Source Capital · NYSE:SOR
Source Capital — Investor Presentation (February 2026)
15 slides from Source Capital's investor presentation, Feb 26, 2026
Slide 1: Source Capital 2025 Review – Webcast Presentation
L P rs , is o d v c A if Source Capital i (NYSE: SOR) a c 2025 Review – Webcast Presentation P Presented by: Steven Romick, Abhi Patwardhan and Ryan Leggio s t February 26, 2026 F i r Follow us on:
Slide 2: Performance
Performance L P , Trailing Performance (%) rs As of December 31, 2025 Since 12/1/15* 10 Yr 5 Yr 3 Yr 1 Yr YTD QTD Source Capital – NAV 8.38 i s o 8.84 9.66 15.38 18.40 18.40 4.27 v Source Capital – Market Price 9.59 10.10 11.49 14.88 11.33 11.33 3.01 d 60% MSCI ACWI/40% BBG U.S. Agg 7.76 7.96 6.57 1
Slide 3: Executive summary
Executive summary Balanced and opportunistic strategy that seeks maximum total return for shareholders from both capital L P , appreciation and investment income to the extent consistent with protection of invested capital. rs Price continues to trade near net asset value (NAV) s o ■ Discount to NAV
Slide 4: Strategy update
Strategy update L P , Investment options rs ■ Private credit: Direct investments and private credit vehicles that seek to deliver a net yield of at least 8%.* s o ■ Public credit: Primarily utilizes FPA’s Flexible Fixed Income strategy’s Credit investments.** i v ■ Equity: Global equity strategy tha
Slide 5: Narrowing discount to NAV
Narrowing discount to NAV L P , 2 rs 0 o -2 is -4 v Discount (%) -6 d -8 A -10 c -12 f i < Source initiated a discount i -14 management program c -16 a -18 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 t P rs Percent Discount to NAV i 6 month average -4.19 F 1 year ave
Slide 6: Portfolio vs illustrative index
Portfolio vs illustrative index Source Capital Balanced Index L P , 60% MSCI ACWI / 40% Bloomberg US AGG rs Allocation Estimated Portfolio Yield Allocation Portfolio Yield o 12/31/2024 12/31/2025 12/31/2024 12/31/2025 12/31/2024 12/31/2025 12/31/2024 12/31/2025 i s Equity 40.7% 43.6% 1.8% 1.6% 60.0%
Slide 7: Private credit exposure remains high
Private credit exposure remains high L P , 35 rs Total Committed Market Value of Invested Capital 30 o Private Credit Exposure (%) is 25 v 20 15 Ad i c 10 5 c if a 0 P Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 rs t Private Credit YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 i Total
Slide 8: Asset-based direct loan – investment example
Asset-based direct loan – investment example L P , Loan: Participation in a $45mm first-lien term loan to a digital media company rs Maturity: 3 years Underwritten IRR: 11.6%, inclusive of coupon interest and OID is o Loan-to-value (LTV): 60 to 83% d v Collateral - First lien on substantially all co
Slide 9: Big fish in small ponds
Big fish in small ponds L P , Source Capital rs Trailing 24-Month Purchases is o d v c A if i a c t P F i rs As of December 31, 2025. Portfolio composition will change due to ongoing management of the Fund. Past performance is no guarantee, nor is it indicative, of future results. Please refer to th
Slide 10: High yield: reward generally not worth the risk
High yield: reward generally not worth the risk Bloomberg U.S. Corporate High Yield Index L P 25.00% At 12/31/25 rs , 2,500 o Spread Percentile is All High Yield 292 bps 2nd BB, ex. Energy 184 bps 3rd v 20.00% 2,000 15.00% Ad 1,500 Yield-to-worst Spread (bps) 10.00% if i c 1,000 a c P 5.00% 500 rs t
Slide 11: Additional Questions/Comments
Additional Questions/Comments L P rs , is o d v Please contact: A Ryan Leggio, Partner and VP Strategy for Source Capital i c rleggio@fpa.com if or your FPA relationship representative c P a rs t F i 11
Slide 12: Important disclosures
Important disclosures L P These slides are intended as supplemental material to the Fourth Quarter 2025 Source Capital (“Source Capital” or “Fund”) audio presentation and transcript that are posted on First Pacific Advisor, LP’s (“FPA” or “Adviser”) website at fpa.com. , This presentation is for inf
Slide 13: Important disclosures (continued)
Important disclosures (continued) L P Portfolio composition will change due to ongoing management of the Fund. References to individual financial instruments or sectors are for informational purposes only and should not be construed as recommendations by the Fund or the portfolio managers. It should
Slide 14: Important disclosures (continued)
Important disclosures (continued) P Value style investing presents the risk that the holdings or securities may never reach their full market value because the market fails to recognize what the portfolio management team L considers the true business value or because the portfolio management team ha
Slide 15: Important disclosures (continued)
Important disclosures (continued) L P Other Definitions Basis Point (bps) is equal to one hundredth of one percent, or 0.01%. 100 basis points = 1%. , Corporate Spread Curve is defined as the difference between the spreads of long maturity and short maturity corporate bonds, where the spread is defi
Source Capital — Investor Presentation (February 2026) on 6ix