Private Credit Portfolio Analysis | MSC Income Fund Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
MSC Income Fund reported its Q1 2025 financial results, showing significant growth in assets and stockholders' equity compared to the previous quarter. The fund's total assets increased to $1.32 billion as of March 31, 2025, up from $1.22 billion at the end of 2024. Net asset value per share decreased slightly to $15.35 from $15.53 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $1.32 billion as of March 31, 2025, compared to $1.22 billion at the end of 2024.
Investments owned at fair value increased to $1.26 billion, up from $1.18 billion at the end of 2024.
Cash and cash equivalents rose to $39.46 million from $28.38 million at the end of 2024.
Investment Activity:
Payments to investments in portfolio companies were $142.76 million in Q1 2025.
Proceeds from sales and repayments of debt investments were $52.24 million.
Proceeds from sales and return of capital of equity investments were $8.91 million.
Capital Structure:
Long-term debt increased to $570.22 million from $565.14 million at the end of 2024.
Stockholders' equity grew to $718.94 million from $624.90 million at the end of 2024.
The fund issued additional common stock, with the value increasing to $47 million from $40 million at the end of 2024.
Performance Profile:
Net asset value per share decreased to $15.35 as of March 31, 2025, compared to $15.53 at the end of 2024.
Net income for Q1 2025 was $15.88 million, up from $10.59 million in Q1 2024.
Additional paid-in capital increased to $784.60 million from $689.58 million at the end of 2024.
Risk & Quality:
The fund reported unrealized gains on investments of $18.78 million for Q1 2025.
Realized losses on investments were $21.07 million for the quarter.
Management and incentive fees payable decreased to $6.99 million from $8.51 million at the end of 2024.
The Wrap:
MSC Income Fund demonstrated strong growth in Q1 2025, with significant increases in total assets and stockholders' equity. While the fund's net asset value per share slightly decreased, it reported higher net income compared to the same quarter last year. The fund's investment activity remained robust, with substantial new investments and realizations. However, the increase in long-term debt and realized losses on investments suggests potential risks in the portfolio that warrant monitoring.
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