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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 Dec 31, 2022
429 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
K••• L••term loan lien unstated$1.3M$1.2M
100c
S+725 bpOct 4, 2026
B••••• T••••• L••term loan lien unstatedNot disclosed$1.2M
B••••• T••••• L••term loan lien unstatedNot disclosed$1.2M11.00%
B••••• T••••• L••term loan lien unstated$1.2M$1.2M
100c
11.00%Mar 31, 2027
J••••• H•••••••• L••preferred equity equityNot disclosed$1.2M
100c
E•••• A••••••••• L••term loan lien unstated$1.2M$1.2M
100c
S+600 bpOct 3, 2027
X•••• A••• I•••term loan lien unstated$1.2M$1.2M
102c
S+525 bpDec 17, 2027
B••••••• B•••••• I•••warrants equityNot disclosed$1.2M
106c
Oct 19, 2032
D•• E••••••••• L••preferred equity equityNot disclosed$1.2M
100c
10.00%
PIK 10.00%
C•••••• H•• H•••••••• L••term loan lien unstated$1.1M$1.1M
101c
S+600 bpMar 12, 2025
M• C••••• H•••••• L••term loan lien unstated$1.5M$1.1M
74c
13.00%Dec 31, 2022
A•• ••••••••• S•••••• K••• H•••••••• L•••term loan lien unstatedNot disclosed$1.1MS+1000 bp
A••••••••• S•••••• K••• H•••••••• L••term loan lien unstated$1.2M$1.1M
100c
S+1000 bpAug 16, 2024
J•••••• D••••• O•••• L••term loan lien unstated$1.1M$1.1M
102c
S+1150 bpDec 10, 2026
I•••••••• I••••••••• L••term loan lien unstated$1.1M$1.1M
100c
12.50%Nov 15, 2026
B••••• V•••••••• L••equity equityNot disclosed$1.1M
210c
N•••••• L••term loan lien unstated$1.1M$1.1M
100c
S+650 bpJan 31, 2025
I•••••••• S••••••• S••••••• L••••term loan lien unstated$7.3M$1.1M
15c
S+700 bp
PIK 1.00%
Aug 7, 2023
D••••• U• I•••term loan lien unstated$1.0M$1.0M
100c
S+800 bpAug 16, 2027
J••••••• H••••••••• I•••term loan lien unstated$1.0M$1.0M
104c
S+750 bpNov 4, 2024
K••••••••• M••••••••• C••••••• L••term loan lien unstated$970,000$961,000
100c
9.00%Oct 31, 2048
G••• P••••••••• H•••••••• L••preferred equity equityNot disclosed$950,000
68c
A•• O••••••••• L••term loan lien unstated$925,000$916,000
101c
S+750 bpJan 18, 2027
A•• O••••••••• L••term loan lien unstated$925,000$914,000
101c
S+550 bpJan 18, 2027
A•• ••••••••• S•••••• K••• H•••••••• L•••preferred equity equityNot disclosed$880,000
A••••••••• S•••••• K••• H•••••••• L••preferred equity equityNot disclosed$880,000
A••••••••• S•••••• K••• H•••••••• L••preferred equity equityNot disclosed$880,000
145c
D••••••• L••term loan lien unstated$958,000$865,000
97c
7.50%Dec 31, 2025
F••• E••••••••• L••term loan lien unstated$818,000$818,000
100c
S+750 bpJan 2, 2026
H••• R•••• S••••••• L••term loan lien unstated$796,000$796,000
100c
S+600 bpJan 15, 2026
I•••••••• I••••••••• L••term loan lien unstated$788,000$771,000
100c
12.50%Nov 15, 2026
B••••••• P•••••• P••••••• L••equity equityNot disclosed$741,000
131c
K••••••••• M••••••••• C••••••• L••equity equityNot disclosed$713,000
288c
C••••••••• H•••••• L••equity equityNot disclosed$678,000
153c
A••••••• T••••••••• S•••••••• L•••term loan lien unstated$11.7M$658,000
6c
S+650 bpJun 8, 2023
I••••••••• B••• C••••••• L•••term loan lien unstated$622,000$622,000
101c
S+650 bpAug 28, 2025
J•••••• D••••• O•••• L••preferred equity equityNot disclosed$620,000
177c
Z••• C•• W•••• L••term loan lien unstated$599,000$597,000
101c
S+725 bpMar 1, 2024
C••••• T•••• F••• I•••••••••equity equityNot disclosed$588,000
82c
G••• P••••••••• H•••••••• L••term loan lien unstated$600,000$571,000
95c
S+950 bpJul 1, 2027
G••• P••••••••• H•••••••• L••term loan lien unstatedNot disclosed$571,000S+950 bp
G••• P••••••••• H•••••••• L••term loan lien unstatedNot disclosed$571,000S+950 bp
A•••• P••••••••• G••••• L••term loan lien unstated$565,000$565,000
100c
S+600 bpMar 11, 2027
W••• S••••• P•••• I•••equity equityNot disclosed$530,000
106c
W•••• M•••• H•••••••• L••preferred equity equityNot disclosed$530,000
100c
B•• T••• S•••••••• L••subordinated debt unsecured or subordinated$1.0M$522,000
52c
S+1100 bpApr 8, 2021
C••••• T••• H•••••••• L••equity equityNot disclosed$500,000
100c
E•••• A••••••••• L••equity equityNot disclosed$497,000
100c
S•• H•••••••• L••term loan lien unstated$522,000$491,000
96c
S+625 bpOct 29, 2026
I• P••••• C•••••••••term loan lien unstated$465,000$465,000
104c
S+575 bpJul 30, 2026
T••••• I••••••••• L••term loan lien unstated$460,000$460,000
100c
12.00%Aug 31, 2023
I••••••••• P•• P••••••• I••••••••• H•••••••• L••term loan lien unstated$481,000$459,000
100c
S+1000 bp
PIK 14.42%
Feb 27, 2023
B••••• T••••• L••preferred equity equityNot disclosed$455,000
100c
I•••••••• I••••••••• L••equity equityNot disclosed$449,000
100c
M••••••••• A••••••••• L••preferred equity equityNot disclosed$441,000
100c
8.00%
PIK 8.00%
B••••••••• E••••••••• L••equity equityNot disclosed$420,000
40c
J••••• H••••••••• L••term loan lien unstated$3.4M$418,000
13c
19.75%
PIK 19.75%
Aug 21, 2024
E•••• A••••••••• L••term loan lien unstated$415,000$411,000
100c
S+600 bpOct 3, 2052
M••••• F•••• I••••••••• L••term loan lien unstated$6.5M$403,000
6c
S+1100 bp
PIK 12.00%
Jul 28, 2023
S•••• I••••••••• L••equity equityNot disclosed$400,000
351c
R••• O•••• L••term loan lien unstated$389,000$389,000
104c
S+650 bpAug 27, 2026
I••••••••• S••••••• A••••••••• L••term loan lien unstated$387,000$387,000
108c
S+675 bpAug 13, 2026
D•• E••••••••• L••preferred equity equityNot disclosed$380,000
49c
8.00%
PIK 8.00%
C•• S••••••• L••preferred equity equityNot disclosed$379,000
100c
P•••••• H••••••••• I•••term loan lien unstated$356,000$349,000
102c
S+575 bpJan 19, 2027
I••••••••• S••••••• A••••••••• L••preferred equity equityNot disclosed$338,000
112c
10.00%
PIK 10.00%
G•• R••••• T••••••••• L••term loan lien unstated$330,000$330,000
102c
S+600 bpDec 21, 2023
D••••••• L••preferred equity equityNot disclosed$300,000
103c
E•••• H•••••• L••term loan lien unstated$308,000$292,000
96c
S+700 bpDec 22, 2026
N••••• L••preferred equity equityNot disclosed$280,000
14c
C••• P••••• I•••term loan lien unstatedNot disclosed$273,000S+1050 bp
C••• P••••• I•••term loan lien unstatedNot disclosed$273,000S+1050 bp
C••• P••••• I•••term loan lien unstated$273,000$273,000
105c
S+1050 bpDec 17, 2026
B•••• A•••••••• I•••preferred equity equityNot disclosed$270,000
PIK 16.00%
O••••••••• L••preferred equity equityNot disclosed$264,000
100c
C••••••• S••••• L••term loan lien unstatedNot disclosed$260,000S+900 bp
C••••••• S••••• L••term loan lien unstated$262,000$260,000
100c
S+900 bpDec 20, 2036
M•••••••• H••••••• L••equity equityNot disclosed$256,000
100c
W••• S••• A••••••• A••••••••• L••equity equityNot disclosed$250,000
125c
J•• E••••••••• • M••••••••• L••equity equityNot disclosed$240,000
171c
H••• R•••• S••••••• L••preferred equity equityNot disclosed$230,000
605c
I••••••••• S••••••• A••••••••• L••preferred equity equityNot disclosed$217,000
101c
20.00%
PIK 20.00%
B•• T••• S•••••••• L••subordinated debt unsecured or subordinated$200,000$200,000
100c
S+1100 bpApr 8, 2021
S••• H•••••••• L••equity equityNot disclosed$200,000
100c
B•••• A•••••••• I•••term loan lien unstated$190,000$190,000
101c
12.00%
PIK 1.50%
Jan 6, 2024
S•• H•••••••• L••equity equityNot disclosed$183,000
73c
H••••• I••••••••• H•••••••term loan lien unstated$180,000$175,000
98c
S+950 bp
PIK 2.00%
Dec 21, 2023
C•••••• P••••••• I••••••••• L••term loan lien unstated$172,000$169,000
104c
S+625 bpFeb 7, 2027
C••••••• S••••• L••equity equityNot disclosed$152,000
287c
A••••••• T••••••••• S•••••••• L•••term loan lien unstated$2.4M$136,000
6c
S+650 bpJan 31, 2023
D•••••• C••••••••• L••preferred equity equityNot disclosed$128,000
100c
M••••••••• A••••••••• L••equity equityNot disclosed$113,000
100c
E•••• A••••••••• L••equity equityNot disclosed$102,000
100c
S•••• C•••• T•••••••• H•••••••• L••equity equityNot disclosed$92,000
151c
A•• O••••••••• L••equity equityNot disclosed$90,000
90c
A• C•••••• A••••••••• C•••••••••term loan lien unstated$86,000$86,000
112c
S+600 bpSep 6, 2028
B••••••• P•••••• P••••••• L••term loan lien unstated$80,000$80,000
100c
10.00%Feb 28, 2027
A•••••••• L•••equity equityNot disclosed$80,000
100c
C••••••••• I•••equity equityNot disclosed$80,000
100c
D••••• U• I•••term loan lien unstated$79,000$78,000
124c
S+800 bpAug 16, 2027
Page 3 of 5PreviousNext
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