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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 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Jewelry, Inc. | Secured Debt 12026-01-012026-03-310001535778Robbins Bros. Jewelry, Inc. | Secured Debt 22026-01-012026-03-310001535778Robbins Bros. 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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 Units2025-01-012025-03-310001535778Digital Products Holdings LLC | Preferred Member Units2024-12-310001535778Digital Products Holdings LLC | Preferred Member Units2025-03-310001535778Direct Marketing Solutions, Inc. | Secured Debt 12025-01-012025-03-310001535778Direct Marketing Solutions, Inc. | Secured Debt 12024-12-310001535778Direct Marketing Solutions, Inc. | Secured Debt 12025-03-310001535778Direct Marketing Solutions, Inc. | Secured Debt 22025-03-310001535778Direct Marketing Solutions, Inc. | Secured Debt 22025-01-012025-03-310001535778Direct Marketing Solutions, Inc. | Secured Debt 22024-12-310001535778Direct Marketing Solutions, Inc. | Preferred Stock2025-01-012025-03-310001535778Direct Marketing Solutions, Inc. | Preferred Stock2024-12-310001535778Direct Marketing Solutions, Inc. | Preferred Stock2025-03-310001535778DMA Industries, LLC | Secured Debt 12025-03-310001535778DMA Industries, LLC | Secured Debt 12025-01-012025-03-310001535778DMA Industries, LLC | Secured Debt 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 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2026

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

For the transition period from: to

Commission File Number: 814-00939

MSC Income Fund, Inc.

(Exact name of registrant as specified in its charter)


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

(713) 350-6000

(Registrant’s telephone number, including area code)

n/a

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

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

Title of Each Class

Trading Symbol

Name of Each Exchange on Which

Registered

Common Stock, par value $0.001 per share

MSIF

New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares outstanding of the issuer’s common stock as of May 7, 2026 was 45,345,229.

Table of contents

TABLE OF CONTENTS


PART I
FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets—March 3 1 , 202 6 (unaudited) and December 31, 20 25	1
	Consolidated Statements of Operations (unaudited)—Three months ended M a rch 3 1 , 202 6 and 202 5	2
	Consolidated Statements of Changes in Net Assets (unaudited)—Three months ended March 3 1 , 202 6 and 202 5	3
	Consolidated Statements of Cash Flows (unaudited)—Three months ended March 31, 202 6 and 202 5	4
	Consolidated Schedule of Investments (unaudited)—March 31, 202 6	5
	Consolidated Schedule of Investments—December 31, 202 5	26
	Notes to Consolidated Financial Statements (unaudited)	46
	Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Three months ended March 31, 202 6 and 202 5	89
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	99
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	115
Item 4.	Controls and Procedures	116
PART II
OTHER INFORMATION
Item 1.	Legal Proceedings	117
Item 1A.	Risk Factors	117
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	117
Item 5.	Other Information	117
Item 6.	Exhibits	118
	Signatures	119

Table of contents

MSC INCOME FUND, INC.

Consolidated Balance Sheets

(in thousands, except shares and per share amounts)


	March 31, 2026		December 31, 2025
ASSETS	(Unaudited)
Investments at fair value:
Control investments (cost: $52,432 and $52,550 as of March 31, 2026 and December 31, 2025, respectively)	$	53,802	$	58,372
Affiliate investments (cost: $333,498 and $322,074 as of March 31, 2026 and December 31, 2025, respectively)	426,618		406,771
Non‑Control/Non‑Affiliate investments (cost: $910,600 and $885,299 as of March 31, 2026 and December 31, 2025, respectively)	888,782		870,244
Total investments (cost: $1,296,530 and $1,259,923 as of March 31, 2026 and December 31, 2025, respectively)	1,369,202		1,335,387
Cash and cash equivalents	15,559		20,635

Interest and dividend receivable	11,942		12,273
Prepaids and other assets	10,094		9,546
Deferred financing costs (net of accumulated amortization of $7,467 and $7,259 as of March 31, 2026 and December 31, 2025, respectively)	3,128		3,190

Total assets	$	1,409,925	$	1,381,031
LIABILITIES
Credit Facilities	$	350,000	$	453,000
October 2026 Notes (par: $150,000 as of both March 31, 2026 and December 31, 2025)	149,826		149,751
May 2029 Notes (par: $150,000 as of March 31, 2026)	149,274		—

Accounts payable and other liabilities	4,408		3,549

Interest payable	7,463		5,946
Dividend payable	16,324		16,772
Base management and incentive fees payable	7,340		8,388
Deferred tax liability, net	5,762		4,966


Total liabilities	690,397		642,372
Commitments and contingencies (Note I)
NET ASSETS
Common 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)	45		47
Additional paid‑in capital	765,979		782,007



Total overdistributed earnings	(46,496)		(43,395)
Total net assets	719,528		738,659
Total liabilities and net assets	$	1,409,925	$	1,381,031
NET ASSET VALUE PER SHARE	$	15.87	$	15.85

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

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MSC INCOME FUND, INC.

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments	$	1,195	$	1,442
Affiliate investments	9,247		9,335
Non‑Control/Non‑Affiliate investments	23,645		22,450
Total investment income	34,087		33,227
EXPENSES:
Interest	(8,920)		(8,243)
Base management fee	(5,225)		(4,972)
Incentive fee on income	(3,099)		(2,023)
Incentive fee on capital gains	638		—
General and administrative	(1,039)		(1,027)
Internal administrative services expenses	(186)		(174)




Total expenses before expense waivers	(17,831)		(16,439)
Waiver of incentive fee on income	985		—
Total expenses, net of expense waivers	(16,846)		(16,439)
NET INVESTMENT INCOME BEFORE TAXES	17,241		16,788
Excise tax expense	(50)		(192)
Federal and state income and other tax expenses	(956)		(850)
NET INVESTMENT INCOME	16,235		15,746
NET REALIZED GAIN (LOSS):
Control investments	—		9
Affiliate investments	(1,656)		—
Non‑Control/Non‑Affiliate investments	1,415		(21,075)

Total net realized loss	(241)		(21,066)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	(4,452)		(833)
Affiliate investments	8,423		2,836
Non‑Control/Non‑Affiliate investments	(6,614)		16,780
Total net unrealized appreciation (depreciation)	(2,643)		18,783
Income tax benefit (provision) on net realized loss and net unrealized appreciation (depreciation)	(128)		2,412
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,223	$	15,875
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$	0.35	$	0.35
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$	0.29	$	0.36
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	46,116,898		44,680,084

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

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MSC INCOME FUND, INC.

Consolidated Statements of Changes in Net Assets

(in thousands, except shares)

(Unaudited)


	Common Stock			Additional Paid-In Capital		Total Overdistributed Earnings		Total Net Asset Value
	Number of Shares	Par Value


















































































Balances as of December 31, 2024	40,240,358	$	40	$	689,580	$	(64,717)	$	624,903
Issuances of common stock, net of underwriting and offering costs	6,325,000	6		90,526		—		90,532
Dividend reinvestment	284,173	1		4,495		—		4,496

Net increase in net assets resulting from operations	—	—		—		15,875		15,875
Dividends to stockholders	—	—		—		(16,866)		(16,866)
Balances as of March 31, 2025	46,849,531	$	47	$	784,601	$	(65,708)	$	718,940















Balances as of December 31, 2025	46,588,608	$	47	$	782,007	$	(43,395)	$	738,659



Common stock repurchased	(1,243,379)	(2)		(16,028)		—		(16,030)

Net increase in net assets resulting from operations	—	—		—		13,223		13,223
Dividends to stockholders	—	—		—		(16,324)		(16,324)
Balances as of March 31, 2026	45,345,229	$	45	$	765,979	$	(46,496)	$	719,528

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

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MSC INCOME FUND, INC.

Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Three Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase in net assets resulting from operations	$	13,223	$	15,875
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:

Investments in portfolio companies	(73,732)		(142,755)
Proceeds from sales and repayments of debt investments in portfolio companies	33,827		52,244
Proceeds from sales and return of capital of equity investments in portfolio companies	7,796		8,909
Net unrealized (appreciation) depreciation	2,643		(18,783)
Net realized loss	241		21,066

Accretion of unearned income	(1,692)		(1,750)
Payment-in-kind interest	(2,500)		(1,915)
Cumulative dividends	(285)		(74)
Amortization of deferred financing costs	298		247

Deferred taxes	796		(1,853)
Changes in other assets and liabilities:
Interest and dividend receivable	168		(803)

Prepaid and other assets	(506)		784

Accounts payable and other liabilities	867		(2,978)
Interest payable	1,517		806
Base management and incentive fees payable	(1,048)		(1,514)


Net cash used in operating activities	(18,387)		(72,494)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering of common stock, net of underwriting and offering costs	—		90,532

Redemption of common stock	(16,030)		—

Dividends paid	(16,772)		(9,991)
Proceeds from Credit Facilities	138,000		130,000
Repayments on Credit Facilities	(241,000)		(125,000)

Proceeds from May 2029 Notes	150,000		—


Payment of deferred financing costs	(887)		(1,963)
Net cash provided by financing activities	13,311		83,578

Net increase (decrease) in cash and cash equivalents	(5,076)		11,084
CASH AND CASH EQUIVALENTS AS OF BEGINNING OF PERIOD	20,635		28,375
CASH AND CASH EQUIVALENTS AS OF END OF PERIOD	$	15,559	$	39,459




Supplemental cash flow disclosures:
Interest paid	$	7,106	$	7,189
Taxes paid	$	88	$	4,120
Non-cash financing activities:
Dividends declared and unpaid	$	16,324	$	16,866
Value of shares issued pursuant to the dividend reinvestment plan	$	—	$	4,496

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

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
Control Investments (5)
BDB Holdings, LLC		Casual Restaurant Group
			Secured Debt		2/24/2025		12.00%				2/27/2027	$	1,182	$	1,182	$	1,182
			Preferred Equity		11/4/2024	13,024,663								13,025		5,189
														14,207		6,371
Copper Trail Fund Investments	(12) (13)	Investment Partnership
			LP Interests (CTMH, LP)	(24)	7/17/2017	38.75%								515		530

GRT Rubber Technologies LLC		Manufacturer of Engineered Rubber Products
			Secured Debt		12/21/2018		9.79%	SF+	6.00%		10/29/2026	1,550		1,546		1,550
			Secured Debt		12/19/2014		11.79%	SF+	8.00%		10/29/2026	19,944		19,914		19,944
			Member Units	(8)	12/19/2014	2,896								6,435		21,680
														27,895		43,174
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (2717 MH, L.P.)	(24)	10/1/2017	49.26%								1,158		1,957

Volusion, LLC		Provider of Online Software-as-a-Service eCommerce Solutions
			Secured Debt	(17)	3/31/2023		10.00%				3/31/2025	900		900		900
			Preferred Member Units		3/31/2023	2,184,683								653		870
			Preferred Member Units		3/31/2023	61,077								—		—
			Preferred Member Units		1/26/2015	2,090,001								6,000		—
			Common Stock		3/31/2023	772,620								1,104		—
														8,657		1,770
Subtotal Control investments (7.5% of net assets at fair value)														$	52,432	$	53,802
Affiliate Investments (6)
American Nuts, LLC	(10)	Roaster, Mixer and Packager of Bulk Nuts and Seeds
			Secured Debt	(9)	3/27/2026		12.36%	SF+	8.50%	12.36%	3/28/2028	$	89	$	89	$	89
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	2,397		2,397		2,397
			Secured Debt	(9)	3/25/2025		12.31%	SF+	8.50%	12.31%	3/28/2028	2,397		2,397		1,978
			Preferred Equity		3/25/2025	7,590								2,556		1,080
														7,439		5,544
Analytical Systems Keco Holdings, LLC		Manufacturer of Liquid and Gas Analyzers
			Secured Debt		8/16/2019		13.25%				8/16/2029	935		928		928
			Preferred Member Units		5/20/2021	603								597		1,510
			Preferred Member Units		8/16/2019	777								800		140
			Warrants	(27)	8/16/2019	105					8/16/2029			79		—
														2,404		2,578
Batjer TopCo, LLC		HVAC Mechanical Contractor

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MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)	Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
		Secured Debt	(30)	3/7/2022						3/7/2027	—	—	—
		Secured Debt	(30)	3/7/2022						3/7/2027	—	—	—
		Secured Debt		3/7/2022		10.00%				3/7/2027	1,093	1,088	1,093
		Preferred Stock	(8)	3/7/2022	453							455	1,040
												1,543	2,133
Brewer Crane Holdings, LLC	Provider of Crane Rental and Operating Services
		Secured Debt	(9)	1/9/2018		13.79%	SF+	10.00%		12/31/2026	1,254	1,254	1,254
		Preferred Member Units	(8)	1/9/2018	737							1,070	740
		Preferred Member Units	(8)	7/7/2025	78	15.00%			15.00%			87	87
												2,411	2,081
Centre Technologies Holdings, LLC	Provider of IT Hardware Services and Software Solutions
		Secured Debt	(9) (30)	1/4/2019			SF+	8.00%		1/4/2028	—	—	—
		Secured Debt	(9)	11/29/2024		11.79%	SF+	8.00%		1/4/2028	6,021	6,005	6,021
		Preferred Member Units		1/4/2019	3,471							1,596	11,490
												7,601	17,511
Chamberlin Holding LLC	Roofing and Waterproofing Specialty Contractor
		Secured Debt	(9) (30)	2/26/2018			SF+	6.00%		2/26/2029	—	(20)	—
		Secured Debt	(9)	2/26/2018		11.86%	SF+	8.00%		2/26/2029	10,305	10,170	10,305
		Member Units	(8)	2/26/2018	1,087							2,860	9,880
		Member Units	(8) (23)	11/2/2018	261,786							443	1,020
												13,453	21,205
Charps, LLC	Pipeline Maintenance and Construction
		Preferred Member Units	(8)	2/3/2017	457							491	4,010

Clad-Rex Steel, LLC	Specialty Manufacturer of Vinyl-Clad Metal
		Secured Debt	(30)	10/28/2022						7/31/2027	—	—	—
		Secured Debt		12/20/2016		10.00%				7/31/2030	2,310	2,289	2,310
		Secured Debt		12/20/2016		10.00%				12/20/2036	229	228	229
		Member Units	(8)	12/20/2016	179							1,820	3,720
		Member Units	(23)	12/20/2016	200							127	377
												4,464	6,636
Cody Pools, Inc.	Designer of Residential and Commercial Pools
		Secured Debt	(30)	3/6/2020						12/3/2030	—	(21)	—
		Secured Debt		3/6/2020		12.50%				12/3/2030	5,783	5,683	5,783
		Preferred Member Units	(8) (23)	3/6/2020	147							2,079	16,070
												7,741	21,853
Colonial Electric Company LLC	Provider of Electrical Contracting Services
		Secured Debt	(30)	3/31/2021						3/31/2028	—	—	—
		Secured Debt		3/31/2021		9.00%				3/31/2028	2,195	2,169	2,195
		Preferred Member Units	(8)	3/31/2021	4,320							1,920	4,740
												4,089	6,935

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Compass Systems & Sales, LLC		Designer of End-to-End Material Handling Solutions
			Secured Debt	(30)	11/22/2023						11/22/2028	—	(11)	(11)
			Secured Debt		11/22/2023		13.50%				11/22/2028	4,050	3,986	4,008
			Preferred Equity		11/22/2023	1,863							1,863	1,860
													5,838	5,857
Datacom, LLC		Technology and Telecommunications Provider
			Secured Debt	(17)	3/1/2022		7.50%				12/31/2025	75	75	75
			Secured Debt	(17)	3/31/2021		10.00%				12/31/2025	861	861	343
			Preferred Member Units		3/31/2021	1,040							330	—
													1,266	418
Digital Products Holdings LLC		Designer and Distributor of Consumer Electronics
			Secured Debt	(9)	4/1/2018		13.69%	SF+	10.00%		4/27/2029	2,989	2,988	2,837
			Preferred Member Units	(8)	4/1/2018	964							2,375	2,459
													5,363	5,296
Direct Marketing Solutions, Inc.		Provider of Omni-Channel Direct Marketing Services
			Secured Debt	(30)	2/13/2018						2/28/2031	—	(18)	—
			Secured Debt		12/27/2022		14.00%				2/28/2031	8,726	8,511	8,726
			Preferred Stock		2/13/2018	2,484							3,260	7,209
													11,753	15,935
DMA Industries, LLC		Distributor of Aftermarket Ride Control Products
			Secured Debt		6/18/2024		10.00%				6/18/2029	140	138	140
			Secured Debt		11/19/2021		10.00%				6/18/2029	3,200	3,179	3,200
			Preferred Equity		11/19/2021	1,486							1,486	3,416
			Preferred Equity	(8)	6/18/2024	767	15.00%			15.00%			973	1,973
													5,776	8,729
Flame King Holdings, LLC		Propane Tank and Accessories Distributor
			Secured Debt		6/30/2025		12.00%				6/30/2030	16,500	16,224	16,500
			Preferred Equity	(8)	10/29/2021	2,340							2,600	13,940
													18,824	30,440
Freeport Financial Funds	(12) (13)	Investment Partnership
			LP Interests (Freeport First Lien Loan Fund III LP)	(24)	7/31/2015	5.95%							671	193

Gamber-Johnson Holdings, LLC		Manufacturer of Ruggedized Computer Mounting Systems
			Secured Debt	(9) (32)	6/24/2016		11.19%	SF+	7.50%		1/1/2028	400	400	400
			Secured Debt	(9)	11/22/2024		11.19%	SF+	7.50%		1/1/2028	18,742	18,656	18,742
			Member Units	(8)	6/24/2016	2,261							4,423	29,460
			Member Units	(23)	12/15/2025	102							76	76
													23,555	48,678
GFG Group, LLC		Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers
			Secured Debt		3/31/2021		8.00%				3/31/2026	3,513	3,513	3,513

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Preferred Member Units	(8)	3/31/2021	56							1,225	2,740
													4,738	6,253
Harris Preston Fund Investments	(12) (13)	Investment Partnership
			LP Interests (HPEP 3, L.P.)	(24)	8/9/2017	8.22%							1,297	3,736

IG Investor, LLC		Military and Other Tactical Gear
			Secured Debt		6/21/2023		13.00%				6/21/2028	200	187	200
			Secured Debt		6/21/2023		13.00%				6/21/2028	8,566	8,452	8,566
			Common Equity		6/21/2023	3,600							3,600	7,190
													12,239	15,956
Independent Pet Partners Intermediate Holdings, LLC	(10)	Omnichannel Retailer of Specialty Pet Products
			Common Equity		4/7/2023	6,436,566							6,540	6,790

Integral Energy Services	(10)	Nuclear Power Staffing Services
			Secured Debt	(9)	8/20/2021		11.42%	SF+	7.50%		8/20/2026	14,340	14,315	13,770
			Preferred Equity	(8)	12/7/2023	3,725	10.00%			10.00%			337	498
			Preferred Equity		6/3/2025	3,596	10.00%			10.00%			383	480
			Common Stock		8/20/2021	11,647							1,584	330
													16,619	15,078
Kickhaefer Manufacturing Company, LLC		Precision Metal Parts Manufacturing
			Secured Debt		10/31/2018		11.50%				10/31/2026	2,550	2,548	2,548
			Secured Debt		10/31/2018		9.00%				10/31/2048	974	967	967
			Preferred Equity	(8)	10/31/2018	145							3,060	4,590
			Member Units	(8) (23)	10/31/2018	200							248	1,048
													6,823	9,153
KMS, LLC	(10)	Wholesaler of Closeout and Value-Priced Products
			Secured Debt	(9)	12/29/2025		9.20%	SF+	5.50%		10/1/2028	1,629	1,584	1,629
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,466	1,439	1,466
			Secured Debt		2/10/2025		12.50%				10/1/2028	1,259	1,259	1,259
			Preferred Equity		2/10/2025	11,516							6,113	7,830
													10,395	12,184
Mills Fleet Farm Group, LLC	(10)	Omnichannel Retailer of Work, Farm and Lifestyle Merchandise
			Secured Debt	(9)	12/19/2024		9.81%	SF+	5.50%	9.81%	1/28/2031	2,400	2,400	2,314
			Secured Debt	(9)	4/11/2025		9.17%	SF+	5.50%	9.17%	1/28/2031	1,427	1,427	1,376
			Preferred Equity	(8) (23)	12/19/2024	53,505							12,283	9,460
													16,110	13,150
Nello Industries Investco, LLC		Manufacturer of Steel Poles and Towers For Critical Infrastructure
			Secured Debt		6/4/2024		12.50%				6/4/2029	10,318	10,267	10,318
			Preferred Equity	(8)	6/4/2024	84,201							2,799	7,390
													13,066	17,708
NexRev LLC		Provider of Energy Efficiency Products & Services

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Preferred Member Units		2/28/2018	25,786,046							2,053	3,140

NuStep, LLC		Designer, Manufacturer and Distributor of Fitness Equipment
			Secured Debt	(9)	1/31/2017		10.29%	SF+	6.50%		1/31/2028	650	650	650
			Secured Debt		1/31/2017		12.00%				1/31/2030	4,610	4,542	4,542
			Preferred Member Units		11/2/2022	600							696	1,570
			Preferred Member Units		1/31/2017	122							2,966	2,730
													8,854	9,492
Oneliance, LLC		Construction Cleaning Company
			Preferred Stock	(8)	8/6/2021	282							282	810

Orttech Holdings, LLC		Distributor of Industrial Clutches, Brakes and Other Components
			Secured Debt	(9) (30)	7/30/2021			SF+	11.00%		7/31/2026	—	(2)	—
			Secured Debt	(9)	7/30/2021		14.79%	SF+	11.00%		7/31/2026	5,190	5,183	5,190
			Preferred Stock	(23)	7/30/2021	2,500							2,500	3,360
													7,681	8,550
Pinnacle TopCo, LLC		Manufacturer and Distributor of Garbage Can Liners, Poly Bags, Produce Bags, and Other Similar Products
			Secured Debt	(30)	12/21/2023						12/21/2028	—	(5)	—
			Secured Debt		12/21/2023		13.00%				12/21/2028	6,600	6,510	6,600
			Preferred Equity	(8)	12/21/2023	110							3,135	5,110
													9,640	11,710
RA Outdoors LLC	(10)	Software Solutions Provider for Outdoor Activity Management
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	1,422	1,421	1,178
			Secured Debt	(9)	2/5/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	449	449	372
			Secured Debt	(9)	7/17/2025		10.59%	SF+	6.75%	10.59%	6/30/2027	438	438	363
			Secured Debt	(9)	4/8/2021		10.56%	SF+	6.75%	10.56%	6/30/2027	14,867	14,859	12,320
			Common Equity		8/12/2024	107							—	—
													17,167	14,233
Robbins Bros. Jewelry, Inc.		Bridal Jewelry Retailer
			Secured Debt	(14) (30)	12/15/2021						12/15/2026	—	(13)	(13)
			Secured Debt	(14)	12/15/2021		12.50%			10.00%	12/15/2026	3,740	3,486	1,552
			Preferred Equity		12/15/2021	1,230							1,230	—
													4,703	1,539
SI East, LLC		Rigid Industrial Packaging Manufacturing
			Secured Debt		8/31/2018		11.80%				6/16/2028	750	746	750
			Secured Debt	(33)	6/16/2023		12.86%				6/16/2028	22,283	22,256	22,283
			Preferred Member Units	(8)	8/31/2018	55							508	5,730
													23,510	28,763
Student Resource Center, LLC	(10)	Higher Education Services

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)		Cost (4)		Fair Value (18)
			Secured Debt		9/11/2024		8.50%			8.50%	12/31/2027	251		251		871
			Secured Debt	(14)	12/31/2022		8.50%			8.50%	12/31/2027	5,918		5,425		1,817
			Preferred Equity		12/31/2022	6,564,055								—		—
														5,676		2,688
Tedder Industries, LLC		Manufacturer of Firearm Holsters and Accessories
			Secured Debt	(17)	8/31/2018		12.00%			12.00%	8/31/2023	328		324		328
			Secured Debt	(14) (17)	8/31/2018		12.00%			12.00%	8/31/2023	3,800		3,761		1,344
			Preferred Member Units		8/28/2023	1,651								165		—
			Preferred Member Units		2/1/2023	1,411								141		—
			Preferred Member Units		8/31/2018	136								2,311		—
														6,702		1,672
Trantech Radiator Topco, LLC		Transformer Cooling Products and Services
			Secured Debt		5/31/2019		11.50%				5/31/2031	400		400		400
			Secured Debt		5/31/2019		13.50%				5/31/2031	7,820		7,656		7,820
			Secured Debt		11/21/2025		9.00%				5/31/2027	510		508		510
			Secured Debt		3/25/2026		9.00%				5/31/2027	500		498		500
			Secured Debt		3/25/2026		9.00%				5/31/2027	100		100		100
			Common Stock	(8)	5/31/2019	163								1,505		4,960
			Common Equity	(23)	11/21/2025	181								174		174
														10,841		14,464
Urgent DSO LLC		General and Emergency Dentistry Practice
			Secured Debt		2/16/2024		13.50%				2/16/2029	2,200		2,162		2,122
			Preferred Equity	(8)	2/16/2024	1,000								1,154		640
														3,316		2,762
Victory Energy Operations, LLC		Provider of Industrial and Commercial Combustion Systems
			Secured Debt		10/3/2024		13.00%				10/3/2029	346		332		332
			Secured Debt		10/3/2024		13.00%				10/3/2029	7,749		7,587		7,587
			Preferred Equity		10/3/2024	8,259								3,609		3,800
														11,528		11,719
VVS Holdco LLC		Omnichannel Retailer of Animal Health Products
			Secured Debt	(9) (30)	12/1/2021			SF+	6.00%		12/1/2026	—		—		—
			Secured Debt		12/1/2021		11.50%				12/1/2026	6,000		5,976		5,976
			Preferred Equity	(23)	12/1/2021	3,060								3,060		3,060
														9,036		9,036
Subtotal Affiliate investments (59.3% of net assets at fair value)														$	333,498	$	426,618
Non-Control/Non-Affiliate Investments (7)
AAC Holdings, Inc.	(11)	Substance Abuse Treatment Service Provider
			Secured Debt		11/24/2025		21.00%			21.00%	11/24/2032	$	373	$	337	$	373
			Secured Debt		4/1/2025		20.00%			20.00%	11/24/2032	323		323		323
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		875
			Secured Debt	(14)	3/28/2025		20.00%			20.00%	11/24/2032	1,070		1,070		875
			Preferred Equity		3/28/2025	4,342,688								2,931		10

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Common Stock		12/11/2020	593,927							3,148	—
													8,879	2,456
Adams Publishing Group, LLC	(10)	Local Newspaper Operator
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	958	958	953
			Secured Debt	(9)	11/26/2025		11.00%	SF+	8.00%	1.00%	3/11/2027	92	91	91
			Secured Debt	(9) (29)	3/11/2022		11.00%	SF+	8.00%	1.00%	3/11/2027	1,895	1,894	1,887
													2,943	2,931
AGS American Glass Services Acquisition, LLC	(10)	Provider of Custom Glass Fabrication & Installation and Specialty Coating Solutions
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—	(45)	(45)
			Secured Debt	(9) (30)	7/24/2025			SF+	5.50%		7/24/2031	—	(26)	(26)
			Secured Debt	(9)	7/24/2025		9.17%	SF+	5.50%		7/24/2031	13,737	13,556	13,415
			Preferred Equity		7/24/2025	10,000							1,000	780
													14,485	14,124
Airo Purchaser, Inc.	(10)	Provider of HVAC and Plumbing Installation Services
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(48)	(48)
			Secured Debt	(9) (30)	8/1/2025			SF+	5.25%		8/1/2030	—	(24)	(24)
			Secured Debt	(9)	8/1/2025		8.92%	SF+	5.25%		8/1/2030	22,318	21,980	22,318
			Common Equity		8/1/2025	1,233							1,233	1,340
													23,141	23,586
AMEREQUIP LLC	(10)	Full Services Provider Including Design, Engineering and Manufacturing of Commercial and Agricultural Equipment
			Common Stock	(8)	8/31/2022	11							83	—

American Health Staffing Group, Inc.	(10)	Healthcare Temporary Staffing
			Secured Debt	(9) (30)	11/19/2021			P+	5.25%		11/19/2028	—	(2)	(2)
			Secured Debt	(9)	11/19/2021		12.00%	P+	5.25%		11/19/2028	6,720	6,709	6,720
													6,707	6,718
ArborWorks, LLC	(10)	Vegetation Management Services
			Secured Debt		11/6/2023		15.00%			15.00%	11/6/2028	2,303	2,303	2,303
			Secured Debt	(9)	11/6/2023		10.28%	SF+	6.50%	10.28%	11/6/2028	4,896	4,896	4,896
			Preferred Equity		11/6/2023	17,265							7,468	9,256
			Preferred Equity		11/6/2023	17,265							—	—
			Common Equity		11/9/2021	2,070							124	—
													14,791	16,455
Archer Systems, LLC	(10)	Mass Tort Settlement Administration Solutions Provider
			Common Stock	(8)	8/11/2022	62,402							62	110

ATS Operating, LLC	(10)	For-Profit Thrift Retailer
			Secured Debt	(9) (28)	1/18/2022		9.92%	SF+	6.00%		1/18/2028	225	216	225
			Secured Debt	(9)	1/18/2022		8.92%	SF+	5.00%		1/18/2028	925	920	925
			Secured Debt	(9)	1/18/2022		10.92%	SF+	7.00%		1/18/2028	925	920	925
			Common Stock		1/18/2022	100,000							100	140
													2,156	2,215

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
Auria Space, LLC	(10)	Provider of Satellite Operations and Command Software for Defense and Intelligence Platforms
			Secured Debt	(9) (30)	12/31/2025			SF+	5.00%		12/31/2030	—	(36)	(36)
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	13,793	13,598	13,598
			Secured Debt	(9)	12/31/2025		8.68%	SF+	5.00%		12/31/2030	12,931	12,750	12,642
			Member Units		2/6/2026	127,648							690	690
													27,002	26,894
AVEX Aviation Holdings, LLC	(10)	Specialty Aircraft Dealer & MRO Provider
			Secured Debt	(9) (30)	12/23/2022			SF+	7.25%		12/23/2027	—	(8)	(8)
			Secured Debt	(9) (30)	12/18/2025			SF+	7.25%		12/23/2027	—	(5)	(5)
			Secured Debt	(9)	12/23/2022		11.11%	SF+	7.25%		12/23/2027	3,236	3,192	3,236
			Common Equity	(8)	12/15/2021	137							130	152
													3,309	3,375
Behavior Development Group Holdings	(10)	Applied Behavior Analysis Therapy Provider
			Secured Debt	(9)	12/17/2025		9.67%	SF+	6.00%		12/17/2030	1,000	965	965
			Secured Debt	(9)	12/17/2025		9.70%	SF+	6.00%		12/17/2030	15,953	15,730	15,730
			Common Equity		12/17/2025	500							500	500
													17,195	17,195
Berry Aviation, Inc.	(10)	Charter Airline Services
			Preferred Member Units	(23)	3/8/2024	286,109							286	—
			Preferred Member Units	(23)	11/12/2019	122,416							—	—
			Preferred Member Units	(23)	7/6/2018	1,548,387							—	—
													286	—
Bluestem Brands, Inc.	(11)	Multi-Channel Retailer of General Merchandise
			Secured Debt	(9) (14)	1/9/2024		12.28%	SF+	8.50%	11.28%	5/6/2026	215	134	264
			Secured Debt	(9) (14)	10/19/2022		14.25%	P+	7.50%	13.25%	5/6/2026	2,980	2,927	95
			Secured Debt	(9) (14)	8/28/2020		12.28%	SF+	8.50%	11.28%	5/6/2026	4,486	4,174	—
			Common Stock		10/1/2020	700,446							—	—
			Warrants	(27)	10/19/2022	175,110					10/19/2032		1,111	—
													8,346	359
Boccella Precast Products LLC		Manufacturer of Precast Hollow Core Concrete
			Secured Debt		9/23/2021		10.00%				2/28/2027	64	64	64
			Member Units	(8)	6/30/2017	540,000							564	660
													628	724
B-O-F Corporation	(10)	Manufacturer of Gravity Flow Shelving Solutions for Retail Applications
			Secured Debt	(9) (30)	2/3/2025			SF+	5.75%		2/3/2030	—	(11)	(11)
			Secured Debt	(9)	2/3/2025		8.41%	SF+	4.75%		2/3/2030	2,850	2,812	2,833
			Secured Debt	(9)	2/3/2025		10.41%	SF+	6.75%		2/3/2030	2,850	2,812	2,833
			Common Equity		2/3/2025	180,000							180	180
													5,793	5,835
Bond Brand Loyalty ULC	(10) (13) (21)	Provider of Loyalty Marketing Services
			Secured Debt	(9)	5/1/2023		9.56%	SF+	5.75%		5/1/2028	360	353	360

Table of contents

MSC INCOME FUND, INC.

Consolidated Schedule of Investments (Continued)

March 31, 2026

(dollars in thousands)

(Unaudited)


Portfolio Company (1) (20)		Business Description	Type of Investment (2) (3) (15)		Investment Date (22)	Shares/Units	Total Rate	Reference Rate and Spread (25)		PIK Rate (19)	Maturity Date	Principal (4)	Cost (4)	Fair Value (18)
			Secured Debt	(9)	10/31/2025		9.56%	SF+	5.75%		5/1/2028	878	862	878
			Secured Debt	(9)	5/1/2023		8.56%	SF+	4.75%		5/1/2028	3,949	3,916	3,949
			Secured Debt	(9)	5/1/2023		10.56%	SF+	6.75%		5/1/2028	3,949	3,916	3,949
			Preferred Equity		5/1/2023	360							360	390
			Common Equity		5/1/2023	360							—	—
													9,407	9,526
Brightwood Capital Fund Investments	(12) (13)	Investment Partnership
			LP Interests (Brightwood Capital Fund III, LP)	(24)	7/21/2014	1.59%							1,727	869
			LP Interests (Brightwood Capital Fund IV, LP)	(8) (24)	10/26/2016	0.59%							6,440	6,447
													8,167	7,316
Buca C, LLC		Casual Restaurant Group
			Secured Debt	(14) (17)	8/7/2024		15.00%			15.00%	11/4/2024	4,492	4,222	—
			Secured Debt	(14) (17)	6/28/2024		15.00%			15.00%	4/1/2025	—	—	—
			Secured Debt	(14) (17)	6/30/2015		15.00%			15.00%	8/31/2023	4,078	4,078	—
			Preferred Member Units		6/30/2015	4	6.00%			6.00%			3,040	—
													11,340	—
Career Team Holdings, LLC		Provider of Workforce Training and Career Development Services
			Secured Debt	(9) (30)	12/17/2021			SF+	6.00%		6/5/2030	—	(6)	(6)
			Secured Debt		12/17/2021		13.00%				6/5/2030	2,432	2,382	2,382
			Common Stock		12/17/2021	57,402							574	600
													2,950	2,976
CaseWorthy, Inc.	(10)	SaaS Provider of Case Management Solutions
			Common Equity		12/30/2022	105,856							106	230

CenterPeak Holdings, LLC		Executive Search Services
			Secured Debt		12/10/2021		15.00%				12/10/2026	200	199	200

MSC INCOME FUND, INC. 10-Q