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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.

As of 2026-06-30 · 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 (578)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•• →
$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•• →
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 → 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 →
$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

76% debt by fair value

Quarters on the tape

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 quarters

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
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

S•••• C•••• T•••••••• H•••••••• L•• term loan
2 BDCs hold it · matures Aug 8, 2029
$38.6M 100c
C••••••• F••• C••••••••• term loan
2 BDCs hold it · matures Jun 27, 2029 · possible sponsor I••••••••• O••••••••• P•••••••• L••
$27.0M 101c
M•• P••••••••• H•••••• I•• term loan
2 BDCs hold it · matures Dec 2, 2030
$27.0M 101c
A•••• S••••• L•• term loan
2 BDCs hold it · matures Dec 31, 2030
$26.7M 101c
C••••••• D••• S•••••• L•• term loan
2 BDCs hold it · matures Aug 6, 2026
$26.6M 66c
E•••••• T•••••••• I••••••••• L•• term loan
2 BDCs hold it · matures Mar 31, 2030
$24.2M 102c
M•••••• C••••••• G••••• L•• term loan
2 BDCs hold it · matures Oct 1, 2030 · possible sponsor E•••••• L••• C•••••• M••••••••• L•••
$24.1M 101c
S• E•••• L•• term loan
2 BDCs hold it · matures Jun 16, 2028
$23.0M 100c
A••• P••••••••• I•• term loan
2 BDCs hold it · matures Aug 1, 2030
$22.3M 101c
L•••• A••••••••• C••••••• L•• term loan
2 BDCs hold it · matures Dec 31, 2028
$22.1M 101c
G•• R••••• T••••••••• L•• term loan
2 BDCs hold it · matures Oct 29, 2026
$21.5M 100c
W••••• S••••••• L•• term loan
2 BDCs hold it · matures Nov 19, 2027 · possible sponsor T•••• C•••••• M••••••••• I•••
$20.4M 101c

Schedule of investments at Dec 31, 2023

677 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S••• H•••••••• L••	equity equity	Not disclosed	$160,000 80c
A•• H•••••••• I•••	term loan lien unstated	$151,000	$149,000 100c	18.00% PIK 18.00%	Jun 25, 2025
J•• E••••••••• • M••••••••• L••	equity equity	Not disclosed	$140,000 100c
B••••••• B•••••• I•••	warrants equity	Not disclosed	$129,000 12c		Oct 19, 2032
A••• A••••••• H•••••••• L••	equity equity	Not disclosed	$124,000 93c
J••••• H••••••••• L••	term loan lien unstated	$1.7M	$121,000 7c	S+1600 bp PIK 21.63%	Aug 21, 2024
B••••••••• E••••••••• L••	equity equity	Not disclosed	$120,000 11c
J••••• H••••••••• L••	term loan lien unstated	$1.6M	$117,000 7c	S+1600 bp PIK 21.63%	Aug 21, 2024
M••••••••• H•••••••• L••	equity equity	Not disclosed	$110,000 97c
E•••• A••••••••• L••	equity equity	Not disclosed	$109,000 107c
A••••••• T••••••••• S•••••••• L•••	term loan lien unstated	$2.4M	$109,000 5c		Apr 7, 2023
P••••••• T••••• L••	term loan lien unstated	Not disclosed	$105,000
P••••••• T••••• L••	term loan lien unstated	$115,000	$105,000 100c	8.00%	Dec 31, 2028
A•••••••• L••	equity equity	Not disclosed	$100,000 120c
A•••••••• L•••	equity equity	Not disclosed	$100,000 120c
A••••• S••••••• L••	equity equity	Not disclosed	$100,000 161c
C••••• T••• H•••••••• L••	term loan lien unstated	$100,000	$96,000 100c	S+600 bp	Dec 17, 2026
A••••••• I•••	warrants equity	Not disclosed	$90,000		May 19, 2028
A•• O••••••••• L••	equity equity	Not disclosed	$90,000 90c
M• C••••• H•••••• L••	preferred equity equity	Not disclosed	$80,000
B••••••• P•••••• P••••••• L••	term loan lien unstated	$80,000	$80,000 100c	10.00%	Feb 28, 2027
C••••••••• I•••	equity equity	Not disclosed	$80,000 100c
M• C••••• H•••••• L••	preferred equity equity	Not disclosed	$80,000 7c
D••••• U• I•••	term loan lien unstated	Not disclosed	$60,000 115c
D••••• U• I•••	equity equity	Not disclosed	$60,000 115c
D•••••• C••••••••• L••	preferred equity equity	Not disclosed	$60,000 47c
S•••• C•••• T•••••••• H•••••••• L••	equity equity	Not disclosed	$59,000 97c
A••••••••• S•••••• K••• H•••••••• L••	term loan lien unstated	Not disclosed	$54,000	S+1000 bp
A••••••••• S•••••• K••• H•••••••• L••	term loan lien unstated	$55,000	$54,000 100c	S+1000 bp	Aug 16, 2024
W•••••••• B•••••• L••	term loan lien unstated	$53,000	$53,000 113c	S+600 bp	Dec 17, 2026
A•• O••••••••• L••	term loan lien unstated	$50,000	$50,000 100c	S+650 bp	Jan 18, 2027
D••••••• L••	term loan lien unstated	$50,000	$49,000 100c	7.50%	Dec 31, 2025
D••••••• L••	term loan lien unstated	Not disclosed	$49,000
T•• A•••••••• N••••••• L••	preferred equity equity	Not disclosed	$43,000 100c
T•• A•••••••• N••••••• L••	term loan lien unstated	$40,000	$37,000 100c	13.00%	Aug 9, 2026
S•••• C•••• T•••••••• H•••••••• L••	term loan lien unstated	$38,000	$34,000 100c	S+600 bp	Dec 13, 2026
B••••• T••••• L••	term loan lien unstated	$30,000	$30,000 100c	10.00%	Mar 7, 2027
B••••• T••••• L••	term loan lien unstated	Not disclosed	$30,000
B••••• T••••• L••	term loan lien unstated	Not disclosed	$30,000	10.00%
C•••••• B•••• L••	term loan lien unstated	$2.7M	$16,000 1c		Jan 5, 2015
D••••••• L••	preferred equity equity	Not disclosed	$10,000 3c
D••••••• L••	preferred equity equity	Not disclosed	$10,000
D•• I••••••••• L••	term loan lien unstated	Not disclosed	$0
B•• H•••••••• L••	preferred equity equity	Not disclosed	$0
N•••• I••••••••• I•••••••• L••	equity equity	Not disclosed	$0
T••••• I••••••••• L••	preferred equity equity	Not disclosed	$0
R•••••• B•••• J••••••• I•••	preferred equity equity	Not disclosed	$0 0c
V•• H••••• L••	term loan lien unstated	$0	$0	S+600 bp	Dec 1, 2023
A•••••••• L•••	term loan lien unstated	$0	$0	S+740 bp	Aug 31, 2027
G••• P••••••••• H•••••••• L••	equity equity	Not disclosed	$0 0c
A•• N••••••• C••••	equity equity	Not disclosed	$0
A•• H•••••••• I•••	equity equity	Not disclosed	$0 0c
X•••• A••• I•••	term loan lien unstated	$0	$0 0c	S+525 bp	Dec 17, 2026
C••••• T••••••••• H•••••••	term loan lien unstated	Not disclosed	$0	S+900 bp
C••••••••• H•••••• L••	term loan lien unstated	Not disclosed	$0	S+600 bp
F•••• K••• H•••••••• L••	term loan lien unstated	Not disclosed	$0	S+900 bp
A•• N••••••• C••••	subordinated debt unsecured or subordinated	Not disclosed	$0	10.00%
A••••••••• S•••••• K••• H•••••••• L••	warrants equity	Not disclosed	$0 0c		Aug 16, 2029
C••••••••• H•••••• L••	term loan lien unstated	$0	$0 0c	S+600 bp	Feb 26, 2026
S•••••• R••••••• C•••••• L••	preferred equity equity	Not disclosed	$0
V•••••••• L••	preferred equity equity	Not disclosed	$0 0c
S• E•••• L••	term loan lien unstated	Not disclosed	$0
R•••••• B•••• J••••••• I•••	preferred equity equity	Not disclosed	$0
P•••••• H••••••••• I•••	term loan lien unstated	$0	$0 0c	S+575 bp	Jan 19, 2027
B••••• T••••• L••	term loan lien unstated	$0	$0 0c	10.00%	Mar 7, 2027
C•• S••••••• L••	preferred equity equity	Not disclosed	$0
O•••••• H•••••••• L••	term loan lien unstated	$0	$0 0c	S+1100 bp	Jul 31, 2026
M• C••••• H•••••• L••	preferred equity equity	Not disclosed	$0
N•••• I••••••••• I•••••••• L••	equity equity	Not disclosed	$0
S• E•••• L••	term loan lien unstated	Not disclosed	$0
T••••• I••••••••• L••	preferred equity equity	Not disclosed	$0
U••••• D•• L••	term loan lien unstated	Not disclosed	$0
V•••••• E••••• O••••••••• L••	preferred equity equity	Not disclosed	$0
C••••••• E••••••• C•••••• L••	term loan lien unstated	Not disclosed	$0
V•••••••• L••	preferred equity equity	Not disclosed	$0
C•••••• S•••••• • S••••• L••	term loan lien unstated	$0	$0	13.50%	Nov 22, 2028
E•••• A••••••••• L••	term loan lien unstated	$0	$0	S+600 bp	Oct 3, 2027
V•••••• E••••• O••••••••• L••	term loan lien unstated	Not disclosed	$0
M•••• F•••• F••• G••••• L••	equity equity	Not disclosed	$0
I••••••• I••••••••• L••	equity equity	Not disclosed	$0
A••••••••• S•••••• K••• H•••••••• L••	warrants equity	Not disclosed	$0
F•••• K••• H•••••••• L••	term loan lien unstated	Not disclosed	$0	S+650 bp
G••• P••••••••• H•••••••• L••	equity equity	Not disclosed	$0
U••••• D•• L••	preferred equity equity	Not disclosed	$0
S•••••• R••••••• C•••••• L••	term loan lien unstated	Not disclosed	$0
S•••••• R••••••• C•••••• L••	preferred equity equity	Not disclosed	$0
M• C••••• H•••••• L••	preferred equity equity	Not disclosed	$0 0c
A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• A•••••••• I•••••••••	unstated lien unstated	Not disclosed	$0
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$0
V•••••• E••••• O••••••••• L••	term loan lien unstated	Not disclosed	$0
V•••••••• L••	preferred equity equity	Not disclosed	$0
C••••• T••••••••• H•••••••• L••	term loan lien unstated	Not disclosed	$0	S+900 bp
T••••• I••••••••• L••	preferred equity equity	Not disclosed	$0 0c
C••••• T••••••••• H•••••••• L••	term loan lien unstated	Not disclosed	$0	S+1000 bp
U••••• D•• L••	preferred equity equity	Not disclosed	$0
C••••• T••••••••• H•••••••• L••	term loan lien unstated	$0	$0	S+900 bp	Jan 4, 2026
D•••••• C••••••••• L••	preferred equity equity	Not disclosed	$0
C••• P••••• I•••	term loan lien unstated	Not disclosed	$0	S+1050 bp
J••••• H••••••••• L••	equity equity	Not disclosed	$0 0c
C••••••• E••••••• C•••••• L••	term loan lien unstated	$0	$0		Mar 31, 2026

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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