MSC Income Fund, Inc. · NYSE:MSIF
MSC Income Fund — Debt Investor Presentation (November 2026)
36 slides from MSC Income Fund's debt investor presentation, Nov 6, 2026
Slide 1: Debt Capital Markets Presentation
Debt Capital Markets Presentation Third Quarter – 2026 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: 3rd Quarter – 2026
MSC Income Fund, Inc. 3rd Quarter – 2026 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 Attractive investment Publicly traded business development company (BDC) with strategy, diversified attractive investment strategy investment portfolio and • $1.7 billion of capital(1) relationship with best-in- • Managed by a wholly-owned subs
Slide 5: Managed by "Best in Class" BDC Operator
Managed by “Best in Class” BDC Operator MAIN(1) provides Main Street Capital Corporation is an internally-managed BDC investment advisory • IPO in 2007 services to MSIF • Over $9.2 billion in capital under management(2) – Over $7.1 billion internally at MAIN(2) – Over $2.1 billion as the investment
Slide 6: Investment Portfolio – By Type of Investment
Investment Portfolio – By Type of Investment(1) Refer to Endnotes beginning on page 32 of this presentation MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 6
Slide 7: Portfolio Highlights
Portfolio Highlights(1) The benefits of MSIF’s unique investment Private Loan Lower Middle Market strategy have resulted in a high quality, • $843.8 million of total investments • $503.0 million of total investments • 81 companies • 53 companies diversified and mature • $736.8 million of debt invest
Slide 8: BDC Background
BDC Background Created by Congress in Leverage 1980 through the Small • Regulatory restrictions on utilization of debt capital require BDCs to maintain Business Investment conservative leverage Incentive Act of 1980 to • Must maintain an asset to debt coverage ratio (the Regulatory Asset Coverage Ra
Slide 9: Conservative Leverage
Conservative Leverage As of ($ in 000s) 9/30/2026 Total Assets $ 1,436,177 Debt Capital: SPV Facility(1) 248,000 Corporate Facility(1) 24,000 October 2026 Notes(2) 149,975 May 2029 Notes(2) 149,341 September 2029 Notes(2) 74,413 Total Debt 645,729 Other Liabilities 40,497 Total Liabilities 686,226 N
Slide 10: Conservative Leverage – Regulatory
Conservative Leverage – Regulatory Passage of the Small Business Credit Availability Act in December 2017 provided the opportunity for BDCs to obtain board or shareholder approval to access additional leverage by lowering their Regulatory Asset Coverage Ratio to 1.50x (from 2.00x) MSIF received boar
Slide 11: Key Credit Highlights
Key Credit Highlights Managed by “Best in Class” • Management team has over 100 years of collective investment experience and long-term Asset Manager with Strong, working relationships dating back over 20 years Long-term Track Record • Growing franchise in the direct lending, or Private Loan (PL), s
Slide 12: MSIF Executive Management Team
MSIF Executive Management Team • Co-founded MAIN in 2002; affiliated with Main Street group since 1999 Dwayne Hyzak(1)(2)(3) • Director of Acquisitions & Integration with Quanta Services (NYSE: PWR) CEO and Chairman of the Board • Manager with a Big 5 Accounting Firm’s audit and transaction services
Slide 13: Stable, Long-Term Leverage
Stable, Long-Term Leverage MSIF maintains a Outstanding Principal as of Borrowing conservative capital Facility Interest Rate Maturity 9/30/2026 Availability(6) structure, with limited overall SOFR+2.20% floating February 2030 (fully leverage and an SPV Facility(1)(3) revolving until $248.0 million
Slide 14: Long-term Maturity of Debt Obligations
Long-term Maturity of Debt Obligations MSIF maintains a $300.0 conservative capital structure, with limited $250.0 $75.0 overall leverage and an intentional mix of short-term $200.0 and long-term (in millions) debt $150.0 $150.0 Capital structure is designed to $248.0 correlate to and $100.0 complem
Slide 15: Interest Rate Impact and Sensitivity
Interest Rate Impact and Sensitivity MSIF’s financial results The following table illustrates the approximate annual changes in the components of MSIF’s NII due to hypothetical increases (decreases) in interest rates(1)(2) (dollars in thousands, except per share data): are subject to impact from (In
Slide 16: Private Loan Investment Strategy
Private Loan Investment Strategy Private Loan portfolio MSIF’s investments in new portfolio companies are solely focused on its investments are primarily Private Loan investment strategy debt investments in Investment objectives privately held companies • Access proprietary investments with attracti
Slide 17: LMM Investment Portfolio
LMM Investment Portfolio LMM investment MSIF maintains a legacy portfolio of debt and equity investments in LMM companies portfolio differentiates • MSIF no longer makes investments in new LMM portfolio companies, but will continue to MSIF from its participate in follow-on investments in its existin
Slide 18: Total Investment Portfolio
Total Investment Portfolio Includes complementary Private Loan debt investments and LMM debt and Diversity provides equity investments structural protection to investment portfolio, Total investment portfolio at fair value consists of approximately 61% Private revenue sources, income, Loan / 36% LMM
Slide 19: Portfolio Snapshot – Significant Diversification
Portfolio Snapshot – Significant Diversification ($ in millions) 12/31/2023 12/31/2024 12/31/2025 9/30/2026 Number of Portfolio Companies Private Loan 78 84 81 81 Lower Middle Market 50 57 55 53 Middle Market 16 10 8 7 Other Portfolio 6 6 6 7 Total 150 157 150 148 $ Invested - Cost Basis Private Loa
Slide 20: Portfolio Snapshot – Significant Diversification (cont'd)
Portfolio Snapshot – Significant Diversification (cont’d) ($ in millions) 12/31/2023 12/31/2024 12/31/2025 9/30/2026 $ Invested - Fair Value Private Loan $ 595.3 $ 677.9 $ 809.0 $ 843.8 % of Total 54.4% 57.6% 60.6% 61.2% Lower Middle Market $ 387.0 $ 436.1 $ 487.6 $ 503.0 % of Total 35.4% 37.0% 36.5
Slide 21: Portfolio Snapshot – Significant Diversification (cont'd)
Portfolio Snapshot – Significant Diversification (cont’d) ($ in millions) 12/31/2023 12/31/2024 12/31/2025 9/30/2026 % of Total $ Invested in Debt that is First Lien (Cost Basis) Private Loan $ 552.0 $ 655.1 $ 756.4 $ 765.1 % of Private Loan 100.0% 99.9% 99.9% 99.5% Lower Middle Market $ 221.5 $ 241
Slide 22: Total Portfolio by Industry (as a Percentage of Cost)
Total Portfolio by Industry (as a Percentage of Cost)(1) Refer to Endnotes beginning on page 32 of this presentation MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 22
Slide 23: Diversified Total Portfolio (as a Percentage of Cost)
Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(3) (2) 39% 24% 23% 15% 21% 17% 23% 37% 1% Refer to Endnotes beginning on page 32 of this presentation MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 23
Slide 24: Private Loan Investment Portfolio
Private Loan Investment Portfolio Private Loan investment portfolio provides a 81 portfolio companies / $843.8 million in fair value diversified mix of • 61% of total investment portfolio at fair value investments and sources of income to Average investment size of $10.5 million(1) (less than 1% of
Slide 25: LMM Investment Portfolio
LMM Investment Portfolio LMM investment portfolio consists of a 53 portfolio companies / $503.0 million in fair value diversified mix of first • 36% of total investment portfolio at fair value lien, senior secured debt and lower cost Average investment size of $7.3 million at cost (less than 1% of t
Slide 26: Non-GAAP Information
Non-GAAP Information Adjusted net investment income is net investment income as determined in Net Debt to NAV Ratio is calculated as the Debt to NAV Ratio as determined accordance with U.S. Generally Accepted Accounting Principles, or U.S. in accordance with U.S. GAAP, except that total debt is redu
Slide 27: Appendix
MSC Income Fund, Inc. Appendix MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 27
Slide 28: MSIF Income Statement Summary
MSIF Income Statement Summary Q3 26 vs. Q3 25 ($ in 000s, except per share amounts) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Change(1) Total Investment Income $ 35,367 $ 34,916 $ 34,087 $ 35,700 $ 35,529 —% Expenses: Interest Expense (8,649) (8,357) (8,920) (9,865) (9,951) (15)% Other Expenses(2) (6,527) (6,02
Slide 29: MSIF Per Share Change in Net Asset Value (NAV)
MSIF Per Share Change in Net Asset Value (NAV) ($ per share) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Beginning NAV $ 15.33 $ 15.54 $ 15.85 $ 15.87 $ 16.51 Adjusted Net Investment Income(1) 0.35 0.34 0.34 0.33 0.34 Incentive Fee on Capital Gains(2) — (0.06) 0.01 (0.06) (0.02) Net Realized Gain/(Loss) (0.21) 0.
Slide 30: MSIF Balance Sheet Summary
MSIF Balance Sheet Summary ($ in 000s) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Private Loan Portfolio Investments $ 750,912 $ 808,957 $ 823,061 $ 848,466 $ 843,794 LMM Portfolio Investments 466,671 487,593 507,583 503,851 502,951 Middle Market Portfolio Investments 26,631 23,307 22,995 21,909 19,831 Other Por
Slide 31: MSIF Corporate Information
MSIF Corporate Information Please visit MSIF’s website at www.mscincomefund.com for additional information Board of Directors Executive Officers Research Coverage Corporate Headquarters Investor Relations Contacts Dwayne L. Hyzak Dwayne L. Hyzak Arren Cyganovich 1300 Post Oak Blvd, 8th Dwayne L. Hyz
Slide 32: Endnotes
Endnotes Page 4: MSIF is a Principal Investor in Private Debt and Equity (1) Capital includes total assets plus the undrawn portion of debt capital as of September 30, 2026 (2) Through MAIN’s wholly-owned unconsolidated registered investment adviser subsidiary, MSC Adviser I, LLC dba Main Street Cap
Slide 33: Endnotes (cont'd)
Endnotes (cont’d) Page 11: Key Credit Highlights (1) On January 29, 2025, MSIF began trading on the New York Stock Exchange (NYSE) (the MSIF Listing) (2) See reconciliation of ANII per share to NII per share on page 28 and Non-GAAP Information disclosures on page 26 of this presentation (3) Minimum
Slide 34: Endnotes (cont'd)
Endnotes (cont’d) Page 16: Private Loan Investment Strategy (1) This calculation excludes three Private Loan portfolio companies as EBITDA is not a meaningful valuation metric for these portfolio companies, and those portfolio companies whose primary operations have ceased and only residual value re
Slide 35: Endnotes (cont'd)
Endnotes (cont’d) Page 25: LMM Investment Portfolio (1) Weighted-average effective yield is calculated using the applicable interest rates as of September 30, 2026 and is weighted based upon the principal amount of each debt investment as of September 30, 2026; includes amortization of deferred debt
Slide 36: Endnotes (cont'd)
Endnotes (cont’d) Page 31: MSIF Corporate Information (1) On November 9, 2026, in connection with the previously announced CEO succession plan, Nick Meserve will transition to serve as CEO of MSIF; Dwayne Hyzak will continue to serve as Executive Chairman of MSIF’s Board of Directors MSC Income Fund
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