DFX Intelligence
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M•• I••••• F•••• I•••
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.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.4B
- Borrowers
- 153
- Mark on cost
- 94.8¢
- First lien
- 0%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $29.6Mon 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•• → - $26.6Mnewly 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.
- 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 - 82 → 95loans 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.
- $1.8B → $1.5Bfair value, 4 quarters
Its portfolio shrank 21% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1535778 · file 814-00939ShowHide
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
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.5B | 153 | 95c | 95 | 661 bp |
| Mar 31, 2026 | $1.4B | 151 | 95c | 82 | 658 bp |
| Dec 31, 2025 | $1.5B | 157 | 96c | 70 | 663 bp |
| Sep 30, 2025 | $1.3B | 153 | 96c | 74 | 687 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $1.8B | 155 | 95c | 89 | 718 bp |
| Mar 31, 2025 | $1.9B | 158 | 96c | 87 | 720 bp |
| Dec 31, 2024 | $2.6B | 162 | 93c | 132 | 726 bp |
| Sep 30, 2024 | $1.3B | 159 | 94c | 69 | 716 bp |
| Jun 30, 2024 | $1.2B | 157 | 95c | 57 | 711 bp |
| Mar 31, 2024 | $1.2B | 153 | 95c | 46 | 707 bp |
| Dec 31, 2023 | $1.6B | 161 | 95c | 43 | 739 bp |
| Sep 30, 2023 | $1.2B | 157 | 94c | 46 | 727 bp |
| Jun 30, 2023 | $1.1B | 155 | 94c | 42 | 718 bp |
| Mar 31, 2023 | $1.1B | 150 | 92c | 43 | 724 bp |
| Dec 31, 2022 | $1.3B | 149 | 92c | 33 | 732 bp |
| Sep 30, 2022 | $308M | 39 | n/a | 2 | 906 bp |
| Jun 30, 2022 | $295M | 39 | n/a | 4 | 918 bp |
| Mar 31, 2022 | Not disclosed | 39 | n/a | 0 | 902 bp |
| Dec 31, 2021 | $431M | 41 | n/a | 0 | 898 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
Largest facilities held, with co-lenders
- S•••• C•••• T•••••••• H•••••••• L•• term loan2 BDCs hold it · matures Aug 8, 2029$38.6M 100c
- C••••••• F••• C••••••••• term loan2 BDCs hold it · matures Jun 27, 2029 · possible sponsor I••••••••• O••••••••• P•••••••• L••$27.0M 101c
- M•• P••••••••• H•••••• I•• term loan2 BDCs hold it · matures Dec 2, 2030$27.0M 101c
- A•••• S••••• L•• term loan2 BDCs hold it · matures Dec 31, 2030$26.7M 101c
- C••••••• D••• S•••••• L•• term loan2 BDCs hold it · matures Aug 6, 2026$26.6M 66c
- E•••••• T•••••••• I••••••••• L•• term loan2 BDCs hold it · matures Mar 31, 2030$24.2M 102c
- M•••••• C••••••• G••••• L•• term loan2 BDCs hold it · matures Oct 1, 2030 · possible sponsor E•••••• L••• C•••••• M••••••••• L•••$24.1M 101c
- S• E•••• L•• term loan2 BDCs hold it · matures Jun 16, 2028$23.0M 100c
- A••• P••••••••• I•• term loan2 BDCs hold it · matures Aug 1, 2030$22.3M 101c
- L•••• A••••••••• C••••••• L•• term loan2 BDCs hold it · matures Dec 31, 2028$22.1M 101c
- G•• R••••• T••••••••• L•• term loan2 BDCs hold it · matures Oct 29, 2026$21.5M 100c
- W••••• S••••••• L•• term loan2 BDCs hold it · matures Nov 19, 2027 · possible sponsor T•••• C•••••• M••••••••• I•••$20.4M 101c
Schedule of investments at Dec 31, 2022
429 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C••••• T••• H•••••••• L•• | term loan lien unstated | $0 | -$3,000 100c | S+600 bp | Dec 17, 2026 |
| C••••••••• I••• | term loan lien unstated | $0 | -$4,000 100c | S+600 bp | May 18, 2027 |
| A••••• S••••••• L•• | term loan lien unstated | $0 | -$4,000 100c | S+650 bp | Aug 11, 2027 |
| V•• H••••• L•• | term loan lien unstated | $0 | -$5,000 100c | S+600 bp | Dec 1, 2023 |
| D••••• U• I••• | term loan lien unstated | $0 | -$5,000 100c | S+800 bp | Aug 16, 2027 |
| V•• H•••••• L•• | term loan lien unstated | Not disclosed | -$5,000 | S+600 bp | |
| A• C•••••• A••••••••• C••••••••• | term loan lien unstated | $0 | -$5,000 100c | S+600 bp | Sep 6, 2028 |
| X•••• A••• I••• | term loan lien unstated | $0 | -$6,000 100c | S+525 bp | Dec 17, 2026 |
| S•••• C•••• T•••••••• H•••••••• L•• | term loan lien unstated | $0 | -$6,000 100c | S+575 bp | Dec 13, 2026 |
| W••• S••• A••••••• A••••••••• L•• | term loan lien unstated | $0 | -$6,000 100c | S+600 bp | Mar 1, 2028 |
| W••• S••••• P•••• I••• | term loan lien unstated | $0 | -$7,000 100c | S+700 bp | Jul 19, 2026 |
| M•••••• F•••••••• L•• | term loan lien unstated | $0 | -$7,000 100c | S+625 bp | Apr 3, 2028 |
| A••• A••••••• H•••••••• L•• | term loan lien unstated | $0 | -$8,000 100c | S+725 bp | Dec 23, 2027 |
| R•••••• B•••• J••••••• I••• | term loan lien unstated | $0 | -$8,000 100c | Dec 15, 2026 | |
| J•• E••••••••• • M••••••••• L•• | term loan lien unstated | $0 | -$11,000 100c | S+600 bp | Dec 22, 2026 |
| R• O••••••• L•• | term loan lien unstated | $0 | -$11,000 100c | S+675 bp | Apr 8, 2026 |
| R• O••••••• L•• | term loan lien unstated | $0 | -$11,000 100c | S+675 bp | Apr 8, 2026 |
| P•• U• B••••• I•• | term loan lien unstated | $0 | -$12,000 100c | S+725 bp | Aug 19, 2027 |
| A••••••• H••••• S••••••• G••••• I••• | term loan lien unstated | $0 | -$13,000 100c | S+600 bp | Nov 19, 2026 |
| H•••••••• O•••• L•• | term loan lien unstated | $0 | -$18,000 100c | S+650 bp | Aug 1, 2027 |
| S••• H•••••••• L•• | term loan lien unstated | $0 | -$18,000 100c | S+750 bp | Jul 1, 2027 |
| H•••••••• O•••• L•• | term loan lien unstated | $0 | -$18,000 100c | S+650 bp | Aug 1, 2027 |
| M•••••••• H••••••• L•• | term loan lien unstated | $0 | -$19,000 100c | S+700 bp | May 24, 2027 |
| B••••••••• I••• | term loan lien unstated | $0 | -$22,000 100c | S+100 bp PIK 6.00% | Jun 30, 2028 |
| N••••••••• L•• | term loan lien unstated | $0 | -$23,000 100c | S+625 bp | Dec 18, 2024 |
| W••••• S••••••• L•• | term loan lien unstated | $0 | -$43,000 100c | S+700 bp | Nov 19, 2026 |
| I•••••••• M•••• B••••• L•• | term loan lien unstated | $0 | -$48,000 100c | S+550 bp | Nov 1, 2026 |
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• C•••••• I••••••••• | unstated lien unstated | Not disclosed | -$6.4M | ||
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• A•••••••• I••••••••• | unstated lien unstated | Not disclosed | -$6.4M |
Page 5 of 5Previous
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