MSC Income Fund (MSIF) Q2 2024 earnings summary

Executive summary

• Focused on providing debt and equity financing to middle market and lower middle market companies, with a diversified portfolio across industries and geographies.

• Achieved annualized total return on investments of 15.1% for Q2 2024 and 13.4% for the first half of 2024.

• Maintained strong liquidity and capital resources, with $29.5 million in cash and $63.3 million in unused credit facility capacity as of June 30, 2024.

Financial highlights

• Total investment income for Q2 2024 was $33.9 million, up 2% year-over-year; for the first half, $67.9 million, up 6%.

• Net investment income for Q2 2024 was $14.4 million ($0.18/share); for the first half, $28.9 million ($0.36/share).

• Net increase in net assets from operations was $18.1 million ($0.23/share) for Q2 and $28.7 million ($0.36/share) for the first half.

• NAV per share at June 30, 2024 was $7.78, up from $7.77 at year-end.

• Dividends paid or accrued were $0.18/share for Q2 and $0.365/share for the first half.

Outlook and guidance

• Continues to de-emphasize Middle Market syndicated loan strategy, focusing on Private Loan and LMM strategies.

• Board declared a $0.18/share dividend payable November 1, 2024, and approved a new share repurchase offer.