MSC Income Fund
Provides debt capital to private companies backed by private-equity funds.
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Profile
Provides debt capital to private companies backed by or being acquired by private-equity funds through an externally managed BDC structure. MSC Adviser I, a Main Street subsidiary, supplies investment advisory and administrative services.
Provides debt capital to private companies owned by, or being acquired by, private-equity funds. This externally managed business development company focuses on private loans and operates as a principal investment fund.
MSC Adviser I, a wholly owned Main Street subsidiary, supplies investment advisory and administrative services. Main Street employees provide the operating and portfolio-management services, making the adviser relationship central to the fund's operating model.
Formed in 2011 as Hines-sponsored HMS Income Fund, it became MSC Income Fund after Main Street became sole adviser in 2020. NYSE trading began in 2025.
Company facts
Categories
Key statistics
Year to date −6.0% · Average volume (30d) 290.0K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Truist Financial | Target | $14 | $15 | ||
| Jun 4, 2026 | RBC Capital | Reiterate | Outperform | $16 | $15 | |
| May 19, 2026 | Truist Financial | Target | $14 | |||
| May 18, 2026 | UBS | Reiterate | Neutral | $14.50 | $13.50 | |
| Nov 17, 2025 | JMP Securities | Target | $15 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.36 | $0.33 | −8.3% | $35.8M | $35.7M | −0.2% | +5.76% |
| May 7, 2026Q1 FY26 | $0.37 | $0.36 | −2.7% | $36.4M | $34.1M | −6.3% | −1.46% |
| Feb 26, 2026Q4 FY25 | $0.37 | $0.37 | 0.0% | $35.8M | $34.9M | −2.6% | −1.28% |
| Nov 13, 2025Q3 FY25 | $0.37 | $0.35 | −5.4% | $35.3M | $35.4M | +0.2% | +8.33% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $23.9M | $28.2M | $25.5M | $40.9M | $33.8M | $45.6M | |
| Gross profit | $15.7M | $19.5M | $17.2M | $32.6M | $25.0M | $34.2M | |
| Operating income | $14.5M | $18.2M | $36.8M | $31.6M | $21.3M | $42.2M | |
| Net income | $15.9M | $16.3M | $26.5M | $30.0M | $13.2M | $29.3M | |
| Diluted EPS | $0.36 | $0.35 | $0.56 | $0.64 | $0.29 | $0.65 | |
| Gross margin | 65.6% | 69.2% | 67.3% | 79.6% | 73.8% | 75.1% | |
| Operating margin | 60.6% | 64.5% | 144.4% | 77.1% | 63.0% | 92.6% |
Fiscal years (4-quarter sums)FY21 $82.4M · FY22 $51.7M · FY23 $74.8M · FY24 $82.7M · FY25 $118.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $28.1M · Total debt $661.2M · Total assets $1.44B · Shareholders' equity $748.8M
Dividends
Last cut to $0.11 from $0.36 in Jul 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 3, 2026 | Aug 3 | Aug 10 | $0.11 | |
| Jul 2, 2026 | Jul 2 | Jul 9 | $0.11 | cut from $0.36 |
| Mar 31, 2026 | Mar 31 | May 1 | $0.36 | special dividend |
| Dec 31, 2025 | Dec 31 | Jan 30 | $0.36 | special dividend |
| Sep 30, 2025 | Sep 30 | Oct 31 | $0.36 | special dividend |
| Jun 30, 2025 | Jun 30 | Aug 1 | $0.36 | special dividend |
| Mar 31, 2025 | Mar 31 | May 1 | $0.36 | special dividend |
| Dec 31, 2024 | Dec 31 | Jan 31 | $0.36 | raised from $0.18 |
Ownership
Shares outstanding 45.35M · Float 45.09M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Sanders Morris Harris LLC | 2.32M | 5.08% | 13G | Jul 24, 2026 |
| Ares Management LLC | 1.27M | 2.80% | 13F | Aug 14, 2026 |
| UBS Group AG | 1.01M | 2.22% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 915.7K | 2.02% | 13F | Aug 14, 2026 |
| Two Sigma Investments, LP | 783.9K | 1.73% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 26, 2026 | Nataly Michelle Marks | director | +950 | $12.70 |
| Jun 30, 2026 | Dwayne L. Hyzak | director, officer: CEO, SMD | +5,969 | $11.68 |
| Jun 23, 2026 | Nicholas Meserve | officer: Managing Director | +2,500 | $11.43 |
| Jun 11, 2026 | Cory Gilbert | officer: CFO and Treasurer | +1,000 | $11.78 |
| Jun 9, 2026 | Dwayne L. Hyzak | director, officer: CEO, SMD | +4,274 | $11.69 |
Peers
- Ares Capital
Direct lending to U.S. private middle-market companies
- Blue Owl Capital
Direct lending to U.S. middle-market companies
- FS KKR Capital
Customized credit for U.S. private middle-market companies
- Golub Capital BDC
First-lien lending to PE-sponsored middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MSC Income Fund | $12.65 | −0.04% | $573.6M | 5.9 | 8.8 | 3.9 | +0.2% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Median | 20.2 | 9.5 | 4.4 | −1.3% |