MSC Income Fund, Inc. reported its financial results for the first quarter ended March 31, 2025, on May 12, 2025. The company announced net investment income of $0.38 per share, an increase from $0.36 per share in the first quarter of 2024.
Total investment income for the first quarter of 2025 decreased by 2% year-over-year to $33.2 million. This was primarily due to a $1.8 million decrease in fee income and a $1.6 million decrease in interest income, partially offset by a $2.7 million increase in dividend income from lower middle market portfolio investments.
Total expenses, net of waivers, decreased by $3.0 million, or 15.3%, to $16.4 million from $19.4 million in the prior year quarter. This reduction was largely attributable to a $1.6 million decrease in incentive fees and a $1.3 million decrease in interest expense. The annualized expense ratio (excluding incentive fees) improved to 1.9% from 2.2%. Net realized losses for the quarter were $21.1 million, primarily from the middle market portfolio. Non-accrual investments increased to 2.8% of the total portfolio at fair value and 6.1% at cost as of March 31, 2025. The Private Loan portfolio grew by $89 million, or 13%, to $790.0 million at cost.
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