Overview
- TickerMSIF on NYSE2
- HeadquartersHouston, United States2
- Business address1300 Post Oak Boulevard, 8Th Floor, Houston, Tx 770563
- Filer categoryLarge accelerated filer3
- Legal formFUND2
- Kind of organizationFund2
- LEI254900XHQK9DKZDIPC912
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O THE CORPORATION TRUST, INCORPORATED, 21093-2264 Lutherville Timonium, United States2
- Registered withSecurities and Exchange Commission, 00015357782
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MSC 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. The Fund 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.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total investment income | $139.2M | $134.8M | $131.4M |
| Interest | -$33.9M | -$39.0M | -$36.5M |
| Base management fee | -$19.8M | -$20.9M | -$19.8M |
| Incentive fee on income | -$12.1M | -$12.5M | -$12.6M |
| Incentive fee on capital gains | -$2.8M | $0 | $0 |
| General and administrative | -$4.3M | -$4.4M | -$4.3M |
| Internal administrative services expenses | -$701.0K | -$10.1M | -$8.9M |
| Total expenses before expense waivers | -$73.6M | -$87.0M | -$82.0M |
| Waiver of internal administrative services expenses | $0 | $9.4M | $8.3M |
| Total expenses, net of expense waivers | -$73.6M | -$77.5M | -$73.7M |
| NET INVESTMENT INCOME BEFORE TAXES | $65.5M | $57.3M | $57.7M |
| Excise tax expense | -$510.0K | -$851.0K | -$519.0K |
| Federal and state income and other tax expenses | -$3.3M | -$2.6M | -$1.7M |
| NET INVESTMENT INCOME | $61.8M | $53.9M | $55.5M |
| Total net realized gain (loss) | -$9.5M | $15.8M | -$34.0M |
| Total net unrealized appreciation (depreciation) | $36.4M | -$15.4M | $46.3M |
| Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) | $50.0K | $2.3M | -$1.6M |
| Net increase in net assets resulting from operations | $88.7M | $56.6M | $66.2M |
| NET INVESTMENT INCOME PER SHARE BASIC (in dollars per share) | $1.33 | $1.34 | $1.38 |
| NET INVESTMENT INCOME PER SHARE DILUTED (in dollars per share) | $1.33 | $1.34 | $1.38 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREBASIC (in dollars per share) | $1.91 | $1.41 | $1.65 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHAREDILUTED (in dollars per share) | $1.91 | $1.41 | $1.65 |
| WEIGHTED-AVERAGE SHARES OUTSTANDINGBASIC (in shares) | 46.5M shares | 40.2M shares | 40.1M shares |
| WEIGHTED-AVERAGE SHARES OUTSTANDINGDILUTED (in shares) | 46.5M shares | 40.2M shares | 40.1M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 11 quarters (quarterly), latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Investments at fair value: | $1.3B | $1.2B | |||
| Cash and cash equivalents | $20.6M | $28.4M | |||
| Interest and dividend receivable | $12.3M | $11.9M | |||
| Deferred financing costs (net of accumulated amortization of $7,259 and $6,449 as of December 31, 2025 and 2024, respectively) | $3.2M | $2.0M | |||
| Prepaids and other assets | $9.5M | $4.3M | |||
| Deferred tax asset, net | $0 | $625.0K | |||
| Total assets | $1.4B | $1.2B | |||
| Debt | $602.8M | $565.1M | |||
| Accounts payable and other liabilities | $3.5M | $4.7M | |||
| Interest payable | $5.9M | $6.9M | |||
| Dividend payable | $16.8M | $14.5M | |||
| Base management and incentive fees payable | $8.4M | $8.5M | |||
| Deferred tax liability, net | $5.0M | $0 | |||
| Total liabilities | $642.4M | $599.8M | |||
| Common stock, $0.001 par value per share (450,000,000 shares authorized; 46,588,608 and 40,240,358 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | $47.0K | $40.0K | |||
| Additional paid-in capital | $782.0M | $689.6M | |||
| Total overdistributed earnings | -$43.4M | -$64.7M | -$63.9M | ||
| Total net assets | $738.7M | $624.9M | $622.3M | $609.7M | $613.2M |
| Total liabilities and net assets | $1.4B | $1.2B | |||
| NET ASSET VALUE PER SHARE (in dollars per share) | $15.85 | $15.53 | $15.54 | $15.22 | $15.36 |
| Investment, cost | $1.3B | $1.1B | |||
| Deferred financing costs, accumulated amortization | $7.3M | $6.4M | |||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 450.0M shares | 450.0M shares | |||
| Common stock, shares outstanding (in shares) | 46.6M shares | 40.2M shares | |||
| Common stock, shares issued (in shares) | 46.6M shares | 40.2M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments at fair value: | $1.3B | $1.2B | |||||||||
| Cash and cash equivalents | $20.6M | $28.4M | |||||||||
| Interest and dividend receivable | $12.3M | $11.9M | |||||||||
| Deferred financing costs (net of accumulated amortization of $7,259 and $6,449 as of December 31, 2025 and 2024, respectively) | $3.2M | $2.0M | |||||||||
| Prepaids and other assets | $9.5M | $4.3M | |||||||||
| Deferred tax asset, net | $0 | $625.0K | |||||||||
| Total assets | $1.4B | $1.2B | |||||||||
| Debt | $602.8M | $565.1M | |||||||||
| Accounts payable and other liabilities | $3.5M | $4.7M | |||||||||
| Interest payable | $5.9M | $6.9M | |||||||||
| Dividend payable | $16.8M | $14.5M | |||||||||
| Base management and incentive fees payable | $8.4M | $8.5M | |||||||||
| Deferred tax liability, net | $5.0M | $0 | |||||||||
| Total liabilities | $642.4M | $599.8M | |||||||||
| Common stock, $0.001 par value per share (450,000,000 shares authorized; 46,588,608 and 40,240,358 shares issued and outstanding as of December 31, 2025 and 2024, respectively) | $47.0K | $40.0K | |||||||||
| Additional paid-in capital | $782.0M | $689.6M | |||||||||
| Total overdistributed earnings | -$43.4M | -$64.7M | -$63.9M | ||||||||
| Total net assets | $738.7M | $624.9M | $622.3M | $609.7M | $613.2M | $579.6M | $609.3M | $625.4M | $647.8M | $597.8M | |
| Total liabilities and net assets | $1.4B | $1.2B | |||||||||
| NET ASSET VALUE PER SHARE (in dollars per share) | $15.85 | $15.53 | $15.54 | $15.22 | $15.36 | $14.56 | $15.54 | $15.92 | $16.29 | $16.29 | $15.76 |
| Investment, cost | $1.3B | $1.1B | |||||||||
| Deferred financing costs, accumulated amortization | $7.3M | $6.4M | |||||||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||||||||
| Common stock, shares authorized (in shares) | 450.0M shares | 450.0M shares | |||||||||
| Common stock, shares outstanding (in shares) | 46.6M shares | 40.2M shares | |||||||||
| Common stock, shares issued (in shares) | 46.6M shares | 40.2M shares |
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase in net assets resulting from operations | $88.7M | $56.6M | $66.2M |
| Investments in portfolio companies | -$411.1M | -$325.1M | -$236.4M |
| Proceeds from sales and repayments of debt investments in portfolio companies | $252.7M | $217.5M | $223.2M |
| Proceeds from sales and return of capital of equity investments in portfolio companies | $46.1M | $41.5M | $15.6M |
| Net unrealized (appreciation) depreciation | -$36.4M | $15.4M | -$46.3M |
| Net realized (gain) loss | $9.5M | -$15.8M | $34.0M |
| Accretion of unearned income | -$7.4M | -$7.7M | -$7.8M |
| Payment-in-kind interest | -$8.4M | -$8.0M | -$5.0M |
| Cumulative dividends | -$1.2M | -$265.0K | -$172.0K |
| Amortization of deferred financing costs | $1.1M | $2.6M | $2.1M |
| Amortization of deferred offering costs | $0 | $0 | $129.0K |
| Deferred taxes | $5.6M | -$3.9M | $2.9M |
| Interest and dividend receivable | -$2.0M | -$3.8M | $116.0K |
| Prepaid and other assets | -$5.4M | -$2.0M | $329.0K |
| Accounts payable and other liabilities | -$1.2M | $4.5M | -$1.0M |
| Interest payable | -$963.0K | $643.0K | $823.0K |
| Base management and incentive fees payable | -$120.0K | -$237.0K | $1.7M |
| Net cash provided by (used in) operating activities | -$70.3M | -$28.1M | $50.2M |
| Proceeds from public offering of common stock, net of underwriting and offering costs | $90.5M | $0 | $0 |
| Issuance of common stock | $0 | $7.0M | $8.5M |
| Redemption of common stock | -$11.6M | -$20.7M | -$24.4M |
| Payment of offering costs | $0 | $0 | -$129.0K |
| Dividends paid | -$51.6M | -$39.8M | -$36.4M |
| Proceeds from Credit Facilities | $434.0M | $281.0M | $150.0M |
| Repayments on Credit Facilities | -$396.7M | -$201.0M | -$136.0M |
| Payment of deferred financing costs | -$2.0M | -$851.0K | -$2.3M |
| Net cash provided by (used in) financing activities | $62.6M | $25.7M | -$40.8M |
| Net increase (decrease) in cash and cash equivalents | -$7.7M | -$2.4M | $9.5M |
| Interest paid | $33.8M | $35.8M | $33.6M |
| Taxes paid | $6.0M | $709.0K | $2.0M |
| Dividends declared and unpaid | $16.8M | $14.5M | $14.0M |
| Value of shares issued pursuant to the dividend reinvestment plan | $13.8M | $18.0M | $18.4M |
No quarter-by-quarter statement was filed.
Corporate structure
MSC INCOME FUND, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of MSC INCOME FUND, INC.
- SANDERS MORRIS HARRIS LLC Filed SCHEDULE 13G on MSC INCOME FUND, INC., latest Jul 24, 2026
- MSC INCOME FUND, INC. Houston, Texas, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MSC INCOME FUND, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $20.6M7 Dec 31, 2025 | $28.4M7 Dec 31, 2024 | −27.3% |
Properties, in its own words
MSC Income does not own any real estate or other physical properties materially important to its operations. Currently, Main Street leases office space in Houston, Texas for its corporate headquarters and those of its affiliates, including MSC Income. MSC Income believes that its current office facilities are adequate to meet its needs.
Item 2 of the 10-K filed Feb 27, 2026.4
Leadership
Who has led MSC INCOME FUND, INC., and when. Pick a name to see everywhere that person has worked.
Chief financial officer
Chief operating officer
- Chief executive officerDwayne L. Hyzak Apr 5, 2021 to now10
- Chief executive officerSherri W. Schugart Mar 20, 2013 to May 2, 201611
- Chief executive officerCharles N. Hazen Jun 4, 2012 to Jun 4, 201212
- ChairSherri W. Schugart Oct 17, 2014 to May 2, 201613
- PresidentDavid L. Magdol Nov 9, 2020 to now14
- PresidentJanice E. Walker Jul 10, 2019 to Jul 12, 201915
- PresidentSherri W. Schugart Mar 20, 2013 to May 2, 201611
- Chief financial officerCory Gilbert Jan 30, 2025 to now16
- Chief financial officerBrent D. Smith Nov 9, 2020 to Nov 9, 202017
- Chief financial officerRyan T. Sims Jun 4, 2012 to Jun 10, 201618
- Chief operating officerJesse E. Morris Nov 9, 2020 to Jan 30, 202519
Board members and other officers (21)
- VP, CAO, & Assistant TreasuerRyan McHugh Aug 19, 2024 to Aug 19, 202420
- Chief Compliance OfficerAdam W. Park Aug 11, 2023 to May 13, 202421
- CAO and Assistant TreasurerCory Gilbert Nov 9, 2020 to Nov 9, 202022
- SVP, GC, CCO, SecretaryJason B. Beauvais Nov 9, 2020 to now23
- Managing DirectorNicholas Meserve Nov 9, 2020 to now24
- Chief Investment OfficerAlejandro Omar Palomo Jul 12, 2019 to Jul 12, 201925
- Chief Acctg Officr & TreasurerJeffrey Scott Folkerts Jul 12, 2019 to Jul 12, 201926
- Chief Accounting OfficerDavid Matthew Covington Feb 13, 2015 to May 12, 201627
- Chief Compliance OfficerJason Maxwell Aug 6, 2015 to Aug 6, 201528
- ControllerJeremy T. Davis Jun 4, 2012 to Jun 4, 201229
- Chief Compliance OfficerSusan Dudley Jun 4, 2012 to Oct 18, 201230
- Board memberNataly Michelle Marks Feb 4, 2026 to now31
- Board memberDwayne L. Hyzak Jul 9, 2020 to now32
- Board memberJeffrey B. Walker Nov 9, 2020 to now33
- Board memberNicholas Meserve Apr 29, 2016 to Apr 29, 201634
- Board memberCurtis L. Hartman Jul 1, 2013 to Jul 1, 201335
- Board memberGregory R. Geib Jul 1, 2013 to Jul 1, 201336
- Board memberCharles N. Hazen Jun 4, 2012 to Jun 4, 201212
- Board memberJohn O. Niemann Jr. Jun 4, 2012 to now37
- Board memberPeter Shaper Jun 4, 2012 to Jun 4, 201238
- Board memberPhil D. Wedemeyer Jun 4, 2012 to Jun 4, 201239
Former names
- HMS INCOME FUND, INC.Dec 14, 2011 to Nov 3, 20203
Timeline
- Oct 8, 20268-K Results of operations40
- Sep 1, 20268-K Entered a material agreement; New debt or obligation; Other events41
- Aug 6, 20268-K Other events42
- Aug 6, 20268-K Results of operations43
- Aug 5, 20268-K Shareholder vote44
- Jul 9, 20268-K Results of operations45
- Jun 30, 20268-K Executive or director change; Other events46
- Jun 11, 20268-K Regulation FD disclosure47
- May 7, 20268-K Other events48
- May 7, 20268-K Results of operations49
- Apr 9, 20268-K Results of operations50
- Mar 16, 20268-K Entered a material agreement; New debt or obligation; Other events51
- Apr 5, 2021New chief executive Dwayne L. Hyzak becomes CEO10
- Mar 20, 2013New chief executive Sherri W. Schugart becomes CEO11
- Jun 4, 2012New chief executive Charles N. Hazen becomes CEO12
- Nov 28, 2011Founded MSC INCOME FUND, INC. is founded2
Calendar
Coming up
- Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.35 a share, on Nov 13, 2025.52
When it reported results
- Oct 8, 2026Reported quarterly or annual results40
- Aug 6, 2026Reported quarterly or annual results43
- Jul 9, 2026Reported quarterly or annual results45
- May 7, 2026Reported quarterly or annual results49
- Apr 9, 2026Reported quarterly or annual results50
- Feb 26, 2026Reported quarterly or annual results53
- Jan 20, 2026Reported quarterly or annual results54
- Jan 8, 2026Reported quarterly or annual results55
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
310 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 69 major events, 125 insider forms, 1 large holders, 94 other. The latest 20:
- Oct 8, 20268-K EDGAR
- Sep 1, 20268-K EDGAR
- Aug 27, 20264 EDGAR
- Aug 7, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 20268-K EDGAR
- Aug 5, 20268-K EDGAR
- Jul 24, 2026SCHEDULE 13G EDGAR
- Jul 9, 20268-K EDGAR
- Jun 30, 20268-K EDGAR
- Jun 30, 20264 EDGAR
- Jun 25, 20264 EDGAR
- Jun 15, 20264 EDGAR
- Jun 11, 2026CORRESP EDGAR
- Jun 11, 20268-K EDGAR
- Jun 11, 20264 EDGAR
- Jun 8, 20264 EDGAR
- May 20, 2026DEF 14A EDGAR
- May 19, 20264 EDGAR
- May 19, 20264 EDGAR
The 310 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
31 open-market trades by officers, directors and large owners since October 2021: 31 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Marks Nataly MichelleDirector | Buy | 950 | $12.70 | $12.1K | Form 4 |
| Jun 30, 2026 | Hyzak Dwayne L.CEO, SMD | Buy | 5,969 | $11.68 | $69.7K | Form 4 |
| Jun 23, 2026 | Meserve NicholasManaging Director | Buy | 2,500 | $11.43 | $28.6K | Form 4 |
| Jun 11, 2026 | Gilbert CoryCFO and Treasurer | Buy | 1,000 | $11.78 | $11.8K | Form 4 |
| Jun 9, 2026 | Hyzak Dwayne L.CEO, SMD | Buy | 4,274 | $11.69 | $50.0K | Form 4 |
| Jun 5, 2026 | Walker Jeffrey B.Director | Buy | 3,933 | $12.02 | $47.3K | Form 4 |
| Jun 4, 2026 | Walker Jeffrey B.Director | Buy | 229 | $12.03 | $2.8K | Form 4 |
| May 15, 2026 | Niemann John O. Jr.Director | Buy | 4,922 | $12.10 | $59.6K | Form 4 |
| Mar 31, 2026 | Gilbert CoryCFO and Treasurer | Buy | 825 | $12.20 | $10.1K | Form 4 |
| Mar 27, 2026 | Marks Nataly MichelleDirector | Buy | 1,000 | $12.61 | $12.6K | Form 4 |
| Mar 9, 2026 | Niemann John O. Jr.Director | Buy | 1,887 | $12.42 | $23.4K | Form 4 |
| Dec 30, 2025 | Hyzak Dwayne L.CEO, SMD | Buy | 3,712 | $13.43 | $49.9K | Form 4 |
| Sep 30, 2025 | Gilbert CoryCFO and Treasurer | Buy | 500 | $13.15 | $6.6K | Form 4 |
| Sep 30, 2025 | Magdol David L.PRESIDENT, CIO AND SMD | Buy | 3,500 | $13.25 | $46.4K | Form 4 |
| Sep 29, 2025 | Hyzak Dwayne L.CEO, SMD | Buy | 3,695 | $13.49 | $49.8K | Form 4 |
| Sep 26, 2025 | Walker Jeffrey B.Director | Buy | 2,245 | $13.55 | $30.4K | Form 4 |
| Sep 26, 2025 | Niemann John O. Jr.Director | Buy | 1,713 | $13.50 | $23.1K | Form 4 |
| Sep 25, 2025 | Walker Jeffrey B.Director | Buy | 1,455 | $13.55 | $19.7K | Form 4 |
| Sep 23, 2025 | Niemann John O. Jr.Director | Buy | 2,000 | $13.75 | $27.5K | Form 4 |
| Sep 9, 2025 | Niemann John O. Jr.Director | Buy | 4,240 | $13.92 | $59.0K | Form 4 |
All 31 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- SANDERS MORRIS HARRIS LLCSCHEDULE 13G, 1 filing Jul 24, 202656
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Sanders Morris Harris LLC | 2,263,426 | $26.2M | 15.2% | +457,004 |
| Ares Management LLC | 1,267,910 | $14.7M | 0.7% | +441,264 |
| UBS Group AG | 1,006,541 | $11.6M | 0.0% | +209,794 |
| Van Eck Associates Corp | 915,670 | $10.6M | 0.0% | +241,495 |
| Two Sigma Investments, LP | 783,888 | $9.1M | 0.0% | −350,383 |
| Franklin Resources Inc | 779,528 | $9.0M | 0.0% | +152,395 |
| North Ground Capital | 537,600 | $6.2M | 7.5% | +88,681 |
| LPL Financial LLC | 444,595 | $5.1M | 0.0% | −9,997 |
| Marshall Wace, Llp | 318,804 | $3.7M | 0.0% | +229,487 |
| Cetera Investment Advisers | 258,741 | $3.0M | 0.0% | −52,816 |
| Qube Research & Technologies Ltd | 223,256 | $2.6M | 0.0% | +150,798 |
| Osaic Holdings, Inc. | 211,898 | $2.5M | 0.0% | +63,259 |
| FJ Capital Management LLC | 206,254 | $2.4M | 0.3% | +35,196 |
| J.w. Cole Advisors, Inc. | 202,156 | $2.3M | 0.0% | New |
| Clayton Partners LLC | 200,000 | $2.3M | 1.5% | +30,000 |
| Sigma Planning Corp | 182,577 | $2.1M | 0.1% | −24,962 |
| BlackRock, Inc. | 174,876 | $2.0M | 0.0% | −3,558 |
| Alpine Global Management, LLC | 152,492 | $1.8M | 0.3% | −53,577 |
| Barclays PLC | 142,933 | $1.7M | 0.0% | +32,520 |
| Morgan Stanley | 134,600 | $1.6M | 0.0% | +93,379 |
| Intrinsic Edge Capital Management LLC | 130,000 | $1.5M | 0.2% | New |
| Riverbridge Partners LLC | 114,945 | $1.3M | 0.0% | +1,371 |
| Aviso Wealth Management | 114,250 | $1.3M | 0.5% | +50,120 |
| Atom Investors LP | 112,619 | $1.3M | 0.1% | +95,912 |
| Arax Advisory Partners | 106,794 | $1.2M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How MSC INCOME FUND, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMSC INCOME FUND, INC.1
- CIK0001535778
- Employer ID (EIN)45-39999964
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Business address1300 Post Oak Boulevard, 8Th Floor, Houston, TX 770561
- Phone71335060001
- Shares outstanding45,345,229 as of Aug 6, 20269
- Public float$748.9M as of Jun 30, 20254
- AuditorGRANT THORNTON LLP, Dallas, Texas PCAOB ID 248; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceDec 14, 20111
- Filings827 in all: 8-K (202), 4 (139), 497 (95), SC TO-I/A (57), CORRESP (48), SC TO-I (47), 10-Q (43), 3 (34)1
All 40 form types
DEFA14A (30), DEF 14A (16), 10-K (14), 40-17G (14), 40-APP/A (11), N-2/A (10), POS 8C (10), EFFECT (8), 497AD (7), 40-APP (6), SC 13G (5), PRE 14A (4), N-2 (3), POS EX (3), 8-A12B (2), ARS (2), CERT (2), 10-K/A (1), 10-Q/A (1), 3/A (1), 424B1 (1), 8-A12G (1), 8-K/A (1), APP NTC (1), APP WD (1), DEFR14A (1), N-2ASR (1), N-2MEF (1), N-54A (1), N-6F (1), SCHEDULE 13G (1), UPLOAD (1)
- Latest filingsAnnual report (10-K) Feb 27, 2026
Quarterly report (10-Q) Aug 7, 2026
Proxy statement (DEF 14A) May 20, 2026
Latest 8-K (8-K) Oct 8, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.001 per share | MSIF | New York Stock Exchange |
From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks MSC INCOME FUND, INC. names in Item 1A of its 10-K filed Feb 27, 2026: 63 risks under these headings, as written.4
- Risks Related to MSC Income’s Business and Structure
- Risks Related to MSC Income’s Investments
- Risks Related to Leverage
- Risks Related to the Adviser and its Affiliates
- Risks Related to BDCs
- Risks Related to MSC Income’s Securities
- Federal Income Tax Risks
- General Risk Factors
- RISKS RELATED TO MSC INCOME’S BUSINESS AND STRUCTURE
- Because the Investment Portfolio is recorded at fair value, there is and will continue to be uncertainty as to the value of MSC Income’s portfolio investments.
- MSC Income’s financial condition and results of operations depends on the Adviser’s ability to effectively manage and deploy capital.
- MSC Income is subject to risks associated with the interest rate environment and changes in interest rates will affect its cost of capital, net investment income and the value of its investments.
The other 60 risks
- MSC Income faces increasing competition for investment opportunities.
- MSC Income is dependent upon the Adviser’s key investment personnel, who are provided by Main Street, for its future success.
- MSC Income’s success depends on Main Street’s ability to attract and retain qualified personnel in a competitive environment.
- MSC Income may not replicate the historical results achieved by Main Street or by other advisory clients of the Adviser.
- MSC Income’s business model depends to a significant extent upon strong referral relationships maintained by Main Street and the Adviser.
- The Board of Directors may change MSC Income’s investment objective, operating policies, investment criteria and strategies without prior notice or stockholder approval, the effects of which may be adverse.
- MSC Income is a non-diversified investment company within the meaning of the 1940 Act, and therefore it is not limited with respect to the proportion of its assets that may be invested in securities of a single issuer.
- MSC Income and its portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.
- MSC Income is subject to risks related to corporate social responsibility.
- MSC Income’s bylaws include an exclusive forum selection provision, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with MSC Income’s directors, officers or other agents.
- Waivers, deferrals and reductions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged.
- RISKS RELATED TO MSC INCOME’S INVESTMENTS
- The types of portfolio companies in which MSC Income invests involve significant risks and MSC Income could lose all or part of its investment.
- Economic recessions or downturns could impair MSC Income’s portfolio companies’ performance and certain material defaults by such portfolio companies could harm MSC Income’s operating results.
- Rising credit spreads could affect the value of MSC Income’s investments, and rising interest rates make it more difficult for portfolio companies to make periodic payments on their loans.
- Inflation could adversely affect the business, results of operations and financial condition of MSC Income’s portfolio companies.
- Changes to U.S. tariff, trade and economic policies may have a negative effect on MSC Income’s portfolio companies and, in turn, harm MSC Income.
- MSC Income may be exposed to higher risks with respect to its investments that include original issue discount or PIK interest.
- The lack of liquidity in MSC Income’s investments may adversely affect its business.
- MSC Income may not have the funds or ability to make additional investments in its portfolio companies.
- MSC Income generally will not control its portfolio companies.
- Certain material defaults by its portfolio companies could harm MSC Income’s operating results.
- Any unrealized depreciation that MSC Income experiences in the Investment Portfolio may be an indication of future realized losses, which could reduce income and gains available for distribution.
- Prepayments of MSC Income’s debt investments by its portfolio companies could adversely impact its results of operations and reduce its return on equity.
- There may be circumstances where MSC Income’s debt investments could be subordinated to claims of other creditors or it could be subject to lender liability claims.
- MSC Income may not realize gains from its equity investments.
- MSC Income may be subject to risks associated with “covenant-lite” loans.
- MSC Income’s investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
- RISKS RELATED TO LEVERAGE
- Because MSC Income borrows money, the potential for gain or loss on amounts invested in MSC Income is magnified and may increase the risk of such investment.
- Substantially all of MSC Income’s assets are subject to security interests under its senior securities, and if MSC Income defaults on its obligations under its senior securities, it may suffer adverse consequences, including foreclosure on its assets.
- MSC Income is subject to risks associated with any revolving credit facility that utilizes a Structured Subsidiary as MSC Income’s interests in any Structured Subsidiary are subordinated and MSC Income could be prevented from receiving cash on its equity interests from a Structured Subsidiary.
- The ability to sell investments held by a Structured Subsidiary is limited.
- MSC Income may invest in derivatives or other assets that expose it to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
- RISKS RELATED TO THE ADVISER AND ITS AFFILIATES
- The Adviser has conflicts of interest that may create an incentive for the Adviser to enter into investments that are riskier or more speculative than would otherwise be the case and the Adviser may have an incentive to increase portfolio leverage in order to earn higher management fees.
- MSC Income may be obligated to pay the Adviser incentive compensation even if MSC Income incurs a net loss due to a decline in the value of the Investment Portfolio.
- The Adviser may face conflicts of interest in allocating investment opportunities between MSC Income, Main Street and the other advisory clients of the Adviser.
- Main Street owns approximately 3.5% of MSC Income’s common stock, which could result in Main Street’s influence over the outcome of matters submitted to the vote of MSC Income’s stockholders.
- The Adviser’s liability is limited under the Advisory Agreement, and MSC Income has agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on MSC Income’s behalf than it would when acting for its own account.
- The Adviser can resign on 120 days’ notice and MSC Income may not be able to find a suitable replacement within that time, resulting in a disruption in operations that could adversely affect MSC Income’s financial condition, business and results of operations.
- RISKS RELATED TO BDCs
- Operating under the constraints imposed on MSC Income as a BDC and RIC may hinder the achievement of its investment objectives.
- Failure to maintain its status as a BDC would reduce MSC Income’s operating flexibility.
- Regulations governing MSC Income’s operation as a BDC will affect its ability to raise, and the way in which it raises, additional capital.
- Additional Common Stock
- RISKS RELATED TO MSC INCOME’S SECURITIES
- Investing in MSC Income’s securities may involve a high degree of risk.
- Shares of closed-end investment companies, including BDCs such as MSC Income, may trade at a discount to their NAV per share.
- The market price of MSC Income’s securities may be volatile and fluctuate significantly.
- MSC Income may not be able to pay distributions to its stockholders, its distributions may not grow over time and a portion of distributions paid to its stockholders may be a return of capital.
- Stockholders may incur dilution if MSC Income sells shares of its common stock in one or more offerings at prices below the then current NAV per share of its common stock.
- Common stockholders’ interest in MSC Income will be diluted if MSC Income issues additional shares of its common stock, which could reduce the overall value of their investment.
- Purchases of shares of MSC Income’s common stock by MSC Income or Main Street under open-market purchase programs may result in the price per share of its common stock being higher than the price that otherwise might exist in the open market.
- Provisions of the Maryland General Corporation Law and MSC Income’s articles of amendment and restatement and bylaws could deter takeover attempts and have an adverse impact on the price of MSC Income’s common stock.
- MSC Income may in the future determine to issue preferred stock, which could adversely affect the market value of its common stock.
- MSC Income’s credit ratings may not reflect all risks of an investment in its debt securities.
- Sales of substantial amounts of MSC Income’s common stock in the public market may have an adverse effect on the market price of its common stock.
- FEDERAL INCOME TAX RISKS
- MSC Income will be subject to corporate-level U.S. federal income tax if it is unable to qualify as a RIC under Subchapter M of the Code.
- MSC Income may have difficulty paying the distributions required to maintain RIC tax treatment under the Code if it recognizes income before or without receiving cash representing such income.
- MSC Income may in the future choose to pay dividends in its own stock, in which case you may be required to pay tax in excess of the cash you receive.
- Stockholders may have current tax liability on dividends they elect to reinvest in MSC Income’s common stock but would not receive cash from such dividends to pay such tax liability.
- Legislative or regulatory tax changes could adversely affect MSC Income’s stockholders.
- GENERAL RISK FACTORS
- Events outside of MSC Income’s control, including public health crises, supply chain disruptions and inflation, could negatively affect MSC Income and its portfolio companies and the results of MSC Income’s operations.
- Market conditions may materially and adversely affect debt and equity capital markets in the U.S. and abroad, which may have a negative impact on MSC Income’s business and operations.
- The failure in cybersecurity systems, as well as the occurrence of events unanticipated in MSC Income’s and the Adviser’s disaster recovery systems and management continuity planning could impair MSC Income’s ability to conduct business effectively.
Legal proceedings
MSC Income, the Adviser and/or Main Street may, from time to time, be involved in litigation arising out of the Fund’s operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on the Fund, the Adviser and/or Main Street in connection with the activities of the Fund’s 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 the Fund’s, the Adviser’s or Main Street’s 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 the Fund’s, the Adviser’s or Main Street’s financial condition or results of operations in any future reporting period.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARSherri W. Schugart, Chair
- 14SEC EDGARDavid L. Magdol, President
- 15SEC EDGARJanice E. Walker, President
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- 24SEC EDGARNicholas Meserve, Managing Director
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- 29SEC EDGARJeremy T. Davis, Controller
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- 31SEC EDGARNataly Michelle Marks, Board member
- 32SEC EDGARDwayne L. Hyzak, Board member
- 33SEC EDGARJeffrey B. Walker, Board member
- 34SEC EDGARNicholas Meserve, Board member
- 35SEC EDGARCurtis L. Hartman, Board member
- 36SEC EDGARGregory R. Geib, Board member
- 37SEC EDGARJohn O. Niemann Jr., Board member
- 38SEC EDGARPeter Shaper, Board member
- 39SEC EDGARPhil D. Wedemeyer, Board member
- 40SEC EDGARResults of operations
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- 42SEC EDGAROther events
- 43SEC EDGARResults of operations
- 44SEC EDGARShareholder vote
- 45SEC EDGARResults of operations
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- 47SEC EDGARRegulation FD disclosure
- 48SEC EDGAROther events
- 49SEC EDGARResults of operations
- 50SEC EDGARResults of operations
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- 52NasdaqNasdaq calendar
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