Fourth Quarter 2025 Net Investment Income of $0.28 Per Share Fourth Quarter 2025 Adjusted Net Investment Income(1) of $0.34 Per Share Fourth Quarter 2025 Adjusted Net Investment Income Before Taxes(2) of $0.37 Per Share Net Asset Value of $15.85 Per Share HOUSTON, Feb. 26, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce its financial results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Highlights Net investment income ("NII") of $13.1 million, or $0.28 per share, including the impact of the capital gains incentive fee(3) of $2.8 million, or $0.06 per share, and excise tax and NII related income taxes of $1.3 million, or $0.03 per share NII excluding the impact of the capital gains incentive fee,(3) or adjusted net investment income ("ANII"),(1) of $15.9 million, or $0.34 per share ANII excluding the impact of excise tax and NII related income taxes, or ANII before taxes,(2) of $17.2 million, or $0.37 per share Total investment income of $34.9 million Net increase in net assets resulting from operations of $30.0 million, or $0.64 per share Return on equity(4) of 16.3% on an annualized basis Net asset value of $15.85 per share as of December 31, 2025, representing an increase of $0.31 per share, or 2.0%, compared to $15.54 per share as of September 30, 2025 Declared a regular quarterly dividend of $0.35 per share and a supplemental dividend of $0.01 per share, both payable in the first quarter of 2026, resulting in total dividends declared in the fourth quarter of 2025 of $0.36 per share Completed $100.9 million in total private loan portfolio investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase of $57.1 million in the total cost basis of the private loan investment portfolio Completed $23.0 million in total lower middle market ("LMM") portfolio follow-on investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase of $14.9 million in the total cost basis of the LMM investment portfolio Full Year 2025 Highlights NII of $61.8 million, or $1.33 per share, including the impact of the capital gains incentive fee(3) of $2.8 million, or $0.06 per share, and excise tax and NII related income taxes of $3.8 million, or $0.08 per share NII excluding the impact of the capital gains incentive fee,(3) or ANII,(1) of $64.5 million, or $1.39 per share ANII excluding the impact of excise tax and NII related income taxes, or ANII before taxes,(2) of $68.3 million, or $1.47 per share Total investment income of $139.2 million Net increase in net assets resulting from operations of $88.7 million, or $1.91 per share Return on equity(4) of 12.5% Net asset value of $15.85 per share as of December 31, 2025, representing an increase of $0.32 per share, or 2.1%, compared to $15.53 per share as of December 31, 2024 Declared regular quarterly dividends totaling $1.40 per share and supplemental dividends totaling $0.04 per share, resulting in total dividends declared of $1.44 per share Completed $357.1 million in total private loan portfolio investments, which after aggregate repayments and sales of debt investments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase of $109.6 million in the total cost basis of the private loan investment portfolio Completed $53.5 million in total LMM portfolio follow-on investments, which after aggregate repayments, return of invested equity capital and a decrease in cost basis due to realized losses resulted in a net increase of $27.1 million in the total cost basis of the LMM investment portfolio Further diversified the Fund's capital structure and enhanced its liquidity position by (i) amending the Corporate Facility to increase total commitments to $245.0 million (from $165.0 million), increase the accordion feature to up to a total of $300.0 million and expand and diversify the lender group to seven participants and (ii) amending the SPV Facility to decrease the interest rate to the applicable Secured Overnight Financing Rate ("SOFR") plus 2.20% (from 3.00%), extend the revolving period through February 2029 and extend the final maturity date to February 2030, with the Corporate Facility and SPV Facility each defined in the Liquidity and Capital Resources section below Entered into an amended advisory agreement effective upon the listing of the Fund's common stock on the New York Stock Exchange ("NYSE") in January 2025 (the "MSC Income Listing") to, among other things, (i) reduce the annual base management fee payable by the Fund to 1.5% of its average total assets (with additional future contractual reductions based upon changes to the composition of the Fund's investment portfolio), (ii) reduce to 17.5% the subordinated incentive fee on income payable by the Fund, subject to a 50% / 50% catch-up feature, (iii) reduce to 17.5% and reset the incentive fee on cumulative net realized capital gains payable by the Fund and (iv) establish a cap on the amount of expenses payable by the Fund relating to certain internal administrative services, which varies based on the value of the Fund's total assets In commenting on the Fund's operating results for the fourth quarter and full year of 2025, Dwayne L.
