MSC Income Fund reported net investment income of $13.1 million, or $0.28 per share, in the fourth quarter of 2025. Adjusted net investment income excluding incentive fees rose to $15.9 million ($0.34/share), while adjusted NII before taxes reached $17.2 million ($0.37/share), and total investment income was $34.9 million.

For the full year ended December 31, 2025, the Fund generated NII of $61.8 million ($1.33/share) and adjusted NII of $64.5 million ($1.39/share). Net asset value increased 2.1% year-over-year to $15.85 per share, and return on equity was 12.5%, with total dividends of $1.44 per share.

During Q4, the Fund completed $100.9 million in new private loan portfolio investments, yielding a $57.1 million net increase in cost basis. It also made $23.0 million in lower middle market follow-on investments, and declared a regular dividend of $0.35 per share plus a $0.01 supplemental dividend.

The Fund expanded its Corporate Facility commitments to $245 million (up from $165 million) and extended its SPV Facility maturity to February 2030 while lowering the interest rate to SOFR + 2.20%. An amended advisory agreement cut the base management fee to 1.5% of assets and reduced incentive fees to 17.5%.