MAIN

Main Street Capital Corporation ( MAIN ) Q3 2026 Earnings Call November 6, 2026 10:00 AM EST Company Participants Dwayne Hyzak - CEO, Senior MD & Member of the Board David Magdol - President, Senior MD & Chief Investment Officer Ryan Nelson - CFO & Treasurer Nicholas Meserve - MD & Group Head of Private Credit Conference Call Participants Zach Vaughan - Dennard Lascar Associates, LLC Robert Dodd - Raymond James & Associates, Inc., Research Division Arren Cyganovich - Truist Securities, Inc., Research Division Neo Eloff - Citizens Bank, National Association Cory Johnson - UBS Investment Bank, Research Division Presentation Operator Greetings. Welcome to the Main Street Capital Third Quarter Earnings Conference Call.

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, Nov. 5, 2026 /PRNewswire/ -- 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 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.

Two of the six stocks in this high-yield portfolio quietly drive most of the IRS bill, and a simple change in where you hold them could keep that money working for you.

Regular Monthly Dividends of $0.11 Per Share for each of January, February and March 2027 Supplemental Dividend of $0.03 Per Share Payable in March 2027 HOUSTON, Nov. 5, 2026 /PRNewswire/ -- MSC Income Fund, Inc. (NYSE: MSIF) (the "Fund") is pleased to announce that its Board of Directors declared regular monthly cash dividends of $0.11 per share for each of January, February and March 2027. These monthly dividends, which will be payable pursuant to the table below, total $0.33 per share for the first quarter of 2027.

One of the most closely watched aspects of Main Street Capital Corporation's MAIN financial profile is its dividend policy. The company declared monthly dividends of 27 cents per share for January, February and March 2027, totaling 81 cents per share.

Most dividend stocks pay four times a year, but your bills arrive every single month. Four investments cover that gap while targeting a yield that could turn a $200,000 portfolio into a steady monthly paycheck.

Main Street Capital has outperformed peers in both NAV growth and total returns, justifying its popularity and premium valuation. Approximately 70% of MAIN's NAV growth over the past twelve years stems from issuing shares above NAV, not solely from portfolio performance. MAIN's premium is partly due to lower costs and high ROE, but its current 1.60x P/NAV multiple prices in perfection and leaves little margin for error.

Main Street Capital just handed retirees another dividend raise and a supplemental check, but the stock carries a valuation premium that leaves almost no margin for error. Here is what that tradeoff actually looks like against the competition.

Main Street Capital remains the blue chip among internally managed BDCs, sustaining double-digit ROE and seventeen consecutive quarters of NAV growth. MAIN's premium to NAV, now over 50%, is structurally supported by capital markets activity, but recent earnings show declining NII and thinner dividend coverage. Q3 NII midpoint is $0.89, down 8% year-over-year, with financing costs and slower share issuances pressuring earnings; regular dividend coverage is at a five-quarter low.

Most dividend stocks make you wait three months between payments, but a small group of NYSE companies cut those checks every single month and keep raising the amount. Three of them clear every safety bar worth checking.