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 thethird 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

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.