MSC Income Fund, Inc. prioritized Private Loan investments after its 2025 listing, reducing legacy Middle Market and Other portfolios. The fund expanded equity capital through a $90.5 million net follow-on offering and maintained a diversified portfolio with a majority in first lien secured debt. Total borrowings increased moderately with refinanced credit facilities lowering borrowing costs to an average of 6.1%. MSIF reported a 57% net income increase to $88.7 million in 2025 despite negative operating cash flow driven by investment activity. Dividends rose to $67.6 million while share repurchases declined due to suspension of prior programs. The fund continues managing interest rate sensitivity, credit risk, and regulatory factors inherent in BDC operations.