MSC Income Fund Inc
mscincomefund.comWhat Do They Do?
Provides secured debt financing to private companies owned by or being acquired by private equity funds, and holds debt and equity investments in lower middle-market companies.
10-K for FY2025, filed Feb 27, 2026MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Fund”) is a principal investment firm…View ↗
MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its…View ↗
Private Loan investments primarily consist of debt securities that have primarily been originated directly by the Adviser or, to a lesser…View ↗
How Do They Make Money?
$65.5M
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10-K for FY2025, filed Feb 27, 2026
$65.5M ↗
Who Are Their Customers?
Private equity-backed companies receive secured loans, usually originated directly by the Adviser or through small lender-group deals. The legacy lower middle-market portfolio consists of debt and equity investments made with entrepreneurs, business owners and management teams.
10-K for FY2025, filed Feb 27, 2026MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Fund”) is a principal investment firm…View ↗
MSC Income also maintains a portfolio of customized long-term debt and equity investments in lower middle market (“LMM”) companies (its…View ↗
Private Loan investments primarily consist of debt securities that have primarily been originated directly by the Adviser or, to a lesser…View ↗
MSC Income has also historically sought to fill the financing gap for LMM businesses, which, historically, have had limited access to…View ↗
Do Revenues Turn Into Profits?
Yes. Its net income in FY2025 was larger than its revenue.
10-K for FY2025, filed Feb 27, 2026
10-K for FY2025, filed Feb 27, 2026
$88.7MView ↗
How Are They Changing?
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Jun 30, 2026
Board approves CEO succession plan for Nicholas T. Meserve
Dwayne L. Hyzak is expected to transfer the CEO role to Nicholas T. Meserve in the fourth quarter of 2026 and then serve as Executive Chairman.
Sources
8-K, filed Jun 30, 2026
On June 30, 2026, MSC Income Fund, Inc. (“MSC Income” or the “Fund”) announced that its board of directors (“Board”) approved a Chief…View ↗
Growing. Revenue grew 23% in 4 years, from $53.4M in FY2021 to $65.5M in FY2025, about 5% a year.
Investment focus
The older report described Private Loan, lower-middle-market and middle-market strategies; the latest report centers new platform investments on private-equity-backed loans, while retaining follow-on investments in existing lower-middle-market holdings and letting middle-market investments decline.
10-K for FY2022, filed Mar 14, 2023 10-K for FY2025, filed Feb 27, 2026MSC Income Fund, Inc. (“MSIF” or, together with its consolidated subsidiaries, “MSC Income” or the “Fund”) is a principal investment firm…View ↗
In connection with the MSC Income Listing, the Fund’s Board of Directors and the Adviser decided to change its investment strategy with…View ↗
MSC Income’s Middle Market investments are generally debt investments in companies owned by a private equity fund that were originally…View ↗
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