Msc Income Fund, Inc. · NYSE:MSIF
Msc Income Fund — Q4 2025 Earnings Presentation
32 slides from Msc Income Fund's earnings presentation, Feb 27, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation Fourth 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 4th 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 • $1.5 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 portfolio MSIF maintains a legacy portfolio of debt and equity investments in LMM companies differentiates MSIF from its • MSIF no longer makes investments in new LMM portfolio companies, but will continue competitors and provides to participate in follow-on i
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 4th 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 portfolio at fair value consists of approximately 61% Private cash flows and
Slide 10: 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 29 of this presentation MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 10
Slide 11: 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) 38% 23% 22% 16% 40% 20% 19% 19% 3% Refer to Endnotes beginning on page 29 of this presentation MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 11
Slide 12: Private Loan Investment Portfolio
Private Loan Investment Portfolio Private Loan investment 81 investments / $809.0 million in fair value portfolio provides a • 61% of total investment portfolio at fair value diversified mix of investments and Average investment size of $10.1 million(1) (less than 1% of total sources of income to po
Slide 13: Private Loan Portfolio by Industry (as a Percentage of Cost)
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 (as a Percentage of Cost)
Diversified Private Loan Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 43% 25% 17% 20% 31% 20% 18% 2% 24% Acquisition Growth Capital Refer to Endnotes beginning on page 29 of this presentation MSC In
Slide 15: LMM Investment Portfolio
LMM Investment Portfolio LMM investment 55 portfolio companies / $487.6 million in fair value portfolio consists of a • 36% of total investment portfolio at fair value diversified mix of secured debt and lower Average investment size of $7.0 million at cost (less than 1% of total cost basis equity p
Slide 16: LMM Portfolio by Industry (as a Percentage of Cost)
LMM Portfolio by Industry (as a Percentage of Cost) MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 16
Slide 17: Diversified LMM Portfolio (as a Percentage of Cost)
Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 31% 17% 32% 7% 55% 27% 17% 10% 4% Acquisition Growth Capital Refer to Endnotes beginning on page 29 of this presentation MSC Income Fund,
Slide 18: Financial Overview
MSC Income Fund, Inc. Financial Overview 4th Quarter – 2025 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 18
Slide 19: MSIF Financial Performance
MSIF Financial Performance Total Investment Income ($ in millions) Adjusted Net Investment Income (ANII)(1) ($ in millions) Year over Year Change Year over Year Change 4% 15% 27% 3% 3% 14% (1)% 5% (3)% 20% $70.0 $135.0 $139.2 $134.8 $64.5 $131.4 $60.0 $120.0 $55.5 $50.0 $53.4 $52.9 $53.9 $105.0 $103
Slide 20: MSIF Income Statement Summary
MSIF Income Statement Summary Q4 25 vs. Q4 24 ($ in 000s, except per share amounts) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Change(1) Total Investment Income $ 33,455 $ 33,227 $ 35,643 $ 35,367 $ 34,916 4% Expenses: Interest Expense (9,565) (8,243) (8,678) (8,649) (8,357) 13% Other Expenses(2) (6,532) (6,173)
Slide 21: MSIF Per Share Change in Net Asset Value (NAV)
MSIF Per Share Change in Net Asset Value (NAV) ($ per share) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Beginning NAV $ 15.38 $ 15.53 $ 15.35 $ 15.33 $ 15.54 Adjusted Net Investment Income(1) 0.34 0.35 0.35 0.35 0.34 Capital Gain Incentive Fee(2) — — — — (0.06) Net Realized Gain/(Loss) (0.20) (0.47) 0.10 (0.21)
Slide 22: MSIF Balance Sheet Summary
MSIF Balance Sheet Summary ($ in 000s) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Private Loan Portfolio Investments $ 677,878 $ 767,780 $ 741,572 $ 750,912 $ 808,957 LMM Portfolio Investments 436,150 439,689 458,464 466,671 487,593 Middle Market Portfolio Investments 39,402 30,781 29,298 26,631 23,307 Other Por
Slide 23: MSIF Capitalization
MSIF Capitalization ($ in 000s) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 SPV Facility(1) $ 266,688 $ 260,688 $ 240,000 $ 234,000 $ 244,000 Corporate Facility(1) 149,000 160,000 149,000 145,000 209,000 Series A Notes(2) 150,000 150,000 150,000 150,000 150,000 Total Debt at Par Value $ 565,688 $ 570,688 $ 539,00
Slide 24: Stable, Long-Term Leverage
Stable, Long-Term Leverage MSIF maintains a Principal Drawn Borrowing conservative capital Facility Interest Rate Maturity as of 12/31/2025 Availability(5) structure, with limited overall SOFR+2.20% floating February 2030 (fully SPV Facility(1)(3) revolving until $244.0 million $56.0 million leverag
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 cha
Slide 27: 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 28: 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 Relation Contacts Dwayne L. Hyzak Dwayne L. Hyzak Arren Cyganovich 1300 Post Oak Blvd, 8th Floor Dwayne L
Slide 29: Endnotes
Endnotes Page 4: MSIF is a Principal Investor in Private Debt and Equity (1) Capital includes total assets plus undrawn portion of debt capital as of December 31, 2025 (2) Through MAIN’s wholly-owned unconsolidated subsidiary, MSC Adviser I, LLC (3) Capital under management includes total assets plu
Slide 30: Endnotes (cont'd)
Endnotes (cont’d) Page 12: Private Loan Investment Portfolio (1) As of December 31, 2025; based on cost (2) Weighted-average effective yield is calculated using the applicable interest rate as of December 31, 2025 and is weighted based upon the principal amount of each debt investment as of December
Slide 31: Endnotes (cont'd)
Endnotes (cont’d) Page 20: MSIF Income Statement Summary (1) Positive percentage represents an increase and negative percentage represents a decrease to the Net Increase in Net Assets Resulting from Operations (2) Excludes capital gains incentive fee expense (3) See Non-GAAP Information disclosures
Slide 32: Endnotes (cont'd)
Endnotes (cont’d) Page 24: Stable, Long-Term Leverage (1) As of December 31, 2025, MSIF maintained a secured special purpose vehicle financing facility (the SPV Facility), which had $300.0 million in total commitments with an option to increase total commitments up to $450.0 million (2) As of Decemb