DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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BDC portfolio

M•• I••••• F•••• I•••

BDCMSIFCIK 1535778file 814-00939HOUSTON, TXmanaged by M•• A•••••• I• L••

Fair value

$1.0B

as of Jun 30, 2026

Principal held

$1.0B

debt pieces, the filer's figure

Cost

$1.1B

98c on cost

Unfunded

$115M

commitments not yet drawn

Positions

578

153 borrowers

First lien

n/a

89% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

319

16 sponsors financed

Portfolio through time

Fair value by quarter end$1.0B as of Jun 30, 2026

Dec 31, 2021$431M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.0B	153	94c	85	656 bp
Mar 31, 2026	$1.0B	151	95c	70	651 bp
Dec 31, 2025	$1.4B	157	102c	68	654 bp
Sep 30, 2025	$920M	153	95c	69	671 bp
Jun 30, 2025	$964M	155	95c	55	686 bp
Mar 31, 2025	$1.0B	158	95c	60	686 bp
Dec 31, 2024	$2.5B	163	112c	108	711 bp
Sep 30, 2024	$854M	161	94c	59	707 bp
Jun 30, 2024	$835M	159	95c	50	697 bp
Mar 31, 2024	$802M	153	95c	43	692 bp
Dec 31, 2023	$1.5B	161	160c	41	702 bp
Sep 30, 2023	$798M	157	93c	45	702 bp
Jun 30, 2023	$783M	155	93c	41	692 bp
Mar 31, 2023	$782M	151	91c	41	700 bp
Dec 31, 2022	$1.2B	150	125c	30	674 bp
Sep 30, 2022	n/a	39	n/a	0	n/a
Jun 30, 2022	n/a	39	n/a	0	n/a
Mar 31, 2022	n/a	39	n/a	0	n/a
Dec 31, 2021	$431M	42	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

Marked down (one lender)Jun 30, 2026
M•• I••••• F•••• I•••: fair value markdown in U••••••• T••••••••• I•• (102 to 87 cents on cost)
Marked down (one lender)Jun 30, 2026
M•• I••••• F•••• I•••: fair value markdown in U••• T••••••••• C••• (143 to 79 cents on cost)
Marked down (one lender)Jun 30, 2026
M•• I••••• F•••• I•••: fair value markdown in A•• H•••••••• I•• (87 to 67 cents on cost)
Marked down (one lender)Jun 30, 2026
M•• I••••• F•••• I•••: fair value markdown in C••••••• D••• S•••••• L•• (86 to 66 cents on cost)
Marked down (one lender)Jun 30, 2026
M•• I••••• F•••• I•••: fair value markdown in HDC (60 to 36 cents on cost)
PIK interest increasedJun 30, 2026
M•• I••••• F•••• I•••: pik increased in I••••••••• B••• C•••••• L•• (3.32% to 11.29%)
PIK interest appearsJun 30, 2026
M•• I••••• F•••• I•••: pik added in I••••• P••• (0.00% to 10.95%)
Spread increasedJun 30, 2026
M•• I••••• F•••• I•••: spread increased in C••••••• D••• S•••••• L•• (8.25% to 10.25%)
PIK interest increasedJun 30, 2026
M•• I••••• F•••• I•••: pik increased in I••••••• I••••••••• L•• (8.77% to 9.77%)
Spread increasedJun 30, 2026
M•• I••••• F•••• I•••: spread increased in I••••••• I••••••••• L•• (7.50% to 8.50%)
PIK interest appearsJun 30, 2026
M•• I••••• F•••• I•••: pik added in M•••••••• H••••••• L•• (0.00% to 6.00%)
PIK interest increasedJun 30, 2026
M•• I••••• F•••• I•••: pik increased in W•••••••• B•••••• L•• (4.00% to 6.00%)
PIK interest appearsJun 30, 2026
M•• I••••• F•••• I•••: pik added in E•••••• T••••••••• A••••••••• I•• (0.00% to 5.25%)
PIK interest appearsJun 30, 2026
M•• I••••• F•••• I•••: pik added in U••••••• T••••••••• I•• (0.00% to 1.75%)
PIK interest appearsJun 30, 2026
M•• I••••• F•••• I•••: pik added in O••• C••••••• I•• (0.00% to 0.50%)
Maturity extended (observed)Jun 30, 2026
M•• I••••• F•••• I•••: maturity extended in I••••••••• B••• C•••••• L•• (2028-03-31 to 2029-03-31)
Maturity extended (observed)Jun 30, 2026
M•• I••••• F•••• I•••: maturity extended in I•••••••• I••••••••• L•• (2028-01-31 to 2031-06-30)
Maturity extended (observed)Jun 30, 2026
M•• I••••• F•••• I•••: maturity extended in M•••••• C••••••• G••••• L•• (2030-04-17 to 2030-10-01)
Maturity extended (observed)Jun 30, 2026
M•• I••••• F•••• I•••: maturity extended in I••••••• E••••• S••••••• (2026-08-20 to 2027-08-20)
Maturity extended (observed)Jun 30, 2026
M•• I••••• F•••• I•••: maturity extended in W•••••••• B•••••• L•• (2026-12-17 to 2029-06-30)

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 · 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 · E•••••• L••• C•••••• M••••••••• L•••
$24.1M 101c
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
W••••• S••••••• L•• term loan
2 BDCs hold it · matures Nov 19, 2027
$20.4M 101c
U•• I••••••••• L•• term loan
2 BDCs hold it · matures Jul 29, 2029
$19.2M 101c
G••••••••• H•••••••• L•• term loan
2 BDCs hold it · matures Jan 1, 2028
$18.7M 100c

Schedule of investments at Jun 30, 2026

578 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C•••••• T••••••••• S•••••••• H•••••••• I••.	term loan lien unstated	$2.6M	$2.5M 100c	13.00%	Oct 9, 2029
N•••••• L••	preferred equity equity	n/a	$2.5M 85c
A••••••• N•••• L••	term loan lien unstated	$2.5M	$2.5M 100c	S+850 bp PIK 12.34%	Mar 28, 2028
D•••••• C••••••••• L••	term loan lien unstated	$2.5M	$2.5M 109c	S+900 bp	Dec 31, 2026
M•••• F•••• F••• G••••• L••	term loan lien unstated	$2.5M	$2.4M 98c	S+550 bp PIK 9.16%	Jan 28, 2031
A••••••••• L••	term loan lien unstated	$2.4M	$2.4M 100c	15.00% PIK 15.00%	Nov 6, 2028
C••••• T••• H•••••••• L••	term loan lien unstated	$2.4M	$2.4M 100c	13.00%	Jun 5, 2030
W••••• S••••••• L••	term loan lien unstated	$2.3M	$2.3M 101c	S+800 bp	Nov 19, 2027
I•••••••• S••••••• S••••••, L.L.C	term loan lien unstated	$2.6M	$2.3M 91c	S+1000 bp PIK 13.77%	Aug 7, 2023
T•• S•••••••• L••	term loan lien unstated	$2.3M	$2.3M 101c	S+550 bp	Dec 31, 2029
X•••• A••• I••.	term loan lien unstated	$2.3M	$2.3M 101c	S+600 bp	Dec 20, 2028
D•• I••••••••• L••	preferred equity equity	n/a	$2.3M 227c	15.00% PIK 15.00%
V•••••• S••••••	term loan lien unstated	$2.3M	$2.3M 101c	S+700 bp	Dec 22, 2028
H••••• P•••••• F••• I•••••••••	equity equity	n/a	$2.1M 124c
A••••••• N•••• L••	term loan lien unstated	$2.5M	$2.1M 83c	S+850 bp PIK 12.34%	Mar 28, 2028
Z•• P•••••••• L••	term loan lien unstated	$2.0M	$2.0M 101c	S+600 bp	Jun 14, 2029
U•• A•••••••• L••	equity equity	n/a	$2.0M 99c
G••••••••• C•••.	term loan lien unstated	$1.9M	$1.9M 101c	S+750 bp	Oct 4, 2029
E•••••• T•••••••• I••••••••• L••	equity equity	n/a	$1.9M 270c
W•••••••• B•••••• L••	term loan lien unstated	$1.9M	$1.9M 100c	6.00% PIK 6.00%	Jun 30, 2029
S•••••• R••••••• C•••••• L••	term loan lien unstated	$5.9M	$1.9M 35c	8.50% PIK 8.50%	Dec 31, 2027
I• P••••• C•••••••••	term loan lien unstated	$1.9M	$1.9M 100c	S+575 bp	Jul 30, 2028
C••••••••• B•••• L••	term loan lien unstated	$1.9M	$1.9M 100c	S+650 bp	Jun 28, 2029
T•••• M•••• M•••• C•••.	term loan lien unstated	$1.9M	$1.9M 102c	S+650 bp	Mar 11, 2029
I••••• P••• and Tank, LLC	term loan lien unstated	$2.2M	$1.8M 83c	S+700 bp PIK 10.95%	May 17, 2029
I••••• P••• and Tank, LLC	term loan lien unstated	$2.2M	$1.8M 83c	S+700 bp PIK 10.95%	May 17, 2029
I••••• P••• and Tank, LLC	term loan lien unstated	$2.2M	$1.8M 83c	S+700 bp PIK 10.95%	May 17, 2029
A•••• P••••••••• G••••• L••	term loan lien unstated	$1.8M	$1.8M 100c	S+800 bp PIK 1.00%	Mar 11, 2027
I••••• F•••••••• L••	term loan lien unstated	$1.8M	$1.8M 100c	S+600 bp PIK 4.00%	Oct 30, 2028
E•••••• T••••••••• A••••••••• Co, Inc.	term loan lien unstated	$2.3M	$1.8M 79c	S+625 bp PIK 5.25%	Dec 31, 2029
T•••• M•••• M•••• C•••.	term loan lien unstated	$1.6M	$1.6M 102c	S+650 bp	Mar 11, 2029
I•• H••••••• G••••• L••	term loan lien unstated	$1.6M	$1.6M 100c	S+700 bp	Jun 21, 2027
N•••••• L••	preferred equity equity	n/a	$1.6M 233c
T•• A•••••••• N••••••• L••	preferred equity equity	n/a	$1.6M 100c
R•••••• B•••• J••••••• I••.	term loan lien unstated	$3.7M	$1.5M 44c	12.50% PIK 10.00%	Dec 15, 2026
J••••• H•••••••• L••	preferred equity equity	n/a	$1.5M 125c
J••••• H••••••••• L••	term loan lien unstated	$1.5M	$1.5M 100c	S+800 bp	Mar 29, 2029
A••••••••• S•••••• K••• H•••••••• L••	preferred equity equity	n/a	$1.5M 253c
B••••••• D••••••••• G•••• H•••••••	term loan lien unstated	$1.5M	$1.5M 102c	S+600 bp	Dec 17, 2030
M••••••••• A••••••••• L••	term loan lien unstated	$1.6M	$1.5M 100c	13.00%	Aug 19, 2029
K••• L••	term loan lien unstated	$1.5M	$1.5M 102c	12.50%	Oct 1, 2028
J••••••• H••••••••• I••.	term loan lien unstated	$1.5M	$1.5M 100c	S+750 bp	Nov 4, 2026
T••••• I••••••••• L••	term loan lien unstated	$3.8M	$1.5M 39c	12.00% PIK 12.00%	Aug 31, 2023
M•••• F•••• F••• G••••• L••	term loan lien unstated	$1.5M	$1.4M 98c	S+550 bp PIK 9.17%	Jan 28, 2031
PrimeFlight Aviation Services \| Secured Debt 5	term loan lien unstated	$1.4M	$1.4M 101c	S+525 bp	May 1, 2029
C•••••• T••••••••• S•••••••• H•••••••• I••.	preferred equity equity	n/a	$1.4M 100c
T•••• M•••• M•••• C•••.	term loan lien unstated	$1.4M	$1.4M 102c	S+650 bp	Mar 11, 2029
M•••••• F•••••••• L••	term loan lien unstated	$1.4M	$1.4M 101c	S+550 bp	Apr 3, 2028
R•••• C•• I••.	preferred equity equity	n/a	$1.3M 100c
O••• C••••••• I••.	term loan lien unstated	$1.3M	$1.3M 103c	S+750 bp PIK 0.50%	Jun 21, 2029
A••• P••••••••• I••.	equity equity	n/a	$1.3M 109c
U••• T••••••••• C•••.	term loan lien unstated	$6.7M	$1.3M 75c	S+700 bp PIK 7.00%	May 2, 2027
J••••••• H••••••••• I••.	term loan lien unstated	$1.3M	$1.3M 101c	S+750 bp	Nov 4, 2026
M•••••• F•••••••• L••	term loan lien unstated	$1.3M	$1.3M 101c	S+550 bp	Apr 3, 2028
PrimeFlight Aviation Services \| Secured Debt 6	term loan lien unstated	$1.3M	$1.3M 101c	S+525 bp	May 1, 2029
J••••••• H••••••••• I••.	preferred equity equity	n/a	$1.3M 602c
M••••••••• H•••••••• L••	term loan lien unstated	$1.3M	$1.3M 101c	8.75%	Oct 19, 2027
W•••• M•••• H•••••••• L••	term loan lien unstated	$1.3M	$1.3M 100c	13.00%	Dec 12, 2027
M•••••••• H••••••• L••	term loan lien unstated	$1.2M	$1.3M 105c	9.00% PIK 6.00%	May 30, 2029
B••••• C•••• H•••••••• L••	term loan lien unstated	$1.3M	$1.3M 100c	S+1000 bp	Dec 31, 2026
J••••••• H••••••••• I••.	term loan lien unstated	$1.3M	$1.3M 100c	S+750 bp	Nov 4, 2026
I•• H••••••• G••••• L••	term loan lien unstated	$1.2M	$1.2M 106c	S+700 bp	Jun 21, 2027
I•• H••••••• G••••• L••	term loan lien unstated	$1.2M	$1.2M 106c	S+700 bp	Jun 21, 2027
R• O••••••• L••	term loan lien unstated	$1.5M	$1.2M 83c	S+675 bp PIK 10.58%	Jun 30, 2027
I•••••• A••••••••• M••••••••• L••	term loan lien unstated	$1.3M	$1.2M 95c	S+950 bp PIK 1.50%	Apr 3, 2028
X•••• A••• I••.	term loan lien unstated	$1.2M	$1.2M 101c	S+600 bp	Dec 20, 2028
A•••• P••••••••• G••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	S+800 bp PIK 1.00%	Mar 11, 2027
J••••• H••••••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	S+800 bp	Mar 29, 2029
B••••• T••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	10.00%	Mar 7, 2027
W••• • W•• S•••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	S+550 bp PIK 9.16%	Apr 30, 2028
E•••• A••••••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	12.00%	Oct 3, 2027
L•••• A••••••••• C••••••• L••	term loan lien unstated	$1.4M	$1.1M 97c		Dec 31, 2028
PrimeFlight Aviation Services \| Secured Debt 7	term loan lien unstated	$1.1M	$1.1M 101c	S+475 bp	May 1, 2029
K••• L••	term loan lien unstated	$1.1M	$1.1M 100c	12.50%	Oct 1, 2028
V•••••• S••••••	term loan lien unstated	$1.1M	$1.1M 102c	S+700 bp	Dec 22, 2028
M••• M•••• o• A••••••• L••	term loan lien unstated	$1.1M	$1.0M 91c	S+625 bp	Nov 30, 2028
O•••••• I••••••••• S•••••••• L••	term loan lien unstated	$1.0M	$1.0M 100c	S+600 bp	Nov 16, 2027
L••• T•••• L•	equity equity	n/a	$1.0M 100c
H••••••••• S••• L••	term loan lien unstated	$960,000	$960,000 102c	S+550 bp PIK 1.50%	Jul 3, 2029
S•••••• R••••••• C•••••• L••	term loan lien unstated	$256,000	$955,000 373c	8.50% PIK 8.50%	Dec 31, 2027
C•• E•••• U•• B••••• I••.	term loan lien unstated	$954,000	$954,000 102c	S+675 bp	Jun 30, 2029
P•••••• R••••••••• • P••••• L••	equity equity	n/a	$952,000 100c
Z•• P•••••••• L••	term loan lien unstated	$951,000	$951,000 102c	S+500 bp	Jun 14, 2029
Z•• P•••••••• L••	term loan lien unstated	$935,000	$935,000 102c	S+600 bp	Jun 14, 2029
A•• O••••••••• L••	term loan lien unstated	$925,000	$925,000 100c	S+700 bp	Jan 18, 2028
A•• O••••••••• L••	term loan lien unstated	$925,000	$925,000 100c	S+500 bp	Jan 18, 2028
Bond Brand Loyalty ULC \| Secured Debt 2	term loan lien unstated	$876,000	$876,000 102c	S+575 bp	May 1, 2028
B••••••••• C•••••• F••• I•••••••••	equity equity	n/a	$869,000 50c
Z•• P•••••••• L••	term loan lien unstated	$805,000	$805,000 101c	S+600 bp	Jun 14, 2029
M••••••••• H•••••••• L••	equity equity	n/a	$780,000 690c
A•• A••••••• G•••• S••••••• A••••••••• L••	preferred equity equity	n/a	$780,000 78c
M••• M•••• o• A••••••• L••	term loan lien unstated	$845,000	$762,000 91c	S+625 bp	Nov 30, 2028
W••• • W•• S•••••• L••	term loan lien unstated	$758,000	$758,000 100c	12.00% PIK 12.00%	Jul 31, 2028
S•••• I••••••••• L••	equity equity	n/a	$750,000
V•••••••• L••	preferred equity equity	n/a	$743,000 141c
I••••••••• B••• Company, LLC.	term loan lien unstated	$934,000	$738,000 80c	S+750 bp	Mar 31, 2029
M••••••••• A••••••••• L••	preferred equity equity	n/a	$720,000 141c	12.00% PIK 12.00%
T•••• M•••• M•••• C•••.	preferred equity equity	n/a	$710,000 134c	8.00% PIK 8.00%
I•••••••• I••••••••• L••	equity equity	n/a	$710,000 103c
I•••••• A••••••••• M••••••••• L••	term loan lien unstated	$740,000	$700,000 95c	S+950 bp PIK 1.50%	Apr 3, 2028

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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