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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 Jun 30, 2026

578 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••••••• R••••••• T••••• L••	term loan lien unstated	$525,000	$525,000 100c	9.00%	May 31, 2027
J•• E••••••••• • M••••••••• L••	term loan lien unstated	$544,000	$523,000 96c	S+500 bp PIK 8.89%	Jun 20, 2030
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$510,000	9.00%
C•••••• H•• H•••••••• L••	preferred equity equity	Not disclosed	$510,000
T••••••• R••••••• T••••• L••	term loan lien unstated	$510,000	$510,000 100c	9.00%	May 31, 2027
I••••••• E••••• S•••••••	preferred equity equity	Not disclosed	$507,000 147c	10.00% PIK 10.00%
B••••••• D••••••••• G•••• H•••••••	equity equity	Not disclosed	$500,000 100c
I••••••• E••••• S•••••••	equity equity	Not disclosed	$490,000 31c
A•• H•••••••• I•••	term loan lien unstated	$1.1M	$476,000 44c	20.00% PIK 20.00%	Nov 24, 2032
A•• H•••••••• I•••	term loan lien unstated	$1.1M	$476,000 44c	20.00% PIK 20.00%	Nov 24, 2032
A•• H•••••••• I•••	term loan lien unstated	$469,000	$469,000 125c	21.00% PIK 21.00%	Nov 24, 2032
U••• T••••••••• C••••	term loan lien unstated	$490,000	$468,000 100c	S+1100 bp PIK 10.00%	May 2, 2026
U•• I••••••••• L••	equity equity	Not disclosed	$460,000 106c
C••••••••• B•••• L••	term loan lien unstated	$449,000	$445,000 102c	S+650 bp	Jun 28, 2029
I•• H••••••• G••••• L••	term loan lien unstated	$443,000	$443,000 101c	S+700 bp	Jun 21, 2027
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$438,000	$438,000 100c	S+675 bp	Feb 7, 2027
M••••••••• H•••••••• L••	preferred equity equity	Not disclosed	$434,000 100c	8.00% PIK 8.00%
I••••••• I••••••••• L••	term loan lien unstated	$3.0M	$429,000 15c	S+850 bp PIK 9.77%	Apr 14, 2028
C••••••••• I•••	term loan lien unstated	$410,000	$410,000 100c	10.00% PIK 10.00%	Sep 25, 2028
E•••• A••••••••• L••	term loan lien unstated	$404,000	$401,000 100c	S+600 bp	Oct 3, 2052
G••••••••• H•••••••• L••	term loan lien unstated	$400,000	$400,000 100c	S+750 bp	Jan 1, 2028
T••••••• R••••••• T••••• L••	term loan lien unstated	$400,000	$400,000 100c	11.50%	May 31, 2031
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$400,000	11.50%
I••••• P••• a•• T•••• L••	term loan lien unstated	$482,000	$395,000 83c	S+700 bp PIK 10.95%	May 17, 2029
A•• H•••••••• I•••	term loan lien unstated	$393,000	$393,000 110c	21.00% PIK 21.00%	Nov 24, 2032
B••• B•••• L•••••• U•• • P•••••••• E•••••	notes lien unstated	Not disclosed	$390,000 108c
R• O••••••• L••	term loan lien unstated	$462,000	$385,000 83c	S+675 bp PIK 10.58%	Jun 30, 2027
R• O••••••• L••	term loan lien unstated	Not disclosed	$385,000	S+675 bp PIK 10.58%
C••••• T•••• F••• I•••••••••	equity equity	Not disclosed	$380,000 86c
C••••••• S••••• L••	equity equity	Not disclosed	$377,000 297c
R• O••••••• L••	term loan lien unstated	$451,000	$376,000 83c	S+675 bp PIK 10.58%	Jun 30, 2027
R• O••••••• L••	term loan lien unstated	Not disclosed	$376,000	S+675 bp PIK 10.58%
G••••••••• C••••	equity equity	Not disclosed	$370,000 66c
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$359,000	$359,000 102c	S+675 bp	Feb 7, 2027
E•••••••• I•••	term loan lien unstated	$351,000	$351,000 101c	S+600 bp	Apr 7, 2029
H••• R•••• S••••••• L••	preferred equity equity	Not disclosed	$350,000 921c
M•••••••• H••••••• L••	term loan lien unstated	$356,000	$350,000 99c	9.00% PIK 6.00%	May 30, 2029
B•••• A•••••••• I•••	preferred equity equity	Not disclosed	$347,000 121c
A•• H•••••••• I•••	term loan lien unstated	$340,000	$340,000 100c	20.00% PIK 20.00%	Nov 24, 2032
T••••• I••••••••• L••	term loan lien unstated	$339,000	$339,000 101c	12.00% PIK 12.00%	Aug 31, 2023
V•••••• E••••• O••••••••• L••	term loan lien unstated	$346,000	$333,000 100c	13.00%	Oct 3, 2029
E•••• H•••••• L••	term loan lien unstated	$308,000	$308,000 100c	S+700 bp	Dec 22, 2026
I•• H••••••• G••••• L••	term loan lien unstated	$295,000	$295,000 101c	S+700 bp	Jun 21, 2027
I•••••••• I••••••••• L••	preferred equity equity	Not disclosed	$290,000 163c	25.00% PIK 25.00%
I•••••• A••••••••• M••••••••• L••	term loan lien unstated	$291,000	$274,000 94c	S+950 bp PIK 1.50%	Apr 3, 2028
M••••••••• A••••••••• L••	warrants equity	Not disclosed	$270,000 182c		Aug 19, 2029
E•••• A••••••••• L••	equity equity	Not disclosed	$270,000 72c
B••••••• B•••••• I•••	term loan lien unstated	$215,000	$269,000 201c	S+850 bp PIK 11.23%	May 6, 2026
D••••••• L••	term loan lien unstated	$858,000	$247,000 29c	10.00%	Dec 31, 2030
E•••••••• I•••	equity equity	Not disclosed	$240,000 138c
C••• P••••• I•••	term loan lien unstated	$236,000	$236,000 109c	12.50%	Dec 3, 2030
J••••• H••••••••• L••	equity equity	Not disclosed	$230,000 139c
C••••••• S••••• L••	term loan lien unstated	$227,000	$227,000 101c	10.00%	Dec 20, 2036
E•••• A••••••••• L••	equity equity	Not disclosed	$222,000 218c
U••••••• T••••••••• I•••	term loan lien unstated	$244,000	$208,000 87c	S+775 bp PIK 1.75%	Apr 5, 2029
I• I•••••••• L••	term loan lien unstated	$200,000	$200,000 106c	13.00%	Jun 21, 2028
S••• H•••••••• L••	equity equity	Not disclosed	$200,000 100c
A•• O••••••••• L••	term loan lien unstated	$200,000	$200,000 104c	S+600 bp	Jan 18, 2028
U••••• D•• L••	preferred equity equity	Not disclosed	$193,000 17c
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$181,000	$181,000 100c	S+675 bp	Feb 7, 2027
B•••• C•••••••••	equity equity	Not disclosed	$180,000 100c
B••• B•••• L•••••• U•• • S•••••• D••• 1•	term loan lien unstated	$180,000	$180,000 104c	S+575 bp	May 1, 2028
T••••••• R••••••• T••••• L••	equity equity	Not disclosed	$174,000 100c
A••• A••••••• H•••••••• L••	equity equity	Not disclosed	$168,000 129c
C••••••• F••• C•••••••••	equity equity	Not disclosed	$160,000 56c
A••••••••• S•••••• K••• H•••••••• L••	preferred equity equity	Not disclosed	$150,000
A••••••••• S•••••• K••• H•••••••• L••	preferred equity equity	Not disclosed	$150,000 19c
A•• O••••••••• L••	equity equity	Not disclosed	$140,000 140c
G•••••••• L••	equity equity	Not disclosed	$130,000 62c
M•••••••• H••••••• L••	equity equity	Not disclosed	$127,000 36c
E•••••••• I•••	term loan lien unstated	$112,000	$112,000 105c	S+600 bp	Apr 7, 2029
A••••• S••••••• L••	equity equity	Not disclosed	$110,000 177c
D•••••• C••••••••• L••	preferred equity equity	Not disclosed	$110,000 86c
F••••••• F•••••••• F••••	term loan first lien	Not disclosed	$108,000 18c
D••••••• L••	term loan lien unstated	$105,000	$105,000 100c	10.00%	Dec 31, 2030
I• P••••• C•••••••••	term loan lien unstated	$102,000	$102,000 104c	S+575 bp	Jul 30, 2028
T••••••• R••••••• T••••• L••	term loan lien unstated	$100,000	$100,000 100c	9.00%	May 31, 2027
T••••••• R••••••• T••••• L••	term loan lien unstated	Not disclosed	$100,000	9.00%
A••••••• N•••• L••	term loan lien unstated	Not disclosed	$91,000	S+850 bp PIK 12.34%
A••••••• N•••• L••	term loan lien unstated	$91,000	$91,000 100c	S+850 bp PIK 12.34%	Mar 28, 2028
M••• M•••• o• A••••••• L••	equity equity	Not disclosed	$90,000 26c
B••••• C•••• H•••••••• L••	preferred equity equity	Not disclosed	$90,000 100c	15.00% PIK 15.00%
B••••••• B•••••• I•••	term loan lien unstated	$2.9M	$90,000 3c	S+750 bp PIK 13.25%	May 6, 2026
A•••• P••••••••• G••••• L••	term loan lien unstated	$90,000	$89,000 100c	S+800 bp PIK 1.00%	Mar 11, 2027
S•••• C•••• T•••••••• H•••••••• L••	equity equity	Not disclosed	$83,000 136c
T•• A•••••••• N••••••• L••	preferred equity equity	Not disclosed	$78,000 100c
G••••••••• H•••••••• L••	equity equity	Not disclosed	$76,000 100c
I•••••• A••••••••• M••••••••• L••	equity equity	Not disclosed	$75,000 21c
G••••••••• C••••	term loan lien unstated	$71,000	$70,000 175c	S+750 bp	Oct 4, 2029
B••••••• P•••••• P••••••• L••	term loan lien unstated	$64,000	$64,000 100c	10.00%	Feb 28, 2027
D••••• U• I•••	equity equity	Not disclosed	$50,000 96c
W••• • W•• S•••••• L••	term loan lien unstated	$44,000	$44,000 100c	S+550 bp	Apr 30, 2028
W••• • W•• S•••••• L••	equity equity	Not disclosed	$40,000 9c
I•••••••• I••••••••• L••	preferred equity equity	Not disclosed	$39,000 100c	25.00% PIK 25.00%
I•••••••• I••••••••• L••	preferred equity equity	Not disclosed	$34,000 100c	25.00% PIK 25.00%
I•••••••• S••••••• S••••••• L••••	term loan lien unstated	$7.3M	$19,000 0c	S+700 bp PIK 10.74%	Aug 7, 2023
I•••••• B••••••• C•••••••••	equity equity	Not disclosed	$10,000 4c
C•••••• B•••• L••	term loan lien unstated	$2.6M	$4,000 0c		Jan 5, 2015
B•••• A•••••••• I•••	preferred equity equity	Not disclosed	$0
B••••• T••••• L••	term loan lien unstated	$0	$0		Mar 7, 2027

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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