[Form 4] MSC Income Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider acquisition via dividend reinvestment: Jeffrey B. Walker, a director of MSC Income Fund, Inc. (MSIF), acquired 387.675 shares of the issuer's common stock on 08/01/2025 under a dividend reinvestment plan. The transaction is reported as exempt from Section 16 under Rule 16a-11. Following the transaction, the reporting person beneficially owned 16,885.387 shares. The Form 4 was signed by an attorney-in-fact on 08/18/2025. No derivative transactions, amendments, or other material changes are disclosed in this filing.

Positive

• Insider participation via DRIP indicates the director reinvested dividends into company stock
• Transaction reported as exempt under Rule 16a-11, consistent with dividend reinvestment plan rules
• Form 4 includes required signature (attorney-in-fact), indicating procedural compliance

Negative

• None.

Insights

Securities Analyst

TL;DR: Small, routine insider acquisition via dividend reinvestment; non-material for valuation but shows continued insider participation.

The filing documents a Rule 16a-11 exempt dividend reinvestment acquisition of 387.675 common shares at an indicated per-share price of $15.32 on 08/01/2025, leaving the reporting person with 16,885.387 shares beneficially owned. This is a routine, non-discretionary reinvestment rather than an open-market purchase or sale. No derivatives or dispositions are reported. For investors, the transaction signals insider participation but is immaterial in size relative to most funds unless compared to the issuer's total shares outstanding (not provided here).

Corporate Governance Expert

TL;DR: Procedural, compliant Form 4 filing documenting an exempt DRIP acquisition; disclosure appears complete and timely.

The report identifies Jeffrey B. Walker as a director and the sole reporting person for this Form 4. The Explanation clarifies the shares were acquired under the fund's dividend reinvestment plan and are exempt under Rule 16a-11. The form includes required signature by an attorney-in-fact. There are no indications of related-party transactions, option exercises, or unusual arrangements disclosed. From a governance perspective, this is standard insider reporting consistent with dividend reinvestment practice.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Walker Jeffrey B.

(Last) (First) (Middle)

1300 POST OAK BLVD, 8TH FLOOR

(Street)

HOUSTON TX 77056

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MSC INCOME FUND, INC. [ MSIF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/01/2025		J(1)	V	387.675	A	$15.32	16,885.387	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person acquired these shares under a dividend reinvestment plan, pursuant to a dividend reinvestment transaction exempt from Section 16 under Rule 16a-11.

	/s/ Jason B. Beauvais, Attorney-in-Fact	08/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Jeffrey B. Walker report on Form 4 for MSIF?

The director acquired 387.675 shares under a dividend reinvestment plan on 08/01/2025, now beneficially owning 16,885.387 shares.

Was the MSIF transaction reported as exempt from Section 16?

Yes. The filing states the acquisition was exempt under Rule 16a-11 as a dividend reinvestment transaction.

What price is shown for the MSIF acquisition?

The reported per-share amount associated with the transaction is $15.32.

Did the Form 4 report any derivative transactions or dispositions?

No. The filing contains only a non-derivative acquisition via dividend reinvestment and does not report derivative transactions or explicit dispositions.

Who signed the Form 4 for the reporting person?

The form is signed by Jason B. Beauvais, Attorney-in-Fact, dated 08/18/2025.