
	Three Months Ended March 31,
Per Share Data:	2025		2024
NAV as of the beginning of the period	$	15.53	$	15.54
Net investment income (1)	0.38		0.36
Net realized loss (1)(2)	(0.47)		(0.05)
Net unrealized appreciation (depreciation) (1)(2)	0.42		(0.03)
Income tax benefit (provision) (1)(2)	0.03		(0.02)
Net increase in net assets resulting from operations (1)	0.36		0.26
Dividends paid from net investment income (3)	(0.36)		(0.37)

Distributions paid or accrued (3)(4)	(0.36)		(0.37)

Dilutive effect of stock offerings (issuing shares below NAV per share)	(0.16)		—

Other (5)	(0.02)		0.01
NAV as of the end of the period	$	15.35	$	15.44
Market value as of the end of the period	$	16.47	N/A
Shares outstanding as of the end of the period	46,849,531		40,056,294

________________

(2)Net realized gains or losses, net unrealized appreciation or depreciation, and income tax provision or benefit can fluctuate significantly from period to period.

(3)MSIF’s taxable income for each period is an estimate and will not be finally determined until MSIF files its tax return for each year. As a result, the character of MSIF’s dividends and distributions for each period is also an estimate. Therefore, the final character of MSIF’s dividends and distributions may be different than this estimate.

(5)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date.


	Three Months Ended March 31,
	2025			2024
	(dollars in thousands)
NAV as of the end of the period	$	718,940		$	618,521
Average NAV	$	671,922		$	620,414
Average outstanding debt	$	517,938		$	488,688

Ratios to average NAV:
Ratio of total expenses, including income tax expense, to average NAV (1)(2)(3)(6)	2.24		%	3.62		%
Ratio of operating expenses to average NAV (2)(3)(6)	2.45		%	3.47		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(3)(6)	1.22		%	1.93		%
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV (2)(3)(6)	0.92		%	1.34		%
Ratio of net investment income to average NAV (2)(6)	2.50		%	2.34		%
Portfolio turnover ratio (2)	5.02		%	4.72		%
Total investment return (2)(4)	8.47		%	N/A
Total return based on change in NAV (2)(5)	2.54		%	1.70		%

(1)Total expenses are the sum of operating expenses and net income tax provision or benefit. Net income tax provision or benefit includes the accrual of net deferred tax provision or benefit relating to the net unrealized appreciation or depreciation on portfolio investments held in Taxable Subsidiaries and due to the change in the loss carryforwards, which are non-cash in nature and may vary significantly from period to period. MSC Income is required to include net deferred tax provision or benefit in calculating its total expenses even though these net deferred taxes are not currently payable or receivable.

(4)Total investment return is based on the purchase of stock in the MSC Income Offering at the public offering price of $15.53 and a sale at the current market price on the last day of each period reported on the table and assumes reinvestment of dividends at prices obtained by MSC Income’s dividend reinvestment plan during the period. The return does not reflect any sales load that may be paid by an investor.

(5)For the three months ended March 31, 2025, total return based on change in NAV was calculated using the sum of ending NAV plus dividends to stockholders and other non-operating changes during the period, divided by the beginning NAV. Non-operating changes include any items that affect NAV other than the net increase in net assets resulting from operations, such as the effects of stock offerings, shares issued under the DRIP and equity incentive plans and other miscellaneous items. For the three months ended March 31, 2024, total return was calculated based on the change in NAV per share and stockholder distributions declared per share during the reporting period, divided by

the NAV per share at the beginning of the period. In each of the three months ended March 31, 2025 and 2024, the total return does not reflect the sales load from the sale of MSC Income’s common stock.

(6)Net of expense waivers of $2.1 million for the three months ended March 31, 2024. There were no expense waivers for the three months ended March 31, 2025. Excluding these expense waivers, the expense and income ratios are as follows:


	Three Months Ended March 31,
	2024

Ratio of total expenses, including income tax expense, to average NAV(1)(2)(3)	3.97	%
Ratio of operating expenses to average NAV(2)(3)	3.81	%
Ratio of operating expenses, excluding interest expense, to average NAV(2)(3)	2.27	%
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)(3)	1.69	%
Ratio of net investment income to average NAV(2)	2.01	%

________________