February 12, 2026 Disclaimer 4Q'25 Results Presentation Safe Harbor Statement This presentation contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Studio City International Holdings Limited (the "Company") may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other writte ...

Core Insights - Studio City International Holdings Limited reported an increase in total operating revenues for Q4 2025, reaching US$160.3 million, up from US$152.9 million in Q4 2024, driven by improved mass market table games performance and higher non-gaming revenues [2][14] - The company generated gross gaming revenues of US$342.7 million in Q4 2025, compared to US$321.8 million in Q4 2024, indicating a positive trend in gaming operations [2] - For the full year 2025, total operating revenues were US$694.6 million, an increase from US$639.1 million in 2024, attributed to better performance in mass market operations [14] Financial Performance - Operating income for Q4 2025 was US$7.8 million, compared to US$3.1 million in Q4 2024, reflecting improved operational efficiency [8] - Adjusted EBITDA for Q4 2025 was US$60.2 million, up from US$56.7 million in Q4 2024, primarily due to higher revenues [8] - The net loss attributable to Studio City for Q4 2025 was US$20.5 million, an improvement from a net loss of US$27.7 million in Q4 2024 [9][16] Gaming Operations - Mass market table games drop was US$931.7 million in Q4 2025, up from US$891.7 million in Q4 2024, with a hold percentage of 33.7% compared to 32.1% in the previous year [3] - Gaming machine handle for Q4 2025 was US$935.8 million, an increase from US$888.9 million in Q4 2024, with a win rate of 3.0% [3] Non-Gaming Revenues - Total non-gaming revenues for Q4 2025 were US$91.3 million, slightly up from US$89.3 million in Q4 2024, indicating stable growth in non-gaming segments [7] Financial Position - As of December 31, 2025, total cash and bank balances were US$109.5 million, down from US$127.8 million a year earlier [12] - Total debt at the end of Q4 2025 was US$2.02 billion, reduced from US$2.16 billion at the end of 2024, primarily due to debt repayment [12] Capital Expenditures - Capital expenditures for Q4 2025 were US$4.2 million, reflecting ongoing investments in the business [13]

HOUSTON, Feb. 4, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) ("MSC Income" or the "Fund") is pleased to announce the appointment of Nataly M. Marks as a new independent member of its Board of Directors (the "Board"). Ms. Marks will also serve on the Board's Audit Committee. Ms. Marks has served as the President of Triple-S Steel Holdings, Inc. since joining the company in 2022. Triple-S Steel is one of the nation's largest family-owned steel service centers with over 50 locations across North A ...

Core Insights - MSC Income Fund, Inc. announced strong preliminary operating results for the fourth quarter of 2025, highlighting a significant increase in net asset value per share and a return on equity exceeding 16% for the quarter [2][5]. Preliminary Operating Results - The estimated net investment income (NII) for the fourth quarter of 2025 is projected to be between $0.26 and $0.30 per share, with an adjusted net investment income (ANII) estimated between $0.32 and $0.36 per share [3][21]. - The estimated net asset value (NAV) per share as of December 31, 2025, is between $15.81 and $15.89, reflecting an increase of $0.27 to $0.35 per share, or 1.8% to 2.3% from the previous quarter [4]. Investment Portfolio Activity - The Fund's fourth quarter included $100.9 million in total private loan portfolio investments, resulting in a net increase of $57.1 million in the total cost basis of the private loan investment portfolio [7]. - Additionally, there were $23.0 million in total lower middle market (LMM) portfolio follow-on investments, leading to a net increase of $14.9 million in the total cost basis of the LMM investment portfolio [8]. Federal Tax Treatment of Dividends - MSC Income's total dividends for 2025 were $1.44 per share, with approximately 81% taxed as ordinary income, 18% as qualified dividends, and 1% as long-term capital gains [9]. - For non-U.S. shareholders, approximately 64% of the dividends relate to "interest-related" dividends, short-term capital gains, and long-term capital gains, which are exempt from U.S. withholding tax [10]. Upcoming Earnings Release - The Fund will release its fourth quarter and full year 2025 results on February 26, 2026, with a conference call scheduled for February 27, 2026, at 11:00 a.m. Eastern time [12].

Core Insights - MSC Income Fund, Inc. has reported significant activity in its private loan portfolio during the fourth quarter of 2025, with new or increased commitments totaling $131.8 million and total investments funded amounting to $100.9 million [1] Group 1: Private Loan Portfolio Activity - As of December 31, 2025, the private loan portfolio of MSC Income included total investments at cost of approximately $821.7 million across 81 unique companies [2] - The portfolio composition indicates that 92.1% is invested in first lien senior secured debt investments, while 7.9% is allocated to equity investments or other securities [2] Group 2: Investment Strategy and Focus - MSC Income primarily provides debt capital to private companies, particularly those owned by or in the process of being acquired by private equity funds, focusing on leveraged buyouts, recapitalizations, growth financings, refinancings, and acquisitions [3] - The Fund's investments are primarily in secured debt, and it also maintains a portfolio of customized long-term debt and equity investments in lower middle market companies, partnering with entrepreneurs and management teams [3] Group 3: Notable Investments - Significant commitments during the fourth quarter include: - $12.0 million in a first lien senior secured term loan to a beverage solutions manufacturer [4] - $12.9 million in a first lien senior secured term loan to a satellite operations provider [4] - $21.6 million in a first lien senior secured term loan to a manufacturer of electrical utility solutions [4] - $16.0 million in a first lien senior secured term loan to a provider of therapy for children with autism [4] - $15.9 million in a first lien senior secured term loan to a digital marketing solutions provider [4] - Increased commitments include $3.4 million in a revolver to a wholesaler and $0.6 million in a term loan to a specialized welding services provider [4]

Core Insights - The company reported net sales of $965.7 million, reflecting a year-over-year increase of 4.0% [1] - Operating income was recorded at $76.2 million, with an adjusted operating income of $81.2 million [1] - The operating margin stood at 7.9%, or 8.4% on an adjusted basis [1] - Diluted earnings per share (EPS) increased to $0.93 compared to $0.83 in the same quarter of the previous fiscal year [1] - Adjusted diluted EPS rose to $0.99 [1]

Investment Overview - MSC Income Fund, Inc. has completed a new portfolio investment of $12.7 million in UBM ParentCo, LLC to facilitate UBM's merger with Mystic Logistics Holdings, LLC [1] - The investment includes a combination of first lien, senior secured term debt and direct minority equity [1] - The Fund has fully exited its debt and equity investments in Mystic and is now a lender and minority equity owner in UBM [1] Company Profiles - UBM is a leading provider of marketing mail commingle services, focusing on optimizing postage, transportation, and delivery performance for large-scale mailers [2] - UBM utilizes a nationwide logistics network and technology-driven processes to enhance speed-to-market, visibility, and cost efficiency for clients [2] - Mystic specializes in marketing mail consolidation and logistics solutions, supporting precise, date-driven in-home delivery performance [3] - Mystic employs disciplined transportation planning, mail flow optimization, and performance tracking to align marketing campaigns with targeted delivery windows [3] Historical Investment Performance - The Fund initially partnered with Mystic's management in August 2014 with a $2.5 million first lien, senior secured term loan and a $0.7 million equity investment [4] - Mystic experienced significant growth post-investment, expanding its customer base and strengthening partnerships [4] - The Fund realized a gain of $6.0 million on the exit of its equity investment in Mystic, along with total dividends of $5.5 million [5] - The cumulative annual internal rate of return (IRR) for the Fund's equity investment in Mystic is 32.9%, with a total money invested (TMI) return of 17.9 times [5] - Including both debt and equity investments, the Fund achieved an IRR of 22.9% and a TMI return of 5.1 times [5] Fund Overview - MSC Income Fund primarily provides debt capital to private companies owned by or in the process of being acquired by private equity funds [6] - The Fund's investments support leveraged buyouts, recapitalizations, growth financings, refinancings, and acquisitions across diverse industry sectors [6] - The Fund typically invests in secured debt and maintains a portfolio of customized long-term debt and equity investments in lower middle market companies [6] - Portfolio companies generally have annual revenues between $25 million and $500 million for private loan investments and between $10 million and $150 million for lower middle market investments [6]

Core Viewpoint - MSC Industrial Supply Co. has declared a cash dividend of $0.87 per share, reflecting its commitment to returning value to shareholders [1] Company Announcement - The dividend of $0.87 is scheduled to be paid on January 28, 2026 [1] - Shareholders must be on record by the close of business on January 14, 2026, to receive the dividend [1]

Core Points - MSC Industrial Supply Co. is a leading distributor of Metalworking and Maintenance, Repair and Operations (MRO) products and services in North America [1] - The company will hold a conference call to discuss its fiscal year 2026 first quarter results and current operations [1] - The conference call is scheduled for January 7, 2026, at 8:30 a.m. and will be broadcast online live [1]

Group 1 - The current year has been challenging for short-cycle industrial end-markets and the distributors serving them [1] - A negative macroeconomic outlook for the first half of 2025 has influenced the overall market sentiment [1]