MSC Income Fund (MSIF) Corporate presentation summary

Investment strategy and portfolio overview

• Focuses on private debt and equity investments, primarily through proprietary private loan originations and legacy lower middle market (LMM) holdings.

• $1.4 billion total investment portfolio, with 76% in debt and 24% in equity as of June 30, 2026.

• Private loan investments target companies with $25–500 million in revenue and $7.5–50 million in EBITDA, yielding a weighted average of 10.4%.

• LMM investments provide higher yields (12.7%) and include both debt and equity, but no new LMM investments are being made.

• Portfolio is highly diversified across 151 companies, industries, geographies, and transaction types, with no single company representing more than 3.6% of fair value.

Management, structure, and governance

• Managed by a wholly owned subsidiary of Main Street Capital Corporation, a top-performing BDC with over $9 billion under management.

• Executive team has over 100 years of collective investment experience; leadership transition planned for Q4 2026.

• Listed on NYSE since January 2025, with a reduced management fee structure and conservative dividend policy.

• Board-approved reduction in regulatory asset coverage ratio to 1.5x, effective January 2026, providing additional leverage flexibility.

Financial performance and leverage

• Q2 2026 adjusted net investment income before taxes was $16.3 million, with a margin of 45.7%.

• Net asset value (NAV) per share increased to $16.51 at June 30, 2026.

• Maintains conservative leverage: asset coverage ratio of 2.13x, debt to assets ratio of 0.46x, and net debt to NAV ratio of 0.85x.

• Capital structure includes a mix of secured, floating-rate revolving debt and unsecured, fixed-rate long-term notes, with $661 million in total debt.