MSIF - Quick Take - CEO Succession Announced

Research evidence excerpt

MSIF - Quick Take - CEO Succession Announced

Truist Securities

Equity Research Report June 30, 2026

FINANCIALS: BDCs MSC Income Fund, Inc. (MSIF)

MSIF - Quick Take - CEO Succession Announced Arren Cyganovich, CFA

212-319-2334

Arren.Cyganovich@truist.com

New CEO Announced - Today, MSC Income Fund announced CEO succession plans

where current Chariman and CEO Dwayne L. Hyzak (in the role since October 2020) will

transition to Executive Chairman and Nick Meserve will become MSIF's new CEO in 4Q26.

Current Price (Jun. 29, $11.73 Mr. Hyzak will continue to work closely with Mr. Meserve as part of a long-term board

2026) succession plan. With Mr. Hyzak continuing as Main Street Capital Corporation's (MAIN,

Stock Rating BUY Hold) CEO we don't expect any material changes for MSIF. MSIF is externally managed by MAIN and both executives work together on investment decisions at both companies. Unchanged

Price Target $14.00 Details on Incoming CEO - Nicholas T. Meserve currently serves as a Managing Director of MSC Income and head of the private credit investment team. He has led the Fund’s

Unchanged private loan strategy since inception in 2020 including sourcing, originating, and executing

new investments for the fund, in addition to managing the overall portfolio of private

loans and middle market investments. Mr. Meserve also serves as a member of the

investment committee of Main Street Capital Corp. and has been involved in their private 4 Page Document

loan investment strategy since joining the team in 2012. Mr. Meserve previously served on

MSC Income's board from 2016-2020. Prior to Main Street, he worked as a portfolio manager

Reasons for this report at Highland Capital Management LP, and as a credit analyst at JP Morgan Chase & Co.

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