MSC Income Fund Q3 net investment income falls 13%

Investments on non-accrual status were 1.4% of portfolio fair value and 5.2% of cost as of September 30, 2026.

Available on EDGAR 11/05/2026 - 04:41 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:40 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

MSC Income Fund, Inc. (MSIF) reported third-quarter 2026 net investment income of $14.373 million, down 13% from $16.577 million a year earlier, while total investment income was $35.529 million versus $35.367 million. Net investment income was $0.32 per share; adjusted net investment income was $15.256 million, or $0.34 per share, excluding the capital gains incentive fee.

The net increase in net assets resulting from operations was $18.146 million, down 32% from $26.529 million a year earlier; annualized quarterly return on equity was 9.7% versus 14.6%. Net asset value was $16.56 per share as of September 30, 2026, up from $16.51 as of June 30, 2026. The Fund declared $0.33 per share in regular fourth-quarter dividends plus a $0.03 supplemental dividend payable in December.

The Fund issued $75.0 million of 6.83% unsecured notes due September 30, 2029, and reported $224.7 million in aggregate liquidity as of September 30, 2026. Nick Meserve will become CEO effective November 9, 2026, with Dwayne L. Hyzak continuing as Executive Chairman. The Fund entered a plan to repurchase up to $20.0 million of shares beginning in September 2026 and ending in February 2027, at times when its market price per share is below the most recently reported net asset value per share by certain pre-determined levels.

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Positive

• None.

Negative

• Moderate pointNet investment income fell 13% year over year to $14.373 million.
• Moderate pointNet increase from operations fell 32% to $18.146 million year over year.

Filing Explained

At September 30, non-accrual investments were 1.4% of portfolio fair value and 5.2% of cost.

The release reports that a second $75.0 million tranche of September 2029 notes was issued in October 2026; its September 30, 2026 liquidity figure was reduced by $75.0 million to provide for scheduled repayment of the $150.0 million October 2026 notes at their October 30, 2026 maturity.

At September 30, 2026, investments on non-accrual status were 1.4% of portfolio fair value and 5.2% of portfolio cost.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net investment income: $14.373 million Adjusted net investment income: $15.256 million Total investment income: $35.529 million +5 more

8 metrics

Net investment income $14.373 million Three months ended September 30, 2026; $16.577 million in the comparable 2025 period

Adjusted net investment income $15.256 million Three months ended September 30, 2026; $16.577 million in the comparable 2025 period

Total investment income $35.529 million Three months ended September 30, 2026; $35.367 million in the comparable 2025 period

Net increase in net assets resulting from operations $18.146 million Three months ended September 30, 2026; $26.529 million in the comparable 2025 period

Net asset value per share $16.56 per share As of September 30, 2026; $16.51 as of June 30, 2026 and $15.85 as of December 31, 2025

Annualized quarterly return on equity 9.7% Third quarter of 2026; 14.6% in the third quarter of 2025

Declared fourth-quarter dividends $0.33 per share in regular monthly dividends; $0.03 per share supplemental dividend Fourth quarter of 2026; supplemental dividend payable in December 2026

September 2029 Notes $75.0 million aggregate principal; 6.83% interest rate Issued in the third quarter of 2026; due September 30, 2029

Key Terms

Adjusted net investment income (ANII), capital gains incentive fee, non-accrual status, Secured Overnight Financing Rate (SOFR), +1 more

5 terms

Adjusted net investment income (ANII) financial

"Adjusted net investment income (“ANII”)"

capital gains incentive fee financial

"increase in the ending accrual for the accrued capital gains incentive fee"

A capital gains incentive fee is a payment to a fund manager or advisor that is tied specifically to the profits realized when investments are sold for more than they were bought. It matters to investors because it aligns the manager’s pay with producing real, cash profits rather than paper gains; like a chef earning a bonus only when diners rave about a finished meal, it encourages focus on transactions that turn into actual returns and can reduce or increase net investor returns depending on timing and structure.

non-accrual status financial

"investments on non-accrual status comprised 1.4%"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

Secured Overnight Financing Rate (SOFR) financial

"applicable Secured Overnight Financing Rate (“SOFR”)"

A secured overnight financing rate (SOFR) is the interest rate on very short, one‑day loans that are backed by high‑quality collateral (like government bonds), so lenders face less risk. Investors care because SOFR is a widely used benchmark that sets the cost of borrowing and the pricing of loans, bonds and derivatives; think of it as a trusted yardstick for short‑term interest costs that influences returns and valuations across markets.

Operating Expenses to Assets Ratio financial

"or the Operating Expenses to Assets Ratio"

Earnings Snapshot

Net investment income: $14.373 million

Third quarter 2026

Net investment income $14.373 million -13% year over year

Total investment income $35.529 million +$162,000 year over year

Adjusted net investment income $15.256 million -8% year over year

Net increase in net assets resulting from operations $18.146 million -32% year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was MSIF's net investment income in the third quarter of 2026?

MSIF reported $14.373 million of net investment income for the third quarter of 2026, down from $16.577 million in the third quarter of 2025; net investment income was $0.32 per share, compared with $0.35. Adjusted net investment income was $15.256 million, or $0.34 per share.

What dividends did MSIF declare for the fourth quarter of 2026?

MSIF declared $0.33 per share in regular monthly dividends for the fourth quarter of 2026, plus a $0.03-per-share supplemental dividend payable in December 2026. The regular dividends are $0.11 per share for each of October, November and December.

Who is becoming MSIF's CEO, and when?

Nick Meserve will become CEO effective November 9, 2026, and Dwayne L. Hyzak will continue to work closely with him as Executive Chairman. Meserve leads Main Street's private credit investment strategy and has served as a Managing Director for Main Street since 2012.

How much liquidity did MSIF report as of September 30, 2026?

As of September 30, 2026, MSIF reported $224.7 million in aggregate liquidity, including $27.3 million in cash and cash equivalents and $197.4 million of aggregate unused capacity. The unused-capacity amount reflects a net reduction of $75.0 million to provide for scheduled repayment of the October 2026 Notes at maturity, after accounting for the additional September 2029 Notes issuance.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001535778false00015357782026-11-052026-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________________________________

FORM 8-K

__________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 5, 2026

__________________________________________________________________________

MSC Income Fund, Inc.

(Exact name of registrant as specified in its charter)

Maryland	814-00939	45-3999996
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1300 Post Oak Boulevard, 8th Floor, Houston, Texas	77056
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (713) 350-6000

Not Applicable

___________________________________________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, par value $0.001 per share		MSIF		New York Stock Exchange NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act

of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. o

Item 2.02Results of Operations and Financial Condition.

On November 5, 2026, the Registrant issued a press release. A copy of such press release is attached hereto as Exhibit 99.1

and is incorporated herein by reference.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed

“filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by

reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such

filing.

Item 9.01Financial Statements and Exhibits.

(d) Exhibits

99.1	Press release dated November 5, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be

signed on its behalf by the undersigned hereunto duly authorized.

	MSC Income Fund, Inc.
Date: November 5, 2026	By:	/s/ Cory E. Gilbert
		Name:           Cory E. Gilbert
		Title:             Chief Financial Officer

1

Exhibit 99.1

	NEWS RELEASE
	Contacts: MSC Income Fund, Inc. Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com Cory E. Gilbert, CFO, cgilbert@mainstcapital.com 713-350-6000 Dennard Lascar Investor Relations Ken Dennard / ken@dennardlascar.com Zach Vaughan / zvaughan@dennardlascar.com 713-529-6600

MSC INCOME FUND ANNOUNCES

THIRD QUARTER 2026 RESULTS

Third Quarter 2026 Net Investment Income of $0.32 Per Share

Third Quarter 2026 Adjusted Net Investment Income(1) of $0.34 Per Share

Third Quarter 2026 Adjusted Net Investment Income Before Taxes(2) of $0.36 Per Share

Net Asset Value of $16.56 Per Share

HOUSTON, November 5, 2026 – MSC Income Fund, Inc. (NYSE: MSIF) (“MSC Income” or the “Fund”) is

pleased to announce its financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

•Net investment income (“NII”) of $14.4 million, or $0.32 per share

•Adjusted net investment income (“ANII”)(1) of $15.3 million, or $0.34 per share

•ANII before taxes(2) of $16.3 million, or $0.36 per share

•Total investment income of $35.5 million

•Net increase in net assets resulting from operations of $18.1 million, or $0.40 per share

•Return on equity(3) of 9.7% on an annualized basis for the quarter and 12.3% for the trailing twelve-month

period ended September 30, 2026

•Net asset value of $16.56 per share as of September 30, 2026, representing an increase of $0.05 per share, or

0.3%, compared to $16.51 per share as of June 30, 2026 and $0.71 per share, or 4.5%, compared to $15.85

per share as of December 31, 2025

•Declared regular monthly dividends totaling $0.33 per share for the fourth quarter of 2026, or $0.11 per share

for each of October, November and December 2026

•Declared a supplemental dividend of $0.03 per share, payable in December 2026, resulting in total dividends

declared in the third quarter of 2026 of $0.36 per share

•Completed $61.4 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 decrease of

$10.5 million in the total cost basis of the private loan investment portfolio

•Realized a gain of $11.0 million on the exit of investments in Core Transformers, a private loan portfolio

company

2

•Enhanced the Fund’s capital structure by issuing $75.0 million in aggregate principal amount of 6.83%

unsecured notes due September 30, 2029 (the “September 2029 Notes”), the first of two $75.0 million

issuances under a $150.0 million private notes offering

•Entered into a share repurchase plan to facilitate the repurchase of up to $20.0 million of the Fund’s shares

for a period beginning in September 2026 and ending in February 2027, at times when the Fund’s market

price per share is trading below the most recently reported net asset value per share by certain pre-determined

levels

In commenting on the Fund’s operating results for the third quarter of 2026, Dwayne L. Hyzak, MSC Income’s

Chief Executive Officer, stated, “We are pleased with the Fund’s performance in the third quarter, which

resulted in an annualized return on equity of 9.7%. Based upon the quality of the Fund’s existing investment

portfolio, together with its favorable liquidity position and the current investment pipeline, we remain excited

about our future expectations for the Fund.”

Mr. Hyzak continued, “Additionally, consistent with the Fund’s announcement in June 2026, Nick Meserve will

transition to CEO of the Fund effective November 9, 2026. Nick currently serves as the head of the private

credit investment strategy for Main Street and has served as a Managing Director for Main Street since 2012

and has been executing investments for the Fund since it was founded. Nick has been a key member of our team

and instrumental as we have grown the Fund, taken it public in 2025 and focused its investments on the private

loan investment strategy. While I will continue to work closely with Nick as the Fund’s Executive Chairman,

we are excited about the Fund’s bright future under Nick’s leadership.”

Third Quarter 2026 Operating Results

The following table provides a summary of the Fund’s operating results for the third quarter of 2026:

	Three Months Ended September 30,
	2026		2025		Change		Change (%)
	(dollars in thousands, except per share amounts)
Interest income	$ 30,238		$ 30,117		$ 121		— %
Dividend income	3,832		3,652		180		5 %
Fee income	1,459		1,598		(139)		(9)%
Total investment income	$ 35,529		$ 35,367		$ 162		— %
Net investment income	$ 14,373		$ 16,577		$ (2,204)		(13)%
Net investment income per share	$ 0.32		$ 0.35		$ (0.03)		(9)%
Adjusted net investment income (1)	$ 15,256		$ 16,577		$ (1,321)		(8)%
Adjusted net investment income per share (1)	$ 0.34		$ 0.35		$ (0.01)		(3)%
Adjusted net investment income before taxes (2)	$ 16,317		$ 17,030		$ (713)		(4)%
Adjusted net investment income before taxes per share (2)	$ 0.36		$ 0.36		$ —		— %
Net increase in net assets resulting from operations	$ 18,146		$ 26,529		$ (8,383)		(32)%
Net increase in net assets resulting from operations per share	$ 0.40		$ 0.56		$ (0.16)		(29)%
Return on equity - quarter annualized (3)	9.7 %		14.6 %		(4.9)%		(34)%

The $0.2 million increase in total investment income in the third quarter of 2026 from the comparable period of

the prior year was principally attributable to (i) a $0.2 million increase in dividend income, primarily due to a

$1.0 million increase in dividend income from the Fund’s private loan portfolio companies, partially offset by a

$0.8 million decrease in dividend income from the Fund’s LMM portfolio companies and (ii) a $0.1 million

3

increase in interest income, primarily due to higher average levels of income producing investment portfolio

debt investments, partially offset by the negative impact from investment portfolio debt investments on non-

accrual status and a decrease in interest rates, primarily resulting from decreases in benchmark index rates on

floating rate investment portfolio debt investments. These increases were partially offset by a $0.1 million

decrease in fee income. The $0.2 million increase in total investment income in the third quarter of 2026

includes the impact of an increase of $0.9 million in certain income considered less consistent or non-recurring,

primarily related to increases of (i) $0.7 million in such dividend income and (ii) $0.3 million in such interest

income from accelerated prepayment, repricing and other activity related to certain investment portfolio debt

investments, in each case when compared to the same period in 2025.

Total expenses, net of waivers, increased by $1.8 million, or 9.6%, to $20.1 million in the third quarter of 2026

from $18.3 million for the same period in 2025. This increase was principally attributable to (i) a $1.3 million

increase in interest expense, (ii) a $0.9 million increase in the ending accrual for the accrued capital gains

incentive fee(4) as of September 30, 2026 and (iii) a $0.5 million increase in base management fee, partially

offset by a $0.8 million decrease in incentive fee on income, net of waivers. The increase in interest expense

was primarily related to (i) an increase in average borrowings outstanding used to fund a portion of the growth

of the Fund’s investment portfolio and (ii) an increased weighted-average interest rate on the Fund’s unsecured

debt obligations as a result of the issuance of the May 2029 Notes in the first quarter of 2026 and the issuance of

the September 2029 Notes in the third quarter of 2026, partially offset by a decreased weighted-average interest

rate on the Credit Facilities due to decreases in benchmark floating index interest rates (with the May 2029

Notes and the Credit Facilities each defined in the Liquidity and Capital Resources section below). The increase

in the capital gains incentive fee accrual(4) was due to the net fair value appreciation of the Fund’s investments

in the third quarter of 2026. The increase in base management fee was the result of the Fund’s increased average

total assets. The decrease in incentive fee on income, net of waivers, was the result of (i) a $0.5 million increase

in the voluntary waiver of incentive fee on income by the Adviser (defined below) and (ii) a $0.4 million

decrease in the gross calculated incentive fee on income, primarily driven by a decrease in pre-incentive fee NII.

The Fund’s ratio of total non-interest operating expenses, excluding incentive fees, net of waivers, as a

percentage of quarterly average total assets, or the Operating Expenses to Assets Ratio, was 1.9% on an

annualized basis for the third quarter of 2026, a decrease from 2.0% for the third quarter of 2025.

NII related federal and state income and other tax expenses increased $0.4 million and excise tax expense

increased $0.2 million in the third quarter of 2026 when compared to the same period in 2025, resulting in an

increase in tax expenses included in NII of $0.6 million. The increase in NII related federal and state income

and other tax expenses was due to an increase in taxable NII between the comparable periods and the increase in

excise tax expense was due to an increase in undistributed taxable income as of September 30, 2026.

The $2.2 million decrease in NII in the third quarter of 2026 from the comparable period of the prior year was

principally attributable to (i) the increase in total expenses, net of waivers, (which includes the capital gains

incentive fee accrual(4)) and (ii) the increase in NII related tax expenses, partially offset by an increase in total

investment income, each as discussed above. NII on a per share basis decreased by $0.03 per share for the third

quarter of 2026 as compared to the third quarter of 2025, to $0.32 per share, reflecting the impact of the $0.02

per share capital gains incentive fee accrual(4) in the third quarter of 2026.

The $1.3 million, or $0.01 per share, decrease in ANII(1) in the third quarter of 2026 to $15.3 million, or $0.34

per share, from $16.6 million, or $0.35 per share, in the third quarter of 2025 was principally attributable to the

same factors noted above for the change in NII, but excluding the impact of the $0.9 million, or $0.02 per share,

increase in the capital gains incentive fee accrual.(4)

4

The per share changes in NII and ANII(1) in the third quarter of 2026 from the comparable period of the prior

year include the impact of a 4.2% decrease in the weighted-average shares outstanding, primarily due to shares

repurchased by the Fund, partially offset by shares issued through the dividend reinvestment plan, in each case

since the beginning of the comparable period of the prior year. NII and ANII(1) on a per share basis in the third

quarter of 2026 each include an increase of $0.02 per share resulting from an increase in investment income

considered less consistent or non-recurring in nature compared to the third quarter of 2025, as discussed above.

The $18.1 million net increase in net assets resulting from operations in the third quarter of 2026 represents an

$8.4 million decrease from the third quarter of 2025. This decrease was primarily the result of (i) a $6.0 million

lower net fair value increase of the Fund’s portfolio investments resulting from the net impact of net realized

gains/losses and net unrealized appreciation/depreciation, with the lower increase resulting from a net fair value

increase of $5.2 million in the third quarter of 2026 compared to a net fair value increase of $11.2 million in the

comparable period of the prior year, (ii) a $2.2 million decrease in NII as discussed above and (iii) a $0.2

million increase in the net tax provision on the net fair value change of the portfolio investments, resulting from

a net tax provision of $1.4 million in the third quarter of 2026 compared to a net tax provision of $1.2 million in

the comparable period of the prior year. The $5.2 million net fair value increase in the third quarter of 2026 was

the result of net unrealized appreciation (including the reversal of net unrealized depreciation recognized in

prior periods due to the net realized loss in the quarter) of $9.0 million, partially offset by a net realized loss of

$3.9 million. The $11.2 million net fair value increase in the third quarter of 2025 was the result of net

unrealized appreciation of $21.0 million, partially offset by a net realized loss of $9.9 million. The $3.9 million

net realized loss from investments for the third quarter of 2026 was primarily the result of (i) a $9.4 million

realized loss on the restructure of a private loan investment, (ii) a $6.4 million realized loss on the full exit of a

LMM portfolio investment, (iii) a $0.5 million realized loss on the partial exit of a private loan portfolio

investment and (iv) a $0.4 million realized loss on the full exit of a middle market investment, partially offset by

(i) an $11.0 million realized gain on the full exit of a private loan investment, (ii) a $0.7 million realized gain on

the partial exit of an other portfolio investment and (iii) a $0.6 million realized gain on a distribution from a

private loan portfolio investment.

The following table provides a summary of the total net unrealized appreciation of $9.0 million for the third

quarter of 2026:

	Three Months Ended September 30, 2026
	Private Loan		LMM (a)		Middle Market		Other		Total
	(in millions)
Accounting reversals of net unrealized (appreciation) depreciation recognized in prior periods due to net realized (gains / income) losses recognized during the current period	$ (2.5)		$ 6.1		$ 0.4		$ (0.7)		$ 3.3
Net unrealized appreciation (depreciation) relating to portfolio investments	4.1		2.5		(0.6)		(0.3)		5.7
Total net unrealized appreciation (depreciation) relating to portfolio investments	$ 1.6		$ 8.6		$ (0.2)		$ (1.0)		$ 9.0

(a)Includes unrealized appreciation on 25 LMM portfolio investments and unrealized depreciation on 18 LMM

portfolio investments.

5

Liquidity and Capital Resources

As of September 30, 2026, the Fund had aggregate liquidity of $224.7 million, including (i) $27.3 million in

cash and cash equivalents and (ii) $197.4 million of aggregate unused capacity, which is after a net reduction of

$75.0 million to provide for the scheduled repayment of the October 2026 Notes (as defined below) at maturity

after accounting for the additional $75.0 million issuance under the September 2029 Notes, under the Fund’s

corporate revolving credit facility (the “Corporate Facility”) and the Fund’s special purpose vehicle revolving

credit facility (the “SPV Facility” and, together with the Corporate Facility, the “Credit Facilities”), which the

Fund maintains to support its investment and operating activities.

Several details regarding the Fund’s capital structure as of September 30, 2026 are as follows:

•The SPV Facility included $300.0 million in total commitments plus an accordion feature that allows the

Fund to request an increase in the total commitments under the facility to up to $450.0 million.

•$248.0 million in outstanding borrowings under the SPV Facility, with an interest rate of 6.3% based on the

applicable Secured Overnight Financing Rate (“SOFR”) effective for the contractual reset date of October 1,

2026.

•The Corporate Facility included $245.0 million in total commitments from a diversified group of seven

participating lenders, plus an accordion feature that allows the Fund to request an increase in the total

commitments under the facility to up to $300.0 million.

•$24.0 million in outstanding borrowings under the Corporate Facility, with an interest rate of 6.0% based on

the applicable SOFR effective for the contractual reset date of October 1, 2026.

•$150.0 million of unsecured notes outstanding that bear interest at a rate of 4.04% per year (the “October

2026 Notes”). The October 2026 Notes mature on October 30, 2026 and may be redeemed in whole or in

part at any time at the Fund’s option subject to certain make-whole provisions.

•$150.0 million of unsecured notes outstanding that bear interest at a rate of 6.34% per year (the “May 2029

Notes”). The May 2029 Notes mature on May 31, 2029 and may be redeemed in whole or in part at any time

at the Fund’s option subject to certain make-whole provisions.

•$75.0 million of September 2029 Notes outstanding that bear interest at a rate of 6.83% per year. The

September 2029 Notes mature on September 30, 2029 and may be redeemed in whole or in part at any time

at the Fund’s option subject to certain make-whole provisions. In October 2026, an additional $75.0 million

of September 2029 Notes was issued under the same master note purchase agreement as the initial tranche

of the September 2029 Notes.

•The Fund maintains an investment grade rating from Kroll Bond Rating Agency, LLC (“KBRA”) of BBB-

with a stable outlook; received reaffirmed investment grade issuer and senior unsecured debt ratings from

KBRA of BBB- with a stable outlook in October 2026.

•The Fund’s net asset value totaled $750.0 million, or $16.56 per share.

•The Fund’s debt-to-equity ratio was 0.86x as of September 30, 2026.

6

Investment Portfolio Information as of September 30, 2026(5)

The following table provides a summary of the investments in the Fund’s private loan portfolio and LMM

portfolio as of September 30, 2026:

		September 30, 2026
		Private Loan		LMM (a)
		(dollars in millions)
Number of portfolio companies		81		53
Fair value		$ 843.8		$ 503.0
Cost		$ 849.6		$ 388.1
Debt investments as a % of portfolio (at cost)		90.5 %		72.5 %
Equity investments as a % of portfolio (at cost)		9.5 %		27.5 %
% of debt investments at cost secured by first priority lien		99.5 %		99.9 %
Weighted-average annual effective yield (b)		10.5 %		12.7 %
Average EBITDA (c)		$ 36.3		$ 13.5

(a)The Fund had equity ownership in all of its LMM portfolio companies, and the Fund’s average fully diluted

equity ownership in those portfolio companies was 8%.

(b)The weighted-average annual effective yields were computed using the effective interest rates for all debt

investments as of September 30, 2026, including amortization of deferred debt origination fees and

accretion of original issue discount but excluding fees payable upon repayment of the debt investments and

any debt investments on non-accrual status, and are weighted based upon the principal amount of each

applicable debt investment as of September 30, 2026.

(c)The average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is calculated using

a weighted-average for the private loan portfolio companies and a simple average for the LMM portfolio

companies. These calculations exclude certain portfolio companies, including three private loan portfolio

companies and three LMM portfolio companies, as EBITDA is not a meaningful valuation metric for the

Fund’s investments in these portfolio companies, and those portfolio companies whose primary operations

have ceased and only residual value remains.

The Fund’s total investment portfolio at fair value consists of approximately 61.2% private loan, 36.5% LMM,

1.4% middle market and 0.9% other portfolio investments.

The fair value of the Fund’s LMM portfolio company equity investments was 218% of the related cost basis of

such equity investments, and the Fund’s LMM portfolio companies had a median net senior debt (senior

interest-bearing debt through the Fund’s debt position less cash and cash equivalents) to EBITDA ratio of 2.6 to

1.0 and a median total EBITDA to senior interest expense ratio of 2.9 to 1.0. Including all debt that is junior in

priority to the Fund’s debt position, these median ratios were 2.6 to 1.0 and 2.9 to 1.0, respectively.(5)(6)

As of September 30, 2026, the Fund’s investment portfolio also included:

•Middle market portfolio investments in seven portfolio companies, collectively totaling $19.8 million in fair

value and $38.9 million in cost basis, which comprised 1.4% and 3.0% of the Fund’s investment portfolio at

fair value and cost, respectively; and

•Other portfolio investments in seven entities across four investment managers, collectively totaling $12.2

million in fair value and $11.1 million in cost basis, which comprised 0.9% of the Fund’s investment

portfolio at both fair value and cost.

7

As of September 30, 2026, investments on non-accrual status comprised 1.4% of the total investment portfolio

at fair value and 5.2% at cost, and the Fund’s total portfolio investments at fair value were 107% of the related

cost basis.

Third Quarter 2026 Financial Results Conference Call / Webcast

MSC Income has scheduled a conference call for Friday, November 6, 2026 at 11:00 a.m. Eastern time to

discuss the third quarter 2026 financial results.(7)

You may access the conference call by dialing 412-902-0030 at least 10 minutes prior to the start time. The

conference call can also be accessed via a simultaneous webcast by logging into the investor relations section of

the Fund’s website at https://www.mscincomefund.com.

A telephonic replay of the conference call will be available through Friday, November 13, 2026 and may be

accessed by dialing 201-612-7415 and using the passcode 13762922#. An audio archive of the conference call

will also be available on the investor relations section of the Fund’s website at https://

www.mscincomefund.com shortly after the call and will be accessible until the date of MSC Income’s earnings

release for the next quarter.

For a more detailed discussion of the financial and other information included in this press release, please refer

to the MSC Income Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 to be

filed with the U.S. Securities and Exchange Commission (the “SEC”) (www.sec.gov) and MSC Income’s Third

Quarter 2026 Investor Presentation to be posted on the investor relations section of the MSC Income website at

https://www.mscincomefund.com.

ABOUT MSC INCOME FUND, INC.

The Fund (www.mscincomefund.com) is a principal investment firm that primarily provides debt capital to

private companies owned by or in the process of being acquired by a private equity fund. The Fund’s portfolio

investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings

and acquisitions of companies that operate in diverse industry sectors. The Fund seeks to partner with private

equity fund sponsors and primarily invests in secured debt investments within its private loan investment

strategy. The Fund also maintains a portfolio of customized long-term debt and equity investments in lower

middle market companies, and through those investments, the Fund has partnered with entrepreneurs, business

owners and management teams in co-investments with Main Street Capital Corporation (NYSE: MAIN) (“Main

Street”) utilizing the customized “one-stop” debt and equity financing solutions provided in Main Street’s lower

middle market investment strategy. The Fund’s private loan portfolio companies generally have annual

revenues between $25 million and $500 million. The Fund’s lower middle market portfolio companies generally

have annual revenues between $10 million and $150 million.

ABOUT MAIN STREET CAPITAL PARTNERS

MSC Adviser I, LLC dba Main Street Capital Partners (the “Adviser”) is a wholly-owned subsidiary of Main

Street that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The

Adviser serves as the investment adviser and administrator of the Fund in addition to several other advisory

clients.

8

FORWARD-LOOKING STATEMENTS

MSC Income cautions that statements in this press release which are forward‑looking and provide other than

historical information, including but not limited to MSC Income’s ability to successfully source and execute on

new portfolio investments and deliver future financial performance and results, are based on current conditions

and information available to MSC Income as of the date hereof and include statements regarding MSC

Income’s goals, beliefs, strategies and future operating results and cash flows. Although its management

believes that the expectations reflected in those forward‑looking statements are reasonable, MSC Income can

give no assurance that those expectations will prove to be correct. Those forward-looking statements are made

based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without

limitation: MSC Income’s continued effectiveness in raising, investing and managing capital; adverse changes

in the economy generally or in the industries in which MSC Income’s portfolio companies operate; the impacts

of macroeconomic factors on MSC Income 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 MSC Income’s operations or the

operations of its portfolio companies; the operating and financial performance of MSC Income’s portfolio

companies and their access to capital; retention of key investment personnel by the Adviser; competitive

factors; and such other factors described under the captions “Cautionary Statement Concerning Forward-

Looking Statements” and “Risk Factors” included in MSC Income’s filings with the SEC (www.sec.gov). MSC

Income 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.

9

MSC INCOME FUND, INC.

Consolidated Statements of Operations

(in thousands, except shares and per share amounts)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
INVESTMENT INCOME:
Interest, dividend and fee income:
Control investments	$ 841		$ 1,293		$ 3,068		$ 4,249
Affiliate investments	9,229		9,268		28,078		28,220
Non-Control/Non-Affiliate investments	25,459		24,806		74,170		71,768
Total investment income	35,529		35,367		105,316		104,237
EXPENSES:
Interest	(9,951)		(8,649)		(28,736)		(25,570)
Base management fee	(5,390)		(4,860)		(15,956)		(14,739)
Incentive fee on income	(3,106)		(3,481)		(9,322)		(8,935)
Incentive fee on capital gains (4)	(883)		—		(3,194)		—
General and administrative	(1,188)		(1,334)		(3,351)		(3,510)
Internal administrative services expenses	(187)		(173)		(561)		(519)
Total expenses before expense waivers	(20,705)		(18,497)		(61,120)		(53,273)
Waiver of incentive fee on income	610		160		1,853		160
Total expenses, net of expense waivers	(20,095)		(18,337)		(59,267)		(53,113)
NET INVESTMENT INCOME BEFORE TAXES	15,434		17,030		46,049		51,124
Excise tax benefit (expense)	(159)		39		(448)		(240)
Federal and state income and other tax expenses	(902)		(492)		(2,994)		(2,253)
NET INVESTMENT INCOME	14,373		16,577		42,607		48,631
NET REALIZED GAIN (LOSS):
Control investments	(15,130)		—		(15,130)		5,305
Affiliate investments	—		(2,321)		9,939		(2,319)
Non‑Control/Non‑Affiliate investments	11,248		(7,533)		10,925		(29,127)
Total net realized gain (loss)	(3,882)		(9,854)		5,734		(26,141)
NET UNREALIZED APPRECIATION (DEPRECIATION):
Control investments	13,040		(1,113)		7,059		(7,014)
Affiliate investments	2,503		9,693		9,467		12,460
Non‑Control/Non‑Affiliate investments	(6,499)		12,427		(1,021)		30,440
Total net unrealized appreciation	9,044		21,007		15,505		35,886
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation	(1,389)		(1,201)		(3,205)		317
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 18,146		$ 26,529		$ 60,641		$ 58,693
NET INVESTMENT INCOME BEFORE TAXES PER SHARE— BASIC AND DILUTED	$ 0.34		$ 0.36		$ 1.01		$ 1.10
NET INVESTMENT INCOME PER SHARE—BASIC AND DILUTED	$ 0.32		$ 0.35		$ 0.93		$ 1.05
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE—BASIC AND DILUTED	$ 0.40		$ 0.56		$ 1.33		$ 1.27
WEIGHTED-AVERAGE SHARES OUTSTANDING—BASIC AND DILUTED	45,337,344		47,303,204		45,596,968		46,353,334

10

MSC INCOME FUND, INC.

Consolidated Balance Sheets

(in thousands, except per share amounts)

		September 30, 2026		December 31, 2025
		(Unaudited)
ASSETS
Investments at fair value:
Control investments		$ 65,964		$ 58,372
Affiliate investments		420,330		406,771
Non‑Control/Non‑Affiliate investments		892,494		870,244
Total investments		1,378,788		1,335,387
Cash and cash equivalents		27,332		20,635
Interest and dividend receivable		11,137		12,273
Prepaids and other assets		16,235		9,546
Deferred financing costs, net		2,685		3,190
Total assets		$ 1,436,177		$ 1,381,031
LIABILITIES
Credit Facilities		$ 272,000		$ 453,000
October 2026 Notes		149,975		149,751
May 2029 Notes		149,341		—
September 2029 Notes		74,413		—
Accounts payable and other liabilities		2,146		786
Interest payable		12,290		5,946
Dividend payable		—		16,772
Base management and incentive fees payable		7,887		8,388
Capital gains incentive fee accrual (4)		5,957		2,763
Deferred tax liability, net		12,217		4,966
Total liabilities		686,226		642,372
NET ASSETS
Common stock		45		47
Additional paid-in capital		765,308		782,007
Total overdistributed earnings		(15,402)		(43,395)
Total net assets		749,951		738,659
Total liabilities and net assets		$ 1,436,177		$ 1,381,031
NET ASSET VALUE PER SHARE		$ 16.56		$ 15.85

11

MSC INCOME FUND, INC.

Reconciliation of Adjusted Net Investment Income and Adjusted Net Investment Income Before Taxes

(in thousands, except per share amounts)

(Unaudited)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Net investment income	$ 14,373		$ 16,577		$ 42,607		$ 48,631
Incentive fee on capital gains (4)	883		—		3,194		—
Adjusted net investment income (1)	15,256		16,577		45,801		48,631
Excise tax expense (benefit)	159		(39)		448		240
Federal and state income and other tax expenses	902		492		2,994		2,253
Adjusted net investment income before taxes (2)	$ 16,317		$ 17,030		$ 49,243		$ 51,124
Per share amounts:
Net investment income per share -
Basic and diluted	$ 0.32		$ 0.35		$ 0.93		$ 1.05
Adjusted net investment income per share -
Basic and diluted (1)	$ 0.34		$ 0.35		$ 1.00		$ 1.05
Adjusted net investment income before taxes per share -
Basic and diluted (2)	$ 0.36		$ 0.36		$ 1.08		$ 1.10

12

MSC INCOME FUND, INC.

Endnotes

(1) ANII is NII as determined in accordance with U.S. Generally Accepted Accounting Principles, or U.S.

GAAP, excluding the impact of the capital gains incentive fee(4). MSC Income believes presenting ANII and

the related per share amount is useful and appropriate supplemental disclosure for analyzing the Fund’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 NII. However,

ANII is a non-U.S. GAAP measure and should not be considered as a replacement for NII 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 MSC Income’s financial performance. A reconciliation of NII in

accordance with U.S. GAAP to ANII is detailed in the financial tables included with this press release.

(2) ANII before taxes is NII as determined in accordance with U.S. GAAP, excluding the impact of the capital

gains incentive fee(4) and any tax expenses included in NII. MSC Income believes presenting ANII before

taxes and the related per share amount is useful and appropriate supplemental disclosure for analyzing the

Fund’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 NII,

and (ii) tax expenses included in NII may include (a) excise tax expense, which is not solely attributable to

NII, and (b) deferred taxes, which are not payable in the current period. However, ANII before taxes is a

non-U.S. GAAP measure and should not be considered as a replacement for NII, NII 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 MSC Income’s financial performance. A reconciliation of NII

in accordance with U.S. GAAP to ANII before taxes is detailed in the financial tables included with this

press release.

(3) Return on equity equals the net increase in net assets resulting from operations divided by the average

quarterly total net assets.

(4) Pursuant to the Fund’s amended advisory agreement, the incentive fee on capital gains is determined and

payable to the Adviser in arrears, if any, as of the end of each calendar year. This fee equals (a) 17.5% of the

Fund’s incentive fee capital gain, which is calculated as the Fund’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 date of the listing of the Fund’s common

stock on the New York Stock Exchange on January 29, 2025 (the “MSC Income Listing”) through the

applicable calendar year ended. In accordance with U.S. GAAP, at the end of each reporting period, the

Fund 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 the Fund’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 MSC Income 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 benefit). If the calculation results in an increase in

the accrual compared to the previous quarter, the Fund 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 third quarter of 2026, the Fund increased the accrual on the capital gains incentive fee

by $0.9 million. For further discussion, see Note J — Related Party Transactions and Arrangements in the

13

notes to the consolidated financial statements included in Item 1. Consolidated Financial Statements of the

Fund’s Quarterly Report on Form 10-Q to be filed with the SEC on November 6, 2026.

(5) Portfolio company financial information has not been independently verified by MSC Income.

(6) These credit statistics exclude portfolio companies on non-accrual status and portfolio companies for which

EBITDA is not a meaningful metric.

(7) No information contained on the Fund’s website or disclosed on the November 6, 2026 conference call,

including the webcast and the archived versions, is incorporated by reference in this press release or any of

the Fund’s filings with the SEC, and you should not consider that information to be part of this press release

or any other such filing.

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