Msc Income Fund, Inc. · NYSE:MSIF
Msc Income Fund — Q1 2026 Earnings Presentation
32 slides from Msc Income Fund's earnings presentation, May 8, 2026
Slide 1: Investor Presentation First Quarter 2026
Investor Presentation First 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: Corporate Overview and Investment Strategy
MSC Income Fund, Inc. Corporate Overview and Investment Strategy 1st 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 Diversified investment Publicly traded Business Development Company (BDC) with strategy and resulting diversified investment strategy investment portfolio and • $1.6 billion of capital(1) relationship with best-in- • Managed by a wholly-owned s
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 1st Quarter – 2026 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) 37% 23% 21% 16% 22% 20% 20% 39% 2% 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 80 investments / $823.1 million in fair value portfolio provides a • 60% of total investment portfolio at fair value diversified mix of investments and Average investment size of $10.5 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% 16% 21% 30% 21% 17% 1% 26% 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 / $507.6 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 $7.3 million at cost (less than 1% of total cost basis equity p
Slide 16: LMM Portfolio by Industry (as a Percentage of Cost)
LMM Portfolio by Industry (as a Percentage of Cost) MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 16
Slide 17: Diversified LMM Portfolio (as a Percentage of Cost)
Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 29% 17% 7% 32% 54% 26% 18% 14% 3% Acquisition Growth Capital Refer to Endnotes beginning on page 29 of this presentation MSC Income Fund,
Slide 18: Financial Overview
MSC Income Fund, Inc. Financial Overview 1st Quarter – 2026 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 18
Slide 19: MSIF Financial Performance
MSIF Financial Performance Total Investment Income ($ in millions) Adjusted Net Investment Income (ANII)(1) ($ in millions) Year over Year Change Year over Year Change (2) (2) 15% 27% 3% 3% 3% (1)% 5% (3)% 20% (1)% $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 $1
Slide 20: MSIF Income Statement Summary
MSIF Income Statement Summary Q1 26 vs. Q1 25 ($ in 000s, except per share amounts) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Change(1) Total Investment Income $ 33,227 $ 35,643 $ 35,367 $ 34,916 $ 34,087 3% Expenses: Interest Expense (8,243) (8,678) (8,649) (8,357) (8,920) (8)% Other Expenses(2) (6,173) (6,228
Slide 21: MSIF Per Share Change in Net Asset Value (NAV)
MSIF Per Share Change in Net Asset Value (NAV) ($ per share) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Beginning NAV $ 15.53 $ 15.35 $ 15.33 $ 15.54 $ 15.85 Adjusted Net Investment Income(1) 0.35 0.35 0.35 0.34 0.34 Incentive Fee on Capital Gains(2) — — — (0.06) 0.01 Net Realized Gain/(Loss) (0.47) 0.10 (0.21)
Slide 22: MSIF Balance Sheet Summary
MSIF Balance Sheet Summary ($ in 000s) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Private Loan Portfolio Investments $ 767,780 $ 741,572 $ 750,912 $ 808,957 $ 823,061 LMM Portfolio Investments 439,689 458,464 466,671 487,593 507,583 Middle Market Portfolio Investments 30,781 29,298 26,631 23,307 22,995 Other Por
Slide 23: MSIF Capitalization
MSIF Capitalization ($ in 000s) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 SPV Facility(1) $ 260,688 $ 240,000 $ 234,000 $ 244,000 $ 267,000 Corporate Facility(1) 160,000 149,000 145,000 209,000 83,000 October 2026 Notes 150,000 150,000 150,000 150,000 150,000 May 2029 Notes — — — — 150,000 Total Debt at Par Val
Slide 24: Stable, Long-Term Leverage
Stable, Long-Term Leverage MSIF maintains a Principal Drawn Borrowing conservative capital Facility Interest Rate Maturity as of 3/31/2026 Availability(5) structure, with limited overall SOFR+2.20% floating February 2030 (fully leverage and an SPV Facility(1)(3) revolving until $267.0 million $33.0
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 $250.0 leverage and an intentional mix of $150.0 short-term and $200.0 long-term debt (in millions) Capital structure $150.0 is designed to $267.0 correlate to and complement the $100.
Slide 26: 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 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 Relations Contacts Dwayne L. Hyzak Dwayne L. Hyzak Arren Cyganovich 1300 Post Oak Blvd, 8th Floor Dwayne
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 March 31, 2026 (2) Through MAIN’s wholly-owned unconsolidated subsidiary, MSC Adviser I, LLC (the Adviser) (3) Capital under management includes total
Slide 30: Endnotes (cont'd)
Endnotes (cont’d) Page 12: Private Loan Investment Portfolio (1) As of March 31, 2026; based on cost (2) Weighted-average effective yield is calculated using the applicable interest rate as of March 31, 2026 and is weighted based upon the principal amount of each debt investment as of March 31, 2026
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 March 31, 2026, 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 March 31,