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MSC Income Fund (MSIF) Financials

MSC Income Fund logo
$11.36 -0.07 (-0.57%)
Closing price 07/15/2026 03:59 PM Eastern
Extended Trading
$11.36 -0.01 (-0.04%)
As of 07/15/2026 07:02 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for MSC Income Fund

Annual Income Statements for MSC Income Fund

This table shows MSC Income Fund's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 74 -16 66 57 89
Consolidated Net Income / (Loss)		 74 -16 68 54 77
Net Income / (Loss) Continuing Operations		 74 -16 68 54 15
Total Pre-Tax Income 		76 -14 68 54 18
Total Revenue		 98 45 169 109 44
Net Interest Income / (Expense)		 76 0.00 131 135 -34
Total Interest Income		 90 0.00 131 135 -34
Investment Securities Interest Income		 90 - 131 135 -34
Total Interest Expense		 14 0.00 0.00 0.00 0.00
Total Non-Interest Income		 23 45 37 -26 78
Other Service Charges		 - - - - -15
Net Realized & Unrealized Capital Gains on Investments		 23 45 46 -15 92
Total Non-Interest Expense		 22 59 67 71 25
Other Operating Expenses		 22 59 54 58 25
Income Tax Expense		 1.89 1.64 - - 3.26
Other Adjustments to Consolidated Net Income / (Loss)		 - - - - 62
Basic Earnings per Share		 $0.67 $1.32 $1.38 $1.34 $1.33
Weighted Average Basic Shares Outstanding		 79.87M 40.00M 40.13M 40.17M 46.50M
Diluted Earnings per Share		 $0.67 $1.32 $1.38 $1.34 $1.33
Weighted Average Diluted Shares Outstanding		 79.87M 40.00M 40.13M 40.17M 46.50M
Basic & Diluted Earnings per Share		 - - - - $1.91
Weighted Average Basic & Diluted Shares Outstanding		 - - 80.47M 46.85M 46.03M
Cash Dividends to Common per Share		 - $0.65 $1.40 $1.45 $1.44

Quarterly Income Statements for MSC Income Fund

This table shows MSC Income Fund's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 13 108 11 18 7.37 20 16 16 27 87 13
Consolidated Net Income / (Loss)		 13 111 12 18 7.37 16 16 16 27 75 13
Net Income / (Loss) Continuing Operations		 13 110 12 18 7.37 16 16 16 27 14 13
Total Pre-Tax Income 		13 107 13 18 7.37 15 16 16 27 18 13
Total Revenue		 22 168 23 36 0.19 50 52 31 55 -17 30
Net Interest Income / (Expense)		 23 86 24 34 33 43 33 36 35 -105 34
Total Interest Income		 23 77 24 34 33 43 33 36 35 -105 34
Investment Securities Interest Income		 23 - 24 34 33 43 33 36 35 - 34
Total Interest Expense		 0.00 -8.33 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 -1.20 82 -1.13 1.88 -33 7.01 19 -4.97 20 88 -4.43
Service Charges on Deposit Accounts		 - - - -2.52 -2.37 - -0.17 -0.17 -0.17 - -0.19
Other Service Charges		 - - - - - - -2.02 - - - -1.48
Net Realized & Unrealized Capital Gains on Investments		 -1.20 - -1.13 4.40 -31 12 21 -4.80 20 103 -2.77
Total Non-Interest Expense		 8.83 27 9.86 18 18 25 15 19 19 -30 16
Other Operating Expenses		 6.25 20 6.22 14 16 22 15 16 15 -23 16
Nonoperating Income / (Expense), net		 - - - 0.31 25 - -21 4.78 -9.85 - -0.24
Basic Earnings per Share		 $0.18 $0.84 $0.36 $0.33 $0.32 $0.33 $0.35 $0.35 $0.35 $0.25 $0.35
Weighted Average Basic Shares Outstanding		 80.30M 40.13M 40.13M 40.17M 40.17M 40.17M 44.68M 47.05M 47.30M 46.50M 46.12M
Diluted Earnings per Share		 $0.18 $0.84 $0.36 $0.33 $0.32 $0.33 $0.35 $0.35 $0.35 $0.25 $0.35
Weighted Average Diluted Shares Outstanding		 80.30M 40.13M 40.13M 40.17M 40.17M 40.17M 44.68M 47.05M 47.30M 46.50M 46.12M
Weighted Average Basic & Diluted Shares Outstanding		 80.54M 80.47M 80.48M 80.43M 80.48M 46.85M 47.15M 47.44M 46.91M 46.03M 45.35M
Cash Dividends to Common per Share		 $0.18 - $0.37 $0.36 - - $0.36 $0.36 $0.36 - $0.36

Annual Cash Flow Statements for MSC Income Fund

This table details how cash moves in and out of MSC Income Fund's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -23 -4.50 9.47 -2.41 -7.74
Net Cash From Operating Activities		 -191 77 50 -28 -70
Net Cash From Continuing Operating Activities		 -191 77 50 -28 -70
Net Income / (Loss) Continuing Operations		 74 46 66 57 89
Consolidated Net Income / (Loss)		 74 46 66 57 89
Depreciation Expense		 -25 1.70 -46 15 -36
Amortization Expense		 1.51 1.74 2.18 2.58 1.11
Non-Cash Adjustments to Reconcile Net Income		 -242 25 26 -102 -114
Changes in Operating Assets and Liabilities, net		 0.45 2.90 1.93 -0.99 -9.70
Net Cash From Investing Activities		 0.00 0.00 0.00 0.00 0.00
Net Cash From Continuing Investing Activities		 0.00 0.00 0.00 0.00 0.00
Net Cash From Financing Activities		 168 -81 -41 26 63
Net Cash From Continuing Financing Activities		 168 -81 -41 26 63
Issuance of Debt		 627 188 150 281 434
Issuance of Common Equity		 0.67 0.75 8.50 7.00 91
Repayment of Debt		 -425 -220 -136 -201 -397
Repurchase of Common Equity		 -10 -16 -24 -21 -12
Payment of Dividends		 -19 -33 -36 -40 -52
Other Financing Activities, Net		 -6.36 -0.43 -2.39 -0.85 -2.02
Cash Interest Paid		 10 21 34 36 34
Cash Income Taxes Paid		 1.32 2.47 2.00 0.71 6.01

Quarterly Cash Flow Statements for MSC Income Fund

This table details how cash moves in and out of MSC Income Fund's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -6.95 7.68 -6.14 4.84 19 -21 11 -11 -10 2.55 -5.08
Net Cash From Operating Activities		 -10 41 -12 -28 26 -15 -72 33 15 -45 -18
Net Cash From Continuing Operating Activities		 -10 41 -12 -28 26 -15 -72 33 15 -45 -18
Net Income / (Loss) Continuing Operations		 13 21 11 18 7.37 20 16 16 27 30 13
Consolidated Net Income / (Loss)		 13 21 11 18 7.37 20 16 16 27 30 13
Depreciation Expense		 1.20 -16 1.13 -6.23 30 -9.22 -19 3.90 -21 -0.54 2.64
Amortization Expense		 0.58 0.78 0.77 0.78 0.79 0.24 0.25 0.29 0.29 0.29 0.30
Non-Cash Adjustments to Reconcile Net Income		 -21 32 -24 -30 -21 -26 -66 14 8.44 -71 -36
Changes in Operating Assets and Liabilities, net		 -4.24 3.02 0.21 -11 9.59 -0.08 -3.71 -1.84 0.43 -4.58 1.00
Net Cash From Investing Activities		 - - 0.00 - - - 0.00 - - - 0.00
Net Cash From Continuing Investing Activities		 - - 0.00 - - - 0.00 - - - 0.00
Net Cash From Financing Activities		 3.08 -34 5.43 33 -7.01 -5.86 84 -44 -25 48 13
Net Cash From Continuing Financing Activities		 3.08 -34 5.43 33 -7.01 -5.86 84 -44 -25 48 13
Issuance of Debt		 33 43 82 109 61 29 130 84 91 129 288
Issuance of Common Equity		 2.75 3.75 2.50 2.50 2.00 -0.00 91 - - - 0.00
Repayment of Debt		 -14 -64 -63 -62 -56 -20 -125 -116 -101 -55 -241
Repurchase of Common Equity		 -7.03 -6.89 -6.55 -6.18 -4.04 -3.96 0.00 -0.15 -2.54 -8.96 -16
Payment of Dividends		 -9.32 -9.45 -9.52 -10 -9.97 -10 -9.99 -12 -12 -17 -17
Other Financing Activities, Net		 -2.32 - 0.00 -0.03 - -0.83 -1.96 -0.03 -0.02 - -0.89
Cash Interest Paid		 6.85 11 6.63 10 7.78 11 7.19 10 6.83 9.52 7.11
Cash Income Taxes Paid		 0.24 0.04 0.38 0.05 0.05 0.22 4.12 1.17 -0.79 1.51 0.09

Annual Balance Sheets for MSC Income Fund

This table presents MSC Income Fund's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024 2025
Period end date 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,107 1,140 1,225 1,381
Cash and Due from Banks		 21 31 28 21
Trading Account Securities		 - - 1,178 1,335
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 2.91 3.42 1.99 3.19
Other Assets		 16 16 4.88 9.55
Total Liabilities & Shareholders' Equity		 1,107 1,140 1,225 1,381
Total Liabilities		 497 518 600 642
Accrued Interest Payable		 5.44 6.27 6.91 5.95
Long-Term Debt		 471 485 565 603
Other Long-Term Liabilities		 22 26 19 25
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 610 622 625 739
Total Preferred & Common Equity		 610 622 625 739
Total Common Equity		 610 622 625 739
Common Stock		 684 686 690 782
Retained Earnings		 -75 -64 -65 -43

Quarterly Balance Sheets for MSC Income Fund

This table presents MSC Income Fund's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,153 1,159 1,211 1,227 1,322 1,293 1,298 1,410
Cash and Due from Banks		 23 25 29 49 39 28 18 16
Trading Account Securities		 - - - - - - - 1,369
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Acquisition Cost		 4.12 2.72 2.04 1.33 3.78 3.60 3.40 3.13
Other Assets		 23 18 34 18 31 27 27 10
Total Liabilities & Shareholders' Equity		 1,153 1,159 1,211 1,227 1,322 1,293 1,298 1,410
Total Liabilities		 539 540 588 609 604 570 564 690
Accrued Interest Payable		 8.67 8.41 6.82 8.63 7.72 5.86 7.40 7.46
Long-Term Debt		 506 504 551 556 570 539 529 649
Other Long-Term Liabilities		 25 28 30 44 26 26 28 26
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 614 619 623 618 719 723 734 720
Total Preferred & Common Equity		 614 619 623 618 719 723 734 720
Total Common Equity		 614 619 623 618 719 723 734 720
Common Stock		 685 687 688 690 785 789 791 766
Retained Earnings		 -72 -68 -64 -72 -66 -66 -57 -46

Annual Metrics And Ratios for MSC Income Fund

This table displays calculated financial ratios and metrics derived from MSC Income Fund's official financial filings.

Metric 2021 2022 2023 2024 2025
Period end date 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 80,537,477.00 160,961,644.00 46,910,723.00
DEI Adjusted Shares Outstanding		 0.00 0.00 80,537,477.00 160,961,644.00 46,910,723.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.84 0.34 1.64
Growth Metrics		 - - - - -
Revenue Growth		 0.00% -54.24% 275.11% -35.24% -60.05%
EBITDA Growth		 0.00% -120.79% 628.94% -2.10% -130.04%
EBIT Growth		 0.00% -118.87% 809.75% -62.24% -52.24%
NOPAT Growth		 0.00% -113.54% 1,113.93% -62.24% -60.73%
Net Income Growth		 0.00% -121.57% 524.08% -20.03% 41.74%
EPS Growth		 0.00% 97.01% 4.55% -2.90% -0.75%
Operating Cash Flow Growth		 0.00% 140.11% -34.49% -155.89% -150.57%
Free Cash Flow Firm Growth		 0.00% 0.00% 106.87% -159.38% -206.55%
Invested Capital Growth		 0.00% 0.00% 2.49% 7.49% 12.72%
Revenue Q/Q Growth		 0.00% 0.00% 798.34% 128.76% -51.44%
EBITDA Q/Q Growth		 0.00% 0.00% 194.14% 272.53% 68.98%
EBIT Q/Q Growth		 0.00% 0.00% 543.64% 186.20% 272.51%
NOPAT Q/Q Growth		 0.00% 0.00% 726.86% 390.43% 152.09%
Net Income Q/Q Growth		 0.00% 0.00% 399.88% 374.93% 291.18%
EPS Q/Q Growth		 0.00% 0.00% 91.67% -29.84% -11.33%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -9.58% -200.71% -77.76%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 35.06% -16.01%
Invested Capital Q/Q Growth		 0.00% 0.00% -1.09% 1.32% 6.21%
Profitability Metrics		 - - - - -
EBITDA Margin		 53.33% -24.23% 34.17% 51.66% -38.85%
EBIT Margin		 77.32% -31.88% 60.32% 35.17% 42.04%
Profit (Net Income) Margin		 75.40% -35.53% 40.17% 49.60% 176.01%
Tax Burden Percent		 97.51% 111.45% 100.00% 100.00% 418.62%
Interest Burden Percent		 100.00% 100.00% 66.59% 141.04% 100.00%
Effective Tax Rate		 2.49% 0.00% 0.00% 0.00% 17.76%
Return on Invested Capital (ROIC)		 0.00% -1.86% 9.31% 3.35% 1.19%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -4.39% 2.19% 6.35% 11.77%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -3.39% 1.70% 5.35% 10.08%
Return on Equity (ROE)		 0.00% -5.24% 11.01% 8.69% 11.27%
Cash Return on Invested Capital (CROIC)		 0.00% -201.86% 6.85% -3.87% -10.77%
Operating Return on Assets (OROA)		 0.00% -1.30% 9.06% 3.25% 1.41%
Return on Assets (ROA)		 0.00% -1.44% 6.03% 4.59% 5.90%
Return on Common Equity (ROCE)		 0.00% -5.24% 11.01% 8.69% 11.27%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -2.62% 10.89% 8.68% 10.40%
Net Operating Profit after Tax (NOPAT)		 74 -10 102 38 15
NOPAT Margin		 75.40% -22.31% 60.32% 35.17% 34.58%
Net Nonoperating Expense Percent (NNEP)		 0.00% 2.53% 7.12% -3.01% -10.58%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 22.68% 131.88% 39.68% 64.83% 57.96%
Earnings before Interest and Taxes (EBIT)		 76 -14 102 38 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 52 -11 58 56 -17
Valuation Ratios		 - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.26 0.31 0.80
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.26 0.31 0.80
Price to Revenue (P/Rev)		 0.00 0.00 0.96 1.77 13.58
Price to Earnings (P/E)		 0.00 0.00 2.46 3.42 6.68
Dividend Yield		 0.00% 0.00% 8.63% 15.06% 11.29%
Earnings Yield		 0.00% 0.00% 40.66% 29.23% 14.96%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.56 0.61 0.88
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 3.65 6.68 26.91
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 10.70 12.93 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 6.06 19.00 64.01
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 6.06 19.00 77.83
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 12.28 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 8.24 0.00 0.00
Leverage & Solvency		 - - - - -
Debt to Equity		 0.00 0.77 0.78 0.90 0.82
Long-Term Debt to Equity		 0.00 0.77 0.78 0.90 0.82
Financial Leverage		 0.00 0.77 0.78 0.84 0.86
Leverage Ratio		 0.00 1.82 1.82 1.90 1.91
Compound Leverage Factor		 0.00 1.82 1.21 2.67 1.91
Debt to Total Capital		 0.00% 43.56% 43.79% 47.49% 44.93%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 43.56% 43.79% 47.49% 44.93%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 56.44% 56.21% 52.51% 55.07%
Debt to EBITDA		 0.00 -43.16 8.41 10.01 -35.54
Net Debt to EBITDA		 0.00 -41.20 7.87 9.51 -34.32
Long-Term Debt to EBITDA		 0.00 -43.16 8.41 10.01 -35.54
Debt to NOPAT		 0.00 -46.86 4.76 14.70 39.92
Net Debt to NOPAT		 0.00 -44.74 4.46 13.96 38.56
Long-Term Debt to NOPAT		 0.00 -46.86 4.76 14.70 39.92
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - -
Cash Flow Metrics		 - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,090 75 -44 -136
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -13.21 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -13.21 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - -
Asset Turnover		 0.00 0.04 0.15 0.09 0.03
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - -
Invested Capital		 0.00 1,080 1,107 1,190 1,341
Invested Capital Turnover		 0.00 0.08 0.15 0.10 0.03
Increase / (Decrease) in Invested Capital		 0.00 1,080 27 83 151
Enterprise Value (EV)		 0.00 0.00 617 730 1,175
Market Capitalization		 0.00 0.00 163 193 593
Book Value per Share		 $0.00 $15.24 $7.73 $7.76 $15.75
Tangible Book Value per Share		 $0.00 $15.24 $7.73 $7.76 $15.75
Total Capital		 0.00 1,080 1,107 1,190 1,341
Total Debt		 0.00 471 485 565 603
Total Long-Term Debt		 0.00 471 485 565 603
Net Debt		 0.00 449 454 537 582
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 5.95 34 -16 -62
Net Nonoperating Obligations (NNO)		 0.00 471 485 565 603
Total Depreciation and Amortization (D&A)		 -24 3.44 -44 18 -35
Earnings Adjustments		 - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.72 $1.43 $1.33
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 80.27M 40.17M 46.50M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.72 $1.43 $1.33
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 80.27M 40.17M 46.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.91
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 80.47M 46.85M 46.03M
Normalized Net Operating Profit after Tax (NOPAT)		 74 -10 71 27 15
Normalized NOPAT Margin		 75.40% -22.31% 42.22% 24.62% 34.58%
Pre Tax Income Margin		 77.32% -31.88% 40.17% 49.60% 42.04%
Debt Service Ratios		 - - - - -
EBIT to Interest Expense		 5.25 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 5.12 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 5.25 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 5.12 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - -
Dividend Payout Ratio		 25.26% -206.53% 53.75% 73.33% 67.11%
Augmented Payout Ratio		 38.84% -306.51% 89.78% 111.55% 82.26%

Quarterly Metrics And Ratios for MSC Income Fund

This table displays calculated financial ratios and metrics derived from MSC Income Fund's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 80,446,869.00 80,537,477.00 80,469,732.00 80,475,393.00 80,434,964.00 160,961,644.00 46,849,531.00 47,148,886.00 47,440,505.00 46,910,723.00 46,026,477.00
DEI Adjusted Shares Outstanding		 80,446,869.00 80,537,477.00 80,469,732.00 80,475,393.00 80,434,964.00 160,961,644.00 46,849,531.00 47,148,886.00 47,440,505.00 46,910,723.00 46,026,477.00
DEI Earnings Per Adjusted Shares Outstanding		 0.16 1.37 0.16 0.23 0.09 0.10 0.34 0.35 0.56 1.61 0.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.97% 1,103.33% 2.45% 182.72% -99.12% -70.16% 124.45% -14.37% 28,545.83% -133.32% -43.22%
EBITDA Growth		 -19.25% 306.90% -18.04% 112.22% -14.76% -87.06% 20.15% 26.93% 24.95% -19.81% -10.87%
EBIT Growth		 -1.99% 373.82% -4.93% 127.06% -239.33% -82.07% 175.41% -35.39% 302.12% -47.35% -63.55%
NOPAT Growth		 3.91% 395.11% -3.59% 138.66% -239.04% -85.64% 196.17% -35.39% 302.12% 19.90% -63.55%
Net Income Growth		 -15.17% 366.41% 1.98% 126.71% -43.07% -85.30% 27.27% -10.15% 259.91% 364.59% -16.71%
EPS Growth		 12.50% 0.00% 100.00% 83.33% 77.78% -60.71% -2.78% 6.06% 9.38% -24.24% 0.00%
Operating Cash Flow Growth		 -150.82% -11.42% -170.33% -1,208.00% 363.67% -135.61% -526.62% 216.51% -44.50% -209.45% 74.64%
Free Cash Flow Firm Growth		 0.00% 0.00% 97.28% 95.13% 93.38% -184.84% -346.78% -35.50% 28.84% -96.80% 49.14%
Invested Capital Growth		 0.00% 2.49% 3.84% 6.70% 4.93% 7.49% 14.85% 7.43% 7.53% 12.72% 6.16%
Revenue Q/Q Growth		 150.21% 670.89% 302.28% 53.95% -99.46% 25,951.04% 4.41% 221.03% 79.30% -130.30% 277.92%
EBITDA Q/Q Growth		 114.53% 753.39% 121.00% -19.26% 1.35% 29.55% 13.34% 125.59% -0.23% -16.86% 25.98%
EBIT Q/Q Growth		 119.62% 988.35% 123.20% 32.82% -201.04% 240.08% 46.50% 126.89% 216.10% -63.51% 1.42%
NOPAT Q/Q Growth		 128.09% 723.40% 130.82% 42.83% -201.04% 185.02% 141.37% 138.41% 216.10% -49.56% -26.63%
Net Income Q/Q Growth		 119.07% 753.50% 121.62% 45.35% -59.34% 120.39% -2.28% 139.31% 62.86% 184.49% -82.48%
EPS Q/Q Growth		 0.00% 366.67% -60.00% -8.33% -3.03% 3.13% 6.06% -7.89% 0.00% -28.57% 40.00%
Operating Cash Flow Q/Q Growth		 -493.26% 511.29% -128.04% -144.32% 193.58% -155.55% -393.39% 145.43% -55.42% -409.71% 59.56%
Free Cash Flow Firm Q/Q Growth		 3.50% 107.20% 56.91% -92.36% -31.04% 7.69% -92.01% 61.51% 31.19% -155.31% 50.38%
Invested Capital Q/Q Growth		 1.71% -1.09% 1.38% 4.61% 0.03% 1.32% 8.33% -2.15% 0.13% 6.21% 2.03%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 67.62% 74.86% 65.83% 34.53% 6,528.65% 32.47% 35.24% 51.18% 28.48% 0.00% 55.32%
EBIT Margin		 59.41% 83.88% 57.65% 49.73% -9,375.52% 50.41% 70.73% 37.52% 66.15% 0.00% 45.40%
Profit (Net Income) Margin		 59.54% 65.92% 53.61% 50.61% 3,839.06% 32.48% 30.40% 53.10% 48.23% 0.00% 44.59%
Tax Burden Percent		 100.21% 103.66% 92.99% 100.00% 100.00% 106.14% 100.00% 100.00% 100.00% 411.30% 100.00%
Interest Burden Percent		 100.00% 75.81% 100.00% 101.76% -40.95% 60.70% 42.97% 141.52% 72.92% 138.23% 98.21%
Effective Tax Rate		 -0.21% 0.00% 7.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 2.00% 9.81% 0.00% 3.03% -390.56% 2.91% 8.11% 1.08% 4.88% 0.00% 0.72%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.00% 10.63% 0.00% 3.09% -385.78% 3.09% 4.19% 1.96% 3.06% 0.00% 0.68%
Return on Net Nonoperating Assets (RNNOA)		 1.65% 8.24% 0.00% 2.59% -332.48% 2.60% 3.36% 1.59% 2.46% 0.00% 0.58%
Return on Equity (ROE)		 3.65% 18.06% -16.33% 5.63% -723.05% 5.51% 11.47% 2.67% 7.34% 0.00% 1.30%
Cash Return on Invested Capital (CROIC)		 0.00% 6.85% -9.95% -7.30% -5.97% -3.87% -9.13% -10.64% -9.64% -10.77% -4.80%
Operating Return on Assets (OROA)		 0.97% 12.60% 0.00% 2.94% -376.40% 4.66% 7.88% 1.05% 4.71% 0.00% 0.70%
Return on Assets (ROA)		 0.97% 9.90% 0.00% 2.99% 154.13% 3.00% 3.39% 1.49% 3.44% 0.00% 0.69%
Return on Common Equity (ROCE)		 3.65% 18.06% -16.33% 5.63% -723.05% 5.51% 11.47% 2.67% 7.34% 0.00% 1.30%
Return on Equity Simple (ROE_SIMPLE)		 -3.68% 0.00% -16.19% -2.27% -3.19% 0.00% 8.01% -8.21% -5.47% 0.00% 10.31%
Net Operating Profit after Tax (NOPAT)		 13 107 12 18 -18 15 37 12 36 18 13
NOPAT Margin		 59.54% 63.59% 53.61% 49.73% -9,375.52% 30.60% 70.73% 37.52% 66.15% 0.00% 45.40%
Net Nonoperating Expense Percent (NNEP)		 0.00% -0.82% 0.00% -0.06% -4.78% -0.18% 3.92% -0.88% 1.82% -9.78% 0.04%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 40.59% 16.12% 42.35% 50.27% 9,475.52% 49.59% 29.27% 62.48% 33.85% 0.00% 54.60%
Earnings before Interest and Taxes (EBIT)		 13 141 13 18 -18 25 37 12 36 13 13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 15 125 15 12 13 16 18 16 16 13 16
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.70 0.26 0.35 0.34 0.33 0.31 0.92 1.07 0.85 0.80 0.78
Price to Tangible Book Value (P/TBV)		 0.70 0.26 0.35 0.34 0.33 0.31 0.92 1.07 0.85 0.80 0.78
Price to Revenue (P/Rev)		 22.76 0.96 0.00 3.04 4.29 1.77 4.78 22.01 6.91 13.58 26.63
Price to Earnings (P/E)		 0.00 2.46 0.00 0.00 0.00 3.42 10.70 0.00 0.00 6.68 6.53
Dividend Yield		 3.29% 8.63% 10.00% 13.65% 14.12% 15.06% 6.08% 6.57% 9.60% 11.29% 11.82%
Earnings Yield		 0.00% 40.66% 0.00% 0.00% 0.00% 29.23% 9.35% 0.00% 0.00% 14.96% 15.32%
Enterprise Value to Invested Capital (EV/IC)		 0.81 0.56 0.62 0.62 0.61 0.61 0.92 1.02 0.90 0.88 0.87
Enterprise Value to Revenue (EV/Rev)		 48.45 3.65 0.00 10.56 14.90 6.68 8.62 36.55 12.59 26.91 56.67
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 10.70 0.00 0.00 0.00 12.93 20.02 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 6.06 0.00 0.00 0.00 19.00 19.24 0.00 0.00 64.01 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 6.06 0.00 0.00 0.00 19.00 21.03 0.00 0.00 77.83 76.10
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.39 12.28 31.24 0.00 25.54 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 8.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.82 0.78 0.81 0.88 0.90 0.90 0.79 0.75 0.72 0.82 0.90
Long-Term Debt to Equity		 0.82 0.78 0.81 0.88 0.90 0.90 0.79 0.75 0.72 0.82 0.90
Financial Leverage		 0.82 0.78 0.80 0.84 0.86 0.84 0.80 0.81 0.80 0.86 0.85
Leverage Ratio		 1.88 1.82 1.85 1.90 1.93 1.90 1.86 1.86 1.87 1.91 1.90
Compound Leverage Factor		 1.88 1.38 1.85 1.93 -0.79 1.15 0.80 2.63 1.36 2.64 1.87
Debt to Total Capital		 45.18% 43.79% 44.89% 46.93% 47.34% 47.49% 44.23% 42.70% 41.86% 44.93% 47.43%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 45.18% 43.79% 44.89% 46.93% 47.34% 47.49% 44.23% 42.70% 41.86% 44.93% 47.43%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 54.82% 56.21% 55.11% 53.07% 52.66% 52.51% 55.77% 57.30% 58.14% 55.07% 52.57%
Debt to EBITDA		 -8.26 8.41 -3.50 -18.03 -16.99 10.01 9.58 -9.32 -9.67 -35.54 -34.23
Net Debt to EBITDA		 -7.88 7.87 -3.33 -17.07 -15.50 9.51 8.91 -8.83 -9.34 -34.32 -33.41
Long-Term Debt to EBITDA		 -8.26 8.41 -3.50 -18.03 -16.99 10.01 9.58 -9.32 -9.67 -35.54 -34.23
Debt to NOPAT		 -31.14 4.76 -7.40 -58.92 -42.01 14.70 10.06 -12.71 -18.24 39.92 41.33
Net Debt to NOPAT		 -29.72 4.46 -7.03 -55.76 -38.31 13.96 9.36 -12.04 -17.62 38.56 40.34
Long-Term Debt to NOPAT		 -31.14 4.76 -7.40 -58.92 -42.01 14.70 10.06 -12.71 -18.24 39.92 41.33
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,106 80 -29 -56 -73 -68 -130 -76 -52 -133 -66
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.15 0.00 0.06 0.04 0.09 0.11 0.03 0.07 0.03 0.02
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,119 1,107 1,122 1,174 1,175 1,190 1,289 1,261 1,263 1,341 1,369
Invested Capital Turnover		 0.03 0.15 0.00 0.06 0.04 0.10 0.11 0.03 0.07 0.03 0.02
Increase / (Decrease) in Invested Capital		 1,119 27 42 74 55 83 167 87 88 151 79
Enterprise Value (EV)		 910 617 694 732 712 730 1,192 1,283 1,132 1,175 1,195
Market Capitalization		 428 163 215 210 205 193 661 773 621 593 562
Book Value per Share		 $7.63 $7.73 $7.69 $7.74 $7.69 $7.76 $15.35 $15.33 $15.48 $15.75 $15.63
Tangible Book Value per Share		 $7.63 $7.73 $7.69 $7.74 $7.69 $7.76 $15.35 $15.33 $15.48 $15.75 $15.63
Total Capital		 1,119 1,107 1,122 1,174 1,175 1,190 1,289 1,261 1,263 1,341 1,369
Total Debt		 506 485 504 551 556 565 570 539 529 603 649
Total Long-Term Debt		 506 485 504 551 556 565 570 539 529 603 649
Net Debt		 483 454 479 522 507 537 531 510 511 582 634
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Expense (NNE)		 0.00 -3.90 0.00 -0.31 -25 -0.94 21 -4.78 9.85 -57 0.24
Net Nonoperating Obligations (NNO)		 506 485 504 551 556 565 570 539 529 603 649
Total Depreciation and Amortization (D&A)		 1.79 -15 1.91 -5.45 31 -8.98 -19 4.19 -21 -0.25 2.94
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.18 $0.84 $0.18 $0.18 $0.00 $0.33 $0.38 $0.35 $0.35 $0.25 $0.35
Adjusted Weighted Average Basic Shares Outstanding		 80.30M 40.13M 80.26M 80.33M 0.00 40.17M 44.68M 47.05M 47.30M 46.50M 46.12M
Adjusted Diluted Earnings per Share		 $0.18 $0.84 $0.18 $0.18 $0.00 $0.33 $0.38 $0.35 $0.35 $0.25 $0.35
Adjusted Weighted Average Diluted Shares Outstanding		 80.30M 40.13M 80.26M 80.33M 0.00 40.17M 44.68M 47.05M 47.30M 46.50M 46.12M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 80.54M 80.47M 80.48M 80.43M 0.00 46.85M 47.15M 47.44M 46.91M 46.03M 45.35M
Normalized Net Operating Profit after Tax (NOPAT)		 9.04 75 12 12 -13 11 26 8.06 25 13 9.42
Normalized NOPAT Margin		 41.59% 44.51% 53.61% 34.81% -6,562.86% 21.42% 49.51% 26.27% 46.31% 0.00% 31.78%
Pre Tax Income Margin		 59.41% 63.59% 57.65% 50.61% 3,839.06% 30.60% 30.40% 53.10% 48.23% 0.00% 44.59%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -156.38% 53.75% -37.50% -272.04% -198.44% 73.33% 69.81% -71.13% -111.01% 67.11% 78.64%
Augmented Payout Ratio		 -251.66% 89.78% -64.44% -460.43% -318.36% 111.55% 94.42% -84.85% -127.54% 82.26% 115.95%

Financials Breakdown Chart

Key Financial Trends

MSC Income Fund (NYSE: MSIF) showed a mixed but mostly stable multi-year trend, with strong earnings in several periods, but a clear deterioration in cash generation in the most recent quarter. The company continues to rely heavily on financing activity, especially debt issuance and repayments, while dividends remain a consistent cash outflow.

  • Quarterly earnings remain solid in Q1 2026. Net income was $13.2 million, with basic EPS of $0.35, showing the company is still profitable on an accounting basis.
  • Interest income is still the core driver. Q1 2026 investment securities interest income was $34.1 million, up from $24.4 million in Q1 2024, indicating improved income generation over the past two years.
  • Balance sheet equity has grown over time. Total common equity increased to $719.5 million in Q1 2026 from $618.5 million in Q1 2024, suggesting the company has expanded its equity base.
  • Cash ended the quarter at a healthy level. MSIF reported $15.6 million in cash and equivalents at Q1 2026, which provides some liquidity cushion despite weak operating cash flow.
  • Revenue remains dependent on investment-related income. Total revenue is driven primarily by securities interest income and capital gains, which can be volatile quarter to quarter.
  • Dividend payments are steady and manageable in size. The company paid $16.8 million in dividends in Q1 2026, broadly in line with recent quarters, but this continues to pressure free cash flow.
  • Shares outstanding have generally trended higher than a year ago. Weighted average basic shares were 46.1 million in Q1 2026 versus 44.7 million in Q1 2025, which can dilute per-share growth.
  • Non-interest expense has been relatively consistent. Q1 2026 other operating expenses were $16.2 million, close to the recent quarter range, suggesting no major cost spike.
  • Operating cash flow turned sharply negative in Q1 2026. Net cash from operating activities was -$18.4 million, a big reversal from positive operating cash flow in Q2 and Q3 2025.
  • Non-cash adjustments were a major drag in Q1 2026. The company posted -$35.5 million in non-cash adjustments to reconcile net income, which heavily weakened operating cash generation.
  • Debt levels remain substantial. Long-term debt was $649.1 million at Q1 2026, up from $503.9 million at Q1 2024, leaving the balance sheet meaningfully leveraged.
  • Cash declined during the quarter. Net change in cash and equivalents was -$5.1 million in Q1 2026, showing that financing activity did not fully offset the operating shortfall.
  • Earnings have been volatile over the last several years. Quarterly net income swung from $12.5 million in Q1 2024 to $30.0 million in Q4 2025, then down to $13.2 million in Q1 2026, highlighting inconsistency.

Bottom line: MSIF still looks profitable and has meaningful asset and equity support, but the latest quarter raises caution flags because operating cash flow deteriorated sharply and leverage remains elevated. For retail investors, the key question is whether the recent weak cash conversion is temporary or the start of a more persistent trend.

07/16/26 03:39 AM ETAI Generated. May Contain Errors.

MSC Income Fund Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MSC Income Fund's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

MSC Income Fund's net income appears to be on an upward trend, with a most recent value of $76.85 million in 2025, rising from $74.13 million in 2021. The previous period was $54.22 million in 2024. Find out what analysts predict for MSC Income Fund in the coming months.

Over the last 4 years, MSC Income Fund's total revenue changed from $98.32 million in 2021 to $43.66 million in 2025, a change of -55.6%.

MSC Income Fund's total liabilities were at $642.37 million at the end of 2025, a 7.1% increase from 2024, and a 29.1% increase since 2022.

In the past 3 years, MSC Income Fund's cash and equivalents has ranged from $20.64 million in 2025 to $30.79 million in 2023, and is currently $20.64 million as of their latest financial filing in 2025.

Over the last 4 years, MSC Income Fund's book value per share changed from 0.00 in 2021 to 15.75 in 2025, a change of 1,574.6%.


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Financial statements for NYSE:MSIF last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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