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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, 2025
612 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
V•••••• E••••• O••••••••• L••unstated lien unstatedNot disclosedNot disclosed
S• E•••• L••term loan lien unstatedNot disclosedNot disclosed
R•••• C•• I•••unstated lien unstatedNot disclosedNot disclosed
M••••••••• A••••••••• L••unstated lien unstatedNot disclosedNot disclosed
F••••••• G••••••••• P•••••••• F••• C•••• I••unstated lien unstatedNot disclosedNot disclosed3.42%
P•••••• H••••••••• I•••term loan lien unstatedNot disclosedNot disclosedS+1180 bp
M•••••• C••••••• G••••unstated lien unstatedNot disclosedNot disclosed
E•••••• T•••••••• I••••••••• L••unstated lien unstatedNot disclosedNot disclosed
U••••••• T••••••••• I•••term loan lien unstatedNot disclosedNot disclosedS+750 bp
PIK 1.75%
Apr 5, 2029
B• L•••••• H••••••• I•••unstated lien unstatedNot disclosedNot disclosed
R••••••••• S•••• S••••••••unstated lien unstatedNot disclosedNot disclosed
C•• E•••• U•• B••••• I•••unstated lien unstatedNot disclosedNot disclosed
Page 7 of 7Previous
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