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MSC INCOME FUND Investor Presentation Second Quarter - 2026 MSC Income Fund , Inc. NYSE : MSIF mscincomefund.com
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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 7, 2026, 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 Investment Company Act of 1940 (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 – 2026 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 attractive 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 $9.0 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 some investors to access Maintains a legacy 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 • Investments include a combination of first lien, senior secured debt and equity financing to private companies through co-investments with MAIN and in partnership with the portfolio company’s existing ownership and management team • 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 Headquartered in Houston, Texas MSIF is a Principal Investor in Private Debt and Equity Attractive investment strategy, diversified investment portfolio and relationship with best-in- class manager differentiates MSIF from other investment firms Refer to Endnotes beginning on page 31 of this presentation
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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 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 $32.9 million(1) Investments primarily in secured debt investments • First lien debt investments • Floating rate debt investments • Limited equity investments 8.5% – 12% targeted gross yields • Weighted-average effective yield of 10.4%(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 by or being acquired by a private equity fund Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 6 NYSE: MSIF LMM Investment Portfolio 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 (12.2%(1) weighted-average cash coupon as of June 30, 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 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 Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 7 NYSE: MSIF • Joined MAIN in 2012 • Portfolio Manager at Highland Capital Management, LP • Credit Analyst at JPMorgan Chase • Previously announced plan to transition to MSIF CEO role in Q4 2026 MSIF Executive Management Team • 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 • Previously announced plan to transition to Executive Chairman of MSIF in Q4 2026; Nick Meserve to become CEO of MSIF 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 Refer to Endnotes beginning on page 31 of this presentation Nick Meserve(2) Managing Director and Head of Private Credit
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 8 NYSE: MSIF MSC Income Fund, Inc. Investment Portfolio 2nd Quarter – 2026
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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 61% Private Loan / 36% LMM(1) / 2% Middle Market(2) / 1% Other Portfolio(2) investments Highly diversified investment portfolio • 144 Private Loan, LMM(1) and Middle Market(2) portfolio companies • Average investment size of $9.0 million(3)(4) • Largest individual portfolio companies represent 3.2%(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 1.9% of the total investment portfolio at fair value and 5.8% at cost • Weighted-average effective yield of 11.0%(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 Refer to Endnotes beginning on page 31 of this presentation
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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) Refer to Endnotes beginning on page 31 of this presentation
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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) 23% 23% 19% 20% 15% 21% 39% 38% 2% (2) Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 12 NYSE: MSIF Private Loan Investment Portfolio 81 investments / $848.5 million in fair value • 61% of total investment portfolio at fair value Average investment size of $10.6 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, senior secured term debt Debt yielding 10.4%(2) • 95%(1) of Private Loan debt investments bear interest at floating rates(3), providing matching with MSIF’s floating rate Credit Facilities(4) • Over 450 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 MSIF’s investments in new portfolio companies are solely focused on its Private Loan investment strategy Refer to Endnotes beginning on page 31 of this presentation
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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) 25% 17% 17% 21% 20% 26% 43% 30% 1% LBO/MBO(1) Acquisition Growth Capital Recapitalization/ Refinancing Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 15 NYSE: MSIF LMM Investment Portfolio 55 portfolio companies / $503.9 million in fair value • 36% of total investment portfolio at fair value Average investment size of $7.2 million at cost (less than 1% of total portfolio) Debt yielding 12.7%(1) (71% of LMM portfolio at cost) • Over 99% of debt investments have first lien, senior secured position • 77% 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 • $106.3 million, or $2.34 per share, of cumulative pre-tax net unrealized appreciation as of June 30, 2026 LMM investment portfolio consists of a diversified mix of first lien, senior 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 Refer to Endnotes beginning on page 31 of this presentation
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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) 17% 34% 24% 18% 7% Invested Capital by Transaction Type 14% 30% 53% 3% LBO/MBO(1) Recapitalization/ Refinancing Growth Capital Acquisition Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 18 NYSE: MSIF MSC Income Fund, Inc. Share Repurchase Activities 2nd Quarter – 2026
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 19 NYSE: MSIF Share Repurchase Activities In connection with MSIF’s listing and equity offering in January 2025, the Fund entered into an open-market share repurchase plan to repurchase up to $65.0 million of its shares (the Prior Repurchase Plan) • The Fund repurchased shares at times when the Fund’s shares were trading at pre-determined levels below its NAV per share • The Prior Repurchase Plan began in April 2025 and expired in March 2026 • In conjunction with the Prior Repurchase Plan, MAIN entered into an open- market purchase program to purchase up to $20.0 million of MSIF shares, with the terms of such plan being identical to the Prior Repurchase Plan • Under these plans, MSIF repurchased $27.6 million of shares and MAIN purchased $8.5 million of shares, for a total of $36.1 million of shares purchased • The average price-to-NAV of all such purchases was 0.85x • MSIF’s repurchases under the Prior Repurchase Plan resulted in $0.11 per share of NAV accretion In August 2026, MSIF’s Board of Directors authorized a new open-market share repurchase plan under which the Fund may repurchase up to $20.0 million of its shares (the New Repurchase Plan) • Shares would be repurchased at times when the Fund’s shares are trading at pre-determined levels below its NAV per share • The New Repurchase Plan would begin in September 2026 and expire in February 2027 • In conjunction with the New Repurchase Plan, MAIN authorized an open-market purchase program under which MAIN may purchase up to $20.0 million of MSIF shares, with the terms of such plan being identical to the New Repurchase Plan • Any share purchases on any single trading day would be split by MSIF and MAIN on a pro rata basis (50% MSIF / 50% MAIN) In February 2025, MSIF entered into a share repurchase plan in conjunction with its NYSE listing and offering, which expired in March 2026 In August 2026, MSIF’s Board of Directors authorized a new share repurchase plan under which MSIF may repurchase up to $20.0 million of its shares Any share repurchases by MSIF would result in NAV and NII per share accretion for MSIF MAIN’s participation in share purchase activities alongside MSIF demonstrates MAIN’s commitment to MSIF’s future success and confidence in the Fund’s investment portfolio and strategy
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 20 NYSE: MSIF MSC Income Fund, Inc. Financial Overview 2nd Quarter – 2026
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 21 NYSE: MSIF $53.4 $52.9 $55.5 $53.9 $64.5 $30.5 2021 2022 2023 2024 2025 YTD 2026 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $90.1 $103.8 $131.4 $134.8 $139.2 $69.8 2021 2022 2023 2024 2025 YTD 2026 $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) Adjusted Net Investment Income (ANII)(1) ($ in millions) Year over Year Change Year over Year Change 5%3% (1)%27%15% 3% (3)% 20%1% (5)% Refer to Endnotes beginning on page 31 of this presentation (3) (3) (2) (2)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 22 NYSE: MSIF MSIF Income Statement Summary NM – Not Measurable / Not Meaningful Refer to Endnotes beginning on page 31 of this presentation ($ in 000s, except per share amounts) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q2 26 vs. Q2 25 Change(1) Total Investment Income $ 35,643 $ 35,367 $ 34,916 $ 34,087 $ 35,700 —% Expenses: Interest Expense (8,678) (8,649) (8,357) (8,920) (9,865) (14)% Other Expenses(2) (6,228) (6,527) (6,027) (6,450) (6,653) (7)% Incentive Fee on Income (3,431) (3,321) (3,370) (3,099) (3,117) 9% Waiver of Incentive Fee on Income — 160 — 985 258 NM Adjusted Net Investment Income (ANII) Before Taxes(2)(3) 17,306 17,030 17,162 16,603 16,323 (6)% ANII Before Taxes Margin % 48.6 % 48.2 % 49.2 % 48.7 % 45.7 % (290) bps (4) Excise, Federal and State Income and Other Tax Expense (999) (453) (1,277) (1,006) (1,375) (38)% ANII(2)(3) 16,307 16,577 15,885 15,597 14,948 (8)% ANII Margin % 45.8 % 46.9 % 45.5 % 45.8 % 41.9 % (390) bps (4) Incentive Fee on Capital Gains(5) — — (2,763) 638 (2,949) NM Net Investment Income (NII) 16,307 16,577 13,122 16,235 11,999 (26)% Net Realized Gain (Loss) 4,779 (9,854) 16,638 (241) 9,857 NM Net Unrealized Appreciation (Depreciation) (3,904) 21,007 542 (2,643) 9,104 NM Income Tax Benefit (Provision) on Net Realized Gain (Loss) and Net Unrealized Appreciation (Depreciation) (893) (1,201) (267) (128) (1,688) NM Net Increase in Net Assets Resulting from Operations $ 16,289 $ 26,529 $ 30,035 $ 13,223 $ 29,272 80% NII Per Share $ 0.35 $ 0.35 $ 0.28 $ 0.35 $ 0.26 (26)% ANII Per Share(2)(3) $ 0.35 $ 0.35 $ 0.34 $ 0.34 $ 0.33 (6)% ANII Before Taxes Per Share(2)(3) $ 0.37 $ 0.36 $ 0.37 $ 0.36 $ 0.36 (3)%
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 23 NYSE: MSIF MSIF Per Share Change in Net Asset Value (NAV) Certain fluctuations in per share amounts are due to rounding differences between quarters. ($ per share) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Beginning NAV $ 15.35 $ 15.33 $ 15.54 $ 15.85 $ 15.87 Adjusted Net Investment Income(1) 0.35 0.35 0.34 0.34 0.33 Incentive Fee on Capital Gains(2) — — (0.06) 0.01 (0.06) Net Realized Gain/(Loss) 0.10 (0.21) 0.35 (0.01) 0.22 Net Unrealized Appreciation/(Depreciation) (0.08) 0.44 0.01 (0.05) 0.20 Income Tax (Provision) Benefit on Net Realized Gain (Loss) and Net Unrealized Appreciation (Depreciation) (0.02) (0.02) — — (0.04) Net Increase in Net Assets Resulting from Operations 0.35 0.56 0.64 0.29 0.65 Regular Dividends to Shareholders(3)(4) (0.35) (0.35) (0.35) (0.35) — Supplemental Dividends to Shareholders(4) (0.01) (0.01) (0.01) (0.01) — Accretive Effect of Stock Repurchases(5) — — 0.03 0.08 — Other(6) (0.01) 0.01 — 0.01 (0.01) Ending NAV $ 15.33 $ 15.54 $ 15.85 $ 15.87 $ 16.51 Weighted Average Shares Outstanding 47,047,888 47,303,204 46,923,388 46,116,898 45,345,229 Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 24 NYSE: MSIF MSIF Balance Sheet Summary ($ in 000s) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Private Loan Portfolio Investments $ 741,572 $ 750,912 $ 808,957 $ 823,061 $ 848,466 LMM Portfolio Investments 458,464 466,671 487,593 507,583 503,851 Middle Market Portfolio Investments 29,298 26,631 23,307 22,995 21,909 Other Portfolio Investments 16,229 15,988 15,530 15,563 15,177 Cash and Cash Equivalents 28,338 18,081 20,635 15,559 28,055 Other Assets 19,166 19,823 25,009 25,164 26,371 Total Assets $ 1,293,067 $ 1,298,106 $ 1,381,031 $ 1,409,925 $ 1,443,829 Credit Facilities(1) $ 389,000 $ 379,000 $ 453,000 $ 350,000 $ 362,000 October 2026 Notes 149,602 149,677 149,751 149,826 149,901 May 2029 Notes — — — 149,274 149,279 Other Liabilities 31,677 35,071 39,621 41,297 33,849 Net Asset Value 722,788 734,358 738,659 719,528 748,800 Total Liabilities and Net Assets $ 1,293,067 $ 1,298,106 $ 1,381,031 $ 1,409,925 $ 1,443,829 Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 25 NYSE: MSIF Refer to Endnotes beginning on page 31 of this presentation MSIF Capitalization ($ in 000s) Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 SPV Facility(1) $ 240,000 $ 234,000 $ 244,000 $ 267,000 $ 249,000 Corporate Facility(1) 149,000 145,000 209,000 83,000 113,000 October 2026 Notes 150,000 150,000 150,000 150,000 150,000 May 2029 Notes — — — 150,000 150,000 Total Debt at Par Value $ 539,000 $ 529,000 $ 603,000 $ 650,000 $ 662,000 Net Asset Value (NAV) 722,788 734,358 738,659 719,528 748,800 Total Capitalization $ 1,261,788 $ 1,263,358 $ 1,341,659 $ 1,369,528 $ 1,410,800 Debt to NAV Ratio(2) 0.75 to 1.0 0.72 to 1.0 0.82 to 1.0 0.90 to 1.0 0.88 to 1.0 Net Debt to NAV Ratio(3)(4) 0.71 to 1.0 0.70 to 1.0 0.79 to 1.0 0.88 to 1.0 0.85 to 1.0 Interest Coverage Ratio(5) 2.59 to 1.0 2.77 to 1.0 2.90 to 1.0 2.86 to 1.0 2.76 to 1.0
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 26 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 Facility Interest Rate Maturity Principal Drawn as of 6/30/2026 Borrowing Availability(5) SPV Facility(1)(3) SOFR+2.20% floating (5.93%(4)) February 2030 (fully revolving until February 2029) $249.0 million $51.0 million Corporate Facility(2)(3) SOFR+2.05% floating (5.70%(4)) May 2029 (fully revolving until November 2028) $113.0 million $131.4 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 Refer to Endnotes beginning on page 31 of this presentation
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 27 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 (in millions) $150.0 $113.0 $249.0 $150.0 October 2026 Notes Corporate Facility SPV Facility May 2029 Notes 2026 2027 2028 2029 2030 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 (1) (2) Refer to Endnotes beginning on page 31 of this presentation (2) (3)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 28 NYSE: MSIF (1) Assumes no changes in the portfolio investments or outstanding debt obligations existing as of June 30, 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 second quarter of 2026, net of the voluntary permanent incentive fee on income waiver for the second 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 expenses and with the voluntary permanent incentive fee on income waiver assumed to remain at the second 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 (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 in the Endnotes for page 26) resulting in a delay in the realization of the increases or decreases in interest income or expense (3) 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) (4) Per share amount is calculated using shares outstanding as of June 30, 2026 (5) As of June 30, 2026, based on par (6) Weighted-average interest rate floor calculated based on debt principal balances as of June 30, 2026 Although MSIF believes that this analysis is indicative of the impact of interest rate changes to NII as of June 30, 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 June 30, 2026. 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 such impact • 45% of outstanding debt obligations have fixed interest rates(5) • 55% of outstanding debt obligations have floating interest rates(5) • 76% 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 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 (Decrease) in NII Increase (Decrease) in NII per Share(4) (100) $ (8,103) $ 3,620 $ (4,483) $ 785 $ (3,698) $ (0.08) (75) (6,079) 2,715 (3,364) 589 (2,775) (0.06) (50) (4,054) 1,810 (2,244) 393 (1,851) (0.04) (25) (2,030) 905 (1,125) 197 (928) (0.02) 25 2,012 (905) 1,107 (194) 913 0.02 50 4,005 (1,810) 2,195 (384) 1,811 0.04 75 5,974 (2,715) 3,259 (570) 2,689 0.06 100 7,942 (3,620) 4,322 (756) 3,566 0.08
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 29 NYSE: MSIF Non-GAAP Information 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.
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 30 NYSE: MSIF MSIF 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 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 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 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 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 Chris Muller Citizens (212) 906-3559 Mickey Schleien Clear Street (646) 290-6794
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 31 NYSE: MSIF 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 June 30, 2026 (2) Through MAIN’s wholly-owned unconsolidated registered investment adviser subsidiary, MSC Adviser I, LLC (the Adviser) (3) Capital under management includes total assets plus undrawn portion of debt capital and uncalled equity capital commitments as of June 30, 2026 Page 5: Private Loan Investment Strategy (1) This calculation excludes three Private Loan portfolio companies as EBITDA is not a meaningful valuation 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 rates as of June 30, 2026 and is weighted based upon the principal amount of each debt investment as of June 30, 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 (3) The defined term and additional details for the Credit Facilities are included on page 26 and the related Endnotes Page 6: LMM Investment Portfolio (1) Weighted-average cash coupon is calculated using the applicable cash interest rates as of June 30, 2026 and is weighted based upon the principal amount of each debt investment as of June 30, 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 (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 Page 9: Total Investment Portfolio (1) 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 (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, 2026; based on cost (4) Excludes the Other Portfolio, as defined in MSIF’s SEC filings, which represents 1% of total investment portfolio cost as of June 30, 2026 (5) Based upon total investment income for the trailing twelve-month period ended June 30, 2026 (6) Weighted-average effective yield is calculated using the applicable interest rates as of June 30, 2026 and is weighted based upon the principal amount of each debt investment as of June 30, 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 Page 10: Total Portfolio by Industry (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 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) 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
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 32 NYSE: MSIF Page 12: Private Loan Investment Portfolio (1) As of June 30, 2026; based on cost (2) Weighted-average effective yield is calculated using the applicable interest rates as of June 30, 2026 and is weighted based upon the principal amount of each debt investment as of June 30, 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 (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 26 and the related Endnotes Page 14: Diversified Private Loan Portfolio (as a Percentage of Cost) (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 6% of the Private Loan investment portfolio at cost Page 15: LMM Investment Portfolio (1) Weighted-average effective yield is calculated using the applicable interest rates as of June 30, 2026 and is weighted based upon the principal amount of each debt investment as of June 30, 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 (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, 2026 Page 17: Diversified LMM Portfolio (as a Percentage of Cost) (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 Page 21: MSIF Financial Performance (1) See reconciliation of ANII to NII on page 22 and Non-GAAP Information disclosures on page 29 of this presentation (2) Reflects year-to-date June 30, 2026 performance compared to year-to-date June 30, 2025 performance (3) Six months ended June 30, 2026 Endnotes (cont’d)
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 33 NYSE: MSIF 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 on page 29 of this presentation (4) Change in ANII Before Taxes Margin and ANII Margin is based upon the basis point difference (increase/(decrease)) (5) 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) 17.5% of 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 second quarter of 2026, MSIF increased the accrual on the capital gains incentive fee by $2.9 million, resulting in an ending capital gains incentive fee accrual of $5.1 million as of June 30, 2026. Page 23: MSIF Per Share Change in Net Asset Value (NAV) (1) See reconciliation of ANII per share to NII per share on page 22 and Non-GAAP Information disclosures on page 29 of this presentation (2) Additional details on the capital gains incentive fee are included on page 22 and the related Endnotes (3) On May 7, 2026, MSIF announced a change to its regular dividend payment frequency from quarterly to monthly beginning in July 2026 (4) In connection with MSIF’s change in regular dividend payment frequency from quarterly to monthly, dividend record dates that would have fallen at the end of the second quarter under the prior quarterly frequency instead fall within the third quarter under the new monthly frequency; because no dividends had a record date in the second quarter of 2026, the Fund did not accrue any dividends for that period (5) Per share impact of MSIF’s repurchases of common stock as part of its 10b5-1 repurchase plan, which expired in March 2026; in August 2026, the MSIF Board of Directors authorized a new share repurchase plan pursuant to which MSIF may repurchase up to $20.0 million of shares of its common stock for a period beginning in September 2026 and ending in February 2027; refer to page 19 for additional details on these activities (6) Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date and other minor changes Page 24: MSIF Balance Sheet Summary (1) The defined term and additional details for the Credit Facilities are included on page 26 and the related Endnotes Page 25: MSIF Capitalization (1) The defined terms and additional details for the SPV Facility and Corporate Facility are included on page 26 and the related Endnotes (2) Debt to NAV Ratio is calculated based upon par value of debt (3) Net debt in this ratio includes par value of total debt less cash and cash equivalents (4) See reconciliation of ANII to NII on Page 22 and Non-GAAP Information disclosures on page 29 of this presentation (5) ANII(4) + interest expense / interest expense on a trailing twelve-month basis
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mscincomefund.comMSC Income Fund, Inc. www.mainstcapital.com Page 34 NYSE: MSIF Page 26: Stable, Long-Term Leverage (1) As of June 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 June 30, 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 (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; 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 (4) SPV Facility and Corporate Facility rates reflect the rate based on SOFR effective for the contractual reset date of July 1, 2026 (5) Borrowing availability could be limited by regulatory requirements, advance rates per the credit agreement or internal leverage targets Page 27: Long-term Maturity of Debt Obligations (1) 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 (2) The defined terms and additional details for the SPV Facility and Corporate Facility are included on page 26 and the related Endnotes (3) Issued in March 2026; redeemable at MSIF’s option at any time, subject to certain make-whole provisions Endnotes (cont’d)