MSC Income Fund : 1st Quarter 2026 Investor Presentation Q1 2026

Published: 2026-05-08 13:21:10 ET MSIF

Published on 05/08/2026 at 01:21 pm EDT

Investor Presentation

First Quarter - 2026

MSMCSCIInnccoomme FeunFd,uInnc.d, Inc.

NYNSYSEE:: MMSISF IF

mscincmosmcinecofmuenfudn.dc.coomm

Page 1

Corporate Overview and Investment Strategy

1st Quarter - 2026

Publicly traded Business Development Company (BDC) with diversified investment strategy

$1.6 billion of capital(1)

Managed by a wholly-owned subsidiary(2) of Main Street Capital Corporation (NYSE: MAIN) (MAIN or Main Street) since October 2020

MAIN is a publicly traded BDC with over $9.2 billion in capital under management(3)

MAIN's wholly-owned subsidiary(2) was previously a sub-adviser to MSIF since May 2012

Focused on proprietary debt investments in privately held companies typically owned by or being acquired by a private equity fund (Private Loan)

Primarily originated directly by MAIN or, to a lesser extent, through strategic relationships with other investment funds

First lien, floating rate debt investments with attractive risk-adjusted returns

Targets companies with annual revenue between $25 million and $500 million and annual EBITDA between $7.5 million and $50 million

Proprietary investments that can be difficult for investors to access

Maintains a portfolio of debt and equity investments in the underserved Lower Middle Market (LMM)

Companies with annual revenue between $10 million and $150 million and annual EBITDA between $3 million and $20 million

Provides one-stop financing solutions, including a combination of first lien debt and equity financing

Headquartered in Houston, Texas

MSIF's investments in new portfolio companies are solely focused on its Private Loan investment strategy

Investment objectives

Access proprietary investments with attractive risk-adjusted return characteristics

Generate cash yield to support MSIF's dividends to shareholders

Investment characteristics

Targets companies with annual revenue between $25 million and $500 million and annual EBITDA between $7.5 million and $50 million

Proprietary investments primarily originated directly by Main Street or, to a lesser extent, through strategic relationships with other investment funds on a collaborative basis

Current Private Loan portfolio companies have weighted-average EBITDA of approximately $30.6 million(1)

Investments primarily in secured debt investments

First lien debt investments

Floating rate debt investments

Limited equity investments

8% - 12% targeted gross yields

Weighted-average effective yield of 10.5%(2)

Net returns positively impacted by modest use of leverage

Floating rate debt investments provide matching with MSIF's floating rate Credit Facilities(3)

MSIF maintains a legacy portfolio of debt and equity investments in LMM companies

MSIF no longer makes investments in new LMM portfolio companies, but will continue to participate in follow-on investments in its existing LMM portfolio companies alongside Main Street

Investment objectives

Attractive cash yield from secured debt investments (12.1%(1) weighted-average cash coupon as of March 31, 2026); plus

Dividend income, fair value appreciation and periodic capital gains from equity investments

Investments are structured for (i) protection of capital, (ii) high recurring income and

(iii) meaningful capital gain opportunity

Typical entry enterprise values between 4.5x - 7.0x EBITDA

Typical entry leverage multiples between 2.0x - 4.0x EBITDA to MSIF debt investment

Focus on self-sponsored, "one-stop" financing opportunities

Co-investments with Main Street in partnership with business owners, management teams and entrepreneurs

Provide highly customized financing solutions

Recapitalization, buyout, growth and acquisition capital

Investments in established, profitable companies

Investments have low correlation to the broader debt and equity markets and attractive risk-adjusted returns

Unique LMM investment structures, combined with MSIF's goal to be a long-term partner, results in a highly diversified and high-quality investment portfolio

Dwayne Hyzak(1)(2) CEO and Chairman of the Board

Co-founded MAIN in 2002; affiliated with Main Street group since 1999

Director of Acquisitions & Integration with Quanta Services (NYSE: PWR)

Manager with a Big 5 Accounting Firm's audit and transaction services groups

David Magdol(1)(2)

President and CIO(3)

Co-founded MAIN in 2002

Vice President in Lazard Freres Investment Banking Division

Vice President of McMullen Group (John J. McMullen's Family Office)

Jesse Morris(1)

EVP, COO(4) and Senior Managing Director

Joined MAIN in 2019

Executive Vice President with Quanta Services (NYSE: PWR)

Vice President and CFO Foodservice Operations with Sysco Corporation (NYSE: SYY)

Manager with a Big 5 Accounting Firm

Jason Beauvais, JD(1)

EVP, GC(5) and Secretary

Joined MAIN in 2008

Attorney for Occidental Petroleum Corporation (NYSE: OXY)

Associate in the corporate and securities section at Baker Botts LLP

Nick Meserve(2) Managing Director and Head of Private Credit

Joined MAIN in 2012

Portfolio Manager at Highland Capital Management, LP

Credit Analyst at JPMorgan Chase

Cory Gilbert

CFO

Joined MAIN in 2020

CFO and Treasurer of OHA Investment Corporation (NASDAQ: OHAI)

CFO of RED Capital Group, a wholly-owned subsidiary of ORIX, U.S.A.

Manager with a Big 5 Accounting Firm

Investment Portfolio

1st Quarter - 2026

Includes complementary Private Loan debt investments and LMM debt and equity investments

Total investment portfolio at fair value consists of approximately 60% Private Loan / 37% LMM(1) / 2% Middle Market(2) / 1% Other Portfolio(2) investments

Highly diversified investment portfolio

143 Private Loan, LMM(1) and Middle Market(2) portfolio companies

Average investment size of $9.0 million(3)(4)

Largest individual portfolio companies represent 3.6%(5) of total investment income and 3.6% of total portfolio fair value (with most individual portfolio companies representing less than 1.0% of income and fair value)

Investments on non-accrual status represent 1.1% of the total investment portfolio at fair value and 4.2% at cost

Weighted-average effective yield of 11.0%(6)

Also diversified across all key investment characteristics

Issuer

Industry

Transaction type

Geography

End markets

Vintage

(2)

37%

22%

39%

Invested Capital by Transaction Type

Invested Capital by Geography(3)

23%

21%

16%

20%

80 investments / $823.1 million in fair value

60% of total investment portfolio at fair value

Average investment size of $10.5 million(1) (less than 1% of total portfolio)

Investments in secured debt instruments

93%(1) of Private Loan portfolio is secured debt

Over 99%(1) of Private Loan debt portfolio is first lien term debt

Debt yielding 10.5%(2)

96%(1) of Private Loan debt investments bear interest at floating rates(3), providing matching with MSIF's floating rate Credit Facilities(4)

Approximately 475 basis point effective interest margin vs "matched" floating rate on MSIF's Credit Facilities(4)

Recapitalization/

Refinancing

LBO/MBO(1)

43%

30%

26%

Acquisition

Growth Capital

Invested Capital by Transaction Type

Invested Capital by Geography(2)

25%

16%

21%

17%

21%

55 portfolio companies / $507.6 million in fair value

37% of total investment portfolio at fair value

Average investment size of $7.3 million at cost (less than 1% of total portfolio)

Debt yielding 12.6%(1) (71% of LMM portfolio at cost)

Over 99% of debt investments have first lien position

75% of debt investments earn fixed-rate interest

Equity ownership in all LMM portfolio companies representing an 8% average ownership position (29% of LMM portfolio at cost)

Lower entry multiple valuations, lower cost basis

Opportunity for dividend income, fair value appreciation and periodic capital gains

68% of LMM portfolio companies(2) with direct equity investment are currently paying dividends

Fair value appreciation of equity investments supports NAV per share growth

$107.8 million, or $2.38 per share, of cumulative pre-tax net unrealized appreciation as of March 31, 2026

Invested Capital by Transaction Type

Invested Capital by Geography(2)

LBO/MBO(1)

Recapitalization/ Refinancing

29%

14%

54%

17% 32% 7%

26% 18%

Acquisition

Growth Capital

Refer to Endnotes beginning on page 29 of this presentation

Financial Overview

1st Quarter - 2026

Total Investment Income ($ in millions)

Adjusted Net Investment Income (ANII)(1) ($ in millions)

Year over Year Change Year over Year Change

$135.0

$120.0

$105.0

15%

27% 3%

(2)

$70.0

$60.0

$50.0

(1)%

5% (3)% 20%

(1)%(2)

$90.0

$75.0

$60.0

$45.0

$30.0

$15.0

$40.0

$53.4

$52.9

$55.5

$53.9

$64.5

$15.6

$30.0

$20.0

$10.0

$0.0

$134.8

$103.8

$90.1

$139.2

$34.1

$131.4

2021 2022 2023 2024 2025 YTD (3)

2026

$0.0

(3)

2021 2022 2023 2024 2025 YTD

2026

($ in 000s, except per share amounts)

Q1 25

Q2 25

Q3 25

Q4 25

Q1 26

Q1 26 vs. Q1 25

Change(1)

Total Investment Income

$ 33,227 $

35,643 $

35,367 $

34,916 $

34,087

Expenses:

Interest Expense

(8,243)

(8,678)

(8,649)

(8,357)

(8,920)

(8)%

Other Expenses(2)

(6,173)

(6,228)

(6,527)

(6,027)

(6,450)

(4)%

Incentive Fee on Income

(2,023)

(3,431)

(3,321)

(3,370)

(3,099)

(53)%

Waiver of Incentive Fee on Income

- - 160 - 985

Adjusted Net Investment Income (ANII) Before Taxes(2)(3)

16,788

17,306

17,030

17,162

16,603

(1)%

ANII Before Taxes Margin %

50.5 %

48.6 %

48.2 %

49.2 %

48.7 %

(180) bps (4)

Excise, Federal and State Income and Other Tax Expense

(1,042)

(999)

(453)

(1,277)

(1,006)

ANII(2)(3)

15,746

16,307

16,577

15,885

15,597

(1)%

ANII Margin %

47.4 %

45.8 %

46.9 %

45.5 %

45.8 %

(160) bps (4)

Incentive Fee on Capital Gains(5)

- - - (2,763) 638

Net Investment Income (NII)

15,746

16,307

16,577

13,122

16,235

Net Realized Gain (Loss)

(21,066)

4,779

(9,854)

16,638

(241)

Net Unrealized Appreciation (Depreciation)

18,783

(3,904)

21,007

542

(2,643)

Income Tax Benefit (Provision) on Net Realized Gain (Loss) and Net Unrealized Appreciation (Depreciation)

2,412

(893)

(1,201)

(267)

(128)

Net Increase in Net Assets Resulting from Operations

$ 15,875 $ 16,289 $ 26,529 $ 30,035 $ 13,223

(17)%

NII Per Share

$ 0.35 $ 0.35 $ 0.35 $ 0.28 $ 0.35

ANII Per Share(2)(3)

$ 0.35 $ 0.35 $ 0.35 $ 0.34 $ 0.34

(3)%

ANII Before Taxes Per Share(2)(3)

$ 0.38 $ 0.37 $ 0.36 $ 0.37 $ 0.36

(5)%

NM - Not Measurable / Not Meaningful

($ 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

0.34

Incentive Fee on Capital Gains(2)

(0.06)

0.01

Net Realized Gain/(Loss)

(0.47)

0.10

(0.21)

0.35

(0.01)

Net Unrealized Appreciation/(Depreciation)

0.42

(0.08)

0.44

0.01

(0.05)

Income Tax (Provision) Benefit on Net Realized Gain (Loss)

and Net Unrealized Appreciation (Depreciation)

0.06

(0.02)

Net Increase in Net Assets Resulting from Operations

0.36

0.35

0.56

0.64

0.29

Regular Dividends to Shareholders(3)

(0.35)

Supplemental Dividends to Shareholders

(0.01)

Accretive Effect of Stock Repurchases(4)

0.03

0.08

Dilutive Effect of Stock Offerings(5)

(0.16)

Other(6)

(0.02)

(0.01)

0.01

Ending NAV

$ 15.35

$ 15.33

$ 15.54

$ 15.85

$ 15.87

Weighted Average Shares Outstanding

44,680,084

47,047,888

47,303,204

46,923,388

46,116,898

Certain fluctuations in per share amounts are due to rounding differences between quarters.

($ 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 Portfolio Investments

22,603

16,229

15,988

15,530

15,563

Cash and Cash Equivalents

39,459

28,338

18,081

20,635

15,559

Other Assets

22,164

19,166

19,823

25,009

25,164

Total Assets

$ 1,322,476

$ 1,293,067

$ 1,298,106

$ 1,381,031

$ 1,409,925

Credit Facilities(1)

420,688

389,000

379,000

453,000

350,000

October 2026 Notes

149,528

149,602

149,677

149,751

149,826

May 2029 Notes

149,274

Other Liabilities

33,320

31,677

35,071

39,621

41,297

Net Asset Value

718,940

722,788

734,358

738,659

719,528

Total Liabilities and Net Assets

$ 1,322,476

$ 1,293,067

$ 1,298,106

$ 1,381,031

$ 1,409,925

($ 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

May 2029 Notes

150,000

Total Debt at Par Value

570,688

539,000

529,000

603,000

650,000

Net Asset Value (NAV)

718,940

722,788

734,358

738,659

719,528

Total Capitalization

$ 1,289,628

$ 1,261,788

$ 1,263,358

$ 1,341,659

$ 1,369,528

Debt to NAV Ratio(2)

0.79 to 1.0

0.75 to 1.0

0.72 to 1.0

0.82 to 1.0

0.90 to 1.0

Net Debt to NAV Ratio(3)(4)

0.74 to 1.0

0.71 to 1.0

0.70 to 1.0

0.79 to 1.0

0.88 to 1.0

Interest Coverage Ratio(4)(5)

2.58 to 1.0

2.59 to 1.0

2.77 to 1.0

2.90 to 1.0

2.86 to 1.0

Facility

Interest Rate

Maturity

Principal Drawn as of 3/31/2026

Borrowing Availability(5)

SPV Facility(1)(3)

Corporate Facility(2)(3)

SOFR+2.20% floating (5.89%(4))

SOFR+2.05% floating (5.71%(4))

February 2030 (fully revolving until February 2029)

May 2029 (fully revolving until November 2028)

$267.0 million $33.0 million

$83.0 million $162.0 million

October 2026 Notes 4.04% fixed October 30, 2026 $150.0 million N/A

May 2029 Notes 6.34% fixed May 31, 2029 $150.0 million N/A

$300.0

$150.0

$83.0

$150.0

$267.0

$250.0

(in millions)

$200.0

$150.0

$100.0

$50.0

$0.0

2026 2027 2028 2029 2030

MSIF's financial results are subject to impact from changes in interest rates; MSIF maintains a capital structure with the goal to minimize such impact

46% of outstanding debt obligations have fixed interest rates(5)

54% of outstanding debt obligations have floating interest rates(5)

77% of debt investments bear interest at floating rates,(5) the majority of which contain contractual minimum index rates, or "interest rate

floors" (weighted-average floor of approximately 130 basis points)(6)

Results in increases in net investment income (NII) if market interest rates increase, and reductions to NII if market interest rates decrease, subject to the impact to MSIF's incentive fee on income expense

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):

Basis Point Increase (Decrease) in Interest Rate

Increase (Decrease) in Interest Income

(Increase) Decrease in Interest Expense(3)

Increase (Decrease) in Pre-Incentive Fee NII

(Increase) Decrease in Incentive Fee on Income Expense(1)

Increase Increase (Decrease) in (Decrease) in

NII NII per Share(4)

(100)

$ (8,378) $

3,500

$ (4,878) $

1,574

$ (3,304) $

(0.07)

(75)

(6,283)

2,625

(3,658)

964

(2,694)

(0.06)

(50)

(4,187)

1,750

(2,437)

426

(2,011)

(0.04)

(25)

(2,091)

875

(1,216)

213

(1,003)

(0.02)

2,093

(875)

1,218

(213)

1,005

0.02

4,145

(1,750)

2,395

(419)

1,976

0.04

6,186

(2,625)

3,561

(623)

2,938

0.06

100

8,226

(3,500)

4,726

(827)

3,899

0.09

Assumes no changes in the portfolio investments or outstanding debt obligations existing as of March 31, 2026; the pro forma changes in the incentive fee on income expense are calculated pursuant to the terms set forth in MSIF's advisory agreement based upon the incentive fee on income expense for the first quarter of 2026, net of the voluntary permanent incentive fee on income waiver for the first quarter of 2026, in each case on an annualized basis, as adjusted for the pro forma change in pre-incentive fee NII resulting from the assumed interest income and interest expense changes reflected in the table, with no other changes in investment income or expense and with the voluntary permanent incentive fee on income waiver assumed to remain at the first quarter of 2026 annualized amount; there is no guarantee that any incentive fee on income waivers will occur in the future, and any such waivers are entirely at the discretion of the Adviser

Assumes that all SOFR and Prime rates would change effective immediately on the first day of the period; however, the actual contractual index rate reset dates will vary in future periods generally on either a monthly or quarterly basis across both the debt investments and the Credit Facilities (as defined in the Endnotes for page 24) resulting in a delay in the realization of the increases or decreases in interest income or expense

The hypothetical (increase) decrease in interest expense would be impacted by the changes in the amount of debt outstanding under the Credit Facilities, with interest expense (increasing) decreasing as the debt outstanding under the Credit Facilities increases (decreases)

Per share amount is calculated using shares outstanding as of March 31, 2026

As of March 31, 2026, based on par

Weighted-average interest rate floor calculated based on debt principal balances as of March 31, 2026

Although MSIF believes that this analysis is indicative of the impact of interest rate changes to NII as of March 31, 2026, the analysis does not take into consideration future changes in the credit market, credit quality or other business or economic developments that could affect NII. Accordingly, MSIF can offer no assurances that actual results would not differ materially from the analysis above. See further discussion and analysis in Item 3 of MSIF's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

Adjusted net investment income is net investment income as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S. GAAP, excluding the impact of the capital gains incentive fee. MSIF believes presenting adjusted net investment income and the related per share amount is useful and appropriate supplemental disclosure for analyzing MSIF's financial performance since the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in net investment income. However, adjusted net investment income is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSIF's financial performance.

Adjusted net investment income before taxes is net investment income as determined in accordance with U.S. GAAP, excluding the impact of any tax expenses included in net investment income and the capital gains incentive fee. MSIF believes presenting adjusted net investment income before taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing MSIF's financial performance since (i) the calculation of the capital gains incentive fee is based on realized gains and losses and unrealized fair value appreciation and depreciation, none of which are included in net investment income, and (ii) tax expenses included in net investment income may include (a) excise tax expense, which is not solely attributable to net investment income, and (b) deferred taxes, which are not payable in the current period. However, adjusted net investment income before taxes is a non-U.S. GAAP measure and should not be considered as a replacement for net investment income, net investment income before taxes or other earnings measures presented in accordance with U.S. GAAP and should be reviewed only in connection with such U.S. GAAP measures in analyzing MSIF's financial performance.

Net Debt to NAV Ratio is calculated as the Debt to NAV Ratio as determined in accordance with 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 and appropriate supplemental disclosure for analyzing its financial position and leverage. However, the Net Debt to NAV Ratio is a non-U.S. GAAP measure and should not be considered as a replacement for the Debt to NAV Ratio and other financial measures presented in accordance with U.S. GAAP. Instead, the Net Debt to NAV Ratio should be reviewed only in connection with such U.S. GAAP measures in analyzing MSIF's financial position.

Please visit MSIF's website at https://www.mscincomefund.com for additional information

Board of Directors

Dwayne L. Hyzak

CEO and Chairman of the Board MSC Income Fund, Inc.

Chief Executive Officer

Main Street Capital Corporation

Robert L. Kay CEO

Myocardial Solutions, Inc.

Nataly M. Marks President

Triple-S Steel Holdings, Inc.

John O. Niemann, Jr. President and COO Arthur Andersen LLP Board of Directors

Hines Global Income Trust

Jeffrey B. Walker Retired Vice Chairman Deloitte Tax LLP Former Board Member Deloitte LLP

Executive Officers

Dwayne L. Hyzak Chief Executive Officer

David L. Magdol

President & Chief Investment Officer

Jesse E. Morris

EVP, Chief Operating Officer & Senior Managing Director

Jason B. Beauvais

EVP, General Counsel & Secretary

Nicholas T. Meserve Managing Director

Cory E. Gilbert

Chief Financial Officer

Ryan H. McHugh

Chief Accounting Officer

Kristin L. Rininger

Chief Compliance Officer & Deputy General Counsel

Research Coverage

Arren Cyganovich Truist Securities

(212) 319-2334

Robert J. Dodd Raymond James (901) 579-4560

Paul Johnson KBW

(617) 848-2777

Kenneth S. Lee

RBC Capital Markets

(212) 905-5995

Brian McKenna Citizens

(212) 906-3545

Mickey Schleien Clear Street (646) 290-6794

Corporate Headquarters

1300 Post Oak Blvd, 8th Floor Houston, TX 77056

Tel: (713) 350-6000

Fax: (713) 350-6042

Investment Adviser

MSC Adviser I, LLC (a wholly-owned subsidiary of Main Street Capital Corporation (NYSE: MAIN))

1300 Post Oak Blvd, 8th Floor Houston, TX 77056

Tel: (713) 350-6000

Fax: (713) 350-6042

Independent Registered Public Accounting Firm

Grant Thornton, LLP Dallas, TX

Corporate Counsel

Dechert, LLP Washington, D.C.

Securities Listing

Common Stock NYSE: MSIF NYSE Texas: MSIF

Transfer Agent

SS&C Global Investor and Distribution Solutions

Tel: (+1 800) 234-0556

https://www.ssctech.com

Investor Relations Contacts

Dwayne L. Hyzak Chief Executive Officer

Cory E. Gilbert

Chief Financial Officer

Alejandro Palomo

VP, Investor Relations, Asset Management Business

Tel: (713) 350-6000

Ken Dennard Zach Vaughan

Dennard Lascar Investor Relations

Tel: (713) 529-6600

Main Street's Investment Committee

Dwayne L. Hyzak, Chief Executive Officer

David L. Magdol, President & Chief Investment Officer

Nicholas T. Meserve Managing Director

Vincent D. Foster, Chairman of Main Street's Board

Page 4: MSIF is a Principal Investor in Private Debt and Equity

Capital includes total assets plus undrawn portion of debt capital as of March 31, 2026

Through MAIN's wholly-owned unconsolidated subsidiary, MSC Adviser I, LLC (the Adviser)

Capital under management includes total assets plus undrawn portion of debt capital and uncalled equity capital commitments as of March 31, 2026

Page 5: Private Loan Investment Strategy

This calculation excludes four Private Loan portfolio companies, as EBITDA is not a meaningful metric for these portfolio companies, and those portfolio companies whose primary operations have ceased and only residual value remains

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; includes amortization of deferred debt origination fees and accretion of original issue discount, but excludes fees payable upon repayment of the debt investments and any debt investments on non-accrual status

The defined term and additional details for the Credit Facilities are included on page 24 and the related Endnotes

Page 6: LMM Investment Portfolio

Weighted-average cash coupon is calculated using the applicable cash interest rate as of March 31, 2026 and is weighted based upon the principal amount of each debt investment as of March 31, 2026; excludes amortization of deferred debt origination fees and accretion of original issue discount, any fees payable upon repayment of the debt investments and any debt investments on non-accrual status

Page 7: MSIF Executive Management Team

Member of MAIN Executive Committee

Member of MAIN Investment Committee; Vince Foster, Chairman of MAIN's Board, is a non-employee member of MAIN's Investment Committee

Chief Investment Officer

Chief Operating Officer

General Counsel

Page 9: Total Investment Portfolio

Effective as of the listing of MSIF's common shares on the NYSE on January 29, 2025 (the MSIF Listing), MSIF stopped making investments in new LMM portfolio companies; as such, MSIF expects the size of its LMM investment portfolio to decline in future periods as its existing LMM investments are repaid or sold

Middle Market investments and Other Portfolio investments, each as defined in MSIF's SEC filings; MSIF has generally stopped making new investments in these portfolios and expects the size of these investment portfolios to continue to decline in future periods as its existing investments in each portfolio are repaid or sold

As of March 31, 2026; based on cost

Excludes the Other Portfolio, as defined in MSIF's SEC filings, which represents 1% of total investment portfolio cost as of March 31, 2026

Based upon total investment income for the trailing twelve-month period ended March 31, 2026

Page 10: Total Portfolio by Industry (as a Percentage of Cost)

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

Page 11: Diversified Total Portfolio (as a Percentage of Cost)

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

Leveraged Buyout / Management Buyout

Based upon portfolio company headquarters and excluding any MSIF investments in portfolio companies headquartered outside of the U.S., which in aggregate represent approximately 4% of the total investment portfolio at cost

Page 12: Private Loan Investment Portfolio

As of March 31, 2026; based on cost

Over 99% of floating interest rates on Private Loan debt investments are subject to contractual minimum "floor" rates

The defined term and additional details for the Credit Facilities are included on page 24 and the related Endnotes

Page 14: Diversified Private Loan Portfolio (as a Percentage of Cost)

Leveraged Buyout / Management Buyout

Page 15: LMM Investment Portfolio

Includes the LMM portfolio companies that (a) MSIF has a direct equity investment in and (b) are flow-through entities for tax purposes; based upon dividend income for the trailing twelve-month period ended March 31, 2026

Page 17: Diversified LMM Portfolio (as a Percentage of Cost)

Leveraged Buyout / Management Buyout

Page 19: MSIF Financial Performance

See reconciliation of ANII to NII on page 20 and Non-GAAP Information disclosures on page 27 of this presentation

Reflects year-to-date March 31, 2026 performance compared to year-to-date March 31, 2025 performance

Three months ended March 31, 2026

Page 20: MSIF Income Statement Summary

Positive percentage represents an increase and negative percentage represents a decrease to the Net Increase in Net Assets Resulting from Operations

Excludes capital gains incentive fee expense

See Non-GAAP Information disclosures on page 27 of this presentation

Change in ANII Before Taxes Margin and ANII Margin is based upon the basis point difference (increase/(decrease))

This fee equals (a) 17.5% of MSIF's incentive fee capital gain, which is calculated as MSIF's (i) cumulative net realized gains (net of any related net income tax expense), minus (ii) cumulative unrealized depreciation (net of any related income tax benefit, and excluding any unrealized appreciation), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSIF Listing date through the applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, MSIF estimates the capital gains incentive fee and adjusts the accrual for the fee based upon a hypothetical liquidation of its investment portfolio at the then current fair value. Therefore, the calculation of the accrual equals (a) MSIF's cumulative change in net fair value, including both (i) the cumulative net realized gain/loss and (ii) the cumulative net unrealized appreciation/depreciation (in both cases, net of any related cumulative net income tax expense or benefit), minus (b) the aggregate amount of any previously paid capital gains incentive fee, in each case from the MSIF Listing date through the applicable period ended. However, any capital gains incentive fee accrued related to the unrealized appreciation is neither earned nor payable to the Adviser until such time that it is realized, and assuming at the end of a calendar year such incentive fee capital gain exists excluding any cumulative unrealized appreciation (in each case, net of any related net income tax expense or benefits). If the calculation results in an increase in the accrual compared to the previous quarter, MSIF records an increase to the capital gains incentive fee accrual. If the calculation results in a decrease to the estimated incentive fee on capital gains when compared to the previous quarter, the accrual for the incentive fee on capital gains is reduced to the extent of such decrease. For the first quarter of 2026, MSIF reduced the accrual on the capital gains incentive fee by $0.6 million, resulting in an ending capital gains incentive fee accrual of $2.1 million as of March 31, 2026.

Page 21: MSIF Per Share Change in Net Asset Value (NAV)

See reconciliation of ANII per share to NII per share on page 20 and Non-GAAP Information disclosures on page 27 of this presentation

Additional details on the capital gains incentive fee are included on page 20 and the related Endnotes

On May 7, 2026, MSIF announced a change to its regular dividend payment frequency from quarterly to monthly beginning in July 2026

Per share impact of MSIF's repurchases of common stock as part of its 10b5-1 repurchase plan, which expired in March 2026

Per share impact of the follow-on equity offering completed in January 2025

Includes differences in weighted-average shares outstanding utilized for calculating changes in NAV during the period and actual shares outstanding utilized in computing ending NAV and other minor changes

Page 22: MSIF Balance Sheet Summary

The defined term and additional details for the Credit Facilities are included on page 24 and the related Endnotes

Page 23: MSIF Capitalization

The defined terms and additional details for the SPV Facility and Corporate Facility are included on page 24 and the related Endnotes

Debt to NAV Ratio is calculated based upon par value of debt

Net debt in this ratio includes par value of total debt less cash and cash equivalents

See reconciliation of ANII to NII on Page 20 and Non-GAAP Information disclosures on page 27 of this presentation

ANII(4) + interest expense / interest expense on a trailing twelve-month basis

Page 24: Stable, Long-Term Leverage

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

As of March 31, 2026, MSIF maintained a senior secured corporate revolving line of credit (the Corporate Facility), which had $245.0 million in total commitments with an accordion feature to increase commitments up to $300.0 million

Borrowings under the SPV Facility and the Corporate Facility (together, the Credit Facilities) are available to provide additional liquidity for investment and operational activities; MSIF also maintains a revolving line of credit provided by Main Street, which provides for borrowings up to $30 million for MSIF to utilize if necessary

SPV Facility and Corporate Facility rates reflect the rate based on SOFR effective for the contractual reset date of April 1, 2026

Borrowing availability could be limited by regulatory requirements, advance rates per the credit agreement or internal leverage targets

Page 25: Long-term Maturity of Debt Obligations

Issued in October 2021, with a follow-on issuance in January 2022; redeemable at MSIF's option at any time, subject to certain make-whole provisions

The defined terms and additional details for the SPV Facility and Corporate Facility are included on page 24 and the related Endnotes

Issued in March 2026; redeemable at MSIF's option at any time, subject to certain make-whole provisions

MSC Income Fund, Inc. NYSE: MSIF

Disclaimer

MSC Income Fund Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 17:20 UTC.