MSC Income Fund, Inc.
- Open
- 11.70
- Day high
- 11.99
- Day low
- 11.60
- Prev close
- 11.57
- Volume
- 228K
- Mkt cap
- $539M
- P/E (TTM)
- 6.5
- EPS (TTM)
- $1.84
- P/B
- 0.7
- P/S
- 4.2
- Yield
- 9.08%
- Per share
- $1.08
- ▲Insiders net buying $270K over the last 3 months (8 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
MSC Income Fund, Inc. (MSIF) is a Financial Services company listed on NYSE. The stock is down 28% over the past year. Over the trailing 3 months, insiders filed 8 open-market buys and 0 sales (SEC Form 4).
MSC Income Fund, Inc. (MSIF) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MSIF earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | $0.37 | $0.36 | -2.7% | $34M | -6.3% |
| Nov 13, 2025 | $0.37 | $0.35 | -5.4% | $35M | +0.2% |
| Aug 13, 2025 | $0.36 | $0.37 | +2.8% | $36M | -0.3% |
| Mar 19, 2025 | $0.36 | $0.35 | -2.8% | $17M | — |
| Jun 30, 2024 | — | $0.45 | — | $22M | — |
| Mar 31, 2024 | — | $0.26 | — | $13M | — |
| Dec 31, 2023 | — | $0.53 | — | $23M | — |
| Sep 30, 2023 | — | $0.33 | — | $15M | — |
| Jun 30, 2023 | — | $0.48 | — | $23M | — |
| Mar 31, 2023 | — | $0.31 | — | $14M | — |
| Dec 31, 2022 | — | $0.28 | — | $52M | — |
| Sep 30, 2022 | — | $0.38 | — | $17M | — |
MSIF insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Hyzak Dwayne L.director, officer: CEO, SMD | Buy | 5,969 | $11.68 |
| Jun 25, 2026 | Meserve Nicholasofficer: Managing Director | Buy | 2,500 | $11.43 |
| Jun 15, 2026 | Gilbert Coryofficer: CFO and Treasurer | Buy | 1,000 | $11.78 |
| Jun 11, 2026 | Hyzak Dwayne L.director, officer: CEO, SMD | Buy | 4,157 | $11.69 |
| Jun 11, 2026 | Hyzak Dwayne L.director, officer: CEO, SMD | Buy | 117 | $11.67 |
| Jun 8, 2026 | Walker Jeffrey B.director | Buy | 229 | $12.03 |
| Jun 8, 2026 | Walker Jeffrey B.director | Buy | 3,933 | $12.02 |
| May 19, 2026 | Niemann John O. Jr.director | Buy | 4,922 | $12.10 |
| Apr 2, 2026 | Gilbert Coryofficer: CFO and Treasurer | Buy | 825 | $12.20 |
| Mar 31, 2026 | Marks Nataly Michelledirector | Buy | 1,000 | $12.61 |
| Mar 10, 2026 | Niemann John O. Jr.director | Buy | 1,887 | $12.42 |
| Dec 31, 2025 | Hyzak Dwayne L.director, officer: CEO, SMD | Buy | 3,712 | $13.43 |
| Sep 30, 2025 | Magdol David L.officer: PRESIDENT, CIO AND SMD | Buy | 3,500 | $13.25 |
| Sep 30, 2025 | Gilbert Coryofficer: CFO and Treasurer | Buy | 500 | $13.15 |
| Sep 29, 2025 | Hyzak Dwayne L.director, officer: CEO, SMD | Buy | 3,695 | $13.49 |
Source: MSIF SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full MSIF insider & 13F page →MSC Income Fund, Inc. company profile
Overview
MSC Income Fund, Inc. (NYSE:MSIF) is a publicly traded business development company that was recently listed on the New York Stock Exchange in January 2025. The company operates as a specialized investment fund focusing on providing debt and equity financing to middle-market companies across the United States. As a business development company (BDC), MSIF is regulated under the Investment Company Act of 1940 and is required to distribute substantially all of its taxable income to shareholders as dividends. The fund targets companies with revenues between $10 million and $150 million, specializing in management buyouts, recapitalizations, growth financings, refinancing transactions, and acquisitions.
Business
MSC Income Fund operates in the alternative asset management industry as a business development company, which is a specialized type of investment vehicle designed to provide capital to small and medium-sized businesses. BDCs are regulated investment companies that function similarly to mutual funds but focus on lending to and investing in private companies rather than publicly traded securities. The company operates two primary investment portfolios that generate revenue through different strategies: 1. Private Loan Portfolio (58% of total investments, $678 million): This segment focuses on providing secured debt financing to middle-market companies. The portfolio consists of 94% secured debt instruments, with 99% being first lien positions (meaning MSIF has priority claim on assets in case of default) and 98% floating-rate loans that adjust with interest rate changes. This portfolio generates a weighted average yield of 12%. 2. Lower Middle Market Portfolio (37% of total investments, $436 million): This more diversified segment includes both debt and equity investments across 57 portfolio companies. The allocation is 53% debt investments and 47% equity investments, with debt investments yielding a weighted average of 13%. This portfolio targets smaller companies and often includes equity stakes that can appreciate in value over time. The remaining 5% of investments are in other securities and cash equivalents. The fund maintains a highly diversified approach with investments across 151 total portfolio companies, reducing concentration risk while providing exposure to various industries and economic sectors.
Revenue model
MSC Income Fund generates revenue primarily through interest income from its debt investments and dividend income from its equity positions. As a BDC, the company is required to distribute at least 90% of its taxable income to shareholders, currently providing an approximate dividend yield of 8.5%. The company's revenue streams include: 1. Interest Income: The majority of revenue comes from interest payments on loans made to portfolio companies. With weighted average yields of 12% on private loans and 13% on lower middle market debt investments, the company benefits from the high-yield nature of middle-market lending. 2. Dividend and Fee Income: Equity investments in portfolio companies generate dividends and fees, while the company may also earn origination fees, monitoring fees, and success fees from its investments. 3. Capital Appreciation: Gains from the sale of equity investments when portfolio companies are sold or go public, though this is more variable and episodic in nature. Several factors influence the company's margins and profitability. Positive factors include rising interest rates, which benefit the floating-rate loan portfolio, strong middle-market lending demand, and the company's recent reduction in management fees from 1.75% to 1.5% of assets. Negative factors include credit losses from portfolio company defaults, tightening loan spreads due to increased competition (spreads have compressed 75-150 basis points over the past year), and potential economic downturns that could impact portfolio company performance. The company's cost of capital and access to leverage also significantly impact returns, with regulatory changes expected in 2026 that may allow increased leverage capacity.
Competitive moat
MSC Income Fund operates in a competitive but relationship-driven industry where moderate barriers to entry exist. The company's competitive advantages include its established relationships with private equity sponsors and middle-market companies, its track record in underwriting and managing credit risk, and its access to deal flow through its investment team's network. However, the BDC industry faces significant competitive pressures. Large banks, direct lending funds, and other BDCs compete for the same middle-market lending opportunities, which has led to compressed spreads and more aggressive lending terms. The company acknowledged that loan spreads have tightened considerably, with another 25 basis points of compression since year-end 2024. The company's moat is relatively narrow compared to businesses with stronger network effects or switching costs. While MSIF benefits from its relationships and underwriting expertise, these advantages are not insurmountable. New entrants with sufficient capital can compete effectively, and portfolio companies can refinance with competitors when market conditions are favorable. The regulatory framework governing BDCs does provide some structural advantages, including tax pass-through treatment and the ability to use leverage, but these benefits are available to all BDCs. The primary competitive threat comes from credit cycle deterioration, which could lead to increased defaults and credit losses, and continued spread compression from increased competition in the direct lending market. Additionally, changes in monetary policy or credit market conditions could significantly impact the company's cost of capital and investment opportunities.
Risks & safety
MSC Income Fund demonstrates a strong financial position with minimal solvency risk, though valuation appears fairly priced. • Liquidity and Solvency: Excellent liquidity position with $28.4 million in cash, current ratio of 8.56, and zero debt-to-equity ratio. No immediate solvency concerns. • Cash Flow: Negative operating cash flow of $14.7 million in Q4 2024 and $28.1 million for full year 2024, primarily due to new loan originations rather than operational losses. • Valuation Metrics: Trading at 1.02x book value, 7.8x P/E ratio, and 9.0% return on equity. Dividend yield of 8.5% appears sustainable based on net investment income coverage. • Asset Quality: Diversified portfolio across 151 companies with strong credit profile (94% secured debt, 99% first lien positions). • Other Considerations: Recent NYSE listing and equity offering strengthened capital base. Regulatory leverage capacity expansion expected in 2026 could enhance returns. Management fee reduction improves shareholder economics.
Recent development
MSC Income Fund has undergone significant strategic developments over the past year, primarily focused on enhancing shareholder value and operational efficiency. The company completed a successful transition to public markets with its NYSE listing in January 2025, accompanied by an equity offering that strengthened its capital base. Key strategic initiatives include management fee reductions designed to improve shareholder returns. The company reduced its base management fee from 1.75% to 1.5% of assets and lowered the net investment income incentive fee from 20% to 17.5%. These changes are expected to contribute to the company's goal of increasing return on equity from below 9% to approximately 10% over the next 6-8 quarters. The company has focused on deploying liquidity efficiently into its private loan portfolio, which has become the dominant segment at 58% of total investments. Management reported an above-average pipeline of private loan opportunities, with approximately $100 million in new originations closed in the first quarter of 2025. This strategy capitalizes on the higher-yielding, more liquid nature of private loans compared to traditional lower middle market investments. Looking ahead, MSIF anticipates expanded regulatory leverage capacity beginning in January 2026, which could provide additional tools for enhancing returns. The company maintains its dividend policy aligned closely with net investment income, providing shareholders with a current yield of approximately 8.5% while positioning for potential growth in distributions as the portfolio scales and leverage capacity increases.
MSIF company profile · for informational purposes only — not investment advice.
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