Msc Income Fund, Inc. · NYSE:MSIF
Msc Income Fund — Q2 2025 Earnings Presentation
28 slides from Msc Income Fund's earnings presentation, Aug 14, 2025
Slide 1: Investor Presentation Second Quarter 2025
Investor Presentation Second Quarter – 2025 MSC MSCIncome Fund, Income Fund, Inc. Inc. NYSE: MSIF NYSE: MSIF mscincomefund.com mscincomefund.com Page 1
Slide 2: Disclaimers
Disclaimers MSC Income Fund, Inc. (MSIF) cautions that statements in this presentation MSIF has filed a registration statement (which includes a prospectus) with that are forward-looking, and provide other than historical information, involve the SEC for any offering to which this communication may
Slide 3: Corporate Overview and Investment Strategy
MSC Income Fund, Inc. Corporate Overview and Investment Strategy 2nd Quarter – 2025 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 3
Slide 4: MSIF is a Principal Investor in Private Debt and Equity
MSIF is a Principal Investor in Private Debt and Equity Diversified investment Publicly traded Business Development Company (BDC) with strategy and resulting diversified investment strategy investment portfolio and • $1.4 billion of capital(1) relationship with best-in- – MSIF began trading on the N
Slide 5: Private Loan Investment Strategy
Private Loan Investment Strategy Private Loan portfolio MSIF’s investments in new portfolio companies are solely focused on its investments are Private Loan investment strategy primarily debt Investment objectives investments in privately • Access proprietary investments with attractive risk-adjuste
Slide 6: LMM Investment Portfolio
LMM Investment Portfolio LMM investment Investment objectives portfolio differentiates • Attractive cash yield from secured debt investments (12.6%(1) weighted-average MSIF from its cash coupon as of June 30, 2025); plus competitors and • Dividend income, fair value appreciation and periodic capital
Slide 7: MSIF Executive Management Team
MSIF Executive Management Team Dwayne Hyzak(1)(2) • Co-founded MAIN in 2002; affiliated with Main Street group since 1999 CEO and Chairman of • Director of Acquisitions & Integration with Quanta Services (NYSE: PWR) the Board • Manager with a Big 5 Accounting Firm’s audit and transaction services gr
Slide 8: Investment Portfolio
MSC Income Fund, Inc. Investment Portfolio 2nd Quarter – 2025 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 8
Slide 9: Total Investment Portfolio
Total Investment Portfolio Diversity provides Includes complementary Private Loan debt investments and LMM debt and structural protection to equity investments investment portfolio, revenue sources, income, Total investment(1)portfolio at fair value(2)consists of approximately (2) 60% Private cash f
Slide 10: Total Portfolio by Industry
Total Portfolio by Industry (as a Percentage of Cost)(1) (1) Excluding MSIF’s Other Portfolio investments, as described in MSIF’s SEC filings, which in aggregate represent approximately 1% of the total investment portfolio at cost MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 10
Slide 11: Diversified Total Portfolio
Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(3) (2) 32% 21% 22% 21% 42% 22% 14% 23% 3% (1) Excluding MSIF’s Other Portfolio investments, as described in MSIF’s SEC filings, which in aggregate represent approximately 1% of
Slide 12: Private Loan Investment Portfolio
Private Loan Investment Portfolio Private Loan investment 82 investments / $741.6 million in fair value portfolio provides a • 60% of total investment portfolio at fair value diversified mix of investments and Average investment size of $9.3 million(1) (less than 1% of total sources of income to por
Slide 13: Private Loan Portfolio by Industry
Private Loan Portfolio by Industry (as a Percentage of Cost) MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 13
Slide 14: Diversified Private Loan Portfolio
Diversified Private Loan Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 33% 22% 17% 29% 32% 12% 20% 33% 2% Acquisition Growth Capital (1) Leveraged Buyout / Management Buyout (2) Based upon portfolio
Slide 15: LMM Investment Portfolio
LMM Investment Portfolio LMM investment 57 portfolio companies / $458.5 million in fair value portfolio consists of a • 37% of total investment portfolio at fair value diversified mix of secured debt and lower Average investment size of $6.5 million at cost (less than 1% of total cost basis equity p
Slide 16: LMM Portfolio by Industry
LMM Portfolio by Industry (as a Percentage of Cost) MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 16
Slide 17: Diversified LMM Portfolio
Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 18% 30% 8% 32% 58% 27% 17% 6% 4% Acquisition Growth Capital (1) Leveraged Buyout / Management Buyout (2) Based upon portfolio company hea
Slide 18: Financial Overview
MSC Income Fund, Inc. Financial Overview 2nd Quarter – 2025 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 18
Slide 19: MSIF Financial Performance
MSIF Financial Performance Total Investment Income ($ in millions) Net Investment Income (NII)(1) ($ in millions) Year over Year Change Year over Year Change (2) (2) 4% 15% 27% 3% 1% 14% (1)% 5% (3)% 17% $135.0 $60.0 $134.8 $131.4 $120.0 $55.5 $53.4 $52.9 $53.9 $50.0 $105.0 $46.8 $103.8 $90.0 $40.0
Slide 20: MSIF Income Statement Summary
MSIF Income Statement Summary Q2 25 vs. Q2 24 ($ in 000s, except per share amounts) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 % Change(1) Total Investment Income $ 33,946 $ 33,477 $ 33,455 $ 33,227 $ 35,643 5% Expenses: Interest Expense (9,546) (10,374) (9,565) (8,243) (8,678) 9% G&A Expense(2) (6,444) (6,785)
Slide 21: MSIF Per Share Change in Net Asset Value
MSIF Per Share Change in Net Asset Value (NAV)(1) ($ per share) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Beginning NAV $ 15.44 $ 15.55 $ 15.38 $ 15.53 $ 15.35 Net Investment Income(2) 0.33 0.32 0.34 0.35 0.35 Net Realized Gain/(Loss) 0.01 0.63 (0.20) (0.47) 0.10 Net Unrealized Appreciation/(Depreciation) 0.16
Slide 22: MSIF Balance Sheet Summary
MSIF Balance Sheet Summary ($ in 000s) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Private Loan Portfolio Investments $ 665,860 $ 679,863 $ 677,878 $ 767,780 $ 741,572 LMM Portfolio Investments 406,252 411,030 436,150 439,689 458,464 Middle Market Portfolio Investments 49,898 46,062 39,402 30,781 29,298 Other Por
Slide 23: MSIF Capitalization
MSIF Capitalization ($ in 000s) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 SPV Facility(1) $ 250,688 $ 259,688 $ 266,688 $ 260,688 $ 240,000 Corporate Facility(1) 151,000 147,000 149,000 160,000 149,000 Series A Notes(2) 150,000 150,000 150,000 150,000 150,000 Total Debt at Par Value $ 551,688 $ 556,688 $ 565,68
Slide 24: Stable, Long-Term Leverage
Stable, Long-Term Leverage MSIF maintains a Principal Drawn Borrowing conservative capital Facility Interest Rate Maturity as of 6/30/2025 Availability(5) structure, with limited overall SOFR+2.20% floating February 2030 (fully SPV Facility(1)(3) revolving until $240.0 million $60.0 million leverage
Slide 25: Long-term Maturity of Debt Obligations
Long-term Maturity of Debt Obligations MSIF maintains a $300.0 conservative capital structure, with limited overall leverage and $250.0 an intentional mix of short-term and long- term debt $200.0 Capital structure is (in millions) designed to correlate $150.0 to and complement the expected duration
Slide 26: Interest Rate Impact and Sensitivity
Interest Rate Impact and Sensitivity MSIF’s financial results are The following table illustrates the approximate annual changes in the components of MSIF’s NII due to hypothetical increases (decreases) in interest rates(1)(2) (dollars in thousands, except per share data): subject to impact from Bas
Slide 27: Non-GAAP Information
Non-GAAP Information Net Debt to NAV Ratio is calculated as the Debt to NAV Ratio as determined in accordance with U.S. GAAP, except that total debt is reduced by cash and cash equivalents. MSIF believes presenting the Net Debt to NAV Ratio is useful and appropriate supplemental disclosure for analy
Slide 28: Corporate Information
MSC Income Fund, Inc. Corporate Information Please visit MSIF’s website at www.mscincomefund.com for additional information Board of Directors Executive Officers Research Coverage Corporate Headquarters Investor Relation Contacts Dwayne L. Hyzak Dwayne L. Hyzak Arren Cyganovich 1300 Post Oak Blvd, 8