Private Credit Portfolio Analysis | MSC Income Fund Reports FY 2024 Results
- Editor
- Mar 20
- 2 min read
Whats New:
MSC Income Fund reported its FY 2024 financial results, showing growth in total assets and stockholders' equity compared to the previous year. The fund's total assets increased to $1.22 billion as of December 31, 2024, up from $1.14 billion at the end of 2023. Net asset value per share slightly decreased to $15.53 from $15.54 at the end of 2023.
Portfolio Dynamics:
Total assets grew to $1.22 billion as of December 31, 2024, compared to $1.14 billion at the end of 2023.
Investments owned at fair value increased to $1.18 billion, up from $1.09 billion at the end of 2023.
Cash and cash equivalents decreased to $28.38 million from $30.79 million at the end of 2023.
Investment Activty:
Interest and dividend receivable increased to $11.93 million from $10.54 million at the end of 2023.
Receivable from investment sale decreased to $141,000 from $171,000 at the end of 2023.
Prepaid expenses and other assets increased to $4.11 million from $2.09 million at the end of 2023.
Capital Structure:
Long-term debt increased to $565.14 million from $484.84 million at the end of 2023.
Stockholders' equity grew slightly to $624.90 million from $622.31 million at the end of 2023.
The fund's common stock value remained unchanged at $40,000.
Performance Profile:
Net asset value per share decreased slightly to $15.53 as of December 31, 2024, compared to $15.54 at the end of 2023.
Net income for the year 2024 was $56.55 million, down from $66.21 million in 2023.
Additional paid-in capital increased to $689.58 million from $686.18 million at the end of 2023.
Risk & Quality:
Management and incentive fees payable decreased to $8.51 million from $8.75 million at the end of 2023.
Accounts payable and other accrued liabilities increased significantly to $4.72 million from $255,000 at the end of 2023.
The fund reported a deferred income tax asset of $625,000 compared to a deferred income tax liability of $3.26 million at the end of 2023.
The Wrap:
MSC Income Fund demonstrated growth in FY 2024, with increases in total assets and investments at fair value. However, the fund experienced a decrease in net income and a slight decline in net asset value per share. The increase in long-term debt and accounts payable suggests higher costs associated with the fund's expanded operations and investment activities. The shift from a deferred tax liability to a deferred tax asset indicates potential tax benefits in future periods.
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