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MSIF

MSC Income Fund, Inc.

MSIF

MSC Income Fund, Inc. • NYSE
$14.22 ▲ 3.27% (+0.45)
Market Cap $674.60 M
52w High $18.09
52w Low $11.78
Dividend Yield 1.08%
P/E 7.99
Volume 101.44K
Outstanding Shares 47.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.367M ▲ $9.688M ▲ $26.529M ▲ 75.011% ▲ $0.35 $0 ▼
Q2-2025 $28.18M ▲ $1.321M ▲ $16.289M ▲ 57.803% ▼ $0.35 ▼ $18.181M ▲
Q1-2025 $23.949M ▼ $1.201M ▲ $15.875M ▼ 66.287% ▼ $0.36 ▼ $14.505M ▼
Q4-2024 $26.139M ▲ $1.154M ▼ $20.464M ▲ 78.289% ▲ $0.51 ▲ $15.42M ▲
Q3-2024 $21.626M $1.447M $7.371M 34.084% $0.18 $9.805M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.081M ▼ $1.298B ▲ $563.748M ▼ $734.358M ▲
Q2-2025 $28.338M ▼ $1.293B ▼ $570.279M ▼ $722.788M ▲
Q1-2025 $39.459M ▲ $1.322B ▲ $603.536M ▲ $718.94M ▲
Q4-2024 $28.375M ▼ $1.225B ▼ $599.768M ▼ $624.903M ▲
Q3-2024 $48.926M $1.227B $608.797M $618.485M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.529M ▲ $13.082M ▲ $1.599M ▼ $-24.938M ▲ $-10.257M ▲ $13.082M ▲
Q2-2025 $16.289M ▲ $11.16M ▲ $21.771M ▲ $-44.052M ▼ $-11.121M ▼ $11.16M ▲
Q1-2025 $15.875M ▼ $9.108M ▲ $-81.602M ▼ $83.578M ▲ $11.084M ▲ $9.108M ▲
Q4-2024 $20.464M ▲ $-14.693M ▼ $0 $-5.858M ▲ $-20.551M ▼ $-14.693M ▼
Q3-2024 $7.372M $26.451M $0 $-7.009M $19.442M $26.451M

Five-Year Company Overview

Income Statement

Income Statement MSIF has been consistently profitable in recent years after a loss earlier in the period. Earnings are positive but bounce around from year to year, which is common for a credit-focused vehicle that depends on interest income, fee income, and occasional gains or losses. Profitability looks solid relative to its size, but the revenue base is still modest, so a few problem credits or valuation changes could move results noticeably. The recent strategic pivot toward a pure private-loan portfolio may gradually make earnings more stable and interest‑driven, but it also means past trends may not fully reflect the future profile.

Balance Sheet

Balance Sheet The balance sheet shows a steady build in assets and a stable equity base, which suggests measured growth rather than aggressive expansion. Debt has recently appeared on the balance sheet after several years with little or none, indicating that leverage is starting to play a bigger role in funding the portfolio. Cash levels are relatively low, which is typical for a fund that prefers to keep capital invested rather than idle. The announced plan to allow higher leverage from 2026 onward means balance sheet strength will increasingly depend on the quality and performance of the underlying loan book rather than just low borrowing levels.

Cash Flow

Cash Flow Cash generation is uneven, swinging between positive and negative years. This lumpiness reflects the nature of a lending and investment business, where cash inflows from repayments and exits can be irregular while new investments consume cash at different times. With essentially no capital spending needs, operating cash flow and free cash flow move together, making it easier to see how the core portfolio is funding itself. The recent negative cash flow suggests a period of heavier deployment or timing effects, so the sustainability of distributions and leverage will lean heavily on how quickly the new private loans begin to pay back and generate steady interest income.

Competitive Edge

Competitive Edge MSIF competes in the growing but crowded private credit and business development company space. Its key advantage is its close relationship with Main Street Capital, which brings an experienced manager, established processes, and access to proprietary deal flow. The focus on senior, largely first‑lien loans to lower middle market, private‑equity‑backed companies offers a niche that can be less competitive than larger corporate lending. Direct origination and selective “club” deals can support better terms and stronger relationships with sponsors. That said, MSIF still faces credit‑cycle risk, competition from other private lenders, and dependence on the continued strength and reputation of its external manager.

Innovation and R&D

Innovation and R&D Innovation at MSIF is strategic rather than technological. The major shift is its move to a “private loan only” model, stepping away from equity-heavy lower middle market strategies to a cleaner, more scalable lending focus. This simplifies the story for investors and tightens risk management around one main product: senior secured, often floating‑rate loans. The tie‑in with Main Street Capital effectively outsources much of the analytical and operational ‘R&D’ to a larger platform, including underwriting tools, sourcing networks, and portfolio monitoring. The downside is that differentiation is driven more by relationships, discipline, and execution than by any proprietary technology, so the long‑term edge depends on maintaining underwriting quality and sponsor relationships rather than on formal R&D.

Summary

MSIF is a recently listed income fund built around private credit, with a track record of positive earnings in recent years, a gradually expanding asset base, and an increasing use of leverage. Results so far indicate a profitable and reasonably disciplined platform, but with earnings and cash flows that can be choppy from year to year. The strategic refocus on first‑lien private loans, backed by the infrastructure of Main Street Capital, provides a clearer and potentially more stable business model going forward, at the cost of relying heavily on credit selection and the external manager’s capabilities. The planned step‑up in leverage from 2026 increases both growth potential and risk, making portfolio credit quality, underwriting standards, and performance through the economic cycle the key variables to watch as the new strategy matures.

NEWS

November 13, 2025 · 4:15 PM UTC

MSC INCOME FUND ANNOUNCES THIRD QUARTER 2025 RESULTS

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November 12, 2025 · 7:00 AM UTC

MSC Income Fund Announces Regular Quarterly Dividend and Supplemental Quarterly Dividend

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October 15, 2025 · 7:00 AM UTC

MSC Income Fund Announces Third Quarter 2025 Earnings Release and Conference Call Schedule

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October 9, 2025 · 7:00 AM UTC

MSC Income Fund Announces Third Quarter 2025 Private Loan Portfolio Activity

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