Msc Income Fund, Inc. · NYSE:MSIF
Msc Income Fund — Q3 2025 Earnings Presentation
31 slides from Msc Income Fund's earnings presentation, Nov 14, 2025
Slide 1: Investor Presentation Third Quarter 2025
Investor Presentation Third 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 3rd 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 MSIF maintains a legacy portfolio of debt and equity investments in LMM companies portfolio • MSIF no longer makes investments in new LMM portfolio companies, but will continue to differentiates MSIF participate in follow-on investments in its existing LMM por
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 3rd 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 60% 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) 36% 21% 22% 19% 43% 20% 18% 18% 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 / $750.9 million in fair value portfolio provides a • 60% of total investment portfolio at fair value diversified mix of investments and Average investment size of $9.4 million(1) (less than 1% of total sources of income to por
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) 40% 22% 18% 25% 33% 17% 18% 2% 25% 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 / $466.7 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 $6.7 million at cost (less than 1% of total cost basis equity p
Slide 16: LMM Portfolio by Industry (as a Percentage of Cost)
LMM Portfolio by Industry (as a Percentage of Cost) MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 16
Slide 17: Diversified LMM Portfolio (as a Percentage of Cost)
Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 18% 30% 8% 31% 58% 27% 17% 7% 4% Acquisition Growth Capital Refer to Endnotes beginning on page 29 of this presentation MSC Income Fund,
Slide 18: Financial Overview
MSC Income Fund, Inc. Financial Overview 3rd Quarter – 2025 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 18
Slide 19: MSIF Financial Performance
MSIF Financial Performance Total Investment Income ($ in millions) Net Investment Income (NII)(1) ($ in millions) Year over Year Change Year over Year Change (2) (2) 4% 15% 27% 3% 3% 14% (1)% 5% (3)% 21% $135.0 $60.0 $134.8 $131.4 $120.0 $55.5 $53.4 $53.9 $50.0 $52.9 $105.0 $48.6 $46.8 $103.8 $104.2
Slide 20: MSIF Income Statement Summary
MSIF Income Statement Summary Q3 25 vs. Q3 24 ($ in 000s, except per share amounts) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 % Change(1) Total Investment Income $ 33,477 $ 33,455 $ 33,227 $ 35,643 $ 35,367 6% Expenses: Interest Expense (10,374) (9,565) (8,243) (8,678) (8,649) 17% G&A Expense(2) (6,785) (6,532)
Slide 21: MSIF Per Share Change in Net Asset Value (NAV)
MSIF Per Share Change in Net Asset Value (NAV)(1) ($ per share) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Beginning NAV $ 15.55 $ 15.38 $ 15.53 $ 15.35 $ 15.33 Net Investment Income(2) 0.32 0.34 0.35 0.35 0.35 Net Realized Gain/(Loss) 0.63 (0.20) (0.47) 0.10 (0.21) Net Unrealized Appreciation/(Depreciation) (0.
Slide 22: MSIF Balance Sheet Summary
MSIF Balance Sheet Summary ($ in 000s) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Private Loan Portfolio Investments $ 679,863 $ 677,878 $ 767,780 $ 741,572 $ 750,912 LMM Portfolio Investments 411,030 436,150 439,689 458,464 466,671 Middle Market Portfolio Investments 46,062 39,402 30,781 29,298 26,631 Other Por
Slide 23: MSIF Capitalization
MSIF Capitalization ($ in 000s) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 SPV Facility(1) $ 259,688 $ 266,688 $ 260,688 $ 240,000 $ 234,000 Corporate Facility(1) 147,000 149,000 160,000 149,000 145,000 Series A Notes(2) 150,000 150,000 150,000 150,000 150,000 Total Debt at Par Value $ 556,688 $ 565,688 $ 570,68
Slide 24: Stable, Long-Term Leverage
Stable, Long-Term Leverage MSIF maintains a Principal Drawn Borrowing conservative capital Facility Interest Rate Maturity as of 9/30/2025 Availability(5) structure, with limited overall SOFR+2.20% floating February 2030 (fully SPV Facility(1)(3) revolving until $234.0 million $66.0 million leverage
Slide 25: Long-term Maturity of Debt Obligations
Long-term Maturity of Debt Obligations MSIF maintains a $250.0 conservative capital structure, with limited overall leverage and $200.0 an intentional mix of short-term and long- term debt $150.0 Capital structure is (in millions) designed to correlate to and complement the $234.0 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. Generally Accepted Accounting Principles, or 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
Slide 28: MSC Income Fund, Inc. 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
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 September 30, 2025 (2) Through MAIN’s wholly-owned unconsolidated subsidiary, MSC Adviser I, LLC (3) Capital under management includes total assets pl
Slide 30: Endnotes (cont'd)
Endnotes (cont’d) Page 12: Private Loan Investment Portfolio (1) As of September 30, 2025; based on cost (2) Weighted-average effective yield is calculated using the applicable interest rate as of September 30, 2025 and is weighted based upon the principal amount of each debt investment as of Septem
Slide 31: Endnotes (cont'd)
Endnotes (cont’d) Page 21: MSIF Per Share Change in Net Asset Value (NAV) (1) Adjusted for a two-for-one reverse stock split, effective as of December 16, 2024 and applied retrospectively (2) NII for 2024 and the first quarter of 2025 have been revised to include the impact of excise tax and net inv