MSC Income Fund Announces Fourth Quarter 2025 Private Loan Portfolio Activity

Rhea-AI Summary

MSC Income Fund (NYSE: MAIN) reported fourth-quarter 2025 private loan portfolio activity. During Q4 2025 the fund originated or increased private loan commitments of $131.8 million and funded investments with a cost basis of $100.9 million. Notable transactions included multiple first lien senior secured term loans, revolvers and delayed draw term loans across industries such as beverage distribution, satellite operations software, electrical utility components, ABA therapy centers, digital marketing, wholesale closeouts, and energy infrastructure services.

As of December 31, 2025 the private loan portfolio totaled approximately $821.7 million at cost across 81 companies, with 92.1% in first lien senior secured debt and 7.9% in equity or other securities.

Positive

• Q4 2025 private loan commitments of $131.8 million
• Q4 2025 funded investments cost basis of $100.9 million
• Private loan portfolio totaling $821.7 million at cost
• Portfolio diversification across 81 unique companies
• 92.1% of private loan portfolio in first lien senior secured debt

Negative

• 7.9% of private loan portfolio in equity or other securities, implying higher risk exposure
• No earnings or guidance disclosed that would indicate near-term income impact

News Market Reaction

+1.39%

1 alert

+1.39% News Effect

On the day this news was published, MSIF gained 1.39%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 new/increased commitments: $131.8 million Q4 2025 funded investments: $100.9 million Private loan portfolio cost: $821.7 million +5 more

8 metrics

Q4 2025 new/increased commitments $131.8 million Private loan portfolio commitments during Q4 2025

Q4 2025 funded investments $100.9 million Cost basis of funded private loan investments in Q4 2025

Private loan portfolio cost $821.7 million Total investments at cost as of Dec. 31, 2025

Portfolio company count 81 companies Unique companies in private loan portfolio as of Dec. 31, 2025

First lien debt mix 92.1% Share of portfolio cost in first lien senior secured debt

Equity/other mix 7.9% Share of portfolio cost in equity investments or other securities

Coffee/beverage investment package $30.0 million $12.0M term loan, $3.4M revolver, $13.7M delayed draw, $0.9M equity

Satellite software financing $29.3 million $12.9M term loan, $2.6M revolver, $13.8M delayed draw

Market Reality Check

Price: $13.67 Vol: Volume 500,637 vs 20-day ...

normal vol

$13.67 Last Close

Volume Volume 500,637 vs 20-day avg 575,433 (relative 0.87x). normal

Technical Price $60.75 trades above 200-day MA at $59.65, 10.36% below 52-week high $67.77 and 29.26% above 52-week low $47.00.

Peers on Argus

MAIN was down 2.5% ahead of this news. Key BDC/asset-management peers like BXSL ...

MAIN was down 2.5% ahead of this news. Key BDC/asset-management peers like BXSL (-2.89%), FSK (-2.54%) and OBDC (-1.92%) also traded lower, while AMG (-0.67%) and JHG (+0.15%) saw smaller moves, indicating a broader negative tilt across related names.

Historical Context

5 past events · Latest: Jan 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 06	Portfolio exit & gain	Positive	-0.2%	Reported strong realized gain and IRRs on Mystic exit and new UBM financing.
Jan 06	Portfolio exit & gain	Positive	-0.2%	MSC Income detailed Mystic exit with realized gain and high IRRs and multiples.
Dec 02	Follow-on investment	Positive	+0.2%	Additional $20.0M first‑lien term debt to support Chamberlin acquisition.
Nov 19	New portfolio deal	Positive	-1.1%	New $27.2M investment in The Nearshore Company with debt and equity stake.
Nov 18	New portfolio deal	Positive	-0.2%	New $47.0M investment supporting minority recap of swim school franchisee.

Pattern Detected

Recent positive portfolio and exit announcements frequently coincided with flat to mildly negative next-day price moves, suggesting the stock has often traded softly around constructive deal news.

Recent Company History

Over the last several months, Main Street has repeatedly highlighted new and follow-on investments, recapitalizations, and a profitable portfolio exit. On Nov. 18–19, 2025, it disclosed new portfolio investments of $47.0 million and $27.2 million. A follow-on $20.0 million financing for Chamberlin was reported on Dec. 2, 2025. On Jan. 6, 2026, Main Street and MSC Income detailed sizable UBM/Mystic transactions with strong realized returns. Despite generally positive fundamentals, share reactions were modest, often slightly negative, similar to the setup before today’s MSC Income portfolio update.

Market Pulse Summary

This announcement highlights continued expansion of MSC Income’s private loan strategy, with $131.8 ...

Analysis

This announcement highlights continued expansion of MSC Income’s private loan strategy, with $131.8 million in new or increased commitments during Q4 2025 and a portfolio of $821.7 million at cost across 81 companies. The mix is heavily weighted to first lien senior secured debt at 92.1%, with 7.9% in equity or other securities. Investors may track credit quality, non‑accruals, and future deployment updates to assess how this growth translates into income and net asset value over time.

Key Terms

first lien senior secured term loan, first lien senior secured revolver, first lien senior secured delayed draw term loan

3 terms

first lien senior secured term loan financial

"$12.0 million in a first lien senior secured term loan, $3.4 million..."

A first lien senior secured term loan is a company loan that must be repaid before other debts and is backed by specific assets as collateral; it carries a fixed schedule for principal repayment over a set period. Think of it like a first mortgage on a house: if the borrower can’t pay, this lender has the first right to the pledged assets. Investors watch these loans because their priority and collateral reduce credit risk and influence expected recovery, interest costs, and a company’s overall financial flexibility.

first lien senior secured revolver financial

"$12.0 million in a first lien senior secured term loan, $3.4 million in a first lien senior secured revolver..."

A first lien senior secured revolver is a company’s revolving credit line that is backed by specific assets and has the highest priority claim if the company defaults. Think of it like a secured credit card where the lender holds first dibs on pledged collateral; it matters to investors because this debt is repaid before most other obligations and affects a company’s financial flexibility, default risk, and the safety of equity or subordinated debt.

first lien senior secured delayed draw term loan financial

"$13.7 million in first lien senior secured delayed draw term loans and $0.9 million in equity..."

A first lien senior secured delayed draw term loan is a loan that gives its lenders the top legal claim on specific assets (first lien) and sits above other debt in repayment order (senior secured), while allowing the borrower to take funds in one or more later installments rather than all at once (delayed draw) and repay on a fixed schedule (term loan). Investors care because it combines high repayment priority and collateral protection—lowering lender risk—while the delayed draw feature affects when cash is added to the company and how future interest costs and leverage will change.

AI-generated analysis. Not financial advice.

HOUSTON, Jan. 8, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce the following recent activity in its private loan portfolio. During the fourth quarter of 2025, MSC Income originated new or increased commitments in its private loan portfolio of $131.8 million and funded total investments across its private loan portfolio with a cost basis totaling $100.9 million.

The following represent notable new private loan commitments and investments during the fourth quarter of 2025:

• $12.0 million in a first lien senior secured term loan, $3.4 million in a first lien senior secured revolver, $13.7 million in first lien senior secured delayed draw term loans and $0.9 million in equity to a manufacturer and distributor of high-quality coffee, tea and other beverage solutions;
• $12.9 million in a first lien senior secured term loan, $2.6 million in a first lien senior secured revolver and $13.8 million in a first lien senior secured delayed draw term loan to a provider of satellite operations and command software for defense and intelligence platforms;
• $21.6 million in a first lien senior secured term loan, $6.2 million in a first lien senior secured revolver and $0.6 million in equity to a manufacturer of medium and high-voltage disconnect switches and substation solutions for electrical utilities and transmission applications;
• $16.0 million in a first lien senior secured term loan, $2.5 million in a first lien senior secured revolver and $0.5 million in equity to a provider of applied behavior analysis therapy supporting children diagnosed with autism spectrum disorder in centers across the country;
• $15.9 million in a first lien senior secured term loan to a provider of digital marketing and web-development solutions;
• Increased commitment of $3.4 million in an incremental first lien senior secured revolver to a wholesaler of closeout and value-priced products; and
• Increased commitment of $0.6 million in an incremental first lien senior secured term loan and $1.9 million in an incremental first lien senior secured delayed draw term loan to a provider of specialized welding and related energy infrastructure services.

As of December 31, 2025, MSC Income's private loan portfolio included total investments at cost of approximately $821.7 million across 81 unique companies. The private loan portfolio, as a percentage of cost, included 92.1% invested in first lien senior secured debt investments and 7.9% invested in equity investments or other securities.

ABOUT MSC INCOME FUND, INC.

The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund. The Fund's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) ("Main Street") utilizing the customized "one-stop" debt and equity financing solutions provided in Main Street's lower middle market investment strategy. The Fund's private loan portfolio companies generally have annual revenues between $25 million and $500 million. The Fund's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million.

ABOUT MSC ADVISER I, LLC

MSC Adviser I, LLC ("MSCA") is a wholly-owned subsidiary of Main Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. MSCA serves as the investment adviser and administrator of the Fund in addition to several other advisory clients.

Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert@mainstcapital.com
713-350-6000

Dennard Lascar Investor Relations
Ken Dennard / ken@dennardlascar.com
Zach Vaughan / zvaughan@dennardlascar.com
713-529-6600

 

View original content:https://www.prnewswire.com/news-releases/msc-income-fund-announces-fourth-quarter-2025-private-loan-portfolio-activity-302655709.html

SOURCE MSC Income Fund, Inc.

FAQ

What did MSC Income Fund (MAIN) report for private loan activity in Q4 2025?

MSC Income reported $131.8 million of new or increased private loan commitments and $100.9 million funded at cost during Q4 2025.

How large was MSC Income Fund's private loan portfolio as of December 31, 2025?

The private loan portfolio totaled approximately $821.7 million at cost across 81 companies as of December 31, 2025.

What is the credit mix of MSC Income Fund's private loan portfolio (MAIN) at year-end 2025?

At cost, 92.1% of the private loan portfolio was first lien senior secured debt and 7.9% was equity or other securities.

Which sectors did MSC Income Fund (MAIN) invest in during Q4 2025?

Notable Q4 2025 investments included beverage manufacturing/distribution, satellite operations software, electrical utility components, ABA therapy centers, digital marketing, wholesale closeouts, and energy infrastructure services.

Does the Q4 2025 activity indicate increased portfolio concentration or diversification for MAIN?

The fund reported investments across 81 companies, indicating broad issuer count, while maintaining 92.1% concentration in first lien senior secured debt.