1. MSIF reports Q4 2024 net investment income of $0.35 per share. 2. Net asset value decreases slightly to $15.53 per share. 3. Operating income fell due to lower interest and dividend income. 4. Fund successfully listed on NYSE, raising $91 million for liquidity. 5. Increased debt capacity is expected to drive growth in 2025.
The successful NYSE listing and liquidity increase indicate future growth potential.
The NYSE listing and liquidity boost are key drivers for MSIF's market traction.
Increased debt capacity can significantly boost growth and investment strategy over time.
HOUSTON, March 19, 2025 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income") is pleased to announce its financial results for the fourth quarter and full year ended December 31, 2024. Unless otherwise noted or the context otherwise indicates, the terms the "Company" and the "Fund" refer to MSC Income and its consolidated subsidiaries.
In commenting on the Company's operating results for the fourth quarter and full year of 2024, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, "We are pleased with the Fund's performance in the fourth quarter and the full year, which closed another good year for MSC Income Fund in its final full year as an unlisted entity. We believe that the fourth quarter and full year performance provide visibility to significant opportunities in the future after the completion of the Fund's successful listing on the New York Stock Exchange and the related equity offering in January 2025, activities which provide the Fund the increased current liquidity and a clear path to additional debt capacity necessary to achieve significant growth in 2025 and 2026 and the potential for increased net investment income."
The following table provides a summary of the Fund's operating results for the fourth quarter of 2024:
| Three Months Ended December 31, | 2024 | 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Interest income | $ 29,662 | $ 30,186 | $ (524) | (2) % |
| Dividend income | 2,731 | 3,393 | (662) | (20) % |
| Fee income | 1,062 | 1,182 | (120) | (10) % |
| Total investment income | $ 33,455 | $ 34,761 | $ (1,306) | (4) % |
| Net investment income | $ 14,227 | $ 15,042 | $ (815) | (5) % |
| Net investment income per share | $ 0.35 | $ 0.37 | $ (0.02) | (5) % |
The $1.3 million decrease in total investment income in the fourth quarter of 2024 from the comparable period of the prior year was principally attributable to (i) a $0.7 million decrease in dividend income, primarily due to a decrease in dividend income from the Fund's other portfolio investments and (ii) a $0.5 million decrease in interest income, primarily due to an increase in investments on non-accrual status and a decrease in interest rates on floating rate investment portfolio debt investments primarily resulting from decreases in benchmark index rates, partially offset by higher average levels of income producing investment portfolio debt investments.
As of December 31, 2024, the Fund had aggregate liquidity of $77.7 million, including (i) $28.4 million in cash and cash equivalents and (ii) $49.3 million of aggregate unused capacity under the Fund's corporate revolving credit facility.
On January 28, 2025, MSC Income priced its public offering of 5,500,000 shares of its common stock at the public offering price of $15.53 per share.
MSC Income has scheduled a conference call for Thursday, March 20, 2025 at 10:00 a.m. Eastern Time to discuss the fourth quarter and full year 2024 financial results.
For a more detailed discussion of the financial and other information included in this press release, please refer to the MSC Income Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
The Company (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.