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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, 2025

612 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
I•••••••• S••••••• S••••••• L••••	term loan lien unstated	$7.3M	$1,000 0c	S+700 bp PIK 11.02%	Aug 7, 2023
C••••••••• H•••••• L••	term loan lien unstated	$0	$0 0c	S+600 bp	Feb 26, 2029
B••••• T••••• L••	term loan lien unstated	$0	$0		Mar 7, 2027
E•••• A••••••••• L••	term loan lien unstated	$0	$0	S+600 bp	Oct 3, 2027
I• P••••• C•••••••••	term loan lien unstated	$0	$0 0c	S+575 bp	Jul 30, 2028
A••••••••• S•••••• K••• H•••••••• L••	warrants equity	Not disclosed	$0 0c		Aug 16, 2029
C••••• T••••••••• H•••••••• L••	term loan lien unstated	$0	$0	S+800 bp	Jan 4, 2028
K••• L••	term loan lien unstated	Not disclosed	$0	S+975 bp
R• O••••••• L••	term loan lien unstated	$0	$0	S+675 bp	Jun 30, 2027
S•••• C•••• T•••••••• H•••••••• L••	term loan lien unstated	$0	$0	S+525 bp	Aug 8, 2029
D••••••• L••	preferred equity equity	Not disclosed	$0 0c
A•••••• r•••••• t••••••••• t••••••••• t••• f••• o•••••••• A•• c••••••••• t•• p•••••	equity equity	Not disclosed	$0
V•••••••• L••	preferred equity equity	Not disclosed	$0
H••••• I••••••••• H•••••••	term loan lien unstated	$914,000	$0 0c	S+350 bp PIK 2.50%	Jun 21, 2026
T••••• I••••••••• L••	preferred equity equity	Not disclosed	$0 0c
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$0
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$0
A••••••• N•••• L••	term loan lien unstated	Not disclosed	$0	S+850 bp
J•• E••••••••• • M••••••••• L••	equity equity	Not disclosed	$0 0c
B••••••• B•••••• I•••	term loan lien unstated	$4.5M	$0 0c	S+850 bp PIK 11.49%	Jan 31, 2026
B••••••• B•••••• I•••	equity equity	Not disclosed	$0
C••••••• S••••• L••	term loan lien unstated	Not disclosed	$0
R• O••••••• L••	term loan lien unstated	Not disclosed	$0	S+675 bp
R••• O•••• L••	term loan lien unstated	$0	$0 0c		Aug 31, 2029
T••••••• R••••••• T••••• L••	term loan lien unstated	$0	$0		May 31, 2027
U••• T••••••••• C••••	term loan lien unstated	Not disclosed	$0 0c	S+815 bp	May 2, 2027
E•••••••• I•••	term loan lien unstated	$0	$0 0c	S+600 bp	Apr 7, 2029
M••••••••• H•••••••• L••	term loan lien unstated	$0	$0		Oct 19, 2025
B•••• A•••••••• I•••	preferred equity equity	Not disclosed	$0
B••• C• L••	preferred equity equity	Not disclosed	$0 0c	6.00% PIK 6.00%
D•••••• C••••••••• L••	preferred equity equity	Not disclosed	$0
A•••••• r•••••• t• i••••••••• t••••••••• t••• f••• o•••••••• A•• c••••••••• d••••• t•• p•••••	unstated lien unstated	Not disclosed	$0
C••••••••• H•••••• L••	term loan lien unstated	Not disclosed	$0	S+800 bp
B••• B•••• L•••••• U•• • C••••• E•••••	notes lien unstated	Not disclosed	$0
B••• C• L••	term loan lien unstated	$4.1M	$0 0c	15.00% PIK 15.00%	Aug 31, 2023
B••••• T••••• L••	term loan lien unstated	$0	$0		Mar 7, 2027
R• O••••••• L••	term loan lien unstated	$0	$0	S+675 bp	Jun 30, 2027
A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••	preferred equity equity	Not disclosed	$0
R• O••••••• L••	term loan lien unstated	Not disclosed	$0	S+675 bp
V•••••••• L••	preferred equity equity	Not disclosed	$0
G••••••••• H•••••••• L••	term loan lien unstated	$0	$0	S+750 bp	Jan 1, 2028
V•••••••• L••	preferred equity equity	Not disclosed	$0 0c
R•••••• B•••• J••••••• I•••	preferred equity equity	Not disclosed	$0 0c
A••••••••• L••	preferred equity equity	Not disclosed	$0
F•••• K••• H•••••••• L••	equity equity	Not disclosed	$0
G••• P••••••••• H•••••••• L••	term loan lien unstated	Not disclosed	$0	S+950 bp
J•• E••••••••• • M••••••••• L••	equity equity	Not disclosed	$0 0c
N•••• I••••••••• I•••••••• L••	term loan lien unstated	Not disclosed	$0
A••••••••• L••	equity equity	Not disclosed	$0 0c
B•••• A•••••••• I•••	preferred equity equity	Not disclosed	$0
M••••• L•••••••• H•••••••• L••	term loan lien unstated	Not disclosed	$0
G•• G••••• L••	term loan lien unstated	Not disclosed	$0
B••• C• L••	term loan lien unstated	$4.5M	$0 0c	15.00% PIK 15.00%	Nov 4, 2024
C••• P••••• I•••	term loan lien unstated	$0	$0 0c		Dec 3, 2030
D•••••• C••••••••• L••	equity equity	Not disclosed	$0
R• O••••••• L••	equity equity	Not disclosed	$0
T••••• I••••••••• L••	preferred equity equity	Not disclosed	$0 0c
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$0
S••• H•••••••• L••	term loan lien unstated	$0	$0 0c	S+700 bp	Jul 1, 2027
V•• H••••• L••	term loan lien unstated	$0	$0	S+600 bp	Dec 1, 2026
B••••••• B•••••• I•••	warrants equity	Not disclosed	$0 0c		Oct 19, 2032
B••• C• L••	term loan lien unstated	$0	$0	15.00% PIK 15.00%	Apr 1, 2025
A•••••••• L••	equity equity	Not disclosed	$0 0c
G•• G••••• L••	term loan lien unstated	Not disclosed	$0
I•••••••• S••••••• S••••••• L••••	equity equity	Not disclosed	$0
K••• L••	term loan lien unstated	Not disclosed	$0	S+975 bp
A•• H•••••••• I•••	equity equity	Not disclosed	$0 0c
G••• P••••••••• H•••••••• L••	equity equity	Not disclosed	$0
I••••••• I••••••••• L••	equity equity	Not disclosed	$0
D•• E••••••••• L••	preferred equity equity	Not disclosed	$0 0c	8.00% PIK 8.00%
D•• E••••••••• L••	preferred equity equity	Not disclosed	$0 0c	10.00% PIK 10.00%
G••• P••••••••• H•••••••• L••	preferred equity equity	Not disclosed	$0
N••••• L••	term loan lien unstated	Not disclosed	$0
N••••• L••	term loan lien unstated	Not disclosed	$0
C••••••• E••••••• C•••••• L••	term loan lien unstated	$0	$0		Mar 31, 2028
F•• I••••••••• H•••••• L••	term loan lien unstated	$0	$0		May 28, 2029
G•••••••• L••	term loan lien unstated	$0	$0 0c	S+725 bp	Oct 14, 2027
P••••••• T••••• L••	term loan lien unstated	$0	$0 0c		Dec 21, 2028
F•••• K••• H•••••••• L••	term loan lien unstated	Not disclosed	$0
G••• P••••••••• H•••••••• L••	term loan lien unstated	Not disclosed	$0	S+950 bp
C••••••• S••••• L••	term loan lien unstated	$0	$0		Jul 31, 2027
F•••• K••• H•••••••• L••	term loan lien unstated	$0	$0		Jun 30, 2030
D••••• M•••••••• S••••••••• I•••	term loan lien unstated	Not disclosed	$0
M••••• L•••••••• H•••••••• L••	term loan lien unstated	Not disclosed	$0
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$0
B••••• V•••••••• 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
B• L•••••• H••••••• I•••	term loan lien unstated	$0	$0	S+575 bp	Feb 1, 2029
B•••• A•••••••• I•••	preferred equity equity	Not disclosed	$0 0c
H••••• I••••••••• H•••••••	equity equity	Not disclosed	$0
M••••• L•••••••• H•••••••• L••	equity equity	Not disclosed	$0
A•••••• r•••••• t• i••••••••• t••••••••• t• o• f••• o•••• 1••• A•• c••••••••• d••••• t•• p•••••	equity equity	Not disclosed	$0
P•••••• H•••••• C•••••••••	equity equity	Not disclosed	$0 0c
V•••••••• L••	equity equity	Not disclosed	$0 0c
M•••••• F•••••••• L••	term loan lien unstated	$0	-$3,000 100c	S+550 bp	Apr 3, 2028
A••••••• H••••• S••••••• G••••• I•••	term loan lien unstated	$0	-$3,000 100c	S+500 bp	Nov 19, 2026
T•• S•••••••• L••	term loan lien unstated	$0	-$4,000 100c	S+550 bp	Dec 31, 2029
A••• A••••••• H•••••••• L••	term loan lien unstated	$0	-$5,000 100c	S+725 bp	Dec 23, 2027
C••••• T••• H•••••••• L••	term loan lien unstated	$0	-$6,000 100c	S+600 bp	Jun 5, 2030

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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