MSC Income Fund (MSIF) investor relations material

Strategy and portfolio mix

• New investments focus on proprietary Private Loan debt, typically first lien and floating rate; legacy Lower Middle Market (LMM) assets remain eligible for follow-on investment only.

• At Sep. 30, 2026, the $1.379B portfolio at fair value comprised $843.8M Private Loan, $503.0M LMM, $19.8M Middle Market and $12.2M Other Portfolio investments.

• Debt investments totaled $1,026.9M, or 74.5% of fair value; 99.6% of debt was first lien, and 76% of debt investments bore floating rates.

• Portfolio spanned 148 companies and entities; non-accrual investments were 1.4% of fair value and 5.2% of cost, with a weighted-average effective debt yield of 11.1%.

Portfolio characteristics

• Private Loan portfolio: $843.8M fair value across 81 companies; 91% secured debt, over 99% of debt first lien, 95% floating rate and 10.5% weighted-average effective yield.

• LMM portfolio: $503.0M fair value across 53 companies; debt yield 12.7%, over 99% of debt first lien, and 77% of debt investments fixed rate.

• LMM equity investments had $114.8M, or $2.54 per share, of cumulative pretax net unrealized appreciation as of Sep. 30, 2026; 68% of LMM companies with direct equity investments were paying dividends.

• Largest portfolio companies represented 3.1% of trailing 12-month investment income and 3.6% of fair value; average investment size was $9.1M based on cost, excluding Other Portfolio investments.

Capital structure and leverage

• At Sep. 30, 2026, total debt was $645.7M, NAV was $750.0M, asset coverage was 2.16x, debt-to-assets was 0.45x and net debt-to-NAV was 0.83x.

• Regulatory asset coverage was 2.16x against a 1.50x minimum, a 44% cushion; the 1.50x requirement became effective Jan. 29, 2026.

• Debt included $248.0M outstanding on the SPV Facility and $24.0M on the Corporate Facility, plus fixed-rate notes due 2029; 58% of debt obligations had fixed rates.

• In Oct. 2026, the $150.0M October 2026 Notes were repaid at maturity using proceeds from an additional $75.0M September 2029 Notes issuance and credit facility borrowings.