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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 1 NYSE: MSIF Investor Presentation Second Quarter – 2025 MSC Income Fund, Inc. mscincomefund.com NYSE: MSIF
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 2 NYSE: MSIF Disclaimers MSC Income Fund, Inc. (MSIF) cautions that statements in this presentation that are forward-looking, and provide other than historical information, involve risks and uncertainties that may impact MSIF’s future results of operations. The forward-looking statements in this presentation are based on current conditions as of August 14, 2025 , and include, but are not limited to, statements regarding MSIF’s goals, beliefs, strategies, future operating results and cash flows, operating expenses, investment originations and performance, available capital, payment and the tax attributes of future dividends and shareholder returns. Although MSIF’s management believes that the expectations reflected in any forward-looking statements are reasonable, MSIF can give no assurance that those expectations will prove to have been correct. Those statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation: MSIF’s continued effectiveness in raising, investing and managing capital; adverse changes in the economy generally or in the industries in which its portfolio companies operate; the impacts of macroeconomic factors on MSIF and its portfolio companies’ businesses and operations, liquidity and access to capital, and on the U.S. and global economies, including impacts related to pandemics and other public health crises, global conflicts, risk of recession , tariffs and trade disputes, inflation, supply chain constraints or disruptions and changes in market index interest rates; changes in laws and regulations or business, political and/or regulatory conditions that may adversely impact MSIF’s operations or the operations of MSIF’s portfolio companies; the operating and financial performance of MSIF’s portfolio companies and their access to capital; retention of key investment personnel by MSIF’s investment adviser; competitive factors; and such other factors described under the captions “Cautionary Statement Concerning Forward-Looking Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” included in MSIF’s filings with the U.S. Securities and Exchange Commission (the SEC) (www.sec.gov), including MSIF’s most recent annual report on Form 10-K and subsequently filed quarterly reports on Form 10-Q. MSIF undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. MSIF has filed a registration statement (which includes a prospectus) with the SEC for any offering to which this communication may relate and may file one or more supplements to the prospectus in the future. MSIF is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that it is not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer. Before you invest in any of MSIF’s securities, you should read the registration statement, the prospectus and the applicable prospectus supplement(s) in order to fully understand all of the implications and risks of an offering of MSIF’s securities. You should also read other documents MSIF has filed with the SEC for more complete information about MSIF and its securities offerings. You may access these documents for free by visiting EDGAR on the SEC website at www.sec.gov. These materials are also made available free of charge on MSIF’s website at www.mscincomefund.com. Information contained on MSIF’s website is not incorporated by reference into this communication. The summary descriptions and other information included herein are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Before making an investment decision with respect to MSIF, investors are advised to consult with their tax, financial, investment and legal advisors.
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 3 NYSE: MSIF Corporate Overview and Investment Strategy 2nd Quarter – 2025 MSC Income Fund, Inc.
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 4 NYSE: MSIF Publicly traded Business Development Company (BDC) with diversified investment strategy • $1.4 billion of capital(1) – MSIF began trading on the New York Stock Exchange (NYSE) on January 29, 2025 under the ticker symbol “MSIF” in connection with a follow-on public offering of its common stock, including the full exercise of the underwriters’ overallotment option, for total net proceeds of $90.5 million – Managed by a wholly-owned subsidiary(2) of Main Street Capital Corporation (NYSE: MAIN) (MAIN or Main Street) since October 2020 • Publicly traded BDC with over $8.4 billion in capital under management(3) • Previously a sub-adviser to MSIF since May 2012 Focused on proprietary debt investments in privately held companies typically owned or being acquired by a private equity fund (Private Loans) • Primarily originated directly by MAIN or, to a lesser extent, through strategic relationships with other investment funds • First lien, senior secured, 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 under- served 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, senior secured debt and equity financing Headquartered in Houston, Texas MSIF is a Principal Investor in Private Debt and Equity Diversified investment strategy and resulting investment portfolio and relationship with best-in- class manager differentiates MSIF from other investment firms (1) Capital includes total assets plus undrawn portion of debt capital as of June 30, 2025 (2) Through MAIN’s wholly-owned unconsolidated subsidiary, MSC Adviser I, LLC (3) Capital under management includes total assets plus undrawn portion of debt capital and uncalled equity capital commitments as of June 30, 2025
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 5 NYSE: MSIF Private Loan Investment Strategy 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 quarterly dividend 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 $30.0 million(1) Investments in secured debt investments • First lien, senior secured debt investments • Floating rate debt investments 9% – 14% targeted gross yields • Weighted-average effective yield of 11.5%(2) • Net returns positively impacted by modest use of leverage • Floating rate debt investments provide matching with MSIF’s floating rate Credit Facilities(3) Private Loan portfolio investments are primarily debt investments in privately held companies which have primarily been originated directly by Main Street or, to a lesser extent, through Main Street’s strategic relationships with other credit funds on a collaborative basis (often referred to in the debt markets as “club deals” because of the small lender group size) MSIF’s Private Loan investments are typically made to a company owned or being acquired by a private equity fund (1) 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 (2) Weighted-average effective yield is calculated using the applicable interest rate as of June 30, 2025 and is weighted based upon the principal amount of each debt investment as of June 30, 2025; includes amortization of deferred debt origination fees and accretion of original issue discount, but excludes fees payable upon repayment of the debt instruments and any debt investments on non-accrual status (3) The defined term and additional details for the Credit Facilities are included on page 24
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 6 NYSE: MSIF LMM Investment Portfolio Investment objectives • Attractive cash yield from secured debt investments (12.6%(1) weighted-average cash coupon as of June 30, 2025); 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 LMM investment portfolio differentiates MSIF from its competitors and provides attractive risk- adjusted returns MSIF’s permanent capital structure as a publicly traded investment firm allows MSIF to maintain a long- term to permanent expected holding period for its LMM investments, providing significant benefits to both MSIF and its LMM portfolio companies (1) Weighted-average cash coupon is calculated using the applicable cash interest rate as of June 30, 2025 and is weighted based upon the principal amount of each debt investment as of June 30, 2025; excludes amortization of deferred debt origination fees and accretion of original issue discount, any fees payable upon repayment of the debt investment and any debt investments on non-accrual status
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 7 NYSE: MSIF MSIF Executive Management Team (1) Member of MAIN Executive Committee (2) Member of MAIN Investment Committee; Vince Foster, Chairman of MAIN’s Board, is a non-employee member of MAIN’s Investment Committee (3) Chief Investment Officer (4) Chief Operating Officer (5) General Counsel • 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 Dwayne Hyzak(1)(2) CEO and Chairman of the Board 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 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 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
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 8 NYSE: MSIF MSC Income Fund, Inc. Investment Portfolio 2nd Quarter – 2025
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 9 NYSE: MSIF 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 • 147 Private Loan, LMM(1) and Middle Market(2) portfolio companies • Average investment size of $8.0 million(3)(4) • Largest individual portfolio companies represent 3.3%(5) of total investment income and 3.8% 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 2.6% of the total investment portfolio at fair value and 6.3% at cost • Weighted-average effective yield of 11.9%(6) Also diversified across all key investment characteristics Total Investment Portfolio Diversity provides structural protection to investment portfolio, revenue sources, income, cash flows and shareholder dividends • Issuer • Industry • Transaction type • Geography • End markets • Vintage (1) Effective as of the listing of MSIF’s common shares on the NYSE on January 29, 2025, MSIF has 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 (2) 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 (3) As of June 30, 2025; based on cost (4) Excludes the Other Portfolio, as defined in MSIF’s SEC filings, which represents 1% of total investment portfolio fair value as of June 30, 2025 (5) Based upon total investment income for the trailing twelve-month period ended June 30, 2025 (6) Weighted-average effective yield is calculated using the applicable interest rate as of June 30, 2025 and is weighted based upon the principal amount of each debt investment as of June 30, 2025; includes amortization of deferred debt origination fees and accretion of original issue discount, but excludes fees payable upon repayment of the debt instruments and any debt investments on non-accrual status
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 10 NYSE: MSIF Total Portfolio by Industry (as a Percentage of Cost)(1) (1) Excluding MSIF’s Other Portfolio investments, as described in MSIF’s SEC filings, which in aggregate represent approximately 1% of the total investment portfolio at cost
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 11 NYSE: MSIF Diversified Total Portfolio (as a Percentage of Cost)(1) Invested Capital by Transaction Type Invested Capital by Geography(3) 21% 22% 22% 14% 21% (1) Excluding MSIF’s Other Portfolio investments, as described in MSIF’s SEC filings, which in aggregate represent approximately 1% of the total investment portfolio at cost (2) Leveraged Buyout / Management Buyout (3) Based upon portfolio company headquarters and excluding any MSIF investments in portfolio companies headquartered outside of the U.S., which in aggregate represent approximately 2% of the total investment portfolio at cost 23% 32% 42% 3% (2)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 12 NYSE: MSIF Private Loan Investment Portfolio 82 investments / $741.6 million in fair value • 60% of total investment portfolio at fair value Average investment size of $9.3 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 11.5%(2) • 97%(1) of Private Loan debt investments bear interest at floating rates(3), providing matching with MSIF’s floating rate Credit Facilities(4) • Over 500 basis point effective interest margin vs “matched” floating rate on MSIF’s Credit Facilities(4) Private Loan investment portfolio provides a diversified mix of investments and sources of income to fund shareholder dividends (1) As of June 30, 2025; based on cost (2) Weighted-average effective yield is calculated using the applicable interest rate as of June 30, 2025 and is weighted based upon the principal amount of each debt investment as of June 30, 2025; includes amortization of deferred debt origination fees and accretion of original issue discount, but excludes fees payable upon repayment of the debt instruments and any debt investments on non-accrual status (3) Over 99% of floating interest rates on Private Loan debt investments are subject to contractual minimum “floor” rates (4) The defined term and additional details for the Credit Facilities are included on page 24
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 13 NYSE: MSIF Private Loan Portfolio by Industry (as a Percentage of Cost)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 14 NYSE: MSIF Diversified Private Loan Portfolio (as a Percentage of Cost) Invested Capital by Transaction Type Invested Capital by Geography(2) 22% 17% 20% 12% 29% (1) Leveraged Buyout / Management Buyout (2) Based upon portfolio company headquarters and excluding any MSIF investments in portfolio companies headquartered outside of the U.S., which in aggregate represents approximately 3% of the Private Loan investment portfolio at cost 33% 33% 32% 2% LBO/MBO(1) Acquisition Growth Capital Recapitalization/ Refinancing
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 15 NYSE: MSIF LMM Investment Portfolio 57 portfolio companies / $458.5 million in fair value • 37% of total investment portfolio at fair value Average investment size of $6.5 million at cost (less than 1% of total portfolio) Debt yielding 13.1%(1) (69% 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 a 9% average ownership position (31% of LMM portfolio at cost) • Lower entry multiple valuations, lower cost basis • Opportunity for dividend income, fair value appreciation and periodic capital gains • 64% of LMM portfolio companies(2) with direct equity investment are currently paying dividends • Fair value appreciation of equity investments supports Net Asset Value per share • $97.4 million, or $2.07 per share, of cumulative pre-tax net unrealized appreciation on LMM equity investments as of June 30, 2025 LMM investment portfolio consists of a diversified mix of secured debt and lower cost basis equity investments MSIF’s long-term to permanent expected holding period for its LMM investments enhances the diversity and quality of its LMM investment portfolio (1) Weighted-average effective yield is calculated using the applicable interest rate as of June 30, 2025 and is weighted based upon the principal amount of each debt investment as of June 30, 2025; includes amortization of deferred debt origination fees and accretion of original issue discount, but excludes fees payable upon repayment of the debt instruments and any debt investments on non-accrual status (2) 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 June 30, 2025
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 16 NYSE: MSIF LMM Portfolio by Industry (as a Percentage of Cost)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 17 NYSE: MSIF Diversified LMM Portfolio (as a Percentage of Cost) Invested Capital by Geography(2) 18% 30% 27% 17% 8% Invested Capital by Transaction Type (1) Leveraged Buyout / Management Buyout (2) Based upon portfolio company headquarters and excluding any MSIF investments in portfolio companies headquartered outside of the U.S., which in aggregate represent approximately 1% of the LMM investment portfolio at cost 6% 32% 58% 4% LBO/MBO(1) Recapitalization/ Refinancing Growth Capital Acquisition
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 18 NYSE: MSIF MSC Income Fund, Inc. Financial Overview 2nd Quarter – 2025
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 19 NYSE: MSIF $46.8 $53.4 $52.9 $55.5 $53.9 $32.1 2020 2021 2022 2023 2024 YTD 2025 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $86.7 $90.1 $103.8 $131.4 $134.8 $68.9 2020 2021 2022 2023 2024 YTD 2025 $0.0 $15.0 $30.0 $45.0 $60.0 $75.0 $90.0 $105.0 $120.0 $135.0 MSIF Financial Performance Total Investment Income ($ in millions) Net Investment Income (NII)(1) ($ in millions) Year over Year Change Year over Year Change (1)%27% 14%15%4% 3% 5% (3)%1% 17% (1) NII for 2023, 2024 and the first quarter of 2025 necessary to present the year-to-date 2025 amount has been revised to include the impact of excise tax and net investment income related federal and state income and other tax expenses previously included within a single disclosure of the total income tax provision; this correction was determined to be immaterial to all prior periods and had no impact on net increases in or net assets resulting from operations (i.e., net income) or the related per share amounts (2) Reflects year-to-date June 30, 2025 performance compared to year-to-date June 30, 2024 performance (3) Six months ended June 30, 2025 (3) (2) (3) (2)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 20 NYSE: MSIF 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) Net of waiver of internal administrative services expense, as applicable (3) NII for 2024 and the first quarter of 2025 have been revised to include the impact of excise tax and net investment income related federal and state income and other tax expenses previously included within a single disclosure of the total income tax provision; this correction was determined to be immaterial to all prior periods and had no impact on net increases in or net assets resulting from operations (i.e., net income) or the related per share amounts (4) Adjusted for a two-for-one reverse stock split, effective as of December 16, 2024 and applied retrospectively NM – Not Measurable / Not Meaningful ($ in 000s, except per share amounts) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q2 25 vs. Q2 24 % Change(1) Total Investment Income $ 33,946 $ 33,477 $ 33,455 $ 33,227 $ 35,643 5% Expenses: Interest Expense (9,546) (10,374) (9,565) (8,243) (8,678) 9% G&A Expense(2) (6,444) (6,785) (6,532) (6,173) (6,228) 3% Incentive Fee (3,591) (2,136) (3,131) (2,023) (3,431) 4% Net Investment Income (NII), Before Taxes 14,365 14,182 14,227 16,788 17,306 20% Taxes: Excise, Federal and State Income and Other Tax Expense (946) (1,266) (670) (1,042) (999) (6)% NII(3) 13,419 12,916 13,557 15,746 16,307 22% Net Realized Gain (Loss) 314 25,372 (8,026) (21,066) 4,779 NM Net Unrealized Appreciation (Depreciation) 6,226 (29,749) 9,217 18,783 (3,904) NM Income Tax Benefit (Provision) on Net Realized Gain (Loss) and Net Unrealized Appreciation (Depreciation) (1,830) (1,168) 5,714 2,412 (893) NM Net Increase in Net Assets Resulting from Operations $ 18,129 $ 7,371 $ 20,462 $ 15,875 $ 16,289 (10)% NII, Before Taxes Per Share(4) $ 0.36 $ 0.35 $ 0.35 $ 0.38 $ 0.37 3% NII Per Share(3)(4) $ 0.33 $ 0.32 $ 0.34 $ 0.35 $ 0.35 6%
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 21 NYSE: MSIF MSIF Per Share Change in Net Asset Value (NAV)(1) (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 investment income related federal and state income and other tax expenses previously included within a single disclosure of the total income tax provision; this correction was determined to be immaterial to all prior periods and had no impact on net increases in or net assets resulting from operations (i.e., net income) or the related per share amounts (3) Per share impact of shares repurchased at a discount to NAV per share in connection with the modified Dutch auction tender offers (the Dutch Auctions); refer to MSIF’s Annual Report on Form 10-K for the year ended December 31, 2024, which provides additional details on the Dutch Auctions (4) Per share impact of the follow-on equity offering completed in January 2025 (5) 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 Certain fluctuations in per share amounts are due to rounding differences between quarters. ($ per share) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Beginning NAV $ 15.44 $ 15.55 $ 15.38 $ 15.53 $ 15.35 Net Investment Income(2) 0.33 0.32 0.34 0.35 0.35 Net Realized Gain/(Loss) 0.01 0.63 (0.20) (0.47) 0.10 Net Unrealized Appreciation/(Depreciation) 0.16 (0.74) 0.23 0.42 (0.08) Income Tax (Provision) Benefit on Net Realized Gain (Loss) and Net Unrealized Appreciation (Depreciation) (0.05) (0.03) 0.13 0.06 (0.02) Net Increase in Net Assets Resulting from Operations 0.45 0.18 0.50 0.36 0.35 Regular Quarterly Dividends to Shareholders (0.36) (0.36) (0.36) (0.35) (0.35) Supplemental Quarterly Dividends to Shareholders — — — (0.01) (0.01) Accretive Effect of Stock Repurchases(3) 0.01 — — — — Dilutive Effect of Stock Offerings(4) — — — (0.16) — Other(5) 0.01 0.01 0.01 (0.02) (0.01) Ending NAV $ 15.55 $ 15.38 $ 15.53 $ 15.35 $ 15.33 Weighted Average Shares Outstanding 40,166,664 40,167,985 40,232,637 44,680,084 47,047,888
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 22 NYSE: MSIF MSIF Balance Sheet Summary (1) The defined term and additional details for the Credit Facilities are included on page 24 (2) $150.0 million par of Series A Notes due October 2026 ($ in 000s) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Private Loan Portfolio Investments $ 665,860 $ 679,863 $ 677,878 $ 767,780 $ 741,572 LMM Portfolio Investments 406,252 411,030 436,150 439,689 458,464 Middle Market Portfolio Investments 49,898 46,062 39,402 30,781 29,298 Other Portfolio Investments 26,298 25,672 24,077 22,603 16,229 Cash and Cash Equivalents 29,484 48,926 28,375 39,459 28,338 Other Assets 33,226 15,729 18,789 22,164 19,166 Total Assets $ 1,211,018 $ 1,227,282 $ 1,224,671 $ 1,322,476 $ 1,293,067 Credit Facilities(1) $ 401,688 $ 406,688 $ 415,688 $ 420,688 $ 389,000 Series A Notes(2) 149,304 149,379 149,453 149,528 149,602 Other Liabilities 36,851 52,730 34,627 33,320 31,677 Net Asset Value 623,175 618,485 624,903 718,940 722,788 Total Liabilities and Net Assets $ 1,211,018 $ 1,227,282 $ 1,224,671 $ 1,322,476 $ 1,293,067
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 23 NYSE: MSIF (1) The defined terms and additional details for the SPV Facility and Corporate Facility are included on page 24 (2) $150.0 million (par) Series A Notes due October 2026 (3) Debt to NAV Ratio is calculated based upon par value of debt (4) Net debt in this ratio includes par value of total debt less cash and cash equivalents; see Non-GAAP information disclosure included on page 27 of this presentation (5) Net Investment Income + interest expense / interest expense on a trailing twelve-month basis MSIF Capitalization ($ in 000s) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 SPV Facility(1) $ 250,688 $ 259,688 $ 266,688 $ 260,688 $ 240,000 Corporate Facility(1) 151,000 147,000 149,000 160,000 149,000 Series A Notes(2) 150,000 150,000 150,000 150,000 150,000 Total Debt at Par Value $ 551,688 $ 556,688 $ 565,688 $ 570,688 $ 539,000 Net Asset Value (NAV) 623,175 618,485 624,903 718,940 722,788 Total Capitalization $ 1,174,863 $ 1,175,173 $ 1,190,591 $ 1,289,628 $ 1,261,788 Debt to NAV Ratio(3) 0.89 to 1.0 0.90 to 1.0 0.91 to 1.0 0.79 to 1.0 0.75 to 1.0 Net Debt to NAV Ratio(4) 0.84 to 1.0 0.82 to 1.0 0.86 to 1.0 0.74 to 1.0 0.71 to 1.0 Interest Coverage Ratio(5) 2.51 to 1.0 2.48 to 1.0 2.46 to 1.0 2.58 to 1.0 2.59 to 1.0
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 24 NYSE: MSIF Stable, Long-Term Leverage MSIF maintains a conservative capital structure, with limited overall leverage and an intentional mix of secured, floating-rate revolving debt and unsecured, fixed rate long-term debt Capital structure is designed to correlate to and complement the expected duration and fixed/ floating rate nature of investment portfolio assets (1) As of June 30, 2025, 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 and borrowing availability up to $450.0 million (2) As of June 30, 2025, 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 (3) Borrowings under the SPV Facility and the Corporate Facility (together, the Credit Facilities) are available to provide additional liquidity for investment and operational activities (4) SPV Facility and Corporate Facility rates reflect the rate based on SOFR effective for the contractual reset date of July 1, 2025 (5) Borrowing availability could be limited by regulatory requirements, advance rates per the credit agreement or internal leverage targets Facility Interest Rate Maturity Principal Drawn as of 6/30/2025 Borrowing Availability(5) SPV Facility(1)(3) SOFR+2.20% floating (6.49%(4)) February 2030 (fully revolving until February 2029) $240.0 million $60.0 million Corporate Facility(2)(3) SOFR+2.05% floating (6.38%(4)) May 2029 (fully revolving until November 2028) $149.0 million $96.0 million Series A Notes 4.04% fixed October 30, 2026 $150.0 million N/A
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 25 NYSE: MSIF Long-term Maturity of Debt Obligations MSIF maintains a conservative capital structure, with limited overall leverage and an intentional mix of short-term and long- term debt Capital structure is designed to correlate to and complement the expected duration and fixed/floating rate nature of investment portfolio assets (1) The defined terms and additional details for the SPV Facility and Corporate Facility are included on page 24 (in millions) $150.0 $149.0 $240.0 Series A Notes Corporate Facility SPV Facility 2025 2026 2027 2028 2029 2030 2031 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 (1) (1)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 26 NYSE: MSIF (1) Assumes no changes in the portfolio investments or outstanding debt obligations existing as of June 30, 2025; the pro- forma changes in incentive fee expense are calculated based upon the incentive fee expense for Q2 2025 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 noted in the table; assumes no other changes in investment income or expenses (2) 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 on page 24) resulting in a delay in the realization of the increases or decreases in interest income or expense (3) The hypothetical results would also be impacted by the changes in the amount of outstanding debt under the Credit Facilities (with an increase (decrease) in the debt outstanding under the Credit Facilities resulting in an (increase) decrease in the hypothetical interest expense) (4) Per share amount is calculated using shares outstanding as of June 30, 2025 (5) As of June 30, 2025, based on par (6) Weighted-average interest rate floor calculated based on debt principal balances as of June 30, 2025 Although MSIF believes that this analysis is indicative of the impact of interest rate changes to NII as of June 30, 2025, 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 June 30, 2025. Interest Rate Impact and Sensitivity 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):MSIF’s financial results are subject to impact from changes in interest rates; MSIF maintains a capital structure with the goal to minimize the impact of changes in interest rates • 28% of outstanding debt obligations have fixed interest rates(5) • 72% of outstanding debt obligations have floating interest rates(5) • 79% 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 135 basis points(6)) • Results in increases in net investment income if market interest rates increase, and reductions to NII if market interest rates decrease, subject to the impact to MSIF’s incentive fee expense 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 Expense(1) Increase (Decrease) in NII Increase (Decrease) in NII per Share(4) (100) $ (7,223) $ 3,890 $ (3,333) $ 583 $ (2,750) $ (0.06) (75) (5,389) 2,918 (2,471) 432 (2,039) (0.04) (50) (3,589) 1,945 (1,644) 288 (1,356) (0.03) (25) (1,794) 973 (821) 144 (677) (0.01) 25 1,794 (973) 821 (144) 677 0.01 50 3,589 (1,945) 1,644 (288) 1,356 0.03 75 5,384 (2,918) 2,466 (432) 2,034 0.04 100 7,182 (3,890) 3,292 (576) 2,716 0.06
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 27 NYSE: MSIF Non-GAAP Information 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.
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 28 NYSE: MSIF MSC Income Fund, Inc. Corporate Information Please visit MSIF’s website at 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 HalFILE Systems Corporation Interim CEO Myocardial Solutions, 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 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 Houston, TX Corporate Counsel Dechert, LLP Washington, D.C. Transfer Agent SS&C Global Investor and Distribution Solutions Tel: (+1 800) 234-0556 www.ssctech.com Investor Relation 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 Main Street’s Investment Committee Dwayne L. Hyzak, Chief Executive Officer David L. Magdol, President & Chief Investment Officer Vincent D. Foster, Chairman of Main Street’s Board 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 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 Douglas Harter UBS (212) 882-0080 Paul Johnson KBW (617) 848-2777 Kenneth S. Lee RBC Capital Markets (212) 905-5995 Brian McKenna Citizens (212) 906-3545