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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 Jun 30, 2024
516 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G•••••••• L•• | equity equity | Not disclosed | $240,000 114c | ||
| C••••••• S••••• L•• | equity equity | Not disclosed | $237,000 187c | ||
| M••••••••• H•••••••• L•• | equity equity | Not disclosed | $230,000 204c | ||
| E•••••••• I••• | equity equity | Not disclosed | $200,000 115c | ||
| M•••••••• H••••••• L•• | equity equity | Not disclosed | $197,000 77c | ||
| S••• H•••••••• L•• | equity equity | Not disclosed | $190,000 95c | ||
| B••••••• B•••••• I••• | term loan lien unstated | $194,000 | $178,000 297c | S+850 bp PIK 12.94% | Aug 28, 2025 |
| I•••••••• I••••••••• L•• | preferred equity equity | $178,000 | $178,000 100c | ||
| I•• H••••••• G••••• L•• | term loan lien unstated | $180,000 | $176,000 100c | S+900 bp PIK 2.00% | Jun 21, 2027 |
| C•••••• P••••••• I••••••••• L•• | term loan lien unstated | $185,000 | $175,000 96c | S+700 bp | Feb 7, 2027 |
| J••••• H••••••••• L•• | equity equity | Not disclosed | $166,000 100c | ||
| A•• H•••••••• I••• | term loan lien unstated | $165,000 | $163,000 99c | 18.00% PIK 18.00% | Jun 25, 2025 |
| C••••••••• I••• | equity equity | Not disclosed | $160,000 200c | ||
| D•• I••••••••• L•• | term loan lien unstated | $140,000 | $140,000 102c | 12.00% | Jun 19, 2029 |
| I•••••• B••••••• C••••••••• | equity equity | Not disclosed | $130,000 54c | ||
| A••• A••••••• H•••••••• L•• | equity equity | Not disclosed | $124,000 93c | ||
| E•••• A••••••••• L•• | equity equity | Not disclosed | $114,000 112c | ||
| B•••• A•••••••• I••• | preferred equity equity | Not disclosed | $110,000 | ||
| P•••• R•••• L•• | equity equity | $13,000 | $110,000 846c | ||
| C••••••••• B•••• L•• | term loan lien unstated | Not disclosed | $105,000 100c | S+650 bp | Jun 28, 2029 |
| A•• O••••••••• L•• | term loan lien unstated | $105,000 | $105,000 100c | S+650 bp | Jan 18, 2027 |
| E••••••••• R••••••• • C••••••••• L•• | term loan lien unstated | $103,000 | $103,000 110c | S+550 bp | May 23, 2027 |
| A••••• S••••••• L•• | equity equity | Not disclosed | $100,000 161c | ||
| I•••••••• S••••••• S••••••• L•••• | term loan lien unstated | $7.3M | $100,000 1c | S+700 bp PIK 12.44% | Aug 7, 2023 |
| A•• O••••••••• L•• | equity equity | Not disclosed | $100,000 100c | ||
| C••••• T••• H•••••••• L•• | term loan lien unstated | $100,000 | $96,000 100c | S+600 bp | Dec 17, 2026 |
| J•• E••••••••• • M••••••••• L•• | equity equity | Not disclosed | $90,000 64c | ||
| A•••••••• L•• | equity equity | Not disclosed | $90,000 108c | ||
| A••••••• I••• | warrants equity | Not disclosed | $90,000 | May 19, 2028 | |
| M• C••••• H•••••• L•• | preferred equity equity | Not disclosed | $80,000 7c | ||
| B••••••• P•••••• P••••••• L•• | equity equity | Not disclosed | $80,000 14c | ||
| I•••••• A••••••••• M••••••••• L•• | equity equity | Not disclosed | $70,000 22c | ||
| B••••••• P•••••• P••••••• L•• | term loan lien unstated | $80,000 | $66,000 83c | 10.00% | Feb 28, 2027 |
| D••••• U• I••• | equity equity | Not disclosed | $60,000 115c | ||
| D•••••• C••••••••• L•• | preferred equity equity | Not disclosed | $60,000 47c | ||
| T•• A•••••••• N••••••• L•• | preferred equity equity | Not disclosed | $59,000 100c | ||
| A••••••• T••••••••• S•••••••• L••• | term loan lien unstated | $2.4M | $59,000 2c | Apr 7, 2023 | |
| S•••• C•••• T•••••••• H•••••••• L•• | equity equity | Not disclosed | $59,000 97c | ||
| A••••••••• S•••••• K••• H•••••••• L•• | term loan lien unstated | $55,000 | $55,000 100c | S+1000 bp | Aug 16, 2024 |
| W•••••••• B•••••• L•• | term loan lien unstated | $52,000 | $52,000 111c | S+625 bp | Dec 17, 2026 |
| B••••• T••••• L•• | term loan lien unstated | $50,000 | $49,000 100c | 10.00% | Mar 7, 2027 |
| M•••••••• H••••••• L•• | subordinated debt unsecured or subordinated | $46,000 | $46,000 100c | 8.00% PIK 8.00% | Mar 31, 2025 |
| B••• C• L•• | term loan lien unstated | $39,000 | $39,000 100c | 14.00% PIK 14.00% | Apr 1, 2025 |
| B••••• T••••• L•• | term loan lien unstated | $30,000 | $30,000 100c | 10.00% | Mar 7, 2027 |
| D••••••• L•• | term loan lien unstated | $30,000 | $29,000 100c | 7.50% | Dec 31, 2025 |
| D••••••• L•• | preferred equity equity | Not disclosed | $20,000 7c | ||
| C•••••• B•••• L•• | term loan lien unstated | $2.7M | $16,000 1c | Jan 5, 2015 | |
| B•••• A•••••••• I••• | preferred equity equity | Not disclosed | $10,000 | ||
| C••••••• E••••••• C•••••• L•• | term loan lien unstated | $0 | $0 | Mar 31, 2026 | |
| G••• P••••••••• H•••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| I•••••••• S••••••• S••••••• L•••• | equity equity | Not disclosed | $0 | ||
| V•••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| G••• P••••••••• H•••••••• L•• | preferred equity equity | Not disclosed | $0 0c | ||
| M••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | Oct 19, 2024 | |
| A••••••••• S•••••• K••• H•••••••• L•• | warrants equity | Not disclosed | $0 0c | Aug 16, 2029 | |
| A•• H•••••••• I••• | equity equity | Not disclosed | $0 0c | ||
| O•••••• H•••••••• L•• | term loan lien unstated | $0 | $0 0c | S+1100 bp | Jul 31, 2026 |
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• C•••••• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| T••••••• R••••••• T••••• L•• | term loan lien unstated | $0 | $0 0c | May 31, 2027 | |
| M••• S••••• L• | term loan lien unstated | $0 | $0 0c | S+675 bp | Mar 15, 2026 |
| T••••• I••••••••• L•• | preferred equity equity | Not disclosed | $0 0c | ||
| E•••• A••••••••• L•• | term loan lien unstated | $0 | $0 | S+600 bp | Oct 3, 2027 |
| J••••• H••••••••• L•• | term loan lien unstated | $906,000 | $0 0c | S+1600 bp PIK 21.59% | Aug 21, 2024 |
| B•••••• G•••• I••••••••• H•••••• C••••••• I••• | term loan lien unstated | $0 | $0 0c | S+500 bp | Jun 10, 2026 |
| G••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+750 bp | Jan 1, 2028 |
| G••• P••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+950 bp | Jul 1, 2027 |
| C•• S••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| C••••••• E••••••• C•••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| V•••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| D•• E••••••••• L•• | preferred equity equity | Not disclosed | $0 0c | 8.00% PIK 8.00% | |
| A••••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| A••••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| R••• O•••• L•• | term loan lien unstated | $0 | $0 0c | S+650 bp | Aug 27, 2026 |
| B••••••• B•••••• I••• | warrants equity | Not disclosed | $0 0c | Oct 19, 2032 | |
| C••••• T••••••••• H•••••••• L•• | term loan lien unstated | $0 | $0 | S+1000 bp | Jan 4, 2028 |
| B••••••• B•••••• I••• | equity equity | Not disclosed | $0 | ||
| A••••••••• S•••••• K••• H•••••••• L•• | preferred equity equity | Not disclosed | $0 0c | 14.13% | |
| D••••• M•••••••• S••••••••• I••• | term loan lien unstated | $0 | $0 0c | Feb 13, 2026 | |
| J•••••• D••••• O•••• L•• | term loan lien unstated | $0 | $0 0c | Dec 10, 2026 | |
| 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, 2024 |
| A•• H•••••••• I••• | warrants equity | Not disclosed | $0 | Dec 11, 2025 | |
| A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••• A•••••••• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| H••••• I••••••••• H••••••• | equity equity | Not disclosed | $0 | ||
| C••••••• S••••• L•• | term loan lien unstated | Not disclosed | $0 | ||
| B••• C• L•• | preferred equity equity | Not disclosed | $0 0c | 6.00% PIK 6.00% | |
| C••• P••••• I••• | term loan lien unstated | $0 | $0 0c | Dec 17, 2026 | |
| A••••••••• S•••••• K••• H•••••••• L•• | preferred equity equity | Not disclosed | $0 | 14.13% | |
| A• C•••••• A••••••••• C••••••••• | term loan lien unstated | $0 | $0 0c | S+500 bp | Sep 6, 2028 |
| D•••••• C••••••••• L•• | equity equity | Not disclosed | $0 | ||
| I••••••• I••••••••• L•• | equity equity | Not disclosed | $0 | ||
| S•••••• R••••••• C•••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| T••••• I••••••••• L•• | preferred equity equity | Not disclosed | $0 0c | ||
| C••••••••• H•••••• L•• | term loan lien unstated | $0 | $0 0c | S+600 bp | Feb 26, 2026 |
| V•••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| D•••••• C••••••••• L•• | preferred equity equity | Not disclosed | $0 | ||
| J••••• H••••••••• L•• | equity equity | Not disclosed | $0 0c | ||
| U••• T••••••••• C•••• | term loan lien unstated | Not disclosed | $0 0c | S+715 bp | May 2, 2027 |
| C••••••• S••••• L•• | term loan lien unstated | $0 | $0 | Jan 15, 2027 | |
| I• P••••• C••••••••• | term loan lien unstated | $0 | $0 0c | S+575 bp | Jul 30, 2026 |
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