MSC Income Fund (MSIF) investor relations material

Executive summary

• Annualized return on equity reached 15.9% for Q2 2026, with significant net fair value appreciation and realized gains in the investment portfolio.

• Adjusted net investment income (ANII) for Q2 2026 was $14.9 million ($0.33 per share), with net investment income (NII) at $12.0 million ($0.26 per share).

• Net asset value (NAV) per share increased to $16.51 as of June 30, 2026, up 4% from the prior quarter and from $15.85 at year-end 2025.

• Regular monthly dividends of $0.11 per share and a supplemental $0.03 per share were declared for Q4, totaling $0.36 per share, with a shift to monthly dividend payments starting July 2026.

• A new $20 million share repurchase plan was authorized, with Main Street Capital Corporation matching for a combined $40 million potential repurchases.

Financial highlights

• Total investment income for Q2 2026 was $35.7 million, nearly flat year-over-year; YTD 2026 total was $70.0 million, up 3% year-over-year.

• Net investment income for Q2 2026 was $12.0 million ($0.26/share), down from $16.3 million ($0.35/share) in Q2 2025, mainly due to higher expenses.

• Net increase in net assets from operations for Q2 2026 was $29.3 million ($0.65/share), up 80% year-over-year.

• Net realized gain for Q2 2026 was $9.9 million, including an $11.6 million gain on a lower-middle-market exit; net unrealized appreciation was $9.1 million.

• Regular and supplemental dividends paid for the six months ended June 30, 2026 totaled $33.1 million ($0.72/share).

Outlook and guidance

• Dividend policy aims to align total quarterly dividends with ANII before taxes per share, with a shift to monthly payments.

• Private loan investment pipeline described as average, with expectations for increased M&A activity and portfolio growth over the next several quarters.

• Target leverage expected to be reached in the next three to four quarters, depending on investment activity and repayments.

• Floating rate debt investments and matching floating rate credit facilities position the fund to benefit from rising interest rates.

• Management remains optimistic due to portfolio quality, liquidity, and investment pipeline.