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N•••• H•••• P•••••• I••••• F••• L••

Business development companymanaged by M• C•••••• P••••••• A•••••• I•••Non-traded· NEW YORK, NY

A non-traded business development company, managed by M• C•••••• P••••••• A•••••• I•••, holding $6.3B across 324 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: $6.3B
Borrowers: 324
Mark on cost: 98.1¢
First lien: 97%

Schedule of investments (1,112)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$67.4M
on non-accrual, 4 borrowers
4 borrowers on non-accrual, $67.4M principal; the largest is B•• H••••••• I• C••• ($27.5M).
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 B•• H••••••• I• C••• →
$45M
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $45M principal: B•• H••••••• I• C••• ($27.5M), S•••••••• L•• ($17.5M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open B•• H••••••• I• C••• →
26 below 80¢
$170M principal
26 positions across 24 borrowers marked below 80¢ on cost, $170M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
52 → 67
loans paying in kind
Loans paying in kind rose from 52 to 67 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 →

Every headline figure, and the identifiersCIK 1851322 · file 814-01489Show

Fair value

$6.3B

as of Jun 30, 2026

Principal held

$6.3B

debt pieces, the filer's figure

Cost

$6.5B

98c on cost, debt pieces

Unfunded

$672M

commitments not yet drawn

Positions

1,112

324 borrowers

First lien

97%

97% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

638

54 sponsors financed

Portfolio through time

Fair value by quarter end$6.5B as of Jun 30, 2026

Dec 31, 2022$2.0B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$6.5B	324	98c	67	490 bp
Mar 31, 2026	$6.8B	325	98c	52	488 bp
Dec 31, 2025	$7.0B	334	99c	49	492 bp
Sep 30, 2025	$6.7B	325	99c	46	499 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$6.8B	335	99c	52	500 bp
Mar 31, 2025	$6.6B	331	99c	45	507 bp
Dec 31, 2024	$14B	329	100c	84	515 bp
Sep 30, 2024	$5.9B	296	100c	39	526 bp
Jun 30, 2024	$4.4B	259	99c	28	527 bp
Mar 31, 2024	$3.8B	245	99c	21	554 bp
Dec 31, 2023	$3.2B	219	99c	21	563 bp
Sep 30, 2023	$2.8B	214	99c	13	543 bp
Jun 30, 2023	$2.6B	210	98c	7	539 bp
Mar 31, 2023	$2.1B	211	97c	6	530 bp
Dec 31, 2022	$2.0B	209	96c	5	535 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

I•••••••• M•••••••• A••••••••• L•• first lien term loan
35 BDCs hold it · matures Aug 31, 2028 · possible sponsor S••••• L••• T••••••••• M••••••••• L••
$111M 100c
W•••• I•••••••• A••••••••• L•• first lien term loan
21 BDCs hold it · matures Apr 30, 2030 · possible sponsor C••••••••• C•••••• P•••••••• L••
$99.5M 101c
V•• C••••••••• L•• first lien term loan
13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••
$91.5M 100c
R•••••• S••••••• G••••• L•• first lien term loan
15 BDCs hold it · matures Jun 16, 2032
$90.9M 101c
P••••• H••••• I••••••••• H•••••••• I•• first lien term loan
14 BDCs hold it · matures Jun 3, 2030
$84.4M 100c
A••••••• I•• first lien term loan
21 BDCs hold it · matures Jun 21, 2029
$79.6M 100c
G•••••••• I•• first lien term loan
14 BDCs hold it · matures Jan 31, 2033 · possible sponsor H•••••• P•••••••• L•
$78.4M 101c
A•••••• I•• first lien term loan
20 BDCs hold it · matures Jan 30, 2031
$77.9M 99c
M•• S••••••• L•• first lien term loan
31 BDCs hold it · matures Feb 29, 2028
$76.5M 100c
D••••••• C••••••••• first lien term loan
22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••
$76.0M 99c
A•••••••• P••••••• L•• first lien term loan
10 BDCs hold it · matures Nov 17, 2031
$73.3M 100c
D•••• first lien term loan
19 BDCs hold it · matures Jul 21, 2029
$71.8M 100c

Schedule of investments at Jun 30, 2023

393 positions

Borrower	Instrument	Principal	Fair value	Rate
N•••••• C••••••••• A•• C•••••• S••••••••• I•••	unstated lien unstated	$182,000	-$6,000 -4c	S+500 bp
G••••••••• L••	unstated lien unstated	$0	-$7,000 78c	S+650 bp
S•••••• I•••	unstated lien unstated	$0	-$8,000 200c	S+650 bp
M•• S•••••••• L••	delayed draw term loan first lien	$0	-$9,000 180c	S+550 bp
P•••••• G••••• I•••••••• S•••••••• L••	unstated lien unstated	$0	-$10,000 143c	S+550 bp
F•• H••••••• I•••	revolver first lien	$0	-$10,000 83c	S+525 bp
S••••••• B•••• C••••	unstated lien unstated	$0	-$10,000 83c	S+575 bp
i••••• I•••	unstated lien unstated	$0	-$12,000 109c	S+725 bp
M•••••• H•••••••• L••	delayed draw term loan lien unstated	$0	-$12,000 150c	S+600 bp
A•••••• T••••••••• L••	unstated lien unstated	$0	-$13,000 186c	S+550 bp
C•••• H•••••••• L••	unstated lien unstated	$0	-$16,000 123c	S+750 bp
T•••• A••••••••• I•••	revolver first lien	$0	-$16,000 400c	S+550 bp
A••••••• I•••	revolver first lien	$0	-$16,000 43c	S+725 bp
L• A••••• H•••••••• L••	unstated lien unstated	$0	-$17,000 121c	S+625 bp
S••••••• B•••••• L••	revolver first lien	$0	-$20,000 154c	S+650 bp
C•••• H•••••••• L••	unstated lien unstated	$0	-$21,000 263c	S+750 bp
A••••••••• I•••	delayed draw term loan lien unstated	$0	-$21,000 525c	S+350 bp
G••••••••• L••	unstated lien unstated	$0	-$23,000 164c	S+650 bp
O••• I••••••••• H•••••••• L••	unstated lien unstated	$0	-$23,000 575c	S+500 bp
M•••••• I••••••••• C•	unstated lien unstated	$0	-$25,000 45c	S+575 bp
S••••••• B•••• C••••	unstated lien unstated	$0	-$25,000 156c	S+575 bp
R•••••••• I•••	revolver first lien	$0	-$26,000 520c	S+575 bp
A•••• U• F••••• I•••	revolver first lien	$0	-$26,000 74c	S+725 bp
S••••••• H•••••••• L••	unstated lien unstated	$0	-$29,000 100c	S+575 bp
B••••••••• T••••••••• I•••	revolver first lien	$0	-$32,000 114c	S+550 bp
O•• P••••••••• I•••	unstated lien unstated	$0	-$38,000 422c	S+550 bp
A•••••• H•••••••• I•••	delayed draw term loan first lien	$0	-$39,000 433c	S+575 bp
M•••••• I••••••••• C•	unstated lien unstated	$0	-$40,000 87c	S+575 bp
L• A••••• H•••••••• L••	unstated lien unstated	$0	-$43,000 253c	S+625 bp
F••••••••• R••• P••••••• C••••	unstated lien unstated	$0	-$44,000 629c	S+625 bp
C••••• U• 1• I•••	unstated lien unstated	$0	-$46,000 88c	S+575 bp
A•••••• G•••• H•••••••• L••	unstated lien unstated	$0	-$50,000 172c	S+575 bp
A••••••••• I•••	revolver first lien	$0	-$60,000 261c	S+625 bp
S••••• A••••••••• I•••	delayed draw term loan first lien	$0	-$72,000 100c	S+675 bp
G••••• B•••••••• L••	unstated lien unstated	$0	-$72,000 206c	S+525 bp
S••••• A••••••••• I•••	delayed draw term loan first lien	$0	-$73,000 100c	S+675 bp
R•••••• H•••••••• I•••	unstated lien unstated	$0	-$76,000 152c	S+650 bp
G••••••• S•••••••• L••	delayed draw term loan lien unstated	$0	-$78,000 244c	S+550 bp
M•••••• B••••• I•••	revolver first lien	$0	-$82,000 161c	S+575 bp
I•••••••• M•••••••• A••••••••• L••	delayed draw term loan lien unstated	$0	-$98,000 100c	S+600 bp
C•••• A••••••••• L••	unstated lien unstated	$0	-$104,000 100c	S+675 bp
R••••••••• P•••••• L••	delayed draw term loan first lien	$0	-$110,000 229c	S+550 bp
E•••••••• T••••••••• C••••	unstated lien unstated	$0	-$112,000 204c	S+575 bp
F••••• S•••••••• G••••• L••	unstated lien unstated	$78,000	-$112,000 2800c	S+550 bp
A•••••• T••••••••• L••	unstated lien unstated	$0	-$114,000 317c	S+550 bp
S•••••• E••••••••• L••	unstated lien unstated	$0	-$128,000 100c	S+675 bp
T••• H•••••• C••••	revolver first lien	$0	-$135,000 100c	S+600 bp
D••••	unstated lien unstated	$0	-$143,000 340c	S+575 bp
S••••••••• I•••	revolver first lien	$0	-$146,000 281c	S+650 bp
S•••••• E••••••••• L••	unstated lien unstated	$0	-$149,000 100c	S+675 bp
P••••• H••••• I••••••••• H•••••••• I•••	unstated lien unstated	$0	-$210,000 100c	S+650 bp
G••••• B•••••••• L••	unstated lien unstated	$0	-$530,000 285c	S+525 bp
S••••••• B•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I•••••••• M•••••• S•••••• I•••••••••	unstated lien unstated	Not disclosed	Not disclosed
D•• I••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
L••••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M••••••• W••• H•••••••	unstated lien unstated	Not disclosed	Not disclosed
A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P••••• H••••• I••••••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
P• I••••••••• H••••••• I••• L••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• T••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
V• G••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T••	unstated lien unstated	Not disclosed	Not disclosed
Z•••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• O••	unstated lien unstated	Not disclosed	Not disclosed
A•••• U• F••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• T••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
B•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••• M••••• S•• D•••• L••	unstated lien unstated	Not disclosed	Not disclosed
R•• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T•••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
H•••••••• V••••••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
4•••••• S••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
V•• C••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C•••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F•• H••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
R••••••••• P•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
K•••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
E••••• L••• H••••••• C••••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 18reported10-Q and 10-K since 2022
Former names: Morgan Stanley Private Income Fund LLCreported
Latest schedule: 0001193125-26-342549reported