MSC Income Fund, Inc. · NYSE:MSIF
MSC Income Fund — Q3 2026 Earnings Presentation
34 slides from MSC Income Fund's earnings presentation, Nov 6, 2026
Slide 1: Investor Presentation Third Quarter 2026
Investor 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: Corporate Overview and Investment Strategy
MSC Income Fund, Inc. Corporate Overview and Investment Strategy 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: 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 • Co-founded MAIN in 2002; affiliated with Main Street group since 1999 Dwayne Hyzak(1)(2)(3) 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
Slide 8: Investment Portfolio
MSC Income Fund, Inc. Investment Portfolio 3rd 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 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 31 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) 39% 24% 23% 15% 23% 17% 21% 37% 1% Refer to Endnotes beginning on page 31 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 portfolio companies / $843.8 million in fair value portfolio provides a • 61% of total investment portfolio at fair value diversified mix of investments and Average investment size of $10.5 million(1) (less than 1% of total sources of inco
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) 42% 27% 18% 19% 29% 22% 14% 1% 28% Acquisition Growth Capital Refer to Endnotes beginning on page 31 of this presentation MSC In
Slide 15: LMM Investment Portfolio
LMM Investment Portfolio LMM investment 53 portfolio companies / $503.0 million in fair value portfolio consists of a • 36% of total investment portfolio at fair value diversified mix of first lien, senior secured Average investment size of $7.3 million at cost (less than 1% of total debt and lower
Slide 16: LMM Portfolio by Industry (as a Percentage of Cost)
LMM Portfolio by Industry (as a Percentage of Cost) MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 16
Slide 17: Diversified LMM Portfolio (as a Percentage of Cost)
Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) Recapitalization/ Refinancing LBO/MBO(1) 30% 18% 35% 7% 54% 22% 18% 15% 1% Acquisition Growth Capital Refer to Endnotes beginning on page 31 of this presentation MSC Income Fund,
Slide 18: Share Repurchase Activities
MSC Income Fund, Inc. Share Repurchase Activities 3rd Quarter – 2026 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 18
Slide 19: Share Repurchase Activities
Share Repurchase Activities In February 2025, in In connection with MSIF’s listing and equity offering in January 2025, the Fund conjunction with its NYSE entered into an open-market share repurchase plan to repurchase its shares (the Prior listing and offering, MSIF Repurchase Plan) entered into a
Slide 20: Financial Overview
MSC Income Fund, Inc. Financial Overview 3rd Quarter – 2026 MSC Income Fund, Inc. NYSE: MSIF mscincomefund.com Page 20
Slide 21: MSIF Financial Performance
MSIF Financial Performance Total Investment Income ($ in millions) Adjusted Net Investment Income (ANII)(1) ($ in millions) Year over Year Change Year over Year Change (2) (2) 15% 27% 3% 3% 1% (1)% 5% (3)% 20% (6)% $70.0 $135.0 $139.2 $134.8 $64.5 $131.4 $60.0 $120.0 $55.5 $53.4 $52.9 $53.9 $105.0 $
Slide 22: 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 23: 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 24: 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 25: MSIF Capitalization
MSIF Capitalization ($ in 000s) Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SPV Facility(1) $ 234,000 $ 244,000 $ 267,000 $ 249,000 $ 248,000 Corporate Facility(1) 145,000 209,000 83,000 113,000 24,000 October 2026 Notes(2) 150,000 150,000 150,000 150,000 150,000 May 2029 Notes — — 150,000 150,000 150,000 Septemb
Slide 26: 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 27: 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 $75.0 leverage and an intentional mix of short-term and $200.0 long-term debt (in millions) $150.0 Capital structure $150.0 is designed to correlate to and $248.0 complement the
Slide 28: 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 29: 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 30: 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 31: 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 32: Endnotes (cont’d)
Endnotes (cont’d) Page 11: Diversified Total Portfolio (as a Percentage of Cost) (1) Excluding MSIF’s Other Portfolio investments, as defined in MSIF’s SEC filings, which in aggregate represent approximately 1% of the total investment portfolio at cost (2) Leveraged Buyout / Management Buyout (3) Ba
Slide 33: Endnotes (cont’d)
Endnotes (cont’d) Page 22: 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 34: Endnotes (cont’d)
Endnotes (cont’d) Page 26: Stable, Long-Term Leverage (1) As of September 30, 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 Septe