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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
Borrowers
324
Mark on cost
98.1¢
First lien
97%
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$6.3B as of Jun 30, 2026
Dec 31, 2022$2.0B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$6.3B32498c67490 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 Dec 31, 2025
1,097 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M•••••• I••••••••• C•revolver first lienNot disclosedNot disclosed
A••••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
B••••• S••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
C••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
C••••• I••••••••• I•• L••revolver first lienNot disclosedNot disclosedS+450 bp
C•••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
D•••••••• D••••• H••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
D••••revolver first lienNot disclosedNot disclosedS+475 bp
G•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
H••••••••• I•••••••• A•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
H••• S••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
O•• P••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
R•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
R•••• T•••• U• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
S••••••• P•••••••• I••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
V••••• S•••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
V••••• M•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
Z•••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+650 bp
V••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
V•••••• E••••••• S•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
F•••••••• O••••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
V••••••• B•••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+700 bp
V•••• P•••••• S••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
V• G••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+625 bp
S••••••• B•••• C••••revolver first lienNot disclosedNot disclosedS+575 bp
O••••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
M•••• N• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
L• A••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
J••••••• A••••••••• C••••••revolver first lienNot disclosedNot disclosedS+450 bp
I••••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
C•• C••••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
A••••• P•••••• S•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
A•••••• I•••revolver first lienNot disclosedNot disclosed
A•••••• T••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
W•••• I•••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
R•••• T•••• U• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
I•••••• M••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
I•••••••• M•••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A•••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
A•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
m••••• M•••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
i••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
V•••••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
S• N•••• 2• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
M•••••••• L•delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
E•••••• W••• A••••••••• C••••••• L••revolver first lienNot disclosedNot disclosedS+625 bp
C•••• U• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
T••unstated lien unstatedNot disclosedNot disclosed
K••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
T•••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
T••• L••••• P•••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
F••••••••• R••• P••••••• C••••revolver first lienNot disclosedNot disclosedS+475 bp
E••••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
T••••• L•••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
A•••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A•• H•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
A••••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
A••••• H••••••• C••••revolver first lienNot disclosedNot disclosedS+550 bp
A••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
A••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
C•• B••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
C•••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
C••••••• S•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
D••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
F••••••• A••••••••• C•••• I•••revolver first lienNot disclosedNot disclosed
F••••••••• R••• P••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
H••••••••• I•••••••• A•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
H••••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
L••••••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
M•• I••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
M•••••• I••••••••• C•delayed draw term loan first lienNot disclosedNot disclosed
N•••••• C••••••••• A•• C•••••• S••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
O•••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
P•• T• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
P•••••• A••••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
R•••••• S••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
R••••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
S•••••••• P••••• I••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
S••••••• A••••••••• H••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
S••••••• P•••••••• I••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
T•• S•• L•••• L••revolver first lienNot disclosedNot disclosedS+525 bp
U•• A•••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
T• P•••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
L•• B•••••••• L••revolver first lienNot disclosedNot disclosed
P•••••• A••••••••• I••• ••••••• A•••••••••revolver first lienNot disclosedNot disclosedS+475 bp
P••••• H••••• I••••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
M•••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
M•••••••• L•revolver first lienNot disclosedNot disclosedS+450 bp
E••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
C••••••• I••••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
B•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
B••••••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A••••• P•••••• S•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
A••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+425 bp
M••••• C••••••••• A••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
I••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
I• I••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
Page 11 of 11Previous
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
Capital chain

N•••• H•••• P•••••• I••••• F••• L•• sits on 181 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

3,499 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)