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M•• I••••• F•••• I•••

Business development companymanaged by M•• A•••••• I• L••Listed: MSIF· HOUSTON, TX

A business development company traded as MSIF, managed by M•• A•••••• I• L••, holding $1.4B across 153 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.4B
Schedule of investments, 10-Q and 10-K
Borrowers
153
Schedule of investments, 10-Q and 10-K
Mark on cost
94.8¢
Schedule of investments, 10-Q and 10-K
First lien
0%
Schedule of investments, 10-Q and 10-K
Schedule of investments (578)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $29.6M
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $29.6M principal; the largest is C••••••• D••• S•••••• L•• ($26.6M).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen C••••••• D••• S•••••• L•• →
  2. $26.6M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $26.6M principal: C••••••• D••• S•••••• L•• ($26.6M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open C••••••• D••• S•••••• L•• →
  3. 25 below 80¢
    $115M principal

    25 positions across 17 borrowers marked below 80¢ on cost, $115M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 82 → 95
    loans paying in kind

    Loans paying in kind rose from 82 to 95 positions in the quarter to Jun 30, 2026.

    Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
  5. $1.8B → $1.5B
    fair value, 4 quarters

    Its portfolio shrank 21% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1535778 · file 814-00939Show
Fair value
$1.4B
as of Jun 30, 2026
Principal held
$1.1B
debt pieces, the filer's figure
Cost
$1.3B
95c on cost, debt pieces
Unfunded
$115M
commitments not yet drawn
Positions
578
153 borrowers
First lien
0%
76% debt by fair value
Quarters on the tape
19
since Dec 31, 2021
Facilities held
319
19 sponsors financed
Portfolio through time
Fair value by quarter end$1.5B as of Jun 30, 2026
Dec 31, 2021$431M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.5B15395c95661 bp
Mar 31, 2026$1.4B15195c82658 bp
Dec 31, 2025$1.5B15796c70663 bp
Sep 30, 2025$1.3B15396c74687 bp
All 19 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.8B15595c89718 bp
Mar 31, 2025$1.9B15896c87720 bp
Dec 31, 2024$2.6B16293c132726 bp
Sep 30, 2024$1.3B15994c69716 bp
Jun 30, 2024$1.2B15795c57711 bp
Mar 31, 2024$1.2B15395c46707 bp
Dec 31, 2023$1.6B16195c43739 bp
Sep 30, 2023$1.2B15794c46727 bp
Jun 30, 2023$1.1B15594c42718 bp
Mar 31, 2023$1.1B15092c43724 bp
Dec 31, 2022$1.3B14992c33732 bp
Sep 30, 2022$308M39n/a2906 bp
Jun 30, 2022$295M39n/a4918 bp
Mar 31, 2022Not disclosed39n/a0902 bp
Dec 31, 2021$431M41n/a0898 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Jun 30, 2022
82 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
G•• R••••• T••••••••• L••equity equityNot disclosed$22.8M
S• E•••• L••term loan lien unstatedNot disclosed$21.5M10.25%
G•• R••••• T••••••••• L••term loan lien unstatedNot disclosed$19.2MS+800 bp
S•••• S•••••• I••••••••• L••term loan lien unstatedNot disclosed$17.8MS+750 bp
C••• P••••• I•••preferred equity equityNot disclosed$12.8M
G••••••••• H•••••••• L••equity equityNot disclosed$11.6M
V•• H••••• L••term loan lien unstatedNot disclosed$7.4M11.50%
C••• P••••• I•••term loan lien unstatedNot disclosed$7.0MS+1050 bp
F••••••• F•••••••• F••••term loan first lienNot disclosed$6.8M
H••••• P•••••• F••• I•••••••••equity equityNot disclosed$6.6M
C••••••• E••••••• C•••••• L••term loan lien unstatedNot disclosed$6.3M12.00%
A•• N••••••• C••••term loan lien unstatedNot disclosed$6.1MS+750 bp
O•••••• H•••••••• L••term loan lien unstatedNot disclosed$5.9MS+1100 bp
C••••••••• H•••••• L••equity equityNot disclosed$5.6M
G••••••••• H•••••••• L••term loan lien unstatedNot disclosed$5.4MS+800 bp
D••••• M•••••••• S••••••••• I•••preferred equity equityNot disclosed$5.4M
F•••• K••• H•••••••• L••term loan lien unstatedNot disclosed$5.3MS+1100 bp
K••••••••• M••••••••• C••••••• L••term loan lien unstatedNot disclosed$5.1M11.50%
D••••• M•••••••• S••••••••• I•••term loan lien unstatedNot disclosed$4.8MS+1100 bp
N•••••• L••term loan lien unstatedNot disclosed$4.6MS+650 bp
C••••••••• H•••••• L••term loan lien unstatedNot disclosed$4.4MS+800 bp
H••• 3• L•••equity equityNot disclosed$4.3M
S• E•••• L••preferred equity equityNot disclosed$4.3M
M••••• L•••••••• H•••••••• L••equity equityNot disclosed$4.1M
D•••••• P••••••• H••••••• L••term loan lien unstatedNot disclosed$4.0MS+1000 bp
R•••••• B•••• J••••••• I•••term loan lien unstatedNot disclosed$3.9MS+1100 bp
T••••• I••••••••• L••term loan lien unstatedNot disclosed$3.8M12.00%
C••••• T••••••••• H•••••••• L••term loan lien unstatedNot disclosed$3.7MS+1000 bp
C•••••• L••preferred equity equityNot disclosed$3.4M
F•••• K••• H•••••••• L••preferred equity equityNot disclosed$3.4M
G•• G••••• L••term loan lien unstatedNot disclosed$3.1M9.00%
K••••••••• M••••••••• C••••••• L••equity equityNot disclosed$3.1M
V•• H••••• L••preferred equity equityNot disclosed$3.0M
N•••••• L••preferred equity equityNot disclosed$2.9M
C••••••• S••••• L••term loan lien unstatedNot disclosed$2.6MS+950 bp
C••••••• S••••• L••equity equityNot disclosed$2.6M
O•••••• H•••••••• L••preferred equity equityNot disclosed$2.5M
D•••••• P••••••• H••••••• L••preferred equity equityNot disclosed$2.5M
A•• N••••••• C••••subordinated debt unsecured or subordinatedNot disclosed$2.3M10.00%
PIK 10.00%
C••••••• E••••••• C•••••• L••preferred equity equityNot disclosed$2.2M
A•• C•••••• G••••• L••preferred equity equityNot disclosed$2.2M
T••••••• R••••••• T••••• L••term loan lien unstatedNot disclosed$2.1M12.00%
N••••• L••term loan lien unstatedNot disclosed$2.1M11.00%
T••••••• R••••••• T••••• L••equity equityNot disclosed$2.0M
B••••• C•••• H•••••••• L••term loan lien unstatedNot disclosed$1.9MS+1000 bp
F•••• K••• H•••••••• L••term loan lien unstatedNot disclosed$1.9MS+650 bp
M••••• F•••• I••••••••• L••term loan lien unstatedNot disclosed$1.9M12.00%
PIK 12.00%
G••• P••••••••• H•••••••• L••term loan lien unstatedNot disclosed$1.9MS+950 bp
PIK 6.25%
T••••• I••••••••• L••preferred equity equityNot disclosed$1.8M
B••••• C•••• H•••••••• L••preferred equity equityNot disclosed$1.8M
G•• G••••• L••preferred equity equityNot disclosed$1.8M
R•••••• B•••• J••••••• I•••preferred equity equityNot disclosed$1.8M
C••••• T••••••••• H•••••••• L••preferred equity equityNot disclosed$1.7M
S•••• S•••••• I••••••••• L••equity equityNot disclosed$1.6M
M••••• L•••••••• H•••••••• L••term loan lien unstatedNot disclosed$1.5M10.00%
O••••••••• L••term loan lien unstatedNot disclosed$1.4MS+1100 bp
B••••• T••••• L••term loan lien unstatedNot disclosed$1.2M11.00%
A••••••••• S•••••• K••• H•••••••• L••term loan lien unstatedNot disclosed$1.2MS+1000 bp
A••••••••• S•••••• K••• H•••••••• L••preferred equity equityNot disclosed$1.1M
M• C••••• H•••••• L••term loan lien unstatedNot disclosed$1.1M13.00%
K••••••••• M••••••••• C••••••• L••term loan lien unstatedNot disclosed$965,0009.00%
D••••••• L••term loan lien unstatedNot disclosed$846,0007.50%
B••••• V•••••••• L••preferred equity equityNot disclosed$800,000
N•••••• L••term loan lien unstatedNot disclosed$800,000S+650 bp
C••••• T•••• F••• I•••••••••equity equityNot disclosed$710,000
K••••••••• M••••••••• C••••••• L••equity equityNot disclosed$615,000
T••••• I••••••••• L••term loan lien unstatedNot disclosed$460,00012.00%
B••••• T••••• L••equity equityNot disclosed$453,000
C••••••••• H•••••• L••equity equityNot disclosed$358,000
D••••••• L••preferred equity equityNot disclosed$300,000
O••••••••• L••preferred equity equityNot disclosed$264,000
C••••••• S••••• L••term loan lien unstatedNot disclosed$264,000S+950 bp
N••••• L••preferred equity equityNot disclosed$230,000
C••••••• S••••• L••equity equityNot disclosed$152,000
G••• P••••••••• H•••••••• L••term loan lien unstatedNot disclosed$64,000S+950 bp
PIK 5.25%
H••••• P•••••• F••• I•••••••••equity equityNot disclosed$0
A••••••••• S•••••• K••• H•••••••• L••warrants equityNot disclosed$0
C•••••• L••subordinated debt unsecured or subordinatedNot disclosed$010.00%
M• C••••• H•••••• L••preferred equity equityNot disclosed$0
A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• C•••••• I•••••••••unstated lien unstatedNot disclosed$0
A•• C•••••• G••••• L••term loan lien unstatedNot disclosed$010.00%
A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• A•••••••• I•••••••••unstated lien unstatedNot disclosed$0
Page 1 of 1
Registration
Fiscal year end
1231reported
Incorporated
unknownreported
On the SEC BDC report
2013 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Former names
HMS INCOME FUND, INC.reported
Latest schedule
0001535778-26-000085reported