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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.

Fair value
$6.3B
Schedule of investments, 10-Q and 10-K
Borrowers
324
Schedule of investments, 10-Q and 10-K
Mark on cost
98.1¢
Schedule of investments, 10-Q and 10-K
First lien
97%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,112)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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••• →
  2. $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••• →
  3. 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
  4. 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
15
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$6.5B32498c67490 bp
Mar 31, 2026$6.8B32598c52488 bp
Dec 31, 2025$7.0B33499c49492 bp
Sep 30, 2025$6.7B32599c46499 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$6.8B33599c52500 bp
Mar 31, 2025$6.6B33199c45507 bp
Dec 31, 2024$14B329100c84515 bp
Sep 30, 2024$5.9B296100c39526 bp
Jun 30, 2024$4.4B25999c28527 bp
Mar 31, 2024$3.8B24599c21554 bp
Dec 31, 2023$3.2B21999c21563 bp
Sep 30, 2023$2.8B21499c13543 bp
Jun 30, 2023$2.6B21098c7539 bp
Mar 31, 2023$2.1B21197c6530 bp
Dec 31, 2022$2.0B20996c5535 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 Sep 30, 2024
835 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
V•••••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
A••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
B••••••••• T••••••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
B•••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
T••• L••••• P•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
T•• S•• L•••• L••revolver first lienNot disclosedNot disclosedS+525 bp
V••••• S•••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
I•••••••• M•••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A••••• H••••••• C••••revolver first lienNot disclosedNot disclosedS+550 bp
C•• C••••••••• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+550 bp
A•••• M••••• I•••revolver lien unstatedNot disclosedNot disclosedS+675 bp
H•• H••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
N•••••• C••••••••• A•• C•••••• S••••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
T••••unstated lien unstatedNot disclosedNot disclosed
A••••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
A•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
A•••• U• F••••• I•••revolver first lienNot disclosedNot disclosed
C••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
H••••• S•••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+625 bp
L• A••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
M••••••• W••• H•••••••revolver first lienNot disclosedNot disclosedS+650 bp
R•• O•••• L••revolver first lienNot disclosedNot disclosed
R•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+625 bp
S••••••• S••••• H••••••••• S•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
S••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
T••unstated lien unstatedNot disclosedNot disclosed
A•• G•••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C••••• I••••••••• I•• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
T••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
T••• H•••••• C••••revolver first lienNot disclosedNot disclosedS+575 bp
T•••••• T••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
V•• C••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
I••••••••• O••unstated lien unstatedNot disclosedNot disclosed
S•••••revolver lien unstatedNot disclosedNot disclosedS+425 bp
H••• S••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
Page 9 of 9Previous
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