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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/4/2030 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/2029 One2024-12-310001782524us-gaap:IPOMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/26/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 4/7/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/29/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-09-300001782524msdl:SecondLienDebtMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-12-310001782524msdl:Company10b51PlanMember2025-01-310001782524msdl:CORRAMember2025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-01-012025-01-310001782524msdl:Company10b51PlanMember2025-03-012025-03-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-01-012024-12-310001782524msdl:Company10b51PlanMember2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-12-310001782524msdl:SecondLienDebtMember2024-01-012024-09-300001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2024-01-012024-12-310001782524msdl:FirstLienDebtMember2023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/29/2030 One2025-09-300001782524msdl:BuildingProductsSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 7/14/2031 Two2024-12-310001782524us-gaap:PrimeRateMember2025-01-012025-09-300001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 7/24/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-09-300001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-09-300001782524msdl:Company10b51PlanMember2024-01-012024-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.24% Maturity Date 12/26/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/2/2025 One2024-12-3100017825242025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/29/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/24/20302024-12-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:Company10b51PlanMember2025-07-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 12/05/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20302024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524msdl:DistributorsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PCX Holding Corp. Commitment Type Revolver Commitment Expiration Date 04/22/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.65% Maturity Date 3/18/20272024-12-310001782524msdl:ElectricalEquipmentSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/18/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 4/3/2028 One2024-12-310001782524us-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 6/2/2031 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 7/23/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/14/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20282024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/20252024-12-310001782524us-gaap:FairValueInputsLevel3Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.25% Maturity Date 5/25/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.89% Maturity Date 01/30/20312025-09-300001782524msdl:RestrictedSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/27/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-01-012024-12-310001782524msdl:FirstLienDebtMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/11/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/18/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 12.24% Maturity Date 10/28/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 11.17% Maturity Date 3/10/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20252024-01-012024-12-310001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassBMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 7/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 03/28/2030 Two2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2025-09-300001782524msdl:BNPFundingFacilityMember2023-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 5/14/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-09-300001782524us-gaap:ChemicalsSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.13% Maturity Date 7/20/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 05/28/20322025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:A2030NotesMember2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-01-012025-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 11/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/30/2031 One2025-09-300001782524msdl:Company10b51PlanMember2025-05-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.16% Maturity Date 11/19/20272025-09-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/20/2030 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 9/22/20282024-12-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.58% Maturity Date 5/25/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 3/19/2027 Two2024-12-310001782524msdl:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/8/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 12.01% Maturity Date 4/13/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/2031 Two2025-09-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-05-192025-05-190001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/2032 Two2025-09-300001782524msdl:TruistCreditFacilityMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/4/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292024-12-310001782524us-gaap:FairValueInputsLevel1Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 6/15/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.45% Maturity Date 03/02/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.76% Maturity Date 3/09/20282025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 12/22/20272024-12-310001782524msdl:SoftwareSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/20302024-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2025NotesMemberus-gaap:LineOfCreditMember2025-09-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20302024-01-012024-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-05-012025-05-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 12/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.25% Maturity Date 5/25/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/2026 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Commitment Type Revolver Commitment Expiration Date 9/9/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.68% Maturity Date 12/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/29/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/03/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/30/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 3/28/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/3/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/2030 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272024-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 10.20% Maturity Date 10/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 3/31/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 986.00% Maturity Date 7/25/20292024-12-310001782524msdl:Company10b51PlanMember2025-06-012025-06-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20252024-01-012024-12-310001782524msdl:AirFreightAndLogisticsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.04% Maturity Date 4/05/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 6/29/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 06/21/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 5/2/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/2031 Two2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2022-02-110001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeRateQuarterlyCatchUpThresholdMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.86% Maturity Date 1/25/2030 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 12/05/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.17% Maturity Date 03/01/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/15/2031 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 12.01% Maturity Date 4/13/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.76% Maturity Date 06/09/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 6/21/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 4/28/20282024-01-012024-12-3100017825242025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 4/22/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.17% Maturity Date 03/01/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 6/23/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.39% Maturity Date 09/01/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 9/18/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 10/31/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-01-012025-09-300001782524msdl:O2025M2AggregateDividendsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 05/22/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/09/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date 09/05/20242024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/20312025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassDMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/25/20292024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/16/20252024-01-012024-12-310001782524msdl:SecondLienDebtMember2023-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242024-01-012024-12-310001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.04% Maturity Date 4/05/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 04/05/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-01-012025-09-300001782524msdl:BuildingProductsSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 5/12/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherSecurityInvestmentsUnsecuredDebtMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 09/10/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 5/24/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 9.75% Maturity Date 06/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 5/22/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-09-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272025-01-012025-09-300001782524msdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 4/2/20312024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 11/21/212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.26% Maturity Date 12/30/20262025-09-300001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 Two2024-12-310001782524msdl:BNPFundingFacilityMember2022-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/28/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.71% Maturity Date 4/13/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 08/25/2028 One2024-12-310001782524msdl:AutomobileComponentsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-12-310001782524msdl:FirstLienDebtMember2024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 4/7/20282024-12-310001782524msdl:InterestRateFloorThreeMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Nellson Nutraceutical, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.40% Maturity Date 12/23/20252024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-09-300001782524msdl:HealthCareProvidersServicesSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-01-012024-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524msdl:IndustrialConglomeratesSectorMember2025-09-300001782524Investments First Lien Debt - non-controlled/non-affiliated Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.81% Maturity Date 01/25/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 9/9/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.38% Maturity Date 7/22/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-12-3100017825242025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 12.01% Maturity Date 4/13/20272024-12-310001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001782524msdl:Company10b51PlanMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 3/28/2030 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 12/17/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 3/1/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/4/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/12/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 9/8/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/31/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investments First Lien Debt Reference Rate and Spread C + 4.75% Interest Rate 7.72% Maturity Date 12/15/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/17/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 6/29/2028 One2024-12-3100017825242024-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 11.46% Maturity Date 1/4/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 8/27/20312025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateAnnualizedCatchUpThresholdMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 1/31/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/2/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212025-09-300001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Revolver Commitment Expiration Date 6/25/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/4/2027 One2024-12-310001782524msdl:MachinerySectorMember2024-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 06/02/2026 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/16/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-09-300001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/5/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 2/14/2031 One2025-09-300001782524msdl:FirstLienDebtMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/20272024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524msdl:HealthCareTechnologyMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 1/17/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.65% Maturity Date 04/16/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.06% Maturity Date 01/17/20312025-09-300001782524msdl:O2024M8AggregateDividendsMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/2027 Two2025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2024-01-012024-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-09-300001782524msdl:FirstLienDebtMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/1/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-01-012025-09-300001782524us-gaap:RelatedPartyMember2024-01-262024-01-260001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturity Date 04/22/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/23/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 7/30/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/29/20262024-12-310001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 12/17/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/5/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/20282025-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/15/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.57% Maturity Date 12/7/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2027 One2024-01-012024-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 9/30/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/14/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/6/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-01-012025-09-300001782524msdl:VariableRateComponentTwoMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 3/28/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-09-300001782524msdl:A2027NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-12-310001782524country:US2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282025-01-012025-09-300001782524msdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/2032 Two2025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/24/20262024-12-310001782524us-gaap:FoodAndBeverageSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/12/20312024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/14/2028 One2024-12-310001782524msdl:SecondLienDebtMember2025-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 8/27/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 4/7/2028 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/23/20262024-01-012024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/8/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/01/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 One2024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 11.39% (incl. 6.39% PIK) Interest Rate 11.29% Maturity Date 03/18/20272025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 9/22/2028 One2024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 6/23/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 2/14/20312024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/20322025-09-300001782524msdl:DistributorsSectorMember2025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 6/21/20302024-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 9/4/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/01/2029 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2022-09-130001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 4/4/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/13/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 3/19/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/15/20272024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-01-012024-09-300001782524msdl:VariableRateComponentOneMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/3/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 6/30/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/20322025-09-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/20/20262024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 03/28/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/2026 Two2024-12-310001782524msdl:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 9/8/20312024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/26/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 6/29/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco Commitment Type Revolver Commitment Expiration Date 9/21/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/8/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 3/28/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 7/3/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/22/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/8/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-01-012025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 One2025-09-300001782524us-gaap:SubsequentEventMember2025-11-042025-11-040001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001782524msdl:O2024M5AggregateDividendsMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 1/22/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 11.74% Maturity Date 10/05/20262024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.26% Maturity Date 6/15/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investments First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/8/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/17/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/1/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/10/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/20292024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001782524msdl:ConstructionAndEngineeringSectorMember2025-09-3000017825242024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 3/28/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 4/10/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/2028 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-01-012025-09-300001782524us-gaap:RelatedPartyMember2025-01-012025-09-300001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/9/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-01-012024-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-04-012024-06-3000017825242024-07-012024-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Reorganized Mobileum Acquisition Co, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 5.00% PIK) Interest Rate 10.45% Maturity Date 9/11/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-09-300001782524msdl:AutomobilesSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. (Fortra LLC) Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.44% Maturity Date 11/19/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 4/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.79% Maturity Date 7/21/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/1/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/15/20272024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/29/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 3/19/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/20282024-12-310001782524us-gaap:FairValueInputsLevel12And3Member2024-12-310001782524msdl:BiotechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/27/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 5/23/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.76% Maturity Date 3/09/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/18/20262025-01-012025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292024-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/2/2028 Two2024-12-310001782524msdl:A2029NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 06/21/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/2/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 9/14/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20262024-12-310001782524us-gaap:FoodAndBeverageSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/2029 One2025-09-300001782524msdl:SecondLienDebtMember2024-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/2029 Two2024-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2027NotesMemberus-gaap:LineOfCreditMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.34% Maturity Date 04/03/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 6/30/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 6/25/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-01-012025-09-300001782524msdl:UnfundedDebtSecuritiesFirstLienMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 7/30/20292024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/27/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/20252024-01-012024-12-310001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20272025-09-300001782524us-gaap:TransportationSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.13% Maturity Date 7/20/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/20312024-12-310001782524msdl:HealthCareTechnologyMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 1/29/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20272024-12-310001782524us-gaap:TechnologySectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 8/29/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/8/2030 Two2024-12-310001782524msdl:TruistCreditFacilityMember2022-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/1/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/31/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 08/13/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 7/1/2031 One2024-12-310001782524msdl:SecondLienDebtMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/29/2031 One2025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:SecondLienDebtMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/7/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/20292024-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 7/15/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.67% Maturity Date 11/24/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 8/29/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-09-300001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 08/20/2027 One2025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 7/14/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 6/29/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 2/1/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272025-01-012025-09-300001782524us-gaap:IPOMember2024-01-262024-01-260001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 9.58% Maturity Date 12/28/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 13/12/20242025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 9/9/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/20292025-09-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodIncentiveFeeRateRealizedCapitalGainsMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282024-01-012024-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 1/22/20272024-01-012024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/16/2029 One2025-09-3000017825242024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/29/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/20/20312025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-01-012024-03-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/24/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262024-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 9/19/20292024-12-310001782524Debt Investments - non-controlled/affiliated Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/1/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 5/23/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 11/17/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 4/04/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-09-300001782524msdl:SONIAMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.79% Maturity Date 7/21/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/31/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/04/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/8/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/19/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 4/4/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 6/21/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/21/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. First Lien Debt Reference Rate and Spread S + 6.00% (incl. 3.73% PIK) Interest Rate 10.33% Maturity Date 09/08/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/2028 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 1/2/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 04/23/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-09-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 7/30/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/26/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors Avalara, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 3/19/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 7/30/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/2028 One2024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.77% Maturity Date 3/2/20282024-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 8/28/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/3/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 04/26/2032 One2025-09-300001782524msdl:AutomobilesSectorMember2024-12-310001782524msdl:TruistCreditFacilityMember2021-12-310001782524msdl:Company10b51PlanMember2025-07-012025-07-310001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 08/29/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2027 One2024-12-310001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 08/31/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/24/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/12/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20272024-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2024-12-310001782524msdl:AugustOneToAugustThirtyOneTwoThousandTwentyFourMembermsdl:Company10b51PlanMember2024-08-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212024-12-310001782524msdl:O2024M2AggregateDividendsMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/5/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/2029 One2025-09-300001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 8/15/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 6/30/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/02/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/27/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 11.39% (incl. 6.39% PIK) Interest Rate 11.29% Maturity Date 03/18/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/2030 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/12/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/1/20252024-01-012024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/20282025-09-3000017825242024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 9/8/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20262024-01-012024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 3/31/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/15/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-09-300001782524msdl:AtTheMarketATMOfferingMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 7/1/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-09-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001782524msdl:A2027NotesMember2023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 8/28/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/5/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.38% Maturity Date 8/18/2028 One2024-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/28/2028 One2024-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.73% Maturity Date 8/12/2026 One2024-12-310001782524msdl:A2025NotesMember2022-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 4/22/2027 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/09/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.99% Maturity Date 12/18/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 01/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/1/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/1/2030 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.44% Maturity Date 4/3/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312024-01-012024-12-310001782524msdl:InterestRateFloorOneMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-12-310001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/14/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 3/19/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/15/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 11.33% Maturity Date 5/5/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 04/26/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 2/1/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 9.58% Maturity Date 12/28/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/27/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.76% Maturity Date 06/09/20272025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassBMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 5/12/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/5/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/23/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-01-012025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001782524msdl:ElectricalEquipmentSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/03/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 9/18/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/20272025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.63% Maturity Date 08/15/2031 One2025-09-300001782524msdl:CommercialServicesAndSuppliesSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/20292025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. 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Commitment Type Revolver Commitment Expiration Date 10/01/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-09-300001782524msdl:BNPFundingFacilityMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.65% Maturity Date 3/18/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. 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Commitment Type Revolver Commitment Expiration Date 04/26/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 7/2/2029 One2025-09-300001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturity Date 04/22/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/04/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/09/2026 One2025-09-300001782524msdl:Company10b51PlanMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 05/22/20302025-09-300001782524us-gaap:ConsumerSectorMember2024-12-310001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. 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Commitment Type Revolver Commitment Expiration Date 08/26/20322025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 10/30/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.96% Maturity Date 08/21/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/10/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/20302024-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524msdl:AtTheMarketATMOfferingMember2025-03-282025-03-280001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.10% Maturity Date 12/22/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282024-01-012024-12-310001782524msdl:PharmaceuticalsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/20282024-01-012024-12-310001782524msdl:InterestRateFloorOneMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/20312025-09-300001782524KWOR Acquisition, Inc.2025-09-300001782524msdl:Company10b51PlanMembermsdl:SeptemberOneToSeptemberThirtyTwoThousandTwentyFourMember2024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 08/31/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/26/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 8/21/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/28/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/15/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Avalara, Inc. Commitment Type Revolver Commitment Expiration Date 10/19/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. 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Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/20262024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2029NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 4/23/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20282024-12-310001782524msdl:Company10b51PlanMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-01-012024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 3/13/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/2/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/18/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/20322025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/1/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-09-300001782524msdl:DistributorsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 5/5/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 8/2/2030 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.95% Maturity Date 08/31/20292025-09-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/6/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Reference Rate and Spread Interest Rate 0.00% Maturity Date 3/12/20342024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 7/2/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-09-300001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-01-012025-09-300001782524msdl:WirelessTelecommunicationServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 06/02/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 986.00% Maturity Date 7/25/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/27/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 5/5/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 8/2/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 3/9/20282024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:FirstLienDebtMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 7/29/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.26% Maturity Date 12/30/2026 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 8/5/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/07/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 9/22/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 6/9/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/20312025-09-300001782524msdl:Company10b51PlanMember2025-02-012025-02-270001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262024-01-012024-12-310001782524msdl:InterestRateFloorTwoMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/2/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 5/2/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 5/26/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 8.11% Maturity Date 10/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272024-01-012024-12-310001782524msdl:A2029NotesMember2024-05-272024-05-270001782524msdl:UnfundedDebtSecuritiesMember2025-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 9/6/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date Rate and Spread 12.50% PIK09/05/20242025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 3/28/20302024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.47% Maturity Date 10/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312024-12-310001782524msdl:SecondLienDebtMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 6/28/20292024-12-310001782524msdl:O2025M5AggregateDividendsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/2029 Two2024-12-310001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/4/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/09/20322025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 2/16/2029 One2024-12-310001782524us-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 11.00% Maturity Date 11/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 3/31/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 7/22/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/22/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PCX Holding Corp. Commitment Type Revolver Commitment Expiration Date 04/22/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 09/09/20272025-09-300001782524msdl:AugustOneToAugustThirtyOneTwoThousandTwentyFourMembermsdl:Company10b51PlanMember2024-08-012024-08-310001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 02/27/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investments First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 6/30/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investments Second Lien Debt Maturity Date 3/12/20342025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/15/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20272024-12-310001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/13/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/2/2030 One2025-09-300001782524Interest Rate Swaps2025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/10/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 2/14/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/25/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/14/20252024-12-310001782524msdl:Company10b51PlanMember2025-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.79% Maturity Date 12/26/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.71% Maturity Date 4/13/2027 One2025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/20282025-09-300001782524us-gaap:CashMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 3/5/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.81% Maturity Date 09/13/20322025-09-300001782524msdl:ConstructionAndEngineeringSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/27/2031 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 2/2/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-01-012025-09-300001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.33% Maturity Date 4/9/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 6/29/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20252024-12-310001782524msdl:JulyOneToJulyThirtyOneTwoThousandTwentyFourMembermsdl:Company10b51PlanMember2024-07-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/20322025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282024-12-310001782524msdl:A2030NotesMember2025-05-192025-05-190001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/3/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 Two2024-12-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.23% Maturity Date 6/11/20272024-12-310001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.13% Maturity Date 7/20/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LHS Borrower, LLC Investment Common Equity Acquisition Date 09/04/20252025-09-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Donuts, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.49% Maturity Date 12/29/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/17/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282025-09-300001782524msdl:ConsumerStaplesDistributionAndRetailMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/242024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.66% Maturity Date 07/02/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.73% Maturity Date 8/12/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 6.50% PIK) Interest Rate 12.08% Maturity Date 5/05/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software PDFTron Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 7/14/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262024-01-012024-12-310001782524Interest Rate Swaps2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 4/22/2027 One2024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/09/2026 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 12.25% Maturity Date 4/5/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 7/14/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/20262025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262024-12-310001782524msdl:UtilitiesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.81% Maturity Date 09/13/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.57% Maturity Date 12/7/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/20212025-09-300001782524msdl:ProfessionalServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 8/2/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/12/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/20272024-01-012024-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 7/6/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/10/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/17/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-09-300001782524us-gaap:FinancialServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-01-012025-09-300001782524country:CA2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/20282025-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/20302025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 4/14/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/2028 One2024-12-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/6/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/29/2030 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 7/26/2032 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.79% Maturity Date 12/26/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 01/02/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 6/23/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/20262024-12-310001782524msdl:FirstLienDebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252025-09-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.66% Maturity Date 07/02/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 3/19/20272024-01-012024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 9/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/29/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/2/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/20282024-12-310001782524msdl:InterestRateFloorThreeMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-12-310001782524us-gaap:EquitySecuritiesMember2024-12-310001782524msdl:OtherDebtInvestmentsMember2024-01-012024-09-300001782524msdl:InteractiveMediaAndServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 4/22/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.65% Maturity Date 04/16/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/4/2027 Two2024-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/27/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 10/16/20282025-09-300001782524country:GB2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/08/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 12/14/20212025-09-300001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/10/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. 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Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/23/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 12/22/20252024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/2027 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.44% Maturity Date 9/1/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-09-300001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 06/11/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-12-310001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentTwoMembermsdl:TruistCreditFacilityMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 7/30/2029 One2024-12-310001782524msdl:O2025M8AggregateDividendsMember2025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.80% Maturity Date 12/11/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262025-09-300001782524msdl:A2030NotesMember2025-09-300001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 One2024-12-310001782524msdl:InterestRateSwapSeries2030NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/27/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 08/31/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.26% Maturity Date 8/31/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 8/2/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.27% Maturity Date 10/27/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/24/20312025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2024-01-012024-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 6/17/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 5/15/20282024-12-310001782524us-gaap:EquitySecuritiesMember2025-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.53% Maturity Date 08/18/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 9.75% Maturity Date 06/28/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 7/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.08% Maturity Date 4/12/20272024-12-310001782524us-gaap:FairValueInputsLevel3Member2024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/21/20262024-12-310001782524us-gaap:EquitySecuritiesMember2024-12-310001782524msdl:BiotechnologySectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/20312024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/8/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.24% Maturity Date 12/26/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.67% Maturity Date 11/24/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/20292024-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/19/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 6/25/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/2030 One2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investments First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/8/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 6/28/2029 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Unsecured Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 6/18/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292025-09-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.91% Maturity Date 10/19/20282025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 10/13/2027 One2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-190001782524msdl:SecondLienDebtMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.70% Maturity Date 07/01/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.53% Maturity Date 08/18/2028 One2025-09-300001782524us-gaap:BaseRateMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMembermsdl:InterestRatePeriodOneMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272024-12-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.81% Maturity Date 2/3/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-01-012024-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2024-12-3100017825242023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 6/17/20312024-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.86% Maturity Date 7/2/2029 One2024-12-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2030NotesMember2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 2/1/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/30/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/2030 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/7/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.84% Maturity Date 3/9/2028 One2024-12-310001782524msdl:CLO2025-1NotesMember2025-09-300001782524msdl:InteractiveMediaAndServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/5/20262024-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.84% Maturity Date 3/9/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/5/20252024-12-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 05/05/20282024-12-310001782524msdl:O2024M1AggregateDividendsMember2024-01-012024-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 08/25/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 8/27/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/2031 Two2025-09-300001782524msdl:PharmaceuticalsSectorMember2025-09-300001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 5/24/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investments First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 9.91% Maturity Date 6/30/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524country:AU2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/3/2031 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-01-012024-12-3100017825242025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 06/21/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-04-300001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/2028 Two2025-09-300001782524msdl:HealthCareProvidersServicesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 4/2/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 5/6/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/20292025-09-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/5/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 08/25/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-09-300001782524msdl:FirstLienDebtMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 9/15/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 4/2/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/27/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/25/2029 One2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-09-300001782524us-gaap:CashMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/1/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 One2025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMember2025-09-300001782524msdl:BNPFundingFacilityMember2021-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 4/10/2031 One2025-09-300001782524msdl:FoodProductsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 8/29/2029 One2024-12-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/20302024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/2/2031 One2024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 9/10/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/2028 One2025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 7/20/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 3/12/2029 One2025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 2/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 9/22/20282024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 7/26/20322025-09-300001782524country:US2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 11.96% Maturity Date 10/28/20282025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.54% Maturity Date 04/12/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-01-012025-09-300001782524Investments First Lien Debt - non-controlled/non-affiliated Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investments First Lien Debt Reference Rate and Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 11.00% Maturity Date 7/29/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 3/28/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 5/23/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/28/2028 Two2024-12-310001782524msdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20262024-12-310001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 05/13/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/2029 One2025-09-300001782524msdl:A2027NotesMember2022-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LHS Borrower, LLC Investment Common Equity Acquisition Date 09/04/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 5/26/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 4/7/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/2032 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.66% Maturity Date 07/20/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 4/04/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-01-012025-09-300001782524msdl:FirstLienDebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/20262024-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Reference Rate and Spread Interest Rate 0.00% Maturity Date 03/12/20362024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 7/3/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 09/10/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 Three2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 7.65% (incl. 3.40% PIK) Interest Rate 12.11% Maturity Date 12/20/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20272024-01-012024-12-310001782524us-gaap:IPOMember2024-01-260001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/2/2031 Two2024-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services CSC Thrive Holdings, LP (Thrive Networks) Investment Common Equity Acquisition Date 03/01/212024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:UnfundedDebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 4/7/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/20282025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 4/03/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.96% Maturity Date 08/21/2026 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/28/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/30/20292024-01-012024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 7/25/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/23/2030 One2024-12-310001782524msdl:FirstLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 4/7/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/22/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/2030 Two2025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/15/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 1/2/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/11/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 8/5/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312024-01-012024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 7/14/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 13/12/20242025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 4.08% PIK) Interest Rate 11.48% Maturity Date 1/20/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 2/1/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 6/29/20272024-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/1/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.66% Maturity Date 7/25/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.43% Maturity Date 12/22/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 7/22/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 5/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 2/1/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/28/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 3/31/2028 One2024-12-310001782524us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 1/17/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/22/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/02/20322025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2024-01-012024-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/29/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 4/15/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Other Debt Reference Rate and Spread S + 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/20312025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/2030 Two2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212024-12-310001782524msdl:FederalReserveBankOfNewYorkRateMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/15/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 9/4/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/31/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/21/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 4/3/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/20292025-09-300001782524msdl:Company10b51PlanMember2024-01-250001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/2032 One2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-01-012024-09-300001782524msdl:MachinerySectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.34% Maturity Date 4/5/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-01-012025-09-300001782524us-gaap:InsuranceSectorMember2025-09-300001782524msdl:CIBCSubscriptionFacilityMember2020-12-310001782524us-gaap:ContainerAndPackagingSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/24/20252024-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.90% Maturity Date 8/20/2027 One2024-12-310001782524us-gaap:ChemicalsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-01-012025-09-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.66% Maturity Date 4/4/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.16% Maturity Date 12/11/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/21/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LUV Car Wash Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.74% Maturity Date 12/9/20262024-12-310001782524us-gaap:RelatedPartyMembermsdl:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-01-242024-01-240001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 11/21/212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 6/25/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.13% Maturity Date 04/05/20292025-09-300001782524msdl:SoftwareSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 13/12/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 04/01/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/23/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/2027 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 4/2/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/2028 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.26% Maturity Date 6/15/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 10/31/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/21/20272025-09-300001782524country:AU2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investments First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 7.70% Maturity Date 12/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/22/2028 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 11.25% Maturity Date 9/9/20272024-12-310001782524us-gaap:TechnologySectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 7/24/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 9/29/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/19/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 4/23/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20252024-01-012024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262024-12-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.97% Maturity Date 07/06/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/2032 One2025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturity Date 04/22/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/1/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292024-01-012024-12-310001782524msdl:OtherDebtInvestmentsMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/29/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 3/28/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-07-012025-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 5/12/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Performance Health & Wellness Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.21% Maturity Date 7/12/20272024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2025NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 5/23/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 2/10/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/20292024-12-310001782524us-gaap:AerospaceSectorMember2025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/11/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 3/9/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 1/31/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-01-012025-09-300001782524msdl:OtherDebtInvestmentsMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-01-012025-09-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001782524msdl:CLO2025-1DebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-01-012024-12-310001782524msdl:BiotechnologySectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 8/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GI DI Cornfield Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/31/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-01-012025-09-300001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date 09/05/20242024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 7/24/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/03/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 8/12/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 3/12/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 01/29/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/2027 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-01-012025-09-300001782524KWOR Acquisition, Inc.2024-12-310001782524msdl:Company10b51PlanMember2025-09-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/31/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 12/3/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/2/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/10/2027 Two2024-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.14% Maturity Date 12/22/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/10/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/02/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.71% Maturity Date 4/13/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 7/15/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 3/13/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 3/19/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/09/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/17/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 3/19/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 5/22/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 8/29/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/21/20282025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 3/31/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20272024-01-012024-12-310001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:UnfundedDebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/2/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 5/24/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.97% Maturity Date 07/06/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.34% Maturity Date 04/03/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 08/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.79% Maturity Date 7/21/2027 One2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:A2025NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 08/25/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/9/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 9/8/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.70% Maturity Date 07/01/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272024-12-310001782524msdl:TruistCreditFacilityMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 6/2/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302024-12-310001782524msdl:BNPFundingFacilityMember2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/17/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.34% Maturity Date 3/13/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2025-09-300001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 6/29/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 8/20/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/2029 One2025-09-300001782524msdl:A2025NotesMember2023-12-310001782524msdl:AtTheMarketATMOfferingMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 6/24/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/21/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.52% Maturity Date 8/31/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20252024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212024-12-310001782524msdl:OtherDebtInvestmentsMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.92% Maturity Date 06/11/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 Two2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-140001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 8/20/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 7/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-01-012024-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.85% Maturity Date 3/2/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/28/20282024-12-310001782524msdl:IndustrialConglomeratesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-01-012025-09-300001782524us-gaap:PrimeRateMember2024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.39% Maturity Date 09/01/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread S + 16.25% PIK Interest Rate 16.25% Maturity Date 6/18/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/20302025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 6/11/20292024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 8/4/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 5/14/20312025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/10/20262024-01-012024-12-310001782524msdl:Company10b51PlanMember2025-08-310001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Equity Rate and Spread 12.25% Acquisition Date 06/24/20222025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 2/2/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.00% Maturity Date 4/9/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 9/18/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.19% Maturity Date 10/19/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 5/6/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 11.00% Maturity Date 01/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.00% Maturity Date 4/9/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 8/20/2031 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/5/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/11/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 9/22/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/2/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/31/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/15/20262025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20282024-01-012024-12-310001782524msdl:InterestRateSwapSeries2029NotesMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.08% Maturity Date 4/12/2027 One2024-12-310001782524msdl:SecondLienDebtMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/1/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2024-09-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 6/11/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/29/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 8/25/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/03/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/7/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/5/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 3/5/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/20292024-01-012024-12-310001782524msdl:AirFreightAndLogisticsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/1/20252024-12-310001782524msdl:A2029NotesMember2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2024-09-300001782524msdl:TruistCreditFacilityMember2025-09-300001782524msdl:UtilitiesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 8/2/20322025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/13/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/03/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 2/14/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262025-01-012025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.20% Maturity Date 3/02/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 6/17/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 02/19/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.14% Maturity Date 12/22/2027 One2025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/1/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/29/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 2/1/2030 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:ValuationYieldAnalysisMembermsdl:InvestmentsInUnsecuredDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/20292024-12-310001782524msdl:ConsumerStaplesDistributionAndRetailMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 6/28/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.94% Maturity Date 7/20/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 12/17/20272024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Three2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 9/18/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 4/03/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Unsecured Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 6/9/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 9/14/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-12-310001782524msdl:CIBCSubscriptionFacilityMember2021-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/5/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. 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Commitment Type Revolver Commitment Expiration Date 12/9/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 9/18/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 4/22/20322025-09-300001782524msdl:Company10b51PlanMember2025-08-012025-08-310001782524msdl:CORRAMember2024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 9/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262024-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312024-01-012024-12-310001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 3/13/20282024-12-310001782524msdl:CLO2025-1SeniorSecuredDebtMember2025-09-300001782524msdl:FirstLienDebtMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/26/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 08/13/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/20262024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-09-300001782524msdl:AutomobileComponentsSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.54% Maturity Date 04/12/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-09-300001782524msdl:CommercialServicesAndSuppliesSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 11/27/20292024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.65% Maturity Date 2/23/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20272024-01-012024-12-310001782524us-gaap:EquitySecuritiesMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 06/28/20292025-09-300001782524msdl:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/24/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 7/1/2027 One2024-12-310001782524msdl:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/2028 Two2025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-09-300001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2024-01-012024-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 1/29/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 12/14/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 04/05/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 1/31/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/1/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 5/24/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. 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Commitment Type Revolver Commitment Expiration Date 7/3/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-12-310001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/20/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 4/4/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Acquisition Date 09/09/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 4/2/20312024-01-012024-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. 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(Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 11.74% Maturity Date 10/05/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/10/20322025-09-3000017825242024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 7/30/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. 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Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/26/20262024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investments Second Lien Debt Maturity Date 3/12/20322025-09-300001782524country:GB2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 08/20/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Equity Acquisition Date 06/24/20222024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/2031 One2025-09-300001782524msdl:RestrictedSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.81% Maturity Date 01/25/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 4/15/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/10/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/04/2027 Two2025-09-300001782524us-gaap:FairValueInputsLevel12And3Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. 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First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/27/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/2/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 08/31/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/2/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. 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Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 9/18/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 7/28/2028 Two2025-09-300001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 7/6/20282024-12-310001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.90% Maturity Date 8/20/2027 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/9/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/21/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/14/20292025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 2/24/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 8/21/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 3/9/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 3/1/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/15/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.89% Maturity Date 01/30/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-01-012025-09-300001782524us-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 11/23/20272024-12-310001782524us-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-09-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateRealizedCapitalGainsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date Rate and Spread 12.50% PIK09/05/20242025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 8/12/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 4/28/20282024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/20292025-09-300001782524us-gaap:ContainerAndPackagingSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.16% Maturity Date 08/13/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrio, LLC Commitment Type Revolver Commitment Expiration Date 12/09/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 03/10/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/01/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 10/27/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/16/20272024-12-310001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 05/13/20322025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/2029 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/20262024-12-310001782524msdl:SecondLienDebtMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 2/14/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/13/2029 One2024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/14/20282024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 7/30/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 5/25/2028 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 6/17/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 8/25/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 3/12/2029 Two2025-09-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-01-012024-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/2028 One2025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2024-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeCatchUpThresholdMember2024-01-012024-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 09/19/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 07/22/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 9/15/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 2/16/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 12.08% Maturity Date 5/05/20282025-09-300001782524us-gaap:EquitySecuritiesMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 7/1/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 2/14/2031 Two2024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 02/09/242024-01-012024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 5/6/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/8/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 09/19/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 3/28/2030 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:A2027NotesMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-30iso4217:EURxbrli:purexbrli:sharesmsdl:Investmentiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USD

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)

 

Delaware		84-2009506
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1585 Broadway		10036
New York, NY		(Zip Code)
(Address of principal executive offices)

 

1 (212) 761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		MSDL		The New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value, outstanding at November 5, 2025 was 86,811,205.

 

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Table of Contents

 

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED September 30, 2025

TABLE OF CONTENTS

 

Part I. Financial Information
Item 1.	Consolidated Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	110
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	120
Item 4.	Controls and Procedures	121
Part II. Other Information
Item 1.	Legal Proceedings	122
Item 1A.	Risk Factors	122
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	123
Item 3.	Defaults Upon Senior Securities	124
Item 4.	Mine Safety Disclosures	124
Item 5.	Other Information	124
Item 6.	Exhibits	125
SIGNATURES

 

 

2

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

 

		As of
		September 30, 2025				December 31, 2024
		(Unaudited)				(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,832,561 and $3,813,127)		$	3,770,818			$	3,791,494
Non-controlled/affiliated investments, at fair value (amortized cost of $5,161 and $0)			4,979				—
Total investments, at fair value (cost of $3,837,722 and $3,813,127)			3,775,797				3,791,494
Cash and cash equivalents (restricted cash of $3,820 and $2,000)			65,472				63,396
Investments in unaffiliated money market fund (cost of $10,051 and $8,976)			10,051				8,976
Deferred financing costs			17,892				16,498
Interest and dividend receivable from non-controlled/non-affiliated investments			29,848				30,554
Interest receivable from non-controlled/affiliated investments			46				—
Receivable for investments sold/repaid			14,836				470
Other assets			18,341				630
Total assets			3,932,283				3,912,018
Liabilities
Debt (net of unamortized debt issuance costs of $11,180 and $6,527)			2,072,400				1,973,479
Payable for investment purchased			—				192
Payable to affiliates (Note 3)			176				29
Distributions payable			43,499				53,229
Management fees payable			9,628				7,042
Income based incentive fees payable			9,281				8,956
Interest payable			22,157				21,205
Accrued expenses and other liabilities			3,531				5,730
Total liabilities			2,160,672				2,069,862
Commitments and contingencies (Note 7)
Net assets
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)			—				—
Common stock, par value $0.001 (500,000,000 shares authorized; 86,811,212 and 88,511,089 shares issued and outstanding)			87				89
Paid-in capital in excess of par value			1,779,430				1,812,443
Distributable earnings (loss)			(7,906	)			29,624
Total net assets		$	1,771,611			$	1,842,156
Total liabilities and net assets		$	3,932,283			$	3,912,018
Net asset value per share		$	20.41			$	20.81

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	93,477			$	105,129			$	282,171			$	298,832
Payment-in-kind income			3,969				2,150				11,973				7,644
Dividend income			685				670				1,929				1,881
Other income			1,467				1,803				4,337				4,684
From non-controlled/affiliated investments:
Interest income			36				—				106				—
Payment-in-kind income			88				—				174				—
Total investment income			99,722				109,752				300,690				313,041
Expenses:
Interest and other financing expenses			33,903				33,153				102,788				89,715
Management fees			9,628				9,100				28,870				25,969
Income based incentive fees			9,281				10,128				28,404				33,018
Professional fees			2,530				1,708				5,836				4,612
Directors’ fees			129				130				388				404
Administrative service fees			81				138				228				180
General and other expenses			38				120				348				279
Total expenses			55,590				54,477				166,862				154,177
Management fees waiver (Note 3)			—				(2,275	)			(641	)			(7,532	)
Incentive fees waiver (Note 3)			—				(1,680	)			(375	)			(4,542	)
Net expenses			55,590				50,522				165,846				142,103
Net investment income (loss) before taxes			44,132				59,230				134,844				170,938
Excise tax expense			402				501				1,229				1,437
Net investment income (loss) after taxes			43,730				58,729				133,615				169,501
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments			22				(10,965	)			609				(16,482	)
Foreign currency and other transactions			4				—				57				—
Net realized gain (loss)			26				(10,965	)			666				(16,482	)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments			(15,909	)			5,442				(40,808	)			10,916
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments			(222	)			—				(182	)			—
Translation of assets and liabilities in foreign currencies			(24	)			—				76				—
Net unrealized appreciation (depreciation)			(16,155	)			5,442				(40,914	)			10,916
Net realized and unrealized gain (loss)			(16,129	)			(5,523	)			(40,248	)			(5,566	)
Net increase (decrease) in net assets resulting from operations		$	27,601			$	53,206			$	93,367			$	163,935
Net investment income (loss) per share (basic and diluted)		$	0.50			$	0.66			$	1.53			$	1.91
Earnings per share (basic and diluted)		$	0.32			$	0.60			$	1.07			$	1.85
Weighted average shares outstanding (basic and diluted)			86,844,648				89,264,686				87,476,954				88,633,994

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amount)

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Net assets at the beginning of period		$	1,790,299			$	1,861,961			$	1,842,156			$	1,721,151
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)			43,730				58,729				133,615				169,501
Net realized gain (loss)			26				(10,965	)			666				(16,482	)
Net change in unrealized appreciation (depreciation)			(16,155	)			5,442				(40,914	)			10,916
Net increase in net assets resulting from operations			27,601				53,206				93,367				163,935
Distributions to stockholders from:
Distributable earnings			(43,406	)			(53,443	)			(130,897	)			(142,594	)
Total distributions to stockholders			(43,406	)			(53,443	)			(130,897	)			(142,594	)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs(1)			(40	)			—				(163	)			95,847
Reinvestment of stockholder distributions			—				—				—				23,385
Repurchase of common stock			(2,843	)			(8,002	)			(32,852	)			(8,002	)
Net increase (decrease) in net assets resulting from capital transactions			(2,883	)			(8,002	)			(33,015	)			111,230
Total increase (decrease) in net assets			(18,688	)			(8,239	)			(70,545	)			132,571
Net assets at end of period		$	1,771,611			$	1,853,722			$	1,771,611			$	1,853,722
Distributions per share		$	0.50			$	0.60			$	1.50			$	1.60

 

(1)

Includes costs incurred in connection with the Company's at-the-market (“ATM”) program. See Note 8 "Net Assets."

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

		For the Nine Months Ended
		September 30, 2025				September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	93,367			$	163,935
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments			40,990				(10,916	)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(76	)			—
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			(30	)			(33	)
Net realized (gain) loss on investments			(609	)			16,482
Net realized (gain) loss on foreign currency and other transactions			(57	)			—
Investments in unaffiliated money market fund, net			(1,075	)			—
Net accretion of discount and amortization of premium on investments			(12,268	)			(11,901	)
Payment-in-kind interest and dividend capitalized			(13,377	)			(9,220	)
Amortization of deferred financing costs			3,078				2,726
Amortization of debt issuance costs and original issuance discount on unsecured notes			3,806				2,692
Purchases of investments and change in payable for investments purchased			(607,794	)			(1,037,967	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			594,898				612,161
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			706				(2,909	)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments			(46	)			—
(Increase) decrease in other assets			(6,179	)			(271	)
(Decrease) increase in payable to affiliates			147				(2,697	)
(Decrease) increase in management fees payable			2,586				4,813
(Decrease) increase in income based incentive fees payable			325				(3,318	)
(Decrease) increase in interest payable			952				(2,539	)
(Decrease) increase in accrued expenses and other liabilities			(2,200	)			1,609
Net cash provided by (used in) operating activities			97,144				(277,353	)
Cash flows from financing activities:
Borrowings on debt			1,391,345				968,835
Repayments on debt			(1,301,000	)			(633,000	)
Deferred financing costs paid			(4,471	)			(5,908	)
Debt issuance costs paid			(7,433	)			(4,097	)
Distributions paid in cash			(140,627	)			(115,640	)
Proceeds from issuance of common stock, net of underwriting & offering costs			(163	)			95,888
Repurchases of common stock			(32,852	)			(8,002	)
Net cash provided by (used in) financing activities			(95,201	)			298,076
Net increase (decrease) in cash, cash equivalents and restricted cash			1,943				20,723
Effect of foreign exchange rate changes on cash			133				—
Cash, cash equivalents and restricted cash, beginning of period			63,396				69,705
Cash, cash equivalents and restricted cash, end of period		$	65,472			$	90,428

 

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

Supplemental information and non-cash activities:
Excise tax paid		$	2,567			$	1,516
Interest expense paid		$	94,478			$	86,869
Reinvestment of stockholder distributions		$	—			$	23,385
Distributions payable		$	43,499			$	53,537
Non-cash purchases of investments		$	(5,756	)		$	(24,930	)
Non-cash sales of investments		$	5,756			$	24,930

 

The accompanying notes are an integral part of these unaudited consolidated financial statements

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company		(6) (8)		First Lien Debt		S +		5.00%		9.10%		12/22/2026			3,362			$	3,335			$	3,362				0.19	%
Mantech International CP		(6) (9) (18)		First Lien Debt		S +		5.00%		9.31%		09/14/2029			4,143				4,139				4,143				0.23
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		09/14/2029			—				—				—				0.00
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		09/14/2028			—				(1	)			—				0.00
PCX Holding Corp.		(6) (7) (8)		First Lien Debt		S +		6.25%		10.40%		04/22/2027			17,723				17,667				17,112				0.97
PCX Holding Corp.		(6) (8)		First Lien Debt		S +		6.25%		10.40%		04/22/2027			17,848				17,730				17,233				0.97
PCX Holding Corp.		(6) (8) (16)		First Lien Debt		S +		6.25%		10.40%		04/22/2027			3,196				3,191				3,053				0.17
Two Six Labs, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.58%		08/20/2027			34,104				33,789				34,104				1.93
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		08/20/2027			4,194				4,150				4,194				0.24
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		08/20/2027			1,024				1,011				1,024				0.06
																			85,011				84,225				4.75
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.92%		06/11/2027			14,889				14,773				14,889				0.84
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.56%		12/29/2028			1,626				1,596				1,567				0.09
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.56%		12/29/2028			149				146				144				0.01
RoadOne IntermodaLogistics		(6) (8) (16)		First Lien Debt		S +		6.25%		10.56%		12/29/2028			295				289				283				0.02
																			16,804				16,883				0.95
Automobile Components
Continental Battery Company		(6) (12)		First Lien Debt				7.00% PIK		11.29%		07/20/2028			6,473				6,415				1,992				0.11
PAI Holdco, Inc.		(6) (8)		Second Lien Debt		S +		7.50% (incl. 2.00% PIK)		11.96%		10/28/2028			27,523				27,168				21,859				1.23
Randy's Holdings, Inc.		(6) (8) (18)		First Lien Debt		S +		5.00%		9.17%		11/01/2029			6,558				6,426				6,492				0.37
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.17%		11/01/2029			1,585				1,545				1,563				0.09
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.17%		11/01/2029			553				537				544				0.03
Sonny's Enterprises, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.89%		08/05/2028			45,195				44,830				43,146				2.44
Sonny's Enterprises, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.89%		08/05/2028			112				111				107				0.01

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Spectrum Automotive Holdings Corp.		(6) (7) (9) (18)		First Lien Debt		S +		5.25%		9.41%		06/29/2028			22,990				22,829				22,990				1.30
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		06/29/2028			15,584				15,429				15,584				0.88
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		06/29/2027			—				(4	)			—				0.00
																			125,286				114,277				6.45
Automobiles
COP Collisionright Parent, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		9.06%		01/29/2030			9,016				8,894				8,971				0.51
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.06%		01/29/2030			4,586				4,469				4,508				0.25
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.06%		01/29/2030			202				184				195				0.01
Drivecentric Holdings, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.63%		08/15/2031			26,595				26,362				26,594				1.50
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.63%		08/15/2031			—				(1	)			(1	)			0.00
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.63%		08/15/2031			—				(30	)			—				0.00
LeadVenture, Inc.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.25%		06/23/2032			8,831				8,702				8,831				0.50
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		06/23/2032			555				539				555				0.03
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		06/23/2032			—				(12	)			—				0.00
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.15%		06/02/2026			36,993				36,896				36,796				2.08
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.15%		06/02/2026			37,176				37,073				36,979				2.09
Vehlo Purchaser, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.16%		05/24/2028			2,936				2,916				2,936				0.17
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		05/24/2028			14,732				14,588				14,732				0.83
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		05/24/2028			—				(1	)			—				0.00
																			140,579				141,096				7.96
Beverages
Vamos Bidco, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.75%		01/30/2032			5,386				5,336				5,373				0.30
Vamos Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		01/30/2032			—				(10	)			(6	)			0.00
Vamos Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		01/30/2032			225				219				223				0.01
																			5,545				5,590				0.32
Building Products
Project Potter Buyer, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.25%		04/23/2027			15,003				14,997				15,003				0.85
Project Potter Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		04/23/2027			—				—				—				0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
																			14,997				15,003				0.85
Chemicals
Tank Holding Corp.		(7) (9) (18)		First Lien Debt		S +		6.00%		10.04%		03/31/2028			15,435				15,271				14,567				0.82
Tank Holding Corp.		(9)		First Lien Debt		S +		6.00%		10.04%		03/31/2028			484				474				456				0.03
Tank Holding Corp.		(9) (16)		First Lien Debt		S +		6.00%		10.04%		03/31/2028			—				(7	)			(45	)			0.00
V Global Holdings, LLC		(6) (7) (9)		First Lien Debt		S +		5.75%		10.14%		12/22/2027			4,768				4,724				4,429				0.25
V Global Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.14%		12/22/2027			545				541				497				0.03
																			21,003				19,904				1.12
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.79%		12/26/2028			16,798				16,668				16,798				0.95
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.79%		12/26/2028			5,390				5,359				5,390				0.30
Atlas US Finco, Inc.		(6) (8) (13)		First Lien Debt		S +		5.00%		9.33%		12/09/2029			8,903				8,757				8,903				0.50
Atlas US Finco, Inc.		(6) (8) (13)		First Lien Debt		S +		5.00%		9.33%		12/10/2029			4,244				4,224				4,244				0.24
Atlas US Finco, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		5.00%		9.33%		12/09/2028			—				(5	)			—				0.00
BPG Holdings IV Corp.		(6) (9)		First Lien Debt		S +		7.00% (incl. 5.00% PIK)		11.00%		07/29/2029			11,735				11,239				10,111				0.57
Consor Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.75%		05/12/2031			6,851				6,802				6,851				0.39
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.75%		05/12/2031			—				(20	)			—				0.00
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.75%		05/12/2031			—				(10	)			—				0.00
CRCI Longhorn Holdings, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.91%		08/27/2031			9,808				9,722				9,808				0.55
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.91%		08/27/2031			—				(10	)			—				0.00
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.91%		08/27/2031			—				(14	)			—				0.00
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.26%		04/07/2028			463				459				453				0.03
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.26%		04/07/2028			471				465				457				0.03
Energy Labs Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.26%		04/07/2028			30				28				25				0.00
Firebird Acquisition Corp, Inc.		(6) (9)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		9.31%		02/02/2032			5,731				5,705				5,731				0.32
Firebird Acquisition Corp, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		9.31%		02/02/2032			515				507				515				0.03

10

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Firebird Acquisition Corp, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		9.31%		02/02/2032			—				(5	)			—				0.00
FLS Holding, Inc.		(6) (8) (13)		First Lien Debt		S +		5.25%		9.51%		12/15/2028			18,689				18,488				15,981				0.90
FLS Holding, Inc.		(6) (8) (13)		First Lien Debt		S +		5.25%		9.51%		12/15/2028			4,382				4,333				3,747				0.21
FLS Holding, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		5.25%		9.51%		12/17/2027			1,780				1,766				1,519				0.09
Helios Service Partners, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		9.26%		03/19/2027			5,910				5,843				5,900				0.33
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.26%		03/19/2027			15,917				15,711				15,890				0.90
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.26%		03/19/2027			284				271				282				0.02
Hercules Borrower, LLC		(6) (9)		First Lien Debt		S +		4.75%		8.75%		12/15/2028			4,971				4,941				4,971				0.28
Hercules Borrower, LLC		(6) (9)		First Lien Debt		C +		4.75%		7.72%		12/15/2028			C$3,000				2,094				2,156				0.12
HSI Halo Acquisition, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		9.00%		06/30/2031			13,485				13,369				13,431				0.76
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		06/30/2031			1,620				1,599				1,607				0.09
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		06/28/2030			—				(17	)			(9	)			0.00
Iris Buyer, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.56%		10/02/2030			6,885				6,736				6,868				0.39
Iris Buyer, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.56%		10/02/2030			649				635				648				0.04
Iris Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.56%		10/02/2029			200				182				198				0.01
Procure Acquireco, Inc. (Procure Analytics)		(6) (9)		First Lien Debt		S +		4.75%		8.75%		12/20/2028			3,819				3,778				3,819				0.22
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		12/20/2028			310				304				310				0.02
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		12/20/2028			—				(2	)			—				0.00
Pye-Barker Fire & Safety, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.50%		05/26/2031			26,325				26,325				26,259				1.48
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		05/26/2031			5,731				5,663				5,705				0.32
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		05/24/2030			456				427				447				0.03
Railpros Parent, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.70%		05/24/2032			11,289				11,181				11,177				0.63
Railpros Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.70%		05/24/2032			—				(17	)			(35	)			0.00
Railpros Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.70%		05/24/2032			—				(17	)			(17	)			0.00
Routeware, Inc.		(6) (8)		First Lien Debt		S +		5.25%		9.28%		09/18/2031			3,182				3,153				3,172				0.18
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.28%		09/18/2031			91				84				86				0.00
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.28%		09/18/2031			68				65				67				0.00
Sherlock Buyer Corp.		(6) (8) (18)		First Lien Debt		S +		5.75%		9.85%		12/08/2028			10,755				10,639				10,513				0.59

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Sherlock Buyer Corp.		(6) (8) (16)		First Lien Debt		S +		5.75%		9.85%		12/08/2027			—				(9	)			(29	)			0.00
Surewerx Purchaser III, Inc.		(6) (9) (13) (18)		First Lien Debt		S +		5.25%		9.25%		12/28/2029			5,875				5,757				5,875				0.33
Surewerx Purchaser III, Inc.		(6) (9) (13)		First Lien Debt		C +		5.25%		7.70%		12/28/2029			C$253				184				182				0.01
Surewerx Purchaser III, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.25%		9.25%		12/28/2029			—				(12	)			—				0.00
Surewerx Purchaser III, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.25%		9.25%		12/28/2028			305				289				305				0.02
Sweep Midco, LLC		(6) (14)		Second Lien Debt								03/12/2034			1,674				836				1,047				0.06
Sweep Midco, LLC		(6) (14)		Second Lien Debt								03/12/2036			4,872				—				—				0.00
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75% PIK		9.91%		06/30/2027			6,561				6,561				6,561				0.37
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.91%		06/30/2027			3,140				3,140				3,140				0.18
Sweep Purchaser, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.91%		06/30/2027			281				281				281				0.02
Tamarack Intermediate, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.15%		03/12/2029			10,006				9,923				9,980				0.56
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.15%		03/12/2029			1,608				1,577				1,585				0.09
Tamarack Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.15%		03/12/2029			—				(11	)			(5	)			0.00
Transit Technologies, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.82%		08/20/2031			10,405				10,311				10,381				0.59
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.82%		08/20/2031			885				866				882				0.05
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.82%		08/20/2030			—				(14	)			—				0.00
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.25%		06/23/2031			8,821				8,707				8,821				0.50
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		06/23/2031			5,857				5,768				5,833				0.33
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		06/21/2030			—				(12	)			—				0.00
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.71%		04/13/2027			14,428				14,356				10,172				0.57
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.71%		04/13/2027			2,036				2,032				1,435				0.08
US Infra Svcs Buyer, LLC		(6) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.71%		04/13/2027			2,250				2,246				1,586				0.09
Vensure Employer Services, Inc.		(6) (10)		First Lien Debt		S +		4.75%		9.04%		09/29/2031			9,278				9,201				9,278				0.52

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Vensure Employer Services, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		9.04%		09/29/2031			—				(8	)			—				0.00
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.59%		06/29/2027			71,698				71,313				71,698				4.05
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.59%		06/29/2027			493				489				493				0.03
VRC Companies, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.59%		06/29/2027			—				(7	)			—				0.00
																			361,169				353,479				19.95
Construction & Engineering
Arcoro Holdings Corp.		(6) (8) (18)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			12,880				12,674				12,660				0.71
Arcoro Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			—				(29	)			(34	)			0.00
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.91%		10/19/2028			33,258				32,916				30,206				1.71
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.91%		10/19/2028			7,616				7,533				6,918				0.39
LJ Avalon Holdings, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.77%		02/01/2030			6,233				6,147				6,233				0.35
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.77%		02/01/2030			4,322				4,262				4,310				0.24
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.77%		02/01/2029			—				(15	)			—				0.00
Superman Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		08/29/2031			19,897				19,809				19,897				1.12
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		08/29/2031			4,162				4,130				4,162				0.23
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		08/29/2031			—				(12	)			—				0.00
																			87,415				84,352				4.76
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.81%		02/03/2031			27,411				27,185				27,411				1.55
PDI TA Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.81%		02/03/2031			912				894				912				0.05
																			28,079				28,323				1.60
Containers & Packaging
BP Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.80%		12/11/2028			17,759				17,578				15,038				0.85
FORTIS Solutions Group, LLC		(6) (9) (18)		First Lien Debt		S +		5.50%		9.60%		10/13/2028			26,540				26,268				26,540				1.50
FORTIS Solutions Group, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.60%		10/13/2028			274				272				274				0.02
FORTIS Solutions Group, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.60%		10/15/2027			675				656				675				0.04
																			44,774				42,527				2.40
Distributors

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
48Forty Solutions, LLC		(6) (12)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			18,106				17,912				9,505				0.54
48Forty Solutions, LLC		(6) (12) (16)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			2,168				2,111				878				0.05
ABB Concise Optical Group, LLC		(6) (9)		First Lien Debt		S +		7.50%		11.65%		02/23/2028			17,008				16,803				16,242				0.92
Bradyplus Holdings, LLC		(6) (7) (8)		First Lien Debt		S +		5.00%		9.31%		10/31/2029			7,891				7,775				7,891				0.45
Bradyplus Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.31%		10/31/2029			77				73				77				0.00
PT Intermediate Holdings III, LLC		(6) (9)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.00%		04/09/2030			42,589				42,275				42,589				2.40
PT Intermediate Holdings III, LLC		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.00%		04/09/2030			—				(3	)			—				0.00
																			86,946				77,182				4.36
Diversified Consumer Services
Any Hour, LLC		(6) (7) (10) (18)		First Lien Debt		S +		5.25%		9.25%		05/23/2030			23,426				23,138				23,075				1.30
Any Hour, LLC		(6) (10) (16)		First Lien Debt		S +		5.25%		9.25%		05/23/2030			663				619				560				0.03
Any Hour, LLC		(6) (10) (16)		First Lien Debt		S +		5.25%		9.25%		05/23/2030			2,078				2,038				2,026				0.11
Any Hour, LLC		(6)		Other Debt				13.00% PIK		13.00%		05/23/2031			7,020				6,918				6,802				0.38
Apex Service Partners, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		9.20%		10/24/2030			30,321				29,896				30,321				1.71
Apex Service Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.20%		10/24/2030			7,220				7,106				7,220				0.41
Apex Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.20%		10/24/2029			—				(30	)			—				0.00
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.25%		10/19/2027			19,907				19,746				19,907				1.12
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.25%		10/19/2027			4,148				4,117				4,148				0.23
Assembly Intermediate, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		10/19/2027			—				(14	)			—				0.00
DA Blocker Corp.		(6) (9) (13) (18)		First Lien Debt		S +		4.75%		8.75%		02/10/2032			7,054				6,988				7,036				0.40
DA Blocker Corp.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		02/10/2032			—				(10	)			(6	)			0.00
DA Blocker Corp.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		02/10/2032			—				(7	)			(2	)			0.00
Eclipse Buyer, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.68%		09/08/2031			4,244				4,206				4,244				0.24
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.68%		09/08/2031			—				(3	)			—				0.00
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.68%		09/08/2031			—				(3	)			—				0.00
Essential Services Holding Corporation		(6) (9) (18)		First Lien Debt		S +		5.00%		9.32%		06/17/2031			17,245				17,096				17,165				0.97
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.32%		06/17/2031			—				(19	)			(22	)			0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.32%		06/17/2030			597				573				583				0.03
EVDR Purchaser, Inc.		(6) (9) (18)		First Lien Debt		S +		5.25%		9.41%		02/14/2031			20,274				19,940				20,274				1.14
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		02/14/2031			—				(45	)			—				0.00
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		02/14/2031			—				(54	)			—				0.00
Express Wash Acquisition Company, LLC		(6) (8)		First Lien Debt		S +		6.25%		10.58%		04/10/2031			1,890				1,851				1,872				0.11
Express Wash Acquisition Company, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.58%		04/10/2031			—				(2	)			(1	)			0.00
FPG Intermediate Holdco, LLC		(6) (11)		First Lien Debt		S +		5.00% PIK		9.32%		07/02/2029			130				128				128				0.01
FPG Intermediate Holdco, LLC		(6) (8)		First Lien Debt		S +		5.00% PIK		9.32%		07/02/2029			39				39				39				0.00
GarageCo Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.25%		8.25%		08/02/2032			2,061				2,040				2,040				0.12
GarageCo Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		08/02/2032			—				(15	)			(15	)			0.00
GarageCo Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		07/30/2032			—				(9	)			(9	)			0.00
Heartland Home Services		(6) (9)		First Lien Debt		S +		5.75%		9.85%		12/15/2026			1,911				1,907				1,853				0.10
Kodiak Buyer, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.50%		07/26/2032			1,534				1,519				1,519				0.09
Kodiak Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		07/26/2032			—				(3	)			(3	)			0.00
Kodiak Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		07/23/2032			—				(4	)			(4	)			0.00
LHS Borrower, LLC		(6) (7) (9)		First Lien Debt		S +		5.25%		9.41%		09/04/2031			7,000				6,896				6,896				0.39
LHS Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		09/04/2031			—				(8	)			(8	)			0.00
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.17%		03/01/2028			9,281				9,198				9,216				0.52
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.17%		03/01/2028			551				546				547				0.03
Project Accelerate Parent, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.41%		02/24/2031			8,641				8,569				8,641				0.49
Project Accelerate Parent, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		02/24/2031			—				(10	)			—				0.00
Vertex Service Partners, LLC		(6) (7) (9)		First Lien Debt		S +		6.00%		10.00%		11/08/2030			1,747				1,713				1,712				0.10
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		10.00%		11/08/2030			3,514				3,443				3,432				0.19
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		10.00%		11/08/2030			369				360				360				0.02
																			180,354				181,546				10.25
Electrical Equipment
Accel International Holdings, Inc.		(6) (7) (10)		First Lien Debt		S +		4.50%		8.81%		04/26/2032			10,892				10,840				10,892				0.61
Accel International Holdings, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.81%		04/26/2032			—				(9	)			—				0.00

15

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Spark Buyer, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.44%		10/15/2031			2,171				2,142				2,095				0.12
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.44%		10/15/2031			—				(5	)			(31	)			0.00
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.44%		10/15/2031			149				143				134				0.01
																			13,111				13,090				0.74
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.97%		07/06/2028			6,275				6,214				4,455				0.25
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.97%		07/06/2028			420				416				298				0.02
Dwyer Instruments, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		07/20/2029			14,199				14,044				14,127				0.80
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		07/20/2029			4,919				4,851				4,892				0.28
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		07/20/2029			131				115				123				0.01
Infinite Bidco, LLC		(6) (10)		First Lien Debt		S +		6.25%		10.45%		03/02/2028			12,142				11,946				12,119				0.68
Infinite Bidco, LLC		(10)		Second Lien Debt		S +		7.00%		11.57%		03/02/2029			25,500				25,461				22,504				1.27
Magneto Components Buyco, LLC		(6) (7) (9)		First Lien Debt		S +		6.00%		10.00%		12/05/2030			15,467				15,247				15,467				0.87
Magneto Components Buyco, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		10.00%		12/05/2029			—				(32	)			—				0.00
NDT Global Holding, Inc.		(6) (10) (13)		First Lien Debt		S +		4.50%		8.65%		06/04/2032			3,300				3,268				3,267				0.18
NDT Global Holding, Inc.		(6) (10) (13) (16)		First Lien Debt		S +		4.50%		8.65%		06/04/2032			645				635				631				0.04
NDT Global Holding, Inc.		(6) (10) (13) (16)		First Lien Debt		S +		4.50%		8.65%		06/04/2032			—				(7	)			(7	)			0.00
NSI Holdings, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.91%		11/17/2031			7,313				7,247				7,313				0.41
NSI Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.91%		11/17/2031			—				(5	)			—				0.00
NSI Holdings, Inc.		(6) (16)		First Lien Debt		P +		3.75%		11.00%		11/17/2031			35				24				35				0.00
																			89,424				85,224				4.81
Financial Services
Applitools, Inc.		(6) (9) (13)		First Lien Debt		S +		6.25% PIK		10.25%		05/25/2029			3,738				3,711				3,700				0.21
Applitools, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		6.25%		10.25%		05/25/2028			—				(4	)			(4	)			0.00

16

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
BCTO Bluebill Midco, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.81%		07/30/2032			15,778				15,623				15,623				0.88
BCTO Bluebill Midco, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.81%		07/30/2032			—				(19	)			(19	)			0.00
Cerity Partners, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.45%		07/30/2029			4,671				4,578				4,659				0.26
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.45%		07/30/2029			8,894				8,735				8,865				0.50
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.45%		07/28/2028			29				28				29				0.00
Cliffwater, LLC		(6) (7) (9)		First Lien Debt		S +		5.00%		9.31%		04/22/2032			8,634				8,551				8,547				0.48
Cliffwater, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		04/22/2032			—				(8	)			(8	)			0.00
GC Waves Holdings, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		9.01%		10/04/2030			8,842				8,772				8,842				0.50
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.01%		10/04/2030			3,016				2,921				3,016				0.17
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.01%		10/04/2030			—				(4	)			—				0.00
MAI Capital Management Intermediate, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.75%		08/29/2031			4,632				4,591				4,586				0.26
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/29/2031			1,434				1,405				1,385				0.08
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/29/2031			219				208				207				0.01
PMA Parent Holdings, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.75%		01/31/2031			4,374				4,321				4,341				0.25
PMA Parent Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		01/31/2031			—				(4	)			(3	)			0.00
RFS Opco, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.75%		04/04/2031			14,355				14,303				14,355				0.81
RFS Opco, LLC		(6) (10) (16)		First Lien Debt		S +		3.50%		7.66%		04/04/2029			337				333				337				0.02
SitusAMC Holdings Corporation		(6) (9) (18)		First Lien Debt		S +		5.50%		9.50%		05/14/2031			10,658				10,611				10,658				0.60
Smarsh, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		02/16/2029			5,625				5,569				5,625				0.32
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/16/2029			—				(8	)			—				0.00
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/16/2029			225				219				225				0.01
Trintech, Inc.		(6) (7) (8)		First Lien Debt		S +		5.50%		9.66%		07/25/2029			33,489				33,018				33,322				1.88
Trintech, Inc.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.66%		07/25/2029			837				800				822				0.05
																			128,250				129,110				7.29
Food Products
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		11.46%		01/04/2028			40,877				40,595				35,603				2.01
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		11.46%		01/04/2028			6,053				6,023				5,272				0.30

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (12)		Other Debt				16.25% PIK		16.25%		06/18/2028			1,500				1,500				—				0.00
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (8) (12)		First Lien Debt		S +		7.65% (incl. 3.40% PIK)		12.11%		12/20/2027			10,900				10,874				8,920				0.50
																			58,992				49,795				2.81
Ground Transportation
SV Newco 2, Inc.		(6) (7) (9) (13) (18)		First Lien Debt		S +		4.75%		8.75%		06/02/2031			22,926				22,634				22,862				1.29
SV Newco 2, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		06/02/2031			14,269				14,076				14,227				0.80
SV Newco 2, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		06/02/2031			—				(104	)			(24	)			0.00
																			36,606				37,065				2.09
Health Care Equipment & Supplies
PerkinElmer U.S., LLC		(6) (7) (8)		First Lien Debt		S +		4.75%		8.91%		03/13/2029			4,308				4,227				4,308				0.24
Tidi Legacy Products, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.66%		12/19/2029			1,843				1,815				1,843				0.10
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/19/2029			—				(4	)			—				0.00
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/19/2029			—				(5	)			—				0.00
YI, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.75%		9.90%		12/03/2029			5,555				5,471				5,555				0.31
YI, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.90%		12/03/2029			—				(12	)			—				0.00
																			11,492				11,706				0.66
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.66%		09/15/2031			446				439				446				0.03
Advarra Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		09/15/2031			—				—				—				0.00
DCA Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		6.50%		10.44%		04/03/2028			20,118				19,913				18,922				1.07
DCA Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		6.50%		10.44%		04/03/2028			1,769				1,742				1,664				0.09
Gateway US Holdings, Inc.		(6) (9) (13)		First Lien Debt		S +		4.75%		8.75%		09/22/2028			744				741				741				0.04
Gateway US Holdings, Inc.		(6) (9) (13)		First Lien Debt		S +		4.75%		8.75%		09/22/2028			210				209				209				0.01
Gateway US Holdings, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		09/22/2028			—				—				—				0.00
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		9.23%		06/12/2028			1,814				1,809				1,814				0.10
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/10/2028			4,397				4,356				4,397				0.25

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		9.23%		06/12/2028			4,108				4,097				4,108				0.23
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/10/2028			1,710				1,693				1,710				0.10
Heartland Veterinary Partners, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.23%		06/12/2028			—				(1	)			—				0.00
iCIMS, Inc.		(6) (9)		First Lien Debt		S +		5.75%		10.53%		08/18/2028			7,080				7,013				7,076				0.40
iCIMS, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.53%		08/18/2028			13				12				12				0.00
Imagine 360, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		10/02/2028			12,065				11,972				12,065				0.68
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/02/2028			—				(6	)			—				0.00
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/02/2028			—				(8	)			—				0.00
Intelerad Medical Systems Incorporated		(6) (8) (13)		First Lien Debt		S +		6.50%		10.96%		08/21/2026			486				482				478				0.03
Intelerad Medical Systems Incorporated		(6) (8) (13)		First Lien Debt		S +		6.50%		10.96%		08/21/2026			34				34				33				0.00
Invictus Buyer, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		06/03/2031			4,009				3,975				4,009				0.23
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		06/03/2031			—				(7	)			—				0.00
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		06/03/2031			—				(5	)			—				0.00
Merative LP		(6) (7) (9)		First Lien Debt		S +		4.75%		8.75%		09/30/2032			18,118				18,027				18,027				1.02
Merative LP		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		09/30/2032			—				(5	)			(5	)			0.00
Merative LP		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		09/30/2032			—				(9	)			(9	)			0.00
mPulse Mobile, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.75%		08/26/2032			18,173				17,993				17,993				1.02
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/26/2032			—				(9	)			(9	)			0.00
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/26/2032			—				(26	)			(26	)			0.00
Pareto Health Intermediate Holdings, Inc.		(6) (8) (18)		First Lien Debt		S +		4.75%		8.75%		06/03/2030			28,378				28,089				28,378				1.60
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		06/03/2030			—				(24	)			—				0.00
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		06/01/2029			—				(10	)			—				0.00
PPV Intermediate Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		6.00%		10.20%		08/31/2029			4,303				4,185				4,303				0.24
PPV Intermediate Holdings, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.20%		08/31/2029			14,934				14,823				14,934				0.84
Promptcare Infusion Buyer, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		10.39%		09/01/2027			8,820				8,753				8,751				0.49
Promptcare Infusion Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.39%		09/01/2027			2,746				2,713				2,713				0.15
Stepping Stones Healthcare Services, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		9.00%		01/02/2029			4,222				4,187				4,222				0.24
Stepping Stones Healthcare Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		01/02/2029			1,289				1,271				1,289				0.07

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Stepping Stones Healthcare Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		12/30/2026			—				(2	)			—				0.00
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		09/09/2027			11,730				11,682				11,730				0.66
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		09/09/2027			—				(7	)			—				0.00
Tivity Health, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		9.16%		06/28/2029			8,547				8,513				8,547				0.48
Vardiman Black Holdings, LLC		(6) (10)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.29%		03/18/2027			5,988				5,988				5,300				0.30
Vardiman Black Holdings, LLC		(6) (10) (11) (16)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.29%		03/18/2027			678				669				598				0.03
																			185,261				184,420				10.41
Health Care Technology
Hyland Software, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.16%		09/19/2030			38,961				38,508				38,961				2.20
Hyland Software, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		09/19/2029			—				(19	)			—				0.00
Lightspeed Buyer, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.75%		02/03/2027			22,983				22,868				22,983				1.30
Lightspeed Buyer, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.75%		02/03/2027			341				339				341				0.00
Lightspeed Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		02/03/2027			—				(1	)			—				0.00
																			61,695				62,285				3.52
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.89%		01/30/2031			25,056				24,916				25,056				1.41
Aptean, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.89%		01/30/2031			—				(15	)			—				0.00
Aptean, Inc.		(6) (16)		First Lien Debt		P +		3.75%		11.00%		01/30/2031			154				144				154				0.01
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		S +		5.25%		9.41%		08/13/2029			1,298				1,281				1,291				0.07
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		E +		5.25%		7.16%		08/13/2029		€	235				240				275				0.02
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		08/13/2029			—				(11	)			(10	)			0.00
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		08/14/2028			—				(1	)			(1	)			0.00
Raptor Merger Sub Debt, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.50%		9.50%		04/01/2029			31,663				31,070				31,663				1.79
Raptor Merger Sub Debt, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.50%		04/01/2029			651				607				651				0.04
																			58,231				59,079				3.33
Insurance Services
Amerilife Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.17%		08/31/2029			12,889				12,808				12,889				0.73

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.17%		08/31/2029			2,359				2,342				2,359				0.13
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.17%		08/31/2028			354				343				354				0.02
Fetch Insurance Services, LLC		(6)		Other Debt				12.75% (incl. 3.75% PIK)		12.75%		10/31/2027			2,087				2,062				2,066				0.12
Foundation Risk Partners Corp.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		10/29/2030			41,776				41,361				41,776				2.36
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/29/2030			9,091				9,001				9,091				0.51
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/29/2029			—				(51	)			—				0.00
Galway Borrower, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		09/29/2028			30,175				29,873				30,175				1.70
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		09/29/2028			1,869				1,844				1,869				0.11
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		09/29/2028			467				447				467				0.03
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.50%		8.67%		11/24/2028			23,483				23,337				23,483				1.33
Higginbotham Insurance Agency, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.67%		11/24/2028			4,539				4,494				4,539				0.26
High Street Buyer, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.25%		9.25%		04/14/2028			9,713				9,628				9,713				0.55
High Street Buyer, Inc.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.25%		04/14/2028			46,581				46,108				46,581				2.63
High Street Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		04/16/2027			—				(11	)			—				0.00
Inszone Mid, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.25%		11/30/2029			4,382				4,316				4,371				0.25
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		11/30/2029			10,372				10,216				10,331				0.58
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		11/30/2029			—				(17	)			(4	)			0.00
Integrity Marketing Acquisition, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.20%		08/25/2028			35,888				35,888				35,888				2.03
Integrity Marketing Acquisition, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.20%		08/25/2028			—				—				—				0.00
Long Term Care Group, Inc.		(6) (9)		First Lien Debt		S +		6.00%		10.59%		09/08/2027			5,439				5,399				4,909				0.28
Majesco, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.75%		09/21/2028			33,293				32,903				33,293				1.88
Majesco, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		09/21/2027			—				(8	)			—				0.00
Patriot Growth Insurance Services, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.15%		10/16/2028			53,502				52,948				53,502				3.02
Patriot Growth Insurance Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.15%		10/16/2028			—				(34	)			—				0.00
World Insurance Associates, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		9.00%		04/03/2030			51,412				50,556				51,412				2.90
World Insurance Associates, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		04/03/2030			—				(5	)			—				0.00
																			375,748				379,064				21.40

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (7) (18)		First Lien Debt		S +		4.75%		8.91%		09/09/2032			11,519				11,404				11,405				0.64
FMG Suite Holdings, LLC		(6) (16)		First Lien Debt		S +		4.75%		8.91%		09/09/2032			—				(15	)			(15	)			0.00
FMG Suite Holdings, LLC		(6) (16)		First Lien Debt		S +		4.75%		8.91%		09/09/2032			—				(19	)			(19	)			0.00
Spectrio, LLC		(6) (7) (8)		First Lien Debt		S +		6.00%		10.20%		12/09/2026			32,292				32,162				25,899				1.46
Spectrio, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.20%		12/09/2026			13,026				13,009				10,447				0.59
Spectrio, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.20%		12/09/2026			3,737				3,722				2,919				0.16
Triple Lift, Inc.		(6) (7) (9)		First Lien Debt		S +		5.75%		9.90%		05/05/2028			26,810				26,572				25,134				1.42
Triple Lift, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		9.90%		05/05/2028			—				(30	)			(250	)			(0.01	)
																			86,805				75,520				4.26
IT Services
Apollo Acquisition, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		9.16%		12/30/2031			17,967				17,802				17,967				1.01
Apollo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		12/30/2031			6,094				6,027				6,094				0.34
Apollo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		12/30/2030			—				(24	)			—				0.00
Atlas Purchaser, Inc.		(6) (7) (12)		First Lien Debt		S +		7.50% (incl. 6.50% PIK)		12.08%		05/05/2028			2,642				2,642				515				0.03
Atlas Purchaser, Inc.		(6) (7) (12)		First Lien Debt		S +		7.50% (incl. 5.50% PIK)		12.08%		05/05/2028			6,097				6,097				183				0.01
Catalis Intermediate, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.65%		08/04/2027			38,652				38,299				38,061				2.15
Catalis Intermediate, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.65%		08/04/2027			8,697				8,624				8,564				0.48
Catalis Intermediate, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.65%		08/04/2027			989				956				924				0.05
GI DI Cornfield Acquisition, LLC		(6) (18)		First Lien Debt		S +		4.50%		8.76%		03/09/2028			30,393				30,083				30,188				1.70
GI DI Cornfield Acquisition, LLC		(6) (7)		First Lien Debt		S +		4.50%		8.76%		03/09/2028			15,667				15,591				15,561				0.88
Help/Systems Holdings, Inc.		(6) (9)		Second Lien Debt		S +		6.75%		11.16%		11/19/2027			17,500				17,500				14,831				0.84
Idera, Inc.		(6) (9)		Second Lien Debt		S +		6.75%		11.20%		03/02/2029			2,607				2,597				2,607				0.15
Recovery Point Systems, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.75%		10.18%		02/14/2028			39,900				39,752				39,900				2.25
Recovery Point Systems, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75%		10.18%		02/14/2028			—				(12	)			—				0.00
Redwood Services Group, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.26%		06/15/2029			17,410				17,263				17,323				0.98

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Redwood Services Group, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.26%		06/15/2029			11,873				11,717				11,785				0.67
Ridge Trail US Bidco, Inc.		(6) (9) (13) (18)		First Lien Debt		S +		4.50%		8.37%		09/30/2031			23,797				23,478				23,797				1.34
Ridge Trail US Bidco, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		4.50%		8.37%		09/30/2031			—				(53	)			—				0.00
Ridge Trail US Bidco, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.50%		8.37%		03/31/2031			744				709				744				0.04
Syntax Systems, Ltd.		(6) (9) (13) (18)		First Lien Debt		S +		5.00%		9.27%		10/27/2028			37,057				36,873				36,687				2.07
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.75%		02/02/2032			23,676				23,457				23,617				1.33
Thrive Buyer, Inc. (Thrive Networks)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/02/2032			3,500				3,446				3,479				0.20
Thrive Buyer, Inc. (Thrive Networks)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/02/2032			329				301				322				0.02
UpStack, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			9,750				9,664				9,677				0.55
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			1,151				1,130				1,123				0.06
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			375				362				364				0.02
Victors Purchaser, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.75%		08/15/2031			5,056				5,012				5,056				0.29
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		08/15/2031			261				255				261				0.01
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		08/15/2031			—				(5	)			—				0.00
																			319,543				309,630				17.48
Life Sciences Tools & Services
Model N, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		06/27/2031			11,844				11,742				11,844				0.67
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		06/27/2031			—				(14	)			—				0.00
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		06/27/2031			—				(14	)			—				0.00
																			11,714				11,844				0.67
Machinery
Answer Acquisition, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.26%		12/30/2026			13,291				13,202				12,302				0.69
Answer Acquisition, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.26%		12/30/2026			583				576				490				0.03
Chase Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.06%		10/30/2028			10,674				10,527				10,542				0.60
Chase Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.06%		10/30/2028			147				141				142				0.01
MHE Intermediate Holdings, LLC		(6) (7) (8) (18)		First Lien Debt		S +		6.00%		10.53%		07/21/2027			11,731				11,644				11,731				0.66
MHE Intermediate Holdings, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.53%		07/21/2027			3,608				3,581				3,608				0.20
MHE Intermediate Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.53%		07/21/2027			1,000				985				1,000				0.06

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
																			40,656				39,815				2.25
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8)		First Lien Debt		S +		4.50%		8.66%		12/23/2030			7,367				7,172				7,367				0.42
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/23/2030			1,538				1,516				1,538				0.09
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/23/2030			336				324				336				0.02
Vessco Midco Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.93%		07/24/2031			11,199				11,102				11,199				0.63
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.93%		07/24/2031			2,028				2,003				2,028				0.11
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.93%		07/24/2031			—				(10	)			—				0.00
																			22,107				22,468				1.27
Pharmaceuticals
Caerus US 1, Inc.		(6) (9) (13)		First Lien Debt		S +		5.00%		9.00%		05/25/2029			10,843				10,706				10,794				0.61
Caerus US 1, Inc.		(6) (9) (13)		First Lien Debt		S +		5.00%		9.00%		05/25/2029			1,587				1,565				1,580				0.09
Caerus US 1, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.00%		9.00%		05/25/2029			549				536				544				0.03
Real Chemistry Intermediate III, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.50%		04/12/2032			8,775				8,733				8,731				0.49
Real Chemistry Intermediate III, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.50%		04/12/2032			1,502				1,489				1,482				0.08
Real Chemistry Intermediate III, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.50%		04/12/2032			—				(9	)			(10	)			0.00
																			23,020				23,121				1.31
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (18)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			3,256				3,234				3,256				0.18
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			—				(8	)			—				0.00
Accordion Partners, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.00%		11/17/2031			27,254				27,007				27,254				1.54
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		11/17/2031			729				709				729				0.04
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		11/17/2031			—				(27	)			—				0.00
Ascend Partner Services, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			4,862				4,820				4,862				0.27
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			6,491				6,422				6,488				0.37
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			—				(14	)			—				0.00
Bridgepointe Technologies, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.00%		12/31/2027			16,926				16,625				16,882				0.95
Bridgepointe Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		12/31/2027			16,809				16,487				16,763				0.95

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Bullhorn, Inc.		(6) (8) (18)		First Lien Debt		S +		5.00%		9.16%		10/01/2029			15,407				15,326				15,407				0.87
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.16%		10/01/2029			2,134				2,124				2,134				0.12
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.16%		10/01/2029			96				91				96				0.01
Carr, Riggs and Ingram Capital, LLC		(6) (10) (18)		First Lien Debt		S +		4.25%		8.25%		11/18/2031			4,291				4,252				4,280				0.24
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.25%		8.25%		11/18/2031			461				450				456				0.03
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.25%		8.25%		11/18/2031			—				(9	)			(2	)			0.00
ComPsych Investment Corp.		(6) (9)		First Lien Debt		S +		4.75%		9.08%		07/22/2031			13,039				12,982				13,039				0.74
ComPsych Investment Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		07/22/2031			—				(8	)			—				0.00
Deerfield Dakota Holding, LLC		(6) (7) (9)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.81%		09/13/2032			27,426				27,153				27,153				1.53
Deerfield Dakota Holding, LLC		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.81%		09/13/2032			—				(26	)			(25	)			0.00
GPS Merger Sub, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.41%		10/02/2029			6,735				6,640				6,735				0.38
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		10/02/2029			—				(8	)			—				0.00
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		10/02/2029			—				(14	)			—				0.00
IG Investment Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.31%		09/22/2028			10,707				10,622				10,653				0.60
IG Investment Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		09/22/2028			—				(9	)			(6	)			0.00
IQN Holding Corp.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		05/02/2029			5,627				5,595				5,627				0.32
IQN Holding Corp.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		05/02/2029			1,836				1,819				1,836				0.10
IQN Holding Corp.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		05/02/2028			217				215				217				0.01
KENG Acquisition, Inc.		(6) (8) (18)		First Lien Debt		S +		4.50%		8.81%		08/01/2029			3,164				3,108				3,133				0.18
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.81%		08/01/2029			1,504				1,461				1,465				0.08
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.81%		08/01/2029			—				(16	)			(12	)			0.00
UHY Advisors, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.95%		11/21/2031			2,197				2,177				2,197				0.12
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.95%		11/21/2031			139				129				139				0.01
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.95%		11/21/2031			45				40				45				0.00
Verdantas, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.25%		05/06/2031			16,285				16,078				16,264				0.92

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Verdantas, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		05/06/2031			1,017				988				1,013				0.06
Verdantas, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		05/06/2030			842				822				840				0.05
																			187,237				188,918				10.66
Real Estate Management & Development
Associations, Inc.		(6) (8)		First Lien Debt		S +		6.50%		11.08%		07/03/2028			10,811				10,803				10,811				0.61
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		11.08%		07/03/2028			320				319				320				0.02
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		11.08%		07/03/2028			—				—				—				0.00
Inhabitiq, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.66%		01/12/2032			17,868				17,786				17,868				1.01
Inhabitiq, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		01/12/2032			—				(11	)			—				0.00
Inhabitiq, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		01/12/2032			—				(14	)			—				0.00
MRI Software, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.75%		02/10/2028			43,890				43,754				43,840				2.47
MRI Software, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.75%		02/10/2028			28				28				28				0.00
MRI Software, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		02/10/2028			173				170				172				0.01
Pritchard Industries, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.90%		10/13/2027			24,822				24,623				24,389				1.38
Pritchard Industries, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.90%		10/13/2027			5,935				5,885				5,832				0.33
Zarya Intermediate, LLC		(6) (8) (13) (18)		First Lien Debt		S +		6.50%		10.70%		07/01/2027			34,877				34,877				34,877				1.97
Zarya Intermediate, LLC		(6) (8) (13) (16)		First Lien Debt		S +		6.50%		10.70%		07/01/2027			—				—				—				0.00
																			138,220				138,137				7.80
Software
Alert Media, Inc.		(6) (8)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.54%		04/12/2027			23,048				22,916				23,048				1.30
Alert Media, Inc.		(6) (8) (16)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.54%		04/12/2027			—				(27	)			—				0.00
Anaplan, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.70%		06/21/2029			32,793				32,434				32,793				1.85
Appfire Technologies, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		9.00%		03/09/2028			20,445				20,398				20,445				1.15
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		03/09/2028			50				33				50				0.00
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		03/09/2028			36				35				36				0.00
Apryse Software Corp.		(6) (7) (10) (18)		First Lien Debt		S +		4.75%		8.75%		06/28/2032			27,704				27,435				27,531				1.55
Apryse Software Corp.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		06/28/2032			—				(22	)			(14	)			0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Artifact Bidco, Inc.		(6) (18)		First Lien Debt		S +		4.25%		8.25%		07/28/2031			31,699				31,424				31,699				1.79
Artifact Bidco, Inc.		(6) (16)		First Lien Debt		S +		4.25%		8.25%		07/28/2031			—				(32	)			—				0.00
Artifact Bidco, Inc.		(6) (16)		First Lien Debt		S +		4.25%		8.25%		07/26/2030			—				(44	)			—				0.00
AuditBoard, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.50%		07/14/2031			22,200				22,008				22,200				1.25
AuditBoard, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.50%		07/14/2031			—				(44	)			—				0.00
AuditBoard, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.50%		07/14/2031			—				(35	)			—				0.00
Banyan Software Holdings, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.41%		01/02/2031			12,113				12,004				11,992				0.68
Banyan Software Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		01/02/2031			7,518				7,443				7,430				0.42
Banyan Software Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		01/02/2031			—				(11	)			(13	)			0.00
Bottomline Technologies, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		05/14/2029			3,628				3,584				3,628				0.20
Bottomline Technologies, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		05/15/2028			—				(2	)			—				0.00
CLEO Communications Holding, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.76%		06/09/2027			38,569				38,439				38,569				2.18
CLEO Communications Holding, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.76%		06/09/2027			—				(35	)			—				0.00
Coupa Holdings, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.56%		02/27/2030			2,236				2,196				2,236				0.13
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.56%		02/27/2030			—				(9	)			—				0.00
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.56%		02/27/2029			—				(12	)			—				0.00
Cyara AcquisitionCo, LLC		(6) (8)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		9.75%		06/28/2029			5,895				5,801				5,895				0.33
Cyara AcquisitionCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		9.75%		06/28/2029			—				(5	)			—				0.00
Diligent Corporation		(6) (9)		First Lien Debt		S +		5.00%		9.20%		08/02/2030			28,138				27,964				28,138				1.59
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.20%		08/02/2030			—				(24	)			—				0.00
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.20%		08/02/2030			302				286				302				0.02
E-Discovery AcquireCo, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.13%		08/29/2029			19,505				19,171				19,505				1.10
E-Discovery AcquireCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.13%		08/29/2029			1,271				1,239				1,271				0.07
Emburse, Inc.		(6) (7) (9)		First Lien Debt		S +		4.25%		8.25%		05/28/2032			3,684				3,675				3,675				0.21
Emburse, Inc.		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		05/28/2032			—				(1	)			(2	)			0.00
Emburse, Inc.		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		05/28/2032			—				(2	)			(2	)			0.00

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Espresso Bidco, Inc.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		03/25/2032			18,151				17,898				17,879				1.01
Espresso Bidco, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		03/25/2032			—				(34	)			(74	)			0.00
Espresso Bidco, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		03/25/2032			—				(31	)			(33	)			0.00
Everbridge Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.29%		07/02/2031			31,889				31,751				31,889				1.80
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.29%		07/02/2031			4,341				4,308				4,341				0.25
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.29%		07/02/2031			—				(18	)			—				0.00
Formstack Acquisition, Co.		(6) (8) (18)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			10,835				10,705				10,808				0.61
Formstack Acquisition, Co.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			1,068				1,037				1,058				0.06
Formstack Acquisition, Co.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			350				325				345				0.02
Fullsteam Operations, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			16,962				16,795				16,795				0.95
Fullsteam Operations, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			—				—				—				0.00
Fullsteam Operations, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			—				(28	)			(28	)			0.00
Fullsteam Operations, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			—				(18	)			(18	)			0.00
Granicus, Inc.		(6) (9)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.06%		01/17/2031			12,999				12,899				12,999				0.73
Granicus, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.06%		01/17/2031			7,039				6,979				7,039				0.40
Granicus, Inc.		(6) (16)		First Lien Debt		P +		4.25%		11.75%		01/17/2031			—				(14	)			—				0.00
GS AcquisitionCo, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.25%		9.25%		05/25/2028			59,574				59,312				59,574				3.36
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		05/25/2028			24				24				24				0.00
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		05/25/2028			823				813				823				0.05
Hootsuite, Inc.		(6) (13) (18)		First Lien Debt		S +		5.50%		9.50%		05/22/2030			22,219				21,945				22,219				1.25
Hootsuite, Inc.		(6) (13) (16)		First Lien Debt		S +		5.50%		9.50%		05/22/2030			—				(29	)			—				0.00
Icefall Parent, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.81%		01/25/2030			5,156				5,075				5,156				0.29
Icefall Parent, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.81%		01/25/2030			—				(7	)			—				0.00
LegitScript, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.91%		06/24/2029			26,098				25,779				26,098				1.47
LegitScript, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.91%		06/24/2029			690				682				690				0.04

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
LegitScript, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		9.91%		06/24/2028			1,500				1,462				1,500				0.08
LogRhythm, Inc.		(6) (8)		First Lien Debt		S +		7.50%		11.66%		07/02/2029			9,091				8,872				8,841				0.50
LogRhythm, Inc.		(6) (8) (16)		First Lien Debt		S +		7.50%		11.66%		07/02/2029			—				(20	)			(25	)			0.00
Montana Buyer, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.91%		07/22/2029			8,446				8,396				8,446				0.48
Montana Buyer, Inc.		(6) (16)		First Lien Debt		P +		4.75%		8.91%		07/22/2028			—				(4	)			—				0.00
Nasuni Corporation		(6) (9)		First Lien Debt		S +		5.00%		9.07%		09/10/2030			14,483				14,295				14,483				0.82
Nasuni Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.07%		09/10/2030			—				(37	)			—				0.00
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.95%		06/11/2029			6,849				6,808				6,814				0.38
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.95%		06/11/2029			—				(2	)			(2	)			0.00
Oak Purchaser, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			3,560				3,536				3,558				0.20
Oak Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			1,993				1,975				1,985				0.11
Oak Purchaser, Inc.		(6) (16)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			37				34				37				0.00
Onit, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.98%		01/27/2032			18,241				18,083				18,228				1.03
Onit, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.98%		01/27/2032			—				(31	)			—				0.00
Onit, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.98%		01/27/2032			—				(21	)			—				0.00
Optimizely North America, Inc.		(6) (9) (13) (18)		First Lien Debt		S +		5.00%		9.16%		10/30/2031			8,352				8,277				8,227				0.46
Optimizely North America, Inc.		(6) (9) (13)		First Lien Debt		E +		5.25%		7.15%		10/30/2031		€	3,074				3,310				3,558				0.20
Optimizely North America, Inc.		(6) (9) (13)		First Lien Debt		SA +		5.50%		9.47%		10/30/2031		£	1,025				1,321				1,359				0.08
Optimizely North America, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.00%		9.16%		10/30/2031			—				(11	)			(19	)			0.00
Pound Bidco, Inc.		(6) (7) (8) (13)		First Lien Debt		S +		6.00%		10.66%		02/01/2027			22,181				22,067				22,126				1.25
Pound Bidco, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		6.00%		10.66%		02/01/2027			1,137				1,137				1,132				0.06
Pound Bidco, Inc.		(6) (7) (8) (13) (16)		First Lien Debt		S +		6.00%		10.66%		02/01/2027			188				182				185				0.01
Project Leopard Holdings, Inc.		(10) (13)		First Lien Debt		S +		5.25%		9.66%		07/20/2029			6,107				5,838				5,472				0.31
Revalize, Inc.		(6) (8)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.65%		04/16/2029			19,212				19,175				18,192				1.03

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Revalize, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.65%		04/16/2029			46				46				42				0.00
Riskonnect Parent, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			5,636				5,559				5,636				0.32
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			4,155				4,086				4,155				0.23
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			84				72				84				0.00
Runway Bidco, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		9.00%		12/17/2031			10,873				10,773				10,846				0.61
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		9.00%		12/17/2031			—				(12	)			(7	)			0.00
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		9.00%		12/17/2031			—				(12	)			(3	)			0.00
Saturn Borrower, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		10.00%		11/10/2028			11,401				11,256				11,322				0.64
Saturn Borrower, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.00%		11/10/2028			—				(26	)			(29	)			0.00
Saturn Borrower, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.00%		11/10/2028			450				427				437				0.02
Securonix, Inc.		(6) (9)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.04%		04/05/2029			21,613				21,425				18,920				1.07
Securonix, Inc.		(6) (9) (16)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.04%		04/05/2029			—				(29	)			(471	)			(0.03	)
Trunk Acquisition, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		10.15%		02/19/2030			9,537				9,495				9,537				0.54
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.15%		02/19/2030			639				634				639				0.04
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.15%		02/19/2030			—				(2	)			—				0.00
User Zoom Technologies, Inc.		(6) (9)		First Lien Debt		S +		7.00%		11.13%		04/05/2029			38,689				38,224				38,689				2.18
																			720,886				721,890				40.75
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.00%		05/13/2032			2,834				2,807				2,834				0.16
CCI Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		05/13/2032			—				(1	)			—				0.00
Mobile Communications America, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		9.04%		10/16/2029			5,851				5,786				5,851				0.33
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.04%		10/16/2029			1,442				1,421				1,442				0.08
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.04%		10/16/2029			—				(10	)			—				0.00
																			10,003				10,127				0.57
Total Debt Investments - non-controlled/non-affiliated																		$	3,776,963			$	3,716,695				209.79	%

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.		(6) (8) (17)		Second Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.45%		02/28/2030			3,146				3,146				3,146				0.18
KWOR Acquisition, Inc.		(6) (8) (16) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.45%		02/28/2030			17				2				17				0.00
KWOR Acquisition, Inc.		(6) (8) (16) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.45%		02/28/2030			25				2				25				0.00
KWOR Acquisition, Inc.		(6) (8) (17)		Other Debt		S +		8.00% PIK		12.17%		02/28/2030			1,086				1,086				1,086				0.06
																			4,236				4,274				0.24
Total Debt Investments - non-controlled/affiliated																		$	4,236			$	4,274				0.24	%
Total Debt Investments																		$	3,781,199			$	3,720,969				210.03	%

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
PCX Holding Corp.		(6) (14) (15)		Common Equity						04/22/2021			6,538			$	654			$	800				0.05	%
Automobile Components
Continental Battery Company		(6) (14) (15)		Common Equity						07/16/2025			7,758				—				—				0.00
Shelby Co-invest, LP (Spectrum Automotive)		(6) (14) (15)		Common Equity						06/29/2021			8,500				850				1,849				0.10
																	850				1,849				0.10
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (14) (15)		Common Equity						02/03/2025			240,000				228				279				0.02
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (14) (15)		Common Equity						12/20/2021			1,000,000				1,000				1,620				0.09
Surewerx Topco, LP		(6) (13) (14) (15)		Common Equity						12/28/2022			512				512				606				0.03
																	1,740				2,505				0.14
Containers & Packaging
BP Purchaser, LLC		(6) (14) (15)		Common Equity						12/10/2021			1,383,156				1,379				—				0.00
BP Purchaser, LLC Rights		(6) (14) (15)		Common Equity						03/12/2024			1,666,989				75				—				0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
FORTIS Solutions Group, LLC		(6) (15)		Preferred Equity				12.25%		06/24/2022			1,000,000				1,467				981				0.06
																	2,921				981				0.06
Distributors
48Forty Solutions, LLC		(6) (14) (15)		Common Equity						11/01/2024			2,748				—				—				0.00
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (15)		Preferred Equity				12.50% PIK		09/05/2024			120				1,192				1,193				0.07
FPG Parent, LLC		(6) (14) (15)		Common Equity						07/25/2025			341				—				—				0.00
LHS Borrower, LLC		(6) (14) (15)		Common Equity						09/04/2025			500,000				483				483				0.03
LUV Car Wash		(6) (14) (15)		Common Equity						04/06/2022			123				123				87				0.00
																	1,798				1,763				0.10
Electrical Equipment
Sparkstone Electrical Group		(6) (14) (15)		Common Equity						10/15/2024			1,500				150				88				0.00
Financial Services
Applitools, Inc.		(6) (14) (15)		Common Equity						07/18/2025			1,050,864				601				601				0.03
Food Products
Pet Holdings, Inc. (Brightpet)		(6) (14) (15)		Common Equity						03/22/2021			17,543				2,013				—				0.00
Health Care Providers & Services
mPulse Mobile, Inc.		(6) (14) (15)		Common Equity						12/17/2021			165,761				1,220				1,938				0.11
SDB Holdco, LLC		(6) (14) (15)		Common Equity						03/29/2024			5,460,555				—				—				0.00
Suveto Buyer, LLC		(6) (13) (14) (15)		Common Equity						11/19/2021			19,257				1,926				2,104				0.12
Vardiman Black Holdings, LLC		(6) (15)		Preferred Equity				6.00% PIK		03/29/2024			2,649,446				1,809				—				0.00
																	4,955				4,042				0.23
Insurance Services
Amerilife Holdings, LLC		(6) (14) (15)		Common Equity						09/01/2022			908				25				64				0.00
Frisbee Holdings, LP (Fetch)		(6) (14) (15)		Common Equity						10/31/2022			21,744				277				532				0.03
Integrity Marketing Acquisition, LLC		(6) (15)		Preferred Equity				10.50%		12/21/2021			3,250,000				4,767				4,445				0.25
																	5,069				5,041				0.28
Interactive Media & Services

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
FMG Suite Holdings, LLC		(6) (14) (15)		Common Equity						09/09/2025			500				—				—				0.00
FMG Suite Holdings, LLC		(6) (15)		Preferred Equity						09/09/2025			500				502				502				0.03
																	502				502				0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)		(13) (14) (15)		Common Equity						05/12/2021			9,619,564				12,461				15,984				0.90
Recovery Point Systems, Inc.		(6) (14) (15)		Common Equity						03/05/2021			1,000,000				1,000				600				0.03
																	13,461				16,584				0.94
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (14) (15)		Common Equity						03/09/2021			29,441				2,944				1,447				0.08
Verdantas, LLC		(6) (14) (15)		Common Equity						05/03/2024			4,780				5				6				0.00
Verdantas, LLC		(6) (15)		Preferred Equity				10.00%		05/03/2024			473,220				545				630				0.04
																	3,494				2,083				0.12
Real Estate Management & Development
Pritchard Industries, LLC		(6) (14) (15)		Common Equity						10/13/2021			1,882,739				1,938				1,519				0.09
Software
Diligent Corporation		(6) (15)		Preferred Equity				10.50%		04/05/2021			5,000				7,819				7,950				0.45
Fullsteam Operations, LLC		(6) (14) (15)		Common Equity						11/27/2023			2,966				100				248				0.01
Knockout Intermediate Holdings I, Inc.		(6) (15)		Preferred Equity				11.75%		06/25/2022			1,531				2,064				2,216				0.13
Revalize, Inc.		(6) (15)		Preferred Equity		S +		10.00%		12/14/2021			2,255				3,425				3,227				0.18
Reveal Data Solutions		(6) (14) (15)		Common Equity						08/29/2023			477,846				621				612				0.03
RSK Holdings, Inc. (Riskonnect)		(6) (15)		Preferred Equity		S +		10.50%		07/07/2022			1,012,200				1,423				1,512				0.09
																	15,452				15,765				0.89
Total Equity Investments - non-controlled/non-affiliated																$	55,598			$	54,123				3.06	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.		(6) (14) (15) (17)		Common Equity						02/28/2025			637				244				24				0.00
KWOR Intermediate I, Inc.		(6) (15) (17)		Preferred Equity		S +		8.00% PIK		02/28/2025			680,778				681				681				0.04

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)			Cost(5)				Fair Value				Percentage of Net Assets
																925				705				0.04
Total Equity Investments - non-controlled/affiliated															$	925			$	705				0.04	%
Total Equity Investments															$	56,523			$	54,828				3.09	%
Total Portfolio Investments															$	3,837,722			$	3,775,797				213.13	%

 

Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares								3.99%							10,051				10,051				0.57
Cash															65,472				65,472				3.70
Total Cash and Cash Equivalents and Short Term Investments														$	75,523			$	75,523				4.26	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments														$	3,913,245			$	3,851,320				217.39	%

 

 

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2025 the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.

(2)

Unless otherwise indicated, the Company’s investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 “Debt”.

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

September 30, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2025. As of September 30, 2025, the reference rates for our variable rate loans were the C at 2.56%, 1-month E at 1.93%, 1-month S at 4.13%, 3-month S at 3.98%, 6-month S at 3.85%, SA at 3.97% and the P at 7.25%.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“GBP”), or Canadian dollar ("CAD").

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(7)

Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.

(8)

Loan includes interest rate floor of 1.00%.

(9)

Loan includes interest rate floor of 0.75%.

(10)

Loan includes interest rate floor of 0.50%.

(11)

The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(12)

Investment was on non-accrual status as of September 30, 2025.

(13)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2025, non-qualifying assets represented 7.27% of total assets as calculated in accordance with regulatory requirements.

(14)

Non-income producing security.

(15)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of September 30, 2025, the aggregate fair value of these securities is $54,828 or 3.09% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(16)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of September 30, 2025:

36

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC		Revolver		11/30/2029		$	547			$	(260	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			1,284				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			454				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027			1,400				—
Accel International Holdings, Inc.		Revolver		04/26/2032			1,874				—
Accordion Partners, LLC		Delayed Draw Term Loan		11/15/2026			3,835				—
Accordion Partners, LLC		Revolver		11/17/2031			3,043				—
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			41				—
Alert Media, Inc.		Revolver		04/12/2027			4,266				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			218				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			3,375				—
Amerilife Holdings, LLC		Revolver		08/31/2028			1,770				—
Answer Acquisition, LLC		Revolver		12/30/2026			666				(50	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			6,255				(94	)
Any Hour, LLC		Revolver		05/23/2030			1,385				(21	)
Apex Service Partners, LLC		Revolver		10/24/2029			2,411				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			2,191				—
Apollo Acquisition, Inc.		Revolver		12/30/2030			2,769				—
Appfire Technologies, LLC		Delayed Draw Term Loan		12/31/2025			381				—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026			4,005				—
Appfire Technologies, LLC		Revolver		03/09/2028			131				—
Applitools, Inc.		Revolver		05/25/2028			433				(4	)
Apryse Software Corp.		Revolver		06/28/2032			2,296				(14	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			3,698				—
Aptean, Inc.		Revolver		01/30/2031			1,427				—
Arcoro Holdings Corp.		Revolver		03/28/2030			1,957				(34	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			7,759				—
Artifact Bidco, Inc.		Revolver		07/26/2030			5,542				—

37

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026			2,007				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			404				(2	)
Ascend Partner Services, LLC		Revolver		08/11/2031			1,684				—
Assembly Intermediate, LLC		Revolver		10/19/2027			2,074				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			524				—
Associations, Inc.		Revolver		07/03/2028			678				—
Atlas US Finco, Inc.		Revolver		12/10/2029			632				—
AuditBoard, Inc.		Delayed Draw Term Loan		07/12/2026			10,571				—
AuditBoard, Inc.		Revolver		07/14/2031			4,229				—
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			1,972				(19	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		04/15/2027			1,238				(12	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			1,304				(13	)
Bottomline Technologies, Inc.		Revolver		05/15/2028			267				—
Bradyplus Holdings, LLC		Delayed Draw Term Loan		10/31/2025			157				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			205				(2	)
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			172				—
Bullhorn, Inc.		Revolver		10/01/2029			622				—
CCI Buyer, Inc.		Revolver		05/13/2032			165				—
CLEO Communications Holding, LLC		Revolver		06/09/2027			12,502				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		01/29/2026			429				(2	)
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			10,568				(53	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			1,212				(6	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			2,471				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			1,647				—
Caerus US 1, Inc.		Revolver		05/25/2029			622				(3	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			1,724				(4	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			1,000				(2	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			3,249				(50	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			3,233				(8	)

38

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Cerity Partners, LLC		Revolver		07/28/2028			206				(1	)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			2,256				(23	)
Chase Intermediate, LLC		Revolver		10/30/2028			383				(4	)
Cliffwater, LLC		Revolver		04/22/2032			823				(8	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,000				—
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			2,700				—
Consor Intermediate II, LLC		Revolver		05/12/2031			1,220				—
Coupa Holdings, LLC		Delayed Draw Term Loan		06/03/2027			1,085				—
Coupa Holdings, LLC		Revolver		02/27/2029			831				—
Cyara AcquisitionCo, LLC		Revolver		06/28/2029			313				—
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			2,204				(6	)
DA Blocker Corp.		Revolver		02/10/2032			735				(2	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			2,571				(25	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			4,118				—
Diligent Corporation		Revolver		08/02/2030			2,443				—
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			125				(1	)
Drivecentric Holdings, LLC		Revolver		08/15/2031			3,529				—
Dwyer Instruments, Inc.		Delayed Draw Term Loan		11/20/2026			505				(3	)
Dwyer Instruments, Inc.		Revolver		07/20/2029			1,489				(7	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			1,113				—
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			5,881				—
EVDR Purchaser, Inc.		Revolver		02/14/2031			3,528				—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			719				—
Eclipse Buyer, Inc.		Revolver		09/08/2031			365				—
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			658				(2	)
Emburse, Inc.		Revolver		05/28/2032			658				(2	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			199				(4	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			192				(4	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			4,945				(74	)

39

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Espresso Bidco, Inc.		Revolver		03/25/2032			2,198				(33	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			4,773				(22	)
Essential Services Holding Corporation		Revolver		06/17/2030			2,386				(11	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			6,783				—
Everbridge Holdings, LLC		Revolver		07/02/2031			4,463				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026			2,000				(10	)
Excelitas Technologies Corp.		Revolver		08/14/2028			131				(1	)
Express Wash Acquisition Company, LLC		Revolver		04/10/2031			111				(1	)
FLS Holding, Inc.		Revolver		12/17/2027			23				(3	)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			3,113				(15	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			1,868				(18	)
FORTIS Solutions Group, LLC		Revolver		10/15/2027			2,024				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			31				—
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			2,817				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,000				—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026			3,272				(8	)
Formstack Acquisition, Co.		Revolver		03/28/2030			1,838				(5	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			95				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			6,709				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			5,654				(28	)
Fullsteam Operations, LLC		Revolver		08/08/2031			1,885				(18	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/04/2026			830				—
GC Waves Holdings, Inc.		Revolver		10/04/2030			331				—
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/02/2026			1,274				—
GPS Merger Sub, LLC		Revolver		10/02/2029			1,019				—
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			41				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			1,646				—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026			1,072				—
Galway Borrower, LLC		Revolver		09/29/2028			1,747				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			3,030				(15	)
GarageCo Intermediate II, LLC		Revolver		08/02/2032			909				(9	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			30				—
Granicus, Inc.		Delayed Draw Term Loan		01/17/2026			1,955				—
Granicus, Inc.		Revolver		01/17/2031			1,800				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026			1,624				(6	)
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			2,165				(9	)
Heartland Veterinary Partners, LLC		Revolver		06/12/2028			375				—
Helios Service Partners, LLC		Delayed Draw Term Loan		01/26/2026			256				—
Helios Service Partners, LLC		Revolver		03/19/2027			1,006				(2	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		03/27/2026			3,390				—
High Street Buyer, Inc.		Revolver		04/16/2027			2,136				—
Hootsuite, Inc.		Revolver		05/22/2030			2,500				—
Hyland Software, Inc.		Revolver		09/19/2029			1,879				—
IG Investment Holdings, LLC		Revolver		09/22/2028			1,211				(6	)
IQN Holding Corp.		Revolver		05/02/2028			232				—
Icefall Parent, Inc.		Revolver		01/25/2030			507				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			1,718				—
Imagine 360, LLC		Revolver		10/02/2028			1,064				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			4,976				—
Inhabitiq, Inc.		Revolver		01/12/2032			3,110				—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026			6,112				(15	)
Inszone Mid, LLC		Revolver		11/30/2029			1,569				(4	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			353				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			1,688				—
Invictus Buyer, LLC		Revolver		06/03/2031			625				—
Iris Buyer, LLC		Revolver		10/02/2029			801				(2	)
KENG Acquisition, Inc.		Delayed Draw Term Loan		01/21/2027			2,382				(24	)
KENG Acquisition, Inc.		Revolver		08/01/2029			1,171				(12	)

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			536				(3	)
Kodiak Buyer, LLC		Revolver		07/26/2032			429				(4	)
LHS Borrower, LLC		Revolver		09/04/2031			533				(8	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027			1,731				(10	)
LJ Avalon Holdings, LLC		Revolver		02/01/2029			1,435				—
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027			1,127				—
LeadVenture, Inc.		Revolver		06/23/2032			841				—
LegitScript, LLC		Revolver		06/24/2028			2,667				—
Lightspeed Buyer, Inc.		Revolver		02/03/2027			146				—
LogRhythm, Inc.		Revolver		07/02/2029			909				(25	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		08/29/2026			1,302				(13	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			2,215				(22	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			998				(10	)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			1,500				—
MRI Software, LLC		Revolver		02/10/2028			1,561				(2	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			2,529				—
Majesco, Inc.		Revolver		09/21/2027			1,575				—
Mantech International CP		Delayed Draw Term Loan		12/14/2025			197				—
Mantech International CP		Revolver		09/14/2028			507				—
Merative LP		Delayed Draw Term Loan		09/30/2027			2,070				(5	)
Merative LP		Revolver		09/30/2032			1,812				(9	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			719				—
Mobile Communications America, Inc.		Revolver		10/16/2029			960				—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			3,265				—
Model N, Inc.		Revolver		06/27/2031			1,741				—
Montana Buyer, Inc.		Revolver		07/22/2028			981				—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			821				(8	)
NDT Global Holding, Inc.		Revolver		06/04/2032			733				(7	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			1,316				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
NSI Holdings, Inc.		Revolver		11/17/2031			1,281				—
Nasuni Corporation		Revolver		09/10/2030			3,017				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			431				(2	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			1,646				(8	)
Oak Purchaser, Inc.		Revolver		05/31/2028			522				—
Onit, Inc.		Delayed Draw Term Loan		01/27/2027			6,944				—
Onit, Inc.		Revolver		01/27/2032			2,315				—
Optimizely North America, Inc.		Revolver		10/30/2031			1,236				(19	)
PCX Holding Corp.		Revolver		04/22/2027			947				(33	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			1,368				—
PMA Parent Holdings, LLC		Revolver		01/31/2031			354				(3	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			2,497				—
Pareto Health Intermediate Holdings, Inc.		Delayed Draw Term Loan		06/20/2026			5,602				—
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			792				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			3,919				—
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			1,080				(3	)
Pound Bidco, Inc.		Revolver		02/01/2027			975				(2	)
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026			579				—
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028			238				—
Project Accelerate Parent, LLC		Revolver		02/24/2031			1,250				—
Project Potter Buyer, LLC		Revolver		04/23/2027			1,173				—
Promptcare Infusion Buyer, Inc.		Delayed Draw Term Loan		10/19/2025			1,389				(11	)
Pye-Barker Fire & Safety, LLC		Delayed Draw Term Loan		05/24/2026			4,799				(12	)
Pye-Barker Fire & Safety, LLC		Revolver		05/24/2030			3,189				(8	)
RFS Opco, LLC		Revolver		04/04/2029			163				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			3,474				(35	)
Railpros Parent, LLC		Revolver		05/24/2032			1,737				(17	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		11/01/2025			651				(7	)
Randy's Holdings, Inc.		Revolver		11/01/2029			346				(3	)

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			1,791				—
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			2,399				(12	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			1,950				(10	)
Recovery Point Systems, Inc.		Revolver		02/14/2028			4,000				—
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			5,739				(29	)
Revalize, Inc.		Revolver		04/16/2029			25				(1	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			8,268				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			2,012				—
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026			1,264				—
Riskonnect Parent, LLC		Revolver		12/07/2028			832				—
RoadOne IntermodaLogistics		Revolver		12/29/2028			35				(1	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,386				(4	)
Routeware, Inc.		Revolver		09/18/2031			273				(1	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			2,715				(7	)
Runway Bidco, LLC		Revolver		12/17/2031			1,357				(3	)
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028			755				(2	)
SV Newco 2, Inc.		Revolver		06/02/2031			8,591				(24	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			4,167				(29	)
Saturn Borrower, Inc.		Revolver		11/10/2028			1,425				(10	)
Securonix, Inc.		Revolver		04/05/2029			3,782				(471	)
Sherlock Buyer Corp.		Revolver		12/08/2027			1,286				(29	)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			1,072				—
Smarsh, Inc.		Revolver		02/16/2029			579				—
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			875				(31	)
Spark Buyer, LLC		Revolver		10/15/2031			289				(10	)
Spectrio, LLC		Revolver		12/09/2026			395				(78	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		03/24/2026			181				—
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			248				—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			881				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026			906				—
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026			625				—
Superman Holdings, LLC		Delayed Draw Term Loan		08/28/2026			2,359				—
Superman Holdings, LLC		Revolver		08/29/2031			2,901				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2025			601				—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			812				—
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			198				—
Suveto Buyer, LLC		Revolver		09/09/2027			1,296				—
Sweep Purchaser, LLC		Revolver		06/30/2027			1,125				—
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(15	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			1,853				(5	)
Tank Holding Corp.		Revolver		03/31/2028			800				(45	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			4,735				(12	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			2,759				(7	)
Tidi Legacy Products, Inc.		Delayed Draw Term Loan		12/21/2026			494				—
Tidi Legacy Products, Inc.		Revolver		12/19/2029			356				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			1,949				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			549				(3	)
Transit Technologies, LLC		Revolver		08/20/2030			1,705				—
Trintech, Inc.		Revolver		07/25/2029			2,092				(10	)
Triple Lift, Inc.		Revolver		05/05/2028			4,000				(250	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			112				—
Trunk Acquisition, Inc.		Revolver		02/19/2030			857				—
Two Six Labs, LLC		Delayed Draw Term Loan		10/09/2025			2,200				—
Two Six Labs, LLC		Revolver		08/20/2027			1,110				—
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			2,069				—
UHY Advisors, Inc.		Revolver		11/21/2031			539				—
United Flow Technologies Intermediate Holdco II, LLC		Delayed Draw Term Loan		07/19/2027			3,070				(18	)
United Flow Technologies Intermediate Holdco II, LLC		Revolver		06/21/2030			990				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			2,599				(19	)
UpStack, Inc.		Revolver		08/25/2031			1,125				(8	)
V Global Holdings, LLC		Revolver		12/22/2027			127				(9	)
VRC Companies, LLC		Revolver		06/29/2027			1,653				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			2,250				(6	)
Vamos Bidco, Inc.		Revolver		01/30/2032			450				(1	)
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026			25				(3	)
Vehlo Purchaser, LLC		Delayed Draw Term Loan		10/05/2025			781				—
Vehlo Purchaser, LLC		Delayed Draw Term Loan		12/18/2026			195				—
Vehlo Purchaser, LLC		Revolver		05/24/2028			143				—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			656				—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			2,170				(3	)
Verdantas, LLC		Revolver		05/06/2030			912				(1	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			603				(12	)
Vertex Service Partners, LLC		Revolver		11/08/2030			91				(2	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			1,705				—
Vessco Midco Holdings, LLC		Revolver		07/24/2031			1,244				—
Victors Purchaser, LLC		Delayed Draw Term Loan		08/15/2026			949				—
Victors Purchaser, LLC		Revolver		08/15/2031			693				—
World Insurance Associates, LLC		Revolver		04/03/2030			1,269				—
YI, LLC		Revolver		12/03/2029			883				—
Zarya Intermediate, LLC		Revolver		07/01/2027			3,649				—
iCIMS, Inc.		Revolver		08/18/2028			33				—
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			1,731				(8	)
mPulse Mobile, Inc.		Revolver		08/26/2032			2,596				(25	)
Total First Lien Debt Unfunded Commitments – non-controlled/non-affiliated						$	518,153			$	(2,599	)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.		Delayed Draw Term Loan		02/28/2027			690				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
KWOR Acquisition, Inc.		Revolver		02/28/2030			506				—
Total First Lien Debt Unfunded Commitments – non-controlled/affiliated						$	1,196			$	—
Total Unfunded Commitments						$	519,349			$	(2,599	)

 

(17)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the nine months ended September 30, 2025 were as follows:

 

 

		Fair Value as of December 31, 2024				Gross Additions (2)				Gross Reductions (3)				Net Change in Unrealized Gains (Losses)				Net RealizedGain (Loss)				Fair Value as of September 30,2025				Interest, Dividend and Other Income
KWOR Acquisition, Inc.(1)		$	—			$	5,161			$	—			$	(182	)		$	—			$	4,979			$	280
Total		$	—			$	5,161			$	—			$	(182	)		$	—			$	4,979			$	280

 

 

(1) Inclusive of positions titled KWOR Intermediate I, Inc.

(2) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(3) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

 

(18) Assets or a portion thereof are pledged as collateral for the CLO 2025-1 Debt (as defined below). See Note 6 “Debt”.

 

Additional Information

Interest Rate Swaps(a)(b)(c)(d)
Counterparty		Hedged Instrument		Company Receives		Company Pays		Maturity Date		Notional Amount				Fair Value				Upfront Payments/Receipts				Change in Unrealized Appreciation/(Depreciation)
BNP Paribas		2029 Notes		6.41%		S + 2.37%		05/17/2029			350,000				7,483				—				7,038
BNP Paribas		2030 Notes		6.25%		S + 2.54%		05/19/2030			350,000				4,580				—				4,580
										$	700,000			$	12,063			$	—			$	11,618

 

(a)

Contains a variable rate structure. Bears interest at a rate determined by SOFR.

(b)

Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.

(c)

For further details, see Note 6 “Debt” to our consolidated financial statements included in this report.

(d)

The Company's interest rate swaps are cleared over-the-counter.

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company		(6) (8)		First Lien Debt		S +		5.00%		9.43%		12/22/2026			3,389			$	3,346			$	3,389				0.18	%
Mantech International CP		(6) (9)		First Lien Debt		S +		5.00%		9.59%		9/14/2029			4,194				4,190				4,194				0.23
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		9/14/2029			—				(1	)			—				—
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		9/14/2028			—				(1	)			—				—
PCX Holding Corp.		(6) (7) (8)		First Lien Debt		S +		6.25%		10.73%		4/22/2027			17,862				17,781				16,647				0.90
PCX Holding Corp.		(6) (8)		First Lien Debt		S +		6.25%		10.73%		4/22/2027			17,986				17,816				16,763				0.91
PCX Holding Corp.		(6) (8)		First Lien Debt		S +		6.25%		10.73%		4/22/2027			1,851				1,844				1,725				0.09
Two Six Labs, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.90%		8/20/2027			34,367				33,937				34,314				1.86
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.90%		8/20/2027			4,210				4,150				4,192				0.23
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.90%		8/20/2027			—				(19	)			(6	)			(0.00	)
																			83,043				81,218				4.41
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.75%		10.23%		6/11/2027			14,118				13,960				14,118				0.77
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.84%		12/29/2028			1,639				1,602				1,602				0.09
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.84%		12/29/2028			150				147				147				0.01
RoadOne IntermodaLogistics		(6) (8) (16)		First Lien Debt		S +		6.25%		10.84%		12/29/2028			75				68				68				0.00
																			15,777				15,935				0.87
Automobile Components
Continental Battery Company		(6) (8)		First Lien Debt		S +		7.00% (incl. 4.08% PIK)		11.48%		1/20/2027			6,473				6,415				4,571				0.25
PAI Holdco, Inc.		(6) (8)		Second Lien Debt		S +		7.50% (incl. 2.00% PIK)		12.24%		10/28/2028			27,110				26,683				23,862				1.30
Randy's Holdings, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.45%		11/1/2029			6,608				6,467				6,608				0.36

 

48

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.45%		11/1/2029			664				634				664				0.04
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.45%		11/1/2029			305				288				305				0.02
Sonny's Enterprises, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		10.17%		8/5/2028			45,548				45,098				44,086				2.39
Sonny's Enterprises, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		10.17%		8/5/2028			113				103				68				0.00
Spectrum Automotive Holdings Corp.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.58%		6/29/2028			23,170				22,970				23,040				1.25
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		6/29/2028			7,449				7,322				7,360				0.40
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		6/29/2027			—				(5	)			(5	)			(0.00	)
																			115,975				110,559				6.00
Automobiles
ARI Network Services, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			20,614				20,459				20,533				1.11
ARI Network Services, Inc.		(6) (7) (9)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			3,557				3,530				3,544				0.19
ARI Network Services, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			1,380				1,376				1,369				0.07
COP Collisionright Parent, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		10.09%		1/29/2030			6,364				6,252				6,289				0.34
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		10.09%		1/29/2030			1,864				1,815				1,821				0.10
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		10.09%		1/29/2030			154				137				142				0.01
Drivecentric Holdings, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.27%		8/15/2031			26,470				26,216				26,449				1.44
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.27%		8/15/2031			—				(33	)			(3	)			(0.00	)
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			367				360				363				0.02
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.48%		12/2/2025			37,170				36,996				35,899				1.95
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.48%		12/2/2025			37,353				37,140				36,076				1.96
Vehlo Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.61%		5/24/2028			2,936				2,911				2,917				0.16
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		5/24/2028			713				633				617				0.03
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		5/24/2028			—				(1	)			(1	)			(0.00	)
																			137,791				136,015				7.38

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Biotechnology
GraphPad Software, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.08%		6/30/2031			26,824				26,698				26,824				1.46
GraphPad Software, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		6/30/2031			796				759				796				0.04
GraphPad Software, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		6/30/2031			—				(14	)			—				—
																			27,443				27,620				1.50
Building Products
Project Potter Buyer, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.33%		4/23/2027			13,617				13,617				13,617				0.74
Project Potter Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.33%		4/23/2026			—				—				—				—
																			13,617				13,617				0.74
Chemicals
Tank Holding Corp.		(7) (9)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			13,845				13,676				13,571				0.74
Tank Holding Corp.		(6) (7) (9)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			1,709				1,671				1,701				0.09
Tank Holding Corp.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			414				403				412				0.02
Tank Holding Corp.		(9) (16)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			—				(9	)			(16	)			(0.00	)
V Global Holdings, LLC		(6) (7) (9)		First Lien Debt		S +		5.75%		10.42%		12/22/2027			4,805				4,747				4,567				0.25
V Global Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.42%		12/22/2025			393				389				359				0.02
																			20,877				20,594				1.12
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		9.24%		12/26/2028			16,929				16,773				16,929				0.92
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		9.24%		12/26/2028			5,432				5,394				5,432				0.29
Atlas Us Finco, Inc.		(6) (8) (12)		First Lien Debt		S +		5.00%		9.63%		12/9/2029			8,970				8,802				8,970				0.49
Atlas Us Finco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		5.00%		9.63%		12/9/2028			—				(4	)			—				—
BPG Holdings IV Corp.		(6) (9)		First Lien Debt		S +		6.00%		10.33%		7/29/2029			11,529				10,952				9,927				0.54
Consor Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.83%		5/12/2031			5,022				4,975				4,994				0.27

 

50

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/12/2031			—				(21	)			(26	)			(0.00	)
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/12/2031			—				(11	)			(7	)			(0.00	)
CRCI Longhorn Holdings, Inc.		(6) (7) (9)		First Lien Debt		S +		5.00%		9.36%		8/27/2031			9,882				9,787				9,882				0.54
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/27/2031			—				(12	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/27/2031			741				726				741				0.04
Encore Holdings, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.58%		11/23/2028			1,812				1,792				1,805				0.10
Encore Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		11/23/2028			12,409				12,226				12,285				0.67
Encore Holdings, LLC		(6) (16)		First Lien Debt		P +		4.00%		11.50%		11/23/2027			—				(5	)			(2	)			(0.00	)
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.46%		4/7/2028			467				462				461				0.03
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.46%		4/7/2028			195				189				189				0.01
Energy Labs Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.46%		4/7/2028			—				(2	)			(3	)			(0.02	)
FLS Holding, Inc.		(6) (8) (12)		First Lien Debt		S +		5.25%		9.71%		12/15/2028			18,833				18,591				16,825				0.91
FLS Holding, Inc.		(6) (8) (12)		First Lien Debt		S +		5.25%		9.71%		12/15/2028			4,416				4,357				3,945				0.21
FLS Holding, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		5.25%		9.71%		12/17/2027			901				883				709				0.04
Ground Penetrating Radar Systems, LLC		(6) (7) (8)		First Lien Debt		S +		5.25%		9.77%		4/2/2031			20,460				20,183				20,460				1.11
Ground Penetrating Radar Systems, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.77%		4/2/2031			—				(52	)			—				—
Ground Penetrating Radar Systems, LLC		(6) (16)		First Lien Debt		P +		4.25%		11.75%		4/2/2031			326				291				326				0.02
Helios Service Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.59%		3/19/2027			6,790				6,678				6,788				0.37
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.59%		3/19/2027			11,098				10,864				11,059				0.60
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.59%		3/19/2027			—				(19	)			—				—
Hercules Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.68%		12/15/2026			C$824				448				363				0.02
HSI Halo Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.59%		6/30/2031			13,587				13,458				13,587				0.74
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		6/30/2031			563				545				563				0.03
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		6/28/2030			—				(20	)			—				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Iris Buyer, LLC		(6) (8)		First Lien Debt		S +		6.25%		10.84%		10/2/2030			6,938				6,771				6,938				0.38
Iris Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.84%		10/2/2030			654				635				654				0.04
Iris Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.84%		10/2/2029			—				(22	)			—				—
Procure Acquireco, Inc. (Procure Analytics)		(6) (9)		First Lien Debt		S +		4.75%		9.49%		12/20/2028			3,849				3,800				3,849				0.21
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		9.49%		12/20/2028			190				185				187				0.01
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		9.49%		12/20/2028			—				(3	)			—				—
Pye-Barker Fire & Safety, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.83%		5/26/2031			26,325				26,325				26,325				1.43
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/26/2031			3,752				3,685				3,752				0.20
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/24/2030			456				423				456				0.02
Routeware, Inc.		(6) (8)		First Lien Debt		S +		5.25%		9.60%		9/18/2031			3,182				3,151				3,182				0.17
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.60%		9/18/2031			—				(7	)			—				—
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.60%		9/18/2031			—				(3	)			—				—
Sherlock Buyer Corp.		(6) (8)		First Lien Debt		S +		5.75%		10.18%		12/08/2028			10,838				10,699				10,838				0.59
Sherlock Buyer Corp.		(6) (8) (16)		First Lien Debt		S +		5.75%		10.18%		12/8/2027			—				(13	)			—				—
Surewerx Purchaser III, Inc.		(6) (9) (12)		First Lien Debt		C +		5.25%		9.58%		12/28/2029			C$5,647				5,451				5,570				0.30
Surewerx Purchaser III, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.25%		9.58%		12/28/2029			—				(16	)			—				—
Surewerx Purchaser III, Inc.		(6) (9) (12)		First Lien Debt		C +		5.25%		9.58%		12/28/2028			C$793				757				776				0.04
Sweep Midco, LLC		(6) (14)		Second Lien Debt								3/12/2034			1,674				836				1,085				0.06
Sweep Midco, LLC		(6) (14)		Second Lien Debt								3/12/2036			4,872				—				—				—
Sweep Purchaser, LLC		(6)		First Lien Debt		S +		5.75% PIK		10.24%		6/30/2027			6,129				6,129				6,129				0.33
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75%		10.24%		6/30/2027			3,163				3,163				3,163				0.17
Sweep Purchaser, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		10.24%		6/30/2027			—				—				—				—
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.30%		3/13/2028			7,019				6,939				7,019				0.38

 

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.30%		3/13/2028			595				584				595				0.03
Tamarack Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.30%		3/13/2028			—				(10	)			—				—
Transit Technologies, LLC		(6) (7) (9)		First Lien Debt		S +		4.75%		9.51%		8/20/2031			7,955				7,878				7,955				0.43
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.51%		8/20/2031			—				(13	)			—				—
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.51%		8/20/2030			—				(16	)			—				—
United Flow Technologies Intermediate Holdco II, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.58%		6/23/2031			8,888				8,762				8,888				0.48
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		6/23/2031			485				447				485				0.03
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		6/21/2030			—				(14	)			—				—
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		12.01%		4/13/2027			13,851				13,747				12,111				0.66
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		12.01%		4/13/2027			1,955				1,945				1,709				0.09
US Infra Svcs Buyer, LLC		(6) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		12.01%		4/13/2027			2,250				2,240				1,967				0.11
Vensure Employer Services, Inc.		(6) (10)		First Lien Debt		S +		5.00%		9.33%		9/29/2031			7,972				7,895				7,972				0.43
Vensure Employer Services, Inc.		(6) (10) (16)		First Lien Debt		S +		5.00%		9.33%		9/29/2031			309				296				309				0.02
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.75%		10.27%		6/29/2027			72,257				71,720				72,257				3.92
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.75%		10.27%		6/29/2027			496				491				496				0.03
VRC Companies, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		10.27%		6/29/2027			—				(10	)			—				—
																			343,057				340,869				18.50
Construction & Engineering
Arcoro Holdings Corp.		(6) (8)		First Lien Debt		S +		5.50%		9.83%		3/28/2030			12,978				12,744				12,883				0.70
Arcoro Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.83%		3/28/2030			—				(34	)			(14	)			(0.00	)
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		10.19%		10/19/2028			33,518				33,103				29,640				1.61
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		10.19%		10/19/2028			7,675				7,573				6,788				0.37
LJ Avalon Holdings, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.53%		2/1/2030			4,090				3,992				4,090				0.22

 

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.53%		2/1/2030			1,674				1,627				1,674				0.09
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.53%		2/1/2029			—				(14	)			—				—
Superman Holdings, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.86%		8/29/2031			20,047				19,951				20,047				1.09
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.86%		8/29/2031			—				(16	)			—				—
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.86%		8/29/2031			—				(14	)			—				—
																			78,912				75,108				4.08
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.50%		10.09%		2/3/2031			22,395				22,204				22,279				1.21
PDI TA Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		10.09%		2/3/2031			2,911				2,862				2,884				0.16
PDI TA Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		10.09%		2/3/2031			—				(20	)			(12	)			(0.00	)
																			25,046				25,151				1.37
Containers & Packaging
BP Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.50%		10.16%		12/11/2028			17,030				16,811				15,794				0.86
FORTIS Solutions Group, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.93%		10/13/2028			26,676				26,346				26,676				1.45
FORTIS Solutions Group, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.93%		10/13/2028			145				140				145				0.01
FORTIS Solutions Group, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.93%		10/15/2027			945				920				945				0.05
																			44,217				43,560				2.36
Distributors
48Forty Solutions, LLC		(6) (8)		First Lien Debt		S +		6.00% (incl. 4.00% PIK)		10.65%		11/30/2029			17,476				17,267				11,291				0.61
48Forty Solutions, LLC		(6) (8) (16)		First Lien Debt		S +		6.00% (incl. 4.00% PIK)		10.65%		11/30/2029			1,167				1,140				207				0.01
ABB Concise Optical Group, LLC		(6) (9)		First Lien Debt		S +		7.50%		11.98%		2/23/2028			17,008				16,749				15,899				0.86
Avalara, Inc.		(6) (9)		First Lien Debt		S +		6.25%		10.58%		10/19/2028			10,402				10,224				10,402				0.56
Avalara, Inc.		(6) (16)		First Lien Debt		S +		6.25%		10.58%		10/19/2028			—				(16	)			—				—

 

54

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Bradyplus Holdings, LLC		(6) (7) (8)		First Lien Debt		S +		5.00%		9.52%		10/31/2029			7,950				7,817				7,950				0.43
Bradyplus Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.52%		10/31/2029			50				47				50				0.00
PT Intermediate Holdings III, LLC		(6) (9)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.33%		4/9/2030			41,594				41,239				41,594				2.26
PT Intermediate Holdings III, LLC		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.33%		4/9/2030			—				(4	)			—				—
																			94,463				87,393				4.74
Diversified Consumer Services
Any Hour, LLC		(6) (7)		First Lien Debt		S +		5.00%		9.33%		5/23/2030			23,604				23,277				23,354				1.27
Any Hour, LLC		(6) (16)		First Lien Debt		S +		5.00%		9.33%		5/23/2030			669				617				595				0.03
Any Hour, LLC		(6) (16)		First Lien Debt		S +		5.00%		9.33%		5/23/2030			1,662				1,616				1,626				0.09
Any Hour, LLC		(6)		Other Debt				13.00% PIK		13.00%		5/23/2031			6,371				6,260				6,304				0.34
Apex Service Partners, LLC		(6) (7) (8)		First Lien Debt		S +		5.00%		9.51%		10/24/2030			36,909				36,334				36,909				2.00
Apex Service Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.51%		10/24/2030			8,789				8,629				8,789				0.48
Apex Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.51%		10/24/2029			1,980				1,937				1,980				0.11
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.58%		10/19/2027			20,741				20,518				20,741				1.13
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.58%		10/19/2027			4,148				4,106				4,148				0.23
Assembly Intermediate, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		10/19/2027			—				(19	)			—				—
Eclipse Buyer, Inc.		(6) (10)		First Lien Debt		S +		4.75%		9.26%		9/8/2031			4,244				4,203				4,244				0.23
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		9.26%		9/8/2031			—				(3	)			—				—
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		9.26%		9/6/2031			—				(4	)			—				—
Essential Services Holding Corporation		(6) (9)		First Lien Debt		S +		5.00%		9.65%		6/17/2031			17,244				17,082				17,244				0.94
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.65%		6/17/2031			—				(22	)			—				—
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.65%		6/17/2030			—				(27	)			—				—
EVDR Purchaser, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.86%		2/14/2031			20,428				20,057				20,428				1.11

 

55

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.86%		2/14/2031			—				(51	)			—				—
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.86%		2/14/2031			588				526				588				0.03
FPG Intermediate Holdco, LLC		(6) (8) (11)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		11.09%		3/5/2027			435				431				346				0.02
FPG Intermediate Holdco, LLC		(6) (8) (11) (16)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		11.09%		3/5/2027			11				11				11				0.00
Heartland Home Services		(6) (9)		First Lien Debt		S +		5.75%		10.18%		12/15/2026			1,926				1,919				1,825				0.10
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.50% (incl. 2.17% PIK)		10.86%		3/1/2028			8,200				8,109				8,200				0.45
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.50% (incl. 2.17% PIK)		10.86%		3/1/2028			541				534				541				0.03
LUV Car Wash Group, LLC		(6) (8)		First Lien Debt		S +		7.00%		11.74%		12/9/2026			887				882				887				0.05
Magnolia Wash Holdings		(6) (8)		First Lien Debt		S +		6.50%		11.36%		7/14/2028			3,263				3,219				2,959				0.16
Magnolia Wash Holdings		(6) (8)		First Lien Debt		S +		6.50%		11.36%		7/14/2028			692				682				627				0.03
Magnolia Wash Holdings		(6) (8) (16)		First Lien Debt		S +		6.50%		11.36%		7/14/2028			87				85				72				0.00
Project Accelerate Parent, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.61%		2/24/2031			8,706				8,627				8,706				0.47
Project Accelerate Parent, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		2/24/2031			—				(11	)			—				—
Vertex Service Partners, LLC		(6) (7) (9)		First Lien Debt		S +		5.75%		10.11%		11/8/2030			1,761				1,722				1,761				0.10
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.11%		11/8/2030			3,409				3,330				3,405				0.18
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.11%		11/8/2030			407				398				407				0.02
																			174,974				176,697				9.59
Electrical Equipment
Spark Buyer, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.77%		10/15/2031			2,188				2,155				2,155				0.12
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.77%		10/15/2031			—				(6	)			(6	)			(0.00	)
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.77%		10/15/2031			—				(6	)			(6	)			(0.00	)
																			2,143				2,143				0.12

 

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Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		11.30%		7/6/2028			6,061				5,986				4,496				0.24
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		11.30%		7/6/2028			401				396				297				0.02
Dwyer Instruments, Inc.		(6) (9)		First Lien Debt		S +		4.75%		9.13%		7/20/2029			14,308				14,127				14,270				0.77
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.13%		7/20/2029			4,956				4,877				4,954				0.27
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.13%		7/20/2029			233				214				233				0.01
Infinite Bidco, LLC		(6) (10)		First Lien Debt		S +		6.25%		10.77%		3/2/2028			12,235				11,986				12,235				0.66
Infinite Bidco, LLC		(10)		Second Lien Debt		S +		7.00%		11.85%		3/2/2029			25,500				25,454				22,440				1.22
Magneto Components Buyco, LLC		(6) (7) (9)		First Lien Debt		S +		6.00% (incl. 1.50% PIK)		10.33%		12/5/2030			15,365				15,118				15,261				0.83
Magneto Components Buyco, LLC		(6) (9) (16)		First Lien Debt		S +		6.00% (incl. 1.50% PIK)		10.33%		12/5/2030			—				(24	)			(21	)			(0.00	)
Magneto Components Buyco, LLC		(6) (9) (16)		First Lien Debt		S +		6.00% (incl. 1.50% PIK)		10.33%		12/5/2029			—				(38	)			(17	)			(0.00	)
NSi Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.36%		11/15/2031			7,368				7,296				7,296				0.40
NSi Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		11/15/2031			—				(6	)			(6	)			(0.00	)
NSi Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		11/15/2031			—				(13	)			(13	)			(0.00	)
																			85,373				81,425				4.42
Financial Services
Applitools, Inc.		(6) (9) (12)		First Lien Debt		S +		6.25% PIK		10.58%		5/25/2029			4,023				3,987				3,989				0.22
Applitools, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		6.25%		10.58%		5/25/2028			—				(5	)			(4	)			(0.00	)
Cerity Partners, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.76%		7/30/2029			4,707				4,598				4,707				0.26
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.76%		7/30/2029			7,568				7,410				7,568				0.41

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.76%		7/30/2029			—				(2	)			—				—
GC Waves Holdings, Inc.		(6) (9)		First Lien Debt		S +		4.75%		9.21%		10/4/2030			8,909				8,830				8,841				0.48
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.21%		10/4/2030			463				368				434				0.02
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.21%		10/4/2030			—				(5	)			(3	)			(0.00	)
MAI Capital Management Intermediate, LLC		(6) (7) (9)		First Lien Debt		S +		4.75%		9.08%		8/29/2031			4,632				4,587				4,632				0.25
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		8/29/2031			866				849				866				0.05
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		8/29/2031			138				128				138				0.01
PMA Parent Holdings, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.83%		1/31/2031			3,036				2,992				2,992				0.16
PMA Parent Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.83%		1/31/2031			—				(3	)			(3	)			(0.00	)
RFS Opco, LLC		(6) (10)		First Lien Debt		S +		4.75%		9.08%		4/4/2031			14,464				14,330				14,407				0.78
RFS Opco, LLC		(6) (10) (16)		First Lien Debt		S +		3.50%		7.83%		4/4/2029			90				86				88				0.00
SitusAMC Holdings Corp.		(6) (9)		First Lien Debt		S +		5.50%		9.93%		12/22/2027			7,217				7,180				7,217				0.39
Smarsh, Inc.		(6) (9)		First Lien Debt		S +		5.75%		10.08%		2/16/2029			4,286				4,228				4,286				0.23
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.08%		2/16/2029			536				526				536				0.03
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.08%		2/16/2029			107				104				107				0.01
Trintech, Inc.		(6) (7) (8)		First Lien Debt		S +		5.50%		9.86%		7/25/2029			33,745				33,195				33,252				1.81
Trintech, Inc.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.86%		7/25/2029			837				793				794				0.04
																			94,176				94,844				5.15
Food Products
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		11.74%		10/5/2026			41,811				41,312				39,875				2.16
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		11.74%		10/5/2026			5,903				5,850				5,630				0.31
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (13)		Other Debt				16.25% PIK		16.25%		6/18/2026			1,500				1,500				885				0.05
Nellson Nutraceutical, Inc.		(6) (7) (8)		First Lien Debt		S +		5.75%		10.40%		12/23/2025			18,270				18,192				18,270				0.99

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (8)		First Lien Debt		S +		6.25%		10.99%		12/18/2025			10,812				10,764				10,504				0.57
																			77,618				75,164				4.08
Ground Transportation
SV Newco 2, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		9.26%		6/2/2031			22,853				22,530				22,672				1.23
SV Newco 2, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		9.26%		6/2/2031			—				(98	)			(113	)			(0.01	)
SV Newco 2, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		9.26%		6/2/2031			—				(118	)			(68	)			(0.00	)
																			22,314				22,491				1.22
Health Care Equipment & Supplies
Performance Health & Wellness		(6) (7) (8)		First Lien Debt		S +		5.75%		10.21%		7/12/2027			9,398				9,305				9,398				0.51
PerkinElmer U.S., LLC		(6) (7) (8)		First Lien Debt		S +		5.00%		9.34%		3/13/2029			4,340				4,244				4,310				0.23
Tidi Legacy Products, Inc.		(6) (8)		First Lien Debt		S +		5.25%		9.61%		12/19/2029			1,858				1,825				1,854				0.10
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.61%		12/19/2029			—				(4	)			(1	)			(0.00	)
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.61%		12/19/2029			—				(6	)			(1	)			(0.00	)
YI, LLC		(6) (7) (8)		First Lien Debt		S +		5.75%		10.39%		12/3/2029			5,597				5,501				5,597				0.30
YI, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		10.39%		12/3/2029			—				(10	)			—				—
YI, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		10.39%		12/3/2029			—				(14	)			—				0.00
																			20,841				21,157				1.15
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.86%		9/15/2031			449				441				447				0.02
Advarra Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.86%		9/15/2031			—				—				—				—
DCA Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		6.50%		10.77%		4/3/2028			20,283				20,026				20,126				1.09
DCA Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		6.50%		10.77%		4/3/2028			1,783				1,749				1,769				0.10
Gateway US Holdings, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		9.08%		9/22/2028			744				740				744				0.04

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Gateway US Holdings, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		9.08%		9/22/2028			210				209				210				0.01
Gateway US Holdings, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		9.08%		9/22/2028			—				—				—				—
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		9.47%		12/10/2026			1,828				1,820				1,828				0.10
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		12/10/2027			4,174				4,130				4,174				0.23
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		9.47%		12/10/2026			4,139				4,124				4,139				0.22
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		12/10/2027			1,623				1,605				1,623				0
Heartland Veterinary Partners, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.47%		12/10/2026			—				(1	)			—				—
iCIMS, Inc.		(6) (9)		First Lien Debt		S +		5.75 %		10.38%		8/18/2028			7,080				6,997				7,080				0.38
iCIMS, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75 %		10.38%		8/18/2028			9				9				9				0.00
Imagine 360, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.10%		10/2/2028			12,157				12,043				12,157				0.66
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.10%		10/2/2028			—				(8	)			—				—
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.10%		10/2/2028			—				(10	)			—				—
Intelerad Medical Systems Incorporated		(6) (8) (12)		First Lien Debt		S +		6.50%		11.24%		8/21/2026			490				483				475				0.03
Intelerad Medical Systems Incorporated		(6) (8) (12)		First Lien Debt		S +		6.50%		11.24%		8/21/2026			34				33				33				0.00
Invictus Buyer, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.08%		6/3/2031			4,040				4,002				4,028				0.22
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		6/3/2031			—				(8	)			(5	)			(0.00	)
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		6/3/2031			—				(6	)			(2	)			(0.00	)
mPulse Mobile, Inc.		(6) (9)		First Lien Debt		S +		6.25%		10.68%		12/17/2027			11,989				11,854				11,968				0.65
mPulse Mobile, Inc.		(6) (9)		First Lien Debt		S +		6.25%		10.68%		12/17/2027			19,928				19,554				19,697				1.07
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		6.25%		10.68%		12/17/2027			934				889				901				0.05
Pareto Health Intermediate Holdings, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.33%		6/1/2030			28,593				28,263				28,593				1.55
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.33%		6/1/2030			—				(28	)			(28	)			(0.00	)
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.33%		6/1/2029			—				(12	)			—				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
PPV Intermediate Holdings, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.26%		8/31/2029			4,335				4,199				4,332				0.24
PPV Intermediate Holdings, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.52%		8/31/2029			15,048				14,918				15,048				0.82
Promptcare Infusion Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.44%		9/1/2027			8,889				8,798				8,773				0.48
Promptcare Infusion Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.44%		9/1/2027			2,767				2,723				2,713				0.15
Stepping Stones Healthcare Services, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.08%		1/2/2029			4,255				4,213				4,255				0.23
Stepping Stones Healthcare Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		1/2/2029			1,079				1,061				1,077				0.06
Stepping Stones Healthcare Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		12/30/2026			—				(4	)			—				—
Suveto		(6) (9)		First Lien Debt		S +		4.75%		9.11%		9/9/2027			11,716				11,653				11,604				0.63
Suveto		(6) (16)		First Lien Debt		P +		3.75%		11.25%		9/9/2027			65				55				52				0.00
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.11%		9/9/2027			62				61				61				0.00
Tivity Health, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.36%		6/28/2029			8,612				8,572				8,612				0.47
Vardiman Black Holdings, LLC		(6) (10)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.65%		03/18/2027			5,767				5,767				5,767				0.31
Vardiman Black Holdings, LLC		(6) (10) (11) (16)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.65%		03/18/2027			597				582				597				0.03
																			181,496				182,857				9.93
Health Care Technology
Hyland Software, Inc.		(6) (7) (9)		First Lien Debt		S +		6.00%		10.36%		9/19/2030			39,259				38,748				39,259				2.13
Hyland Software, Inc.		(6) (9) (16)		First Lien Debt		S +		6.00%		10.36%		9/19/2029			—				(22	)			—				—
Lightspeed Buyer, Inc.		(6) (7) (8)		First Lien Debt		S +		4.75%		9.08%		2/3/2027			23,156				22,981				23,156				1.26
Lightspeed Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		2/3/2027			—				(5	)			—				—
Lightspeed Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		2/3/2027			—				(1	)			—				—
																			61,701				62,415				3.39
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9)		First Lien Debt		S +		5.00%		9.59%		1/30/2031			11,746				11,646				11,730				0.64

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Aptean, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		1/30/2031			192				182				191				0.01
Aptean, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		1/30/2031			—				(9	)			(1	)			(0.00	)
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		S +		5.25%		9.61%		8/13/2029			1,298				1,278				1,284				0.07
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		E +		5.25%		8.11%		8/13/2029		€	237				242				243				0.01
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		8/13/2029			—				(13	)			(20	)			(0.00	)
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		8/14/2028			—				(2	)			(1	)			(0.00	)
Raptor Merger Sub Debt, LLC		(7) (9)		First Lien Debt		S +		5.50%		9.83%		4/1/2029			31,907				31,206				31,801				1.73
Raptor Merger Sub Debt, LLC		(9) (16)		First Lien Debt		S +		5.50%		9.83%		4/1/2029			488				435				480				0.03
																			44,965				45,707				2.48
Insurance Services
Amerilife Holdings, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.70%		8/31/2029			2,863				2,821				2,863				0.16
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.70%		8/31/2029			1,257				1,248				1,257				0.07
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.70%		8/31/2028			—				(5	)			—				—
Fetch Insurance Services, LLC		(6)		Other Debt				12.75% (incl. 3.75% PIK)		12.75%		10/31/2027			2,029				1,995				2,009				0.11
Foundation Risk Partners Corp.		(6) (9)		First Lien Debt		S +		5.25%		9.58%		10/29/2030			42,100				41,635				42,100				2.29
Foundation Risk Partners Corp.		(6) (9)		First Lien Debt		S +		5.25%		9.58%		10/29/2030			9,156				9,056				9,156				0.50
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		10/29/2029			—				(60	)			—				—
Galway Borrower, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.83%		9/29/2028			30,430				30,061				30,430				1.65
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		9/29/2028			1,698				1,668				1,698				0.09
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		9/29/2028			185				160				185				0.01
Higginbotham Insurance Agency, Inc.		(6) (7) (8)		First Lien Debt		S +		4.50%		8.86%		11/24/2028			23,662				23,484				23,560				1.28
Higginbotham Insurance Agency, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.86%		11/24/2028			2,304				2,260				2,270				0.12
High Street Buyer, Inc.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.58%		4/14/2028			9,789				9,682				9,789				0.53
High Street Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		4/14/2028			39,313				38,797				39,288				2.13

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
High Street Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		4/16/2027			—				(16	)			—				—
Inszone Mid, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.50%		11/30/2029			4,410				4,335				4,410				0.24
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.50%		11/30/2029			5,425				5,321				5,425				0.29
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.50%		11/30/2029			—				(45	)			—				—
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.50%		11/30/2029			—				(20	)			—				—
Integrity Marketing Acquisition, LLC		(6) (7) (9)		First Lien Debt		S +		5.00%		9.51%		8/25/2028			44,454				44,454				44,454				2.41
Integrity Marketing Acquisition, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.51%		8/25/2028			—				—				—				—
Long Term Care Group, Inc.		(6) (9) (11)		First Lien Debt		S +		6.00% (incl. 3.73% PIK)		10.33%		9/8/2027			5,425				5,371				4,650				0.25
Majesco		(6) (7) (8)		First Lien Debt		S +		4.75%		9.08%		9/21/2028			33,555				33,077				33,555				1.82
Majesco		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		9/21/2027			—				(14	)			—				—
Patriot Growth Insurance Services, LLC		(6) (7) (9)		First Lien Debt		S +		5.00%		9.48%		10/16/2028			61,723				60,953				61,723				3.35
Patriot Growth Insurance Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.48%		10/16/2028			2,243				2,194				2,243				0.12
Peter C. Foy & Associates Insurance Services, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.83%		11/1/2028			19,998				19,854				19,998				1.09
Peter C. Foy & Associates Insurance Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.83%		11/1/2028			8,511				8,443				8,504				0.46
Peter C. Foy & Associates Insurance Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.83%		11/1/2027			—				(4	)			—				—
RSC Acquisition, Inc.		(6) (9)		First Lien Debt		S +		4.75%		9.21%		11/1/2029			32,129				31,780				32,129				1.74
RSC Acquisition, Inc.		(6) (9)		First Lien Debt		S +		4.75%		9.21%		11/1/2029			3,781				3,758				3,781				0.21
World Insurance Associates, LLC		(6) (7) (8)		First Lien Debt		S +		6.00%		10.34%		4/3/2028			66,670				65,501				66,557				3.61
World Insurance Associates, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.34%		4/3/2028			—				(6	)			(28	)			(0.00	)
																			447,738				452,006				24.54
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.85%		10/30/2026			23,534				23,319				23,371				1.27
FMG Suite Holdings, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.85%		10/30/2026			4,522				4,492				4,487				0.24
FMG Suite Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.85%		10/30/2026			—				(16	)			(18	)			(0.00	)

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Spectrio, LLC		(6) (7) (8)		First Lien Debt		S +		6.00%		10.51%		12/9/2026			31,725				31,518				29,197				1.58
Spectrio, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.51%		12/9/2026			12,798				12,770				11,778				0.64
Spectrio, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.51%		12/9/2026			4,036				4,011				3,715				0.20
Triple Lift, Inc.		(6) (7) (9)		First Lien Debt		S +		5.75%		10.25%		5/5/2028			27,020				26,721				25,864				1.40
Triple Lift, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.25%		5/5/2028			—				(38	)			(171	)			(0.01	)
																			102,777				98,223				5.33
IT Services
Apollo Acquisition, Inc.		(6)		First Lien Debt		S +		5.00%		9.33%		12/30/2031			17,469				17,294				17,294				0.94
Apollo Acquisition, Inc.		(6) (16)		First Lien Debt		S +		5.00%		9.33%		12/30/2031			—				(31	)			(31	)			(0.00	)
Apollo Acquisition, Inc.		(6) (16)		First Lien Debt		S +		5.00%		9.33%		12/30/2030			—				(24	)			(24	)			(0.00	)
Atlas Purchaser, Inc.		(6) (7) (9)		First Lien Debt		S +		7.50% (incl. 5.50% PIK)		11.33%		5/5/2028			5,811				5,811				3,463				0.19
Atlas Purchaser, Inc.		(6) (7) (9)		First Lien Debt		S +		7.50% (incl. 6.50% PIK)		11.33%		5/5/2028			2,510				2,510				2,510				0.14
Catalis Intermediate, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.98%		8/4/2027			38,954				38,469				38,370				2.08
Catalis Intermediate, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.98%		8/4/2027			8,765				8,665				8,633				0.47
Catalis Intermediate, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.98%		8/4/2027			1,460				1,414				1,396				0.08
Donuts, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.49%		12/29/2027			24,599				24,415				24,550				1.33
GI DI Cornfield Acquisition, LLC		(6)		First Lien Debt		S +		4.50%		8.84%		3/9/2028			30,393				29,999				30,098				1.63
GI DI Cornfield Acquisition, LLC		(6) (16)		First Lien Debt		S +		4.50%		8.84%		3/9/2028			—				(99	)			(152	)			(0.01	)
Help/Systems Holdings, Inc. (Fortra LLC)		(9)		Second Lien Debt		S +		6.75%		11.44%		11/19/2027			17,500				17,500				13,576				0.74
Idera, Inc.		(6) (9)		Second Lien Debt		S +		6.75%		11.47%		3/2/2029			2,607				2,595				2,607				0.14
Recovery Point Systems, Inc.		(6) (7) (8)		First Lien Debt		S +		6.00%		10.73%		8/12/2026			40,215				39,955				40,215				2.18
Recovery Point Systems, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.73%		8/12/2026			—				(21	)			—				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Redwood Services Group, LLC		(6) (9)		First Lien Debt		S +		6.25%		10.68%		6/15/2029			10,720				10,615				10,720				0.58
Redwood Services Group, LLC		(6) (9)		First Lien Debt		S +		6.25%		10.68%		6/15/2029			8,845				8,723				8,827				0.48
Ridge Trail US Bidco, Inc.		(6) (8) (12)		First Lien Debt		S +		4.50%		8.83%		9/30/2031			23,976				23,626				23,912				1.30
Ridge Trail US Bidco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		4.50%		8.83%		9/30/2031			—				(60	)			(22	)			(0.00	)
Ridge Trail US Bidco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		4.50%		8.83%		3/31/2031			744				704				737				0.04
Syntax Systems, Ltd.		(6) (9) (12)		First Lien Debt		S +		5.00%		9.46%		10/27/2028			37,377				37,153				37,296				2.02
Thrive Buyer, Inc. (Thrive Networks)		(6) (8)		First Lien Debt		S +		6.00%		10.78%		1/22/2027			22,702				22,490				22,702				1.23
Thrive Buyer, Inc. (Thrive Networks)		(6) (8)		First Lien Debt		S +		6.00%		10.78%		1/22/2027			16,740				16,595				16,740				0.91
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (16)		First Lien Debt		S +		6.00%		10.78%		1/22/2027			1,321				1,307				1,321				0.07
UpStack, Inc.		(6) (7) (9)		First Lien Debt		S +		5.00%		9.52%		8/25/2031			9,750				9,656				9,750				0.53
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.52%		8/25/2031			—				(18	)			—				—
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.52%		8/25/2031			225				211				225				0.01
Victors Purchaser, LLC		(6) (10)		First Lien Debt		S +		4.75%		9.08%		8/15/2031			5,094				5,045				5,094				0.28
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		9.08%		8/15/2031			—				(6	)			—				—
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		9.08%		8/15/2031			C$146				99				101				0.01
																			324,592				319,908				17.37
Life Sciences Tools & Services
Model N, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.33%		6/27/2031			11,934				11,821				11,934				0.65
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.33%		6/27/2031			—				(15	)			—				—
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.33%		6/27/2031			—				(16	)			—				—
																			11,790				11,934				0.65
Machinery
Answer Acquisition, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.48%		12/30/2026			13,394				13,255				13,303				0.72

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Answer Acquisition, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.48%		12/30/2026			—				(11	)			(9	)			(0.00	)
Chase Intermediate, LLC		(6) (16)		First Lien Debt		S +		4.75%		9.08%		10/30/2028			4,303				4,206				4,288				0.23
Chase Intermediate, LLC		(6) (16)		First Lien Debt		S +		4.75%		9.08%		10/30/2028			—				(8	)			—				—
MHE Intermediate Holdings, LLC		(6) (7) (8)		First Lien Debt		S +		6.00%		10.79%		7/21/2027			11,731				11,611				11,731				0.64
MHE Intermediate Holdings, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.79%		7/21/2027			3,636				3,599				3,636				0.20
MHE Intermediate Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.79%		7/21/2027			500				479				500				0.03
																			33,131				33,449				1.82
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8)		First Lien Debt		S +		4.75%		9.11%		12/23/2030			7,423				7,205				7,423				0.40
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.11%		12/23/2030			1,549				1,525				1,549				0.08
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.11%		12/23/2030			40				26				40				0.00
Vessco Midco Holdings, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.11%		7/24/2031			11,199				11,093				11,199				0.61
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.11%		7/24/2031			983				961				983				0.05
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.11%		7/24/2031			—				(12	)			—				—
																			20,798				21,194				1.15
Pharmaceuticals
Caerus US 1, Inc.		(6) (9) (12)		First Lien Debt		S +		5.00%		9.33%		5/25/2029			10,927				10,765				10,594				0.58
Caerus US 1, Inc.		(6) (9) (12)		First Lien Debt		S +		5.00%		9.33%		5/25/2029			1,599				1,574				1,550				0.08
Caerus US 1, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.00%		9.33%		5/25/2029			88				72				52				0.00
																			12,411				12,196				0.66	%
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (8)		First Lien Debt		S +		6.25%		11.17%		3/10/2027			9,130				9,041				9,130				0.50
Abacus Data Holdings, Inc. (AbacusNext)		(6) (8) (16)		First Lien Debt		S +		6.25%		11.17%		3/10/2027			—				(12	)			—				—
Accordion Partners, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.58%		11/17/2031			27,391				27,121				27,121				1.47

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		11/17/2031			—				(22	)			(22	)			(0.00	)
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		11/17/2031			—				(30	)			(30	)			(0.00	)
Ascend Partner Services, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.86%		8/11/2031			4,899				4,852				4,899				0.27
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.86%		8/11/2031			—				(40	)			—				—
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.86%		8/11/2031			1,010				994				1,010				0.05
Bridgepointe Technologies, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.33%		12/31/2027			17,057				16,665				16,927				0.92
Bridgepointe Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.33%		12/31/2027			15,295				14,886				15,158				0.82
Bullhorn, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.36%		10/1/2029			15,407				15,313				15,407				0.84
Bullhorn, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.36%		10/1/2029			1,920				1,909				1,920				0.10
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.36%		10/1/2029			—				(5	)			—				—
Carr, Riggs and Ingram Capital, LLC		(6) (10)		First Lien Debt		S +		4.75%		9.24%		11/18/2031			4,313				4,270				4,270				0.23
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		9.24%		11/18/2031			—				(11	)			(11	)			(0.00	)
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		9.24%		11/18/2031			125				115				115				0.01
Citrin Cooperman Advisors, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.30%		10/1/2027			24,260				23,968				24,260				1.32
Citrin Cooperman Advisors, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.30%		10/1/2027			15,218				15,003				15,218				0.83
ComPsych Investment Corp.		(6) (9)		First Lien Debt		S +		4.75%		9.38%		7/22/2031			13,973				13,907				13,973				0.76
ComPsych Investment Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.38%		7/22/2031			—				(9	)			—				—
GPS Merger Sub, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.36%		10/2/2029			6,786				6,675				6,757				0.37
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.36%		10/2/2029			—				(10	)			—				—
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.36%		10/2/2029			—				(16	)			—				—
IG Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.57%		9/22/2028			10,788				10,684				10,684				0.58
IG Investment Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.57%		9/22/2028			—				(12	)			(12	)			(0.00	)
KENG Acquisition, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.36%		8/1/2029			3,189				3,123				3,173				0.17
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.36%		8/1/2029			1,086				1,040				1,067				0.06

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.36%		8/1/2029			—				(17	)			(4	)			(0.00	)
KWOR Acquisition, Inc.		(6) (13)		First Lien Debt		P +		4.25%		11.75%		12/22/2028			5,299				5,224				3,891				0.21
KWOR Acquisition, Inc.		(6) (13)		First Lien Debt		P +		4.25%		11.75%		12/22/2028			1,292				1,272				948				0.05
KWOR Acquisition, Inc.		(6) (13)		First Lien Debt		P +		4.25%		11.75%		12/22/2027			122				121				90				0.00
Project Boost Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.76%		5/2/2029			5,610				5,573				5,610				0.30
Project Boost Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.76%		5/2/2028			176				173				176				0.01
UHY Advisors, Inc.		(6) (9)		First Lien Debt		S +		4.75%		9.26%		11/21/2031			2,208				2,186				2,186				0.12
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.26%		11/21/2031			—				(11	)			(11	)			(0.00	)
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.26%		11/21/2031			—				(6	)			(6	)			(0.00	)
Verdantas, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.45%		5/6/2031			16,409				16,179				16,243				0.88
Verdantas, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.45%		5/6/2031			693				663				668				0.04
Verdantas, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.45%		5/6/2030			—				(23	)			(18	)			—
																			200,733				200,787				10.90
Real Estate Management & Development
Associations, Inc.		(6) (8)		First Lien Debt		S +		6.50%		11.32%		7/3/2028			10,893				10,884				10,893				0.59
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		11.32%		7/3/2028			141				141				141				0.01
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		11.32%		7/3/2028			339				338				339				0.02
MRI Software, LLC		(6) (7) (8)		First Lien Debt		S +		4.75%		9.08%		2/10/2027			58,735				58,439				58,694				3.19
MRI Software, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		2/10/2027			4				3				4				0.00
MRI Software, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		2/10/2027			128				120				126				0.01
Pritchard Industries, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.29%		10/13/2027			25,016				24,750				24,718				1.34
Pritchard Industries, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.29%		10/13/2027			5,981				5,915				5,910				0.32
Zarya Intermediate, LLC		(6) (8) (12)		First Lien Debt		S +		6.50%		11.01%		7/1/2027			35,142				35,142				35,107				1.91
Zarya Intermediate, LLC		(6) (8) (12) (16)		First Lien Debt		S +		6.50%		11.01%		7/1/2027			—				—				(4	)			(0.00	)

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
																			135,732				135,928				7.38
Software
Alert Media, Inc.		(6) (8)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		11.08%		4/12/2027			22,389				22,197				22,123				1.20
Alert Media, Inc.		(6) (8) (16)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		11.08%		4/12/2027			—				(41	)			(63	)			—
Anaplan, Inc.		(6) (9)		First Lien Debt		S +		5.25%		9.58%		6/21/2029			33,040				32,619				32,918				1.79
Appfire Technologies, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.33%		3/9/2028			20,468				20,400				20,468				1.11
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.33%		3/9/2028			—				(23	)			—				—
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.33%		3/9/2028			12				11				12				0.00
Apryse Software Corp.		(6) (7) (8) (12)		First Lien Debt		S +		5.00%		9.59%		7/15/2027			39,356				39,008				39,308				2.13
Artifact Bidco, Inc.		(6)		First Lien Debt		S +		4.50%		8.83%		7/1/2031			31,700				31,397				31,700				1.72
Artifact Bidco, Inc.		(6) (16)		First Lien Debt		S +		4.50%		8.83%		7/1/2031			—				(36	)			—				—
Artifact Bidco, Inc.		(6) (16)		First Lien Debt		S +		4.50%		8.83%		7/1/2030			—				(51	)			—				—
AuditBoard, Inc.		(6) (8)		First Lien Debt		S +		4.75%		9.08%		7/14/2031			22,200				21,989				22,200				1.21
AuditBoard, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		7/14/2031			—				(49	)			—				—
AuditBoard, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.08%		7/14/2031			—				(39	)			—				—
Bottomline Technologies, Inc.		(6) (9)		First Lien Debt		S +		5.75%		10.32%		5/14/2029			3,656				3,603				3,656				0.20
Bottomline Technologies, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.32%		5/15/2028			—				(3	)			—				—
CLEO Communications Holding, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.96%		6/9/2027			39,698				39,511				39,698				2.15
CLEO Communications Holding, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.96%		6/9/2027			—				(51	)			—				0.00
Coupa Holdings, LLC		(6) (9)		First Lien Debt		S +		5.50%		10.09%		2/27/2030			2,253				2,207				2,243				0.12
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		10.09%		2/27/2030			—				(10	)			(5	)			(0	)
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		10.09%		2/27/2029			—				(14	)			(4	)			(0.00	)
Cyara AcquisitionCo, LLC		(6) (8)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		10.85%		6/28/2029			5,830				5,718				5,830				0.32

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Cyara AcquisitionCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		10.85%		6/28/2029			—				(6	)			—				—
Diligent Corporation		(6) (9)		First Lien Debt		S +		5.00%		10.09%		8/2/2030			28,138				27,943				28,138				1.53
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		10.09%		8/2/2030			—				(28	)			—				—
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		10.09%		8/2/2030			—				(18	)			—				—
E-Discovery AcquireCo, LLC		(6) (8)		First Lien Debt		S +		6.25%		10.70%		8/29/2029			19,505				19,120				19,427				1.05
E-Discovery AcquireCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.70%		8/29/2029			—				(39	)			(10	)			(0.00	)
Everbridge Holdings, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.59%		7/2/2031			39,380				39,194				39,380				2.14
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		7/2/2031			4,374				4,337				4,374				0.24
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		7/2/2031			—				(21	)			—				—
Formstack Acquisition Co		(6) (8)		First Lien Debt		S +		5.25%		9.58%		3/28/2030			10,896				10,749				10,828				0.59
Formstack Acquisition Co		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		3/28/2030			1,089				1,053				1,061				0.06
Formstack Acquisition Co		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		3/28/2030			219				190				205				0.01
Fullsteam Operations, LLC		(6) (8)		First Lien Debt		S +		8.25%		12.91%		11/27/2029			10,860				10,576				10,860				0.59
Fullsteam Operations, LLC		(6) (8) (16)		First Lien Debt		S +		8.25%		12.91%		11/27/2029			5,672				5,483				5,672				0.31
Fullsteam Operations, LLC		(6) (8) (16)		First Lien Debt		S +		8.25%		12.91%		11/27/2029			—				(15	)			—				—
Granicus, Inc.		(6) (9)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.34%		1/17/2031			12,874				12,761				12,874				0.70
Granicus, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.34%		1/17/2031			6,972				6,906				6,970				0.38
Granicus, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.34%		1/17/2031			—				(16	)			—				—
GS AcquisitionCo, Inc.		(6) (7) (8)		First Lien Debt		S +		5.25%		9.58%		5/25/2028			74,547				74,178				74,547				4.05
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		5/25/2028			15				14				15				0.00
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		5/25/2028			—				(13	)			—				—
Hootsuite, Inc.		(6) (12)		First Lien Debt		S +		5.50%		9.83%		5/22/2030			22,388				22,077				22,190				1.20

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Hootsuite, Inc.		(6) (12) (16)		First Lien Debt		S +		5.50%		9.83%		5/22/2030			—				(34	)			(22	)			(0.00	)
Icefall Parent, Inc.		(6) (8)		First Lien Debt		S +		6.50%		10.86%		1/25/2030			5,323				5,229				5,239				0.28
Icefall Parent, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		10.86%		1/25/2030			—				(9	)			(8	)			(0.00	)
Kaseya, Inc.		(6) (9)		First Lien Debt		S +		5.50%		10.09%		6/25/2029			14,329				14,180				14,329				0.78
Kaseya, Inc.		(6) (9)		First Lien Debt		S +		5.50%		10.09%		6/25/2029			220				215				220				0.01
Kaseya, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		10.09%		6/25/2029			216				208				216				0.01
LegitScript, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.11%		6/24/2029			26,300				25,926				26,300				1.43
LegitScript, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.11%		6/24/2029			695				686				695				0.04
LegitScript, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.11%		6/24/2028			1,333				1,285				1,333				0.07
LogRhythm, Inc.		(6) (8)		First Lien Debt		S +		7.50%		11.86%		7/2/2029			9,091				8,838				8,925				0.48
LogRhythm, Inc.		(6) (8) (16)		First Lien Debt		S +		7.50%		11.86%		7/2/2029			—				(25	)			(17	)			0.00
Montana Buyer, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.36%		7/22/2029			8,511				8,452				8,511				0.46
Montana Buyer, Inc.		(6) (16)		First Lien Debt		P +		4.00%		11.50%		7/22/2028			168				163				168				0.01
Nasuni Corporation		(6) (9)		First Lien Debt		S +		5.75%		10.18%		9/10/2030			14,483				14,274				14,483				0.79
Nasuni Corporation		(6) (9) (16)		First Lien Debt		S +		5.75%		10.18%		9/10/2030			—				(43	)			—				—
Netwrix Corporation And Concept Searching, Inc.		(6) (9)		First Lien Debt		S +		4.75%		9.26%		6/11/2029			6,901				6,853				6,857				0.37
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.26%		6/11/2029			—				(3	)			(3	)			(0.00	)
Oak Purchaser, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.83%		4/28/2028			3,336				3,309				3,307				0.18
Oak Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.83%		4/28/2028			1,993				1,974				1,968				0.11
Oak Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.83%		4/28/2028			—				(2	)			(3	)			(0.02	)
Optimizely North America, Inc.		(6) (9) (12)		First Lien Debt		S +		5.00%		9.36%		10/30/2031			8,394				8,312				8,312				0.45
Optimizely North America, Inc.		(6) (9) (12)		First Lien Debt		E +		5.25%		8.11%		10/30/2031		€	3,090				3,324				3,168				0.17
Optimizely North America, Inc.		(6) (9) (12)		First Lien Debt		SA +		5.50%		10.20%		10/30/2031		£	1,030				1,327				1,277				0.07
Optimizely North America, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.00%		9.36%		10/30/2031			—				(12	)			(12	)			(0.00	)

 

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Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
PDFTron Systems, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		5.00%		9.59%		7/15/2026			2,567				2,519				2,557				0.14
Pound Bidco, Inc.		(6) (8) (12)		First Lien Debt		S +		6.00%		10.86%		2/1/2027			22,180				22,008				22,122				1.20
Pound Bidco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		6.00%		10.86%		2/1/2027			528				528				522				0.03
Pound Bidco, Inc.		(6) (7) (8) (12) (16)		First Lien Debt		S +		6.00%		10.86%		2/1/2027			—				(8	)			(3	)			(0.00	)
Project Leopard Holdings, Inc.		(10) (12)		First Lien Debt		S +		5.25%		9.94%		7/20/2029			6,154				5,840				5,493				0.30
Reorganized Mobileum Acquisition Co, LLC		(6) (8)		First Lien Debt		S +		6.00% (incl. 5.00% PIK)		10.45%		9/11/2029			187				187				187				0.01
Revalize, Inc.		(6) (8)		First Lien Debt		S +		5.75%		10.49%		4/15/2027			19,255				19,205				17,949				0.97
Revalize, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75%		10.49%		4/15/2027			51				51				47				0.00
Riskonnect Parent, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.57%		12/7/2028			5,679				5,586				5,635				0.31
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.57%		12/7/2028			4,187				4,103				4,145				0.23
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.57%		12/7/2028			—				(15	)			(7	)			(0.00	)
Runway Bidco, LLC		(6) (10)		First Lien Debt		S +		5.00%		9.33%		12/17/2031			10,928				10,819				10,819				0.59
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		9.33%		12/17/2031			—				(14	)			(13	)			(0.00	)
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		9.33%		12/17/2031			—				(14	)			(13	)			(0.00	)
Securonix, Inc.		(6) (9)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.34%		4/5/2028			21,010				20,782				19,151				1.04
Securonix, Inc.		(6) (9) (16)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.34%		4/5/2028			85				49				(249	)			(0.01	)
Trunk Acquisition, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.48%		2/19/2030			8,869				8,827				8,822				0.48
Trunk Acquisition, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.48%		2/19/2030			742				735				735				0.04
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.48%		2/19/2030			—				(4	)			(4	)			(0.00	)
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.48%		2/19/2026			—				(2	)			(4	)			(0.00	)
User Zoom Technologies, Inc.		(6) (9)		First Lien Debt		S +		7.00%		12.25%		4/5/2029			38,689				38,145				38,689				2.10

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
																			696,522				698,438				37.91
Wireless Telecommunication Services
Mobile Communications America, Inc.		(6) (7) (8)		First Lien Debt		S +		5.25%		9.78%		10/16/2029			5,895				5,820				5,895				0.32
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.78%		10/16/2029			366				352				366				0.02
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.78%		10/16/2029			240				229				240				0.01
																			6,401				6,501				0.35
Total Debt Investments																		$	3,758,444			$	3,733,103				202.65	%

 

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Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Equity Investments
Aerospace & Defense
PCX Holding Corp.		(6) (14) (15)		Common Equity								4/22/2021			6,538			$	654			$	446				0.02	%
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)		(6) (14) (15)		Common Equity								06/29/21			8,500				850				1,463				0.08
Commercial Services & Supplies
Encore Holdings, LLC		(6) (14) (15)		Common Equity								11/21/21			3,013				395				1,103				0.06
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (14) (15)		Common Equity								12/20/21			1,000,000				1,000				1,470				0.08
Surewerx Topco, LP		(6) (12) (14) (15)		Common Equity								12/28/22			512				512				684				0.04
																			1,907				3,257				0.18
Containers & Packaging
BP Purchaser, LLC		(6) (14) (15)		Common Equity								12/10/21			1,383,156				1,379				659				0.04
BP Purchaser, LLC Rights		(6) (14) (15)		Common Equity								03/12/24			1,666,989				75				83				0.00
FORTIS Solutions Group, LLC		(6) (15)		Preferred Equity								06/24/22			1,000,000				1,337				980				0.05
																			2,791				1,722				0.09
Distributors
48Forty Solutions, LLC		(6) (14) (15)		Common Equity								11/01/24			2,748				—				—				—
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (15)		Preferred Equity								09/05/24			120				1,180				1,175				0.06
LUV Car Wash		(6) (14) (15)		Common Equity								04/06/22			123				123				83				0.00
																			1,303				1,258				0.07
Electrical Equipment
Sparkstone Electrical Group		(6) (14) (15)		Common Equity								10/15/24			1,500				150				150				0.01
Food Products

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Pet Holdings, Inc. (Brightpet)		(6) (14) (15)		Common Equity								03/22/21			17,543				2,013				1,028				0.06
Health Care Providers & Services
mPulse Mobile, Inc.		(6) (14) (15)		Common Equity								12/17/21			165,761				1,220				2,117				0.11
SDB Holdco, LLC		(6) (14) (15)		Common Equity								03/29/24			5,460,555				—				—				—
Suveto Buyer, LLC		(6) (12) (14) (15)		Common Equity								11/19/21			19,257				1,926				1,870				0.10
Vardiman Black Holdings, LLC		(6) (15)		Preferred Equity		6.00% PIK						03/29/24			2,649,446				1,809				923				0.05
																			4,955				4,910				0.27
Insurance Services
Amerilife Holdings, LLC		(6) (14) (15)		Common Equity								09/01/22			908				25				54				0.00
Frisbee Holdings, LP (Fetch)		(6) (14) (15)		Common Equity								10/31/22			21,744				277				350				0.02
Integrity Marketing Acquisition, LLC		(6) (15)		Preferred Equity		10.50%						12/21/21			3,250,000				4,402				4,323				0.23
																			4,704				4,727				0.26
IT Services
CSC Thrive Holdings, LP (Thrive Networks)		(6) (14) (15)		Common Equity								03/01/21			162,309				421				1,082				0.06
Help HP SCF Investor, LP (Help/Systems)		(12) (14) (15)		Common Equity								05/12/21			9,619,564				12,461				17,193				0.93
Recovery Point Systems, Inc.		(6) (14) (15)		Common Equity								03/05/21			1,000,000				1,000				570				0.03
																			13,882				18,845				1.02
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (14) (15)		Common Equity								02/09/24			67,388				2,981				1,571				0.09
Verdantas, LLC		(6) (14) (15)		Common Equity								05/03/24			4,780				5				6				0.00
Verdantas, LLC		(6) (15)		Preferred Equity		10.00%						05/03/24			473,220				506				572				0.03
																			3,492				2,149				0.12
Real Estate Management & Development
Pritchard Industries, LLC		(6) (14) (15)		Common Equity								10/13/21			1,882,739				1,937				1,770				0.10

 

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Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments-non-controlled/non-affiliated(1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Software
Diligent Corporation		(6) (15)		Preferred Equity		10.50%						04/05/21			5,000				7,037				7,110				0.39
Fullsteam Operations, LLC		(6) (14) (15)		Common Equity								11/27/23			2,966				100				239				0.01
Knockout Intermediate Holdings I, Inc.		(6) (15)		Preferred Equity		11.75%						06/25/22			2,790				3,668				3,784				0.21
Reorganized Mobileum Grandparent, LLC		(6) (14) (15)		Common Equity								09/12/24			25,375				—				—				—
Revalize, Inc.		(6) (15)		Preferred Equity		S +		10.00%				12/14/21			2,255				3,196				3,272				0.18
Reveal Data Solutions		(6) (14) (15)		Common Equity								08/29/23			477,846				621				783				0.04
RSK Holdings, Inc. (Riskonnect)		(6) (15)		Preferred Equity		S +		10.50%				07/07/22			1,012,200				1,423				1,478				0.08
																			16,045				16,666				0.90
Total Equity Investments																		$	54,683			$	58,391				3.17	%
Total Portfolio Investments																		$	3,813,127			$	3,791,494				205.82	%

 

Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund																	8,976				8,976				0.49
Cash																	63,396				63,396				3.44	%
Total Cash and Cash Equivalents																$	72,372			$	72,372				3.93	%
Total Portfolio Investments, Cash and Cash Equivalents																$	3,885,499			$	3,863,866				209.75	%

 

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024 the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2024, the Company is not an “affiliated person” of any of its portfolio companies.

(2)

Unless otherwise indicated, the Company’s investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 “Debt”.

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32%, 1-month E at 2.85%, 1-month S at 4.33%, 3-month S at 4.31%, 6-month S at 4.25%, SA at 4.70% and the P at 7.50%.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“GBP”), or Canadian dollar ("CAD").

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

(7)

Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.

(8)

Loan includes interest rate floor of 1.00%.

(9)

Loan includes interest rate floor of 0.75%.

(10)

Loan includes interest rate floor of 0.50%.

(11)

The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(12)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented 7.63% of total assets as calculated in accordance with regulatory requirements.

(13)

Investment was on non-accrual status as of December 31, 2024.

(14)

Non-income producing security.

(15)

Securities exempt from registration under the Securities Act of 1933, as amended and may be deemed to be “restricted securities”. As of December 31, 2024, the aggregate fair value of these securities is $58,391 or 3.17% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(16)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2024:

 

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt
48Forty Solutions, LLC		Revolver		11/30/2029		$	1,547			$	(548	)
ARI Network Services, Inc.		Revolver		8/28/2026			1,841				(7	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		8/23/2026			1,284				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			750				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		3/10/2027			1,400				—
Accordion Partners, LLC		Delayed Draw Term Loan		11/15/2026			4,565				(22	)
Accordion Partners, LLC		Revolver		11/17/2031			3,043				(30	)
Advarra Holdings, Inc.		Delayed Draw Term Loan		9/14/2026			41				—
Alert Media, Inc.		Revolver		4/12/2027			4,266				(62	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		6/17/2026			1,335				—
Amerilife Holdings, LLC		Revolver		8/31/2028			437				—
Answer Acquisition, LLC		Revolver		12/30/2026			1,249				(8	)
Any Hour, LLC		Delayed Draw Term Loan		5/23/2026			6,255				(66	)
Any Hour, LLC		Revolver		5/23/2030			1,801				(19	)
Apex Service Partners, LLC		Revolver		10/24/2029			932				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		12/30/2026			6,094				(30	)
Apollo Acquisition, Inc.		Revolver		12/30/2030			2,437				(24	)
Appfire Technologies, LLC		Delayed Draw Term Loan		3/31/2025			569				—
Appfire Technologies, LLC		Delayed Draw Term Loan		6/28/2026			4,005				—
Appfire Technologies, LLC		Revolver		3/9/2028			155				—
Applitools, Inc.		Revolver		5/25/2028			433				(4	)
Aptean, Inc.		Delayed Draw Term Loan		1/30/2026			537				(1	)
Aptean, Inc.		Revolver		1/30/2031			984				(1	)
Arcoro Holdings Corp.		Revolver		3/28/2030			1,957				(14	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		5/22/2027			7,759				—
Artifact Bidco, Inc.		Revolver		7/26/2030			5,542				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		8/9/2026			8,418				—
Ascend Partner Services, LLC		Revolver		8/11/2031			673				—
Assembly Intermediate, LLC		Revolver		10/19/2027			2,074				—
Associations, Inc.		Delayed Draw Term Loan		7/3/2028			705				—
Associations, Inc.		Revolver		7/3/2028			339				—

 

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Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Atlas Us Finco, Inc.		Revolver		12/9/2028			186				—
AuditBoard, Inc.		Delayed Draw Term Loan		7/12/2026			10,571				—
AuditBoard, Inc.		Revolver		7/14/2031			4,229				—
Avalara, Inc.		Revolver		10/19/2028			1,040				—
Bottomline Technologies, Inc.		Revolver		5/15/2028			267				—
Bradyplus Holdings, LLC		Delayed Draw Term Loan		10/31/2025			184				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		6/3/2026			1,578				(18	)
Bullhorn, Inc.		Delayed Draw Term Loan		5/11/2026			386				—
Bullhorn, Inc.		Revolver		10/1/2029			717				—
CLEO Communications Holding, LLC		Revolver		6/9/2027			12,502				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		1/29/2026			1,842				(22	)
COP Collisionright Parent, LLC		Revolver		1/29/2030			884				(10	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		8/27/2026			2,471				—
CRCI Longhorn Holdings, Inc.		Revolver		8/27/2031			906				—
Caerus US 1, Inc.		Revolver		5/25/2029			1,083				(33	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			2,188				(11	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			875				(9	)
Catalis Intermediate, Inc.		Revolver		8/4/2027			2,778				(42	)
Cerity Partners, LLC		Delayed Draw Term Loan		6/7/2026			1,141				—
Cerity Partners, LLC		Revolver		7/30/2029			236				—
Chase Intermediate, LLC		Delayed Draw Term Loan		8/31/2025			6,276				(9	)
Chase Intermediate, LLC		Revolver		10/30/2028			530				—
Citrin Cooperman Advisors, LLC		Delayed Draw Term Loan		12/13/2025			1,263				—
ComPsych Investment Corp.		Delayed Draw Term Loan		7/23/2027			4,000				—
Consor Intermediate II, LLC		Delayed Draw Term Loan		5/10/2026			4,577				(26	)
Consor Intermediate II, LLC		Revolver		5/12/2031			1,220				(7	)
Coupa Holdings, LLC		Delayed Draw Term Loan		8/27/2025			1,085				(5	)
Coupa Holdings, LLC		Revolver		2/27/2029			831				(4	)
Cyara AcquisitionCo, LLC		Revolver		6/28/2029			313				—
Diligent Corporation		Delayed Draw Term Loan		4/30/2026			4,118				—
Diligent Corporation		Revolver		8/2/2030			2,745				—
Drivecentric Holdings, LLC		Revolver		8/15/2031			3,529				(3	)

 

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Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Dwyer Instruments, Inc.		Delayed Draw Term Loan		11/20/2026			505				(2	)
Dwyer Instruments, Inc.		Revolver		7/20/2029			1,387				—
E-Discovery AcquireCo, LLC		Revolver		8/29/2029			2,384				(10	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		8/14/2025			5,881				—
EVDR Purchaser, Inc.		Revolver		2/14/2031			2,940				—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		9/6/2026			719				—
Eclipse Buyer, Inc.		Revolver		9/6/2031			365				—
Encore Holdings, LLC		Delayed Draw Term Loan		10/31/2026			126				(1	)
Encore Holdings, LLC		Delayed Draw Term Loan		12/20/2026			2,500				(6	)
Encore Holdings, LLC		Revolver		11/23/2027			539				(2	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		5/24/2026			477				(4	)
Energy Labs Holdings Corp.		Revolver		4/7/2028			222				(3	)
Essential Services Holding Corporation		Delayed Draw Term Loan		6/17/2026			4,773				—
Essential Services Holding Corporation		Revolver		6/17/2030			2,983				—
Everbridge Holdings, LLC		Delayed Draw Term Loan		7/2/2026			6,783				—
Everbridge Holdings, LLC		Revolver		7/2/2031			4,463				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		5/1/2025			44				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		5/1/2026			2,000				(19	)
Excelitas Technologies Corp.		Revolver		8/14/2028			131				(1	)
FLS Holding, Inc.		Revolver		12/17/2027			901				(96	)
FMG Suite Holdings, LLC		Revolver		10/30/2026			2,319				(18	)
FORTIS Solutions Group, LLC		Delayed Draw Term Loan		6/24/2025			688				—
FORTIS Solutions Group, LLC		Revolver		10/15/2027			1,754				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		12/31/2025			6				—
Formstack Acquisition Co		Delayed Draw Term Loan		3/30/2026			3,273				(21	)
Formstack Acquisition Co		Revolver		3/28/2030			1,969				(12	)
Foundation Risk Partners Corp.		Revolver		10/29/2029			6,709				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		8/25/2025			4,083				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		2/23/2026			807				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		5/1/2026			2,250				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		6/30/2026			250				—
Fullsteam Operations, LLC		Revolver		11/27/2029			608				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/4/2026			3,398				(26	)
GC Waves Holdings, Inc.		Revolver		10/4/2030			331				(2	)
GI DI Cornfield Acquisition, LLC		Delayed Draw Term Loan		5/31/2026			15,667				(152	)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/2/2026			1,274				—
GPS Merger Sub, LLC		Revolver		10/2/2029			1,019				—
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		3/26/2026			51				—
GS AcquisitionCo, Inc.		Revolver		5/25/2028			2,470				—
Galway Borrower, LLC		Delayed Draw Term Loan		2/6/2026			1,257				—
Galway Borrower, LLC		Revolver		9/29/2028			2,029				—
Gateway US Holdings, Inc.		Revolver		9/22/2028			30				—
Granicus, Inc.		Delayed Draw Term Loan		1/17/2026			1,955				(2	)
Granicus, Inc.		Revolver		1/17/2031			1,800				—
GraphPad Software, LLC		Delayed Draw Term Loan		6/28/2026			7,184				—
GraphPad Software, LLC		Revolver		6/30/2031			2,993				—
Ground Penetrating Radar Systems, LLC		Delayed Draw Term Loan		4/2/2027			7,733				—
Ground Penetrating Radar Systems, LLC		Revolver		4/2/2031			2,279				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		6/28/2026			2,685				—
HSI Halo Acquisition, Inc.		Revolver		6/28/2030			2,165				—
Heartland Veterinary Partners, LLC		Revolver		12/10/2026			375				—
Helios Service Partners, LLC		Delayed Draw Term Loan		2/10/2025			5,193				(36	)
Helios Service Partners, LLC		Revolver		3/19/2027			1,290				—
Hercules Borrower, LLC		Delayed Draw Term Loan		4/5/2026			4,519				(14	)
Hercules Borrower, LLC		Delayed Draw Term Loan		4/17/2025			2,176				(670	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		3/27/2026			5,655				(24	)
High Street Buyer, Inc.		Delayed Draw Term Loan		3/11/2026			7,587				(25	)
High Street Buyer, Inc.		Revolver		4/16/2027			2,136				—
Hootsuite, Inc.		Revolver		5/22/2030			2,500				(22	)
Hyland Software, Inc.		Revolver		9/19/2029			1,879				—
IG Investment Holdings, LLC		Revolver		9/22/2028			1,211				(11	)
Icefall Parent, Inc.		Revolver		1/25/2030			507				(8	)
Imagine 360, LLC		Delayed Draw Term Loan		9/20/2026			1,718				—
Imagine 360, LLC		Revolver		10/2/2028			1,064				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Inszone Mid, LLC		Delayed Draw Term Loan		11/10/2025			1,082				—
Inszone Mid, LLC		Delayed Draw Term Loan		7/24/2026			10,025				—
Inszone Mid, LLC		Revolver		11/12/2029			1,569				—
Integrity Marketing Acquisition, LLC		Revolver		8/25/2028			434				—
Invictus Buyer, LLC		Delayed Draw Term Loan		6/3/2026			1,688				(5	)
Invictus Buyer, LLC		Revolver		6/3/2031			625				(2	)
Iris Buyer, LLC		Delayed Draw Term Loan		4/2/2025			340				—
Iris Buyer, LLC		Revolver		10/2/2029			1,001				—
KENG Acquisition, Inc.		Delayed Draw Term Loan		8/1/2025			1,346				(7	)
KENG Acquisition, Inc.		Delayed Draw Term Loan		7/17/2026			1,465				(7	)
KENG Acquisition, Inc.		Revolver		8/1/2029			878				(4	)
Kaseya, Inc.		Delayed Draw Term Loan		6/23/2025			637				—
Kaseya, Inc.		Revolver		6/25/2029			642				—
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		10/1/2025			1,339				—
LJ Avalon Holdings, LLC		Revolver		2/1/2029			675				—
LeadVenture, Inc.		Delayed Draw Term Loan		8/28/2026			826				(3	)
LegitScript, LLC		Revolver		6/24/2028			2,833				—
Lightspeed Buyer, Inc.		Delayed Draw Term Loan		6/1/2025			545				—
Lightspeed Buyer, Inc.		Revolver		2/3/2027			146				—
LogRhythm, Inc.		Revolver		7/2/2029			909				(16	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		8/29/2026			1,869				—
MAI Capital Management Intermediate, LLC		Revolver		8/29/2031			894				—
MHE Intermediate Holdings, LLC		Revolver		7/21/2027			2,000				—
MRI Software, LLC		Delayed Draw Term Loan		9/4/2026			34				—
MRI Software, LLC		Revolver		2/10/2027			2,174				(2	)
Magneto Components Buyco, LLC		Delayed Draw Term Loan		6/5/2025			3,035				(21	)
Magneto Components Buyco, LLC		Revolver		12/5/2029			2,529				(17	)
Magnolia Wash Holdings		Revolver		7/14/2028			71				(7	)
Majesco		Revolver		9/21/2027			1,575				—
Mantech International CP		Delayed Draw Term Loan		6/14/2025			636				—
Mantech International CP		Revolver		9/14/2028			507				—
Mobile Communications America, Inc.		Delayed Draw Term Loan		10/16/2025			1,553				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Mobile Communications America, Inc.		Revolver		10/16/2029			720				—
Model N, Inc.		Delayed Draw Term Loan		6/26/2026			3,265				—
Model N, Inc.		Revolver		6/27/2031			1,741				—
Montana Buyer, Inc.		Revolver		7/22/2028			812				—
NSi Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			1,316				(6	)
NSi Holdings, Inc.		Revolver		11/15/2031			1,316				(13	)
Nasuni Corporation		Revolver		9/10/2030			3,017				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		6/11/2029			431				(3	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		2/1/2025			878				(8	)
Oak Purchaser, Inc.		Revolver		4/28/2028			372				(3	)
Optimizely North America, Inc.		Revolver		10/30/2031			1,236				(12	)
PDFTron Systems, Inc.		Revolver		7/15/2026			5,133				(6	)
PDI TA Holdings, Inc.		Delayed Draw Term Loan		2/1/2026			2,301				(12	)
PDI TA Holdings, Inc.		Revolver		2/3/2031			2,280				(12	)
PMA Parent Holdings, LLC		Revolver		1/31/2031			214				(3	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		4/8/2026			2,937				—
Pareto Health Intermediate Holdings, Inc.		Delayed Draw Term Loan		6/20/2026			5,602				(28	)
Pareto Health Intermediate Holdings, Inc.		Revolver		6/1/2029			792				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			2,243				—
Peter C. Foy & Associates Insurance Services, LLC		Delayed Draw Term Loan		4/23/2026			269				(1	)
Peter C. Foy & Associates Insurance Services, LLC		Revolver		11/1/2027			832				—
Pound Bidco, Inc.		Delayed Draw Term Loan		2/1/2027			1,631				(4	)
Pound Bidco, Inc.		Delayed Draw Term Loan		2/1/2027			59				—
Pound Bidco, Inc.		Revolver		2/1/2027			1,163				(3	)
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026			700				(3	)
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028			238				—
Project Accelerate Parent, LLC		Revolver		2/24/2031			1,250				—
Project Boost Purchaser, LLC		Revolver		5/2/2028			273				—
Project Potter Buyer, LLC		Revolver		4/23/2026			1,173				—
Promptcare Infusion Buyer, Inc.		Delayed Draw Term Loan		10/19/2025			1,389				(18	)
Pye-Barker Fire & Safety, LLC		Delayed Draw Term Loan		5/24/2026			6,778				—
Pye-Barker Fire & Safety, LLC		Revolver		5/24/2030			3,189				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
RFS Opco, LLC		Revolver		4/4/2029			410				(2	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		11/1/2025			1,580				—
Randy's Holdings, Inc.		Revolver		11/1/2029			594				—
Raptor Merger Sub Debt, LLC		Revolver		4/1/2029			1,953				(7	)
Recovery Point Systems, Inc.		Revolver		8/12/2026			4,000				—
Redwood Services Group, LLC		Delayed Draw Term Loan		2/5/2026			151				(1	)
Revalize, Inc.		Revolver		4/15/2027			19				(1	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		8/30/2027			8,268				(22	)
Ridge Trail US Bidco, Inc.		Revolver		3/31/2031			2,012				(5	)
Riskonnect Parent, LLC		Delayed Draw Term Loan		3/1/2026			1,264				(10	)
Riskonnect Parent, LLC		Revolver		12/7/2028			915				(7	)
RoadOne IntermodaLogistics		Revolver		12/29/2028			255				(6	)
Routeware, Inc.		Delayed Draw Term Loan		9/18/2026			1,477				—
Routeware, Inc.		Revolver		9/18/2031			341				—
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			2,715				(13	)
Runway Bidco, LLC		Revolver		12/17/2031			1,357				(13	)
SV Newco 2, Inc.		Delayed Draw Term Loan		5/31/2026			14,319				(113	)
SV Newco 2, Inc.		Revolver		6/2/2031			8,591				(68	)
Securonix, Inc.		Revolver		4/5/2028			3,697				(327	)
Sherlock Buyer Corp.		Revolver		12/8/2027			1,286				—
Smarsh, Inc.		Delayed Draw Term Loan		2/18/2025			536				—
Smarsh, Inc.		Revolver		2/16/2029			161				—
Sonny's Enterprises, LLC		Delayed Draw Term Loan		6/5/2026			1,302				(42	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			875				(6	)
Spark Buyer, LLC		Revolver		10/15/2031			438				(6	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		3/24/2026			8,432				(47	)
Spectrum Automotive Holdings Corp.		Revolver		6/29/2027			881				(5	)
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		4/25/2026			1,125				(3	)
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026			625				—
Superman Holdings, LLC		Delayed Draw Term Loan		8/28/2026			6,552				—
Superman Holdings, LLC		Revolver		8/29/2031			2,901				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2025			1,128				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			341				—
Suveto		Revolver		9/9/2027			1,231				(12	)
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			240				(1	)
Sweep Purchaser, LLC		Revolver		6/30/2027			1,406				—
Tamarack Intermediate, LLC		Revolver		3/13/2028			900				—
Tank Holding Corp.		Delayed Draw Term Loan		11/22/2025			73				—
Tank Holding Corp.		Revolver		3/31/2028			800				(16	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		1/22/2027			661				—
Tidi Legacy Products, Inc.		Delayed Draw Term Loan		6/19/2025			494				(1	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			356				(1	)
Transit Technologies, LLC		Delayed Draw Term Loan		8/20/2026			2,841				—
Transit Technologies, LLC		Revolver		8/20/2030			1,704				—
Trintech, Inc.		Revolver		7/25/2029			2,092				(31	)
Triple Lift, Inc.		Revolver		5/5/2028			4,000				(171	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			755				(4	)
Trunk Acquisition, Inc.		Revolver		2/19/2026			857				(4	)
Two Six Labs, LLC		Delayed Draw Term Loan		10/9/2025			2,200				(6	)
Two Six Labs, LLC		Revolver		8/20/2027			2,134				(6	)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			2,208				(11	)
UHY Advisors, Inc.		Revolver		11/21/2031			584				(6	)
United Flow Technologies Intermediate Holdco II, LLC		Delayed Draw Term Loan		6/21/2026			4,465				—
United Flow Technologies Intermediate Holdco II, LLC		Revolver		6/21/2030			990				—
UpStack, Inc.		Delayed Draw Term Loan		8/23/2026			3,750				—
UpStack, Inc.		Revolver		8/25/2031			1,275				—
V Global Holdings, LLC		Revolver		12/22/2025			279				(14	)
VRC Companies, LLC		Revolver		6/29/2027			1,653				—
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		3/29/2026			87				—
Vehlo Purchaser, LLC		Delayed Draw Term Loan		10/5/2025			14,495				(91	)
Vehlo Purchaser, LLC		Revolver		5/24/2028			143				(1	)
Vensure Employer Services, Inc.		Delayed Draw Term Loan		9/27/2026			1,719				—
Verdantas, LLC		Delayed Draw Term Loan		11/8/2026			2,500				(18	)
Verdantas, LLC		Revolver		5/6/2030			1,754				(18	)

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

 

Investments — non-controlled/non-affiliated		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/1/2026			734				(3	)
Vertex Service Partners, LLC		Revolver		11/8/2030			53				—
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		7/24/2026			2,750				—
Vessco Midco Holdings, LLC		Revolver		7/24/2031			1,244				—
Victors Purchaser, LLC		Delayed Draw Term Loan		8/15/2026			1,213				—
Victors Purchaser, LLC		Revolver		8/15/2031			570				—
World Insurance Associates, LLC		Revolver		4/3/2028			1,269				(28	)
YI, LLC		Delayed Draw Term Loan		6/1/2025			1,178				—
YI, LLC		Revolver		12/3/2029			883				—
Zarya Intermediate, LLC		Revolver		7/1/2027			3,649				(4	)
iCIMS, Inc.		Revolver		8/18/2028			36				—
mPulse Mobile, Inc.		Revolver		12/17/2027			1,734				(22	)
Total First Lien Debt Unfunded Commitments						$	564,839			$	(3,621	)
Total Unfunded Commitments						$	564,839			$	(3,621	)

Additional Information

 

Interest Rate Swaps(a)(b)(c)

Counterparty

Hedged Instrument

Company Receives

Company Pays

Maturity Date

Notional Amount

Fair Value

Upfront Payments/ Receipts

Change in Unrealized Appreciation/ (Depreciation)

BNP Paribas

2029 Notes

6.41%

S + 2.37%

5/17/2029

350,000

445

—

445

 

(a)

Contains a variable rate structure. Bears interest at a rate determined by SOFR.

(b)

Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.

(c)

For further details, see Note 6 “Debt” to our consolidated financial statements included in this report.

 

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Morgan Stanley Direct Lending Fund

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

(In thousands, except shares and per share amounts)

(1) ORGANIZATION

Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investment operations in January 2020. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the “Adviser” or “Investment Adviser”).

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

On January 26, 2024, the Company closed its initial public offering (“IPO”), issuing 5,000,000 shares of its common stock, par value $0.001 per share (the “Common Stock”) at a public offering price of $20.67 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $97.1 million. The Company’s Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

(2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company's functional currency is U.S. Dollars ("USD") and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position, or the consolidated results of operations as previously reported.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company has formed wholly owned subsidiaries, which are structured as Delaware limited liability companies, for the purpose of holding certain investments in portfolio companies made by the Company. The Company’s wholly owned subsidiaries include: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“Financing SPV”), North Haven Private Credit CLO 1 LLC ("CLO 2025-1

 

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Issuer") and DLF Equity Holdings LLC (“Equity Holdings,” and collectively with CA SPV, DLF SPV, Financing SPV and CLO 2025-1 Issuer, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments with original maturities of three months or less, and restricted cash pledged as collateral. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Money Market Funds

Investments in money market funds are valued at NAV per share and are included in Investments in unaffiliated money market fund in the Consolidated Statements of Assets and Liabilities.

Foreign Currency Translation

The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company applies fair value to its investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Company's Board of Directors (the “Board of Directors” or the “Board”) has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge certain of the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain record-keeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so.

 

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Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to maintain its status as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of September 30, 2025 and December 31, 2024, the Company had certain investments in four and two portfolio companies, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2025 and December 31, 2024 was $47,551 and $8,117, respectively.

Offering Costs

Offering costs consist of fees and expenses incurred in connection with equity offerings. Offering costs are charged against the proceeds from equity offerings when proceeds are received.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes or installment debt are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.

 

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Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as distributions.

In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90 % of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98 % of its ordinary income for each calendar year, (2) 98.2 % of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and nine months ended September 30, 2025, the Company accrued $402 and $1,229 of U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2024, the Company accrued $501 and $1,437 of U.S. federal excise tax, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company’s chief operating decision maker (the “CODM”) includes the Chief Executive Officer, President, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company’s distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

(3) SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On November 25, 2019, the Company entered into an investment advisory agreement with our Adviser (the "Original Investment Advisory Agreement").

On January 24, 2024, the Company entered into the Amended and Restated Investment Advisory Agreement with the Adviser (as amended and restated, the “Investment Advisory Agreement”). The Investment Advisory Agreement was most recently re-approved by the Board in August 2025 and will continue from year to year if approved annually the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors").

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately borne by the stockholders.

Base Management Fee

 

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The Base Management Fee is calculated at an annual rate of 1.0 % of the Company's average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents.

Pursuant to the Investment Advisory Agreement, the Adviser agreed to irrevocably waive any portion of the Base Management Fee in excess of 0.75 % of the Company's average gross assets calculated in accordance with the Investment Advisory Agreement for the period from January 24, 2024 to January 24, 2025 (the “Waiver Period”).

Base Management Fees waived during the Waiver Period were not subject to recoupment by the Adviser. For services rendered under the Investment Advisory Agreement, the Base Management Fee is payable quarterly in arrears. Base Management Fees for any partial month or quarter will be appropriately pro-rated.

For the three and nine months ended September 30, 2025, Base Management Fees were $9,628 and $28,229, net of waiver, respectively. For the three and nine months ended September 30, 2024, Base Management Fees were and $6,825 and $18,437, net of waiver, respectively. As of September 30, 2025 and December 31, 2024, $9,628 and $7,042, respectively, were payable to the Investment Adviser relating to Base Management Fees.

Incentive Fee

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

i.

Incentive Fee Based on Income

The first part is determined and paid quarterly based on the Company's pre-incentive fee net investment income, and is subject to an Incentive Fee Cap (as defined below) pursuant to the Investment Advisory Agreement. Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below), any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays its Adviser an incentive fee on its aggregate pre-incentive fee net investment income in respect of (1) for the quarter ending March 31, 2024 (the “First Calendar Quarter”), the First Calendar Quarter, and (2) commencing with the quarter ending June 30, 2024, the current calendar quarter and eleven preceding calendar quarters beginning with the calendar quarter commencing on April 1, 2024 (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commence on or after April 1, 2024) (in either case, the “Trailing Twelve Quarters”).

Pre-incentive fee net investment income in respect of the First Calendar Quarter was compared to a hurdle rate equal to 1.5% (6% annualized), and, if pre-incentive fee net investment income for the First Calendar Quarter exceeded the hurdle rate, the incentive fee would be 100% of pre-incentive fee net investment income until the Adviser has received a “catch up” equal to 17.5%, plus 17.5% of pre-incentive fee net investment income above the catch up.

Commencing with the quarter ending June 30, 2024, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.5% per quarter (6.0% annualized) and (ii) the sum of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The incentive fee based on income for each calendar quarter will be determined as follows:

•

No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

•

100% of pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% in any calendar quarter (7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.8182%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 17.5% of the Company's pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter; and

•

17.5% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds 1.8182% in any calendar quarter (7.2728% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of the Company's pre-incentive fee net investment income that exceeds the catch-up amount is paid to the Adviser.

 

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Commencing with the quarter ending June 30, 2024, each income incentive fee is subject to an incentive fee cap (the “Incentive Fee Cap”) that in respect of any calendar quarter is an amount equal to 17.5% of the Cumulative Pre-Incentive Fee Net Return (as defined herein) during the Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of incentive fee based on income that would otherwise be payable, the amount of incentive fee based on income shall be reduced to an amount equal to the Incentive Fee Cap.

“Cumulative Pre-Incentive Fee Net Return” (A) during the First Calendar Quarter, the sum of pre-incentive fee net investment income in the First Calendar Quarter and (B) during the relevant Trailing Twelve Quarters, the sum of (x) pre-incentive fee net investment income in respect of the Trailing Twelve Quarters and (y) Adjusted Capital Returns (as defined below) in respect of the Trailing Twelve Quarters. If, in any calendar quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no income incentive fee to the Adviser in respect of that quarter. If, in any calendar quarter, the Incentive Fee Cap is a positive value but is less than the incentive fee calculated as described above, the Company shall pay the Adviser the Income Incentive Fee Cap in respect of such quarter. If, in any calendar quarter, the Incentive Fee Cap is equal to or greater than the incentive fee calculated as described above, the Company shall pay the Adviser the incentive fee in respect of such quarter. “Adjusted Capital Returns” in respect of a particular period means the sum of aggregate realized losses and aggregate realized capital gains in respect of such period.

For the Waiver Period, the Adviser irrevocably waived its right to receive each component of the income incentive fee in excess of amounts calculated as described above using (1) 15% instead of 17.5% and (2) a catch-up amount (as applicable) calculated using 1.7647% in place of 1.8182%. For periods in which the waiver described in this paragraph was in effect for less than a full quarter or calendar year, as applicable, the applicable incentive fee shall be calculated at a weighted rate during the applicable days in such period during the Waiver Period.

For the three and nine months ended September 30, 2025, income based incentive fees were $9,281 and $28,029, net of waiver respectively. For the three and nine months ended September 30, 2024, income based incentive fees were $8,448 and $28,476, net of waiver respectively. As of September 30, 2025 and December 31, 2024, $9,281 and $8,956, respectively, were payable to the Investment Adviser relating to income based incentive fees.

ii.

Incentive Fee Based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of realized capital gains, if any, on a cumulative basis from the date of the Company's election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). For the purpose of computing the incentive fee on capital gains, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the capital gains incentive fee.

For the calendar years ended December 31, 2024 and December 31, 2025, the Adviser has irrevocably waived any capital gains incentive fee in excess of amounts calculated as described above using 15.0% instead of 17.5% in the calculation of any such capital gains incentive fee solely with respect to the Waiver Period, such that the capital gains incentive fee shall be calculated at a weighted rate calculated based on this waiver being applicable only during the applicable days in such calendar year during the Waiver Period, based, in each case, on the number of days in the applicable year.

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 17.5% (or 15% during the Waiver Period) of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three and nine months ended September 30, 2025, the Investment Adviser accrued $0 and $0 capital gains incentive fees. For the three and nine months ended September 30, 2024, the Investment Adviser accrued $0 and $0 capital gains incentive fees. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

As of September 30, 2025 and December 31, 2024, $0 and $0, respectively, were payable to the Investment Adviser relating to capital gains incentive fees payable.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and

 

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the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement will continue from year to year if approved annually by the Board, including a majority of the Independent Directors. The Administration Agreement was most recently re-approved in August 2025.

For the three and nine months ended September 30, 2025, the Company incurred $81 and $228, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

For the three and nine months ended September 30, 2024, the Company incurred $138 and $180, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 were $133 and $29, respectively.

Sub-Administration Agreement

The Company has entered into sub-administration agreement with State Street Bank and Trust Company (the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and administrative services to the Company. The Sub-Administrator also serves as the Company’s custodian, transfer agent, distribution paying agent and registrar.

MS Credit Partners Holdings, Inc. Investment

MS Credit Partners Holdings, Inc. ("MS Credit Partners Holdings"), a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200,000 to the Company pursuant to a subscription agreement entered into in December 2019, which had been fully funded as of October 4, 2023. As of September 30, 2025 and December 31, 2024, MS Credit Partners Holdings held approximately 11.2% and 11.0% of the Company’s outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

Morgan Stanley & Co. Related Transactions

Morgan Stanley & Co. LLC served as an underwriter in the IPO and received $1,241 of underwriting fees at closing on January 26, 2024.

Morgan Stanley & Co. LLC served as an initial purchaser in connection with the private placement of the Company’s 2029 Notes (as defined below in Note 6. “Debt”) and received fees of $210 at closing on May 27, 2024.

Morgan Stanley & Co. LLC served as an underwriter in connection with the public offering of the Company’s 2030 Notes (as defined below in Note 6. “Debt”) and received fees of $210 at closing on May 19, 2025.

(4) INVESTMENTS

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled/ non-affiliated, non-controlled/affiliated or controlled/affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio at cost and fair value was as follows:

 

	September 30, 2025													December 31, 2024
	Cost				Fair Value				% of Total Investments at Fair Value					Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt	$	3,686,876			$	3,638,914				96.3		%		$	3,669,886			$	3,654,538				96.5		%
Second Lien Debt		82,757				72,101				1.9					78,803				69,367				1.8
Other Debt Investments		11,566				9,954				0.3					9,755				9,198				0.2
Equity		56,523				54,828				1.5					54,683				58,391				1.5
Total	$	3,837,722			$	3,775,797				100.0		%		$	3,813,127			$	3,791,494				100.0		%

 

 

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The industry composition of investments at fair value was as follows:

 

	September 30, 2025				December 31, 2024
Aerospace & Defense		2.3		%		2.2		%
Air Freight & Logistics		0.4				0.3
Automobile Components		3.1				3.0
Automobiles		3.7				3.6
Beverages		0.1				—
Biotechnology		—				0.7
Building Products		0.4				0.4
Chemicals		0.5				0.5
Commercial Services & Supplies		9.4				9.1
Construction & Engineering		2.2				2.0
Consumer Staples Distribution & Retail		0.8				0.7
Containers & Packaging		1.2				1.2
Distributors		2.0				2.3
Diversified Consumer Services		4.9				4.7
Electrical Equipment		0.3				0.1
Electronic Equipment, Instruments & Components		2.3				2.1
Financial Services		3.4				2.5
Food Products		1.3				2.0
Ground Transportation		1.0				0.6
Health Care Equipment & Supplies		0.3				0.6
Health Care Providers & Services		5.0				5.0
Health Care Technology		1.6				1.6
Industrial Conglomerates		1.6				1.2
Insurance Services		10.2				12.0
Interactive Media & Services		2.1				2.6
IT Services		8.6				8.9
Life Sciences Tools & Services		0.3				0.3
Machinery		1.1				0.9
Multi-Utilities		0.6				0.6
Pharmaceuticals		0.6				0.3
Professional Services		5.2				5.4
Real Estate Management & Development		3.7				3.6
Software		19.5				18.9
Wireless Telecommunication Services		0.3				0.1
Total		100.0		%		100.0		%

 

The geographic composition of investments at cost and fair value was as follows:

 

	September 30, 2025													December 31, 2024
	Cost				Fair Value				% of Total Investments at Fair Value					Cost				Fair Value				% of Total Investments at Fair Value
Australia	$	12,976			$	13,147				0.3		%		$	8,798			$	8,970				0.2		%
Canada		126,977				127,843				3.4					153,734				154,953				4.1
United Kingdom		12,807				12,918				0.3					12,411				12,196				0.3
United States		3,684,962				3,621,889				96.0					3,638,184				3,615,375				95.4
Total	$	3,837,722			$	3,775,797				100.0		%		$	3,813,127			$	3,791,494				100.0		%

 

 

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(5) FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below).

As part of the valuation process, the Valuation Designee takes into account relevant factors and appropriate techniques in determining the fair value of the Company’s investments, with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses.

Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:

•

With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

•

With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser’s valuation policy;

•

The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

•

The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser’s senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

 

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•

Each quarter, the Company's audit committee (the "Audit Committee") reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and

•

The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of investments:

 

		September 30, 2025																December 31, 2024
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	20,450			$	3,618,464			$	3,638,914			$	—			$	51,329			$	3,603,209			$	3,654,538
Second Lien Debt			—				22,504				49,597				72,101				—				36,016				33,351				69,367
Other Debt Investments			—				—				9,954				9,954				—				—				9,198				9,198
Equity			—				—				38,844				38,844				—				—				41,198				41,198
Subtotal		$	—			$	42,954			$	3,716,859			$	3,759,813			$	—			$	87,345			$	3,686,956			$	3,774,301
Investment measured at net asset value(1)															15,984																17,193
Total Investments														$	3,775,797															$	3,791,494
Cash and cash equivalents		$	65,472			$	—			$	—			$	65,472			$	63,396			$	—			$	—			$	63,396
Unaffiliated money market fund		$	10,051			$	—			$	—			$	10,051			$	8,976			$	—			$	—			$	8,976

 

(1)

The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2025:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,630,247			$	49,743			$	9,773			$	37,172			$	3,726,935
Purchases of investments(1)			196,970				—				—				1,584				198,554
Proceeds from principal repayments and sales of investments(2)			(200,094	)			—				—				(349	)			(200,443	)
Accretion of discount/amortization of premium			4,045				30				6				—				4,081
Payment-in-kind			3,158				289				279				598				4,324
Net change in unrealized appreciation (depreciation)			(15,841	)			(465	)			(104	)			(204	)			(16,614	)
Net realized gains (losses)			(21	)			—				—				43				22
Transfers into/(out) of Level 3(3)			—				—				—				—				—
Fair value, end of period		$	3,618,464			$	49,597			$	9,954			$	38,844			$	3,716,859
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025		$	(15,169	)		$	(465	)		$	(104	)		$	(204	)		$	(15,942	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

 

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2025:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,603,209			$	33,351			$	9,198			$	41,198			$	3,686,956
Purchases of investments(1)			606,319				3,064				1,021				2,738				613,142
Proceeds from principal repayments and sales of investments(2)			(610,206	)			—				—				(4,498	)			(614,704	)
Accretion of discount/amortization of premium			12,073				79				16				—				12,168
Payment-in-kind			10,177				804				772				1,625				13,378
Net change in unrealized appreciation (depreciation)			(31,910	)			(1,278	)			(1,053	)			(4,194	)			(38,435	)
Net realized gains (losses)			(1,366	)			—				—				1,975				609
Transfers into/(out) of Level 3(3)			30,168				13,577				—				—				43,745
Fair value, end of period		$	3,618,464			$	49,597			$	9,954			$	38,844			$	3,716,859
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025		$	(29,045	)		$	(1,278	)		$	(1,053	)		$	(2,824	)		$	(34,200	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2024:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,319,052			$	67,286			$	8,467			$	41,505			$	3,436,310
Purchases of investments(1)			374,998				—				—				1,222				376,220
Proceeds from principal repayments and sales of investments(2)			(232,124	)			(19,000	)			—				(1,481	)			(252,605	)
Accretion of discount/amortization of premium			4,355				272				5				—				4,632
Payment-in-kind			1,902				238				222				274				2,636
Net change in unrealized appreciation (depreciation)			(2,760	)			9,875				115				(1,721	)			5,509
Net realized gains (losses)			(219	)			(10,505	)			—				(244	)			(10,968	)
Transfers into/(out) of Level 3(3)			—				—				—				—				—
Fair value, end of period		$	3,465,204			$	48,166			$	8,809			$	39,555			$	3,561,734
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024		$	(2,555	)		$	(399	)		$	115			$	(1,003	)		$	(3,842	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

 

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2024:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	2,979,870			$	96,848			$	2,064			$	38,572			$	3,117,354
Purchases of investments(1)			1,035,811				836				5,770				3,738				1,046,155
Proceeds from principal repayments and sales of investments(2)			(569,419	)			(44,229	)			—				(1,481	)			(615,129	)
Accretion of discount/amortization of premium			11,099				698				11				—				11,808
Payment-in-kind			6,479				604				336				1,555				8,974
Net change in unrealized appreciation (depreciation)			8,261				3,914				628				(2,585	)			10,218
Net realized gains (losses)			(4,969	)			(10,505	)			—				(244	)			(15,718	)
Transfers into/(out) of Level 3(3)			(1,928	)			—				—				—				(1,928	)
Fair value, end of period		$	3,465,204			$	48,166			$	8,809			$	39,555			$	3,561,734
Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024		$	4,396			$	(612	)		$	628			$	(2,151	)		$	2,261

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

 

		September 30, 2025
										Range(1)
Asset Category		Fair Value				Valuation Technique(2)		Significant Unobservable Input		Low				High				Weighted Average(3)
Investments in first lien debt		$	3,593,254			Yield Analysis		Discount Rate			6.77	%			29.40	%			9.56	%
			25,210			Market Approach		EBITDA Multiple		7.50x				10.00x				8.65x
Investments in second lien debt			46,451			Yield Analysis		Discount Rate			10.02	%			21.43	%			18.85	%
			3,146			Market Approach		EBITDA Multiple										8.25x
Investments in other securities:
Other debt investments			8,868			Yield Analysis		Discount Rate			14.45	%			15.20	%			14.62	%
			1,086			Market Approach		EBITDA Multiple		8.25x				9.00x				8.25x
Preferred equity			19,310			Income Approach		Discount Rate			11.59	%			15.66	%			12.72	%
			4,028			Market Approach		EBITDA Multiple		8.25x				15.43x				13.36x
Common equity			12,108			Market Approach		EBITDA Multiple		1.50x				24.60x				11.59x
			3,398			Market Approach		Revenue Multiple		3.30x				22.25x				10.65x
Total Investments		$	3,716,859

 

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the nine months ended September 30, 2025, two preferred equity positions with a combined fair value of $2.8 million transitioned from an income approach to a market approach valuation technique, three debt investments with a combined fair value of $25.2 million transitioned from a yield analysis to market approach valuation technique, and one debt investment with a fair value of $0.2 million transitioned from market approach to yield analysis valuation technique.

(3)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

 

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		December 31, 2024
										Range(1)
Asset Category		Fair Value				Valuation Technique(2)		Significant Unobservable Input		Low				High				Weighted Average(3)
Investments in first lien debt		$	3,597,236			Yield Analysis		Discount Rate			8.05	%			34.06	%			10.31	%
			5,973			Market Approach		EBITDA Multiple										6.50x
Investments in second lien debt			33,351			Yield Analysis		Discount Rate			10.18	%			16.41	%			15.09	%
Investments in other securities
Other debt investments			8,313			Yield Analysis		Discount Rate			9.42	%			14.90	%			10.74	%
			885			Market Approach		EBITDA Multiple										9.00x
Preferred equity			22,694			Income Approach		Discount Rate			12.15	%			17.50	%			13.71	%
			923			Market Approach		EBITDA Multiple										8.50x
Common equity			14,442			Market Approach		EBITDA Multiple		3.90x				18.70x				13.47x
			3,139			Market Approach		Revenue Multiple		7.60x				12.70x				8.80x
Total Investments		$	3,686,956

 

(1)

For an asset category that contains a single investment, the range is not included.

(2)

During the year ended December 31, 2024, one unsecured debt position with a fair value of $2.01 million transitioned from an income approach to a yield analysis valuation technique.

(3)

Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is based on third party pricing received by the Company. The fair value of the Company’s credit facilities, CLO 2025-1 Issued Debt (as defined below), 2025 Notes, 2029 Notes and 2030 Notes (each as defined in Note 6) is estimated in accordance with the Company's valuation policy. The carrying value, fair value and level of the Company’s debt were as follows:

 

				September 30, 2025								December 31, 2024
		Level		Carrying Value				Fair Value				Carrying Value				Fair Value
BNP Funding Facility		3		$	351,000			$	351,000			$	316,000			$	316,000
Truist Credit Facility		3			293,120				293,120				617,401				617,401
CLO 2025-1 Issued Debt(1)		3			306,196				309,000				—				—
2027 Notes(2)		2			423,171				423,895				422,174				418,370
2025 Notes(2)		3			—				—				274,144				275,000
2029 Notes(2)(3)		3			351,822				357,462				343,760				350,455
2030 Notes(2)(3)		3			347,091				354,581				—				—
Total				$	2,072,400			$	2,089,059			$	1,973,479			$	1,977,226

 

(1)

As of September 30, 2025 and December 31, 2024, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,804 and $0, respectively.

(2)

As of September 30, 2025, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,537, $0, $2,823 and $4,016 and unamortized original issuance discount of $292, $0, $2,817 and $3,475, respectively. As of December 31, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856, $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(3)

Inclusive of change in fair market value of effective hedge.

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

 

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(6) DEBT

The Company’s debt obligations were as follows.

 

		September 30, 2025													December 31, 2024
		Aggregate Principal Committed				Outstanding Principal				Unused Portion					Aggregate Principal Committed				Outstanding Principal				Unused Portion
BNP Funding Facility		$	600,000			$	351,000			$	249,000				$	600,000			$	316,000			$	284,000
Truist Credit Facility(1)			1,450,000				293,120				1,147,105					1,300,000				617,401				680,770
CLO 2025-1 Issued Debt(2)			309,000				309,000				—					—				—				—
2027 Notes(3)			425,000				425,000				—					425,000				425,000				—
2025 Notes(3)(4)			—				—				—					275,000				275,000				—
2029 Notes(3)			350,000				350,000				—					350,000				350,000				—
2030 Notes(3)			350,000				350,000				—					—				—				—
Total		$	3,484,000			$	2,078,120			$	1,396,105				$	2,950,000			$	1,983,401			$	964,770

 

(1)

As of September 30, 2025 and December 31, 2024, a letter of credit of $9,775 and $1,828, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 3,298 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.

(2)

As of September 30, 2025 and December 31, 2024, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,804 and $0, respectively.

(3)

As of September 30, 2025, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,537, $0, $2,823 and $4,016 and unamortized original issuance discount of $292, $0, $2,817 and $3,475, respectively. As of December 31, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856, $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(4)

The 2025 Notes were redeemed on June 16, 2025.

The Company's summary information of its debt obligations were as follows:

 

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Combined weighted average interest rate (1)			5.85	%			6.45	%				5.96	%			6.56	%
Combined weighted average effective interest rate (2)			6.32	%			6.89	%				6.40	%			7.00	%
Combined weighted average debt outstanding		$	2,021,437			$	1,799,879				$	2,032,797			$	1,614,402

 

(1)

Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

(2)

Excludes unused commitment fees and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes.

BNP Funding Facility

On October 14, 2020, Financing SPV entered into a Revolving Credit and Security Agreement (as amended, restated or otherwise modified from time to time, the “Credit and Security Agreement”) with Financing SPV, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of September 30, 2025, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 1.95% and, after the reinvestment period, 2.45%. The obligations of Financing SPV under the BNP Funding Facility are secured by the assets held by Financing SPV. The BNP Funding Facility reinvestment period ends on August 21, 2027, and the facility has a final maturity date of August 21, 2029.

The summary information of the BNP Funding Facility is as follows:

 

				For the Three Months Ended									For the Nine Months Ended
				September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense				$	5,727			$	4,137				$	16,170			$	15,382
Facility unused commitment fees					323				736					1,258				1,523
Amortization of deferred financing costs					416				346					1,225				1,173
Total				$	6,466			$	5,219				$	18,653			$	18,078
Weighted average interest rate					6.55	%			7.90	%				6.56	%			8.10	%
Weighted average effective interest rate					7.02	%			8.56	%				7.06	%			8.75	%
Weighted average outstanding balance				$	342,250			$	204,957				$	324,846			$	249,387

 

 

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Truist Credit Facility

On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (as amended, restated or otherwise modified from time to time, the “Truist Credit Facility”). The maximum principal amount of the Truist Credit Facility is $1,450,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of September 30, 2025, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $2,175,000. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to, (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) Term SOFR (as defined in the Truist Credit Facility agreement) on such day plus 1% per annum) plus either (A) 0.65% or (B) 0.775%, based on certain borrowing base conditions and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus (A) 1.65% or (B) 1.775% per annum, based on certain borrowing base conditions, or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.350% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The availability period of the Truist Credit Facility will terminate on February 23, 2029 and has a final maturity date of February 25, 2030.

The summary information of the Truist Credit Facility is as follows:

 

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense		$	8,047			$	10,182				$	27,273			$	27,342
Facility unused commitment fees			882				741					2,324				2,156
Amortization of deferred financing costs			651				524					1,853				1,553
Total		$	9,580			$	11,447				$	31,450			$	31,051
Weighted average interest rate			6.21	%			7.31	%				6.24	%			7.33	%
Weighted average effective interest rate			6.71	%			7.69	%				6.66	%			7.78	%
Weighted average outstanding balance		$	507,165			$	544,923				$	576,812			$	490,015

 

Unsecured Notes

2027 Notes

On February 11, 2022, the Company issued $425,000 in aggregate principal amount of 4.50% notes due 2027 (the restricted securities initially issued on February 11, 2022 together with the unrestricted securities issued pursuant to the exchange offer described below, the “2027 Notes”) pursuant to the First Supplemental Indenture dated February 11, 2022 (the “First Supplemental Indenture”), which supplements a base indenture, dated as of February 11, 2022 (as may be further amended, supplemented or otherwise modified from time to time, the “Base Indenture” and together with the First Supplemental Indenture, the “February 2027 Notes Indenture”).

The 2027 Notes will mature on February 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2027 Notes Indenture. Interest on the 2027 Notes is due semiannually in February and August of each year. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-264774), filed on July 20, 2022, the Company closed an exchange offer in which holders of the 2027 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 85.87% of the outstanding principal of the then restricted 2027 Notes obtained registered unrestricted 2027 Notes.

 

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The summary information of 2027 Notes is as follows:

 

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense		$	4,781			$	4,781				$	14,344			$	14,344
Accretion of original issuance discount			54				53					160				159
Amortization of debt issuance costs			536				283					1,096				851
Total		$	5,371			$	5,117				$	15,600			$	15,354
Stated interest rate			4.50	%			4.50	%				4.50	%			4.50	%
Weighted average effective interest rate			4.95	%			4.71	%				4.84	%			4.76	%

 

2025 Notes

On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes had a fixed interest rate of 7.55% per year. The 2025 Notes were redeemed on June 16, 2025 in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes was due semiannually in February and August of each year. The Company’s obligations under the Note Purchase Agreement were general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The summary information of 2025 Notes is as follows:

 

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense		$	—			$	5,191				$	9,516			$	15,572
Amortization of debt issuance costs			—				305					605				910
Total		$	—			$	5,496				$	10,121			$	16,482
Stated interest rate			—	%			7.55	%				7.55	%			7.55	%
Weighted average effective interest rate			—	%			7.82	%				7.98	%			7.90	%

 

2029 Notes

On May 17, 2024, the Company issued $350,000 in aggregate principal amount of 6.150% notes due 2029 (the “2029 Notes”), pursuant to the Second Supplemental Indenture dated May 17, 2024 (the “Second Supplemental Indenture”), which supplements the Base Indenture (together with the Second Supplemental Indenture, the “March 2029 Notes Indenture”).

The 2029 Notes will mature on May 17, 2029 and may be redeemed in whole or in part at the Company’s option at any time prior to April 17, 2029 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the March 2029 Notes Indenture and at par value on April 17, 2029 or thereafter. Interest on the 2029 Notes is due semiannually in May and November of each year. The 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-283653), which went effective on January 14, 2025, the Company closed an exchange offer in which holders of the 2029 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 99.32% of the outstanding principal of the then restricted 2029 Notes obtained registered, unrestricted 2029 Notes.

In connection with the offering of the 2029 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.413% per annum and pays a floating interest rate of SOFR + 2.37% per annum on $350,000 of the 2029 Notes on a quarterly basis, commencing with the quarter ended September 30, 2025. For the three and nine months ended September 30, 2025, the Company made payments of $6,054 and $6,054, respectively. The swap adjusted interest expense is included as a component of “interest and other financing expenses” on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $7,483. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of “accrued expenses and other liabilities” or “other assets” on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2029 Notes, with the remaining difference included as a component of interest and other “financing expenses” on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

 

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The summary information of 2029 Notes is as follows:

 

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense		$	5,699			$	5,381				$	16,647			$	8,012
Accretion of original issuance discount			196				197					581				293
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			21				(26	)				(30	)			(33	)
Amortization of debt issuance costs			203				322					777				480
Total		$	6,119			$	5,874				$	17,975			$	8,752
Stated interest rate			6.15	%			6.15	%				6.15	%			6.15	%
Weighted average effective interest rate			6.82	%			6.57	%				6.78	%			6.57	%

 

2030 Notes

On May 19, 2025, the Company issued $350,000 in aggregate principal amount of 6.000% notes due 2030 (the “2030 Notes”), pursuant to the Third Supplemental Indenture dated May 19, 2025 (the “Third Supplemental Indenture”), which supplements the Base Indenture (together with the Third Supplemental Indenture, the “2030 Notes Indenture”).

The 2030 Notes will mature on May 19, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to April 19, 2030 at par value plus a “make-whole” premium calculated in accordance with terms under “optional redemption” in the Indenture and at par value on April 19, 2030 or thereafter. The 2030 Notes bear interest at a rate of 6.000% per year payable semi-annually on May 19 and November 19 of each year, commencing on November 19, 2025. The Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the offering of the 2030 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of SOFR + 2.54% per annum on $350,000 of the 2030 Notes on a quarterly basis, commencing with the quarter ending June 30, 2026. For the three and nine months ended September 30, 2025, the Company paid no periodic payments. The swap adjusted interest expense is included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $4,580. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "other assets" on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2030 Notes, with the remaining difference included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of 2030 Notes is as follows:

 

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense		$	5,250			$	—				$	7,700			$	—
Accretion of original issuance discount			189				—					277				—
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			11				—					2				—
Amortization of debt issuance costs			208				—					300				—
Total		$	5,658			$	—				$	8,279			$	—
Stated interest rate			6.00	%			—	%				6.00	%			—	%
Weighted average effective interest rate			6.31	%			—	%				6.31	%			—	%

 

 

Debt Securitization

 

The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

 

CLO 2025-1 Notes

 

On September 17, 2025 (the "Closing Date"), CLO 2025-1 Issuer completed a $401.2 million term debt securitization (the “2025-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage

 

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requirement. The notes and loans offered in the 2025-1 Debt Securitization (collectively, the “CLO 2025-1 Notes”) were issued by CLO 2025-1 Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company.

 

The 2025-1 Debt Securitization is backed by a diversified portfolio of senior secured loans. Through October 20, 2029, all principal collections received on the underlying collateral may be used by 2025-1 CLO Issuer to purchase new collateral under the direction of the Company, in its capacity as collateral servicer of 2025-1 CLO Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025-1 Debt Securitization. The Class A-1, Class A-2. Class B, Class C and Class D Notes (together, the "Secured Notes") and Class A-1 Loan (the "Secured Loan") are due, or mature on, October 20, 2037. The subordinated notes are due in October 2125.

 

As of September 30, 2025, there were 103 portfolio companies with a total fair value of $397,928 securing the CLO 2025-1 Debt The pool of loans in the 2025-1 Debt Securitization must meet certain requirements, set forth in the documents governing the 2025-1 Debt Securitization.

 

Under the terms of the loan sale agreement entered into upon the Closing Date (the “Master Loan Sale Agreement”) that provided for the sale of assets on the Closing Date, the Company sold and/or contributed to CLO 2025-1 the remainder of its ownership interest in the portfolio company investments securing the 2025-1 Debt Securitization for the purchase price and other consideration set forth in the Master Loan Sale Agreement. Following this transfer, CLO 2025-1, and not the Company, holds all of the ownership interest in such portfolio company investments. The Company made customary representations, warranties and covenants in these loan sale agreements.

 

The following table presents information on the CLO 2025-1 Debt incurred in the 2025-1 Debt Securitization:

 

				September 30, 2025
Description		Type		Principal Outstanding				Interest Rate			Credit Rating
Class A-1		Senior Secured Floating Rate			182,000			S + 1.54%			AAA
Class A-1 Loan		Senior Secured Floating Rate			50,000			S + 1.54%			AAA
Class A-2		Senior Secured Floating Rate			16,000			S + 1.70%			AAA
Class B		Senior Secured Floating Rate			24,000			S + 1.90%			AA
Class C		Secured Deferrable Floating Rate			32,000			S + 2.40%			A
Class D(1)		Secured Deferrable Floating Rate			24,000			S + 3.55%			BBB-
Total CLO 2025-1 Senior Secured Debt					328,000
Subordinated Notes(2)					73,200			None			Not Rated
Total CLO 2025-1 Debt					401,200

(1)

The Company retained $19.0 million of the Class D Notes.

(2)

The Company retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation.

 

The summary information of the CLO 2025-1 Issued Debt is as follows:

		For the Three Months Ended									For the Nine Months Ended
		September 30, 2025				September 30, 2024					September 30, 2025				September 30, 2024
Borrowing interest expense		$	701			$	—				$	701			$	—
Amortization of debt issuance costs			8				—					8				—
Total		$	709			$	—				$	709			$	—
Stated interest rate			5.83	%			—	%				5.83	%			—	%
Weighted average effective interest rate			5.90	%			—	%				5.90	%			—	%

 

 

(7) COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had $519,349 and $564,839 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

 

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(8) NET ASSETS

Equity

The following table shows the components of total distributable earnings (loss) as shown on the Consolidated Statements of Assets and Liabilities:

 

		As of
		September 30, 2025				December 31, 2024
Total distributable earnings (loss), beginning of period		$	29,624			$	8,459
Net investment income (loss) after taxes			133,615				220,235
Net realized gain (loss)			666				(16,467	)
Net unrealized appreciation (depreciation)			(40,914	)			11,796
Dividends declared			(130,897	)			(195,729	)
Tax reclassification of stockholders’ equity			—				1,330
Total distributable earnings (loss), end of period		$	(7,906	)		$	29,624

 

On January 26, 2024, the Company closed its IPO, issuing 5,000,000 shares of its Common Stock at a public offering price of $20.67 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of approximately $97.1 million. The Company’s Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

In connection with the IPO, the Company redeemed any fractional shares of Common Stock outstanding for cash in an amount equal to the pro rata portion of $20.67 per share of Common Stock, which was the initial public offering price in the IPO.

At-the-market (“ATM”) Offering

The Company may, from time to time, issue and sell shares of its common stock through public or ATM offerings.

On March 28, 2025, the Company entered into equity distribution agreements (the “Equity Distribution Agreements”) by and among the Company, the Adviser and each of Truist Securities, Inc., Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, Raymond James & Associates, Inc. and Regions Securities LLC (collectively, the “Sales Agents”).

The Equity Distribution Agreements provided that the Company could, from time to time, issue and sell shares of its Common Stock having an aggregate offering price of up to $300,000 through the Sales Agents, or to them as principal for their own respective accounts. Sales of the shares, if any, will be made in negotiated transactions or transactions that are deemed to be an ATM offering as defined in Rule 415(a)(4) under the Securities Act including sales made directly on or through The New York Stock Exchange or a similar securities exchange, sales made to or through a market maker other than on an exchange, at market prices related to prevailing market prices or negotiated prices. The Sales Agents are entitled to receive a commission from the Company of up to 1.5% of the gross sales price of any shares sold through or to the Sales Agents under the Equity Distribution Agreements.

For the three and nine months ended September 30, 2025, there were no shares issued through ATM offerings.

Distributions

The Company adopted an “opt out” DRIP on January 26, 2024 as further amended and restated effective December 7, 2024 (the "DRIP"). As a result, the Company’s stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. The shares of Common Stock distributed in the Company’s DRIP are either through (i) newly issued shares of Common Stock or (ii) acquired by the plan administrator through the purchase of outstanding shares of Common Stock on the open market. If, on the payment date for any distribution, the most recently computed net asset value per share as of the DRIP is equal to or less than the closing market price plus estimated per share fees, the plan administrator will invest the distribution amount in newly issued shares of Common Stock. Otherwise, the plan administrator will invest the dividend amount in shares acquired by purchasing shares of Common Stock on the open market. The following table summarizes the distributions declared on shares of the Company’s Common Stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP.

 

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The following table summarizes the Company’s distributions declared as well as the DRIP shares issued for the nine months ended September 30, 2025 and September 30, 2024:

 

Date Declared		Record Date		Payment Date		Per Share Amount				Shares
For the nine months ended September 30, 2025
February 27, 2025		March 31, 2025		April 25, 2025		$	0.50				438,274		(2)
May 08, 2025		June 30, 2025		July 25, 2025			0.50				400,773		(2)
August 05, 2025		September 30, 2025		October 24, 2025			0.50				434,456		(2)
						$	1.50				1,273,503
For the nine months ended September 30, 2024
February 29, 2024		March 29, 2024		April 25, 2024		$	0.50				512,519
May 08, 2024		June 28, 2024		July 25, 2024			0.50				553,637		(2)
January 11, 2024		August 05, 2024		October 25, 2024			0.10				111,159		(1)(2)
August 06, 2024		September 30, 2024		October 25, 2024			0.50				546,673		(2)
						$	1.60				1,723,988

 

(1)

Represents a special distribution declared by the Board on January 11, 2024.

(2)

In accordance with the Company’s DRIP, shares were purchased in the open market.

Share Repurchase Plan

On January 25, 2024, the Company entered into a share repurchase plan (the "Company 10b5-1 Plan") to acquire up to $100 million in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company 10b5-1 Plan was approved by the Board of Directors on September 11, 2023 (the "Original Company 10b5-1 Plan"). On February 27, 2025, the Board authorized an amended and restated share repurchase plan (or the "Amended and Restated Company 10b5-1 Plan"). Under the Amended and Restated Company 10b5-1 Plan, the Company may acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The Amended and Restated Company 10b5-1 Plan will terminate upon the earliest to occur of (i) 24-months from the commencement date of the Original Company 10b5-1 Plan, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Amended and Restated Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Amended and Restated Company 10b5-1 Plan.

The Amended and Restated Company 10b5-1 Plan requires Wells Fargo Securities, LLC, as the Company’s agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Amended and Restated Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Amended and Restated Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common Stock will be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Amended and Restated Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Amended and Restated Company 10b5-1 Plan commenced on February 28, 2025.

 

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The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan and the Amended and Restated Company 10b5-1 Plan during the nine months ended September 30, 2025:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2025*			11,401			$	20.31				11,401			$	81.9
February 1 - February 27, 2025*			—				—				—				81.9
February 28, 2025			20,789				20.24				20,789				99.6
March 1 - March 31, 2025			459,142				20.38				459,142				90.2
April 1 - April 30, 2025			753,096				18.79				753,096				76.1
May 1 - May 31, 2025			277,558				19.22				277,558				70.7
June 1 - June 30, 2025			26,473				19.54				26,473				70.2
July 1 - July 31, 2025			93,507				18.99				93,507				68.4
August 1 - August 31, 2025			57,910				18.45				57,910				67.4
September 1 - September 30, 2025			—				—				—				67.4
Total Repurchases			1,699,876								1,699,876

 

* Purchased under the Original Company 10b5-1 Plan

The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan during the nine months ended September 30, 2024:

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - June 30, 2024			—			$	—				—			$	100.0
July 1 - July 31, 2024			39,344				19.99				39,344				99.2
August 1 - August 31, 2024			217,796				20.10				217,796				94.8
September 1 - September 30, 2024			172,513				20.04				172,513				91.4
Total Repurchases			429,653								429,653

 

 

(9) EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Numerator—net increase/(decrease) in net assets resulting    from operations		$	27,601			$	53,206			$	93,367			$	163,935
Denominator—weighted average shares outstanding			86,844,648				89,264,686				87,476,954				88,633,994
Basic and diluted earnings (loss) per share		$	0.32			$	0.60			$	1.07			$	1.85

 

 

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(10) CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights (dollar amounts in thousands, except per share amounts):

 

		For the Nine Months Ended
		September 30, 2025				September 30, 2024
Per Share Data:(1)
Net asset value, beginning of period		$	20.81			$	20.67
Net investment income (loss)			1.53				1.91
Net unrealized and realized gain (loss)(2)			(0.43	)			(0.07	)
Net increase (decrease) in net assets resulting from operations			1.10				1.84
Dividends declared			(1.50	)			(1.60	)
Issuance of common stock, net of underwriting and offering costs			—				(0.08	)
Total increase (decrease) in net assets			(0.40	)			0.16
Net asset value, end of period		$	20.41			$	20.83
Per share market value, end of period			16.08				19.78
Shares outstanding, end of period			86,811,212				89,008,972
Weighted average shares outstanding			87,476,954				88,633,994
Total return based on net asset value(3)			6.18	%			9.00	%
Total return based on market value(4)			(15.74	)%			3.51	%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets, end of period(5)		$	1,771,611			$	1,853,722
Ratio of net expenses to average net assets(5)			11.72	%			9.77	%
Ratio of expenses before waivers to average net assets(5)			11.79	%			10.56	%
Ratio of net investment income to average net assets(5)			10.30	%			12.65	%
Asset coverage ratio(6)			185.00	%			200.03	%
Portfolio turnover rate			16.06	%			17.97	%

 

(1)

The per share data was derived by using the weighted average shares outstanding during the period, except otherwise noted.

(2)

The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)

Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4)

Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP. For the nine months ended September 30, 2024, the beginning market value per share is based on the initial public offering price of $20.67 per share and not annualized.

(5)

Amounts are annualized except for incentive fees, organization and offering costs and other expenses for which expense support was provided, as applicable.

(6)

Effective December 17, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to December 17, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

 

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(11) SENIOR SECURITIES

The following is information about the Company's senior securities as of dates indicated in the table below:

 

Class and Period		Total Amount Outstanding Exclusive of Treasury Securities(1)				Asset Coverage per Unit(2)				Liquidating Preference per Unit(3)				Average Market Value per Unit
		($ in thousands)				($ in thousands)
CLO 2025-1 Notes
September 30, 2025 (unaudited)		$	309,000				1,850				—			N/A(4)
2025 Notes
December 31, 2024		$	275,000				1,930				—			N/A(4)
December 31, 2023		$	275,000				2,146				—			N/A(4)
December 31, 2022		$	275,000				1,912				—			N/A(4)
2027 Notes
September 30, 2025 (unaudited)		$	425,000				1,850				—			N/A(4)
December 31, 2024		$	425,000				1,930				—			N/A(4)
December 31, 2023		$	425,000				2,146				—			N/A(4)
December 31, 2022		$	425,000				1,912				—			N/A(4)
2029 Notes
September 30, 2025 (unaudited)		$	350,000				1,850				—			N/A(4)
December 31, 2024		$	350,000				1,930				—			N/A(4)
2030 Notes
September 30, 2025 (unaudited)		$	350,000				1,850				—			N/A(4)
Truist Credit Facility
September 30, 2025 (unaudited)		$	293,120				1,850				—			N/A(4)
December 31, 2024		$	617,401				1,930				—			N/A(4)
December 31, 2023		$	520,263				2,146				—			N/A(4)
December 31, 2022		$	432,254				1,912				—			N/A(4)
December 31, 2021		$	476,000				1,951				—			N/A(4)
BNP Funding Facility
September 30, 2025 (unaudited)		$	351,000				1,850				—			N/A(4)
December 31, 2024		$	316,000				1,930				—			N/A(4)
December 31, 2023		$	282,000				2,146				—			N/A(4)
December 31, 2022		$	400,000				1,912				—			N/A(4)
December 31, 2021		$	463,500				1,951				—			N/A(4)
CIBC Subscription Facility
December 31, 2021		$	310,350				1,951				—			N/A(4)
December 31, 2020		$	333,850				1,903				—			N/A(4)
December 31, 2019		$	—				—				—			N/A(4)

 

(1)

Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)

The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “ - ” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)

Not applicable because the senior securities are not registered for public trading on a stock exchange.

(12) SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

 

On November 4, 2025, the Board declared a distribution of $0.50 per share, which is payable on or around January 23, 2026 to shareholders of record as of December 31, 2025.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per share amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to Morgan Stanley Direct Lending Fund and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Furthermore, Morgan Stanley has no obligation, contractual or otherwise, to financially support us. Morgan Stanley has no history of financially supporting any business development company (“BDC”) on the MS Private Credit platform, even during periods of financial distress. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

•

uncertainty and changes in the general interest rate environment;

•

general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•

the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

•

the impact of interruptions in the supply chain on our portfolio companies;

•

disruptions related to tariffs and other trade or sanctions issues;

•

our contractual arrangements and relationships with third parties;

•

actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”) and its affiliates;

•

the dependence of our future success on the general economy and its effect on the industries in which we invest;

•

the ability of our portfolio companies to achieve their objectives;

•

the timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;

•

the use of borrowed money to finance a portion of our investments;

•

the adequacy of our financing sources and working capital;

•

the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

•

the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

•

our ability to maintain our qualification as a BDC and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•

the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•

currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

•

the effect of changes in tax laws and regulations and interpretations thereof; and

•

the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "Form 10-K") and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

 

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OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR).

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser on June 3, 2025 (the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds (as defined in the Order) and other accounts advised by our Adviser and its affiliates, which may include proprietary accounts of Morgan Stanley, in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of ours is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.

We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

 

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Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:

•

costs of any other offerings of our common stock, par value $0.001 ("Common Stock") and other securities;

•

calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•

out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•

base management fee and any incentive fees payable under the Investment Advisory Agreement;

•

certain costs and expenses relating to distributions paid by us;

•

administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•

arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

•

the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

•

amounts payable to third parties relating to, or associated with, making or holding investments;

•

the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

•

transfer agent and custodial fees;

•

costs of derivatives and hedging;

•

commissions and other compensation payable to brokers or dealers;

•

any stock exchange listing fees and fees payable to rating agencies;

•

cost of effecting any sales and repurchases of our Common Stock and other securities;

•

federal and state registration fees;

•

U.S. federal, state and local taxes, including any excise taxes;

•

independent director fees and expenses;

•

costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

•

the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;

•

the costs of specialty and custom software for monitoring risk, compliance and overall investments;

•

fees and expenses associated with marketing efforts;

•

any fidelity bond required by applicable law;

•

any necessary insurance premiums;

•

any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);

•

direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•

cost of winding up; and

•

all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

 

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PORTFOLIO AND INVESTMENT ACTIVITY

The composition of our portfolio is presented below:

 

		September 30, 2025												December 31, 2024
		Cost				Fair Value				% of Total Investments at Fair Value				Cost				Fair Value				% of Total Investments at Fair Value
First Lien Debt		$	3,686,876			$	3,638,914				96.3	%		$	3,669,886			$	3,654,538				96.5	%
Second Lien Debt			82,757				72,101				1.9	%			78,803				69,367			1.8
Other Debt Investments			11,566				9,954				0.3	%			9,755				9,198			0.2
Equity			56,523				54,828				1.5	%			54,683				58,391			1.5
Total		$	3,837,722			$	3,775,797				100.0	%		$	3,813,127			$	3,791,494				100.0	%

 

Our debt portfolio displayed the following characteristics of each of our investments(1)(2) unless otherwise noted:

 

	As of
	September 30, 2025				December 31, 2024
Number of portfolio companies		218				208
Number of new investment commitments in portfolio companies		27				60
Number of portfolio companies exited or fully repaid		17				24
Percentage of performing debt bearing a floating rate, at fair value		99.6	%			99.6	%
Percentage of performing debt bearing a fixed rate, at fair value		0.4	%			0.4	%
Weighted average yield on debt and income producing investments, at cost(3)		9.7	%			10.4	%
Weighted average yield on debt and income producing investments, at fair value(3)		9.9	%			10.5	%
Weighted average yield on total portfolio, at cost(4)		9.7	%			10.3	%
Weighted average yield on total portfolio, at fair value(4)		9.8	%			10.4	%
Weighted average 12-month EBITDA	$	149.0			$	147.7
Median 12-month EBITDA		86.5				86.3
Weighted average net leverage through tranche(5)	5.9x				5.8x
Weighted average interest coverage(6)	1.7x				1.6x
Weighted average loan to value(7)		40.0	%			39.7	%
Percentage of debt investments with one or more financial covenants		59.1	%			64.6	%
Percentage of our debt investments that are sponsor backed		99.1	%			99.7	%
Percentage of loans and other debt in support of LBOs and acquisitions		69.4	%			69.2	%
Percentage of our debt portfolio subject to business cycle volatility		4.6	%			4.8	%
Average position size of our investments	$	17.3			$	18.2

 

1 Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender, weighted average interest coverage and weighted average loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

2 Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

3 Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

4 Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of the Company divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

5 Net leverage is calculated as the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.

6 Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

7 Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

 

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Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

 

		As of and For the Three Months Ended
		September 30, 2025				September 30, 2024
New investments committed
Gross principal balance(1)		$	183,049			$	455,365
Less: Syndications			—				—
Net new investments committed		$	183,049			$	455,365
Investments, at cost
Investments, beginning of period		$	3,831,207			$	3,542,035
New investments purchased			197,953				377,019
Net accretion of discount on investments			4,115				4,660
Payment-in-kind			4,323				2,760
Net realized gain (loss) on investments			22				(10,965	)
Investments sold or repaid			(199,898	)			(252,891	)
Investments, end of period		$	3,837,722			$	3,662,618
Amount of investments funded, at principal
First lien debt investments		$	198,703			$	379,451
Equity(2)			983				1,222
Total		$	199,686			$	380,673
Amount of investments sold/fully repaid, at principal
First lien debt investments		$	184,771			$	220,537
Second lien debt investments			—				19,000
Equity(2)			—				1,481
Total		$	184,771			$	241,018

 

(1)

Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.

(2)

Represents dollar amount of other investments funded.

Investment Performance Rating

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which trends or factors may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as due to declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance, and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

 

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The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:

 

		September 30, 2025								December 31, 2024
		Fair Value				% of Total				Fair Value				% of Total
Risk rating 1		$	—				—		%	$	62,631				1.7		%
Risk rating 2			3,660,961				96.9				3,662,337				96.6
Risk rating 3			92,819				2.5				61,597				1.6
Risk rating 4			22,017				0.6				4,929				0.1
Total		$	3,775,797				100.0		%	$	3,791,494				100.0		%

 

The table below presents the amortized cost of our performing and non-accrual investments as of the following periods:

 

		September 30, 2025								December 31, 2024
		Amortized Cost				% of Total				Amortized Cost				% of Total
Performing		$	3,790,171				98.8		%	$	3,805,010				99.8		%
Non-accrual			47,551				1.2				8,117				0.2
Total		$	3,837,722				100.0		%	$	3,813,127				100.0		%

 

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Total investment income		$	99,722			$	109,752			$	300,690			$	313,041
Less: Net expenses			55,590				50,522				165,846				142,103
Net investment income (loss) before taxes			44,132				59,230				134,844				170,938
Less: Excise tax expense			402				501				1,229				1,437
Net investment income (loss) after taxes			43,730				58,729				133,615				169,501
Net realized gain (loss)			26				(10,965	)			666				(16,482	)
Net change in unrealized appreciation (depreciation)			(16,155	)			5,442				(40,914	)			10,916
Net increase (decrease) in net assets resulting from operations		$	27,601			$	53,206			$	93,367			$	163,935

 

Investment Income

Investment income was as follows:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Investment income:
Interest income		$	93,513			$	105,129			$	282,277			$	298,832
Payment-in-kind income			4,057				2,150				12,147				7,644
Dividend income			685				670				1,929				1,881
Other income			1,467				1,803				4,337				4,684
Total investment income		$	99,722			$	109,752			$	300,690			$	313,041

 

In the table above, total investment income decreased from $109,752 for the three months ended September 30, 2024 to $99,722 for the three months ended September 30, 2025 and from $313,041 for the nine months ended September 30, 2024 to $300,690 for the nine months ended September 30, 2025. The decrease was primarily driven by declining base rates and repricing on our existing portfolio which impacted our weighted average yield. Our weighted average yield at cost decreased to 9.7% as of September 30, 2025 from 11.0% as of September 30, 2024.

 

 

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Additionally, for the three and nine months ended September 30, 2025, we recorded $1,560 and $5,009, respectively, of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $2,104 and $4,555, respectively, for the same periods in the prior year, primarily as a result of prepayments.

Expenses

Expenses were as follows:

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Expenses:
Interest and other financing expenses		$	33,903			$	33,153			$	102,788			$	89,715
Management fees			9,628				9,100				28,870				25,969
Income based incentive fees			9,281				10,128				28,404				33,018
Professional fees			2,530				1,708				5,836				4,612
Directors’ fees			129				130				388				404
Administrative service fees			81				138				228				180
General and other expenses			38				120				348				279
Total expenses			55,590				54,477				166,862				154,177
Management fees waiver			—				(2,275	)			(641	)			(7,532	)
Incentive fees waiver			—				(1,680	)			(375	)			(4,542	)
Net expenses		$	55,590			$	50,522			$	165,846			$	142,103
Excise tax expense		$	402			$	501			$	1,229			$	1,437

 

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs, net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items and deferred financing costs, increased to $33,903 for the three months ended September 30, 2025 from $33,153 for the three months ended September 30, 2024 and to $102,788 for the nine months ended September 30, 2025 from $89,715 for the nine months ended September 30, 2024. The increase was primarily due to higher average borrowings outstanding for the three and nine months ended September 30, 2025. For the three months ended September 30, 2025 and September 30, 2024, average borrowings outstanding were $2,021,437 and $1,799,879, respectively, which were offset by the reduction of our average interest rate which decreased from 6.45% to 5.85%, for the three months ended September 30, 2024 and September 30, 2025, respectively. For the nine months ended September 30, 2025 and September 30, 2024, average borrowings outstanding were $2,032,797 and $1,614,402, respectively, which was offset by the reduction of our average interest rate which decreased from 6.56% to 5.96%, for the nine months ended September 30, 2024 and September 30, 2025, respectively.

Management Fees

Base management fees, net of waiver, were $9,628 and $28,229 for the three and nine months ended September 30, 2025 and $6,825 and $18,437 for the three and nine months ended September 30, 2024, respectively. The increase was primarily due to an increase in average gross assets. In addition, the management fee waiver expired on January 24, 2025.

Incentive Fee

The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive fees, net of waiver, were $9,281 and $28,029 for the three and nine months ended September 30, 2025 and $8,448 and $28,476 for the three and nine months ended September 30, 2024, respectively. In addition, the incentive fee waiver expired on January 24, 2025.

Professional Fees, Administrative Service Fee and Other Expenses

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Administrative service fee represents fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

 

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Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

 

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Net realized gain (loss) on investments		$	22			$	(10,965	)		$	609			$	(16,482	)
Foreign currency and other transactions			4				—				57				—
Net realized gain (loss)			26				(10,965	)			666				(16,482	)
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments			(16,131	)			5,442				(40,990	)			10,916
Foreign currency translations and other transactions			(24	)			—				76				—
Net unrealized appreciation (depreciation)			(16,155	)			5,442				(40,914	)			10,916
Net realized and unrealized gains (losses)		$	(16,129	)		$	(5,523	)		$	(40,248	)		$	(5,566	)

 

For the three and nine months ended September 30, 2025, net realized gains were $26 and $666, respectively. For the three and nine months ended September 30, 2024, net realized losses were $10,965 and $16,482, respectively, which was primarily due to the restructuring of certain portfolio companies.

For the three months and nine months ended September 30, 2025, net change in unrealized depreciation on our investments of $16,131 and $40,990, respectively, was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies. For the three and nine months ended September 30, 2024, net change in unrealized appreciation on our investments of $5,442 and $10,916 was primarily driven by changes in spreads in the primary and secondary markets.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Stock, net borrowings from our credit facilities, net proceeds of our unsecured debt issuances and debt securitizations and through cash flows from operations, including investment sales and repayments as well as income earned on investments. Details of our credit facilities, unsecured debt issuances and debt securitizations are described in “—Debt” below. We may, from time to time enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of September 30, 2025, we had approximately $71,703 of unrestricted cash, cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $249,000 and $1,147,105 of availability under the BNP Funding Facility and the Truist Credit Facility (subject to borrowing base availability) (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of September 30, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $519,349.

Equity

On January 26, 2024, we closed our IPO, issuing 5,000,000 shares of our Common Stock at a public offering price of $20.67 per share. Net of underwriting fees, we received net cash proceeds, before offering expenses, of approximately $97.1 million. Our Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

In connection with the IPO, we redeemed any fractional shares of Common Stock outstanding for cash in an amount equal to the pro rata portion of $20.67 per share of Common Stock, which was the initial public offering price in the IPO.

At-the-market (“ATM”) Offering

We may, from time to time, issue and sell shares of our common stock through public or at-the-market (“ATM”) offerings. On March 28, 2025, we entered into equity distribution agreements (the “Equity Distribution Agreements”) by and among us, the Adviser, and each of Truist Securities, Inc., Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, Raymond James & Associates, Inc. and Regions Securities LLC.

For further details regarding the Equity Distribution Agreements, see Note 8 “Net Assets” to our consolidated financial statements included in this Report.

For the three and nine months ended September 30, 2025 and September 30, 2024, there were no shares issued through ATM offerings.

 

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Distributions and Dividend Reinvestment

We adopted an “opt out” DRIP effective as of January 26, 2024, which was later amended effective as of December 7, 2024. As a result, our stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

The following table summarizes our distributions declared and payable for the nine months ended September 30, 2025 and September 30, 2024, respectively:

 

Date Declared		Record Date		Payment Date		Per Share Amount				Shares
For the nine months ended September 30, 2025
February 27, 2025		March 31, 2025		April 25, 2025		$	0.50				438,274		(2)
May 08, 2025		June 30, 2025		July 25, 2025			0.50				400,773		(2)
August 5, 2025		September 30, 2025		October 24, 2025			0.50				434,456		(2)
Total Distributions						$	1.50				1,273,503
For the nine months ended September 30, 2024
February 29, 2024		March 29, 2024		April 25, 2024		$	0.50				512,519
May 08, 2024		June 28, 2024		July 25, 2024			0.50				553,638		(2)
January 11, 2024		August 5, 2024		October 25, 2024			0.10				111,159		(1)(2)
August 6, 2024		September 30, 2024		October 25, 2024			0.50				546,673		(2)
Total Distributions						$	1.60				1,723,989

 

(1)

Represents a special distribution declared by the Board on January 11, 2024.

(2)

In accordance with the Company’s DRIP, shares were purchased in the open market.

 

Share Repurchase Plan

On January 25, 2024, we entered into the Company 10b5-1 Plan (the "Original Company 10b5-1 Plan"), to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act, which was further amended and restated by our Board on February 27, 2025 (the "Amended and Restated Company 10b5-1 Plan").

For additional information on the 10b5-1 Plan, see Note 8 “Net Assets” to our consolidated financial statements included in this Report.

The following table summarizes the shares repurchased under our Original Company 10b5-1 Plan and Amended and Restated Company 10b5-1 Plan during the nine months ended September 30, 2025:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2025*			11,401			$	20.31				11,401			$	81.9
February 1 - February 27, 2025*		—				—				—					81.9
February 28, 2025			20,789				20.24				20,789				99.6
March 1 - March 31, 2025			459,142				20.38				459,142				90.2
April 1 - April 30, 2025			753,096				18.79				753,096				76.1
May 1 - May 31, 2025			277,558				19.22				277,558				70.7
June 1 - June 30, 2025			26,473				19.54				26,473				70.2
July 1 - July 31, 2025			93,507				18.99				93,507				68.4
August 1 - August 31, 2025			57,910				18.45				57,910				67.4
September 1 - September 30, 2025			—				—				—				67.4
Total Repurchases			1,699,876								1,699,876

 

* Purchased under the Original Company 10b5-1 Plan

The following table summarizes the shares repurchased under our Original Company 10b5-1 Plan during the nine months ended September 30, 2024:

 

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Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - June 30, 2024			—			$	—				—			$	100.0
July 1 - July 31, 2024			39,344				19.99				39,344				99.2
August 1 - August 31, 2024			217,796				20.10				217,796				94.8
September 1 - September 30, 2024			172,513				20.04				172,513				91.4
Total Repurchases			429,653								429,653

 

Debt

Our outstanding debt obligations were as follows (each as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements):

 

		September 30, 2025												December 31, 2024
		Aggregate Principal Committed				Outstanding Principal				Unused Portion				Aggregate Principal Committed				Outstanding Principal				Unused Portion
BNP Funding Facility		$	600,000			$	351,000			$	249,000			$	600,000			$	316,000			$	284,000
Truist Credit Facility(1)			1,450,000				293,120				1,147,105				1,300,000				617,401				680,770
CLO 2025-1 Issued Debt(2)			309,000				309,000				—				—				—				—
2027 Notes(3)			425,000				425,000				—				425,000				425,000			—
2025 Notes(3)(4)			—				—				—				275,000				275,000			—
2029 Notes(3)			350,000				350,000				—				350,000				350,000			—
2030 Notes(3)			350,000				350,000				—			—				—				—
Total		$	3,484,000			$	2,078,120			$	1,396,105			$	2,950,000			$	1,983,401			$	964,770

 

(1)

As of September 30, 2025 and December 31, 2024, a letter of credit of $9,775 and $1,828, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 3,298 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.

(2)

As of September 30, 2025 and December 31, 2024, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,804 and $0, respectively.

(3)

As of September 30, 2025, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,537, $0, $2,823 and $4,016 and unamortized original issuance discount of $292, $0, $2,817 and $3,475, respectively. As of December 31, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856, $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(4)

The 2025 Notes were redeemed on June 16, 2025.

For additional information on our debt obligations, see Note 6 “Debt” to our consolidated financial statements included in this Report.

RECENT DEVELOPMENTS

 

On November 4, 2025, the Board declared a distribution of $0.50 per share, which is payable on or around January 23, 2026 to shareholders of record as of December 31, 2025.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result

 

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in a significantly lower fair value measurement. For further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 "Fair Value Measurements" included in the notes to the consolidated financial statements included in Part I, Item I of this Report.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

•

the Investment Advisory Agreement; and

•

the Administration Agreement

See Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Board based on, among other things, the input of the Investment Adviser, including our Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, government shutdowns, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and — "Part I, Item 1A. Risk Factors — General Risk Factors — Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.

Interest Rate Risk

We are subject to financial market risks, and most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

 

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As of September 30, 2025, approximately 99.6% of our debt investments were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of September 30, 2025) (dollar amounts in thousands):

 

		Interest				Interest				Net
Basis Point Change - Interest Rates		Income				Expense(1)				Income
Up 300 basis points	$		112,847		$		(40,324	)	$		72,523
Up 200 basis points	$		75,231		$		(26,882	)	$		48,349
Up 100 basis points	$		37,616		$		(13,441	)	$		24,175
Up 25 basis points	$		9,404		$		(3,360	)	$		6,044
Down 25 basis points	$		(9,404	)	$		3,360		$		(6,044	)
Down 100 basis points	$		(37,616	)	$		13,441		$		(24,175	)
Down 200 basis points	$		(75,231	)	$		26,882		$		(48,349	)
Down 300 basis points	$		(112,847	)	$		40,324		$		(72,523	)

 

(1)

Includes the impact of our interest rate swaps as a result of interest rate changes.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act. Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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PART II.

Item 1. Legal Proceedings

The Company, the Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors disclosed below and previously disclosed under Item 1A of our Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed below and in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

 

We are subject to risks associated with any collateralized loan obligations, or CLOs, we enter into to finance our investments.

We have in the past and may in the future enter into CLOs through a direct or indirect subsidiary of ours (any such subsidiary, an “MS Issuer”). As a result of these CLOs, including the 2025-1 Debt Securitization (as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), we are subject to a variety of risks, including those set forth below. We use the term “CLO” to describe a form of secured borrowing under which an operating company (sometimes referred to as an “originator” or “sponsor”) acquires or originates mortgages, receivables, loans or other assets that earn income, whether on a one-time or recurring basis (collectively, “income producing assets”), and borrows money on a non-recourse basis against a legally separate pool of loans or other income producing assets. In a typical CLO, the originator transfers the loans or income producing assets to a single-purpose, bankruptcy-remote subsidiary (also referred to as a “special purpose entity”), which is established solely for the purpose of holding loans and income producing assets and issuing debt secured by these income producing assets. The special purpose entity completes the borrowing through the issuance of notes secured by the loans or other assets. The special purpose entity may issue the notes in the capital markets to a variety of investors, including banks, non-bank financial institutions and other investors. In a CLO transaction, institutional investors purchase the notes issued by an MS Issuer in a private placement, while we retain the equity interest in the CLOs and consolidate the assets and liabilities of the CLOs on our balance sheet.

In connection with the 2025-1 Debt Securitization (and any other CLO we may form in the future), we depend (or will depend) in part on distributions from the CLO’s assets out of its earnings and cash flows to enable us to make distributions to shareholders. The ability of a CLO to make distributions will be, and in connection with the 2025-1 Debt Securitization is, subject to various limitations, including the terms and covenants of the debt it issues. The Subordinated Notes and that portion of the Class D Notes (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements) issued by North Haven Private Credit CLO 1 LLC (“CLO 2025-1 Issuer”) and retained by us are the most junior classes of notes issued by CLO 2025-1 Issuer, are subordinated in priority of payment to the other CLO 2025-1 Debt (as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements) issued by CLO 2025-1 Issuer and are subject to certain payment restrictions set forth in the indenture governing the CLO 2025-1 Senior Secured Notes (as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements) and Subordinated Notes issued by CLO 2025-1 Issuer. Therefore, we only receive cash distributions on the Subordinated Notes and those Class D Notes retained by us if CLO 2025-1 Issuer has made all cash interest payments to all other CLO 2025-1 Senior Secured Notes it has issued.

Also, a CLO may take actions to retain cash or other assets to satisfy asset coverage requirements or other tests commonly provided for holders of the CLO’s debt, which could impact our ability to receive distributions from the CLO. With respect to the 2025-1 Debt Securitization, if CLO 2025-1 Issuer does not meet the asset coverage tests or the interest coverage test set forth in the documents governing the 2025-1 Debt Securitization, cash would be diverted from the Subordinated Notes and/or Class D Notes that we hold to first pay the more senior CLO 2025-1 Notes issued by CLO 2025-1 Issuer in amounts sufficient to cause such tests to be satisfied. If we do not receive cash flow from any such CLO, including in connection with the 2025-1 Debt Securitization, that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower or increases in defaults, among other things, may result in a reduction of earnings and, in turn, cash potentially available for distribution to us for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, including, with respect to the 2025-1 Debt Securitization, the value of the portfolio of loan investments held by CLO 2025-1 Issuer, such losses will be borne first by us as owner of equity interests in the CLO and, in the case of the 2025-1 Debt Securitization, the value of the Subordinated Notes that we have retained could be reduced at their redemption and could not be paid in full or at all.

 

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

Refer to “Part I, Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this Report.

Issuer Purchases of Equity Securities

On January 25, 2024, the Company entered into the Original Company 10b5-1 Plan, to acquire up to $100 million in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act.

On February 27, 2025, the Board authorized an amended and restated share repurchase plan (or the "Amended and Restated Company 10b5-1 Plan"). Under the Amended and Restated Company 10b5-1 Plan, the Company may acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan and the Amended and Restated Company 10b5-1 Plan during the nine months ended September 30, 2025:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2025*			11,401			$	20.31				11,401			$	81.9
February 1 - February 27, 2025*		—				—				—				81.9
February 28, 2025			20,789			20.24					20,789			99.6
March 1 - March 31, 2025			459,142			20.38					459,142			90.2
April 1 - April 30, 2025			753,096				18.79				753,096			76.1
May 1 - May 31, 2025			277,558				19.22				277,558			70.7
June 1 - June 30, 2025			26,473				19.54				26,473			70.2
July 1 - July 31, 2025			93,507			18.99					93,507			68.4
August 1 - August 31, 2025			57,910				18.45				57,910			67.4
September 1 - September 30, 2025		—				—				—				67.4
Total Repurchases			1,699,876								1,699,876

* Purchased under the Original Company 10b5-1 Plan

 

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Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

 

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Item 6. Exhibits

The following exhibits are filed as part of this Report or hereby incorporated by reference to exhibits previously filed with the SEC:

 

Exhibit
10.1	Indenture and Security Agreement dated as of September 17, 2025 by and between North Haven Private Credit CLO 1 LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Collateral Trustee (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).
10.2	Purchase and Placement Agreement dated as of September 17, 2025 by and between North Haven Private Credit CLO 1 LLC, as Issuer, BNP Paribas Securities Corp. and Morgan Stanley & Co. LLC (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).
10.3	Collateral Servicing Agreement dated as of September 17, 2025 by and between North Haven Private Credit Fund CLO 1 LLC, as Issuer, and Morgan Stanley Direct Lending Fund, as Collateral Servicer (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).
10.4	Master Loan Sale Agreement dated as of September 17, 2025 among Morgan Stanley Direct Lending Fund, as the Transferor and North Haven Private Credit CLO 1 LLC, as the 2025 Issuer (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).
10.5	Class A-1 Credit Agreement dated as of September 17, 2025 among North Haven Private Credit CLO 1 LLC, as Borrower, and U.S. Bank Trust Company, National Association, as Loan Agent and as Collateral Trustee (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).
10.6	Amendment No. 6 to Revolving Credit and Security Agreement, dated as of September 24, 2025, by and among DLF LLC, as borrower, Morgan Stanley Direct Lending Fund, as the Equityholder and the Servicer, the Lenders party thereto, U.S. Bank Trust Company, National Association, as Collateral Agent, and BNP Paribas, as Administrative Agent (Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on September 29, 2025 (File No. 814-01332)).
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document

 

101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)
*	Filed herein.

 

**	Furnished herein.

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Dated: November 6, 2025			Morgan Stanley Direct Lending Fund
			By:	/s/ Michael Occi
				Michael Occi Director and Chief Executive Officer (Principal Executive Officer)

 

 

Dated: November 6, 2025			By:	/s/ David Pessah
				David Pessah Chief Financial Officer (Principal Financial Officer)

 

 

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