MSC Income Fund Reports Preliminary Estimate Of Q4 Net Investment Income Of $0.26-$0.30 Per Share; Adj. NII, Excluding Impact Of Capital Gains Incentive Fee, Of $0.32-$0.36 Per Share

MSC Income Fund, Inc. (NYSE:MSIF) ("MSC Income" or the "Fund") is pleased to announce its preliminary operating results for the fourth quarter of 2025, the federal tax treatment of its 2025 dividends and its fourth quarter and full year 2025 earnings release and conference call schedule.

In commenting on the Fund's preliminary operating results for the fourth quarter of 2025, Dwayne L. Hyzak, MSC Income's Chief Executive Officer, stated, "We are very pleased with the Fund's performance in the fourth quarter. The Fund's preliminary operating results highlight that the fourth quarter performance resulted in strong operating results, including favorable adjusted net investment income per share and a significant net increase in the fair value of the Fund's investments, including the benefit of material net realized gains in both the Fund's private loan and lower middle market investment portfolios, which resulted in a significant increase in net asset value per share. The Fund's fourth quarter resulted in an estimated return on equity of over 16% for the quarter, reflecting the overall strength of the quarter. And lastly, the favorable investment activity in the quarter generated meaningful growth of the Fund's investment portfolio. We are pleased with the Fund's fourth quarter and full year 2025 results and look forward to sharing the full details of the results in late February."

Preliminary Estimates of Fourth Quarter 2025 Results

MSC Income's preliminary estimate of fourth quarter 2025 net investment income ("NII") is $0.26 to $0.30 per share, including an estimated capital gains incentive fee of $0.06 per share(1). MSC Income's preliminary estimate of adjusted net investment income ("ANII")(2), which is NII excluding the impact of the capital gains incentive fee, is $0.32 to $0.36 per share and ANII before taxes(3), which is NII before taxes excluding the impact of the capital gains incentive fee, is $0.35 to $0.39 per share.

MSC Income's preliminary estimate of net asset value ("NAV") per share as of December 31, 2025 is $15.81 to $15.89, representing an increase of $0.27 to $0.35 per share, or 1.8% to 2.3%, from the NAV per share of $15.54 as of September 30, 2025. The estimated NAV per share increase is primarily due to the net fair value increase of the Fund's investments and the accretive impact of common stock repurchases, partially offset by the net tax provision for the quarter and the dividends declared in excess of NII in the quarter. The net fair value increase of the Fund's investments is primarily the result of net fair value increases of the investments in the lower middle market ("LMM") and private loan investment portfolios, partially offset by the fair value decrease of the residual middle market investment portfolio.