effective yield (b)10.5 %12.6 %\n\nAverage EBITDA (c)$30.6 $12.1 \n\n___________________\n\n(a)As of March 31, 2026, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 8%.\n\n(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of March 31, 2026, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of March 31, 2026. The weighted-average annual effective yield on MSC Income’s debt portfolio as of March 31, 2026, including debt investments on non-accrual status, was 10.1% for its Private Loan portfolio investments and 11.9% for its LMM portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on their investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.\n\n(c)The average EBITDA is calculated using a weighted-average for Private Loan portfolio companies and a simple average for LMM portfolio companies. These calculations exclude certain portfolio companies, including four Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for MSC Income’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.\n\n64\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nDecember 31, 2025\n\nPrivate LoanLMM (a)\n\n(dollars in millions)\n\nNumber of portfolio companies81 55 \n\nFair value$809.0 $487.6 \n\nCost$821.7 $384.8 \n\nDebt investments as a % of portfolio (at cost)92.1 %70.6 %\n\nEquity investments as a % of portfolio (at cost)7.9 %29.4 %\n\n% of debt investments at cost secured by first priority lien99.9 %99.9 %\n\nWeighted-average annual effective yield (b)10.7 %12.4 %\n\nAverage EBITDA (c)$30.0 $11.7 \n\n___________________\n\n(a)As of December 31, 2025, MSC Income had equity ownership in all of its LMM portfolio companies, and the average fully diluted equity ownership in those portfolio companies was 8%.\n\n(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt investments as of December 31, 2025, including amortization of deferred debt origination fees and accretion of original issue discount but excluding fees payable upon repayment of the debt investments and any debt investments on non-accrual status, and are weighted based upon the principal amount of each applicable debt investment as of December 31, 2025. The weighted-average annual effective yield on MSC Income’s debt portfolio as of December 31, 2025, including debt investments on non-accrual status, was 10.3% for its Private Loan portfolio investments and 11.7% for its LMM portfolio investments. The weighted-average annual effective yield is not reflective of what an investor in shares of MSC Income’s common stock will realize on their investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.\n\n(c)The average EBITDA is calculated using a weighted-average for Private Loan portfolio companies and a simple average for LMM portfolio companies. These calculations exclude certain portfolio companies, including four Private Loan portfolio companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for MSC Income’s investments in these portfolio companies, and those portfolio companies whose primary purpose is to own real estate and those portfolio companies whose primary operations have ceased and only residual value remains.\n\nFor the three months ended March 31, 2026 and 2025, MSC Income achieved an annualized total return on investments of 9.8% and 10.6%, respectively. For the year ended December 31, 2025, MSC Income achieved a total return on investments of 13.9%. Total return on investments equals the total interest, dividend and fee income plus realized and unrealized changes in the fair value of the Investment Portfolio divided by the average quarterly Investment Portfolio balance at cost, in each case for the specified period. MSC Income’s total return on investments is not reflective of what an investor in shares of MSC Income’s common stock will realize on their investment because it does not reflect changes in the market value of MSC Income’s stock, MSC Income’s utilization of debt capital in its capital structure, MSC Income’s expenses or any sales load paid by an investor.\n\nAs of March 31, 2026, MSC Income had Middle Market portfolio investments in eight portfolio companies, collectively totaling $23.0 million in fair value and $40.3 million in cost basis, which comprised 1.7% and 3.1% of MSC Income’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, MSC Income had Middle Market Portfolio investments in eight portfolio companies, collectively totaling $23.3 million in fair value and $39.8 million in cost basis, which comprised 1.7% and 3.2% of MSC Income’s Investment Portfolio at fair value and cost, respectively.\n\n65\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nAs of March 31, 2026, MSC Income had Other Portfolio investments in seven entities, spread across four investment managers, collectively totaling $15.6 million in fair value and $13.4 million in cost basis, which comprised 1.1% and 1.0% of MSC Income’s Investment Portfolio at fair value and cost, respectively. As of December 31, 2025, MSC Income had Other Portfolio investments in six entities, spread across four investment managers, collectively totaling $15.5 million in fair value and $13.7 million in cost basis, which comprised 1.2% and 1.1% of MSC Income’s Investment Portfolio at fair value and cost, respectively.\n\nThe composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments at cost and fair value by type of investment as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments, as of March 31, 2026 and December 31, 2025, is as follows (this information excludes Other Portfolio investments, which are discussed above):\n\nCost:March 31, 2026December 31, 2025\n\nFirst lien debt85.6 %85.1 %\n\nEquity13.9 14.7 \n\nSecond lien debt0.3 — \n\nEquity warrants0.2 0.2 \n\nOther— — \n\n100.0 %100.0 %\n\nFair Value:March 31, 2026December 31, 2025\n\nFirst lien debt77.3 %77.1 %\n\nEquity21.8 22.3 \n\nSecond lien debt0.3 — \n\nEquity warrants0.6 0.6 \n\nOther— — \n\n100.0 %100.0 %\n\n66\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMSC Income’s Private Loan, LMM and Middle Market portfolio companies are located primarily in the U.S. The geographic composition is determined by the location of the corporate headquarters of the portfolio company. The composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments by geographic region of the U.S. and other countries at cost and fair value as a percentage of the total combined Private Loan, LMM and Middle Market portfolio investments, as of March 31, 2026 and December 31, 2025, is as follows (this information excludes Other Portfolio investments):\n\nCost:March 31, 2026December 31, 2025\n\nWest22.0 %22.0 %\n\nMidwest20.6 20.9 \n\nSoutheast19.2 18.5 \n\nSouthwest18.9 19.4 \n\nNortheast15.3 15.1 \n\nCanada3.1 3.1 \n\nOther Non-U.S.0.9 1.0 \n\n100.0 %100.0 %\n\nFair Value:March 31, 2026December 31, 2025\n\nWest22.3 %22.3 %\n\nSouthwest21.3 21.8 \n\nMidwest21.2 21.2 \n\nSoutheast17.0 16.5 \n\nNortheast14.3 14.3 \n\nCanada3.0 2.9 \n\nOther Non-U.S.0.9 1.0 \n\n100.0 %100.0 %\n\n67\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMSC Income’s Private Loan, LMM and Middle Market portfolio investments are in companies conducting business in a variety of industries. The composition of MSC Income’s total combined Private Loan, LMM and Middle Market portfolio investments by industry at cost and fair value, as of March 31, 2026 and December 31, 2025, is as follows (this information excludes Other Portfolio investments):\n\nCost: March 31, 2026December 31, 2025\n\nElectrical Equipment9.9 %9.5 %\n\nMachinery6.5 6.9 \n\nCommercial Services & Supplies5.8 7.4 \n\nProfessional Services5.7 5.9 \n\nConstruction & Engineering4.9 5.0 \n\nAerospace & Defense4.6 2.2 \n\nDistributors4.5 4.5 \n\nDiversified Consumer Services4.4 4.6 \n\nIT Services4.3 4.4 \n\nInternet Software & Services4.2 4.4 \n\nContainers & Packaging4.1 4.2 \n\nHealth Care Providers & Services3.4 3.4 \n\nChemicals3.1 3.2 \n\nLeisure Equipment & Products3.1 3.1 \n\nAuto Components2.7 2.8 \n\nHotels, Restaurants & Leisure2.6 2.7 \n\nTextiles, Apparel & Luxury Goods2.4 2.5 \n\nAir Freight & Logistics2.3 1.9 \n\nSpecialty Retail2.3 2.3 \n\nCommunications Equipment2.2 2.2 \n\nComputers & Peripherals1.9 1.8 \n\nSoftware1.6 1.6 \n\nMarine1.5 1.5 \n\nEnergy Equipment & Services1.5 1.5 \n\nInternet & Catalog Retail1.4 1.4 \n\nTrading Companies & Distributors1.3 1.4 \n\nMedia1.3 1.0 \n\nFood & Staples Retailing1.2 1.2 \n\nHousehold Products1.2 1.3 \n\nBeverages1.0 1.0 \n\nDiversified Financial Services1.0 1.0 \n\nOther (1)2.1 2.2 \n\n100.0 %100.0 %\n\n___________________\n\n(1)Includes various industries with each industry individually representing less than 1.0% of the total combined Private Loan, LMM and Middle Market portfolio investments at each date.\n\n68\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nFair Value: March 31, 2026December 31, 2025\n\nElectrical Equipment10.7 %9.8 %\n\nMachinery7.8 8.0 \n\nProfessional Services5.6 5.8 \n\nConstruction & Engineering5.5 5.8 \n\nDistributors5.3 5.3 \n\nDiversified Consumer Services4.8 5.0 \n\nCommercial Services & Supplies4.7 6.6 \n\nIT Services4.5 4.7 \n\nAerospace & Defense4.4 2.1 \n\nContainers & Packaging4.4 4.5 \n\nComputers & Peripherals3.6 3.5 \n\nInternet Software & Services3.3 3.5 \n\nChemicals2.9 3.0 \n\nHealth Care Providers & Services2.9 3.0 \n\nAuto Components2.8 2.7 \n\nTextiles, Apparel & Luxury Goods2.4 2.5 \n\nLeisure Equipment & Products2.3 2.4 \n\nAir Freight & Logistics2.2 1.8 \n\nCommunications Equipment2.1 2.1 \n\nSpecialty Retail2.1 2.2 \n\nSoftware2.0 2.0 \n\nEnergy Equipment & Services1.4 1.5 \n\nMedia1.4 1.0 \n\nMarine1.4 1.4 \n\nTrading Companies & Distributors1.2 1.3 \n\nHousehold Products1.2 1.3 \n\nHotels, Restaurants & Leisure1.1 1.4 \n\nBeverages1.0 0.9 \n\nFood & Staples Retailing1.0 1.0 \n\nDiversified Financial Services1.0 1.0 \n\nOther (1)3.0 2.9 \n\n100.0 %100.0 %\n\n___________________\n\n(1)Includes various industries with each industry individually representing less than 1.0% of the total combined Private Loan, LMM and Middle Market portfolio investments at each date.\n\nAs of March 31, 2026 and December 31, 2025, MSC Income had no portfolio investment that was greater than 10% of the Investment Portfolio at fair value.\n\n69\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nUnconsolidated Significant Subsidiaries\n\nIn accordance with Rules 3-09 and 4-08(g) of Regulation S-X, MSC Income must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” In evaluating its unconsolidated controlled portfolio companies in accordance with Regulation S-X, there are two tests that MSC Income must utilize to determine if any of MSC Income’s Control investments (as defined in Note A — Organization and Basis of Presentation), including those unconsolidated portfolio companies defined as Control investments in which MSC Income does not own greater than 50% of the voting securities nor have rights to maintain greater than 50% of the board representation, are considered significant subsidiaries: the investment test and the income test. The investment test is generally measured by dividing the fair value of MSC Income’s investment in the Control investment by the fair value of MSC Income’s total investments. The income test is generally measured by dividing the absolute value of the combined sum of total investment income, net realized gain (loss) and net unrealized appreciation (depreciation) from the relevant Control investment for the period being tested by the absolute value of MSC Income’s change in net assets resulting from operations for the same period. Rules 3-09 and 4-08(g) of Regulation S-X require MSC Income to include (1) separate audited financial statements of an unconsolidated majority-owned subsidiary (Control investments in which MSC Income owns greater than 50% of the voting securities) in an annual report and (2) summarized financial information of a Control investment in a quarterly report, respectively, if certain thresholds of the investment or income tests are exceeded and the unconsolidated portfolio company qualifies as a significant subsidiary.\n\nAs of March 31, 2026 and December 31, 2025, MSC Income had no single investment that qualified as a significant subsidiary under either the investment or income tests.\n\nNOTE D — DEBT\n\nA summary of MSC Income’s debt as of March 31, 2026 is as follows:\n\nOutstanding Balance\nUnamortized Debt Issuance\n\nCosts (1)\nRecorded Value\nEstimated Fair Value (2)\n\n(in thousands)\n\nSPV Facility$267,000 $— $267,000 $267,000 \n\nCorporate Facility83,000 — 83,000 83,000 \n\nMain Street Facility— — — — \n\nOctober 2026 Notes150,000 (174)149,826 147,617 \n\nMay 2029 Notes150,000 (726)149,274 149,362 \n\nTotal Debt$650,000 $(900)$649,100 $646,979 \n\n_________________\n\n(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the unamortized debt issuance costs related to the October 2026 Notes and May 2029 Notes are reflected as contra-liabilities to the October 2026 Notes and May 2029, respectively, on the Consolidated Balance Sheets.\n\n(2)Estimated fair value for outstanding debt is shown as if MSC Income had adopted the fair value option under ASC 825, Financial Instruments (“ASC 825”). See discussion of the methods used to estimate the fair value of MSC Income’s debt in Note B.10. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.\n\n70\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nA summary of MSC Income’s debt as of December 31, 2025 is as follows:\n\nOutstanding Balance\nUnamortized Debt Issuance Costs (1)\nRecorded Value\nEstimated Fair Value (2)\n\n(in thousands)\n\nSPV Facility$244,000 $— $244,000 $244,000 \n\nCorporate Facility209,000 — 209,000 209,000 \n\nOctober 2026 Notes150,000 (249)149,751 146,936 \n\nTotal Debt$603,000 $(249)$602,751 $599,936 \n\n___________________\n\n(1)The unamortized debt issuance costs for the Credit Facilities are reflected as Deferred financing costs on the Consolidated Balance Sheets, while the unamortized debt issuance costs related to the October 2026 Notes are reflected as a contra-liability to the October 2026 Notes on the Consolidated Balance Sheets.\n\n(2)Estimated fair value for outstanding debt is shown as if MSC Income had adopted the fair value option under ASC 825. See discussion of the methods used to estimate the fair value of MSC Income’s debt in Note B.10. — Summary of Significant Accounting Policies — Fair Value of Financial Instruments.\n\nA summary of MSC Income’s interest expense for the three months ended March 31, 2026 and 2025 is as follows:\n\nThree Months Ended March 31,\n\n20262025\n\n(in thousands)\n\nSPV Facility$3,937 $4,796 \n\nCorporate Facility2,843 1,857 \n\nMain Street Facility\n63 — \n\nOctober 2026 Notes1,590 1,590 \n\nMay 2029 Notes487 — \n\nTotal Interest Expense$8,920 $8,243 \n\nA summary of MSC Income’s weighted-average amount of total borrowings outstanding and overall weighted-average effective interest rate including amortization of debt issuance costs, original issuance discounts and premiums and fees on unused lender commitments for the three months ended March 31, 2026 and 2025 is as follows:\n\nThree Months Ended March 31,\n\n20262025\n\n(dollars in millions)\n\nWeighted-average borrowings outstanding$625.9 $511.8 \n\nWeighted-average effective interest rate5.7 %6.4 %\n\n71\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nSPV Facility\n\nMSC Income, through MSIF Funding, LLC (“MSIF Funding”), a wholly-owned Structured Subsidiary that primarily holds debt investments, maintains a special purpose vehicle revolving credit facility dated February 3, 2021 (as amended, the “SPV Facility”) with JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, and U.S. Bank, N.A., as collateral agent and collateral administrator, JPM and other financial institutions as lenders and MSIF as portfolio manager.\n\nAs of March 31, 2026, the SPV Facility included (i) total commitments of $300.0 million, (ii) an accordion feature with the right to request an increase of total commitments and borrowing availability up to $450.0 million and (iii) a revolving period through February 2029 and a final maturity date in February 2030. As of March 31, 2026, advances under the SPV Facility bore interest at a rate equal to the applicable SOFR in effect, plus a margin of 2.20%. MSIF Funding also pays a commitment fee of 0.75% on the average daily unused amount of the financing commitments until February 2029. The SPV Facility is secured by a first lien on the assets of MSIF Funding. Borrowing availability under the SPV Facility is subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities.\n\nAs of March 31, 2026, the interest rate for borrowings on the SPV Facility was 5.86%. The average interest rate for borrowings under the SPV Facility was 5.86% and 7.24% for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, MSC Income was in compliance with all financial covenants of the SPV Facility.\n\nCorporate Facility\n\nMSC Income maintains a senior secured revolving credit agreement dated March 6, 2017 (as amended, the “Corporate Facility”) with EverBank, as administrative agent, and with EverBank and other financial institutions as lenders.\n\nAs of March 31, 2026, the Corporate Facility included (i) total commitments of $245.0 million from a diversified group of seven lenders, (ii) an accordion feature with the right to request an increase in commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments up to $300.0 million of total commitments and (iii) a revolving period through November 2028 and a final maturity date in May 2029, with two one-year extension options subject to lender approval.\n\nBorrowings under the Corporate Facility bear interest, subject to MSC Income’s election, at a rate equal to (i) SOFR plus 2.05% or (ii) the base rate plus 1.05%. The base rate is defined as the higher of (a) the Prime rate, (b) the federal funds rate plus 0.5% or (c) SOFR plus 1.0%. Additionally, MSC Income pays an unused commitment fee of 0.25% on the unused lender commitments if 50% or more of the lender commitments are being used and an unused commitment fee of 0.375% on the unused lender commitments if less than 50% of the lender commitments are being used. Borrowings under the Corporate Facility are secured by a first lien on all of the assets of MSIF and its subsidiaries, excluding the assets of Structured Subsidiaries or immaterial subsidiaries, as well as all of the assets, and a pledge of equity ownership interests, of any future subsidiaries of MSIF (other than Structured Subsidiaries or immaterial subsidiaries). Borrowing availability under the Corporate Facility is subject to certain leverage and borrowing base limitations, covenants, reporting and other requirements customary for similar credit facilities.\n\nAs of March 31, 2026, the interest rate for borrowings on the Corporate Facility was 5.72%. The average interest rate for borrowings under the Corporate Facility was 5.74% and 6.38% for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, MSC Income was in compliance with all financial covenants of the Corporate Facility.\n\n72\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMain Street Facility\n\nOn February 26, 2026, Main Street provided MSC Income with a revolving line of credit pursuant to an Unsecured Revolving Promissory Note (as amended, restated or otherwise modified, the “Main Street Facility” and, together with the SPV Facility and the Corporate Facility, the “Credit Facilities”), which currently provides for borrowings up to $30.0 million. Borrowings under the Main Street Facility bear interest at a rate of SOFR plus 4.5%, subject to a 2.0% SOFR floor and mature in December 2029. Available borrowings under the Main Street Facility are subject to a 0.25% non-use fee. The borrowings under the Main Street Facility are unsecured. As of March 31, 2026, there were no borrowings outstanding under the Main Street Facility.\n\nOctober 2026 Notes\n\nPursuant to a Master Note Purchase Agreement dated October 22, 2021 (the “October 2026 Note Purchase Agreement”), MSC Income issued $77.5 million in aggregate principal amount of 4.04% Series A Senior Notes due 2026 (the “October 2026 Notes”) upon entering into the October 2026 Note Purchase Agreement and an additional $72.5 million aggregate principal amount on January 21, 2022. The October 2026 Notes bear a fixed interest rate of 4.04% per year and mature on October 30, 2026, unless redeemed, purchased or prepaid prior to such date by the Fund in accordance with their terms.\n\nInterest on the October 2026 Notes is due semiannually on April 30 and October 30 of each year. The October 2026 Notes may be redeemed in whole or in part at any time at MSC Income’s option subject to certain make-whole provisions. In addition, MSC Income is obligated to offer to prepay the October 2026 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. In the event that a Below Investment Grade Event (as defined in the October 2026 Note Purchase Agreement) occurs, the October 2026 Notes will bear interest at a fixed rate of 5.04% per year from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event ends. The October 2026 Notes are general unsecured obligations of MSIF and its subsidiary guarantors that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by MSIF and its subsidiary guarantors.\n\nThe October 2026 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of MSIF or subsidiary guarantors subject to a cure pass-through, certain judgments and orders and certain events of bankruptcy. As of March 31, 2026, MSC Income was in compliance with all covenants and other requirements of the October 2026 Notes.\n\nMay 2029 Notes\n\nPursuant to a Master Note Purchase Agreement dated March 12, 2026 (the “May 2029 Note Purchase Agreement”), MSC Income issued $150.0 million in aggregate principal amount of 6.34% Series A Senior Notes due 2029 (the “May 2029 Notes”). The May 2029 Notes bear a fixed interest rate of 6.34% per year and mature on May 31, 2029, unless redeemed, purchased or prepaid prior to such date by the Fund in accordance with their terms.\n\nInterest on the May 2029 Notes is due semiannually on November 30 and May 31 of each year, beginning on November 30, 2026. The May 2029 Notes may be redeemed in whole or in part at any time at MSC Income’s option subject to certain make-whole provisions. In addition, MSC Income is obligated to offer to prepay the May 2029 Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. In the event of a Below Investment Grade Event, a Secured Debt Ratio Event and/or an Unsecured Debt Coverage Ratio Event (each as defined in the May 2029 Note Purchase Agreement), the May 2029 Notes will bear interest at an increased rate from the date of the occurrence of the Below Investment Grade Event, Secured Debt Ratio Event and/or Unsecured Debt Coverage Ratio Event to and until the date on which the Below Investment Grade Event, Secured Debt Ratio Event and/or Unsecured Debt Coverage Ratio Event ends. The May 2029 Notes are general unsecured obligations of MSIF and its subsidiary guarantors that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by MSIF and its subsidiary guarantors.\n\nThe May 2029 Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of\n\n73\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\ncovenant, cross-default under other indebtedness of MSIF or subsidiary guarantors subject to a cure pass-through, certain judgments and orders and certain events of bankruptcy. As of March 31, 2026, MSC Income was in compliance with all covenants and other requirements of the May 2029 Notes.\n\nNOTE E — FINANCIAL HIGHLIGHTS\n\nThe following is a schedule of financial highlights of MSC Income for the three months ended March 31, 2026 and 2025:\n\nThree Months Ended March 31,\n\nPer Share Data:20262025\n\nNAV as of the beginning of the period$15.85 $15.53 \n\nNet investment income (1)0.35 0.35 \n\nNet realized loss (1)(2)(0.01)(0.47)\n\nNet unrealized appreciation (depreciation) (1)(2)(0.05)0.42 \n\nIncome tax benefit (provision) on net realized loss and net unrealized appreciation (depreciation) (1)(2)— 0.06 \n\nNet increase in net assets resulting from operations (1)0.29 0.36 \n\nDividends paid from net investment income (3)(0.36)(0.36)\n\nDistributions paid or accrued (3)(0.36)(0.36)\n\nAccretive effect of stock repurchases (repurchasing shares below NAV per share)0.08 — \n\nDilutive effect of stock offerings (issuing shares below NAV per share)— (0.16)\n\nOther (4)0.01 (0.02)\n\nNAV as of the end of the period$15.87 $15.35 \n\nMarket value as of the end of the period$12.18 $16.47 \n\nShares outstanding as of the end of the period45,345,229 46,849,531 \n\n________________\n\n(1)Based on weighted-average number of common shares outstanding for the period.\n\n(2)Net realized gains or losses, net unrealized appreciation or depreciation, and the related income tax provision or benefit can fluctuate significantly from period to period.\n\n(3)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. As a result, the tax character of MSIF’s dividends and distributions for each period is also an estimate. Therefore, the final tax character of MSIF’s dividends and distributions may be different than this estimate.\n\n(4)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.\n\n74\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nThree Months Ended March 31,\n\n20262025\n\n(dollars in thousands)\n\nNAV as of the end of the period$719,528 $718,940 \n\nAverage NAV$729,094 $671,922 \n\nAverage outstanding debt$628,500 $517,938 \n\nRatios to average NAV:\n\nRatio of total expenses, including tax expenses, to average NAV (1)(2)(3)(6)2.47 %2.24 %\n\nRatio of operating expenses to average NAV (2)(3)(6)2.31 %2.45 %\n\nRatio of operating expenses, excluding interest expense, to average NAV (2)(3)(6)1.09 %1.22 %\n\nRatio of operating expenses, excluding interest expense and incentive fees, net of waivers, to average NAV (2)(3)(6)0.88 %0.92 %\n\nRatio of net investment income to average NAV (2)(6)2.23 %2.34 %\n\nPortfolio turnover ratio (2)3.00 %5.02 %\n\nTotal investment return (2)(4)(4.73)%8.47 %\n\nTotal return based on change in NAV (2)(5)1.79 %2.54 %\n\n_______________\n\n(1)Total expenses are the sum of operating expenses and all tax expenses.\n\n(2)Not annualized.\n\n(3)Unless otherwise noted, operating expenses include interest, base management fees, incentive fees and general and administrative expenses.\n\n(4)For the three months ended March 31, 2026, total investment return is based on the purchase of stock at the current market price on January 1, 2026 and a sale at the current market price on March 31, 2026 and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP during the period. For the three months ended March 31, 2025, total investment return is based on the purchase of stock in the MSC Income Offering at the public offering price of $15.53 and a sale at the market price on March 31, 2025 and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP during the period. The return does not reflect any sales load that may be paid by an investor.\n\n(5)Total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP, shares repurchased by the Fund and other miscellaneous items.\n\n(6)Ratios are net of the waiver of incentive fee on income of $1.0 million for the three months ended March 31, 2026. There was no waiver of incentive fee on income for the three months ended March 31, 2025. Excluding the waiver of incentive fee on income, the expense and income ratios are as follows:\n\n75\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nThree Months Ended March 31,\n\n2026\n\nRatio of total expenses, including tax expenses, to average NAV(1)(2)(3)2.60 %\n\nRatio of operating expenses to average NAV(2)(3)2.45 %\n\nRatio of operating expenses, excluding interest expense, to average NAV(2)(3)1.22 %\n\nRatio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3)0.89 %\n\nRatio of net investment income to average NAV (2)2.09 %\n\n________________\n\nSee footnotes (1), (2) and (3) immediately prior to this table.\n\nNOTE F — DIVIDENDS, DISTRIBUTIONS AND TAXABLE INCOME\n\nMSC Income currently pays regular dividends to its stockholders and periodically pays supplemental dividends to its stockholders. Future dividends, if any, will be determined by its Board of Directors on a quarterly basis.\n\nA summary of dividends accrued during the three months ended March 31, 2026 and 2025 is as follows:\n\nThree Months Ended March 31,\n\n20262025\n\n(in thousands, except per share amounts)\n\nRegular dividends per share$0.35 $0.35 \n\nSupplemental dividends per share0.01 0.01 \n\nTotal dividends per share$0.36 $0.36 \n\nTotal regular dividends$15,871 $16,397 \n\nTotal supplemental dividends453 469 \n\nTotal dividends\n$16,324 $16,866 \n\nMSIF has elected to be treated for U.S. federal income tax purposes as a RIC. MSIF’s taxable income includes the taxable income generated by MSIF and certain of its subsidiaries, including the Structured Subsidiaries, which are treated as disregarded entities for tax purposes. As a RIC, MSIF generally will not pay corporate-level U.S. federal income taxes on any net ordinary taxable income or capital gains that MSIF distributes to its stockholders. MSIF must generally distribute at least 90% of its “investment company taxable income” (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status (pass-through tax treatment for amounts distributed). As part of maintaining RIC status, undistributed taxable income (subject to a 4% non-deductible U.S. federal excise tax) pertaining to a given fiscal year may be distributed up to twelve months subsequent to the end of that fiscal year, provided such dividends are declared on or prior to the later of (i) filing of the U.S. federal income tax return for the applicable fiscal year or (ii) the fifteenth day of the ninth month following the close of the year in which such taxable income was generated.\n\nThe determination of the tax attributes for MSC Income’s distributions is made annually, based upon its taxable income for the full year and distributions paid for the full year. Therefore, a determination made on an interim basis may not be representative of the actual tax attributes of distributions for a full year. Ordinary dividend distributions from a RIC do not qualify for the 20% maximum tax rate (plus a 3.8% Medicare surtax, if applicable) on dividend income from domestic corporations and qualified foreign corporations, except to the extent that the RIC received the income in the form of qualifying dividends from domestic corporations and qualified foreign corporations. The tax attributes for distributions will generally include both ordinary income and qualified dividends, but may also include either one or both of capital gains and return of capital.\n\n76\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nA reconciliation of “Net increase in net assets resulting from operations” to taxable income and to total distributions declared to common stockholders for the three months ended March 31, 2026 and 2025 is as follows:\n\nThree Months Ended March 31,\n\n20262025\n\n(estimated, in thousands)\n\nNet increase in net assets resulting from operations$13,223 $15,875 \n\nNet unrealized (appreciation) depreciation2,643 (18,783)\n\nIncome tax (benefit) provision1,134 (1,370)\n\nPre-tax book (income) loss not consolidated for tax purposes(1,873)275 \n\nBook income and tax income differences, including debt origination, structuring fees, dividends, realized gains and changes in estimates(2,624)19,424 \n\nEstimated taxable income (1)12,503 15,421 \n\nTaxable income earned in prior year and carried forward for distribution in current year14,984 20,348 \n\nTaxable income earned prior to period end and carried forward for distribution next period(27,487)(35,769)\n\nDividend payable as of period end and paid in the following period16,324 16,866 \n\nTotal distributions accrued or paid to common stockholders$16,324 $16,866 \n\n________________\n\n(1)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. Therefore, the final taxable income, and the taxable income earned in each period and carried forward for distribution in the following period, may be different than this estimate.\n\nThe Taxable Subsidiaries primarily hold certain equity investments for MSC Income. The Taxable Subsidiaries permit MSC Income to hold equity investments in portfolio companies which are “pass-through” entities for tax purposes and to continue to comply with the “source-of-income” requirements contained in the RIC tax provisions of the Code. The Taxable Subsidiaries are consolidated with MSIF for U.S. GAAP financial reporting purposes, and the portfolio investments held by the Taxable Subsidiaries are included in MSC Income’s consolidated financial statements as portfolio investments and recorded at fair value. The Taxable Subsidiaries are not consolidated with MSIF for income tax purposes and may generate income tax expense, or benefit, and tax assets and liabilities, as a result of their ownership of certain portfolio investments. The taxable income, or loss, of the Taxable Subsidiaries may differ from their book income, or loss, due to temporary book and tax timing differences and permanent differences. The Taxable Subsidiaries are each taxed at corporate income tax rates based on their taxable income. The income tax expense, or benefit, if any, and the related tax assets and liabilities, of the Taxable Subsidiaries are reflected in MSC Income’s consolidated financial statements.\n\n77\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nThe income tax provision for MSC Income is generally composed of (i) deferred tax expense (benefit), which is primarily the result of the net activity relating to the portfolio investments held in the Taxable Subsidiaries, including changes in loss carryforwards, changes in net unrealized appreciation or depreciation and other temporary book-tax differences, and (ii) current tax expense, which is primarily the result of current U.S. federal income and state taxes relating to net currently taxable activity relating to the portfolio investments held in the Taxable Subsidiaries and excise taxes on MSC Income’s estimated undistributed taxable income. The income tax expense, or benefit, and the related tax assets and liabilities generated by the Taxable Subsidiaries, if any, are reflected in MSC Income’s Consolidated Statements of Operations. MSC Income’s provision for income taxes was comprised of the following for the three months ended March 31, 2026 and 2025:\n\nThree Months Ended March 31,\n\n20262025\n\n(in thousands)\n\nNet investment income taxes\n\nCurrent tax expense:\n\nFederal$164 $53 \n\nState and other\n124 239 \n\nExcise50 192 \n\nTotal current tax expense338 484 \n\nDeferred tax expense (benefit):\n\nFederal1,349 348 \n\nState and other\n(681)210 \n\nTotal deferred tax expense668 558 \n\nTotal net investment income tax provision$1,006 $1,042 \n\nInvestment valuation related taxes\n\nDeferred tax expense (benefit):\n\nFederal(90)(1,962)\n\nState and other218 (450)\n\nTotal deferred tax expense (benefit)128 (2,412)\n\nTotal investment valuation related income tax provision (benefit)$128 $(2,412)\n\nTotal income tax provision (benefit)$1,134 $(1,370)\n\nThe net deferred tax liability as of March 31, 2026 and December 31, 2025 was $5.8 million and $5.0 million, respectively, with the change primarily related to changes in net unrealized appreciation or depreciation, changes in loss carryforwards and other temporary book-tax differences relating to portfolio investments held by the Taxable Subsidiaries. As of March 31, 2026, for U.S. federal income tax purposes, the Taxable Subsidiaries had a net operating loss carryforward, which is not subject to expiration and will carryforward indefinitely until utilized. The Taxable Subsidiaries have net capital loss carryforwards from prior years which, if unused, will expire in various taxable years 2029 through 2031. Additionally, the Taxable Subsidiaries have interest expense limitation carryforwards which have an indefinite carryforward period. In addition, as of March 31, 2026, for U.S. federal income tax purposes, MSIF had net capital loss carryforwards totaling $5.1 million available to offset future capital gains at the RIC level in any taxable year, to the extent available and permitted by U.S. federal income tax law, which are not subject to expiration as long as MSIF maintains its RIC status.\n\n78\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nNOTE G — SHARE REPURCHASES\n\nFollowing the MSC Income Listing, the Fund entered into a share repurchase plan (the “10b5-1 Repurchase Plan”) to repurchase up to $65.0 million in the aggregate of shares of the Fund’s common stock in the open market for a twelve-month period beginning in March 2025, at times when the market price per share of the Fund’s common stock traded below the most recently reported NAV per share of the Fund’s common stock by certain pre-determined levels (including any updates, corrections or adjustments publicly announced by the Fund to any previously announced NAV per share). The repurchases of shares of the Fund’s common stock pursuant to the 10b5-1 Repurchase Plan were intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act and were otherwise subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances. The 10b5-1 Repurchase Plan expired in March 2026 in accordance with its terms.\n\nFollowing the MSC Income Listing, Main Street also entered into a share purchase plan (the “Main Street Share Purchase Plan”) to purchase up to $20.0 million in the aggregate of shares of the Fund’s common stock in the open market for a twelve-month period beginning in March 2025, with terms and conditions substantially similar to the Fund’s 10b5-1 Repurchase Plan for shares of the Fund’s common stock, and daily purchases under the two plans were split pro rata (or as close thereto as reasonably possible) between the Fund and Main Street based on the respective plan sizes. The Main Street Share Purchase Plan expired in March 2026 in accordance with its terms.\n\nA summary of the shares repurchased by the Fund under the 10b5-1 Repurchase Plan during the three months ended March 31, 2026 is as follows:\n\nPeriodTotal number of shares repurchasedAverage price paid per share (1)Total cost (1)Total number of shares repurchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be repurchased under the plans or programs\n\n(in thousands, except share and per share amounts)\n\nJanuary 1 through January 31, 2026160,107$13.36 $2,139 160,107$51,240 \n\nFebruary 1 through February 28, 2026436,40712.70 5,542 436,40745,706 \n\nMarch 1 through March 31, 2026 (2)646,86512.90 8,343 646,865— \n\n___________________\n\n(1)Includes broker commissions.\n\n(2)The 10b5-1 Repurchase Plan expired on March 31, 2026; upon expiration, $37.4 million of the total $65 million amount authorized to be repurchased under the 10b5-1 Repurchase Plan expired without being utilized.\n\nNOTE H — DIVIDEND REINVESTMENT PLAN\n\nThe Fund’s dividend reinvestment plan (as amended, the “DRIP”) provides for the reinvestment of dividends on behalf of the Fund’s registered stockholders who hold their shares with the Fund’s transfer agent and registrar, or certain brokerage firms that have elected to participate in the DRIP, unless a stockholder has elected to receive dividends in cash. As a result, if the Fund declares a cash dividend, its registered stockholders (or stockholders holding shares through participating brokerage firms) who have not properly “opted out” of the DRIP will have their cash dividend automatically reinvested into additional shares of the Fund’s common stock. The share requirements of the DRIP may be satisfied through the issuance of new shares of common stock, or through open market purchases of common stock by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of the Fund’s common stock reported on the NYSE on the trading day immediately preceding the dividend payment date for each dividend. Shares purchased in the open market to satisfy the DRIP requirements will be valued based upon the average price of the applicable shares purchased by the DRIP plan administrator, before any associated brokerage or other costs. The DRIP is administered by the Fund’s transfer agent.\n\n79\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nSummarized DRIP information for the three months ended March 31, 2026 and March 31, 2025 is as follows:\n\nThree Months Ended March 31,\n\n20262025\n\n(dollars in thousands)\n\nValue of shares issued in DRIP participation $— $4,496 \n\nShares issued for DRIP — 284,173\n\nDuring the three months ended March 31, 2026, 181,665 shares of MSC Income’s stock were purchased in the open market at a weighted-average price of $12.95 to satisfy the requirements of the stockholders of the Fund participating in the DRIP. The value of the DRIP shares purchased in the open market was $2.4 million and is excluded from the table above.\n\nNOTE I — COMMITMENTS AND CONTINGENCIES\n\nAs of March 31, 2026, MSC Income had the following outstanding commitments (in thousands):\n\nInvestments with equity capital commitments that have not yet funded:Amount\n\nHPEP 3, L.P.$1,308 \n\n423 AER II, LP147 \n\nBrightwood Capital Fund III, LP22 \n\nTotal Equity Commitments (1)$1,477\n\nInvestments with commitments to fund revolving loans that have not been fully drawn or term loans with additional commitments not yet funded:\n\nRoyal Cup Inc.$16,200 \n\nCore Transformers15,000 \n\nPavCon LLC7,500 \n\nAGS American Glass Services Acquisition, LLC7,350 \n\nMission Critical Group6,790 \n\nAiro Purchaser, Inc.6,393 \n\nSouth Coast Terminals Holdings, LLC4,460 \n\nWinter Services LLC3,278 \n\nRug Doctor, LLC.3,116 \n\nAuria Space, LLC2,586 \n\nCRC Evans USA Bidco, Inc.2,500 \n\nElectro Technical Industries, LLC2,238 \n\nRichardson Sales Solutions1,964 \n\nGradeEight Corp.1,929 \n\nKMS, LLC1,764 \n\nSI East, LLC1,750 \n\nInsight Borrower Corporation1,691 \n\nIG Parent Corporation1,667 \n\nCreative Foam Corporation1,562 \n\n80\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nCQ Fluency, LLC1,500 \n\nBehavior Development Group Holdings1,500 \n\nMCT Purchaserco Holding Inc.1,329 \n\nAmerican Health Staffing Group, Inc.1,250 \n\nTEC Services, LLC1,167 \n\nChamberlin Holding LLC1,000 \n\nInfinity X1 Holdings, LLC1,000 \n\nUBM AcquireCo LLC1,000 \n\nGaryline, LLC901 \n\nHawk Ridge Systems, LLC895 \n\nAVEX Aviation Holdings, LLC876 \n\nB-O-F Corporation840 \n\nTitan Meter Midco Corp.830 \n\nIG Investor, LLC800 \n\nCody Pools, Inc.786 \n\nDirect Marketing Solutions, Inc.750 \n\nZRG Partners, LLC660 \n\nComputer Data Source, LLC618 \n\nCentre Technologies Holdings, LLC600 \n\nBond Brand Loyalty ULC540 \n\nSPAU Holdings, LLC540 \n\nObra Capital, Inc.521 \n\nCoregistics Buyer LLC513 \n\nMicrobe Formulas, LLC434 \n\nColonial Electric Company LLC400 \n\nPinnacle TopCo, LLC400 \n\nRoof Opco, LLC389 \n\nEscalent, Inc.349 \n\nChannel Partners Intermediateco, LLC324 \n\nClad-Rex Steel, LLC300 \n\nCareer Team Holdings, LLC300 \n\nITA Holdings Group, LLC295 \n\nVictory Energy Operations, LLC208 \n\nCenterPeak Holdings, LLC200 \n\nArborWorks, LLC187 \n\nImplus Footcare, LLC143 \n\nMini Melts of America, LLC120 \n\nATS Operating, LLC100 \n\nBluestem Brands, Inc.93 \n\nWash & Wax Systems LLC22 \n\nTotal Loan Commitments$114,418 \n\nTotal Commitments$115,895 \n\n____________________\n\n81\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\n(1)This table excludes a commitment related to one additional Other Portfolio investment for which the investment period has expired and the remaining commitment may only be drawn to pay fund expenses or for follow-on investments in existing portfolio companies. The Fund does not expect any material future capital to be called on its commitment to this investment to pay fund expenses, and based on representations from the fund manager, the Fund does not expect any further capital will be called on its commitment for follow-on investments. As a result, the Fund has excluded this commitment from this table.\n\nMSC Income will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the Credit Facilities). MSC Income follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments as necessary. MSC Income had no unrealized appreciation or depreciation on the outstanding unfunded commitments as of March 31, 2026.\n\nMSC Income may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on MSC Income in connection with the activities of its portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, MSC Income does not expect any current matters will materially affect its financial condition or results of operations; however, there can be no assurance whether any pending or future legal proceedings will have a material adverse effect on MSC Income’s financial condition or results of operations in any future reporting period.\n\nNOTE J — RELATED PARTY TRANSACTIONS\n\n1.Advisory Agreements and Conditional Expense Reimbursement Waivers\n\nOn October 30, 2020, MSC Income entered into the Prior Investment Advisory Agreement with the Adviser. On January 29, 2025, in connection with the MSC Income Listing, MSC Income entered into the Advisory Agreement with the Adviser. The Advisory Agreement was approved by the affirmative vote of the holders of a majority of MSC Income’s outstanding voting securities, as defined in the 1940 Act, at the 2024 Special Meeting, and the Advisory Agreement became effective upon the MSC Income Listing. The Advisory Agreement is effective for an initial two-year term commencing upon the date of the MSC Income Listing on January 29, 2025.\n\nPrior Investment Advisory Agreement\n\nPursuant to the Prior Investment Advisory Agreement, MSC Income paid the Adviser a base management fee and incentive fees as compensation for the services described above. The base management fee was calculated at an annual rate of 1.75% of MSC Income’s average gross assets. The term “gross assets” meant total assets of MSC Income as disclosed on MSC Income’s Consolidated Balance Sheets. “Average gross assets” were calculated based on MSC Income’s gross assets at the end of the two most recently completed calendar quarters. The base management fee was payable quarterly in arrears. The base management fee was expensed as incurred.\n\nThe incentive fee under the Prior Investment Advisory Agreement consisted of two parts. The first part, referred to as the subordinated incentive fee on income, was calculated and payable quarterly in arrears based on Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding quarter. The subordinated incentive fee on income was equal to 20.0% of MSC Income’s Pre-Incentive Fee Net Investment Income for the immediately preceding quarter, expressed as a quarterly rate of return on adjusted capital at the beginning of the most recently completed calendar quarter, exceeding 1.875% (or 7.5% annualized), subject to a “catch up” feature (as described below).\n\n82\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nFor this purpose, “Pre-Incentive Fee Net Investment Income” meant interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that MSC Income receives from portfolio companies) accrued during the calendar quarter, minus MSC Income’s operating expenses for the quarter (including the management fee, expenses payable under any proposed administration agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding taxes and the incentive fee). Pre-Incentive Fee Net Investment Income included, in the case of investments with a deferred interest feature (such as original issue discount debt instruments and PIK interest and zero coupon securities), accrued income that MSC Income had not yet received in cash. Pre-Incentive Fee Net Investment Income did not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of this fee, adjusted capital meant cumulative gross proceeds generated from sales of MSC Income’s common stock (including proceeds from MSC Income’s DRIP) reduced for non-liquidating distributions, other than distributions of profits, paid to MSC Income’s stockholders and amounts paid for share repurchases pursuant to MSC Income’s share repurchase program. The subordinated incentive fee on income was expensed in the quarter in which it was incurred.\n\nThe calculation of the subordinated incentive fee on income for each quarter was as follows:\n\n•No subordinated incentive fee on income was payable to the Adviser in any calendar quarter in which MSC Income’s Pre-Incentive Fee Net Investment Income did not exceed the hurdle rate of 1.875% (or 7.5% annualized) on adjusted capital;\n\n•100% of MSC Income’s Pre-Incentive Fee Net Investment Income, if any, that exceeded the hurdle rate but was less than or equal to 2.34375% in any calendar quarter (9.375% annualized) was payable to the Adviser. This portion of the subordinated incentive fee on income was referred to as the “catch up” and was intended to provide the Adviser with an incentive fee of 20.0% on all of MSC Income’s Pre-Incentive Fee Net Investment Income as if the hurdle rate did not apply when the Pre-Incentive Fee Net Investment Income exceeded 2.34375% (9.375% annualized) in any calendar quarter; and\n\n•For any quarter in which MSC Income’s Pre-Incentive Fee Net Investment Income exceeded 2.34375% (9.375% annualized), the subordinated incentive fee on income equaled 20.0% of the amount of MSC Income’s Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up had been achieved.\n\nThe second part of the incentive fee, referred to as the incentive fee on capital gains, was an incentive fee on realized capital gains earned from the portfolio of MSC Income and was determined and payable in arrears as of the end of each calendar year (or upon termination of the Prior Investment Advisory Agreement). This fee equaled 20.0% of MSC Income’s incentive fee capital gains, which equaled MSC Income’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. At the end of each reporting period, MSC Income estimated the incentive fee on capital gains and accrued the fee based on a hypothetical liquidation of its portfolio. Therefore, the accrual included both net realized gains and net unrealized gains (the net unrealized difference between the fair value and the par value of its portfolio), if any. The incentive fee accrued pertaining to the unrealized gain was neither earned nor payable to the Adviser until such time it was realized.\n\nPursuant to the Prior Investment Advisory Agreement, MSC Income was required to pay or reimburse the Adviser for administrative services expenses, which included all costs and expenses related to MSC Income’s day-to-day administration and management not related to advisory services, whether such administrative services were performed by a third-party service provider or the Adviser or its affiliates (to the extent performed by the Adviser or its affiliates, the “Internal Administrative Services”). Internal Administrative Services included, but were not limited to, the cost of an Adviser’s personnel performing accounting and compliance functions and other administrative services on behalf of MSC Income.\n\nOn January 1, 2022, the Adviser assumed responsibility of certain administrative services that were previously provided for MSC Income by a third-party sub-administrator. After December 31, 2021, the Adviser continued to waive reimbursement of all Internal Administrative Services expenses, except for the cost of the services previously provided by the sub-administrator.\n\n83\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nAdvisory Agreement (post-MSC Income Listing)\n\nEffective on the date of the MSC Income Listing and pursuant to the Advisory Agreement, MSC Income pays the Adviser a base management fee and incentive fees as compensation for investment management services under the Advisory Agreement. The base management fee is calculated at an annual rate of 1.5% of the Fund’s average total assets (including cash and cash equivalents), payable quarterly in arrears, and is calculated based on the average value of the Fund’s total assets (including cash and cash equivalents) at the end of the two most recently completed calendar quarters. The determination of total assets reflects changes in the fair value of portfolio investments reflecting both unrealized appreciation and unrealized depreciation. All or any part of base management fee not taken as to any quarter is deferred without interest and may be taken in such other quarter as the Adviser shall determine, unless the Adviser permanently waives in writing receipt of such base management fee, in which event the Fund shall forever be relieved of the obligation to pay such base management fee for such quarter. The base management fee for any partial quarter is appropriately pro-rated.\n\nUnder the Advisory Agreement, the base management fee will be reduced to an annual rate of (i) 1.25% of the average value of the Fund’s total assets (including cash and cash equivalents) commencing with the first full calendar quarter following the date on which the aggregate fair value of the Fund’s investments in its LMM portfolio companies falls below 20% of the Fund’s total investment portfolio at fair value and (ii) 1.00% of the average value of the Fund’s total assets (including cash and cash equivalents) commencing with the first full calendar quarter following the date on which the aggregate fair value of the Fund’s investments in its LMM portfolio companies falls below 7.5% of the Fund’s total Investment Portfolio at fair value.\n\nThe incentive fee under Advisory Agreement consists of two parts: (1) a subordinated incentive fee on income and (2) an incentive fee on capital gains. The incentive fee under the Advisory Agreement for any partial quarter is appropriately pro-rated.\n\nThe first part of the incentive fee under the Advisory Agreement, referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on the Fund’s pre-incentive fee net investment income for the immediately preceding quarter. The payment of the subordinated incentive fee on income is subject to pre-incentive fee net investment income for the previous quarter, expressed as a quarterly rate of return on net assets of the Fund at the beginning of the most recently completed calendar quarter, exceeding 1.5% (6.0% annualized), subject to a “catch up” feature (as described below). For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund’s operating expenses for the quarter (including the base management fee, administrative services expenses, the expenses payable under any other administration or similar agreement and any interest expense and dividends paid on any issued and outstanding preferred stock and any income tax expense on the Fund’s net investment income and any excise tax, but excluding any income tax expense or benefit on the Fund’s realized capital gains, realized capital losses or unrealized capital appreciation or depreciation and the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation, or any income tax expense or benefit related to such items. The calculation of the subordinated incentive fee on income for each quarter is as follows:\n\n1.No subordinated incentive fee on income is payable to the Adviser in any calendar quarter in which the Fund’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.5% (or 6.0% annualized);\n\n2.50% of the Fund’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.307692% in any calendar quarter (9.230769% annualized) is payable to the Adviser. This portion of the subordinated incentive fee on income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 17.5% on all of the Fund’s pre-incentive fee net investment income as if the hurdle rate did not apply when the pre-incentive fee net investment income exceeds 2.307692% (9.230769% annualized) in any calendar quarter; and\n\n84\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\n3.For any quarter in which the Fund’s pre-incentive fee net investment income exceeds 2.307692% (9.230769% annualized), the subordinated incentive fee on income equals 17.5% of the amount of the Fund’s pre-incentive fee net investment income, as the hurdle rate and catch-up have been achieved.\n\nThe second part of the incentive fee under the Advisory Agreement, referred to as the incentive fee on capital gains, is an incentive fee on realized capital gains earned on liquidated investments from the Fund’s Investment Portfolio, net of any income tax expense associated with such realized capital gains, and is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement). This fee equals:\n\n(a) 17.5% of the Fund’s incentive fee capital gains, which equals the Fund’s realized capital gains (net of any related income tax expense) on a cumulative basis from the date of the MSC Income Listing, calculated as of the end of each calendar year thereafter (or upon termination of the Advisory Agreement), computed net of (1) all realized capital losses on a cumulative basis (net of any related income tax benefit) from the date of the MSC Income Listing, and (2) unrealized capital depreciation (net of any related income tax benefit) on a cumulative basis from the date of the MSC Income Listing, less\n\n(b) the aggregate amount of any previously paid capital gain incentive fees from the date of the MSC Income Listing. For purposes of calculating each component of the Fund’s incentive fee capital gains under the Advisory Agreement, (1) the cost basis for any investment held by the Fund as of the date of the MSC Income Listing is deemed to be the fair value for such investment as of the most recent quarter end immediately prior to the date of the MSC Income Listing and, with respect to any investment acquired by the Fund subsequent to the date of the MSC Income Listing, the cost basis equals the cost basis of such investment as reflected in the Fund’s financial statements and (2) the income tax expense or benefit associated with all investments is measured from the most recent quarter end immediately prior to the date of the MSC Income Listing through the date of any such calculation.\n\nThe Fund accrues the incentive fee on capital gains on a quarterly basis by following a formula consistent with the cash payment formula required under the Advisory Agreement above. However, in addition to the Fund’s net realized capital gains and unrealized losses (or fair value depreciation) (in part (a) of the formula above), the Fund’s unrealized capital gains (or fair value appreciation) (net of any related income tax expense) on a cumulative basis from the date of the MSC Income Listing are also included in the calculation. If the calculation results in an increase in the accrual compared to the previous quarter, the Fund records an increase to the capital gains incentive fee accrual. If the calculation results in a decrease to the estimated incentive fee on capital gains when compared to the previous quarter, the accrual for the incentive fee on capital gains is reduced to the extent of such decrease. For the first quarter of 2026, such calculation resulted in a reduction to the capital gains incentive fee accrual from $2.8 million as of December 31, 2025 to $2.1 million as of March 31, 2026. As such, the Fund reduced the accrual on the capital gains incentive fee by $0.6 million. However, as of March 31, 2026 no capital gains incentive fees were currently contractually payable.\n\nA summary of MSC Income’s base management fee, subordinated incentive fee on income, waiver of the subordinated incentive fee on income and incentive fee on capital gains for the three months ended March 31, 2026 and 2025 is as follows:\n\nThree Months Ended March 31,\n\n20262025\n\n(in thousands)\n\nBase management fee$5,225 $4,972 \n\nIncentive fee on income\n3,099 2,023 \n\nWaiver of incentive fee on income(985)— \n\nIncentive fee on capital gains(638)— \n\n85\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nUnder the Advisory Agreement, the waivers under the Prior Investment Advisory Agreement of Internal Administrative Services expenses, except for the cost of the services previously provided by the former sub-administrator, were memorialized as a quarterly cap on the Fund’s obligation to reimburse the Adviser for “Internal Administrative Expenses.” MSC Income is not required to reimburse the Adviser for Internal Administrative Expenses in an amount that exceeds on a quarterly basis the product obtained by multiplying (x) the value of MSC Income’s total assets at the end of each calendar quarter by (y) the applicable “Annual Basis Point Rate” set forth in the below table:\n\nTotal AssetsAnnual Basis Point Rate\n\n$0 - $500 million6.000 \n\nOver $500 million - $1.25 billion5.125 \n\nGreater than $1.25 billion4.500 \n\n2.Indemnification\n\nThe Prior Investment Advisory Agreement and the Advisory Agreement provide that the Adviser, any sub-adviser and their respective officers, directors, managers, partners, shareholders, members (and their shareholders or members, including the owners of their shareholders or members), agents, employees, controlling persons and any other person or entity affiliated with or acting on behalf of the Adviser or any sub-adviser, as applicable (each an “Indemnified Party” and, collectively, the “Indemnified Parties”) will not be liable to MSC Income for any action taken or omitted to be taken by the Adviser or any sub-adviser in connection with the performance of any of their duties or obligations as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and that MSC Income will indemnify, defend and protect Indemnified Parties and hold them harmless from and against all losses, damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in connection with the performance of their duties as an investment adviser of the Fund, to the extent such losses, damages, liabilities, costs and expenses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the Maryland General Corporation Law, the 1940 Act, the Fund’s charter and other applicable law if, among other things, (i) the Indemnified Party has determined, in good faith, that the course of conduct which caused the loss or liability was in the best interests of the Fund, (ii) the Indemnified Party was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of negligence, willful misfeasance, bad faith, or misconduct by the Indemnified Party and (iv) such indemnification or agreement to hold harmless is recoverable only out of the Fund’s net assets and not from stockholders.\n\n3.Co-Investment\n\nIn the ordinary course of business, MSC Income enters into transactions with other parties that may be considered related party transactions. MSC Income has implemented certain policies and procedures, both written and unwritten, to ensure that it does not engage in any prohibited transactions with any persons affiliated with MSC Income. If such affiliations are found to exist, MSC Income seeks the Board of Directors and/or appropriate Board of Directors committee review and approval for such transactions and otherwise comply with, or seek, orders for exemptive relief from the SEC, as appropriate.\n\n86\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nMSC Income has received an exemptive order from the SEC permitting co-investments among MSC Income, Main Street and other advisory clients of the Adviser in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act. MSC Income has made co-investments, and in the future intends to continue to make co-investments with Main Street and other advisory clients of the Adviser, in accordance with the conditions of the order. Because the Adviser is wholly-owned by Main Street and is not managing MSC Income’s investment activities as its sole activity, this may provide the Adviser an incentive to allocate opportunities to other participating advisory clients instead of MSC Income. However, both MSC Income and the Adviser have adopted policies and procedures pursuant to the order to manage this conflict and ensure that investment opportunities are allocated in a manner that is fair and equitable considering each investor’s interests, including oversight of the co-investment program by the independent members of MSC Income’s and Main Street’s boards of directors and their required approval of certain co-investment transactions thereunder. Additional information regarding the operation of the co-investment program is set forth in the order granting exemptive relief, which may be reviewed on the SEC’s website at www.sec.gov. In addition to the co-investment program described above, MSC Income also co-invests in certain investment transactions where price is the only negotiated point by MSC Income and its affiliates.\n\n4.Other Related Party Transactions\n\nA summary of Main Street’s purchases of shares of MSC Income’s common stock, each of which was purchased pursuant to the Main Street Share Purchase Plan, during the three months ended March 31, 2026 is as follows:\n\nPeriodTotal number of shares purchasedAverage price paid per share (1)Total cost (1)Total number of shares purchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be purchased under the plans or programs\n\n(in thousands, except shares and per share amounts)\n\nJanuary 1 through January 31, 202649,261$13.36 $658 49,261$15,766 \n\nFebruary 1 through February 28, 2026134,27812.70 1,705 134,27814,063 \n\nMarch 1 through March 31, 2026 (2)199,04612.90 2,567 199,046— \n\n___________________\n\n(1)Includes broker commissions.\n\n(2)The Main Street Share Purchase Plan expired on March 31, 2026; upon expiration, $11.5 million of the total $20 million amount authorized to be purchased under the Main Street Share Purchase Plan expired without being utilized.\n\nOn January 20, 2025, in connection with Main Street’s potential acquisition in excess of 3% of the Fund’s outstanding common stock as a result of any purchases of shares of the Fund’s common stock pursuant to the Main Street Share Purchase Plan or otherwise, the Fund entered into a Fund of Funds Investment Agreement with Main Street (the “Main Street Fund of Funds Agreement”). The Main Street Fund of Funds Agreement provides for the acquisition of shares of the Fund’s common stock by Main Street, and the Fund’s sale of such shares to Main Street, in a manner consistent with the requirements of Rule 12d1-4 under the 1940 Act.\n\nAs of March 31, 2026, Main Street owned 2,025,220 shares of MSC Income’s common stock. Each issuance and sale of MSC Income shares by MSC Income to Main Street, either individually or through approval of the Main Street Share Purchase Plan, was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of the Fund or the Adviser. In addition, certain of Main Street’s officers and employees own shares of MSC Income and therefore have direct pecuniary interests in MSC Income.\n\nOn February 26, 2026, MSC Income and Main Street entered into the Main Street Facility. The Main Street Facility was unanimously approved by the Board of Directors, including each director who is not an “interested person,” as such term is defined in Section 2(a)(19) of the 1940 Act, of the Fund or the Adviser. For more information on the Main Street Facility, including key terms and financial covenants, refer to Note D — Debt.\n\n87\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nMSC INCOME FUND, INC.\n\nNotes to the Consolidated Financial Statements (Continued)\n\n(Unaudited)\n\nNOTE K — SUBSEQUENT EVENTS\n\nThe Fund’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements, and identified the following to report:\n\nIn May 2026, the Board of Directors approved a change to its regular dividend payment frequency from quarterly to monthly beginning in July 2026. Additionally, MSC Income declared regular monthly dividends of $0.11 per share for each month of July, August and September 2026, or total regular monthly dividends of $0.33 per share for the third quarter of 2026, and a supplemental dividend of $0.03 per share, payable in September 2026, resulting in total dividends declared for the third quarter of 2026 of $0.36 per share.\n\n88\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\n\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2025 Fair Value (13)Gross\nAdditions (3)Gross\nReductions (4)March 31,\n2026 Fair Value (13)\n\nControl Investments\n\nBDB Holdings, LLCPreferred Equity(7)$— $(3,240)$— $8,430 $— $3,241 $5,189 \n\n12.00%Secured Debt(7)— — 35 1,182 — — 1,182 \n\nCopper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— 140 — 390 140 — 530 \n\nGRT Rubber Technologies LLC9.79%SF+6.00%Secured Debt(8)— (1)39 1,550 1 1 1,550 \n\n11.79%SF+8.00%Secured Debt(8)— (12)601 19,944 12 12 19,944 \n\nMember Units(8)— (1,150)497 22,830 — 1,150 21,680 \n\nHarris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)— 60 — 1,897 60 — 1,957 \n\nVolusion, LLC10.00%Secured Debt(8)— — 23 900 — — 900 \n\nPreferred Member Units(8)— — — — — — — \n\nPreferred Member Units(8)— (249)— 1,249 — 379 870 \n\nCommon Stock(8)— — — — — — — \n\nOther\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period— — — — — — — \n\nTotal Control investments$— $(4,452)$1,195 $58,372 $213 $4,783 $53,802 \n\nAffiliate Investments\n\nAmerican Nuts, LLCPreferred Equity(9)$— $(130)$— $1,210 $— $130 $1,080 \n\n12.31%SF+8.50%12.31%Secured Debt(9)— — 72 2,325 72 — 2,397 \n\n12.31%SF+8.50%12.31%Secured Debt(9)— 31 72 1,875 103 — 1,978 \n\n12.36%SF+8.50%12.36%Secured Debt(9)— — — — 89 — 89 \n\nAnalytical Systems Keco Holdings, LLC13.25%Secured Debt(8)— — 32 965 1 38 928 \n\nPreferred Member Units(8)— 110 — 30 110 — 140 \n\nPreferred Member Units(8)— — — 1,510 — — 1,510 \n\nWarrants(8)— — — — — — — \n\nBatjer TopCo, LLC10.00%Secured Debt(8)— (1)28 1,105 1 13 1,093 \n\nPreferred Stock(8)— 70 65 970 70 — 1,040 \n\nBettercloud, Inc.Common Equity(6)(1,656)354 — 4,550 354 4,904 — \n\nSF+8.25%Secured Debt(6)— — 90 1,747 670 2,417 — \n\nBrewer Crane Holdings, LLC13.79%SF+10.00%Secured Debt(9)— — 43 1,254 — — 1,254 \n\nPreferred Member Units(9)— (120)8 860 — 120 740 \n\n15.00%15.00%Preferred Member Units(9)— — 3 84 3 — 87 \n\nCentre Technologies Holdings, LLCSF+8.00%Secured Debt (12)(8)— — 1 — 60 60 — \n\n11.79%SF+8.00%Secured Debt(8)— (2)180 6,021 2 2 6,021 \n\nPreferred Member Units(8)— 810 8 10,680 810 — 11,490 \n\nChamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (2)3 — 2 2 — \n\n11.86%SF+8.00%Secured Debt(8)— (14)326 10,505 14 214 10,305 \n\nMember Units(8)— 1,000 381 8,880 1,000 — 9,880 \n\nMember Units(8)— (23)6 1,043 — 23 1,020 \n\n89\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2025 Fair Value (13)Gross\nAdditions (3)Gross\nReductions (4)March 31,\n2026 Fair Value (13)\n\nCharps, LLCPreferred Member Units(5)— — — 4,010 — — 4,010 \n\nClad-Rex Steel, LLCSecured Debt (12)(5)— — 2 — — — — \n\n10.00%Secured Debt(5)— (2)60 2,370 2 62 2,310 \n\n10.00%Secured Debt(5)— — 6 232 — 3 229 \n\nMember Units(5)— 190 106 3,530 190 — 3,720 \n\nMember Units(5)— 60 — 317 60 — 377 \n\nCody Pools, Inc.Secured Debt (12)(8)— 2 4 — 314 314 — \n\n12.50%Secured Debt(8)— (7)188 5,891 7 115 5,783 \n\nPreferred Member Units(8)— (200)97 16,270 — 200 16,070 \n\nColonial Electric Company LLCSecured Debt (12)(6)— — 1 — — — — \n\n9.00%Secured Debt(6)— 22 52 2,195 — — 2,195 \n\nPreferred Member Units(6)— 530 364 4,210 530 — 4,740 \n\nCompass Systems & Sales, LLCSecured Debt(5)— — 1 (12)1 — (11)\n\n13.50%Secured Debt(5)— — 155 4,249 10 251 4,008 \n\nPreferred Equity(5)— 60 15 1,800 60 — 1,860 \n\nDatacom, LLC7.50%Secured Debt(8)— — 1 75 15 15 75 \n\n10.00%Secured Debt(8)— (113)22 463 — 120 343 \n\nPreferred Member Units(8)— — — — — — — \n\nDigital Products Holdings LLC13.69%SF+10.00%Secured Debt(5)— — 105 2,834 3 — 2,837 \n\nPreferred Member Units(5)— — 13 2,459 — — 2,459 \n\nDirect Marketing Solutions, Inc.Secured Debt (12)(9)— 18 10 315 285 600 — \n\n14.00%Secured Debt(9)— (1)55 4,501 — 4,501 — \n\n14.00%Secured Debt(9)— 215 194 — 8,726 — 8,726 \n\nPreferred Stock(9)— 1,109 — 4,940 2,309 40 7,209 \n\nDMA Industries, LLC10.00%Secured Debt(7)— — 4 140 — — 140 \n\n10.00%Secured Debt(7)— (2)82 3,200 2 2 3,200 \n\nPreferred Equity(7)— 1,120 — 2,296 1,120 — 3,416 \n\n15.00%15.00%Preferred Equity(7)— 580 35 1,358 615 — 1,973 \n\nFlame King Holdings, LLCPreferred Equity(9)— 280 397 13,660 280 — 13,940 \n\n12.00%Secured Debt(9)— (16)511 16,500 16 16 16,500 \n\nFreeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP)(5)— — — 193 — — 193 \n\nGamber-Johnson Holdings, LLC11.19%SF+7.50%Secured Debt(5)— — 4 — 400 — 400 \n\n11.19%SF+7.50%Secured Debt(5)— 10 534 17,632 1,110 — 18,742 \n\nMember Units(5)— 1,010 274 28,450 1,010 — 29,460 \n\nMember Units(5)— — — 99 — 23 76 \n\nGFG Group, LLC8.00%Secured Debt(5)— (7)77 3,513 7 7 3,513 \n\nPreferred Member Units(5)— — 35 2,740 — — 2,740 \n\nHarris Preston Fund InvestmentsLP Interests (HPEP 3, L.P.) (12)(8)— (128)— 4,116 — 380 3,736 \n\nIG Investor, LLC13.00%Secured Debt (12)(6)— (1)14 400 1 201 200 \n\n13.00%Secured Debt(6)— (16)295 8,766 16 216 8,566 \n\nCommon Equity(6)— 180 — 7,010 180 — 7,190 \n\nIndependent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— — — 6,790 — — 6,790 \n\nIntegral Energy Services11.42%SF+7.50%Secured Debt(8)— (316)425 14,071 15 316 13,770 \n\n90\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2025 Fair Value (13)Gross\nAdditions (3)Gross\nReductions (4)March 31,\n2026 Fair Value (13)\n\n10.00%10.00%Preferred Equity(8)— — 8 490 8 — 498 \n\nCommon Stock(8)— (80)— 410 — 80 330 \n\n10.00%10.00%Preferred Equity(8)— — — 480 — — 480 \n\nKickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 74 2,547 1 — 2,548 \n\n9.00%Secured Debt(5)— — 22 970 — 3 967 \n\nPreferred Equity(5)— 300 — 4,290 300 — 4,590 \n\nMember Units(5)— — 6 1,048 — — 1,048 \n\nKMS, LLC12.50%Secured Debt(5)— 27 52 1,433 33 — 1,466 \n\n12.50%Secured Debt(5)— — 39 1,259 — — 1,259 \n\nPreferred Equity(5)— — — 7,830 — — 7,830 \n\n9.20%SF+5.50%Secured Debt (12)(5)— 45 19 (49)1,678 — 1,629 \n\nMills Fleet Farm Group, LLCPreferred Equity(5)— (898)224 10,134 224 898 9,460 \n\n9.81%SF+5.50%9.81%Secured Debt(5)— — 58 2,256 58 — 2,314 \n\n9.17%SF+5.50%9.17%Secured Debt(5)— — 32 1,344 32 — 1,376 \n\nNello Industries Investco, LLC12.50%Secured Debt(5)— (156)243 8,018 — 8,018 — \n\n12.50%Secured Debt(5)— 51 204 — 10,318 — 10,318 \n\nPreferred Equity(5)— 1,560 69 5,830 1,560 — 7,390 \n\nNexRev LLCPreferred Member Units(8)— (70)6 3,210 — 70 3,140 \n\nNuStep, LLC10.29%SF+6.50%Secured Debt(5)— — 16 250 400 — 650 \n\n12.00%Secured Debt(5)— — 143 4,610 — 68 4,542 \n\nPreferred Member Units(5)— (320)— 3,050 — 320 2,730 \n\nPreferred Member Units(5)— 40 — 1,530 40 — 1,570 \n\nOneliance, LLCPreferred Stock(7)— — 3 810 — — 810 \n\nOrttech Holdings, LLCSF+11.00%Secured Debt(5)— (1)5 153 1 154 — \n\n14.79%SF+11.00%Secured Debt(5)— (5)197 5,190 5 5 5,190 \n\nPreferred Stock(5)— — 15 3,360 — — 3,360 \n\nPinnacle TopCo, LLCSecured Debt (12)(8)— — 1 — — — — \n\n13.00%Secured Debt(8)— (11)228 6,800 11 211 6,600 \n\nPreferred Equity(8)— — 83 5,110 — — 5,110 \n\nRA Outdoors LLC10.56%SF+6.75%10.56%Secured Debt(8)— — 37 1,142 36 — 1,178 \n\n10.56%SF+6.75%10.56%Secured Debt(8)— (2)384 11,937 385 2 12,320 \n\n10.59%SF+6.75%10.59%Secured Debt(8)— (77)— — 449 77 372 \n\n10.59%SF+6.75%10.59%Secured Debt(8)— (75)— — 438 75 363 \n\nRobbins Bros. Jewelry, Inc.Secured Debt(9)— — 3 (12)— 1 (13)\n\n12.50%10.00%Secured Debt(9)— 25 — 1,559 — 7 1,552 \n\nPreferred Equity(9)— — — — — — — \n\nSI East, LLC11.80%Secured Debt (12)(7)— — 24 750 — — 750 \n\n12.86%Secured Debt(7)— (3)719 22,283 3 3 22,283 \n\nPreferred Member Units(7)— — 90 5,730 — — 5,730 \n\nStudent Resource Center, LLC8.50%8.50%Secured Debt(6)— 219 — 1,598 219 — 1,817 \n\n8.50%8.50%Secured Debt(6)— — 5 866 5 — 871 \n\nTedder Industries, LLC12.00%12.00%Secured Debt(9)— (21)108 241 108 21 328 \n\n12.00%12.00%Secured Debt(9)— 638 — 707 637 — 1,344 \n\nPreferred Member Units(9)— — — — — — — \n\n91\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2025 Fair Value (13)Gross\nAdditions (3)Gross\nReductions (4)March 31,\n2026 Fair Value (13)\n\nPreferred Member Units(9)— — — — — — — \n\nPreferred Member Units(9)— — — — — — — \n\nTrantech Radiator Topco, LLC11.50%Secured Debt(7)— — 1 — 400 — 400 \n\n13.50%Secured Debt(7)— (18)69 2,250 — 2,250 — \n\n13.50%Secured Debt(7)— 164 43 — 7,820 — 7,820 \n\nCommon Stock(7)— 889 — 3,730 1,230 — 4,960 \n\nCommon Equity(7)— — — 174 — — 174 \n\n9.00%Secured Debt(7)— — 12 510 — — 510 \n\n9.00%Secured Debt(7)— 2 1 — 500 — 500 \n\n9.00%Secured Debt(7)— — — — 100 — 100 \n\nUrgent DSO LLC13.50%Secured Debt(5)— (50)78 2,168 3 49 2,122 \n\nPreferred Equity(5)— (450)— 1,089 — 449 640 \n\nVictory Energy Operations, LLC13.00%Secured Debt (12)(8)— — 7 127 274 69 332 \n\n13.00%Secured Debt(8)— — 263 7,575 12 — 7,587 \n\nPreferred Equity(8)— 40 17 3,760 40 — 3,800 \n\nVVS Holdco LLCSF+6.00%Secured Debt(5)— — 1 — — — — \n\n11.50%Secured Debt(5)— — 182 5,967 9 — 5,976 \n\nPreferred Equity(5)— — — 3,060 — — 3,060 \n\nOther\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period— — — — — — — \n\nTotal Affiliate investments$(1,656)$8,423 $9,247 $406,771 $47,982 $28,135 $426,618 \n\n_________________________\n\n(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.\n\n(2)Represents the total amount of interest, dividends and fees credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”\n\n(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.\n\n(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.\n\n92\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2026\n\n(dollars in thousands)\n\n(Unaudited)\n\n(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Affiliate investments located in this region was $158,958. This represented 22.1% of net assets as of March 31, 2026.\n\n(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Affiliate investments located in this region was $32,369. This represented 4.5% of net assets as of March 31, 2026.\n\n(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $6,371. This represented 0.9% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $52,766. This represented 7.3% of net assets as of March 31, 2026.\n\n(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $46,901. This represented 6.5% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $125,314. This represented 17.4% of net assets as of March 31, 2026.\n\n(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2026 for Control investments located in this region was $530. This represented 0.1% of net assets as of March 31, 2026. The fair value as of March 31, 2026 for Affiliate investments located in this region was $57,211. This represented 8.0% of net assets as of March 31, 2026.\n\n(10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.\n\n(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.\n\n(12)Investment has an unfunded commitment as of March 31, 2026 (see Note I — Commitments and Contingencies). The fair value of the investment includes the impact of the fair value of any unfunded commitments.\n\n(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.\n\n93\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates\n\nMarch 31, 2025\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2024 Fair ValueGross\nAdditions (3)Gross\nReductions (4)March 31,\n2025 Fair Value (13)\n\nControl Investments\n\nBDB Holdings, LLCPreferred Equity(7)$— $— $— $12,610 $— $— $12,610 \n\n12.00%Secured Debt (12)(7)— — 3 — 280 — 280 \n\nCopper Trail Fund InvestmentsLP Interests (CTMH, LP)(9)— — — 530 — 16 514 \n\nGRT Rubber Technologies LLC10.48%SF+6.00%Secured Debt (12)(8)— (1)42 1,550 1 1 1,550 \n\n12.48%SF+8.00%Secured Debt(8)— (12)632 19,944 12 12 19,944 \n\nMember Units(8)— — 742 22,600 — — 22,600 \n\nHarris Preston Fund InvestmentsLP Interests (2717 MH, L.P.)(8)— (166)— 8,740 80 165 8,655 \n\nVolusion, LLC10.00%Secured Debt(8)— — 23 900 — — 900 \n\nPreferred Member Units(8)— — — — — — — \n\nPreferred Member Units(8)9 (654)— 3,004 10 794 2,220 \n\nPreferred Member Units(8)— — — — — — — \n\nCommon Stock(8)— — — — — — — \n\nOther\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period— — — — — — — \n\nTotal Control Investments$9 $(833)$1,442 $69,878 $383 $988 $69,273 \n\nAffiliate Investments\n\nAmerican Nuts, LLCPreferred Equity(9)$— $— $— $— $2,556 $— $2,556 \n\n12.95%SF+8.50%12.95%Secured Debt(9)— — 3 — 2,111 — 2,111 \n\n12.95%SF+8.50%12.95%Secured Debt(9)— — 3 — 2,111 — 2,111 \n\nAnalytical Systems Keco Holdings, LLCSecured Debt(8)— — — — — — — \n\n17.50%Secured Debt(8)— — 45 1,012 1 13 1,000 \n\nPreferred Member Units(8)— — — — — — — \n\nPreferred Member Units(8)— (40)— 1,330 — 40 1,290 \n\nWarrants(8)— — — — — — — \n\nBarfly Ventures, LLCMember Units(5)— (33)368 1,953 — 33 1,920 \n\nBatjer TopCo, LLC11.00%Secured Debt (12)(8)— — 1 50 — 30 20 \n\n11.00%Secured Debt (12)(8)— — 1 30 — — 30 \n\n11.00%Secured Debt(8)— — 32 1,165 1 — 1,166 \n\nPreferred Stock(8)— — 21 570 — — 570 \n\nBrewer Crane Holdings, LLC14.48%SF+10.00%Secured Debt(9)— — 45 1,254 — — 1,254 \n\nPreferred Member Units(9)— (140)8 1,170 — 140 1,030 \n\nCentre Technologies Holdings, LLCSF+10.00%Secured Debt (12)(8)— — 1 — — — — \n\n14.48%SF+10.00%Secured Debt(8)— (3)225 6,384 2 270 6,116 \n\nPreferred Member Units(8)— 460 8 3,110 460 — 3,570 \n\nChamberlin Holding LLCSF+6.00%Secured Debt (12)(8)— (6)6 — 6 6 — \n\n12.49%SF+8.00%Secured Debt(8)— 2 125 3,905 400 — 4,305 \n\nMember Units(8)— 280 698 8,280 280 — 8,560 \n\nMember Units(8)— 20 6 888 20 — 908 \n\nCharps, LLCPreferred Member Units(5)— — 82 3,900 — — 3,900 \n\nClad-Rex Steel, LLCSecured Debt (12)(5)— — — — — — — \n\n9.00%Secured Debt(5)— — 40 1,690 — 60 1,630 \n\n94\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2025\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2024 Fair ValueGross\nAdditions (3)Gross\nReductions (4)March 31,\n2025 Fair Value (13)\n\n10.00%Secured Debt(5)— — 6 243 — 2 241 \n\nMember Units(5)— 10 111 2,750 10 — 2,760 \n\nMember Units(5)— 80 — 237 80 — 317 \n\nCody Pools, Inc.Secured Debt (12)(8)— — 1 — — — — \n\n12.50%Secured Debt(8)— (2)203 6,598 2 273 6,327 \n\nPreferred Member Units(8)— 420 321 16,950 420 — 17,370 \n\nColonial Electric Company LLCSecured Debt (12)(6)— — 1 — — — — \n\n12.00%Secured Debt(6)— (5)110 3,578 5 84 3,499 \n\nPreferred Member Units(6)— 190 104 3,390 190 — 3,580 \n\nCompass Systems & Sales, LLCSecured Debt(5)— — 1 (16)1 — (15)\n\n13.50%Secured Debt(5)— — 151 4,201 6 — 4,207 \n\nPreferred Equity(5)— 3 15 1,860 3 — 1,863 \n\nDatacom, LLC7.50%Secured Debt(8)— — 1 55 64 15 104 \n\n10.00%Secured Debt(8)— — 27 878 6 8 876 \n\nPreferred Member Units(8)— — — 30 — — 30 \n\nDigital Products Holdings LLC14.38%SF+10.00%Secured Debt(5)— — 113 3,105 4 83 3,026 \n\nPreferred Member Units(5)— — 13 2,459 — — 2,459 \n\nDirect Marketing Solutions, Inc.Secured Debt(9)— — 1 — — — — \n\n14.00%Secured Debt(9)— (3)165 4,668 3 87 4,584 \n\nPreferred Stock(9)— 140 — 4,480 140 — 4,620 \n\nDMA Industries, LLC12.00%Secured Debt(7)— — 4 138 — — 138 \n\n12.00%Secured Debt(7)— — 128 4,161 2 — 4,163 \n\nPreferred Equity(7)— — — 1,486 — — 1,486 \n\n15.00%15.00%Preferred Equity(7)— — 30 810 30 — 840 \n\nFlame King Holdings, LLCPreferred Equity(9)— 860 574 8,980 860 — 9,840 \n\nFreeport Financial FundsLP Interests (Freeport First Lien Loan Fund III LP)(5)— — — 1,263 — 965 298 \n\nGamber-Johnson Holdings, LLCSF+7.50%Secured Debt (12)(5)— — — — — — — \n\n11.50%SF+7.50%Secured Debt (12)(5)— (10)535 18,282 10 10 18,282 \n\nMember Units(5)— — 414 28,690 — — 28,690 \n\nGFG Group, LLC8.00%Secured Debt(5)— (3)44 2,046 3 3 2,046 \n\nPreferred Member Units(5)— (230)109 2,640 — 230 2,410 \n\nGulf Publishing Holdings, LLCSF+9.50%Secured Debt(8)— — — — — — — \n\n12.50%12.50%Secured Debt(8)— 80 — 378 56 — 434 \n\nPreferred Equity(8)— — — — — — — \n\nMember Units(8)— — — — — — — \n\nHPEP 3, L.P.LP Interests (HPEP 3, L.P.) (12)(8)— 194 — 4,472 194 204 4,462 \n\nIG Investor, LLC13.00%Secured Debt (12)(6)— 19 15 379 21 — 400 \n\n13.00%Secured Debt(6)— 168 300 8,693 183 110 8,766 \n\nCommon Equity(6)— 390 — 4,060 390 — 4,450 \n\nIndependent Pet Partners Intermediate Holdings, LLCCommon Equity(6)— (200)— 7,290 — 200 7,090 \n\nIntegral Energy Services12.07%SF+7.50%Secured Debt(8)— — 471 14,872 15 — 14,887 \n\n10.00%10.00%Preferred Equity(8)— — 7 535 7 — 542 \n\nCommon Stock(8)— — — 640 — — 640 \n\n95\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2025\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2024 Fair ValueGross\nAdditions (3)Gross\nReductions (4)March 31,\n2025 Fair Value (13)\n\nKickhaefer Manufacturing Company, LLC11.50%Secured Debt(5)— — 107 3,741 2 200 3,543 \n\n9.00%Secured Debt(5)— — 22 982 — 3 979 \n\nPreferred Equity(5)— 160 — 3,060 160 — 3,220 \n\nMember Units(5)— — 7 678 — — 678 \n\nKMS, LLC14.50%SF+9.75%Secured Debt(5)(511)409 — 829 — 829 — \n\n14.50%SF+9.75%Secured Debt(5)(3,790)3,202 — 5,973 — 5,973 — \n\nSF+9.75%14.23%Secured Debt(5)— — 9 562 — 562 — \n\nSF+9.75%14.23%Secured Debt(5)— — 9 550 — 550 — \n\n14.23%SF+9.75%14.23%Secured Debt(5)— — 4 — — — — \n\n12.50%12.50%Secured Debt (12)(5)— — 26 — 1,343 — 1,343 \n\n12.50%12.50%Secured Debt(5)— — 25 — 1,430 — 1,430 \n\nPreferred Equity(5)— — — — 6,113 — 6,113 \n\nMills Fleet Farm Group, LLCCommon Equity(5)— (396)— 11,166 — 396 10,770 \n\n9.79%SF+5.50%Secured Debt(5)— — 35 — 2,140 — 2,140 \n\nMystic Logistics Holdings, LLCSecured Debt (12)(6)— — — — — — — \n\n10.00%Secured Debt(6)— — 36 1,436 — — 1,436 \n\nCommon Stock(6)— — 236 6,590 — — 6,590 \n\nNello Industries Investco, LLCSF+6.50%Secured Debt(5)— — 12 (12)12 — — \n\n13.50%Secured Debt(5)— — 240 6,619 10 — 6,629 \n\nCommon Equity(5)— 230 43 3,890 230 — 4,120 \n\nNexRev LLCSecured Debt(8)— — — — — — — \n\nSecured Debt(8)— (3)38 2,453 3 2,456 — \n\nPreferred Member Units(8)— 380 103 2,970 380 — 3,350 \n\nNuStep, LLC10.98%SF+6.50%Secured Debt(5)— — 25 900 — — 900 \n\n12.00%Secured Debt(5)— — 139 4,610 — — 4,610 \n\nPreferred Member Units(5)— 160 — 2,890 160 — 3,050 \n\nPreferred Member Units(5)— — — 1,500 — — 1,500 \n\nOneliance, LLCPreferred Stock(7)— 60 13 640 60 — 700 \n\nOrttech Holdings, LLCSF+11.00%Secured Debt (12)(5)— — — — — — — \n\n15.48%SF+11.00%Secured Debt(5)— (6)215 5,490 6 106 5,390 \n\nPreferred Stock(5)— — 15 3,360 — — 3,360 \n\nPinnacle TopCo, LLCSecured Debt (12)(8)— — 1 — — — — \n\n13.00%Secured Debt(8)— (9)242 7,160 9 9 7,160 \n\nPreferred Equity(8)— 440 195 4,590 440 — 5,030 \n\nRA Outdoors LLC11.25%SF+6.75%Secured Debt(8)— (19)38 1,215 1 57 1,159 \n\n11.25%SF+6.75%Secured Debt(8)— (199)394 12,710 10 599 12,121 \n\nCommon Equity(8)— — — — — — — \n\nRobbins Bros. Jewelry, Inc.10.00%Secured Debt(9)— — — (7)— 1 (8)\n\n12.50%10.00%Secured Debt(9)— — — 1,617 — 22 1,595 \n\nPreferred Equity(9)— — — — — — — \n\nSI East, LLC11.75%Secured Debt (12)(7)— — 24 750 — — 750 \n\n12.82%Secured Debt(7)— (2)724 22,554 2 2 22,554 \n\nPreferred Member Units(7)— (400)— 4,550 — 400 4,150 \n\nStudent Resource Center, LLC8.50%8.50%Secured Debt(6)— (827)— 1,826 — 826 1,000 \n\n96\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2025\n\n(dollars in thousands)\n\n(Unaudited)\n\nCompanyTotal RateBase RateSpreadPIK RateType of Investment (1)(10)(11)GeographyAmount of\nRealized\nGain/(Loss)Amount of\nUnrealized\nGain/(Loss)Amount of\nInterest,\nFees or\nDividends\nCredited to\nIncome (2)December 31,\n2024 Fair ValueGross\nAdditions (3)Gross\nReductions (4)March 31,\n2025 Fair Value (13)\n\nPreferred Equity(6)— — — — — — — \n\n8.50%8.50%Secured Debt(6)— 748 5 227 753 — 980 \n\nTedder Industries, LLC12.00%12.00%Secured Debt(9)— (23)— 412 — 23 389 \n\n12.00%12.00%Secured Debt(9)— (99)— 901 — 99 802 \n\nPreferred Member Units(9)— — — — — — — \n\nPreferred Member Units(9)— — — — — — — \n\nPreferred Member Units(9)— — — — — — — \n\nTrantech Radiator Topco, LLCSecured Debt (12)(7)— — — (1)— — (1)\n\n13.50%Secured Debt(7)— — 69 1,962 1 — 1,963 \n\nCommon Stock(7)— — 7 2,140 — — 2,140 \n\nUrgent DSO LLC13.50%Secured Debt(5)— — 78 2,145 3 — 2,148 \n\n9.00%9.00%Preferred Equity(5)— — 24 1,080 24 — 1,104 \n\nVictory Energy Operations, LLCSecured Debt(8)— — 1 (5)— — (5)\n\n13.00%Secured Debt(8)— — 263 7,529 11 — 7,540 \n\nPreferred Equity(8)— — 19 3,644 — — 3,644 \n\nVVS Holdco LLCSF+6.00%Secured Debt (12)(5)— — 1 — — — — \n\n11.50%Secured Debt(5)— — 195 6,366 9 — 6,375 \n\nPreferred Equity(5)— — 25 3,060 — — 3,060 \n\nOther\nAmounts related to\ninvestments transferred to\nor from other\n1940 Act classification\nduring the period4,301 (3,611)(22)(7,914)— — — \n\nTotal Affiliate investments$— $2,836 $9,335 $351,360 $23,965 $15,979 $367,260 \n\n___________________________________________________\n\n(1)The principal amount, the ownership detail for equity investments and if the investment is income producing is included in the Consolidated Schedule of Investments included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q.\n\n(2)Represents the total amount of interest, dividends and fees credited to income for the portion of the period for which an investment was included in Control or Affiliate categories, respectively. For investments transferred between Control and Affiliate categories during the period, any income or investment balances related to the time period it was in the category other than the one shown at period end is included in “Amounts related to investments transferred to or from other 1940 Act classifications during the period.”\n\n(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and accrued PIK interest, and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in net unrealized depreciation as well as the movement of an existing portfolio company into this category and out of a different category.\n\n(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include net increases in net unrealized depreciation or net decreases in unrealized appreciation as well as the movement of an existing portfolio company out of this category and into a different category.\n\n97\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)\nSchedule 12-14\n\nMSC INCOME FUND, INC.\n\nConsolidated Schedule of Investments in and Advances to Affiliates (Continued)\n\nMarch 31, 2025\n\n(dollars in thousands)\n\n(Unaudited)\n\n(5)Portfolio company located in the Midwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Affiliate investments located in this region was $146,496. This represented 20.4% of net assets as of March 31, 2025.\n\n(6)Portfolio company located in the Northeast region and Canada as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Affiliate investments located in this region was $37,791. This represented 5.3% of net assets as of March 31, 2025.\n\n(7)Portfolio company located in the Southeast region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Affiliate investments located in this region was $38,883. This represented 5.4% of net assets as of March 31, 2025.\n\n(8)Portfolio company located in the Southwest region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $55,869. This represented 7.8% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $113,206. This represented 15.7% of net assets as of March 31, 2025.\n\n(9)Portfolio company located in the West region as determined by location of the corporate headquarters. The fair value as of March 31, 2025 for Control investments located in this region was $514. This represented 0.1% of net assets as of March 31, 2025. The fair value as of March 31, 2025 for Affiliate investments located in this region was $30,884. This represented 4.3% of net assets as of March 31, 2025.\n\n(10)All of the Fund’s portfolio investments are generally subject to restrictions on resale as “restricted securities,” unless otherwise noted.\n\n(11)This schedule should be read in conjunction with the Consolidated Schedule of Investments and Notes to the Consolidated Financial Statements included in Item 1. Consolidated Financial Statements of this Quarterly Report on Form 10-Q. Supplemental information can be located within the Consolidated Schedule of Investments including end of period interest rate, preferred dividend rate, maturity date, investments not paid currently in cash and investments whose value was determined using significant unobservable inputs.\n\n(12)Investment has an unfunded commitment as of March 31, 2025 (see Note I). The fair value of the investment includes the impact of the fair value of any unfunded commitments.\n\n(13)Negative fair value is the result of the capitalized discount being greater than the principal amount outstanding on the loan.\n\n98\n\n[Table of contents](#i67b2a34b0c294631ad7f17e74adf23d3_7)"}