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MSC Income Fund (HMSI) 10-Q2021 Q2 Quarterly report

Filed: 13 Aug 21, 3:01pm
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    • 10-Q Quarterly report
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    • 31.2 Management certification of annual or quarterly disclosure
    • 32.1 Management certification of annual or quarterly disclosure
    • 32.2 Management certification of annual or quarterly disclosure
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    Table of Contents

    ​

    ​

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    FORM 10-Q

    ​

    ​

    ​

    (Mark One)

    ​

    ⌧

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

    For the quarterly period ended June 30, 2021

    OR

    ◻

    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
    (State or other jurisdiction of
    incorporation or organization)

    45-3999996
    (I.R.S. Employer
    Identification No.)

    1300 Post Oak Boulevard, 8th Floor
    Houston, TX
    (Address of principal executive offices)

    77056
    (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

    None

    ​

    N/A

    ​

    N/A

    ​

    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 ⌧ No ◻

    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 ◻ No ◻

    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. ◻

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

    The number of shares outstanding of the issuer’s common stock as of August 13, 2021 was 79,756,460.

    ​

    ​

    ​

    ​

    ​


    Table of Contents

    TABLE OF CONTENTS

    ​

    ​

    ​

    PART I

    FINANCIAL INFORMATION

    Item 1.

    Consolidated Financial Statements

    ​

    ​

    Consolidated Balance Sheets—June 30, 2021 (unaudited) and December 31, 2020

    1

    ​

    Consolidated Statements of Operations (unaudited)—Three and six months ended June 30, 2021 and 2020

    2

    ​

    Consolidated Statements of Changes in Net Assets (unaudited)—Six months ended June 30, 2021 and 2020

    3

    ​

    Consolidated Statements of Cash Flows (unaudited)—Six months ended June 30, 2021 and 2020

    4

    ​

    Consolidated Schedule of Investments (unaudited)—June 30, 2021

    5

    ​

    Consolidated Schedule of Investments—December 31, 2020

    21

    ​

    Notes to Consolidated Financial Statements (unaudited)

    35

    ​

    Consolidated Schedules of Investments in and Advances to Affiliates (unaudited)—Six months ended June 30, 2021 and 2020

    66

    Item 2.

    Management’s Discussion and Analysis of Financial Condition and Results of Operations

    72

    Item 3.

    Quantitative and Qualitative Disclosures about Market Risk

    84

    Item 4.

    Controls and Procedures

    85

    PART II

    OTHER INFORMATION

    Item 1.

    Legal Proceedings

    86

    Item 1A.

    Risk Factors

    86

    Item 2.

    Unregistered Sales of Equity Securities and Use of Proceeds

    86

    Item 5.

    Other Information

    86

    Item 6.

    Exhibits

    87

    ​

    Signatures

    88

    ​

    ​

    ​

    ​

    ​


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Balance Sheets

    (dollars in thousands, except shares and per share amounts)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    June 30, 

    ​

    December 31, 

    ​

        

    2021

        

    2020

    ​

    ​

    (unaudited)

    ​

    ​

    ​

    ASSETS

     

    ​

    ​

     

    ​

      

    Investments at fair value:

     

    ​

    ​

     

    ​

      

    Control investments (cost: $18,165 and $18,152 as of June 30, 2021 and December 31, 2020, respectively)

    ​

    $

    33,841

    ​

    $

    33,831

    Affiliate investments (cost: $150,164 and $143,740 as of June 30, 2021 and December 31, 2020, respectively)

    ​

     

    170,144

    ​

     

    157,690

    Non‑Control/Non‑Affiliate investments (cost: $805,788 and $678,764 as of June 30, 2021 and December 31, 2020, respectively)

    ​

     

    768,018

    ​

     

    634,001

    Total investments (cost: $974,117 and $840,656 as of June 30, 2021 and December 31, 2020, respectively)

    ​

     

    972,003

    ​

     

    825,522

    Cash and cash equivalents

    ​

     

    8,215

    ​

     

    8,586

    Restricted cash

    ​

    ​

    —

    ​

    ​

    40,480

    Dividends and interest receivable

    ​

     

    11,009

    ​

     

    8,303

    Receivable for investments sold

    ​

    ​

    7,988

    ​

    ​

    —

    Deferred financing costs (net of accumulated amortization of $5,002 and $4,443 as of June 30, 2021 and December 31, 2020, respectively)

    ​

     

    3,720

    ​

     

    2,691

    Prepaids and other assets

    ​

    ​

    1,343

    ​

    ​

    2,439

    Total assets

    ​

    $

    1,004,278

    ​

    $

    888,021

    LIABILITIES

    ​

     

    ​

    ​

     

    ​

    Credit facilities payable

    ​

    $

    326,688

    ​

    $

    301,816

    Unsecured term debt

    ​

    ​

    40,000

    ​

    ​

    —

    Accounts payable and other liabilities

    ​

     

    1,728

    ​

     

    2,093

    Interest payable

    ​

     

    2,771

    ​

     

    286

    Dividend payable

    ​

     

    9,964

    ​

     

    —

    Management fees payable

    ​

    ​

    4,158

    ​

    ​

    4,202

    Payable for investment purchases

    ​

    ​

    20,357

    ​

    ​

    —

    Total liabilities

    ​

     

    405,666

    ​

     

    308,397

    Commitments and contingencies (Note I)

    ​

     

    ​

    ​

     

    ​

    NET ASSETS

    ​

     

    ​

    ​

     

    ​

    Common stock, $0.001 par value per share (150,000,000 shares authorized, 79,716,361 and 79,608,304 issued and outstanding at June 30, 2021 and December 31, 2020, respectively)

    ​

     

    80

    ​

     

    80

    Additional paid‑in capital

    ​

     

    682,829

    ​

     

    682,028

    Total undistributed (overdistributed) earnings

    ​

     

    (84,297)

    ​

     

    (102,484)

    Total net assets

    ​

     

    598,612

    ​

     

    579,624

    Total liabilities and net assets

    ​

    $

    1,004,278

    ​

    $

    888,021

    NET ASSET VALUE PER SHARE

    ​

    $

    7.51

    ​

    $

    7.28

    ​

    ​

    ​

    ​

    1


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Statements of Operations

    (dollars in thousands, except shares and per share amounts)

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Three Months Ended

    ​

    Six Months Ended

    ​

    ​

        

    June 30, 

    ​

    June 30, 

        

    ​

        

    2021

        

    2020

        

    2021

        

    2020

    ​

    INVESTMENT INCOME:

     

    ​

      

     

    ​

      

     

    ​

      

     

    ​

      

     

    Interest, fee and dividend income:

     

    ​

    ​

    ​

    ​

    ​

     

    ​

      

     

    ​

      

     

    Control investments

    ​

    $

    743

    ​

    $

    505

    ​

    $

    1,343

    ​

    $

    1,096

    ​

    Affiliate investments

    ​

     

    4,446

    ​

    ​

    3,913

    ​

     

    8,096

    ​

     

    7,453

    ​

    Non‑Control/Non‑Affiliate investments

    ​

     

    17,307

    ​

    ​

    17,829

    ​

     

    33,329

    ​

     

    37,698

    ​

    Total investment income

    ​

     

    22,496

    ​

    ​

    22,247

    ​

     

    42,768

    ​

     

    46,247

    ​

    EXPENSES:

    ​

     

    ​

    ​

    ​

    ​

    ​

     

    ​

    ​

     

    ​

    ​

    Interest

    ​

     

    3,300

    ​

    ​

    4,274

    ​

     

    6,464

    ​

     

    9,503

    ​

    Base management fees

    ​

     

    4,158

    ​

    ​

    4,630

    ​

     

    8,061

    ​

     

    9,624

    ​

    Internal administrative service expenses

    ​

    ​

    1,040

    ​

    ​

    752

    ​

    ​

    2,095

    ​

    ​

    1,536

    ​

    Offering costs

    ​

    ​

    55

    ​

    ​

    89

    ​

    ​

    55

    ​

    ​

    177

    ​

    Professional fees

    ​

    ​

    250

    ​

    ​

    791

    ​

    ​

    808

    ​

    ​

    1,500

    ​

    Insurance

    ​

    ​

    115

    ​

    ​

    104

    ​

    ​

    229

    ​

    ​

    207

    ​

    Board of director fees

    ​

    ​

    90

    ​

    ​

    121

    ​

    ​

    198

    ​

    ​

    223

    ​

    Other general and administrative

    ​

    ​

    284

    ​

    ​

    234

    ​

    ​

    767

    ​

    ​

    475

    ​

    Total expenses before fee and expense waivers

    ​

    ​

    9,292

    ​

    ​

    10,995

    ​

    ​

    18,677

    ​

    ​

    23,245

    ​

    Waiver of internal administrative services expenses

    ​

     

    (1,040)

    ​

    ​

    (752)

    ​

     

    (2,095)

    ​

     

    (1,536)

    ​

    Total expenses, net of fee and expense waivers

    ​

     

    8,252

    ​

    ​

    10,243

    ​

     

    16,582

    ​

     

    21,709

    ​

    NET INVESTMENT INCOME

    ​

     

    14,244

    ​

    ​

    12,004

    ​

     

    26,186

    ​

     

    24,538

    ​

    NET REALIZED GAIN (LOSS):

    ​

     

    ​

    ​

    ​

    ​

    ​

     

    ​

    ​

     

    ​

    ​

    Control investments

    ​

     

    (2,470)

    ​

    ​

    —

    ​

     

    (2,470)

    ​

     

    —

    ​

    Affiliate investments

    ​

     

    —

    ​

    ​

    (1,010)

    ​

     

    —

    ​

     

    (4,054)

    ​

    Non‑Control/Non‑Affiliate investments

    ​

     

    4,288

    ​

    ​

    (13,318)

    ​

     

    2,297

    ​

     

    (13,639)

    ​

    Realized loss on extinguishment of debt

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    (2,091)

    ​

    ​

    —

    ​

    Total net realized gain (loss)

    ​

     

    1,818

    ​

    ​

    (14,328)

    ​

     

    (2,264)

    ​

     

    (17,693)

    ​

    NET UNREALIZED APPRECIATION (DEPRECIATION):

    ​

     

    ​

    ​

    ​

    ​

    ​

     

    ​

    ​

     

    ​

    ​

    Control investments

    ​

     

    63

    ​

    ​

    (183)

    ​

     

    (3)

    ​

     

    (1,181)

    ​

    Affiliate investments

    ​

     

    5,027

    ​

    ​

    1,714

    ​

     

    6,030

    ​

     

    (1,540)

    ​

    Non‑Control/Non‑Affiliate investments

    ​

     

    2,737

    ​

    ​

    22,437

    ​

     

    6,993

    ​

     

    (68,220)

    ​

    Total net change in unrealized appreciation (depreciation)

    ​

     

    7,827

    ​

    ​

    23,968

    ​

     

    13,020

    ​

     

    (70,941)

    ​

    INCOME TAXES:

    ​

     

    ​

    ​

    ​

    ​

    ​

     

    ​

    ​

     

    ​

    ​

    Federal and state income, excise and other taxes

    ​

     

    434

    ​

    ​

    19

    ​

     

    830

    ​

     

    95

    ​

    NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    ​

    $

    23,455

    ​

    $

    21,625

    ​

    $

    36,112

    ​

    $

    (64,191)

    ​

    NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED

    ​

    $

    0.18

    ​

    $

    0.15

    ​

    $

    0.33

    ​

    $

    0.31

    ​

    NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER
    SHARE—BASIC AND DILUTED

    ​

    $

    0.29

    ​

    $

    0.28

    ​

    $

    0.45

    ​

    $

    (0.81)

    ​

    WEIGHTED AVERAGE SHARES
    OUTSTANDING—BASIC AND DILUTED

    ​

     

    79,973,441

    ​

    ​

    79,016,406

    ​

     

    79,791,881

    ​

     

    78,811,735

    ​

    ​

    ​

    ​

    2


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Statements of Changes in Net Assets

    (dollars in thousands, except shares)

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Total

    ​

    ​

    ​

    ​

    ​

    Common Stock

    ​

    Additional

    ​

    Undistributed

    ​

    ​

    ​

    ​

    ​

    Number of

    ​

    Par

    ​

    Paid‑In

    ​

    (Overdistributed)

    ​

    Total Net

    ​

        

    Shares

        

    Value

        

    Capital

        

    Earnings

        

    Asset Value

    Balances at December 31, 2019

     

    78,463,377

    ​

    $

    78

    ​

    $

    675,554

    ​

    $

    (66,327)

    ​

    $

    609,305

    Dividend reinvestment

     

    751,240

    ​

    ​

    1

    ​

    ​

    5,898

    ​

    ​

    —

    ​

    ​

    5,899

    Common stock repurchased

     

    (791,488)

    ​

    ​

    (1)

    ​

    ​

    (6,093)

    ​

    ​

    —

    ​

    ​

    (6,094)

    Net decrease resulting from operations

     

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    (85,816)

    ​

    ​

    (85,816)

    Dividends to stockholders

     

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    (13,730)

    ​

    ​

    (13,730)

    Balances at March 31, 2020

     

    78,423,129

    ​

    $

    78

    ​

    $

    675,359

    ​

    $

    (165,873)

    ​

    $

    509,564

    Dividend reinvestment

     

    894,499

    ​

    ​

    1

    ​

    ​

    5,875

    ​

    ​

    —

    ​

    ​

    5,876

    Net increase resulting from operations

     

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    21,625

    ​

    ​

    21,625

    Dividends to stockholders

     

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    (13,790)

    ​

    ​

    (13,790)

    Balances at June 30, 2020

     

    79,317,628

    ​

    $

    79

    ​

    $

    681,233

    ​

    $

    (158,038)

    ​

    $

    523,275

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Balances at December 31, 2020

     

    79,608,304

    ​

    $

    80

    ​

    $

    682,028

    ​

    $

    (102,484)

    ​

    $

    579,624

    Net increase resulting from operations

    ​

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    12,657

    ​

    ​

    12,657

    Dividends to stockholders

    ​

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    (7,961)

    ​

    ​

    (7,961)

    Balances at March 31, 2021

    ​

    79,608,304

    ​

    $

    80

    ​

    $

    682,028

    ​

    $

    (97,788)

    ​

    $

    584,320

    Offering of common stock

    ​

    67,114

    ​

    ​

    —

    ​

    ​

    500

    ​

    ​

    —

    ​

    ​

    500

    Dividend reinvestment

    ​

    424,455

    ​

    ​

    —

    ​

    ​

    3,162

    ​

    ​

    —

    ​

    ​

    3,162

    Common stock repurchased

    ​

    (383,512)

    ​

    ​

    —

    ​

    ​

    (2,861)

    ​

    ​

    —

    ​

    ​

    (2,861)

    Net increase resulting from operations

    ​

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    23,455

    ​

    ​

    23,455

    Dividends to stockholders

    ​

    —

    ​

    ​

    —

    ​

    ​

    —

    ​

    ​

    (9,964)

    ​

    ​

    (9,964)

    Balances at June 30, 2021

    ​

    79,716,361

    ​

    $

    80

    ​

    $

    682,829

    ​

    $

    (84,297)

    ​

    $

    598,612

    ​

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

    ​

    3


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Statements of Cash Flows

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Six Months Ended

    ​

    ​

    June 30,

    ​

    ​

    2021

    ​

    2020

    CASH FLOWS FROM OPERATING ACTIVITIES

    ​

    ​

    ​

    ​

    ​

    ​

    Net increase (decrease) in net assets resulting from operations

    ​

    $

    36,112

    ​

    $

    (64,191)

    Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

    ​

    ​

    ​

    ​

    ​

    ​

    Investments in portfolio companies

    ​

    ​

    (223,398)

    ​

    ​

    (64,027)

    Proceeds from sales and repayments of debt investments in portfolio companies

    ​

    ​

    95,134

    ​

    ​

    127,890

    Net change in unrealized (appreciation) depreciation

    ​

    ​

    (13,020)

    ​

    ​

    70,941

    Net realized loss on the sale of portfolio investments

    ​

    ​

    173

    ​

    ​

    17,693

    Realized loss on extinguishment of debt

    ​

    ​

    2,091

    ​

    ​

    -

    Amortization of deferred financing costs

    ​

    ​

    593

    ​

    ​

    715

    Amortization of deferred offering costs

    ​

    ​

    55

    ​

    ​

    177

    Accretion of unearned income

    ​

    ​

    (2,096)

    ​

    ​

    (3,322)

    Payment-in-kind interest

    ​

    ​

    (3,411)

    ​

    ​

    (1,977)

    Changes in other assets and liabilities:

    ​

    ​

    ​

    ​

    ​

    ​

    Dividends and interest receivable

    ​

    ​

    (2,706)

    ​

    ​

    (82)

    Receivable for investments sold

    ​

    ​

    (7,988)

    ​

    ​

    —

    Prepaid and other assets

    ​

    ​

    1,233

    ​

    ​

    192

    Payable for investments purchased

    ​

    ​

    20,357

    ​

    ​

    —

    Management fees payable

    ​

    ​

    (44)

    ​

    ​

    4,236

    Interest payable

    ​

    ​

    2,485

    ​

    ​

    —

    Accounts payable and other liabilities

    ​

    ​

    (366)

    ​

    ​

    643

    Net cash provided by (used in) operating activities

    ​

    ​

    (94,796)

    ​

    ​

    88,888

    CASH FLOWS FROM FINANCING ACTIVITIES

    ​

    ​

    ​

    ​

    ​

    ​

    Proceeds from offering of common stock

    ​

    ​

    500

    ​

    ​

    —

    Redemption of common stock

    ​

    ​

    (2,861)

    ​

    ​

    (6,094)

    Payment of offering costs

    ​

    ​

    (55)

    ​

    ​

    (177)

    Dividends paid

    ​

    ​

    (4,798)

    ​

    ​

    (15,843)

    Repayments on Credit Facilities payable

    ​

    ​

    (311,816)

    ​

    ​

    (139,418)

    Proceeds from Credit Facilities payable

    ​

    ​

    336,688

    ​

    ​

    79,326

    Proceeds from unsecured term debt

    ​

    ​

    40,000

    ​

    ​

    —

    Payment of deferred financing costs

    ​

    ​

    (3,713)

    ​

    ​

    (604)

    Net cash provided by (used in) financing activities

    ​

    ​

    53,945

    ​

    ​

    (82,810)

    Net increase (decrease) in cash, cash equivalents and restricted cash

    ​

    ​

    (40,851)

    ​

    ​

    6,078

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE PERIOD

    ​

    ​

    49,066

    ​

    ​

    21,846

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE PERIOD

    ​

    $

    8,215

    ​

    $

    27,924

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Supplemental cash flow disclosures:

    ​

    ​

    ​

    ​

    ​

    ​

    Cash paid for interest

    ​

    $

    3,387

    ​

    $

    8,646

    Cash paid for taxes

    ​

    $

    1,283

    ​

    $

    794

    Non-cash financing activities:

    ​

    ​

    ​

    ​

    ​

    ​

    Dividends declared and unpaid

    ​

    $

    9,964

    ​

    $

    4,571

    Shares issued pursuant to the dividend reinvestment plan

    ​

    $

    3,162

    ​

    $

    11,775

    ​

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

    ​

    ​

    4


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Control Investments (5)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Copper Trail Fund Investments

    (12) (13)

    July 17, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (CTMH, LP)

    (31)

    38.8%

    ​

    ​

    ​

    ​

    $

    835

    $

    710

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    GRT Rubber Technologies LLC

    ​

    December 19, 2014

    Manufacturer of Engineered Rubber Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    7.09% (L+7.00%)

    12/31/2023

    ​

    8,262

    ​

    8,249

    ​

    8,262

    ​

    ​

    ​

    ​

    Member Units

    (8)

    2,896

    ​

    ​

    ​

    ​

    ​

    6,435

    ​

    22,120

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    14,684

    ​

    30,382

    Harris Preston Fund Investments

    (12) (13)

    October 1, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (2717 MH, L.P.)

    (31)

    49.3%

    ​

    ​

    ​

    ​

    ​

    2,646

    ​

    2,749

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Subtotal Control Investments (5.7% of net assets at fair value)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    18,165

    $

    33,841

    Affiliate Investments (6)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    AFG Capital Group, LLC

    ​

    November 7, 2014

    Provider of Rent-to-Own Financing Solutions and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    10.00%

    5/25/2022

    ​

    79

    ​

    79

    ​

    79

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    46

    ​

    ​

    ​

    ​

    ​

    300

    ​

    1,740

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    379

    ​

    1,819

    Analytical Systems Keco Holdings, LLC

    ​

    August 16, 2019

    Manufacturer of Liquid and Gas Analyzers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+10.00%, Floor 2.00%)

    8/16/2024

    ​

    1,271

    ​

    1,203

    ​

    1,203

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    800

    ​

    ​

    ​

    ​

    ​

    800

    ​

    340

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    164

    ​

    ​

    ​

    ​

    ​

    164

    ​

    410

    ​

    ​

    ​

    ​

    Warrants

    (27)

    105

    ​

    8/16/2029

    ​

    ​

    ​

    79

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,246

    ​

    1,953

    Barfly Ventures, LLC

    (10)

    August 31, 2015

    Casual Restaurant Group

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    ​

    12

    ​

    ​

    ​

    ​

    ​

    528

    ​

    567

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Brewer Crane Holdings, LLC

    ​

    January 9, 2018

    Provider of Crane Rental and Operating Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    11.00% (L+10.00%, Floor 1.00%)

    1/9/2023

    ​

    2,077

    ​

    2,062

    ​

    2,062

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    737

    ​

    ​

    ​

    ​

    ​

    1,070

    ​

    1,290

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    3,132

    ​

    3,352

    Centre Technologies Holdings, LLC

    ​

    January 4, 2019

    Provider of IT Hardware Services and Software Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+10.00%, Floor 2.00%)

    1/4/2024

    ​

    2,431

    ​

    2,402

    ​

    2,402

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    3,174

    ​

    ​

    ​

    ​

    ​

    1,460

    ​

    1,460

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    3,862

    ​

    3,862

    5


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Chamberlin Holding LLC

    ​

    February 26, 2018

    Roofing and Waterproofing Specialty Contractor

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    2/26/2023

    ​

    3,454

    ​

    3,413

    ​

    3,454

    ​

    ​

    ​

    ​

    Member Units

    (8)

    1,087

    ​

    ​

    ​

    ​

    ​

    2,860

    ​

    6,660

    ​

    ​

    ​

    ​

    Member Units

    (8) (30)

    261,786

    ​

    ​

    ​

    ​

    ​

    330

    ​

    345

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,603

    ​

    10,459

    Charps, LLC

    ​

    February 3, 2017

    Pipeline Maintenance and Construction

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    400

    ​

    ​

    ​

    ​

    ​

    100

    ​

    2,900

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Clad-Rex Steel, LLC

    ​

    December 20, 2016

    Specialty Manufacturer of Vinyl-Clad Metal

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.50% (L+9.50%, Floor 1.00%)

    1/15/2024

    ​

    2,620

    ​

    2,613

    ​

    2,613

    ​

    ​

    ​

    ​

    Member Units

    (8)

    179

    ​

    ​

    ​

    ​

    ​

    1,820

    ​

    2,360

    ​

    ​

    ​

    ​

    Secured Debt

    (30)

    ​

    10.00%

    12/20/2036

    ​

    274

    ​

    272

    ​

    272

    ​

    ​

    ​

    ​

    Member Units

    (30)

    200

    ​

    ​

    ​

    ​

    ​

    53

    ​

    133

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,758

    ​

    5,378

    Cody Pools, Inc.

    ​

    March 6, 2020

    Designer of Residential and Commercial Pools

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.25% (L+10.50%, Floor 1.75%)

    3/6/2025

    ​

    2,962

    ​

    2,911

    ​

    2,962

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    147

    ​

    ​

    ​

    ​

    ​

    2,079

    ​

    5,550

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,990

    ​

    8,512

    Colonial Electric Company LLC

    ​

    March 31, 2021

    Provider of Electrical Contracting Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    3/31/2026

    ​

    6,300

    ​

    6,148

    ​

    6,148

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    4,320

    ​

    ​

    ​

    ​

    ​

    1,920

    ​

    1,920

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    8,068

    ​

    8,068

    Copper Trail Fund Investments

    (12) (13)

    July 17, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (Copper Trail Energy Fund I, LP)

    (8) (31)

    12.4%

    ​

    ​

    ​

    ​

    ​

    2,161

    ​

    1,843

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Datacom, LLC

    ​

    May 30, 2014

    Technology and Telecommunications Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.00%

    12/31/2025

    ​

    994

    ​

    900

    ​

    900

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    1,000

    ​

    ​

    ​

    ​

    ​

    290

    ​

    290

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    1,190

    ​

    1,190

    Digital Products Holdings LLC

    ​

    April 1, 2018

    Designer and Distributor of Consumer Electronics

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    11.00% (L+10.00%, Floor 1.00%)

    4/1/2023

    ​

    4,378

    ​

    4,339

    ​

    4,339

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    964

    ​

    ​

    ​

    ​

    ​

    2,375

    ​

    2,459

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,714

    ​

    6,798

    6


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Direct Marketing Solutions, Inc.

    ​

    February 13, 2018

    Provider of Omni-Channel Direct Marketing Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+11.00%, Floor 1.00%)

    2/13/2023

    ​

    3,772

    ​

    3,729

    ​

    3,729

    ​

    ​

    ​

    ​

    Preferred Stock

    ​

    2,100

    ​

    ​

    ​

    ​

    ​

    2,100

    ​

    4,460

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,829

    ​

    8,189

    Freeport Financial Funds

    (12) (13)

    June 13, 2013

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    July 31, 2015

    ​

    LP Interests (Freeport First Lien Loan Fund III LP)

    (8) (31)

    6.0%

    ​

    ​

    ​

    ​

    ​

    8,468

    ​

    8,004

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Gamber-Johnson Holdings, LLC

    ​

    June 24, 2016

    Manufacturer of Ruggedized Computer Mounting Systems

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (17)

    ​

    9.00% (L+7.00%, Floor 2.00%)

    6/24/2021

    ​

    5,160

    ​

    5,160

    ​

    5,160

    ​

    ​

    ​

    ​

    Member Units

    (8)

    2,261

    ​

    ​

    ​

    ​

    ​

    4,423

    ​

    14,060

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    9,583

    ​

    19,220

    GFG Group, LLC.

    ​

    March 31, 2021

    Grower and Distributor of a Variety of Plants and Products to Other Wholesalers, Retailers and Garden Centers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    3/31/2026

    ​

    3,136

    ​

    3,046

    ​

    3,046

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    56

    ​

    ​

    ​

    ​

    ​

    1,225

    ​

    1,225

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,271

    ​

    4,271

    Gulf Publishing Holdings, LLC

    ​

    April 29, 2016

    Energy Industry Focused Media and Publishing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (17) (19)

    ​

    10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)

    9/30/2020

    ​

    64

    ​

    64

    ​

    64

    ​

    ​

    ​

    ​

    Secured Debt

    (17) (19)

    ​

    12.50% (6.25% Cash, 6.25% PIK)

    4/29/2021

    ​

    3,374

    ​

    3,374

    ​

    2,667

    ​

    ​

    ​

    ​

    Member Units

    ​

    920

    ​

    ​

    ​

    ​

    ​

    920

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,358

    ​

    2,731

    Harris Preston Fund Investments

    (12) (13)

    August 9, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (HPEP 3, L.P.)

    (31)

    8.2%

    ​

    ​

    ​

    ​

    ​

    3,445

    ​

    4,164

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hawk Ridge Systems, LLC

    (13)

    December 2, 2016

    Value-Added Reseller of Engineering Design and Manufacturing Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    9.50%

    12/2/2023

    ​

    3,350

    ​

    3,343

    ​

    3,350

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    56

    ​

    ​

    ​

    ​

    ​

    713

    ​

    2,658

    ​

    ​

    ​

    ​

    Preferred Member Units

    (30)

    56

    ​

    ​

    ​

    ​

    ​

    38

    ​

    140

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,094

    ​

    6,148

    7


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    J&J Services, Inc.

    ​

    October 31, 2019

    Provider of Dumpster and Portable Toilet Rental Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.50%

    10/31/2024

    ​

    3,000

    ​

    2,958

    ​

    3,000

    ​

    ​

    ​

    ​

    Preferred Stock

    ​

    703

    ​

    ​

    ​

    ​

    ​

    1,771

    ​

    3,260

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,729

    ​

    6,260

    Kickhaefer Manufacturing Company, LLC

    ​

    October 31, 2018

    Precision Metal Parts Manufacturing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.50%

    10/31/2023

    ​

    5,304

    ​

    5,221

    ​

    5,221

    ​

    ​

    ​

    ​

    Member Units

    ​

    145

    ​

    ​

    ​

    ​

    ​

    3,060

    ​

    3,060

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    9.00%

    10/31/2048

    ​

    984

    ​

    974

    ​

    974

    ​

    ​

    ​

    ​

    Member Units

    (8) (30)

    200

    ​

    ​

    ​

    ​

    ​

    248

    ​

    302

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    9,503

    ​

    9,557

    Market Force Information, LLC

    ​

    July 28, 2017

    Provider of Customer Experience Management Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (14) (19)

    ​

    12.00% PIK

    7/28/2023

    ​

    6,520

    ​

    6,463

    ​

    3,317

    ​

    ​

    ​

    ​

    Member Units

    ​

    185,980

    ​

    ​

    ​

    ​

    ​

    4,160

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    10,623

    ​

    3,317

    MH Corbin Holding LLC

    ​

    August 31, 2015

    Manufacturer and Distributor of Traffic Safety Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    13.00% (10.00% Cash, 3.00% PIK)

    3/31/2022

    ​

    2,103

    ​

    2,096

    ​

    1,904

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    16,500

    ​

    ​

    ​

    ​

    ​

    1,100

    ​

    -

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    1,000

    ​

    ​

    ​

    ​

    ​

    1,500

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,696

    ​

    1,904

    Mystic Logistics Holdings, LLC

    ​

    August 18, 2014

    Logistics and Distribution Services Provider for Large Volume Mailers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    1/17/2022

    ​

    1,677

    ​

    1,677

    ​

    1,676

    ​

    ​

    ​

    ​

    Common Stock

    (8)

    1,468

    ​

    ​

    ​

    ​

    ​

    680

    ​

    1,480

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,357

    ​

    3,156

    NexRev LLC

    ​

    February 28, 2018

    Provider of Energy Efficiency Products & Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.00%

    2/28/2023

    ​

    4,165

    ​

    4,132

    ​

    4,121

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    21,600,000

    ​

    ​

    ​

    ​

    ​

    1,720

    ​

    820

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,852

    ​

    4,941

    NuStep, LLC

    ​

    January 31, 2017

    Designer, Manufacturer and Distributor of Fitness Equipment

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.00%

    1/31/2022

    ​

    4,310

    ​

    4,298

    ​

    4,310

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    102

    ​

    ​

    ​

    ​

    ​

    2,550

    ​

    3,090

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,848

    ​

    7,400

    8


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    SI East, LLC

    ​

    August 31, 2018

    Rigid Industrial Packaging Manufacturing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    8.75%

    8/31/2023

    ​

    9,725

    ​

    9,668

    ​

    9,724

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    52

    ​

    ​

    ​

    ​

    ​

    2,000

    ​

    5,010

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    11,668

    ​

    14,734

    Tedder Industries, LLC

    ​

    August 31, 2018

    Manufacturer of Firearm Holsters and Accessories

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    8/31/2023

    ​

    3,840

    ​

    3,781

    ​

    3,783

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    120

    ​

    ​

    ​

    ​

    ​

    2,034

    ​

    2,034

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,815

    ​

    5,817

    Trantech Radiator Topco, LLC

    ​

    May 31, 2019

    Transformer Cooling Products and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    5/31/2024

    ​

    2,180

    ​

    2,130

    ​

    2,130

    ​

    ​

    ​

    ​

    Common Stock

    (8)

    154

    ​

    ​

    ​

    ​

    ​

    1,164

    ​

    1,500

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    3,294

    ​

    3,630

    Subtotal Affiliate Investments (28.4% of net assets at fair value)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    150,164

    $

    170,144

    Non-Control Investments (7)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    AAC Holdings, Inc.

    (11)

    June 30, 2017

    Substance Abuse Treatment Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    18.00% (10.00% Cash, 8.00% PIK)

    6/25/2025

    ​

    3,491

    ​

    3,164

    ​

    3,387

    ​

    ​

    ​

    ​

    Common Stock

    ​

    593,927

    ​

    ​

    ​

    ​

    ​

    3,148

    ​

    2,079

    ​

    ​

    ​

    ​

    Warrants

    (27)

    197,717

    ​

    12/11/2025

    ​

    ​

    ​

    -

    ​

    692

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,312

    ​

    6,158

    Adams Publishing Group, LLC

    (10)

    November 19, 2015

    Local Newspaper Operator

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.75% (L+7.00%, Floor 1.75%)

    7/3/2023

    ​

    5,139

    ​

    5,048

    ​

    5,099

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ADS Tactical, Inc.

    (11)

    March 7, 2017

    Value-Added Logistics and Supply Chain Provider to the Defense Industry

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.75% (L+5.75%, Floor 1.00%)

    3/19/2026

    ​

    18,990

    ​

    18,622

    ​

    19,133

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    American Nuts, LLC

    (10)

    April 10, 2018

    Roaster, Mixer and Packager of Bulk Nuts and Seeds

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    4/10/2023

    ​

    12,073

    ​

    11,904

    ​

    12,073

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    American Teleconferencing Services, Ltd.

    (11)

    May 19, 2016

    Provider of Audio Conferencing and Video Collaboration Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (14)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    6/8/2023

    ​

    14,118

    ​

    13,826

    ​

    6,194

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    9


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Arcus Hunting LLC

    (10)

    January 6, 2015

    Manufacturer of Bowhunting and Archery Products and Accessories

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    11.00% (L+10.00%, Floor 1.00%)

    3/31/2022

    ​

    6,295

    ​

    6,266

    ​

    6,295

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ASC Ortho Management Company, LLC

    (10)

    August 31, 2018

    Provider of Orthopedic Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.50% (L+7.50%, Floor 1.00%)

    8/31/2023

    ​

    5,140

    ​

    5,095

    ​

    5,133

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    13.25% PIK

    12/1/2023

    ​

    2,186

    ​

    2,156

    ​

    2,186

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    7,251

    ​

    7,319

    ATX Networks Corp.

    (11) (13) (21)

    June 30, 2015

    Provider of Radio Frequency Management Equipment

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    8.75% (7.25% Cash, 1.50% PIK) (1.50% PIK + L+6.25%, Floor 1.00%)

    12/31/2023

    ​

    13,346

    ​

    13,266

    ​

    12,212

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    BBB Tank Services, LLC

    ​

    April 8, 2016

    Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Unsecured Debt

    (9) (17)

    ​

    12.00% (L+11.00%, Floor 1.00%)

    4/8/2021

    ​

    1,200

    ​

    1,200

    ​

    1,187

    ​

    ​

    ​

    ​

    Preferred Stock (non-voting)

    (8) (19)

    ​

    15.00% PIK

    ​

    ​

    ​

    ​

    41

    ​

    -

    ​

    ​

    ​

    ​

    Member Units

    ​

    200,000

    ​

    ​

    ​

    ​

    ​

    200

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    1,441

    ​

    1,187

    Berry Aviation, Inc.

    (10)

    July 6, 2018

    Charter Airline Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    12.00% (10.50% Cash, 1.5% PIK)

    1/6/2024

    ​

    4,653

    ​

    4,616

    ​

    4,653

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19) (30)

    122,416

    16.00% PIK

    ​

    ​

    ​

    ​

    156

    ​

    156

    ​

    ​

    ​

    ​

    Preferred Member Units

    (19) (30)

    1,548,387

    8.00% PIK

    ​

    ​

    ​

    ​

    1,671

    ​

    1,777

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,443

    ​

    6,586

    BigName Commerce, LLC

    (10)

    May 11, 2017

    Provider of Envelopes and Complimentary Stationery Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.25% (L+7.25%, Floor 1.00%)

    5/11/2022

    ​

    1,938

    ​

    1,934

    ​

    1,938

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Binswanger Enterprises, LLC

    (10)

    March 10, 2017

    Glass Repair and Installation Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    3/9/2022

    ​

    12,387

    ​

    12,298

    ​

    12,387

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,050,000

    ​

    ​

    ​

    ​

    ​

    1,050

    ​

    730

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    13,348

    ​

    13,117

    10


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Bluestem Brands, Inc.

    (11)

    December 19, 2013

    Multi-Channel Retailer of General Merchandise

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.00% (L+8.50%, Floor 1.50%)

    8/28/2025

    ​

    6,304

    ​

    6,304

    ​

    6,272

    ​

    ​

    ​

    ​

    Common Stock

    (8)

    700,446

    ​

    ​

    ​

    ​

    ​

    -

    ​

    911

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,304

    ​

    7,183

    Boccella Precast Products LLC

    ​

    June 30, 2017

    Manufacturer of Precast Hollow Core Concrete

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    (8)

    540,000

    ​

    ​

    ​

    ​

    ​

    564

    ​

    1,238

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Brightwood Capital Fund Investments

    (12) (13)

    July 21, 2014

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (Brightwood Capital Fund III, LP)

    (8) (31)

    1.2%

    ​

    ​

    ​

    ​

    ​

    2,775

    ​

    1,673

    ​

    ​

    ​

    ​

    LP Interests (Brightwood Capital Fund IV, LP)

    (8) (31)

    0.5%

    ​

    ​

    ​

    ​

    ​

    8,737

    ​

    8,700

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    11,512

    ​

    10,373

    Buca C, LLC

    ​

    June 30, 2015

    Casual Restaurant Group

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (17)

    ​

    10.25% (L+9.25%, Floor 1.00%)

    6/30/2020

    ​

    13,164

    ​

    13,164

    ​

    9,705

    ​

    ​

    ​

    ​

    Preferred Member Units

    (19)

    4

    6.00% PIK

    ​

    ​

    ​

    ​

    3,040

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    16,204

    ​

    9,705

    Burning Glass Intermediate Holding Company, Inc.

    (10)

    June 14, 2021

    Provider of Skills-Based Labor Market Analytics

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.00% (L+5.00%, Floor 1.00%)

    6/10/2028

    ​

    11,262

    ​

    11,012

    ​

    11,012

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Cadence Aerospace LLC

    (10)

    November 14, 2017

    Aerostructure Manufacturing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    9.50% (4.25% Cash, 5.25% PIK) (5.25% PIK + L+3.25%, Floor 1.00%)

    11/14/2023

    ​

    20,168

    ​

    20,042

    ​

    18,887

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    CAI Software LLC

    ​

    October 10, 2014

    Provider of Specialized Enterprise Resource Planning Software

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.50%

    12/7/2023

    ​

    7,751

    ​

    7,762

    ​

    7,751

    ​

    ​

    ​

    ​

    Member Units

    (8)

    16,742

    ​

    ​

    ​

    ​

    ​

    -

    ​

    2,550

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    7,762

    ​

    10,301

    Camin Cargo Control, Inc.

    (11)

    June 14, 2021

    Provider of Mission Critical Inspection, Testing and Fuel Treatment Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    6/4/2026

    ​

    8,000

    ​

    7,921

    ​

    7,960

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Cenveo Corporation

    (11)

    September 4, 2015

    Provider of Digital Marketing Agency Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Common Stock

    ​

    253,194

    ​

    ​

    ​

    ​

    ​

    4,848

    ​

    1,804

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    11


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Chisholm Energy Holdings, LLC

    (10)

    May 15, 2019

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.75% (L+6.25%, Floor 1.50%)

    5/15/2026

    ​

    2,857

    ​

    2,813

    ​

    2,658

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Clarius BIGS, LLC

    (10)

    September 23, 2014

    Prints & Advertising Film Financing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (14) (17) (19)

    ​

    15.00% PIK

    1/5/2015

    ​

    2,820

    ​

    2,473

    ​

    1

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Classic H&G Holdings, LLC

    ​

    March 12, 2020

    Provider of Engineered Packaging Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    10.00%

    3/12/2025

    ​

    4,819

    ​

    4,704

    ​

    4,819

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    39

    ​

    ​

    ​

    ​

    ​

    1,440

    ​

    2,940

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,144

    ​

    7,759

    Clickbooth.com, LLC

    (10)

    December 5, 2017

    Provider of Digital Advertising Performance Marketing Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.50% (L+8.50%, Floor 1.00%)

    1/31/2025

    ​

    7,750

    ​

    7,644

    ​

    7,750

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Construction Supply Investments, LLC

    (10)

    December 29, 2016

    Distribution Platform of Specialty Construction Materials to Professional Concrete and Masonry Contractors

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    (8)

    861,618

    ​

    ​

    ​

    ​

    ​

    3,335

    ​

    7,525

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Copper Trail Fund Investments

    (12) (13)

    July 17, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (CTEF I, LP)

    ​

    375

    ​

    ​

    ​

    ​

    ​

    -

    ​

    103

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Corel Corporation

    (11) (13) (21)

    July 24, 2019

    Publisher of Desktop and Cloud-based Software

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    July 13, 2020

    ​

    Secured Debt

    ​

    ​

    5.14% (L+5.00%)

    7/2/2026

    ​

    2,330

    ​

    2,239

    ​

    2,335

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    DTE Enterprises, LLC

    (10)

    April 13, 2018

    Industrial Powertrain Repair and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.00% (L+8.50%, Floor 1.50%)

    4/13/2023

    ​

    9,345

    ​

    9,266

    ​

    9,082

    ​

    ​

    ​

    ​

    Class AA Preferred Member Units (non-voting)

    (8) (19)

    ​

    10.00% PIK

    ​

    ​

    ​

    ​

    999

    ​

    999

    ​

    ​

    ​

    ​

    Class A Preferred Member Units

    ​

    776,316

    ​

    ​

    ​

    ​

    ​

    776

    ​

    630

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    11,041

    ​

    10,711

    Dynamic Communities, LLC

    (10)

    July 17, 2018

    Developer of Business Events and Online Community Groups

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    12.50% (6.25% Cash, 6.25% PIK) (L+11.50%, Floor 1.00%)

    7/17/2023

    ​

    5,639

    ​

    5,589

    ​

    5,506

    12


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    EPIC Y-Grade Services, LP

    (11)

    June 22, 2018

    NGL Transportation & Storage

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    6/30/2027

    ​

    6,926

    ​

    6,843

    ​

    6,026

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Flip Electronics LLC

    (10)

    January 4, 2021

    Distributor of Hard-to-Find and Obsolete Electronic Components

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.17% (L+8.09%, Floor 1.00%)

    1/2/2026

    ​

    6,000

    ​

    5,880

    ​

    5,880

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    GoWireless Holdings, Inc.

    (11)

    December 31, 2017

    Provider of Wireless Telecommunications Carrier Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    12/22/2024

    ​

    15,487

    ​

    15,413

    ​

    15,503

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    GS Operating, LLC

    (10)

    February 24, 2020

    Distributor of Industrial and Specialty Parts

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+6.50%, Floor 1.50%)

    2/24/2025

    ​

    11,000

    ​

    10,760

    ​

    11,000

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    HDC/HW Intermediate Holdings

    (10)

    December 21, 2018

    Managed Services and Hosting Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.50% (L+7.50%, Floor 1.00%)

    12/21/2023

    ​

    1,943

    ​

    1,921

    ​

    1,802

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hunter Defense Technologies, Inc.

    (10)

    March 29, 2018

    Provider of Military and Commercial Shelters and Systems

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    3/29/2023

    ​

    16,102

    ​

    15,974

    ​

    16,102

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    HW Temps LLC

    ​

    July 2, 2015

    Temporary Staffing Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    8.00%

    3/29/2023

    ​

    1,991

    ​

    1,988

    ​

    1,924

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hybrid Promotions, LLC

    (10)

    June 30, 2021

    Wholesaler of Licensed, Branded and Private Label Apparel

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.25% (L+8.25%, Floor 1.00%)

    6/30/2026

    ​

    7,875

    ​

    7,718

    ​

    7,718

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hyperion Materials & Technologies, Inc.

    (11) (13) (21)

    September 12, 2019

    Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.50% (L+5.50%, Floor 1.00%)

    8/28/2026

    ​

    7,388

    ​

    7,271

    ​

    7,390

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Implus Footcare, LLC

    (10)

    June 1, 2017

    Provider of Footwear and Related Accessories

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.75% (L+7.75%, Floor 1.00%)

    4/30/2024

    ​

    17,178

    ​

    17,163

    ​

    16,055

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Independent Pet Partners Intermediate Holdings, LLC

    (10)

    November 20, 2018

    Omnichannel Retailer of Specialty Pet Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    6.00% PIK

    11/20/2023

    ​

    10,104

    ​

    9,318

    ​

    9,318

    13


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    ​

    ​

    ​

    ​

    Preferred Stock (non-voting)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,470

    ​

    2,620

    ​

    ​

    ​

    ​

    Preferred Stock (non-voting)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    -

    ​

    -

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,191,667

    ​

    ​

    ​

    ​

    ​

    1,192

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    12,980

    ​

    11,938

    Industrial Services Acquisition, LLC

    (10)

    June 17, 2016

    Industrial Cleaning Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Unsecured Debt

    (19)

    ​

    12.00% (11.25% Cash, 0.75% PIK)

    12/17/2022

    ​

    13,352

    ​

    13,336

    ​

    13,352

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19) (30)

    336

    10.00% PIK

    ​

    ​

    ​

    ​

    270

    ​

    347

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19) (30)

    187

    20.00% PIK

    ​

    ​

    ​

    ​

    177

    ​

    205

    ​

    ​

    ​

    ​

    Member Units

    (30)

    2,100

    ​

    ​

    ​

    ​

    ​

    2,100

    ​

    1,610

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    15,883

    ​

    15,514

    Interface Security Systems, L.L.C

    (10)

    August 7, 2019

    Commercial Security & Alarm Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    9.75% (8.75% Cash, 1.00% PIK) (1.00% PIK + L+7.00%, Floor 1.75%)

    8/7/2023

    ​

    7,296

    ​

    7,215

    ​

    7,296

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Intermedia Holdings, Inc.

    (11)

    August 3, 2018

    Unified Communications as a Service

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    7/19/2025

    ​

    9,949

    ​

    9,927

    ​

    9,949

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Invincible Boat Company, LLC.

    (10)

    August 28, 2019

    Manufacturer of Sport Fishing Boats

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+6.50%, Floor 1.50%)

    8/28/2025

    ​

    18,598

    ​

    18,428

    ​

    18,598

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    INW Manufacturing, LLC

    (11)

    May 19, 2021

    Manufacturer of Nutrition and Wellness Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.50% (L+5.75%, Floor 0.75%)

    3/25/2027

    ​

    7,453

    ​

    7,233

    ​

    7,304

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Isagenix International, LLC

    (11)

    June 21, 2018

    Direct Marketer of Health & Wellness Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.75% (L+5.75%, Floor 1.00%)

    6/14/2025

    ​

    5,365

    ​

    5,331

    ​

    4,404

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Jackmont Hospitality, Inc.

    (10)

    May 26, 2015

    Franchisee of Casual Dining Restaurants

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.75% (L+6.75%, Floor 1.00%)

    7/30/2021

    ​

    7,802

    ​

    7,802

    ​

    6,395

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Joerns Healthcare, LLC

    (11)

    April 3, 2013

    Manufacturer and Distributor of Health Care Equipment & Supplies

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    8/21/2024

    ​

    3,336

    ​

    3,299

    ​

    3,110

    ​

    ​

    ​

    ​

    Common Stock

    ​

    392,514

    ​

    ​

    ​

    ​

    ​

    3,678

    ​

    1,350

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,977

    ​

    4,460

    14


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Kemp Technologies Inc.

    (10)

    June 27, 2019

    Provider of Application Delivery Controllers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    3/29/2024

    ​

    7,350

    ​

    7,258

    ​

    7,350

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Knight Energy Services LLC

    (11)

    November 14, 2018

    Oil and Gas Equipment & Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (17) (19)

    ​

    8.50% PIK

    2/9/2024

    ​

    941

    ​

    941

    ​

    656

    ​

    ​

    ​

    ​

    Common Stock

    ​

    25,692

    ​

    ​

    ​

    ​

    ​

    1,843

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,784

    ​

    656

    Kore Wireless Group Inc.

    (11)

    December 31, 2018

    Mission Critical Software Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.65% (L+5.50%)

    12/20/2024

    ​

    5,969

    ​

    5,951

    ​

    5,969

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Larchmont Resources, LLC

    (11)

    August 13, 2013

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    8/9/2021

    ​

    3,715

    ​

    3,727

    ​

    1,672

    ​

    ​

    ​

    ​

    Member Units

    (30)

    4,806

    ​

    ​

    ​

    ​

    ​

    601

    ​

    192

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,328

    ​

    1,864

    Laredo Energy VI, LP

    (10)

    January 15, 2019

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,155,952

    ​

    ​

    ​

    ​

    ​

    11,560

    ​

    9,771

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Lightbox Holdings, L.P.

    (11)

    May 23, 2019

    Provider of Commercial Real Estate Software

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.15% (L+5.00%)

    5/9/2026

    ​

    5,916

    ​

    5,855

    ​

    5,887

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LL Management, Inc.

    (10)

    May 2, 2019

    Medical Transportation Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.25% (L+7.25%, Floor 1.00%)

    9/25/2023

    ​

    14,407

    ​

    14,311

    ​

    14,407

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Logix Acquisition Company, LLC

    (10)

    June 24, 2016

    Competitive Local Exchange Carrier

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.75% (L+5.75%, Floor 1.00%)

    12/22/2024

    ​

    12,552

    ​

    12,499

    ​

    11,987

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Lulu's Fashion Lounge, LLC

    (10)

    August 31, 2017

    Fast Fashion E-Commerce Retailer

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%)

    8/28/2022

    ​

    5,437

    ​

    5,379

    ​

    4,648

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Lynx FBO Operating LLC

    (10)

    September 30, 2019

    Fixed Based Operator in the General Aviation Industry

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.25% (L+5.75%, Floor 1.50%)

    9/30/2024

    ​

    14,305

    ​

    14,091

    ​

    14,305

    ​

    ​

    ​

    ​

    Member Units

    ​

    3,704

    ​

    ​

    ​

    ​

    ​

    500

    ​

    594

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    14,591

    ​

    14,899

    15


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Mac Lean-Fogg Company

    (10)

    April 22, 2019

    Manufacturer and Supplier for Auto and Power Markets

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    5.38% (L+4.75%, Floor 0.625%)

    12/22/2025

    ​

    7,339

    ​

    7,299

    ​

    7,339

    ​

    ​

    ​

    ​

    Preferred Stock

    (19)

    ​

    13.75% (4.50% Cash, 9.25% PIK)

    ​

    ​

    ​

    ​

    771

    ​

    771

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    8,070

    ​

    8,110

    Mako Steel, LP

    (10)

    March 15, 2021

    Self-Storage Design & Construction

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+7.25%, Floor 0.75%)

    3/13/2026

    ​

    19,469

    ​

    19,061

    ​

    19,061

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    MB2 Dental Solutions, LLC

    (11)

    January 28, 2021

    Dental Partnership Organization

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    1/29/2027

    ​

    8,653

    ​

    8,481

    ​

    8,481

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Mills Fleet Farm Group, LLC

    (10)

    October 24, 2018

    Omnichannel Retailer of Work, Farm and Lifestyle Merchandise

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    10/24/2024

    ​

    15,088

    ​

    14,841

    ​

    15,082

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    NinjaTrader, LLC

    (10)

    December 18, 2019

    Operator of Futures Trading Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.25% (L+6.75%, Floor 1.50%)

    12/18/2024

    ​

    16,875

    ​

    16,559

    ​

    16,831

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    NNE Partners, LLC

    (10)

    March 2, 2017

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    9.38% (4.88% Cash, 4.50% PIK) (4.50% PIK + L+4.75%)

    12/31/2023

    ​

    21,121

    ​

    21,087

    ​

    19,563

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Novetta Solutions, LLC

    (11)

    June 21, 2017

    Provider of Advanced Analytics Solutions for Defense Agencies

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.00% (L+5.00%, Floor 1.00%)

    10/17/2022

    ​

    14,591

    ​

    14,471

    ​

    14,609

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.50% (L+8.50%, Floor 1.00%)

    10/16/2023

    ​

    880

    ​

    880

    ​

    882

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    15,351

    ​

    15,491

    NTM Acquisition Corp.

    (11)

    July 12, 2016

    Provider of B2B Travel Information Content

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    8.25% (7.25% Cash, 1.00% PIK) (1.00%PIK + L+6.25%, Floor 1.00%)

    6/7/2024

    ​

    4,303

    ​

    4,293

    ​

    4,195

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    NWN Corporation

    (10)

    May 7, 2021

    Value Added Reseller and Provider of Managed Services to a Diverse Set of Industries

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    5/7/2026

    ​

    21,457

    ​

    20,934

    ​

    20,934

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    16


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    PaySimple, Inc.

    (10)

    September 9, 2019

    Leading Technology Services Commerce Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.61% (L+5.50%)

    8/23/2025

    ​

    7,481

    ​

    7,481

    ​

    7,444

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    RA Outdoors LLC

    (10)

    April 8, 2021

    Software Solutions Provider for Outdoor Activity Management

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.75% (L+6.75%, Floor 1.00%)

    4/8/2026

    ​

    18,765

    ​

    18,573

    ​

    18,573

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Research Now Group, Inc. and Survey Sampling International, LLC

    (11)

    December 31, 2017

    Provider of Outsourced Online Surveying

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.50% (L+5.50%, Floor 1.00%)

    12/20/2024

    ​

    9,948

    ​

    9,948

    ​

    9,857

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    RM Bidder, LLC

    (10)

    November 12, 2015

    Scripted and Unscripted TV and Digital Programming Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,854

    ​

    ​

    ​

    ​

    ​

    31

    ​

    23

    ​

    ​

    ​

    ​

    Warrants

    (26)

    ​

    ​

    10/20/2025

    ​

    ​

    ​

    284

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    315

    ​

    23

    Rug Doctor, LLC.

    (10)

    June 30, 2021

    Carpet Cleaning Products and Machinery

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.25% (L+5.25%, Floor 1.00%)

    5/16/2022

    ​

    10,945

    ​

    10,726

    ​

    10,726

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Salient Partners L.P.

    (11)

    June 25, 2015

    Provider of Asset Management Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (14)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    8/31/2021

    ​

    6,251

    ​

    6,292

    ​

    2,607

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Savers, Inc.

    (11)

    May 14, 2021

    For-Profit Thrift Retailer

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.50% (L+5.75%, Floor 0.75%)

    4/26/2028

    ​

    12,900

    ​

    12,773

    ​

    13,051

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Signal Peak CLO 7, Ltd. (Mariner)

    (12) (13)

    May 8, 2019

    Structured Finance

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Subordinated Structured Notes

    (16)

    ​

    12.00%

    4/30/2032

    ​

    25,935

    ​

    21,226

    ​

    18,879

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Slick Innovations, LLC

    ​

    September 13, 2018

    Text Message Marketing Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    9/13/2023

    ​

    1,350

    ​

    1,199

    ​

    1,350

    ​

    ​

    ​

    ​

    Common Stock

    ​

    17,500

    ​

    ​

    ​

    ​

    ​

    175

    ​

    380

    ​

    ​

    ​

    ​

    Warrants

    (27)

    4,521

    ​

    9/13/2028

    ​

    ​

    ​

    45

    ​

    100

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    1,419

    ​

    1,830

    Student Resource Center, LLC

    (10)

    June 25, 2021

    Higher Education Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    6/25/2026

    ​

    12,500

    ​

    12,234

    ​

    12,234

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Team Public Choices, LLC

    (11)

    October 28, 2019

    Home-Based Care Employment Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.00% (L+5.00%, Floor 1.00%)

    12/18/2027

    ​

    3,990

    ​

    3,960

    ​

    3,970

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    17


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    The Pasha Group

    (11)

    February 2, 2018

    Diversified Logistics and Transportation Provided

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    1/26/2023

    ​

    7,007

    ​

    6,931

    ​

    6,955

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Time Manufacturing Acquisition LLC

    (11)

    February 24, 2021

    Manufacturer and Distributor of Utility Equipment

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.00% (L+5.00%, Floor 1.00%)

    2/3/2023

    ​

    1,476

    ​

    1,473

    ​

    1,481

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    U.S. TelePacific Corp.

    (11)

    May 17, 2017

    Provider of Communications and Managed Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    5/2/2023

    ​

    12,500

    ​

    12,364

    ​

    11,564

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    USA DeBusk LLC

    (10)

    October 22, 2019

    Provider of Industrial Cleaning Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.75% (L+5.75%, Floor 1.00%)

    10/22/2024

    ​

    16,548

    ​

    16,321

    ​

    16,548

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Vida Capital, Inc

    (11)

    October 10, 2019

    Alternative Asset Manager

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    6.10% (L+6.00%)

    10/1/2026

    ​

    7,031

    ​

    6,949

    ​

    6,785

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Vistar Media, Inc.

    (10)

    February 17, 2017

    Operator of Digital Out-of-Home Advertising Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+10.00%, Floor 2.00%)

    4/3/2023

    ​

    4,652

    ​

    4,561

    ​

    4,652

    ​

    ​

    ​

    ​

    Preferred Stock

    ​

    70,207

    ​

    ​

    ​

    ​

    ​

    767

    ​

    1,273

    ​

    ​

    ​

    ​

    Warrants

    (25)

    69,675

    ​

    4/3/2029

    ​

    ​

    ​

    -

    ​

    1,290

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,328

    ​

    7,215

    Volusion, LLC

    ​

    January 26, 2015

    Provider of Online Software-as-a-Service eCommerce Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (17)

    ​

    11.50%

    1/26/2020

    ​

    8,672

    ​

    8,663

    ​

    8,672

    ​

    ​

    ​

    ​

    Unsecured Convertible Debt

    ​

    ​

    8.00%

    11/16/2023

    ​

    175

    ​

    175

    ​

    175

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    2,090,001

    ​

    ​

    ​

    ​

    ​

    6,000

    ​

    2,570

    ​

    ​

    ​

    ​

    Warrants

    (27)

    784,867

    ​

    1/26/2025

    ​

    ​

    ​

    1,104

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    15,942

    ​

    11,417

    18


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    YS Garments, LLC

    (11)

    August 22, 2018

    Designer and Provider of Branded Activewear

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    8/9/2024

    ​

    6,564

    ​

    6,525

    ​

    6,293

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Subtotal Non-Control/Non-Affiliate Investments (128.3% of net assets at fair value)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    805,788

    $

    768,018

    Total Portfolio Investments, June 30, 2021 (162.4% of net assets at fair value)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    974,117

    $

    972,003

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Short Term Investments (34)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    USBank Money Market Account (35)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    5,363

    $

    5,363

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Total Short Term Investments

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    5,363

    $

    5,363

    ​

    ​

    ​

    ​

    (1)

    All investments are Lower Middle Market portfolio investments, unless otherwise noted. See Note C for a description of Lower Middle Market portfolio investments. All of the Company’s investments, unless otherwise noted, are encumbered either as security for one of the Company’s Credit Facilities.

    (2)

    Debt investments are income producing, unless otherwise noted. Equity and warrants are non-income producing, unless otherwise noted.

    (3)

    See Note C and Schedule 12-14 for a summary of geographic location of portfolio companies.

    (4)

    Principal is net of repayments. Cost is net of repayments and accumulated unearned income.

    (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.

    (6)

    Affiliate investments are defined by the 1940 Act as investments in which between 5% and 25% (inclusive) of the voting securities are owned and the investments are not classified as Control investments.

    (7)

    Non-Control/Non-Affiliate investments are defined by the 1940 Act as investments that are neither Control investments nor Affiliate investments.

    (8)

    Income producing through dividends or distributions.

    (9)

    Index based floating interest rate is subject to contractual minimum interest rate. A majority of the variable rate loans in the Company’s investment portfolio bear interest at a rate that may be determined by reference to either LIBOR or an alternate Base Rate (commonly based on the Federal Funds Rate or the Prime Rate), which typically resets semi-annually, quarterly, or monthly at the borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each such loan, the Company has provided the weighted average annual stated interest rate in effect at June 30, 2021. As noted in this schedule, 82% of the loans (based on the par amount) contain LIBOR floors which range between 0.63% and 2.00%, with a weighted-average LIBOR floor of approximately 1.08%.

    (10)

    Private Loan portfolio investment. See Note C for a description of Private Loan portfolio investments.

    (11)

    Middle Market portfolio investment. See Note C for a description of Middle Market portfolio investments.

    (12)

    Other Portfolio investment. See Note C for a description of Other Portfolio investments.

    (13)

    Investment is not a qualifying asset as defined under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of total assets at the time of acquisition of any additional non-qualifying assets.

    (14)

    Non-accrual and non-income producing investment.

    (15)

    All of the Company’s portfolio investments are generally subject to restrictions on resale as “restricted securities.”

    (16)

    Our CLO equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and CLO expenses. The effective yield is estimated based upon the current projection of the amount and timing of these recurring distributions in

    19


    Table of Contents

    MSC Income Fund, Inc.

    Consolidated Schedule of Investments (Continued)

    June 30, 2021

    (dollars in thousands)

    ​

    (unaudited)

    ​

    ​

    addition to the estimated amount of terminal principal payment. We monitor the anticipated cash flows from our CLO equity position and adjust our effective yield periodically as needed on a prospective basis. The estimated yield and investment cost may ultimately not be realized.

    (17)

    Maturity date is under on-going negotiations with the portfolio company and other lenders, if applicable.

    (18)

    Investment fair value was determined using significant unobservable inputs, unless otherwise noted. See Note C for further discussion.

    (19)

    PIK interest income and cumulative dividend income represent income not paid currently in cash.

    (20)

    All portfolio company headquarters are based in the United States, unless otherwise noted.

    (21)

    Portfolio company headquarters are located outside of the United States.

    (22)

    Not used

    (23)

    Not used

    (24)

    Investment date represents the date of initial investment in the portfolio company.

    (25)

    Warrants are presented in equivalent shares with a strike price of $10.92 per share.

    (26)

    Warrants are presented in equivalent units with a strike price of $14.28 per unit.

    (27)

    Warrants are presented in equivalent shares/units with a strike price of $0.01 per share/unit.

    (28)

    Not used

    (29)

    Not used

    (30)

    Shares/Units represent ownership in an underlying Real Estate or HoldCo entity.

    (31)

    Investment is not unitized. Presentation is made in percent of fully diluted ownership unless otherwise indicated.

    (32)

    Not used

    (33)

    Not used

    (34)

    Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less. These short term investments are included as Cash and cash equivalents.

    (35)

    Effective yield as of June 30, 2021 was approximately 0.05% at US Bank Money Market Account

    ​

    ​

    ​

    20


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Control Investments (5)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Copper Trail Fund Investments

    (12) (13)

    July 17, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (CTMH, LP)

    (31)

    38.8%

    ​

    ​

    ​

    ​

    $

    872

    $

    747

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    GRT Rubber Technologies LLC ("GRT")

    ​

    December 19, 2014

    Manufacturer of Engineered Rubber Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    7.15% (L+7.00%)

    12/31/2023

    $

    8,262

    ​

    8,246

    ​

    8,262

    ​

    ​

    ​

    ​

    Member Units

    (8)

    2,896

    ​

    ​

    ​

    ​

    ​

    6,435

    ​

    22,120

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    14,681

    ​

    30,382

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Harris Preston Fund Investments

    (12) (13)

    October 1, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (2717 MH, L.P.)

    (31)

    49.3%

    ​

    ​

    ​

    ​

    ​

    2,599

    ​

    2,702

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Subtotal Control Investments (5.8% of net assets at fair value)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    18,152

    $

    33,831

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Affiliate Investments (6)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    AFG Capital Group, LLC

    ​

    November 7, 2014

    Provider of Rent-to-Own Financing Solutions and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    10.00%

    5/25/2022

    ​

    123

    ​

    123

    ​

    123

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    46

    ​

    ​

    ​

    ​

    ​

    300

    ​

    1,450

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    423

    ​

    1,573

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Analytical Systems Keco, LLC

    ​

    August 16, 2019

    Manufacturer of Liquid and Gas Analyzers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+10.00%, Floor 2.00%)

    8/16/2024

    ​

    1,289

    ​

    1,180

    ​

    1,180

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    800

    ​

    ​

    ​

    ​

    ​

    800

    ​

    800

    ​

    ​

    ​

    ​

    Warrants

    (27)

    105

    ​

    8/16/2029

    ​

    ​

    ​

    79

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,059

    ​

    1,980

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Brewer Crane Holdings, LLC

    ​

    January 9, 2018

    Provider of Crane Rental and Operating Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    11.00% (L+10.00%, Floor 1.00%)

    1/9/2023

    ​

    2,139

    ​

    2,119

    ​

    2,119

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    737

    ​

    ​

    ​

    ​

    ​

    1,070

    ​

    1,460

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    3,189

    ​

    3,579

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Centre Technologies Holdings, LLC

    ​

    January 4, 2019

    Provider of IT Hardware Services and Software Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+10.00%, Floor 2.00%)

    1/4/2024

    ​

    2,907

    ​

    2,868

    ​

    2,868

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    3,174

    ​

    ​

    ​

    ​

    ​

    1,460

    ​

    1,540

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,328

    ​

    4,408

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    21


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Chamberlin Holding LLC

    ​

    February 26, 2018

    Roofing and Waterproofing Specialty Contractor

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    2/26/2023

    ​

    3,803

    ​

    3,745

    ​

    3,803

    ​

    ​

    ​

    ​

    Member Units

    (8)

    1,087

    ​

    ​

    ​

    ​

    ​

    2,860

    ​

    7,020

    ​

    ​

    ​

    ​

    Member Units

    (8) (30)

    1

    ​

    ​

    ​

    ​

    ​

    330

    ​

    318

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,935

    ​

    11,141

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Charlotte Russe, Inc

    (11)

    May 28, 2013

    Fast-Fashion Retailer to Young Women

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Common Stock

    ​

    14,973

    ​

    ​

    ​

    ​

    ​

    2,470

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Charps, LLC

    ​

    February 3, 2017

    Pipeline Maintenance and Construction

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    15.00%

    6/5/2022

    ​

    167

    ​

    167

    ​

    167

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    400

    ​

    ​

    ​

    ​

    ​

    100

    ​

    2,630

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    267

    ​

    2,797

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Clad-Rex Steel, LLC

    ​

    December 20, 2016

    Specialty Manufacturer of Vinyl-Clad Metal

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.50% (L+9.50%, Floor 1.00%)

    12/20/2021

    ​

    2,720

    ​

    2,706

    ​

    2,706

    ​

    ​

    ​

    ​

    Member Units

    (8)

    179

    ​

    ​

    ​

    ​

    ​

    1,820

    ​

    2,153

    ​

    ​

    ​

    ​

    Secured Debt

    (30)

    ​

    10.00%

    12/20/2036

    ​

    278

    ​

    275

    ​

    275

    ​

    ​

    ​

    ​

    Member Units

    (30)

    200

    ​

    ​

    ​

    ​

    ​

    53

    ​

    132

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,854

    ​

    5,266

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Cody Pools, Inc.

    ​

    March 6, 2020

    Designer of Residential and Commercial Pools

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.25% (L+10.50%, Floor 1.75%)

    3/6/2025

    ​

    3,554

    ​

    3,488

    ​

    3,554

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    147

    ​

    ​

    ​

    ​

    ​

    2,079

    ​

    3,740

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,567

    ​

    7,294

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Copper Trail Fund Investments

    (12) (13)

    July 17, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (Copper Trail Energy Fund I, LP)

    (8) (31)

    12.4%

    ​

    ​

    ​

    ​

    ​

    2,161

    ​

    1,782

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Digital Products Holdings LLC

    ​

    April 1, 2018

    Designer and Distributor of Consumer Electronics

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    11.00% (L+10.00%, Floor 1.00%)

    4/1/2023

    ​

    4,543

    ​

    4,493

    ​

    4,493

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    964

    ​

    ​

    ​

    ​

    ​

    2,375

    ​

    2,459

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,868

    ​

    6,952

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Direct Marketing Solutions, Inc.

    ​

    February 13, 2018

    Provider of Omni-Channel Direct Marketing Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    12.00% (L+11.00%, Floor 1.00%)

    2/13/2023

    ​

    3,772

    ​

    3,717

    ​

    3,717

    ​

    ​

    ​

    ​

    Preferred Stock

    ​

    2,100

    ​

    ​

    ​

    ​

    ​

    2,100

    ​

    4,840

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,817

    ​

    8,557

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    22


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Freeport Financial Funds

    (12) (13)

    July 31, 2015

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (Freeport First Lien Loan Fund III LP)

    (8) (31)

    6.0%

    ​

    ​

    ​

    ​

    ​

    10,785

    ​

    10,321

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Gamber-Johnson Holdings, LLC ("GJH")

    ​

    June 24, 2016

    Manufacturer of Ruggedized Computer Mounting Systems

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+7.00%, Floor 2.00%)

    6/24/2021

    ​

    4,960

    ​

    4,935

    ​

    4,960

    ​

    ​

    ​

    ​

    Member Units

    (8)

    9,042

    ​

    ​

    ​

    ​

    ​

    3,711

    ​

    13,120

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    8,646

    ​

    18,080

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Gulf Publishing Holdings, LLC

    ​

    April 29, 2016

    Energy Industry Focused Media and Publishing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (17) (19)

    ​

    10.50% (5.25% Cash, 5.25% PIK) (L+9.50%, Floor 1.00%)

    9/30/2020

    ​

    63

    ​

    63

    ​

    63

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    12.50% (6.25% Cash, 6.25% PIK)

    4/29/2021

    ​

    3,269

    ​

    3,264

    ​

    2,988

    ​

    ​

    ​

    ​

    Member Units

    ​

    920

    ​

    ​

    ​

    ​

    ​

    920

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,247

    ​

    3,051

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Harris Preston Fund Investments

    (12) (13)

    August 9, 2017

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (HPEP 3, L.P.)

    (31)

    8.2%

    ​

    ​

    ​

    ​

    ​

    3,071

    ​

    3,258

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hawk Ridge Systems, LLC

    (13)

    December 2, 2016

    Value-Added Reseller of Engineering Design and Manufacturing Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.00%

    12/2/2023

    ​

    3,350

    ​

    3,335

    ​

    3,350

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    56

    ​

    ​

    ​

    ​

    ​

    713

    ​

    2,008

    ​

    ​

    ​

    ​

    Preferred Member Units

    (30)

    56

    ​

    ​

    ​

    ​

    ​

    38

    ​

    105

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,086

    ​

    5,463

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    J&J Services, Inc.

    ​

    October 31, 2019

    Provider of Dumpster and Portable Toilet Rental Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.50%

    10/31/2024

    ​

    3,200

    ​

    3,150

    ​

    3,200

    ​

    ​

    ​

    ​

    Preferred Stock

    ​

    695

    ​

    ​

    ​

    ​

    ​

    1,771

    ​

    3,170

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,921

    ​

    6,370

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Kickhaefer Manufacturing Company, LLC

    ​

    October 31, 2018

    Precision Metal Parts Manufacturing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.50%

    10/31/2023

    ​

    5,604

    ​

    5,500

    ​

    5,500

    ​

    ​

    ​

    ​

    Member Units

    ​

    145

    ​

    ​

    ​

    ​

    ​

    3,060

    ​

    3,060

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    9.00%

    10/31/2048

    ​

    988

    ​

    978

    ​

    978

    ​

    ​

    ​

    ​

    Member Units

    (8) (30)

    200

    ​

    ​

    ​

    ​

    ​

    248

    ​

    290

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    9,786

    ​

    9,828

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    23


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Market Force Information, LLC

    ​

    July 28, 2017

    Provider of Customer Experience Management Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (14) (19)

    ​

    12.00% PIK

    7/28/2023

    ​

    6,520

    ​

    6,463

    ​

    3,391

    ​

    ​

    ​

    ​

    Member Units

    ​

    185,980

    ​

    ​

    ​

    ​

    ​

    4,160

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    10,623

    ​

    3,391

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    MH Corbin Holding LLC

    ​

    August 31, 2015

    Manufacturer and Distributor of Traffic Safety Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    13.00% (10.00% Cash, 3.00% PIK)

    3/31/2022

    ​

    2,143

    ​

    2,131

    ​

    2,070

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    16,500

    ​

    ​

    ​

    ​

    ​

    1,100

    ​

    590

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    1,000

    ​

    ​

    ​

    ​

    ​

    1,500

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,731

    ​

    2,660

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Mystic Logistics Holdings, LLC

    ​

    August 18, 2014

    Logistics and Distribution Services Provider for Large Volume Mailers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    1/17/2022

    ​

    1,683

    ​

    1,682

    ​

    1,682

    ​

    ​

    ​

    ​

    Common Stock

    (8)

    1,468

    ​

    ​

    ​

    ​

    ​

    680

    ​

    2,248

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,362

    ​

    3,930

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    NexRev LLC

    ​

    February 28, 2018

    Provider of Energy Efficiency Products & Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    11.00%

    2/28/2023

    ​

    4,274

    ​

    4,231

    ​

    4,177

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    21,600,000

    ​

    ​

    ​

    ​

    ​

    1,720

    ​

    370

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    5,951

    ​

    4,547

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    NuStep, LLC

    ​

    January 31, 2017

    Designer, Manufacturer and Distributor of Fitness Equipment

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    1/31/2022

    ​

    4,310

    ​

    4,288

    ​

    4,288

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    102

    ​

    ​

    ​

    ​

    ​

    2,550

    ​

    2,700

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,838

    ​

    6,988

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Project BarFly, LLC

    (10)

    August 31, 2015

    Casual Restaurant Group

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    ​

    12

    ​

    ​

    ​

    ���

    ​

    528

    ​

    528

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    SI East, LLC

    ​

    August 31, 2018

    Rigid Industrial Packaging Manufacturing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    9.50%

    8/31/2023

    ​

    10,988

    ​

    10,884

    ​

    10,986

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    52

    ​

    ​

    ​

    ​

    ​

    2,000

    ​

    3,260

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    12,884

    ​

    14,246

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Tedder Industries, LLC

    ​

    August 31, 2018

    Manufacturer of Firearm
    Holsters and Accessories

    Secured Debt

    ​

    ​

    12.00%

    8/31/2023

    ​

    4,100

    ​

    4,023

    ​

    4,025

    ​

    ​

    ​

    ​

    Preferred Member Units

    ​

    120

    ​

    ​

    ​

    ​

    ​

    2,034

    ​

    2,034

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,057

    ​

    6,059

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    24


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Trantech Radiator Topco, LLC

    ​

    May 31, 2019

    Transformer Cooling Products and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    5/31/2024

    ​

    2,180

    ​

    2,122

    ​

    2,131

    ​

    ​

    ​

    ​

    Common Stock

    (8)

    154

    ​

    ​

    ​

    ​

    ​

    1,164

    ​

    1,510

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    3,286

    ​

    3,641

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Subtotal Affiliate Investments (27.2% of net assets at fair value)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    $

    143,740

    $

    157,690

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Non-Control/Non-Affiliate Investments (7)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    AAC Holdings, Inc.

    (11)

    June 30, 2017

    Substance Abuse Treatment Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    18.00% (10.00% Cash, 8.00% PIK)

    6/25/2025

    ​

    3,354

    ​

    2,998

    ​

    2,998

    ​

    ​

    ​

    ​

    Common Stock

    ​

    593,927

    ​

    ​

    ​

    ​

    ​

    3,148

    ​

    3,148

    ​

    ​

    ​

    ​

    Warrants

    (27)

    197,717

    ​

    12/11/2025

    ​

    ​

    ​

    -

    ​

    1,048

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,146

    ​

    7,194

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Adams Publishing Group, LLC

    (10)

    November 19, 2015

    Local Newspaper Operator

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.75% (L+7.00%, Floor 1.75%)

    7/3/2023

    ​

    5,863

    ​

    5,742

    ​

    5,813

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ADS Tactical, Inc.

    (10)

    March 7, 2017

    Value-Added Logistics and Supply Chain Provider to the Defense Industry

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.25%, Floor 0.75%)

    7/26/2023

    ​

    15,659

    ​

    15,700

    ​

    15,659

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Aethon United BR LP

    (10)

    September 8, 2017

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.75% (L+6.75%, Floor 1.00%)

    9/8/2023

    ​

    7,000

    ​

    6,938

    ​

    6,852

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    American Nuts, LLC

    (10)

    April 10, 2018

    Roaster, Mixer and Packager of Bulk Nuts and Seeds

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.00% (L+8.00%, Floor 1.00%)

    4/10/2023

    ​

    12,128

    ​

    11,916

    ​

    12,109

    American Teleconferencing Services, Ltd.

    (11)

    May 19, 2016

    Provider of Audio Conferencing and Video Collaboration Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    6/8/2023

    ​

    14,125

    ​

    13,803

    ​

    6,568

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    American Trailer Rental Group LLC

    ​

    June 7, 2017

    Provider of Short-term Trailer and Container Rental

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    (30)

    18,373

    ​

    ​

    ​

    ​

    ​

    2,149

    ​

    4,000

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    APTIM Corp.

    (11)

    August 17, 2018

    Engineering, Construction & Procurement

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    7.75%

    6/15/2025

    ​

    6,952

    ​

    6,356

    ​

    5,434

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    25


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Arcus Hunting LLC

    (10)

    January 6, 2015

    Manufacturer of Bowhunting and Archery Products and Accessories

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    11.00% (L+10.00%, Floor 1.00%)

    3/31/2021

    ​

    5,504

    ​

    5,455

    ​

    5,504

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ASC Ortho Management Company, LLC

    (10)

    August 31, 2018

    Provider of Orthopedic Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.50% (L+7.50%, Floor 1.00%)

    8/31/2023

    ​

    5,206

    ​

    5,151

    ​

    5,149

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    13.25% PIK

    12/1/2023

    ​

    2,047

    ​

    2,011

    ​

    2,047

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    7,162

    ​

    7,196

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ATX Networks Corp.

    (11) (13) (21)

    June 30, 2015

    Provider of Radio Frequency Management Equipment

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    8.75% (7.25% Cash, 1.50% PIK) (1.50% PIK + L+6.25%, Floor 1.00%)

    12/31/2023

    ​

    13,435

    ​

    13,338

    ​

    12,293

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    BBB Tank Services, LLC

    ​

    April 8, 2016

    Maintenance, Repair and Construction Services to the Above-Ground Storage Tank Market

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Unsecured Debt

    (9)

    ​

    12.00% (L+11.00%, Floor 1.00%)

    4/8/2021

    ​

    1,200

    ​

    1,200

    ​

    1,177

    ​

    ​

    ​

    ​

    Preferred Stock (non-voting)

    (8) (19)

    ​

    15.00% PIK

    ​

    ​

    ​

    ​

    38

    ​

    38

    ​

    ​

    ​

    ​

    Member Units

    ​

    200,000

    ​

    ​

    ​

    ​

    ​

    200

    ​

    70

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    1,438

    ​

    1,285

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Berry Aviation, Inc.

    (10)

    July 6, 2018

    Charter Airline Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    12.00% (10.50% Cash, 1.5% PIK)

    1/6/2024

    ​

    4,618

    ​

    4,575

    ​

    4,618

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19) (30)

    122,416

    16.00% PIK

    ​

    ​

    ​

    ​

    143

    ​

    143

    ​

    ​

    ​

    ​

    Preferred Member Units

    (19) (30)

    1,548,387

    8.00% PIK

    ​

    ​

    ​

    ​

    1,548

    ​

    904

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,266

    ​

    5,665

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    BigName Commerce, LLC

    (10)

    May 11, 2017

    Provider of Envelopes and Complimentary Stationery Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.25% (L+7.25%, Floor 1.00%)

    5/11/2022

    ​

    2,037

    ​

    2,030

    ​

    2,004

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Binswanger Enterprises, LLC

    (10)

    March 10, 2017

    Glass Repair and Installation Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.50% (L+8.50%, Floor 1.00%)

    3/9/2022

    ​

    12,958

    ​

    12,801

    ​

    12,958

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,050,000

    ​

    ​

    ​

    ​

    ​

    1,050

    ​

    670

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    13,851

    ​

    13,628

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    26


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    BLST Operating Company, LLC.

    (11)

    December 19, 2013

    Multi-Channel Retailer of General Merchandise

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.00% (L+8.50%, Floor 1.50%)

    8/28/2025

    ​

    6,304

    ​

    6,304

    ​

    6,304

    ​

    ​

    ​

    ​

    Common Stock

    ​

    700

    ​

    ​

    ​

    ​

    ​

    -

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,304

    ​

    6,304

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Boccella Precast Products LLC

    ​

    June 30, 2017

    Manufacturer of Precast Hollow Core Concrete

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    (8)

    564,000

    ​

    ​

    ​

    ​

    ​

    564

    ​

    1,510

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Brightwood Capital Fund Investments

    (12) (13)

    July 21, 2014

    Investment Partnership

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LP Interests (Brightwood Capital Fund III, LP)

    (8) (31)

    1.2%

    ​

    ​

    ​

    ​

    ​

    3,695

    ​

    2,867

    ​

    ​

    ​

    ​

    LP Interests (Brightwood Capital Fund IV, LP)

    (8) (31)

    0.5%

    ​

    ​

    ​

    ​

    ​

    10,037

    ​

    9,490

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    13,732

    ​

    12,357

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Buca C, LLC

    ​

    June 30, 2015

    Casual Restaurant Group

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (17)

    ​

    10.25% (L+9.25%, Floor 1.00%)

    6/30/2020

    ​

    12,670

    ​

    12,670

    ​

    9,504

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19)

    4

    6.00% PIK

    ​

    ​

    ​

    ​

    3,040

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    15,710

    ​

    9,504

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Cadence Aerospace LLC

    (10)

    November 14, 2017

    Aerostructure Manufacturing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    9.50% (4.25% Cash, 5.25% PIK) (5.25% PIK + L+3.25%, Floor 1.00%)

    11/14/2023

    ​

    19,687

    ​

    19,538

    ​

    18,732

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    CAI Software LLC

    ​

    October 10, 2014

    Provider of Specialized Enterprise Resource Planning Software

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.50%

    12/7/2023

    ​

    2,086

    ​

    2,101

    ​

    2,086

    ​

    ​

    ​

    ​

    Member Units

    (8)

    16,742

    ​

    ​

    ​

    ​

    ​

    188

    ​

    1,510

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,289

    ​

    3,596

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Cenveo Corporation

    (11)

    September 4, 2015

    Provider of Digital Marketing Agency Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.50% (L+9.50%, Floor 1.00%)

    6/7/2023

    ​

    4,117

    ​

    3,929

    ​

    3,849

    ​

    ​

    ​

    ​

    Common Stock

    ​

    138,889

    ​

    ​

    ​

    ​

    ​

    4,163

    ​

    2,049

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    8,092

    ​

    5,898

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Chisholm Energy Holdings, LLC

    (10)

    May 15, 2019

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.75% (L+6.25%, Floor 1.50%)

    5/15/2026

    ​

    3,571

    ​

    3,512

    ​

    3,274

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Clarius BIGS, LLC

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    (10)

    September 23, 2014

    Prints & Advertising Film Financing

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (14) (17) (19)

    ​

    15.00% PIK

    1/5/2015

    ​

    2,849

    ​

    2,498

    ​

    31

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    27


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Classic H&G Holdings, LLC

    ​

    March 12, 2020

    Provider of Engineered Packaging Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    3/12/2025

    ​

    6,200

    ​

    6,033

    ​

    6,200

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8)

    39

    ​

    ​

    ​

    ​

    ​

    1,440

    ​

    2,380

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    7,473

    ​

    8,580

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Clickbooth.com, LLC

    (10)

    December 5, 2017

    Provider of Digital Advertising Performance Marketing Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    9.50% (L+8.50%, Floor 1.00%)

    1/31/2025

    ​

    7,850

    ​

    7,731

    ​

    7,850

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Copper Trail Fund Investments

    (12) (13)

    July 17, 2017

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Investment Partnership

    LP Interests (CTEF I, LP)

    ​

    375

    ​

    ​

    ​

    ​

    ​

    -

    ​

    67

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Corel Corporation

    (11) (13) (21)

    July 13, 2020

    Publisher of Desktop and Cloud-based Software

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.23% (L+5.00%)

    7/2/2026

    ​

    1,962

    ​

    1,866

    ​

    1,934

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Datacom, LLC

    ​

    May 30, 2014

    Technology and Telecommunications Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (14)

    ​

    8.00%

    5/31/2021

    ​

    200

    ​

    200

    ​

    179

    ​

    ​

    ​

    ​

    Secured Debt

    (14) (19)

    ​

    10.50% PIK

    5/31/2021

    ​

    1,376

    ​

    1,369

    ​

    1,159

    ​

    ​

    ​

    ​

    Class A Preferred Member Units

    ​

    -

    ​

    ​

    ​

    ​

    ​

    144

    ​

    -

    ​

    ​

    ​

    ​

    Class B Preferred Member Units

    ​

    717

    ​

    ​

    ​

    ​

    ​

    670

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,383

    ​

    1,338

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Digital River, Inc.

    (11)

    February 24, 2015

    Provider of Outsourced e-Commerce Solutions and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+7.00%, Floor 1.00%)

    2/12/2023

    ​

    8,377

    ​

    8,344

    ​

    8,335

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    DTE Enterprises, LLC

    (10)

    April 13, 2018

    Industrial Powertrain Repair and Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    10.00% (L+8.50%, Floor 1.50%)

    4/13/2023

    ​

    9,324

    ​

    9,225

    ​

    9,011

    ​

    ​

    ​

    ​

    Class AA Preferred Member Units (non-voting)

    (8) (19)

    ​

    10.00% PIK

    ​

    ​

    ​

    ​

    951

    ​

    951

    ​

    ​

    ​

    ​

    Class A Preferred Member Units

    ​

    776,316

    ​

    ​

    ​

    ​

    ​

    776

    ​

    880

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    10,952

    ​

    10,842

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Dynamic Communities, LLC

    (10)

    July 17, 2018

    Developer of Business Events and Online Community Groups

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    12.50% (6.25% Cash, 6.25% PIK) (L+11.50%, Floor 1.00%)

    7/17/2023

    ​

    5,425

    ​

    5,364

    ​

    5,020

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    28


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    EPIC Y-Grade Services, LP

    (11)

    June 22, 2018

    NGL Transportation & Storage

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    6/30/2027

    ​

    6,944

    ​

    6,855

    ​

    5,798

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    GoWireless Holdings, Inc.

    (11)

    December 31, 2017

    Provider of Wireless Telecommunications Carrier Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    12/22/2024

    ​

    14,083

    ​

    13,998

    ​

    13,970

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Gexpro Services

    (10)

    February 24, 2020

    Distributor of Industrial and Specialty Parts

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+6.50%, Floor 1.50%)

    2/24/2025

    ​

    12,506

    ​

    12,202

    ​

    12,408

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    HDC/HW Intermediate Holdings

    (10)

    December 21, 2018

    Managed Services and Hosting Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.50% (L+7.50%, Floor 1.00%)

    12/21/2023

    ​

    1,951

    ​

    1,926

    ​

    1,883

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hunter Defense Technologies, Inc.

    (10)

    March 29, 2018

    Provider of Military and Commercial Shelters and Systems

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+7.00%, Floor 1.00%)

    3/29/2023

    ​

    16,583

    ​

    16,416

    ​

    16,583

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    HW Temps LLC

    ​

    July 2, 2015

    Temporary Staffing Solutions

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    12.00%

    3/29/2023

    ​

    2,450

    ​

    2,420

    ​

    2,248

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Hyperion Materials & Technologies, Inc.

    (11) (13)

    September 12, 2019

    Manufacturer of Cutting and Machine Tools & Specialty Polishing Compounds

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.50% (L+5.50%, Floor 1.00%)

    8/28/2026

    ​

    7,425

    ​

    7,299

    ​

    6,938

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Implus Footcare, LLC

    (10)

    June 1, 2017

    Provider of Footwear and Related Accessories

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.75% (L+7.75%, Floor 1.00%)

    4/30/2024

    ​

    17,264

    ​

    17,113

    ​

    15,694

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Independent Pet Partners Intermediate Holdings, LLC

    (10)

    November 20, 2018

    Omnichannel Retailer of Specialty Pet Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    6.00% PIK

    11/20/2023

    ​

    9,944

    ​

    8,992

    ​

    8,992

    ​

    ​

    ​

    ​

    Preferred Stock (non-voting)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,470

    ​

    2,470

    ​

    ​

    ​

    ​

    Preferred Stock (non-voting)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    -

    ​

    -

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,191,667

    ​

    ​

    ​

    ​

    ​

    1,192

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    12,654

    ​

    11,462

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Industrial Services Acquisition, LLC

    (10)

    June 17, 2016

    Industrial Cleaning Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Unsecured Debt

    (19)

    ​

    13.00% (6.00% Cash, 7.00% PIK)

    12/17/2022

    ​

    12,892

    ​

    12,871

    ​

    12,892

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19) (30)

    336

    10.00% PIK

    ​

    ​

    ​

    ​

    202

    ​

    202

    ​

    ​

    ​

    ​

    Preferred Member Units

    (8) (19) (30)

    187

    20.00% PIK

    ​

    ​

    ​

    ​

    124

    ​

    124

    ​

    ​

    ​

    ​

    Member Units

    (30)

    2,100

    ​

    ​

    ​

    ​

    ​

    2,100

    ​

    1,237

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    15,297

    ​

    14,455

    29


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Interface Security Systems, L.L.C

    (10)

    August 7, 2019

    Commercial Security & Alarm Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    11.75% (8.75% Cash, 3.00% PIK) (3.00% PIK + L+7.00%, Floor 1.75%)

    8/7/2023

    ​

    7,266

    ​

    7,168

    ​

    7,266

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Intermedia Holdings, Inc.

    (11)

    August 3, 2018

    Unified Communications as a Service

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    7/19/2025

    ​

    3,480

    ​

    3,456

    ​

    3,478

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Invincible Boat Company, LLC.

    (10)

    August 28, 2019

    Manufacturer of Sport Fishing Boats

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.00% (L+6.50%, Floor 1.50%)

    8/28/2025

    ​

    8,876

    ​

    8,797

    ​

    8,876

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Isagenix International, LLC

    (11)

    June 21, 2018

    Direct Marketer of Health & Wellness Products

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.75% (L+5.75%, Floor 1.00%)

    6/14/2025

    ​

    5,572

    ​

    5,533

    ​

    3,130

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Jackmont Hospitality, Inc.

    (10)

    May 26, 2015

    Franchisee of Casual Dining Restaurants

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.75% (L+6.75%, Floor 1.00%)

    5/26/2021

    ​

    7,908

    ​

    7,906

    ​

    6,315

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Joerns Healthcare, LLC

    (11)

    April 3, 2013

    Manufacturer and Distributor of Health Care Equipment & Supplies

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    8/21/2024

    ​

    3,336

    ​

    3,294

    ​

    3,336

    ​

    ​

    ​

    ​

    Common Stock

    ​

    392,514

    ​

    ​

    ​

    ​

    ​

    3,678

    ​

    2,322

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    6,972

    ​

    5,658

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Kemp Technologies Inc.

    (10)

    June 27, 2019

    Provider of Application Delivery Controllers

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.50% (L+6.50%, Floor 1.00%)

    3/29/2024

    ​

    7,388

    ​

    7,280

    ​

    7,388

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Knight Energy Services LLC

    (11)

    November 14, 2018

    Oil and Gas Equipment & Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (17) (19)

    ​

    8.50% PIK

    2/9/2024

    ​

    828

    ​

    882

    ​

    745

    ​

    ​

    ​

    ​

    Common Stock

    ​

    25,692

    ​

    ​

    ​

    ​

    ​

    1,843

    ​

    -

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    2,725

    ​

    745

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Kore Wireless Group Inc.

    (11)

    December 31, 2018

    Mission Critical Software Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.75% (L+5.50%)

    12/20/2024

    ​

    6,000

    ​

    5,979

    ​

    5,917

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Larchmont Resources, LLC

    (11)

    August 13, 2013

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    11.00% PIK (L+10.00% PIK, Floor 1.00%)

    8/9/2021

    ​

    3,715

    ​

    3,780

    ​

    1,672

    ​

    ​

    ​

    ​

    Member Units

    (30)

    4,806

    ​

    ​

    ​

    ​

    ​

    601

    ​

    192

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    4,381

    ​

    1,864

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    30


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    Laredo Energy VI, LP

    (10)

    January 15, 2019

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Member Units

    ​

    1,155,952

    ​

    ​

    ​

    ​

    ​

    11,560

    ​

    10,238

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Lightbox Holdings, L.P.

    (11)

    May 23, 2019

    Provider of Commercial Real Estate Software

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    ​

    ​

    5.15% (L+5.00%)

    5/9/2026

    ​

    4,925

    ​

    4,864

    ​

    4,777

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LL Management, Inc.

    (10)

    May 2, 2019

    Medical Transportation Service Provider

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.25% (L+7.25%, Floor 1.00%)

    9/25/2023

    ​

    13,581

    ​

    13,485

    ​

    13,581

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Logix Acquisition Company, LLC

    (10)

    June 24, 2016

    Competitive Local Exchange Carrier

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    6.75% (L+5.75%, Floor 1.00%)

    12/22/2024

    ​

    12,620

    ​

    12,560

    ​

    11,673

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    LSF9 Atlantis Holdings, LLC

    (11)

    May 17, 2017

    Provider of Wireless Telecommunications Carrier Services

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    5/1/2023

    ​

    12,600

    ​

    12,555

    ​

    12,561

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Lulu's Fashion Lounge, LLC

    (10)

    August 31, 2017

    Fast Fashion E-Commerce Retailer

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9) (19)

    ​

    10.50% (8.00% Cash, 2.50% PIK) (2.50% PIK + L+7.00%, Floor 1.00%)

    8/28/2022

    ​

    5,622

    ​

    5,539

    ​

    4,807

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Lynx FBO Operating LLC

    (10)

    September 30, 2019

    Fixed Based Operator in the General Aviation Industry

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.25% (L+5.75%, Floor 1.50%)

    9/30/2024

    ​

    13,613

    ​

    13,370

    ​

    13,521

    ​

    ​

    ​

    ​

    Member Units

    ​

    3,704

    ​

    ​

    ​

    ​

    ​

    500

    ​

    594

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    13,870

    ​

    14,115

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Mac Lean-Fogg Company

    (10)

    April 22, 2019

    Manufacturer and Supplier for Auto and Power Markets

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    5.63% (L+5.00%, Floor 0.625%)

    12/22/2025

    ​

    7,375

    ​

    7,332

    ​

    7,375

    ​

    ​

    ​

    ​

    Preferred Stock

    (8) (19)

    ​

    13.75% (4.50% Cash, 9.25% PIK)

    ​

    ​

    1

    ​

    793

    ​

    780

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    8,125

    ​

    8,155

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Mills Fleet Farm Group, LLC

    (10)

    October 24, 2018

    Omnichannel Retailer of Work, Farm and Lifestyle Merchandise

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    7.00% (L+6.00%, Floor 1.00%)

    10/24/2024

    ​

    13,875

    ​

    13,599

    ​

    13,623

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    NinjaTrader, LLC

    (10)

    December 18, 2019

    Operator of Futures Trading Platform

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (9)

    ​

    8.25% (L+6.75%, Floor 1.50%)

    12/18/2024

    ​

    16,875

    ​

    16,520

    ​

    16,828

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    31


    Table of Contents

    MSC Income Fund

    Consolidated Schedule of Investments (Continued)

    December 31, 2020

    (dollars in thousands)

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Portfolio Company (1) (20)

    ​

    Investment Date (24)

    Business Description

    Type of Investment (2) (3) (15)

    ​

    Shares/Units

    Rate

    Maturity Date

    Principal (4)

    Cost (4)

    Fair Value (18)

    NNE Partners, LLC

    (10)

    March 2, 2017

    Oil & Gas Exploration & Production

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    ​

    Secured Debt

    (19)

    ​

    9.48% (4.75% Cash, 4.50% PIK) (4.50% PIK + L+4.75%)

    12/31/2023

    ​

    20,649

    ​

    20,590

    ​

    18,331

    ​

    ​