FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Financial Highlights of MSC Income Fund

The following is a schedule of financial highlights of MSC Income for the years ended December 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016:


	Year Ended December 31,
Per Share Data:	2025		2024		2023		2022		2021
NAV as of the beginning of the period	$	15.53	$	15.54	$	15.22	$	15.36	$	14.56
Net investment income (1)	1.33		1.34		1.38		1.32		1.34
Net realized gain (loss) (1)(2)	(0.20)		0.39		(0.85)		(0.10)		(0.07)
Net unrealized appreciation (depreciation) (1)(2)	0.78		(0.38)		1.16		(0.04)		0.62
Income tax benefit (provision) on net realized gain (loss) and net unrealized appreciation (depreciation) (1)(2)	—		0.06		(0.04)		(0.04)		(0.05)
Net increase in net assets resulting from operations (1)	1.91		1.41		1.65		1.14		1.84
Dividends paid from net investment income	(1.42)		(1.10)		(1.40)		(1.29)		(1.05)
Distributions paid from capital gains	(0.02)		(0.35)		—		—		—
Distributions paid or accrued	(1.44)		(1.45)		(1.40)		(1.29)		(1.05)

Accretive effect of stock repurchases (repurchasing shares below NAV per share)	0.03		0.01		0.06		—		—
Dilutive effect of stock offerings (issuing shares below NAV per share)	(0.16)		—		—		—		—
Other (3)	(0.02)		0.02		0.01		0.01		0.01
NAV as of the end of the period	$	15.85	$	15.53	$	15.54	$	15.22	$	15.36
Market value as of the end of the period	$	13.14	N/A		N/A		N/A		N/A
Shares outstanding as of the end of the period	46,588,608		40,240,358		40,054,433		40,053,000		39,913,303


	Year Ended December 31,
Per Share Data:	2020		2019		2018		2017		2016
NAV as of the beginning of the period	$	15.54	$	15.92	$	16.29	$	16.29	$	15.76
Net investment income (1)	1.18		1.42		1.48		1.46		1.40
Net realized loss (1)(2)	(1.32)		(0.47)		(0.46)		(0.06)		(0.58)
Net unrealized appreciation (depreciation) (1)(2)	(0.08)		0.08		—		(0.04)		1.12
Income tax provision on net realized loss and net unrealized appreciation (depreciation) (1)(2)	(0.03)		(0.02)		—		—		—
Net increase (decrease) in net assets resulting from operations (1)	(0.25)		1.01		1.02		1.36		1.94
Dividends paid from net investment income	(0.70)		(1.35)		(1.40)		(1.40)		(1.40)
Distributions paid from capital gains	—		(0.05)		—		—		—
Distributions paid or accrued	(0.70)		(1.40)		(1.40)		(1.40)		(1.40)


Other (3)	(0.03)		0.01		0.01		0.04		(0.01)
NAV as of the end of the period	$	14.56	$	15.54	$	15.92	$	16.29	$	16.29
Market value as of the end of the period	N/A		N/A		N/A		N/A		N/A
Shares outstanding as of the end of the period	39,804,152		39,231,689		39,292,412		39,755,866		36,691,486

_____________________________

(1)Based on weighted-average number of common shares outstanding for the period.

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

(3)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.


	Year Ended December 31,
	2025			2024			2023			2022			2021

	(dollars in thousands)
NAV as of the end of the period	$	738,659		$	624,903		$	622,307		$	609,665		$	613,170
Average NAV	$	707,930		$	621,478		$	613,525		$	611,214		$	593,440
Average outstanding debt	$	550,058		$	524,380		$	487,271		$	494,957		$	321,973

Ratios to average NAV:
Ratio of total expenses, including tax expenses, to average NAV (1)(2)(5)	10.93		%	12.65		%	12.63		%	8.60		%	6.51		%
Ratio of operating expenses to average NAV (2)(5)	10.40		%	12.47		%	12.02		%	8.33		%	6.20		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(5)	5.61		%	6.19		%	6.07		%	4.33		%	3.76		%
Ratio of operating expenses, excluding interest expense and incentive fees to average NAV (2)(5)	3.50		%	4.18		%	4.02		%	3.98		%	3.66		%
Ratio of net investment income to average NAV (5)	8.72		%	8.67		%	9.04		%	8.65		%	8.99		%
Portfolio turnover ratio	22.56		%	22.69		%	21.82		%	18.92		%	35.39		%
Total investment return (3)	(6.74)		%	N/A			N/A			N/A			N/A
Total return based on change in NAV (4)	14.20		%	9.77		%	10.86		%	7.43		%	12.71		%


	Year Ended December 31,
	2020			2019			2018			2017			2016
	(dollars in thousands)
NAV as of the end of the period	$	579,624		$	609,305		$	625,366		$	647,789		$	597,833
Average NAV	$	557,382		$	622,708		$	642,625		$	629,775		$	535,175
Average outstanding debt	$	386,084		$	474,000		$	482,200		$	427,200		$	396,000

Ratios to average NAV:
Ratio of total expenses, including tax expenses, to average NAV (1)(2)(5)	7.38		%	9.11		%	9.11		%	7.88		%	7.56		%
Ratio of operating expenses to average NAV (2)(5)	7.16		%	9.11		%	8.95		%	7.78		%	7.50		%
Ratio of operating expenses, excluding interest expense, to average NAV (2)(5)	4.07		%	4.86		%	5.09		%	4.87		%	4.69		%
Ratio of operating expenses, excluding interest expense and incentive fees to average NAV (2)(5)	4.07		%	4.22		%	4.57		%	4.61		%	4.68		%
Ratio of net investment income to average NAV (5)	8.40		%	8.84		%	9.16		%	9.01		%	8.91		%
Portfolio turnover ratio	8.93		%	33.30		%	45.06		%	50.66		%	39.01		%

Total return based on change in NAV (4)	(1.80)		%	6.41		%	6.26		%	8.59		%	12.31		%

_____________________________

(1)Total expenses are the sum of operating expenses and all tax expenses.

(2)Unless otherwise noted, operating expenses include interest, management fees, incentive fees and general and administrative expenses.

(3)For the year ended December 31, 2025, 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 market price on December 31, 2025, and assumes reinvestment of dividends at prices obtained by MSC Income’s DRIP (as defined below) during the period. The return does not reflect any sales load that may be paid by an investor.

(4)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, shares repurchased by the Fund and other miscellaneous items. For the year ended December 31, 2024 and prior, 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. For each of the periods disclosed, the total return does not reflect the sales load from the sale of MSC Income’s common stock.

(5)Ratios include internal administrative services expense waivers of $9.5 million, $8.3 million, $4.5 million, $4.3 million, $3.6 million, $3.1 million, $6.0 million, $4.6 million and $4.0 million in 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016, respectively. There were no internal administrative services expense waivers for the year ended December 31, 2025. Excluding these internal administrative services expense waivers, the expense and income ratios are as follows:


	Year Ended December 31,
	2024		2023		2022		2021		2020
Ratio of total expenses, including tax expenses, to average NAV(1)(2)	14.21	%	13.98	%	9.33	%	7.24	%	8.11	%
Ratio of operating expenses to average NAV(2)	14.03	%	13.37	%	9.06	%	6.92	%	7.89	%
Ratio of operating expenses, excluding interest expense, to average NAV(2)	7.73	%	7.43	%	5.07	%	4.49	%	4.80	%
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)	5.72	%	5.38	%	4.72	%	4.39	%	4.80	%
Ratio of net investment income to average NAV	7.17	%	7.69	%	7.90	%	8.26	%	7.67	%


	Year Ended December 31,
	2019		2018		2017		2016
Ratio of total expenses, including tax expenses, to average NAV(1)(2)	9.84	%	9.13	%	7.89	%	7.57	%
Ratio of operating expenses to average NAV(2)	9.84	%	8.97	%	7.79	%	7.51	%
Ratio of operating expenses, excluding interest expense, to average NAV(2)	5.58	%	5.10	%	4.88	%	4.69	%
Ratio of operating expenses, excluding interest expense and incentive fees, to average NAV(2)	4.95	%	4.58	%	4.61	%	4.69	%
Ratio of net investment income to average NAV	8.11	%	8.25	%	8.28	%	8.48	%

_____________________________

See footnotes (1) and (2) immediately prior to this table.

MSC INCOME FUND, INC. 10-K