10-Q

MSD Investment Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)


	March 31, 2026			December 31, 2025
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (1)	$	6,824,822		$	6,391,054
Cash and cash equivalents		126,668			128,658
Restricted cash		16,170			3,160
Interest and dividends receivable		36,183			28,665
Principal receivable		2,519			20,809
Prepaid expenses and other assets		5,650			18,104
Total assets	$	7,012,012		$	6,590,450

LIABILITIES
SPV I facility	$	485,000		$	474,000
SPV II facility		712,000			727,000
Collateralized loan obligations		390,000			390,000
Unsecured Notes		1,492,633			1,499,425
Revolving credit facility		580,000			160,000
Deferred financing costs net of accumulated amortization		(39,488	)		(41,820	)
Total debt, net of financing costs		3,620,145			3,208,605
Payable for investments purchased		18,172			12,627
Interest payable		45,331			34,977
Income based incentive fee payable		13,734			13,369
Management fees payable		12,495			11,777
Capital gains incentive fee payable		1,391			4,386
Accrued expenses and other liabilities		13,577			3,261
Accrued professional fees		1,006			840
Due to affiliates		3,500			2,625
Financing costs payable		771			771
Unrealized depreciation on forward contracts		7,567			18,860
Total liabilities	$	3,737,689		$	3,312,098
Commitments and contingencies (Note 8)
NET ASSETS
Preferred Stock, par value $0.001 (0 and 250 shares authorized and outstanding, respectively) (2)	$	—		$	—
Paid-in capital in excess of par value of Preferred Stock		—			—
Common stock, par value $0.001 (200,000,000 shares authorized, 138,831,332 and 138,244,276 shares issued and outstanding, respectively)		139			138
Paid-in capital in excess of par value		3,315,303			3,301,386
Distributable earnings (accumulated losses)		(41,119	)		(23,172	)
Total net assets	$	3,274,323		$	3,278,352
Net asset value per common share	$	23.58		$	23.71

(1)

Non-controlled/non-affiliated investments at amortized cost $6,865,873 and $6,389,065 as of March 31, 2026 and December 31, 2025, respectively.

(2)

Preferred Stock par value for December 31, 2025 is zero due to rounding.

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

MSD Investment Corp.

Consolidated Statements of Operations (Unaudited)

(in thousands, except share and per share amounts)


	For the Three Months Ended March 31,
	2026			2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	159,697		$	119,989
Dividend Income		338			1,015
Payment-in-kind interest income		3,652			7,968
Payment-in-kind dividend income		—			1,208
Other income		875			3,093
Total investment income		164,562			133,273
Expenses:
Interest expense		56,854			44,231
Income based incentive fee		13,734			11,432
Management fees		12,495			8,966
Administration expense		1,512			1,513
Capital gains incentive fee		(2,995	)		(443	)
Professional fees		1,313			1,388
Custody expense		416			305
General and other expenses		264			529
Board of directors’ fee		120			78
Organization and offering costs		—			18
Transfer agency fees		30			33
Total expenses		83,743			68,050
Net investment income (loss)		80,819			65,223

Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		10,591			406
Foreign currency forward contracts		(316	)		(1,868	)
Foreign currency transactions		1,572			(377	)
Net realized gain (loss)		11,847			(1,839	)
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		(43,042	)		4,195
Foreign currency forward contracts		11,294			(5,328	)
Foreign currency transactions		(66	)		20
Net change in unrealized appreciation (depreciation)		(31,814	)		(1,113	)
Net realized and unrealized gain (loss)		(19,967	)		(2,952	)
Net increase (decrease) in net assets resulting from operations	$	60,852		$	62,271

Preferred Stock Dividends		—			(23	)
Net increase (decrease) in net assets resulting from operations applicable to common shareholders	$	60,852		$	62,248

Per share information - basic and diluted:
Net investment income (loss) per share (basic and diluted)	$	0.58		$	0.65
Earnings per share (basic and diluted)	$	0.44		$	0.62
Distributions declared per common share	$	0.57		$	0.65
Weighted average shares outstanding (basic and diluted)		138,276,532			100,696,962

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

MSD Investment Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

(in thousands, except shares)


											Accumulated Earnings
	Preferred Shares				Common Shares				Paid-in-Capital in		(Loss), Net of			Total
	Shares		Par Value		Shares		Par Value		Excess of Par Value		Distributions			Net Assets
Balance, December 31, 2025		—	$	—		138,244,276	$	138	$	3,301,386	$	(23,172	)	$	3,278,352
Operations:
Net investment income		—		—		—		—		—		80,819			80,819
Net realized gain (loss)		—		—		—		—		—		11,847			11,847
Net change in unrealized appreciation (depreciation)		—		—		—		—		—		(31,814	)		(31,814	)
Net increase (decrease) in net assets resulting from operations		—		—		—		—		—		60,852			60,852
Shareholder distributions:
From distributable earnings		—		—		—		—		—		(78,799	)		(78,799	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		—		—		(78,799	)		(78,799	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions		—		—		587,056		1		13,917		—			13,918
Issuance of shares		—		—		—		—		—		—			—
Net increase (decrease) for the period		—		—		587,056		1		13,917		(17,947	)		(4,029	)
Balance, March 31, 2026		—	$	—		138,831,332	$	139	$	3,315,303	$	(41,119	)	$	3,274,323


											Accumulated Earnings
	Preferred Shares				Common Shares				Paid-in-Capital in		(Loss), Net of			Total
	Shares		Par Value		Shares		Par Value		Excess of Par Value		Distributions			Net Assets
Balance, December 31, 2024		250	$	—		100,611,506	$	101	$	2,409,165	$	(7,332	)	$	2,401,934
Operations:
Net investment income		—		—		—		—		—		65,223			65,223
Net realized gain (loss)		—		—		—		—		—		(1,839	)		(1,839	)
Net change in unrealized appreciation (depreciation)		—		—		—		—		—		(1,113	)		(1,113	)
Net increase (decrease) in net assets resulting from operations		—		—		—		—		—		62,271			62,271
Shareholder distributions:
Distributions to shareholders		—		—		—		—		—		(65,420	)		(65,420	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		—		—		(65,420	)		(65,420	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions		—		—		1,555,293		1		37,124		—			37,125
Issuance of common shares		—		—		—		—		—		—			—
Net increase (decrease) for the period		—		—		1,555,293		1		37,124		(3,149	)		33,976
Balance, March 31, 2025		250	$	—		102,166,799	$	102	$	2,446,289	$	(10,481	)	$	2,435,910

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

MSD Investment Corp.

Consolidated Statements of Cash Flows (Unaudited)

(in thousands, except shares)



	For the Three Months Ended March 31,
	2026			2025
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	60,852		$	62,271
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind		(3,652	)		(9,176	)
Net accretion of discount and amortization of premium		(7,485	)		(6,366	)
Proceeds from sale of investments and principal repayments		381,912			196,466
Purchases of investments		(836,993	)		(590,330	)
Net realized (gains) losses on investments		(10,591	)		(406	)
Net change in unrealized (appreciation) depreciation on investments		43,042			(4,195	)
Net receipt of settlement of derivatives		(316	)		(1,868	)
Net realized (gains) losses on derivatives		316			1,868
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		(11,294	)		5,328
Amortization of deferred financing costs		2,332			1,396
Amortization of discount on debt		420			—
(Increase) decrease in operating assets:
Interest and dividends receivable		(7,518	)		1,770
Principal receivable		18,290			(2,954	)
Prepaid expenses and other assets		7,745			(1,936	)
Increase (decrease) in operating liabilities:
Due to affiliates		875			1,075
Payable for investments purchased		5,545			(19,113	)
Management fees payable		718			903
Income based incentive fee payable		365			1,034
Capital gains incentive fee payable		(2,995	)		(443	)
Interest payable		10,354			(1,311	)
Accrued professional fees		166			(130	)
Accrued expenses and other liabilities		7,813			2,329
Net cash provided by (used in) operating activities		(340,099	)		(363,788	)
Cash flow from financing activities
Debt borrowings		525,000			427,000
Debt repayments		(109,000	)		(33,000	)
Distributions paid		(64,881	)		(28,272	)
Proceeds from repurchase obligations		—			30,000
Repayment of repurchase obligations		—			(52,043	)
Net cash provided by (used in) financing activities		351,119			343,685
Net increase in cash, cash equivalents, and restricted cash		11,020			(20,103	)
Cash, cash equivalents, and restricted cash, beginning of period		131,818			109,712
Cash, cash equivalents, and restricted cash, end of period	$	142,838		$	89,609
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	126,668		$	89,349
Restricted cash	$	16,170		$	260
Total cash, cash equivalents, and restricted cash	$	142,838		$	89,609
Supplemental disclosure of cash flow information and non-cash financing activities
Cash paid for interest	$	43,230		$	44,143
Reinvestment of shareholder distributions	$	13,918		$	37,125
Change in distributions payable	$	—		$	23

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

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Frontgrade Technologies Inc. - Incremental Term Loan		S + 5.25%	0.75%	8.9% (Incl 1.50% PIK)	1/9/2030		9,633		9,511			9,414			0.29	%
Frontgrade Technologies Inc.		S + 5.25%	0.75%	8.9% (Incl 1.50% PIK)	1/9/2030		59,553		58,683			58,202			1.78
Frontgrade Technologies Inc. - Incremental Term Loan 2		S + 5.25%	0.75%	8.9% (Incl 1.50% PIK)	1/9/2030		5,474		5,430			5,350			0.16
Frontgrade Technologies Inc. - Incremental Term Loan 3		S + 5.00%	0.75%	8.65%	1/9/2030		4,363		4,363			4,232			0.13
Frontgrade Technologies Inc. - Revolving Credit Facility	(11)	S + 5.00%	0.75%	8.66%	1/9/2028		826		755			579			0.02
Sky Merger Sub, LLC		S + 6.35%	1.50%	10.02%	5/28/2029		105,469		103,650			103,800			3.17
Sky Merger Sub, LLC - Delayed Draw Term Loan	(11)	S + 6.35%	1.50%	10.04%	5/28/2029		—		—			115			—
Sky Merger Sub, LLC - Revolving Credit Facility	(11)	S + 6.35%	1.50%	10.04%	5/28/2029		—		(395	)		(396	)		(0.01	)
Systems Planning and Analysis, Inc.		S + 4.75%	1.00%	8.45%	8/16/2027		10,467		10,405			10,401			0.32
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan		S + 4.75%	1.00%	8.45%	8/16/2027		6,538		6,488			6,497			0.20
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on	(6)	S + 4.75%	1.00%	8.43%	8/16/2027		49,846		49,532			49,531			1.51
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on 2	(11)	S + 4.75%	1.00%	8.45%	8/16/2027		19,213		19,081			19,086			0.58
Systems Planning and Analysis, Inc. - Revolving Credit Facility	(11)	S + 4.75%	1.00%	8.41%	8/16/2027		—		(28	)		(37	)		—
									267,475			266,774			8.15
Banking, Finance, Insurance & Real Estate
7Ridge Investments	(10)	S + 9.00%	1.00%	12.70% PIK	7/7/2028		48,732		48,028			47,759			1.46
7Ridge Investments - Delayed Draw Term Loan	(10)(11)	S + 9.00%	1.00%	12.70% PIK	7/7/2028		11,648		11,532			11,416			0.35
7Ridge Investments - Delayed Draw Term Loan add on	(10)	S + 9.00%	1.00%	12.70% PIK	7/7/2028		22,238		21,796			21,794			0.67
ALF Finance	(10)	S + 6.00%	1.00%	9.70%	12/10/2029		34,813		34,613			34,535			1.05
ALF Finance - Delayed Draw Term Loan	(10)	S + 6.00%	1.00%	9.70%	12/10/2029		38,038		37,758			37,734			1.15
ALF Finance - Incremental Term Loan	(10)	S + 6.00%	1.00%	9.70%	12/10/2029		15,000		14,866			14,880			0.45
Foundation Risk Partners		S + 4.75%	0.75%	8.45%	10/29/2030		19,535		19,504			19,456			0.59
Foundation Risk Partners - Delayed Draw Term Loan		S + 4.75%	0.75%	8.45%	10/29/2030		44,251		43,638			44,071			1.35
Foundation Risk Partners - Delayed Draw Term Loan Incremental		S + 4.75%	0.75%	8.45%	10/29/2030		9,890		9,818			9,850			0.30
Foundation Risk Partners - Delayed Draw Term Loan Second Incremental	(6)(11)	S + 4.75%	0.75%	8.45%	10/29/2030		8,167		8,130			8,129			0.25
Foundation Risk Partners - Revolving Credit Facility	(11)	S + 4.75%	0.75%	8.45%	10/29/2029		1,001		976			1,001			0.03

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Banking, Finance, Insurance & Real Estate (continued)
Fullsteam		S + 5.25%	0.75%	8.89%	8/8/2031		24,231		24,008			24,014			0.73
Fullsteam - Delayed Draw Term Loan	(11)	S + 5.25%	0.75%	8.94%	8/8/2031		—		(32	)		(32	)		—
Fullsteam - Revolving Credit Facility	(11)	S + 5.25%	0.75%	8.94%	8/8/2031		—		(24	)		(24	)		—
Healthco Investment LTD EUR	UK(9)(10)	E + 5.75%	0.00%	7.87%	9/9/2032		EUR 23,138		26,613			26,239			0.80
Healthco Investment LTD GBP	UK(9)(10)	SO + 5.75%	0.00%	9.48%	9/9/2032		GBP 5,000		6,627			6,492			0.20
Healthco Investment LTD - Delayed Draw Term Loan GBP	UK(9)(10)(11)	SO + 5.75%	0.00%	9.62%	9/9/2032		GBP —		(57	)		(54	)		—
JLL Partners Fund VII Secondary	(10)	S + 6.75%	1.00%	10.45% PIK	4/29/2032		55,479		54,793			54,755			1.67
Onbe Inc.		S + 5.50%	1.00%	9.17%	7/25/2031		128,375		126,249			126,419			3.86
									488,836			488,434			14.91
Beverage, Food & Tobacco
Inspired Pet Nutrition EUR	UK(9)(10)	E + 5.50%	0.75%	7.62%	6/30/2030		EUR 42,500		48,811			48,416			1.48
Inspired Pet Nutrition EUR - Delayed Draw Term Loan	UK(9)(10)	E + 5.50%	0.75%	7.62%	9/2/2032		EUR 18,268		21,141			20,811			0.64
Inspired Pet Nutrition EUR - Delayed Draw Term Loan Add on	UK(9)(10)	E + 5.50%	0.75%	7.62%	9/2/2032		EUR 10,000		11,571			11,392			0.35
Inspired Pet Nutrition GBP	UK(9)(10)	SO + 5.50%	0.75%	9.22%	9/2/2032		GBP 77,500		102,373			101,097			3.09
Inspired Pet Nutrition - Delayed Draw Term Loan	UK(9)(10)(11)	SO + 5.50%	0.75%	9.22%	9/2/2032		GBP 2,529		3,342			3,275			0.10
LJ Perimeter Buyer, Inc.		S + 5.65%	1.00%	9.32%	10/31/2031		18,878		18,600			18,690			0.57
LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan	(6)	S + 5.65%	1.00%	9.36%	10/31/2031		2,427		2,437			2,449			0.07
LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Add on	(11)	S + 5.65%	1.00%	9.34%	10/31/2031		—		(55	)		(55	)		—
Tequilas Premium - Mexico	MX(9)(10)	S + 1.00%	1.00%	4.67%	3/6/2031		75,000		73,514			73,521			2.25
Tequilas Premium - US		S + 9.50%	1.00%	13.17%	3/6/2031		74,063		72,583			72,602			2.22
Tequilas Premium - Revolving Credit Facility - Mexico	(10)(11)	S + 5.00%	1.00%	8.66%	3/6/2031		—		(493	)		(493	)		(0.02	)
									353,824			351,705			10.75
Capital Equipment
Texas Hydraulics		S + 6.25%	2.00%	9.92%	11/20/2030		88,875		87,417			87,495			2.67
Trillium FlowControl	LU(9)(10)	S + 5.00%	1.00%	8.70%	12/20/2029		18,104		17,900			18,089			0.55
Trillium FlowControl - Delayed Draw Term Loan	LU(9)(10)(11)	S + 5.00%	1.00%	8.69%	12/20/2029		—		(13	)		24			—
Trillium FlowControl - Revolving Credit Facility	LU(9)(10)(11)	S + 5.00%	1.00%	8.66%	12/20/2029		—		(34	)		(3	)		—
									105,270			105,605			3.22
Chemicals, Plastics & Rubber
Agrofresh		S + 5.50%	1.00%	9.27%	3/31/2030		65,588		64,825			64,835			1.98
Agrofresh - Revolving Credit Facility	(11)	S + 5.50%	1.00%	9.27%	3/31/2029		3,306		3,207			3,207			0.10
TPC Group, Inc.		S + 5.75%	0.00%	9.39%	11/24/2031		44,550		44,001			40,696			1.24
									112,033			108,738			3.32

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Construction & Building
Cook & Boardman Group		S + 6.00%	1.00%	9.70%	3/4/2030		122,500		120,727			120,485			3.68
Cook & Boardman Group - Delayed Draw Term Loan	(6)(11)	S + 6.00%	1.00%	9.70%	3/4/2030		51,530		50,368			50,334			1.54
Elessent Clean Technologies Inc.		S + 6.00%	1.00%	9.68%	11/15/2029		135,132		133,049			133,169			4.07
Elessent Clean Technologies Inc. - Revolving Credit Facility	(11)	S + 6.00%	1.00%	9.69%	11/15/2029		—		(191	)		(191	)		(0.01	)
Great Day Improvements LLC		S + 5.50%	1.50%	9.28%	6/13/2030		84,495		83,209			83,305			2.54
Great Day Improvements LLC - Revolving Credit Facility	(11)	S + 5.50%	1.50%	9.17%	6/13/2030		6,300		6,104			6,103			0.19
Michael Baker		S + 4.50%	0.75%	8.20%	12/1/2028		99,750		96,543			96,554			2.95
Texas Infrastructure Holdings, L.L.C.		S + 8.00%	3.00%	11.70%	12/22/2027		31,330		30,790			30,786			0.94
									520,599			520,545			15.90
Consumer Goods: Non-durable
1440 Foods Topco LLC		S + 5.00%	0.00%	8.67%	10/31/2031		19,759		18,823			16,005			0.49
GSM Outdoors		S + 5.00%	1.00%	8.70%	9/30/2031		12,257		11,536			12,134			0.37
Parfums Holdings Co.		S + 5.25%	1.00%	8.95%	6/27/2030		92,880		92,186			92,220			2.82
Parfums Holdings Co. - Revolving Credit Facility	(11)	S + 5.25%	1.00%	8.94%	6/27/2029		—		(39	)		(39	)		—
Valeron Group, LLC		S + 5.50%	0.00%	9.23%	10/18/2031		148,125		145,043			145,007			4.43
Valeron Group, LLC - Delayed Draw Term Loan		S + 5.50%	0.00%	9.23%	10/18/2031		49,425		48,352			48,385			1.48
									315,901			313,712			9.59
Containers, Packaging & Glass
Confluent Holdings LLC		S + 7.00%	2.00%	10.70%	3/28/2029		28,789		28,214			28,095			0.86
Confluent Holdings LLC - Delayed Draw Term Loan		S + 7.00%	2.00%	10.70%	3/28/2029		14,394		14,111			14,048			0.43
Confluent Holdings LLC - Delayed Draw Term Loan Add On	(6)(11)	S + 7.00%	2.00%	10.70%	3/28/2029		12,119		11,839			11,842			0.36
									54,164			53,985			1.65
Environmental Industries
Inframark		S + 5.25%	0.75%	8.92% (Incl 2.75% PIK)	7/31/2031		18,837		18,690			18,884			0.58
Inframark - Delayed Draw Term Loan	(11)	S + 5.25%	0.75%	8.92% (Incl 2.75% PIK)	7/31/2031		2,310		2,288			2,325			0.07

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Healthcare & Pharmaceuticals
CareVet LLC - Term Loan A		S + 6.00%	2.00%	9.70%	6/18/2029		112,200		111,681			111,605			3.41
CareVet LLC - Term Loan B		N/A	N/A	14.75% (Incl 7.5% PIK)	6/18/2029		11,337		11,139			11,118			0.34
CareVet LLC - Delayed Draw Term Loan A	(6)(11)	S + 6.00%	2.00%	9.70%	6/18/2029		14,372		14,117			14,266			0.44
CareVet LLC - Delayed Draw Term Loan B	(11)	S + 6.00%	2.00%	9.70%	6/18/2029		20,922		20,728			20,988			0.64
CareVet LLC - Delayed Draw Term Loan D	(11)	S + 6.00%	2.00%	9.69%	6/18/2029		—		16			162			—
CareVet LLC - Delayed Draw Term Loan E	(11)	N/A	N/A	14.75%	6/18/2029		—		1			—			—
CareVet LLC - Revolving Credit Facility	(11)	S + 6.00%	2.00%	9.69%	6/18/2029		—		(42	)		(43	)		—
Gainwell Acquisition Corp		S + 4.10%	0.75%	7.77%	10/1/2027		979		956			949			0.03
LSCS Holdings Inc.		S + 4.50%	0.00%	8.20%	2/23/2032		16,858		16,783			15,762			0.48
Natural Partners, Inc.		S + 4.50%	1.00%	8.17%	11/29/2030		50,198		49,650			49,778			1.52
Natural Partners, Inc. - Revolving Credit Facility	(11)	S + 4.50%	1.00%	8.19%	11/29/2030		—		(74	)		(55	)		—
PetVet Care Centers		S + 6.00%	0.75%	9.67%	11/15/2030		52,319		51,539			44,814			1.37
PetVet Care Centers - Revolving Credit Facility	(6)(11)	S + 6.00%	0.75%	9.67%	11/15/2029		1,396		1,312			395			0.01
Pharmalogic Holdings Corp.		S + 5.00%	1.00%	8.67%	6/21/2030		19,653		19,427			19,455			0.59
Pharmalogic Holdings Corp.		S + 5.00%	1.00%	8.67%	6/21/2030		CAD 73,688		53,195			52,397			1.60
Pharmalogic Holdings Corp. - Delayed Draw Term Loan	(6)(11)	S + 5.00%	1.00%	8.67%	6/21/2030		15,114		14,921			14,935			0.46
Solvias AG	CH(9)(10)	SA + 5.50%	0.75%	6.25%	2/27/2032		CHF 130,680		142,188			160,015			4.89
Solvias AG - Revolving Credit Facility	CH(9)(10)(11)	SA + 5.50%	0.75%	6.25%	2/27/2030		CHF —		(377	)		(441	)		(0.01	)
St. Croix		S + 4.50%	0.50%	8.17%	10/24/2032		51,435		50,949			50,952			1.56
St. Croix - Revolving Credit Facility	(11)	S + 4.50%	0.50%	8.19%	10/24/2032		—		(80	)		(80	)		—
									558,029			566,972			17.33
High Tech Industries
Alteryx, Inc.		S + 6.00%	0.75%	9.67%	3/19/2031		26,125		25,812			25,183			0.77
Alteryx, Inc. - Delayed Draw Term Loan		S + 6.00%	0.75%	9.67%	3/19/2031		59,375		58,684			57,235			1.75
Alteryx, Inc. - Revolving Credit Facility	(11)	S + 6.00%	0.75%	9.69%	3/19/2031		—		(101	)		(342	)		(0.01	)
CoreWeave - Delayed Draw Term Loan	(6)	S + 6.00%	0.00%	9.66%	8/26/2030		30,742		30,403			30,742			0.94
CoreWeave - Delayed Draw Term Loan Add on	(6)	S + 4.25%	0.00%	7.93%	9/29/2030		117,802		116,212			116,212			3.55
Inmar, Inc.	(6)	S + 4.50%	0.00%	8.17%	10/30/2031		26,060		25,842			24,904			0.76
Integral Ad Science Holding Corp		S + 5.00%	1.00%	8.70%	12/23/2031		75,525		71,139			74,770			2.28
Learnosity	IE(9)(10)	S + 5.25%	1.00%	8.95%	1/15/2031		91,575		90,768			90,657			2.77
Learnosity - Revolving Credit Facility	IE(9)(10)(11)	S + 5.25%	1.00%	8.94%	1/15/2031		—		(75	)		(75	)		—
MYOB Invest Co Pty Ltd and MYOB US Borrower LLC	AUS(9)(10)	B + 5.25%	0.75%	9.32% (Incl 2.75% PIK)	6/6/2030		AUD 76,652		49,175			50,218			1.53
SMX Group Intermediate Holdings LLC		S + 4.50%	0.00%	8.17%	2/6/2032		2,162		2,145			2,126			0.06
Watchguard Technologies, Inc.		S + 5.25%	0.75%	8.92%	7/2/2029		49,742		48,157			45,017			1.37
									518,161			516,647			15.77

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Hotel, Gaming & Leisure
AmerSpirit FL LLC		S + 4.75%	3.00%	8.45%	8/15/2030		59,004		58,204			58,229			1.78
AmerSpirit FL LLC - Delayed Draw Term Loan		S + 4.75%	3.00%	8.45%	8/15/2030		173,875		171,552			171,592			5.24
AmerSpirit FL LLC - Delayed Draw Term Loan 2	(11)	S + 4.75%	3.00%	8.45%	8/15/2030		15,600		15,143			15,145			0.46
Chuck E. Cheese		S + 6.00%	2.00%	9.70%	9/26/2030		79,500		78,424			78,429			2.40
Clubcorp Holdings Inc.	(6)	S + 4.75%	1.00%	8.42%	7/10/2032		146,464		144,420			144,492			4.41
Clubcorp Holdings Inc. - Delayed Draw Term Loan	(11)	S + 5.00%	1.00%	8.69%	7/10/2032		—		(57	)		(57	)		—
Clubcorp Holdings Inc. - Revolving Credit Facility	(11)	S + 5.00%	1.00%	8.69%	7/10/2031		—		(211	)		(211	)		(0.01	)
Highgate Hotels, L.P.		S + 5.50%	1.00%	9.20%	11/5/2029		97,750		96,496			95,955			2.93
Highgate Hotels, L.P. - Revolving Credit Facility	(11)	S + 5.50%	1.00%	9.20%	11/3/2029		4,250		4,100			4,021			0.12
Highgate Hotels, L.P.- Delayed Draw Term Loan	(11)	S + 5.50%	1.00%	9.19%	11/3/2029		—		(211	)		(209	)		(0.01	)
Hotel Equities Group, LLC		S + 5.50%	2.00%	9.17%	1/22/2029		29,144		28,844			28,816			0.88
Hotel Equities Group, LLC - Revolving Credit Facility	(6)(11)	S + 5.50%	2.00%	9.15%	1/22/2029		6,175		6,063			6,062			0.19
J&J Ventures Gaming LLC		S + 5.11%	0.75%	8.78%	4/26/2028		132,975		130,651			132,975			4.06
J&J Ventures Gaming LLC Add on		S + 5.00%	0.75%	8.67%	4/26/2030		29,925		29,656			30,224			0.92
K1 Speed Inc.		S + 6.25%	1.00%	9.91%	1/2/2029		18,214		17,995			17,864			0.55
K1 Speed Inc. - Delayed Draw Term Loan	(6)(11)	S + 6.25%	1.00%	9.91%	1/2/2029		3,643		3,570			3,526			0.11
K1 Speed Inc. - Delayed Draw Term Loan B		S + 6.25%	1.00%	9.95%	1/2/2029		3,643		3,595			3,573			0.11
K1 Speed Inc. - Delayed Draw Term Loan C		S + 6.25%	1.00%	9.91%	1/2/2029		1,214		1,191			1,191			0.04
K1 Speed Inc. Incremental		S + 6.25%	1.00%	9.91%	1/2/2029		4,250		4,194			4,168			0.13
K1 Speed Inc. Second Incremental		S + 6.25%	1.00%	9.91%	1/2/2029		1,943		1,919			1,905			0.06
Sandlot Baseball Borrower Co.		S + 4.75%	1.00%	8.45%	12/27/2030		65,170		64,218			64,528			1.97
Sandlot Baseball Borrower Co. - Delayed Draw Term Loan	(11)	S + 4.75%	1.00%	8.45%	12/27/2030		42,093		41,783			41,725			1.27
Sandlot Baseball Borrower Co. - Delayed Draw Term Loan Incremental	(6)(11)	S + 4.75%	1.00%	8.45%	12/27/2030		17,955		17,787			17,783			0.54
Sandlot Baseball Borrower Co. - Revolving Credit Facility	(11)	S + 4.75%	1.00%	8.44%	12/27/2030		—		—			—			—
									919,326			921,726			28.15
Media: Advertising, Printing & Publishing
Patientpoint		S + 5.00%	0.00%	8.70%	10/15/2032		185,000		176,114			180,723			5.52
Raptive		S + 4.36%	0.50%	8.03%	3/23/2028		6,306		6,188			6,070			0.19
Raptive - Incremental Term Loan		S + 4.25%	0.50%	7.92%	3/23/2028		149,625		146,204			144,014			4.40
									328,506			330,807			10.11
Media: Broadcasting & Subscription
Gibson	UK(9)(10)	SO + 5.25%	0.00%	8.98%	3/9/2030		GBP 34,522		45,464			44,756			1.37
Nottingham Forest	UK(9)(10)	N/A	N/A	12.94% PIK	7/15/2028		GBP 4,184		5,568			5,517			0.17
Sheffield United F.C.	UK(9)(10)	SO + 5.25%	1.50%	8.98%	1/14/2030		GBP 16,733		22,291			22,117			0.68
Sheffield United F.C. - Delayed Draw Term Loan	UK(9)(10)(11)	SO + 5.25%	1.50%	8.98%	1/14/2030		GBP —		(191	)		(14	)		—
Southampton FC	UK(9)(10)	SO + 6.00%	0.00%	9.74%	9/20/2029		GBP 40,695		53,266			53,358			1.63
Southampton FC - Revolving Credit Facility	UK(9)(10)	SO + 6.00%	0.00%	9.74%	9/20/2029		GBP 10,000		13,084			13,112			0.40
									139,482			138,846			4.25

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Media: Diversified & Production
AVSC Holding Corporation		S + 5.00%	0.75%	8.67%	12/5/2031		58,130		57,132			57,184			1.75
AVSC Holding Corporation - Revolving Credit Facility	(6)(11)	S + 5.00%	0.75%	8.67%	12/5/2029		1,131		1,039			1,038			0.03
Candle Media Co Ltd		S + 6.10%	0.75%	9.80% (Incl 3.50% PIK)	6/18/2029		26,931		26,812			22,935			0.70
Candle Media Co Ltd - Delayed Draw Term Loan		S + 6.10%	0.75%	9.80% (Incl 3.50% PIK)	6/18/2029		10,960		10,915			9,334			0.29
Townsquare Media Inc.		S + 5.00%	0.50%	8.59%	2/13/2030		54,437		51,025			39,263			1.20
									146,923			129,754			3.97
Services: Business
ASC Engineered Solutions		S + 4.75%	0.75%	8.42%	7/10/2031		49,375		48,983			49,002			1.50
BDO USA, P.C.		S + 5.00%	2.00%	8.64%	8/31/2028		64,823		64,130			64,989			1.98
Best Trash LLC		S + 4.75%	1.00%	8.45%	7/10/2031		51,713		51,190			51,238			1.56
Best Trash LLC - Delayed Draw Term Loan	(6)	S + 4.75%	1.00%	8.44%	7/10/2031		16,170		16,013			16,022			0.49
Best Trash LLC - Incremental Delayed Draw Term Loan	(11)	S + 4.75%	1.00%	8.44%	7/10/2031		—		(105	)		(105	)		—
Best Trash LLC - Incremental Term Loan		S + 4.75%	1.00%	8.45%	7/10/2031		11,297		11,192			11,194			0.34
Best Trash LLC - Revolving Credit Facility	(11)	S + 4.75%	1.00%	8.45%	7/10/2031		190		131			133			—
Brock Holdings III, LLC	(6)	S + 6.00%	0.50%	9.67%	5/1/2030		51,921		51,513			51,639			1.58
Brown & Root Revolver	(6)(11)	S + 5.00%	1.00%	8.67%	10/3/2030		10,706		10,232			10,210			0.31
Brown & Root Term Loan		S + 5.00%	1.00%	8.70%	10/3/2030		175,289		172,861			172,787			5.28
Cargotuff Buyer LLC		S + 5.50%	0.75%	9.20%	1/29/2032		56,389		55,846			55,841			1.71
Cargotuff Buyer LLC - Delayed Draw Term Loan	(11)	S + 5.50%	0.75%	9.19%	1/29/2032		—		(110	)		(110	)		—
Cargotuff Buyer LLC - Revolving Credit Facility	(11)	S + 5.50%	0.75%	9.19%	1/29/2032		—		(76	)		(76	)		—
DISA Holdings Corp.		S + 5.00%	0.75%	8.66%	9/9/2028		16,372		16,234			16,237			0.50
DISA Holdings Corp. - Delayed Draw Term Loan		S + 5.00%	0.75%	8.66%	9/9/2028		12,018		11,921			11,922			0.36
DISA Holdings Corp. - Revolving Credit Facility	(11)	S + 5.00%	0.75%	8.66%	9/9/2028		1,944		1,910			1,910			0.06
Ethos	(10)	S + 5.50%	1.00%	9.17%	12/30/2029		117,303		115,498			117,303			3.58
Four Winds Interactive LLC		S + 5.75%	0.75%	9.45%	2/20/2030		14,888		14,645			14,337			0.44
Four Winds Interactive LLC - Delayed Draw Term Loan	(11)	S + 5.75%	0.75%	9.44%	2/20/2030		—		(16	)		(78	)		—
Four Winds Interactive LLC - Revolving Credit Facility	(11)	S + 5.75%	0.75%	9.44%	2/20/2030		—		(30	)		(72	)		—
Legends Hospitality Holding Company		S + 5.50%	0.75%	9.17% (Incl 2.75% PIK)	8/22/2031		65,555		64,523			64,542			1.97
Legends Hospitality Holding Company - Delayed Draw Term Loan	(6)	S + 5.00%	0.75%	8.66%	8/22/2031		3,727		3,669			3,669			0.11
Legends Hospitality Holding Company - Revolving Credit Facility	(6)(11)	S + 5.00%	0.75%	8.67%	8/22/2030		3,938		3,828			3,827			0.12
RPX Corporation		S + 5.50%	1.00%	9.18%	8/2/2030		67,844		67,067			67,207			2.05
RPX Corporation - Incremental Term Loan		S + 5.50%	1.00%	9.18%	8/2/2030		12,977		12,858			12,856			0.39
RPX Corporation - Revolving Credit Facility	(11)	S + 5.50%	1.00%	9.16%	8/2/2030		—		(66	)		(58	)		—

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Services: Business (continued)
S.A.F.E. Management		S + 4.75%	2.00%	8.41%	11/24/2031		34,913		34,577			34,583			1.06
S.A.F.E. Management - Delayed Draw Term Loan A	(11)	S + 4.75%	2.00%	8.44%	11/24/2031		—		7			7			—
S.A.F.E. Management - Delayed Draw Term Loan B		S + 4.75%	2.00%	8.45%	11/24/2031		20,269		20,080			20,078			0.61
S.A.F.E. Management - Delayed Draw Term Loan C	(11)	S + 4.75%	2.00%	8.40%	11/24/2031		12,643		12,525			12,524			0.38
S.A.F.E. Management - Revolving Credit Facility	(11)	S + 4.75%	2.00%	8.44%	11/24/2031		—		(47	)		(47	)		—
SurveyMonkey Global Inc.		S + 5.75%	1.00%	9.45%	5/31/2030		124,345		123,027			121,048			3.70
SurveyMonkey Global Inc. - Revolving Credit Facility	(11)	S + 5.75%	1.00%	9.44%	5/31/2029		—		(123	)		(356	)		(0.01	)
Townsend		S + 6.50%	1.50%	10.17%	8/1/2030		11,820		11,549			11,562			0.35
Townsend - Revolving Credit Facility	(11)	S + 6.50%	1.50%	10.19%	8/1/2029		—		(50	)		(50	)		—
Travelport Finance (Luxembourg) S.A.R.L	LU(9)(10)	S + 7.26%	1.00%	10.92% (Incl 0.92% PIK)	9/30/2028		57,630		57,403			42,891			1.31
USA Debusk LLC		S + 5.25%	0.75%	8.92%	4/30/2031		16,354		16,164			16,195			0.49
USA Debusk LLC - Delayed Draw Term Loan	(6)(11)	S + 5.25%	0.75%	8.92%	4/30/2031		3,899		3,856			3,863			0.12
USA DeBusk LLC - Incremental Term Loan		S + 5.25%	0.75%	8.94%	4/30/2031		3,418		3,387			3,385			0.10
USA Debusk LLC - Revolving Credit Facility	(6)(11)	S + 5.25%	0.75%	8.92%	4/30/2030		2,252		2,236			2,230			0.07
USA Debusk LLC - Revolving Credit Facility Add on	(6)(11)	S + 5.25%	0.75%	8.94%	4/30/2030		305		304			292			0.01
									1,078,736			1,064,571			32.52
Services: Consumer
Aviation Institute of Maintenance	(14)	S + 7.00%	1.50%	10.70%	5/3/2029		32,565		31,921			31,958			0.98
Aviation Institute of Maintenance - Delayed Draw Term Loan	(14)	S + 7.00%	1.50%	10.70%	5/3/2029		18,973		18,634			18,619			0.57
Aviation Institute of Maintenance Add on		S + 7.00%	1.50%	10.70%	5/3/2029		46,016		45,164			45,159			1.38
Cadogan Tate	(10)	S + 5.75%	0.00%	9.42%	11/7/2031		110,500		109,136			109,170			3.33
Cadogan Tate - Delayed Draw Term Loan	(10)(11)	S + 5.75%	0.00%	9.42%	11/7/2031		5,409		5,094			5,098			0.16
Cadogan Tate - Revolving Credit Facility	(6)(10)(11)	S + 5.75%	0.00%	9.42%	11/7/2031		10,000		9,760			9,759			0.30
FEG, Inc.		S + 4.75%	1.00%	8.42%	5/10/2030		85,775		84,486			84,593			2.58
FEG, Inc. - Revolving Credit Facility	(11)	S + 4.75%	1.00%	8.44%	5/10/2030		—		(205	)		(207	)		(0.01	)
Helios UK Bidco Limited	UK(9)(10)	SO + 5.50%	1.00%	9.23%	3/2/2031		GBP 26,235		34,975			33,860			1.03
Helios UK Bidco Limited - Revolving Credit Facility	UK(9)(10)(11)	SO + 5.50%	1.00%	9.23%	3/2/2031		GBP —		(200	)		(194	)		(0.01	)
Metropolis Term Loan Add on		S + 5.25%	0.00%	8.98%	11/3/2032		149,625		147,479			147,568			4.51
Spartan College LLC		S + 8.00%	1.50%	11.70%	3/25/2031		33,277		32,403			32,445			0.99
Spartan College LLC - Delayed Draw Term Loan	(11)	S + 8.00%	1.50%	11.70%	3/25/2031		3,632		3,588			3,592			0.11
True Talent Advisory Borrower, LLC		S + 5.25%	1.50%	8.95%	1/9/2033		67,500		66,198			66,192			2.02
True Talent Advisory Borrower, LLC - Delayed Draw Term Loan	(11)	S + 5.25%	1.50%	8.94%	1/9/2033		—		(294	)		(295	)		(0.01	)
True Talent Advisory Borrower, LLC - Revolving Credit Facility	(11)	S + 5.25%	1.50%	8.94%	1/9/2032		—		(303	)		(304	)		(0.01	)
Vision Purchaser Corp.	(6)	S + 6.35%	1.00%	10.05%	12/10/2026		35,497		35,234			34,432			1.05
Vision Purchaser Corp. - Fourth Amended Term Loan	(6)	S + 6.35%	1.00%	10.05%	12/10/2026		4,176		4,137			4,051			0.12
Vision Purchaser Corp. - Incremental Term Loan	(6)	S + 6.35%	1.00%	10.05%	12/10/2026		2,465		2,464			2,391			0.07
									629,671			627,887			19.16

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Telecommunications
Innovate Corp.	(10)	N/A	N/A	10.50%	2/1/2027		27,849		27,884			23,340			0.71
Ligado Networks LLC	(12)	N/A	N/A	15.50% PIK	12/31/2026		16,697		8,763			5,366			0.16
Ligado Networks LLC - DIP Facility - Backstop Incremental	(11)	N/A	N/A	17.50% PIK	12/31/2027		318		318			93			—
Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan		N/A	N/A	17.50% PIK	12/31/2026		1,361		1,361			1,211			0.04
Ligado Networks LLC - DIP Roll-up		N/A	N/A	17.50% PIK	12/31/2026		2,738		2,718			2,368			0.07
									41,044			32,378			0.98
Transportation: Cargo
Boasso Global - Delayed Draw Term Loan		S + 4.75%	0.75%	8.42%	3/31/2028		7,976		7,868			7,799			0.24
Boasso Global - Revolving Credit Facility	(11)	S + 4.75%	0.75%	8.44%	3/31/2028		—		(14	)		(139	)		—
Boasso Global		S + 4.75%	0.75%	8.42%	3/31/2028		57,606		56,854			56,328			1.72
									64,708			63,988			1.96
Wholesale
DFS Holdings Company, Inc. - Delayed Draw Term Loan		S + 7.50%	1.00%	11.20% (Incl 5.00% PIK)	1/31/2029		1,623		1,642			1,531			0.05
DFS Holdings Company, Inc.		S + 7.50%	1.00%	11.20% (Incl 5.00% PIK)	1/31/2029		22,149		21,801			20,279			0.62
Kite UK Bidco Ltd	UK(9)(10)	SO + 5.75%	1.00%	9.48%	9/20/2031		GBP 102,088		134,460			133,031			4.06
Kite UK Bidco Ltd - Delayed Draw Term Loan	UK(9)(10)(11)	SO + 5.75%	1.00%	9.48%	9/20/2031		GBP —		(218	)		(208	)		(0.01	)
									157,685			154,633			4.72
Total First Lien Debt									6,821,351			6,778,916			207.06	%
Second Lien Debt
Chemicals, Plastics & Rubber
Hexion Holdings Corporation		S + 7.54%	0.50%	11.21%	3/15/2030		12,353		12,141			11,457			0.35
Services: Business
DISA Holdings Corp.		S + 8.50%	2.50%	12.17% (Incl 2.00% PIK)	3/9/2029		15,517		15,257			15,379			0.47
DISA Holdings Corp. - Delayed Draw Term Loan		S + 8.50%	2.50%	12.17% (Incl 2.00% PIK)	3/9/2029		2,909		2,862			2,884			0.09
									18,119			18,263			0.56
Total Second Lien Debt									30,260			29,720			0.91	%

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2026

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)		Fair Value		Percentage of Net Assets
Subordinated Debt
Healthcare & Pharmaceuticals
Solvias AG - Holdco Note	CH(9)(10)	N/A	N/A	12.50% PIK	2/28/2033		CHF 286		317		350		0.01
Total Subordinated Debt									317		350		0.01	%
Preferred Equity
Services: Consumer
Metropolis Technologies Inc. - Class B Preferred Stock				17.5% PIK	5/16/2034		8,162		7,924		8,162		0.25
Metropolis Technologies Inc. - Class D Preferred Stock							24		778		778		0.02
Metropolis Technologies Inc. - Warrant					5/16/2034		4		189		1,896		0.06
									8,891		10,836		0.33
Total Preferred Equity									8,891		10,836		0.33	%
Common Equity
Services: Business
S.A.F.E. Management Equity					11/24/2031		5,000		5,054		5,000		0.15
Total Common Equity									5,054		5,000		0.15	%
Total Investments - non-controlled/non-affiliated								$	6,865,873	$	6,824,822		208.46	%
Cash and Cash Equivalents
Cash and Cash Equivalents	(13)							$	126,668	$	126,668		3.87
Total Cash and Cash Equivalents									126,668		126,668		3.87	%
Total Portfolio Investments, Cash and Cash Equivalents								$	6,992,541	$	6,951,490		212.33	%


March 31, 2026
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Fair Value			% of Net Assets
Foreign Currency Forward Contracts
Macquarie	January 7, 2027	$	127		AUD 196	$	(8	)		(0.0	)%
Macquarie	March 11, 2027	$	848		AUD 1,314	$	(51	)		(0.0	)%
Macquarie	April 7, 2027	$	124		AUD 193	$	(8	)		(0.0	)%
Macquarie	June 11, 2026	$	856		AUD 1,326	$	(58	)		(0.0	)%
Macquarie	June 11, 2027	$	51,156		AUD 79,323	$	(2,970	)		(0.1	)%
Macquarie	September 11, 2026	$	863		AUD 1,336	$	(57	)		(0.0	)%
Macquarie	October 7, 2026	$	127		AUD 196	$	(8	)		(0.0	)%
Macquarie	December 11, 2026	$	855		AUD 1,325	$	(54	)		(0.0	)%
Macquarie	January 7, 2027	$	865		GBP 641	$	20			0.0	%
Macquarie	January 7, 2027	$	2,296		GBP 1,725	$	19			0.0	%
Macquarie	January 7, 2027	$	153		GBP 116	$	-			-
Macquarie	January 7, 2028	$	867		GBP 645	$	22			0.0	%
Macquarie	January 7, 2028	$	2,287		GBP 1,730	$	18			0.0	%
Macquarie	March 8, 2028	$	35,130		GBP 26,148	$	882			0.0	%
Macquarie	March 17, 2028	$	44,499		GBP 33,832	$	194			0.0	%
Macquarie	April 7, 2027	$	848		GBP 628	$	20			0.0	%
Macquarie	April 7, 2027	$	2,253		GBP 1,695	$	19			0.0	%
Macquarie	April 7, 2028	$	85,797		GBP 65,027	$	672			0.0	%
Macquarie	May 7, 2026	$	50,214		GBP 37,648	$	383			0.0	%
Macquarie	June 17, 2026	$	97,125		GBP 73,065	$	482			0.0	%
Macquarie	July 7, 2026	$	1,163		GBP 861	$	23			0.0	%
Macquarie	July 7, 2026	$	2,844		GBP 2,133	$	21			0.0	%
Macquarie	July 7, 2026	$	154		GBP 115	$	1			0.0	%
Macquarie	July 7, 2027	$	855		GBP 634	$	21			0.0	%
Macquarie	July 7, 2027	$	2,274		GBP 1,714	$	19			0.0	%
Macquarie	July 7, 2027	$	151		GBP 114	$	1			0.0	%
Macquarie	October 7, 2026	$	871		GBP 645	$	19			0.0	%
Macquarie	October 7, 2026	$	2,290		GBP 1,719	$	19			0.0	%
Macquarie	October 7, 2027	$	868		GBP 644	$	22			0.0	%
Macquarie	October 7, 2027	$	2,297		GBP 1,734	$	18			0.0	%
Macquarie	October 8, 2027	$	3,381		GBP 2,558	$	21			0.0	%
Macquarie	January 7, 2027	$	4,707		GBP 3,507	$	78			0.0	%
Macquarie	March 8, 2027	$	155		GBP 117	$	1			0.0	%
Macquarie	June 8, 2026	$	162		GBP 121	$	1			0.0	%
Macquarie	June 8, 2027	$	159		GBP 119	$	2			0.0	%
Macquarie	June 17, 2026		GBP 7,297	$	5,453	$	(81	)		(0.0	)%
Macquarie	July 7, 2026	$	4,712		GBP 3,499	$	82			0.0	%
Macquarie	July 7, 2027	$	4,608		GBP 3,446	$	75			0.0	%
Macquarie	July 14, 2028	$	4,655		GBP 3,578	$	(22	)		(0.0	)%
Macquarie	July 15, 2027	$	3,341		GBP 2,557	$	(22	)		(0.0	)%
Macquarie	September 8, 2026	$	160		GBP 120	$	1			0.0	%
Macquarie	September 8, 2027	$	6,782		GBP 5,120	$	54			0.0	%


March 31, 2026
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Fair Value			% of Net Assets
Foreign Currency Forward Contracts
Macquarie	September 9, 2027	$	105,132		GBP 78,727	$	1,679			0.1	%
Macquarie	December 8, 2026	$	158		GBP 118	$	2			0.0	%
Macquarie	April 7, 2026	$	1,725		CAD 2,395	$	3			0.0	%
Macquarie	June 30, 2026	$	56,704		CAD 76,721	$	1,372			0.1	%
Macquarie	January 7, 2027	$	1,289		EUR 1,083	$	24			0.0	%
Macquarie	July 7, 2026	$	1,258		EUR 1,064	$	23			0.0	%
Macquarie	July 7, 2027	$	1,286		EUR 1,075	$	24			0.0	%
Macquarie	October 8, 2027	$	34,564		EUR 28,828	$	635			0.0	%
Macquarie	January 7, 2027	$	1,918		EUR 1,609	$	39			0.0	%
Macquarie	March 8, 2027	$	529		EUR 444	$	9			0.0	%
Macquarie	June 8, 2026	$	535		EUR 453	$	10			0.0	%
Macquarie	June 8, 2027	$	546		EUR 457	$	10			0.0	%
Macquarie	July 7, 2026	$	1,867		EUR 1,576	$	37			0.0	%
Macquarie	July 7, 2027	$	1,922		EUR 1,605	$	38			0.0	%
Macquarie	September 8, 2026	$	535		EUR 452	$	10			0.0	%
Macquarie	September 8, 2027	$	28,244		EUR 23,599	$	492			0.0	%
Macquarie	September 9, 2027	$	51,680		EUR 43,078	$	1,019			0.1	%
Macquarie	December 8, 2026	$	531		EUR 447	$	9			0.0	%
Macquarie	February 26, 2027	$	158,188		CHF 131,613	$	(12,234	)		(0.4	)%
Macquarie	March 29, 2029	$	417		CHF 323	$	(32	)		(0.0	)%
Macquarie	March 31, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	March 31, 2028	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	April 7, 2026	$	408		CHF 325	$	1			0.0	%
Macquarie	May 27, 2026	$	2,159		CHF 1,845	$	(163	)		(0.0	)%
Macquarie	June 30, 2026	$	386		CHF 329	$	(30	)		(0.0	)%
Macquarie	June 30, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	June 30, 2028	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	August 27, 2026	$	2,250		CHF 1,906	$	(171	)		(0.0	)%
Macquarie	September 29, 2028	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	September 30, 2026	$	394		CHF 333	$	(30	)		(0.0	)%
Macquarie	September 30, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	November 27, 2026	$	2,297		CHF 1,928	$	(176	)		(0.0	)%
Macquarie	December 29, 2028	$	13		CHF 10	$	(1	)		(0.0	)%
Macquarie	December 31, 2026	$	398		CHF 333	$	(30	)		(0.0	)%
Macquarie	December 31, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
						$	(7,567	)		(0.2	)%


	Interest Rate Swaps as of March 31, 2026
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value			Upfront (Payments) / Receipts		Change in Unrealized Gains / (Losses)
Interest rate swap	7.11%	SOFR + 3.117%	5/20/2030	$	165,000	$	2,060		$	—	$	(1,242	)
Interest rate swap	6.25%	SOFR + 2.4115%	5/31/2030	$	500,000	$	3,478		$	—	$	(3,573	)
Interest rate swap	6.13%	SOFR + 2.715%	2/5/2031	$	400,000	$	(4,795	)	$	—	$	(2,502	)
Total Hedge Accounting Swaps				$	1,065,000	$	743		$	—	$	(7,317	)
Cash collateral				$	—	$	16,170		$	—	$	—
Total derivatives				$	1,065,000	$	16,913		$	—	$	(7,317	)

(1)

Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)

All debt and equity investments are income producing unless otherwise noted.

(3)

All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)

All investments are pledged as collateral under the Company's Credit Facilities (as defined below) (see Note 7. Borrowings). A single investment may be divided into parts that are individually pledged as collateral to our Credit Facilities.

(5)

Variable rate loans to the portfolio companies are indexed to the Secured Overnight Financing Rate ("SOFR") (denoted as "S"), Euro Interbank Offered Rate (“EURIBOR”) (denoted as “E”), Swiss Average Rate Overnight (“SARON”) (denoted as “SA”), Sterling Overnight Index Average (“SONIA”) (denoted as “SO”), or Bank Bill Swap Rate ("BBSW") (denoted as "B") and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026

(6)

For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2026.

(7)

Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned.

(8)

Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

(9)

The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Luxembourg (denoted as “LU”), the United Kingdom (denoted as “UK”), Switzerland (denoted as “CH”), Ireland (denoted as “IE”), Mexico (denoted as "MX"), and Australia (denoted as "AUS"). Portfolio companies domiciled in a foreign country are not “qualifying assets” under Section 55(a) of the 1940 Act.

(10)

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 March 31, 2026, qualifying assets represented approximately 79.4% of total assets as calculated in accordance with regulatory requirements.

(11)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted).

(12)

Investment was on non-accrual status as of March 31, 2026, meaning that the Company has ceased recognizing interest income on these investments. As of March 31, 2026, debt investments on non-accrual status represented 0.1% and 0.1% of total investments on an amortized cost basis and fair value basis, respectively.

(13)

Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of March 31, 2026, $83,584 was held in FGTXX and had an average one year yield of 3.93%.

(14)

Portfolio company formerly known as Cotulla Acquisition Co.


March 31, 2026
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
7Ridge Investments	Delayed Draw	7/7/2026	$	11,119	$	—
Agrofresh	Revolver	3/31/2029		5,581		(62	)
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031		9,500		(342	)
AmerSpirit FL LLC	Delayed Draw	8/15/2027		19,021		(250	)
AVSC Holding Corporation	Revolver	12/5/2029		5,152		(76	)
Best Trash LLC	Delayed Draw	10/10/2026		25,000		(105	)
Best Trash LLC	Revolver	7/10/2031		6,060		(56	)
Boasso Global	Revolver	7/1/2026		6,250		(139	)
Brown & Root	Revolver	10/3/2030		24,005		(343	)
Cadogan Tate	Delayed Draw	10/31/2026		54,091		(246	)
Cadogan Tate	Revolver	10/31/2031		10,000		(120	)
Carevet LLC	Delayed Draw	6/18/2026		5,429		(29	)
Carevet LLC	Delayed Draw	6/18/2026		12,078		177
Carevet LLC	Delayed Draw	6/18/2029		11,000		162
Carevet LLC	Delayed Draw	6/18/2029		667		-
Carevet LLC	Revolver	6/18/2029		6,600		(43	)
Cargotuff Buyer LLC	Delayed Draw	1/29/2028		23,333		(110	)
Cargotuff Buyer LLC	Revolver	1/29/2032		7,778		(76	)
Clubcorp Holdings Inc.	Delayed Draw	7/10/2027		9,600		(57	)
Clubcorp Holdings Inc.	Revolver	7/10/2031		16,000		(211	)
Confluent Holdings LLC	Delayed Draw	7/2/2026		2,571		15
Red Fox CD Acquisition Corp.	Delayed Draw	11/21/2026		21,180		(348	)
Disa Holdings Corp.	Revolver	9/9/2028		2,222		(18	)
Elessent Clean Technologies Inc.	Revolver	11/15/2029		13,158		(191	)
FEG, Inc.	Revolver	5/10/2030		15,000		(207	)
Foundation Risk Partners	Delayed Draw	2/26/2027		3,508		(5	)
Foundation Risk Partners	Revolver	10/29/2029		4,337		-
Four Winds Interactive LLC	Delayed Draw	2/20/2027		2,903		(78	)
Four Winds Interactive LLC	Revolver	2/20/2030		1,935		(72	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		7,437		(222	)
Fullsteam	Delayed Draw	8/8/2027		8,077		(32	)
Fullsteam	Revolver	8/8/2031		2,692		(24	)
Great Day Improvements LLC	Revolver	6/13/2030		7,700		(108	)
Healthco Investment LTD	Delayed Draw	2/19/2029		6,614		(54	)
Helios UK Bidco Limited	Revolver	3/2/2031		8,008		(194	)
Highgate Hotels, L.P.	Revolver	11/3/2029		8,250		(151	)
Highgate Hotels, L.P.	Delayed Draw	12/9/2027		25,000		(209	)
Hotel Equities Group, LLC	Revolver	1/22/2029		3,825		(43	)
Inframark	Delayed Draw	7/31/2026		1,234		9
Inspired Pet Nutrition	Delayed Draw	9/1/2028		3,969		780
K1 Speed Inc.	Delayed Draw	1/2/2028		2,428		(47	)
Kite UK Bidco Ltd	Delayed Draw	1/9/2028		28,730		(208	)
Learnosity	Revolver	1/15/2031		7,500		(75	)
Legends Hospitality	Revolver	8/22/2030		3,563		(52	)
Ligado Networks LLC	Delayed Draw	12/31/2026		1,726		(190	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2031		5,538		(55	)


March 31, 2026
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
Natural Partners, Inc.	Revolver	3/15/2028		6,563		(55	)
Parfums Holding Co Inc	Revolver	6/27/2029		6,000		(39	)
PetVet Care Centers	Revolver	11/15/2029		5,585		(801	)
Pharmalogic Holdings Corp	Delayed Draw	6/21/2026		10,101		(26	)
RPX Corporation	Revolver	8/2/2030		6,122		(58	)
S.A.F.E. Management	Delayed Draw	11/24/2028		12,000		7
S.A.F.E. Management	Delayed Draw	5/24/2027		326		-
S.A.F.E. Management	Revolver	11/24/2031		5,000		(47	)
Sandlot Baseball Borrower Co.	Delayed Draw	6/5/2026		21,933		47
Sandlot Baseball Borrower Co.	Delayed Draw	9/6/2027		32,000		5
Sandlot Baseball Borrower Co.	Revolver	12/27/2030		10,000		-
Sheffield United F.C.	Delayed Draw	5/14/2026		19,841		(14	)
Sky Merger Sub, LLC	Delayed Draw	5/28/2026		12,500		115
Sky Merger Sub, LLC	Revolver	5/28/2029		25,000		(395	)
Solvias AG	Revolver	2/27/2030		22,514		(441	)
Spartan College LLC	Delayed Draw	9/25/2026		10,070		50
St. Croix	Revolver	10/24/2032		8,573		(80	)
SurveyMonkey Global Inc.	Revolver	5/31/2029		13,440		(356	)
Systems Planning and Analysis, Inc.	Delayed Draw	6/6/2027		4,712		(6	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		5,827		(37	)
Tequilas Premium	Revolver	3/6/2031		25,000		(493	)
Townsend	Revolver	8/1/2030		2,500		(50	)
Trillium FlowControl	Delayed Draw	6/20/2026		3,667		24
Trillium FlowControl	Revolver	12/20/2029		3,000		(3	)
True Talent Advisory Borrower, LLC	Delayed Draw	1/9/2028		31,500		(295	)
True Talent Advisory Borrower, LLC	Revolver	1/9/2032		15,750		(304	)
USA Debusk LLC	Delayed Draw	4/30/2026		1,527		2
USA Debusk LLC	Revolver	4/30/2030		38		-
USA Debusk LLC	Revolver	4/30/2030		1,030		(10	)
Total Unfunded Commitments			$	789,488	$	(6,965	)

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

MSD Investment Corp.

Consolidated Schedule of Investments

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Frontgrade Technologies Inc. - Incremental Term Loan		S + 5.25%	0.75%	9.13% (Incl 1.50% PIK)	1/9/2030		9,620		9,490			9,620			0.29	%
Frontgrade Technologies Inc.		S + 5.25%	0.75%	9.13% (Incl 1.50% PIK)	1/9/2030		59,477		58,544			59,477			1.81
Frontgrade Technologies Inc. - Incremental Term Loan 2		S + 5.25%	0.75%	9.12% (Incl 1.50% PIK)	1/9/2030		5,467		5,419			5,467			0.17
Frontgrade Technologies Inc. - Incremental Term Loan 3		S + 5.00%	0.75%	8.94%	1/9/2030		4,374		4,374			4,374			0.13
Frontgrade Technologies Inc. - Revolving Credit Facility	(11)	S + 5.00%	0.75%	8.85%	1/9/2028		1,239		1,158			1,239			0.04
Sky Merger Sub, LLC		S + 6.60%	1.50%	10.42%	5/28/2029		106,875		104,899			105,053			3.20
Sky Merger Sub, LLC - Delayed Draw Term Loan	(11)	S + 6.60%	1.50%	10.26%	5/28/2029		—		—			99			—
Sky Merger Sub, LLC - Revolving Credit Facility	(11)	S + 6.60%	1.50%	10.26%	5/28/2029		—		(425	)		(426	)		(0.01	)
Systems Planning and Analysis, Inc.		S + 4.75%	1.00%	8.42%	8/16/2027		10,495		10,420			10,417			0.32
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan		S + 4.75%	1.00%	8.42%	8/16/2027		6,555		6,495			6,507			0.20
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on	(6)	S + 4.75%	1.00%	8.44%	8/16/2027		49,865		49,492			49,495			1.51
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on 2	(11)	S + 4.75%	1.00%	8.42%	8/16/2027		19,238		19,076			19,084			0.58
Systems Planning and Analysis, Inc. - Revolving Credit Facility	(6)(11)	S + 4.75%	1.00%	10.00%	8/16/2027		2,158		2,125			2,115			0.06
									271,067			272,521			8.30
Banking, Finance, Insurance & Real Estate
7Ridge Investments	(10)	S + 8.00%	1.00%	11.67%	7/7/2028		47,171		46,382			46,378			1.41
7Ridge Investments - Delayed Draw Term Loan	(10)(11)	S + 8.00%	1.00%	11.67%	7/7/2028		11,277		11,123			11,123			0.34
ALF Finance	(10)	S + 6.00%	1.00%	9.67%	12/10/2029		28,522		28,321			28,261			0.86
ALF Finance - Delayed Draw Term Loan	(10)	S + 6.00%	1.00%	9.67%	12/10/2029		46,191		45,866			45,768			1.40
ALF Finance - Incremental Term Loan	(10)	S + 6.00%	1.00%	9.67%	12/10/2029		15,267		15,122			15,127			0.46
Foundation Risk Partners		S + 4.75%	0.75%	8.42%	10/29/2030		19,586		19,550			19,502			0.59
Foundation Risk Partners - Delayed Draw Term Loan		S + 4.75%	0.75%	8.42%	10/29/2030		44,363		43,714			44,174			1.35
Foundation Risk Partners - Delayed Draw Term Loan Incremental		S + 4.75%	0.75%	8.42%	10/29/2030		9,915		9,837			9,873			0.30
Foundation Risk Partners - Delayed Draw Term Loan Second Incremental	(6)(11)	S + 4.75%	0.75%	8.62%	10/29/2030		6,820		6,781			6,782			0.21
Foundation Risk Partners - Revolving Credit Facility	(11)	S + 4.75%	0.75%	8.42%	10/29/2029		1,334		1,308			1,334			0.04
Fullsteam		S + 5.25%	0.75%	9.11%	8/8/2031		24,231		23,995			24,036			0.73
Fullsteam - Delayed Draw Term Loan	(11)	S + 5.25%	0.75%	8.91%	8/8/2031		—		(35	)		(25	)		—
Fullsteam - Revolving Credit Facility	(11)	S + 5.25%	0.75%	8.91%	8/8/2031		—		(25	)		(25	)		—
Healthco Investment LTD EUR	UK(9)(10)	E + 5.75%	0.00%	7.85%	9/9/2032		EUR 27,178		26,596			26,656			0.81
Healthco Investment LTD GBP	UK(9)(10)	SO + 5.75%	0.00%	9.72%	9/9/2032		GBP 6,738		6,624			6,609			0.20
Healthco Investment LTD - Delayed Draw Term Loan GBP	UK(9)(10)(11)	SO + 5.75%	0.00%	9.79%	9/9/2032		GBP —		(61	)		(61	)		—
JLL Partners Fund VII Secondary	(10)	S + 6.75%	1.00%	10.42% PIK	4/29/2032		54,070		53,350			53,336			1.63
Onbe Inc.		S + 5.50%	1.00%	9.22%	7/25/2031		128,700		126,482			126,649			3.86
									464,930			465,497			14.19

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Beverage, Food & Tobacco
Inspired Pet Nutrition EUR	UK(9)(10)	E + 5.50%	0.75%	7.62%	6/30/2030		EUR 49,921		48,773			49,207			1.50
Inspired Pet Nutrition EUR - Delayed Draw Term Loan	UK(9)(10)	E + 5.50%	0.75%	7.62%	6/30/2030		EUR 21,458		21,125			21,151			0.65
Inspired Pet Nutrition EUR - Delayed Draw Term Loan Add on	UK(9)(10)	E + 5.50%	0.75%	7.62%	6/30/2030		EUR 11,746		11,562			11,578			0.35
Inspired Pet Nutrition GBP	UK(9)(10)	SO + 5.50%	0.75%	9.48%	6/30/2030		GBP 104,431		102,319			102,970			3.14
Inspired Pet Nutrition - Delayed Draw Term Loan	UK(9)(10)(11)	SO + 5.50%	0.75%	9.22%	6/30/2030		GBP 3,408		3,335			3,334			0.10
LJ Perimeter Buyer, Inc.		S + 6.65%	1.00%	10.49%	10/31/2028		18,878		18,568			17,527			0.53
LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan	(6)	S + 6.65%	1.00%	10.33%	10/31/2028		2,427		2,433			2,299			0.07
									208,115			208,066			6.34
Capital Equipment
Faraday Buyer, LLC		S + 6.00%	1.00%	9.67%	10/10/2028		32,804		32,383			32,430			0.99
Texas Hydraulics		S + 6.25%	2.00%	9.97%	11/20/2030		89,100		87,568			87,644			2.67
Trillium FlowControl	LU(9)(10)	S + 5.00%	1.00%	8.67%	12/20/2029		18,150		17,929			17,934			0.55
Trillium FlowControl - Delayed Draw Term Loan	LU(9)(10)(11)	S + 5.00%	1.00%	8.66%	12/20/2029		—		(16	)		(16	)		—
Trillium FlowControl - Revolving Credit Facility	LU(9)(10)(11)	S + 5.00%	1.00%	8.69%	12/20/2029		—		(36	)		(18	)		—
									137,828			137,974			4.21
Chemicals, Plastics & Rubber
Agrofresh		S + 5.50%	0.00%	9.32%	3/31/2030		65,753		64,940			64,952			1.98
Agrofresh - Revolving Credit Facility	(11)	S + 5.50%	0.00%	9.32%	3/31/2029		3,306		3,199			3,199			0.10
TPC Group, Inc.		S + 5.75%	0.00%	9.39%	11/24/2031		44,663		44,081			39,824			1.21
									112,220			107,975			3.29
Construction & Building
Cook & Boardman Group		S + 6.00%	1.00%	9.67%	3/4/2030		122,812		120,917			120,667			3.68
Cook & Boardman Group - Delayed Draw Term Loan	(6)(11)	S + 6.00%	1.00%	9.68%	3/4/2030		41,869		40,629			40,597			1.24
Elessent Clean Technologies Inc.		S + 6.00%	1.00%	9.73%	11/15/2029		135,474		133,265			133,373			4.07
Elessent Clean Technologies Inc. - Revolving Credit Facility	(11)	S + 6.00%	1.00%	9.66%	11/15/2029		—		(204	)		(204	)		(0.01	)
Great Day Improvements LLC		S + 5.76%	1.50%	9.33%	6/13/2030		84,710		83,349			83,448			2.55
Great Day Improvements LLC - Revolving Credit Facility	(11)	S + 5.76%	1.50%	9.35%	6/13/2030		2,800		2,592			2,591			0.08
Michael Baker		S + 4.50%	0.00%	8.19%	12/1/2028		100,000		96,506			96,504			2.94
Texas Infrastructure Holdings, L.L.C.		S + 8.00%	0.00%	11.67%	12/22/2027		31,330		30,709			30,711			0.94
									507,763			507,687			15.49
Consumer Goods: Non-durable
1440 Foods Topco LLC		S + 5.00%	0.00%	8.72%	10/31/2031		19,819		18,848			18,679			0.57
GSM Outdoors		S + 5.00%	1.00%	8.67%	9/30/2031		12,288		11,538			12,134			0.37
Parfums Holdings Co.		S + 5.25%	1.00%	8.92%	6/27/2030		95,299		94,525			94,583			2.89
Parfums Holdings Co. - Revolving Credit Facility	(11)	S + 5.25%	1.00%	8.91%	6/27/2029		—		(42	)		(42	)		—
Valeron Group, LLC		S + 5.50%	0.00%	9.23%	10/18/2031		148,500		145,268			145,237			4.43
Valeron Group, LLC - Delayed Draw Term Loan		S + 5.50%	0.00%	9.23%	10/18/2031		49,550		48,426			48,461			1.48
									318,563			319,052			9.74

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Containers, Packaging & Glass
Confluent Holdings LLC		S + 7.00%	2.00%	10.67%	3/28/2029		28,789		28,164			28,039			0.86
Confluent Holdings LLC - Delayed Draw Term Loan		S + 7.00%	2.00%	10.67%	3/28/2029		14,394		14,086			14,020			0.43
Confluent Holdings LLC - Delayed Draw Term Loan Add On	(11)	S + 7.00%	2.00%	10.67%	3/28/2029		4,774		4,685			4,689			0.14
Dellner Couplers Group AB	UK(9)(10)	E + 5.43%	0.50%	7.32%	6/29/2029		EUR 44,635		40,558			44,561			1.36
									87,493			91,309			2.79
Environmental Industries
Inframark		S + 5.25%	0.75%	9.07% (Incl 2.75% PIK)	7/31/2031		18,707		18,551			18,670			0.57
Inframark - Delayed Draw Term Loan	(11)	S + 5.25%	0.75%	9.07% (Incl 2.75% PIK)	7/31/2031		2,294		2,271			2,293			0.07
									20,822			20,963			0.64
Healthcare & Pharmaceuticals
CareVet LLC - Term Loan A		S + 6.00%	2.00%	9.67%	6/18/2029		112,200		111,616			111,559			3.40
CareVet LLC - Term Loan B		N/A	N/A	14.75% (Incl 7.5% PIK)	6/18/2029		11,142		10,922			11,004			0.34
CareVet LLC - Delayed Draw Term Loan A	(6)(11)	S + 6.00%	2.00%	9.77%	6/18/2029		11,599		11,323			11,486			0.35
CareVet LLC - Delayed Draw Term Loan B	(11)	S + 6.00%	2.00%	9.67%	6/18/2029		20,922		20,693			20,975			0.64
CareVet LLC - Revolving Credit Facility	(11)	S + 6.00%	2.00%	9.66%	6/18/2029		—		(46	)		(46	)		—
Gainwell Acquisition Corp		S + 4.10%	0.75%	7.77%	10/1/2027		982		955			963			0.03
LSCS Holdings Inc.		S + 4.50%	0.00%	8.17%	2/23/2032		16,900		16,821			16,527			0.50
Natural Partners, Inc.		S + 4.50%	1.00%	8.32%	11/29/2030		50,327		49,748			49,885			1.52
Natural Partners, Inc. - Revolving Credit Facility	(11)	S + 4.50%	1.00%	8.16%	11/29/2030		—		(65	)		(58	)		—
PetVet Care Centers		S + 6.00%	0.75%	9.72%	11/15/2030		52,452		51,632			47,917			1.46
PetVet Care Centers - Revolving Credit Facility	(11)	S + 6.00%	0.75%	9.84%	11/15/2029		698		608			94			—
Pharmalogic Holdings Corp.		S + 5.00%	1.00%	8.72%	6/21/2030		19,703		19,463			19,482			0.59
Pharmalogic Holdings Corp.		S + 5.00%	1.00%	8.72%	6/21/2030		CAD 53,825		53,296			53,225			1.62
Pharmalogic Holdings Corp. - Delayed Draw Term Loan	(11)	S + 5.00%	1.00%	8.72%	6/21/2030		5,051		4,916			4,919			0.15
Solvias AG	CH(9)(10)	SA + 5.50%	0.75%	6.25%	2/27/2032		CHF 165,291		142,392			161,909			4.94
Solvias AG - Revolving Credit Facility	CH(9)(10)(11)	SA + 5.50%	0.75%	6.25%	2/27/2030		CHF —		(404	)		(472	)		(0.01	)
St. Croix		S + 4.50%	0.50%	8.37%	10/24/2032		51,435		50,926			50,934			1.55
St. Croix - Revolving Credit Facility	(11)	S + 4.50%	0.50%	8.16%	10/24/2032		—		(83	)		(83	)		—
									544,713			560,220			17.08

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
High Tech Industries
Alteryx, Inc.		S + 6.00%	0.75%	9.72%	3/19/2031		26,125		25,797			25,832			0.79
Alteryx, Inc. - Delayed Draw Term Loan		S + 6.00%	0.75%	9.72%	3/19/2031		59,375		58,652			58,710			1.79
Alteryx, Inc. - Revolving Credit Facility	(11)	S + 6.00%	0.75%	9.66%	3/19/2031		—		(106	)		(106	)		—
CoreWeave - Delayed Draw Term Loan	(6)	S + 6.00%	0.00%	9.87%	8/26/2030		34,994		34,587			34,994			1.07
CoreWeave - Delayed Draw Term Loan Add on	(6)(11)	S + 4.25%	0.00%	8.01%	9/29/2030		107,634		106,110			106,110			3.24
Inmar, Inc.	(6)	S + 4.50%	0.00%	8.24%	10/30/2031		26,126		25,895			25,756			0.79
Integral Ad Science Holding Corp		S + 5.00%	1.00%	8.73%	12/23/2031		76,000		71,441			71,440			2.18
Learnosity	IE(9)(10)	S + 5.25%	1.00%	8.92%	1/15/2031		91,806		90,940			90,840			2.77
Learnosity - Revolving Credit Facility	IE(9)(10)(11)	S + 5.25%	1.00%	8.91%	1/15/2031		—		(79	)		(79	)		—
MYOB Invest Co Pty Ltd and MYOB US Borrower LLC	AUS(9)(10)	B + 5.25%	0.00%	8.94% (Incl 2.75% PIK)	6/6/2030		AUD 50,802		48,762			50,221			1.53
SMX Group Intermediate Holdings LLC		S + 4.50%	0.00%	8.22%	2/6/2032		10,333		10,237			10,186			0.31
Watchguard Technologies, Inc.		S + 5.25%	0.75%	8.97%	7/2/2029		49,871		48,173			49,716			1.52
									520,409			523,620			15.99
Hotel, Gaming & Leisure
AmerSpirit FL LLC		S + 4.75%	3.00%	8.42%	8/15/2030		59,004		58,155			58,186			1.77
AmerSpirit FL LLC - Delayed Draw Term Loan		S + 4.75%	3.00%	8.42%	8/15/2030		173,875		171,409			171,464			5.23
AmerSpirit FL LLC - Delayed Draw Term Loan 2	(11)	S + 4.75%	3.00%	8.42%	8/15/2030		10,417		9,933			9,937			0.30
Chuck E. Cheese		S + 6.00%	2.00%	9.67%	9/26/2030		80,000		78,845			78,863			2.41
Clubcorp Holdings Inc.		S + 5.00%	1.00%	8.67%	7/10/2032		146,832		144,684			144,778			4.42
Clubcorp Holdings Inc. - Delayed Draw Term Loan	(11)	S + 5.00%	1.00%	8.66%	7/10/2032		—		(62	)		(62	)		—
Clubcorp Holdings Inc. - Revolving Credit Facility	(11)	S + 5.00%	1.00%	8.66%	7/10/2031		—		(221	)		(221	)		(0.01	)
Highgate Hotels, L.P.		S + 5.50%	1.00%	9.17%	11/5/2029		98,000		96,639			96,078			2.93
Highgate Hotels, L.P. - Revolving Credit Facility	(11)	S + 5.50%	1.00%	9.16%	11/3/2029		—		(160	)		(245	)		(0.01	)
Highgate Hotels, L.P.- Delayed Draw Term Loan	(11)	S + 5.50%	1.00%	9.16%	11/3/2029		—		(242	)		(240	)		(0.01	)
Hotel Equities Group, LLC		S + 5.75%	2.00%	9.61%	1/22/2029		29,218		28,887			28,860			0.88
Hotel Equities Group, LLC - Revolving Credit Facility	(11)	S + 5.75%	2.00%	9.59%	1/22/2029		2,900		2,778			2,778			0.08
J&J Ventures Gaming LLC		S + 5.11%	0.75%	8.83%	4/26/2028		133,312		130,702			134,146			4.09
J&J Ventures Gaming LLC Add on		S + 5.00%	0.75%	8.72%	4/26/2030		30,000		29,713			30,300			0.92
K1 Speed Inc.		S + 6.25%	1.00%	10.23%	1/2/2029		18,214		17,972			17,952			0.55
K1 Speed Inc. - Delayed Draw Term Loan	(6)(11)	S + 6.25%	1.00%	10.08%	1/2/2029		3,643		3,563			3,555			0.11
K1 Speed Inc. - Delayed Draw Term Loan B		S + 6.25%	1.00%	9.92%	1/2/2029		3,643		3,590			3,590			0.11
K1 Speed Inc. Incremental		S + 6.25%	1.00%	10.23%	1/2/2029		4,250		4,188			4,189			0.13
K1 Speed Inc. Second Incremental		S + 6.25%	1.00%	10.15%	1/2/2029		1,943		1,917			1,915			0.06
Sandlot Baseball Borrower Co.		S + 5.00%	1.00%	8.67%	12/27/2028		65,333		64,483			64,783			1.98
Sandlot Baseball Borrower Co. - Delayed Draw Term Loan		S + 5.00%	1.00%	8.67%	12/27/2028		10,877		10,788			10,829			0.33
Sandlot Baseball Borrower Co. - Delayed Draw Term Loan 2	(11)	S + 5.00%	1.00%	8.67%	12/27/2028		31,320		31,089			31,093			0.95
Sandlot Baseball Borrower Co. - Revolving Credit Facility	(11)	S + 5.00%	1.00%	8.66%	12/27/2028		—		—			—			—
									888,650			892,528			27.22

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Media: Advertising, Printing & Publishing
Nottingham Forest	UK(9)(10)	N/A	N/A	12.94% PIK	7/15/2028		GBP 5,638		5,572			5,619			0.17
Patientpoint		S + 5.00%	0.00%	8.67%	10/15/2032		185,000		175,828			178,062			5.43
Raptive		S + 4.36%	0.50%	8.08%	3/23/2028		6,323		6,189			6,228			0.19
Raptive - Incremental Term Loan		S + 4.36%	0.50%	7.97%	3/23/2028		150,000		146,151			147,750			4.51
Southampton FC	UK(9)(10)	SO + 6.00%	0.00%	9.98%	9/20/2029		GBP 65,248		63,295			64,639			1.97
Southampton FC - Revolving Credit Facility	UK(9)(10)	SO + 6.00%	0.00%	9.98%	9/20/2029		GBP 13,475		13,072			13,349			0.41
									410,107			415,647			12.68
Media: Broadcasting & Subscription
Sheffield United F.C.	UK(9)(10)	N/A	N/A	10.70%	5/22/2026		GBP 3,405		3,138			3,402			0.10
									3,138			3,402			0.10
Media: Diversified & Production
AVSC Holding Corporation		S + 5.00%	0.75%	8.72%	12/5/2031		58,277		57,238			57,288			1.75
AVSC Holding Corporation - Revolving Credit Facility	(11)	S + 5.00%	0.75%	8.69%	12/5/2029		—		(99	)		(99	)		—
Bisnow		S + 7.50%	3.00%	11.17%	5/9/2028		28,155		27,910			27,993			0.85
Candle Media Co Ltd		S + 6.10%	0.75%	9.77% (Incl 3.50% PIK)	6/18/2029		27,444		27,288			24,556			0.75
Candle Media Co Ltd - Delayed Draw Term Loan		S + 6.10%	0.75%	9.77% (Incl 3.50% PIK)	6/18/2029		10,865		10,808			9,721			0.30
Townsquare Media Inc.		S + 5.00%	0.50%	8.88%	2/13/2030		49,055		46,960			34,216			1.04
									170,105			153,675			4.69
Services: Business
ASC Engineered Solutions		S + 4.75%	0.75%	8.59%	7/10/2031		49,500		49,078			49,108			1.50
BDO USA, P.C.		S + 5.00%	2.00%	8.86%	8/31/2028		64,989		64,218			65,167			1.99
Best Trash LLC		S + 4.75%	1.00%	8.42%	7/10/2031		51,844		51,288			51,346			1.57
Best Trash LLC - Delayed Draw Term Loan	(6)	S + 4.75%	1.00%	8.47%	7/10/2031		16,211		16,044			16,055			0.49
Best Trash LLC - Incremental Delayed Draw Term Loan	(11)	S + 4.75%	1.00%	8.41%	7/10/2031		—		(116	)		(115	)		—
Best Trash LLC - Incremental Term Loan		S + 4.75%	1.00%	8.68%	7/10/2031		11,326		11,214			11,217			0.34
Best Trash LLC - Revolving Credit Facility	(11)	S + 4.75%	1.00%	8.42%	7/10/2031		190		128			130			—
Brock Holdings III, LLC		S + 5.75%	0.50%	9.42%	5/1/2030		37,283		36,924			37,345			1.14
Brown & Root Revolver	(11)	S + 5.00%	1.00%	8.84%	10/3/2030		8,916		8,502			8,502			0.26
Brown & Root Term Loan		S + 5.00%	1.00%	8.67%	10/3/2030		128,270		126,405			126,439			3.86
DISA Holdings Corp.		S + 5.00%	0.75%	8.99%	9/9/2028		16,413		16,259			16,265			0.50
DISA Holdings Corp. - Delayed Draw Term Loan	(6)(11)	S + 5.00%	0.75%	8.98%	9/9/2028		12,048		11,936			11,939			0.36
DISA Holdings Corp. - Revolving Credit Facility	(6)(11)	S + 5.00%	0.75%	8.98%	9/9/2028		1,111		1,074			1,073			0.03
Ethos	(10)	S + 6.00%	1.00%	9.72%	12/30/2029		157,013		154,439			154,964			4.73
Four Winds Interactive LLC		S + 5.75%	0.75%	9.42%	2/20/2030		14,925		14,666			14,678			0.45
Four Winds Interactive LLC - Delayed Draw Term Loan	(11)	S + 5.75%	0.75%	9.41%	2/20/2030		—		(19	)		(19	)		—
Four Winds Interactive LLC - Revolving Credit Facility	(11)	S + 5.75%	0.75%	9.41%	2/20/2030		—		(32	)		(32	)		—

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Services: Business (continued)
Legends Hospitality Holding Company		S + 5.50%	0.75%	9.23% (Incl 2.75% PIK)	8/22/2031		65,519		64,436			64,504			1.97
Legends Hospitality Holding Company - Delayed Draw Term Loan	(6)(11)	S + 5.00%	0.75%	8.73%	8/22/2031		3,099		3,044			3,047			0.09
Legends Hospitality Holding Company - Revolving Credit Facility	(6)(11)	S + 5.00%	0.75%	8.73%	8/22/2030		2,437		2,322			2,321			0.07
RPX Corporation		S + 5.50%	1.00%	9.25%	8/2/2030		68,017		67,176			67,342			2.05
RPX Corporation - Incremental Term Loan		S + 5.50%	1.00%	9.23%	8/2/2030		13,010		12,880			12,881			0.39
RPX Corporation - Revolving Credit Facility	(11)	S + 5.50%	1.00%	9.19%	8/2/2030		—		(70	)		(61	)		—
S.A.F.E. Management		S + 4.75%	0.00%	8.63%	11/24/2031		35,000		34,652			34,656			1.06
S.A.F.E. Management - Delayed Draw Term Loan A	(11)	S + 4.75%	0.00%	8.41%	11/24/2031		—		2			2			—
S.A.F.E. Management - Delayed Draw Term Loan B	(11)	S + 4.75%	0.00%	8.41%	11/24/2031		—		3			3			—
S.A.F.E. Management - Delayed Draw Term Loan C	(11)	S + 4.75%	0.00%	8.41%	11/24/2031		—		2			2			—
S.A.F.E. Management - Revolving Credit Facility	(11)	S + 4.75%	0.00%	8.63%	11/24/2031		2,617		2,567			2,567			0.08
SurveyMonkey Global Inc.		S + 5.75%	1.00%	9.42%	5/31/2030		124,662		123,251			123,730			3.77
SurveyMonkey Global Inc. - Revolving Credit Facility	(11)	S + 5.75%	1.00%	9.41%	5/31/2029		—		(133	)		(94	)		—
Townsend		S + 6.50%	1.50%	10.34%	8/1/2030		11,850		11,562			11,577			0.35
Townsend - Revolving Credit Facility	(11)	S + 6.50%	1.50%	10.16%	8/1/2029		—		(54	)		(54	)		—
Travelport Finance (Luxembourg) S.A.R.L	LU(9)(10)	S + 7.26%	1.00%	11.25% (Incl 1.25% PIK)	9/30/2028		57,367		57,104			48,977			1.49
USA Debusk LLC		S + 5.25%	0.75%	8.97%	4/30/2031		16,396		16,193			16,242			0.50
USA Debusk LLC - Delayed Draw Term Loan	(6)(11)	S + 5.25%	0.75%	9.12%	4/30/2031		982		949			963			0.03
USA DeBusk LLC - Incremental Term Loan		S + 5.25%	0.75%	9.12%	4/30/2031		3,427		3,393			3,394			0.10
USA Debusk LLC - Revolving Credit Facility	(6)(11)	S + 5.25%	0.75%	9.06%	4/30/2030		2,252		2,227			2,219			0.07
									963,514			958,280			29.24
Services: Consumer
Aviation Institute of Maintenance	(14)	S + 7.00%	1.50%	10.67%	5/3/2029		32,565		31,868			31,912			0.97
Aviation Institute of Maintenance - Delayed Draw Term Loan	(14)	S + 7.00%	1.50%	10.67%	5/3/2029		18,973		18,607			18,592			0.57
Cadogan Tate	(10)	S + 5.75%	0.00%	9.50%	11/7/2031		110,500		109,044			109,112			3.33
Cadogan Tate - Delayed Draw Term Loan	(10)(11)	S + 5.75%	0.00%	9.47%	11/7/2031		5,409		5,063			5,067			0.15
Cadogan Tate - Revolving Credit Facility	(6)(10)(11)	S + 5.75%	0.00%	9.50%	11/7/2031		7,500		7,249			7,249			0.22
FEG, Inc.		S + 4.75%	1.00%	8.47%	5/10/2030		85,775		84,411			84,523			2.58
FEG, Inc. - Revolving Credit Facility	(11)	S + 4.75%	1.00%	8.41%	5/10/2030		—		(218	)		(219	)		(0.01	)
Metropolis Term Loan Add on		S + 5.25%	0.00%	8.98%	11/3/2032		150,000		147,790			148,500			4.53
Spartan College LLC		S + 8.00%	1.50%	11.67%	3/25/2031		33,277		32,359			32,405			0.99
Spartan College LLC - Delayed Draw Term Loan	(11)	S + 8.00%	1.50%	11.67%	3/25/2031		3,632		3,572			3,576			0.11
Vision Purchaser Corp.	(6)	S + 6.35%	1.00%	10.02%	12/10/2026		35,592		35,227			34,353			1.05
Vision Purchaser Corp. - Fourth Amended Term Loan	(6)	S + 6.35%	1.00%	10.02%	12/10/2026		4,187		4,096			4,042			0.12
Vision Purchaser Corp. - Incremental Term Loan	(6)	S + 6.35%	1.00%	10.02%	12/10/2026		2,472		2,467			2,386			0.07
									481,535			481,498			14.68

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date	Par Amount / Shares (7)		Cost (8)		Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Telecommunications
Innovate Corp.	(10)	N/A	N/A	10.50%	2/1/2027		26,460		26,504		22,927			0.70
Ligado Networks LLC	(12)	N/A	N/A	15.5% PIK	11/1/2023		16,697		8,763		4,174			0.13
Ligado Networks LLC - DIP Facility - Backstop Incremental	(6)(11)	N/A	N/A	17.50% PIK	12/31/2026		401		401		(14	)		—
Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan		N/A	N/A	17.50% PIK	12/31/2026		1,899		1,899		1,529			0.05
Ligado Networks LLC - DIP Roll-up		N/A	N/A	17.50% PIK	12/31/2026		2,621		2,600		2,110			0.06
Maxar Technologies Inc. - Revolving Credit Facility	(11)	S + 5.75%	1.00%	9.42%	5/3/2029		10,189		9,975		10,189			0.31
Maxar Technologies Inc.		S + 5.75%	1.00%	9.42%	5/3/2030		97,428		95,690		97,428			2.97
									145,832		138,343			4.22
Transportation: Cargo
Boasso Global - Delayed Draw Term Loan		S + 4.75%	0.75%	8.59%	3/31/2028		7,997		7,867		7,812			0.24
Boasso Global - Revolving Credit Facility	(11)	S + 4.75%	0.75%	8.47%	3/31/2028		521		492		377			0.01
Boasso Global		S + 4.75%	0.75%	8.59%	3/31/2028		57,753		56,851		56,423			1.72
									65,210		64,612			1.97
Wholesale
DFS Holdings Company, Inc. - Delayed Draw Term Loan		S + 7.50%	1.00%	11.17% (Incl 5.00% PIK)	1/31/2029		1,603		1,620		1,563			0.05
DFS Holdings Company, Inc.		S + 7.50%	1.00%	11.17% (Incl 5.00% PIK)	1/31/2029		21,876		21,493		20,711			0.63
									23,113		22,274			0.68
Total First Lien Debt									6,345,127		6,345,143			193.54	%
Second Lien Debt
Chemicals, Plastics & Rubber
Hexion Holdings Corporation		S + 7.54%	0.50%	11.25%	3/15/2030		12,353		12,130		11,959			0.36
Services: Business
DISA Holdings Corp.		S + 8.50%	2.50%	12.38% (Incl 2.00% PIK)	3/9/2029		15,438		15,158		15,290			0.47
DISA Holdings Corp. - Delayed Draw Term Loan		S + 8.50%	2.50%	12.38% (Incl 2.00% PIK)	3/9/2029		2,895		2,844		2,867			0.09
									18,002		18,157			0.56
Total Second Lien Debt									30,132		30,116			0.92	%
Subordinated Debt
Services: Business
Ethos - PIK Note	(10)	N/A	N/A	13.00% PIK	3/31/2030		1,139		1,131		1,139			0.03
Healthcare & Pharmaceuticals
Solvias AG - Holdco Note	CH(9)(10)	N/A	N/A	12.50% PIK	2/27/2033		CHF 350		306		342			0.01
Total Subordinated Debt									1,437		1,481			0.04	%

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2025

(in thousands, except shares)


Investments (1)(2)(3)(4)	Footnotes	Reference Rate and Spread (5)	Interest Rate Floor	Interest Rate (6)	Maturity Date		Par Amount / Shares (7)		Cost (8)		Fair Value		Percentage of Net Assets
Preferred Equity
Services: Consumer
Metropolis Technologies Inc. - Class B Preferred Stock				17.5% PIK	5/16/2034			8,162		7,924		8,162		0.25
Metropolis Technologies Inc. - Class D Preferred Stock						—		24		778		778		0.02
Metropolis Technologies Inc. - Warrant					5/16/2034			4		189		1,896		0.06
										8,891		10,836		0.33
Total Preferred Equity										8,891		10,836		0.33	%
Common Equity
Services: Business
S.A.F.E. Management Equity	(11)				11/24/2031			3,478		3,478		3,478		0.11
Total Common Equity										3,478		3,478		0.11	%
Total Investments - non-controlled/non-affiliated									$	6,389,065	$	6,391,054		194.94	%
Cash and Cash Equivalents
Cash and Cash Equivalents	(13)								$	128,658	$	128,658		3.92
Total Cash and Cash Equivalents										128,658		128,658		3.92	%
Total Portfolio Investments, Cash and Cash Equivalents									$	6,517,723	$	6,519,712		198.86	%


December 31, 2025
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Fair Value			% of Net Assets
Foreign Currency Forward Contracts
Macquarie	January 7, 2027	$	127		AUD 196	$	(3	)		(0.0	)%
Macquarie	March 11, 2026	$	830		AUD 1,287	$	(29	)		(0.0	)%
Macquarie	March 11, 2027	$	848		AUD 1,314	$	(23	)		(0.0	)%
Macquarie	April 7, 2027	$	124		AUD 193	$	(4	)		(0.0	)%
Macquarie	June 11, 2026	$	856		AUD 1,326	$	(28	)		(0.0	)%
Macquarie	June 11, 2027	$	51,156		AUD 79,323	$	(1,295	)		(0.0	)%
Macquarie	September 11, 2026	$	863		AUD 1,336	$	(27	)		(0.0	)%
Macquarie	October 7, 2026	$	127		AUD 196	$	(3	)		(0.0	)%
Macquarie	December 11, 2026	$	855		AUD 1,325	$	(26	)		(0.0	)%
Macquarie	January 7, 2026	$	80		GBP 60	$	(1	)		(0.0	)%
Macquarie	January 7, 2027	$	153		GBP 116	$	(3	)		(0.0	)%
Macquarie	March 18, 2026	$	102,196		GBP 76,442	$	(790	)		(0.0	)%
Macquarie	July 7, 2026	$	154		GBP 115	$	(1	)		(0.0	)%
Macquarie	July 7, 2027	$	151		GBP 114	$	(2	)		(0.0	)%
Macquarie	October 8, 2027	$	3,381		GBP 2,558	$	(55	)		(0.0	)%
Macquarie	January 7, 2026	$	3,234		GBP 2,398	$	3			0.0	%
Macquarie	January 7, 2027	$	4,707		GBP 3,507	$	(12	)		(0.0	)%
Macquarie	March 8, 2027	$	155		GBP 117	$	(2	)		(0.0	)%
Macquarie	March 9, 2026	$	325		GBP 243	$	(3	)		(0.0	)%
Macquarie	March 18, 2026		GBP 19,261	$	14,340	$	58			0.0	%
Macquarie	June 8, 2026	$	162		GBP 121	$	(1	)		(0.0	)%
Macquarie	June 8, 2027	$	159		GBP 119	$	(3	)		(0.0	)%
Macquarie	July 7, 2026	$	4,712		GBP 3,499	$	(1	)		(0.0	)%
Macquarie	July 7, 2027	$	4,608		GBP 3,446	$	(22	)		(0.0	)%
Macquarie	July 14, 2028	$	4,655		GBP 3,578	$	(141	)		(0.0	)%
Macquarie	July 15, 2027	$	3,341		GBP 2,557	$	(94	)		(0.0	)%
Macquarie	September 8, 2026	$	160		GBP 120	$	(2	)		(0.0	)%
Macquarie	September 8, 2027	$	6,782		GBP 5,120	$	(94	)		(0.0	)%
Macquarie	September 9, 2027	$	105,132		GBP 78,727	$	(594	)		(0.0	)%
Macquarie	December 8, 2026	$	158		GBP 118	$	(2	)		(0.0	)%
Macquarie	January 6, 2026	$	954		CAD 1,306	$	2			0.0	%
Macquarie	March 31, 2026	$	1,268		CAD 1,718	$	12			0.0	%
Macquarie	June 30, 2026	$	56,704		CAD 76,721	$	395			0.0	%
Macquarie	January 7, 2026	$	638		EUR 544	$	(1	)		(0.0	)%
Macquarie	January 7, 2027	$	1,289		EUR 1,083	$	(2	)		(0.0	)%
Macquarie	March 18, 2026	$	43,954		EUR 37,240	$	47			0.0	%
Macquarie	July 7, 2026	$	1,258		EUR 1,064	$	(2	)		(0.0	)%
Macquarie	July 7, 2027	$	1,286		EUR 1,075	$	(3	)		(0.0	)%
Macquarie	October 8, 2027	$	34,564		EUR 28,828	$	(95	)		(0.0	)%
Macquarie	January 7, 2026	$	1,255		EUR 1,069	$	(1	)		(0.0	)%
Macquarie	July 7, 2026	$	1,867		EUR 1,576	$	(13	)		(0.0	)%
Macquarie	January 7, 2027	$	1,918		EUR 1,609	$	-			-


December 31, 2025
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Fair Value			% of Net Assets
Foreign Currency Forward Contracts
Macquarie	March 8, 2027	$	529		EUR 444	$	(2	)		(0.0	)%
Macquarie	March 9, 2026	$	1,064		EUR 905	$	(3	)		(0.0	)%
Macquarie	June 8, 2026	$	535		EUR 453	$	(1	)		(0.0	)%
Macquarie	June 8, 2027	$	546		EUR 457	$	(2	)		(0.0	)%
Macquarie	July 7, 2027	$	1,922		EUR 1,605	$	(2	)		(0.0	)%
Macquarie	September 9, 2027	$	51,680		EUR 43,078	$	(64	)		(0.0	)%
Macquarie	September 8, 2026	$	535		EUR 452	$	(1	)		(0.0	)%
Macquarie	September 8, 2027	$	28,244		EUR 23,599	$	(103	)		(0.0	)%
Macquarie	December 8, 2026	$	531		EUR 447	$	(2	)		(0.0	)%
Macquarie	January 6, 2026	$	1,370		CHF 1,082	$	4			0.0	%
Macquarie	February 26, 2027	$	158,188		CHF 131,613	$	(14,789	)		(0.5	)%
Macquarie	February 27, 2026	$	2,197		CHF 1,895	$	(208	)		(0.0	)%
Macquarie	March 29, 2029	$	417		CHF 323	$	(37	)		(0.0	)%
Macquarie	March 31, 2026	$	379		CHF 325	$	(36	)		(0.0	)%
Macquarie	March 31, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	March 31, 2028	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	May 27, 2026	$	2,159		CHF 1,845	$	(205	)		(0.0	)%
Macquarie	June 30, 2026	$	386		CHF 329	$	(37	)		(0.0	)%
Macquarie	June 30, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	June 30, 2028	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	August 27, 2026	$	2,250		CHF 1,906	$	(213	)		(0.0	)%
Macquarie	September 29, 2028	$	12		CHF 10	$	(2	)		(0.0	)%
Macquarie	September 30, 2026	$	395		CHF 333	$	(36	)		(0.0	)%
Macquarie	September 30, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
Macquarie	November 27, 2026	$	2,297		CHF 1,928	$	(216	)		(0.0	)%
Macquarie	December 29, 2028	$	13		CHF 10	$	(1	)		(0.0	)%
Macquarie	December 31, 2026	$	398		CHF 333	$	(37	)		(0.0	)%
Macquarie	December 31, 2027	$	12		CHF 10	$	(1	)		(0.0	)%
						$	(18,860	)		(0.5	)%


	Interest Rate Swaps as of December 31, 2025
	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Market Value			Upfront (Payments) / Receipts		Change in Unrealized Gains / (Losses)
Interest rate swap	7.11%	SOFR + 3.117%	5/20/2030	$	165,000	$	3,302		$	—	$	4,161
Interest rate swap	6.25%	SOFR + 2.4115%	5/31/2030	$	500,000	$	7,051		$	—	$	7,051
Interest rate swap	6.13%	SOFR + 2.715%	2/5/2031	$	400,000	$	(2,293	)	$	—	$	(2,293	)
Total Hedge Accounting Swaps				$	1,065,000	$	8,060		$	—	$	8,919
Cash collateral				$	—	$	3,160		$	—	$	—
Total derivatives				$	1,065,000	$	11,220		$	—	$	8,919

(1)

Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)

All debt and equity investments are income producing unless otherwise noted.

(3)

classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)

(5)

(6)

For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2025.

(7)

Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned.

(8)

Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

(9)

The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Luxembourg (denoted as “LU”), the United Kingdom (denoted as “UK”), Switzerland (denoted as “CH”), Ireland (denoted as “IE”), and Australia (denoted as "AUS"). Portfolio companies domiciled in a foreign country are not “qualifying assets” under Section 55(a) of the 1940 Act.

(10)

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, 2025, qualifying assets represented approximately 81.4% of total assets as calculated in accordance with regulatory requirements.

(11)

(12)

Investment was on non-accrual status as of December 31, 2025, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2025, debt investments on non-accrual status represented 0.1% and 0.1% of total investments on an amortized cost basis and fair value basis, respectively.

(13)

Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2025, $57,085 was held in FGTXX and had an average one year yield of 4.03%.

(14)

Portfolio company formerly known as Cotulla Acquisition Co.


December 31, 2025
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
7Ridge Investments	Delayed Draw	7/7/2026	$	11,119	$	35
Agrofresh	Revolver	3/31/2029		5,581		(67	)
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031		9,500		(106	)
AmerSpirit FL LLC	Delayed Draw	8/15/2027		24,204		(336	)
AVSC Holding Corporation	Revolver	12/5/2029		6,283		(99	)
Best Trash LLC	Delayed Draw	10/10/2026		25,000		(115	)
Best Trash LLC	Revolver	7/10/2031		6,060		(58	)
Boasso Global	Revolver	7/1/2026		5,729		(132	)
Brown & Root	Revolver	10/3/2030		20,060		(286	)
Cadogan Tate	Delayed Draw	10/31/2026		54,091		(274	)
Cadogan Tate	Revolver	10/31/2031		12,500		(157	)
Carevet LLC	Delayed Draw	6/18/2026		8,201		(47	)
Carevet LLC	Delayed Draw	6/18/2026		12,078		173
Carevet LLC	Revolver	6/18/2029		6,600		(46	)
Clubcorp Holdings Inc.	Delayed Draw	7/10/2027		9,600		(62	)
Clubcorp Holdings Inc.	Revolver	7/10/2031		16,000		(221	)
Confluent Holdings LLC	Delayed Draw	7/2/2026		9,915		39
Red Fox CD Acquisition Corp.	Delayed Draw	11/21/2026		30,940		(540	)
CoreWeave Compute Acquisition Co., IV, LLC	Delayed Draw	3/31/2026		10,168		8
Disa Holdings Corp.	Delayed Draw	3/1/2026		354		(1	)
Disa Holdings Corp.	Revolver	9/9/2028		3,055		(28	)
Elessent Clean Technologies Inc.	Revolver	11/15/2029		13,158		(204	)
FEG, Inc.	Revolver	5/10/2030		15,000		(219	)
Foundation Risk Partners	Delayed Draw	2/26/2027		4,872		(9	)
Foundation Risk Partners	Revolver	10/29/2029		4,003		-
Four Winds Interactive LLC	Delayed Draw	2/20/2027		2,903		(19	)
Four Winds Interactive LLC	Revolver	2/20/2030		1,935		(32	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		7,024		-
Fullsteam	Delayed Draw	8/8/2027		8,077		(25	)
Fullsteam	Revolver	8/8/2031		2,692		(25	)
Great Day Improvements LLC	Revolver	6/13/2030		11,200		(167	)
Healthco Investment LTD	Delayed Draw	2/19/2029		6,738		(61	)
Highgate Hotels, L.P.	Revolver	11/3/2029		12,500		(245	)
Highgate Hotels, L.P.	Delayed Draw	12/9/2027		25,000		(240	)
Hotel Equities Group, LLC	Revolver	1/22/2029		7,100		(87	)
Inframark	Delayed Draw	7/31/2026		1,234		4
Inspired Pet Nutrition	Delayed Draw	9/1/2028		4,044		(26	)
K1 Speed Inc.	Delayed Draw	1/2/2026		2,429		(35	)
Learnosity	Revolver	1/15/2031		7,500		(79	)
Legends Hospitality	Delayed Draw	8/22/2026		638		(4	)
Legends Hospitality	Revolver	8/22/2030		5,063		(79	)
Ligado Networks LLC	Delayed Draw	12/31/2026		1,726		(337	)
Maxar Technologies Inc.	Revolver	5/3/2029		5,316		-
Natural Partners, Inc.	Revolver	3/15/2028		6,563		(58	)
Parfums Holding Co Inc	Revolver	6/27/2029		6,000		(42	)
PetVet Care Centers	Revolver	11/15/2029		6,283		(543	)


December 31, 2025
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
Pharmalogic Holdings Corp	Delayed Draw	6/21/2026		20,202		(75	)
RPX Corporation	Revolver	8/2/2030		6,122		(61	)
S.A.F.E. Management	Delayed Draw	11/24/2028		12,000		2
S.A.F.E. Management	Delayed Draw	2/24/2026		20,320		3
S.A.F.E. Management	Delayed Draw	5/24/2027		13,000		2
S.A.F.E. Management	Revolver	11/24/2031		2,383		(23	)
S.A.F.E. Management	Capital Commitment	11/24/2031		1,522		-
Sandlot Baseball Borrower Co.	Delayed Draw	6/5/2026		21,933		35
Sandlot Baseball Borrower Co.	Revolver	12/27/2028		10,000		-
Sky Merger Sub, LLC	Delayed Draw	5/28/2026		12,500		99
Sky Merger Sub, LLC	Revolver	5/28/2029		25,000		(426	)
Solvias AG	Revolver	2/27/2030		22,711		(472	)
Spartan College LLC	Delayed Draw	9/25/2026		10,070		38
St. Croix	Revolver	10/24/2032		8,573		(83	)
SurveyMonkey Global Inc.	Revolver	5/31/2029		13,440		(94	)
Systems Planning and Analysis, Inc.	Delayed Draw	6/6/2027		4,712		(11	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		3,669		(27	)
Townsend	Revolver	8/1/2030		2,500		(54	)
Trillium FlowControl	Delayed Draw	6/20/2026		3,667		(16	)
Trillium FlowControl	Revolver	12/20/2029		3,000		(18	)
USA Debusk LLC	Delayed Draw	4/30/2026		5,115		(10	)
USA Debusk LLC	Revolver	4/30/2030		1,183		(11	)
Total Unfunded Commitments			$	679,658	$	(6,054	)

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

MSD Investment Corp.

Notes to Consolidated Financial Statements

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Organization

MSD Investment Corp. (together with its consolidated subsidiaries, the “Company”) was originally established as a Delaware limited liability company on February 18, 2021, converted to a Maryland limited liability company named MSD Investment, LLC on October 22, 2021 and converted into a Maryland corporation (the “Corporate Conversion”) effective January 1, 2022, pursuant to Articles of Conversion filed on December 28, 2021. In connection with the Corporate Conversion the Company changed its name from “MSD Investment, LLC” to “MSD Investment Corp.” As a result of the Corporate Conversion, the issued and outstanding equity interests of MSD Investment, LLC were converted into a corresponding number of shares of common stock, par value $0.001 per share, of the Company (the “Shares,” and each a “Share”), and each holder of equity interests of MSD Investment, LLC became a shareholder of the Company (collectively the “Shareholders”). The Company is structured as an externally managed, non-diversified closed-end investment company. On December 29, 2021, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On January 1, 2023, MSD Partners, L.P., a Delaware limited partnership (“MSD”) completed a previously announced business combination with BDT & Company Holdings, L.P. (the “Transaction”), and its subsidiaries, which includes BDT Capital Partners, LLC (“BDT Capital”), an SEC-registered investment adviser, and BDT & MSD Partners, LLC, an SEC registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”). Upon the closing of the Transaction, BDT & Company Holdings, L.P. was renamed BDT & MSD Holdings, L.P. (“BDT”) and BDT, and its subsidiaries, became affiliates of the Adviser (as defined below) and the Company. BDT, together with BDT Capital, MSD and their affiliated entities, are collectively referred to as “BDT & MSD.”

The Company’s investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser (as defined below) expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments.

On November 24, 2021, the Company entered into an investment advisory agreement (the “Original Advisory Agreement”) with MSD (in its capacity as the Company’s investment adviser, the “Adviser”), under which the Adviser provided certain investment advisory and management services to the Company. Additionally, the Company previously entered into an administrative services agreement (the “Original Administration Agreement”) with MSD (in its capacity as the Company’s administrator, the “Administrator”) under which the Administrator provided certain administrative and other services necessary for the Company to operate.

Effective January 1, 2023, the Company entered into a new investment advisory agreement (the “Advisory Agreement”), by and between the Company and the Adviser, and a new administration agreement (the “Administration Agreement” and together with the Advisory Agreement, the “New Agreements”), by and between the Company and the Administrator. The terms of the New Agreements are substantially identical to those of the Original Advisory Agreement and Original Administration Agreement, except that the reimbursement required to be made to the Administrator by the Company pursuant to the Administration Agreement will be capped such that the amounts will not exceed 0.15% of total gross assets of the Company in any one calendar year.

On June 30, 2025, the Company entered into Amendment No. 1 to the Advisory Agreement (the “Advisory Agreement Amendment”), dated as of June 30, 2025, by and among the Company, MSD, and BDT & MSD BDC Management, LLC (“BDT & MSD BDC Management”). As a result of the Advisory Agreement Amendment, BDT & MSD BDC Management was appointed to serve as the Company’s investment adviser rather than MSD, and BDT & MSD BDC Management became responsible for the overall management of the Company’s investment activities and daily portfolio management obligations in place of MSD. The Advisory Agreement Amendment was entered into in connection with the internal reorganization of BDT, the ultimate parent company of MSD and BDT & MSD BDC Management, and there were no changes to the advisory services provided to the Company, including no changes in the personnel providing the advisory services or any changes to the advisory fees payable by the Company.

On August 11, 2025, the Company entered into Amendment No. 1 to the Administration Agreement (the “Administration Agreement Amendment”), dated as of August 11, 2025, by and among the Company, MSD, and BDT & MSD BDC Management. As a result of the Administration Agreement Amendment, BDT & MSD BDC Management was appointed to serve as the Company’s administrator rather than MSD, and BDT & MSD BDC Management became responsible for providing certain administrative and other services necessary for the Company to operate in place of MSD. The Administration Agreement Amendment was entered into in connection with the internal reorganization of BDT, the ultimate parent company of MSD and BDT & MSD BDC Management, and there were no changes to the services provided to the Company.

MSD BDC SPV I, LLC (“SPV I”) is a Delaware limited liability company formed on June 14, 2021 and commenced operations on December 21, 2021, the date the first investment transaction closed. MSD BDC SPV II, LLC (“SPV II”) is a Delaware limited liability company formed on January 4, 2023 and commenced operations on March 31, 2023. MSD BDC CLO I, LLC (“CLO I” and together with SPV I, and SPV II, the “SPVs”) is a Delaware limited liability company formed on August 18, 2023 and commenced operations on November 15, 2023. The SPVs’ investment objectives are the same as the Company’s. The SPVs are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements, in accordance with the Company’s consolidation policy discussed in Note 2. Significant Accounting Policies.

The Company may from time to time conduct a private offering (each a “Private Offering”) of its Shares (i) to “accredited investors,” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “1933 Act”), and (ii) in the case of Shares sold outside the United States, to persons that are not “U.S. persons,” as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor makes a capital commitment (“Capital Commitments”) to purchase Shares pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivers a notice to investors.

The first closing date of a Private Offering (the “Initial Closing Date”) took place on December 21, 2021. Additional closings are expected to occur from time to time as determined by the Company (each, a “Subsequent Closing”), and the final such closing (the “Final Closing”) will occur no later than the fifth anniversary of the Initial Closing Date, subject to a one-year extension at the discretion of the Board of Directors of the Company (the “Board”) (the “Commitment Period”). The proceeds received at the Initial Closing Date were used to acquire the initial portfolio of the Company from several funds managed by the Adviser or its affiliates prior to the Corporate Conversion. Following the Initial Closing Date, proceeds from the sale of Shares in Subsequent Closings were used to acquire investments in accordance with the Company’s investment guidelines and for other permitted purposes.

In connection with the Private Offering, the Company delivered a private placement memorandum to shareholders in which it provided that the term of the Company would commence on the Initial Closing Date and end upon the fifth anniversary of the Initial Closing Date, subject to a one-year extension (the “Term”). The Company also provided that, on or before the conclusion of the Term, the Board would seek a liquidity event or determine to remain a privately offered business development company indefinitely. On March 4, 2025, upon the recommendation of the Company’s management, the Board determined that it would be in the best interest of the Company and its shareholders to remain a privately offered BDC.

On November 29, 2023, the Company issued 250 shares of its 12.0% Series A Cumulative Preferred Stock (the “Series A Preferred Stock”) for an aggregate offering price of $0.75 million. Each individual investor in the offering was entitled to purchase only one share of Series A Preferred Stock. Each holder of Series A Preferred Shares was entitled to a liquidation preference of $3,000.00 per share (the “Liquidation Value”), plus additional amounts as set forth in the Articles Supplementary to the Company’s Articles of Incorporation Relating to the 12.0% Series A Cumulative Preferred Stock. With respect to distributions, including the payment of dividends and distribution of the Company’s assets upon dissolution, liquidation, or winding up, the Series A Preferred Stock was senior to all other classes and series of the Company’s common shares to the extent of the aggregate Liquidation Value and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Stock. Holders of shares of the Series A Preferred Stock did not, however, participate in any appreciation in the value of the Company. On December 15, 2025, the Company redeemed all 250 shares of Series A Preferred Stock.

Note 2. Significant Accounting Policies

Basis of Presentation

Management has determined that the Company meets the definition of an investment company and adheres to 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”). Accounting principles generally accepted in the United States (“U.S. GAAP”) for an investment company requires investments to be recorded at fair value.

The accompanying consolidated financial statements and related financial information have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the Exchange Act.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reporting period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Basis of 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 consolidates the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of 90 days or less. 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, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted Cash

Restricted cash consists of cash collateral that had been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown 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.

Valuation of Investments

The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurement and Disclosures (“ASC 820”). Fair value is 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below:

•

Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.

•

Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category are less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•

Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, 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 within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. Eastern Time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined by the Adviser as the Company's valuation designee (in such capacity, the “Valuation Designee”), subject to the overall supervision of the Board. Such determination of fair values may involve subjective judgments and estimates, although the Valuation Designee will also engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Valuation Designee, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Valuation Designee and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Valuation Designee will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the Valuation Designee using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Valuation Designee will undertake a multi-step valuation process, as described below:

•

Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee;

•

Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•

Agreed upon valuation recommendations are presented to the audit committee of the Board (the “Audit Committee”);

•

At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and

•

The Valuation Designee will provide the Board with the information relating to the fair value determination pursuant to the Company’s valuation policy in connection with each quarterly Board meeting, will comply with the periodic board reporting requirements set forth in the Company’s valuation policy, and will provide the Board with its determination of the fair value of each investment in good faith.

The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 6. Fair Value Measurements. The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions.

All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments.

The determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market quotation, the fair value of investments may differ materially from the values that would have been determined had a readily available market quotation existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market quotation in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company.

The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) providing a framework for fund valuation practices. Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits (but does not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”) provides the recordkeeping requirements associated with fair value determinations. On August 3, 2023, the Board elected to designate the Adviser as the Company’s Valuation Designee, which became effective for the quarter ended September 30, 2023. The Company has adopted certain revisions to its valuation policies and procedures in order to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Financial and Derivative Instruments

We invest in derivative instruments, including foreign currency forward contracts and interest rate swaps. Foreign currency forward contracts are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the Consolidated Statements of Operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the Consolidated Statements of Operations. The Company uses interest rate swaps as derivative instruments to hedge the Company’s fixed rate debt, and therefore the periodic payment will be recognized as a component of interest expense in the Consolidated Statements of Operations. The change in fair value for the effective hedge will also be recognized as a component of interest expense in the Consolidated Statements of Operations, which is offset within interest expense to the extent of the fair value change for the hedged risk on our hedged Notes.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization 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 security 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. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period.

The Company has investments in its portfolio that contain payment-in-kind ("PIK") provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statement 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 income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible.

Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan 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 loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income on preferred equity securities 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses and Offering Expenses

Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company.

Costs associated with the offering of the Company’s Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s Private Offering of its Shares.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain.

Income Taxes

We have elected to be regulated as a BDC under the 1940 Act. We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as we maintain our tax treatment as a RIC, we generally will not be subject to U.S. federal income taxes on any ordinary income or capital gains that we distribute (or are deemed to distribute) at least annually to our shareholders as dividends. Rather, any tax liability related to income earned and distributed by us would represent obligations of our investors and would not be reflected in our consolidated financial statements.

To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least 90% of the sum of (i) our “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

We are generally subject to a nondeductible 4% U.S. federal excise tax if we do not distribute to our shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 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 (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires us to evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Our tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. We are additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both March 31, 2026 and December 31, 2025. We recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three months ended March 31, 2026, we did not incur any interest or penalties.

Prior to the Corporate Conversion, we were treated as a partnership for U.S. federal income tax purposes and incurred no U.S. federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Segment Reporting

In accordance with ASC Topic 280, the Company has determined that it has a single operating and reporting segment with an investment objective to generate both net investment income and, to a lesser extent, capital appreciation through debt and preferred equity investments. The Chief Operating Decision Maker (the "CODM"), which comprises the Company’s Chief Executive Officer and Chief Financial Officer, assesses the performance and makes operating decisions of the Company on a consolidated basis, primarily based on the Company’s net increase in shareholders' equity resulting from operations. In addition to numerous other factors and metrics, the CODM utilizes net investment income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets,” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

Recent Accounting Pronouncements

In December 2024, the FASB issued Accounting Standards Update No. 2024-04, "Debt with Conversion and Other Options (“ASU 2024-04”): Induced Conversions of Convertible Debt Instruments”, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company has evaluated and will continue to evaluate the adoption of ASU 2024-04 and determined it has no material impact on its consolidated financial statements at this time.

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. In January 2025, the FASB issued ASU 2025-01 to clarify ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance and does not expect a material impact to the consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Initial Portfolio Acquisition

Commencing on the Initial Closing Date and concluding prior to the Company's election to be regulated as a BDC, the Company completed its purchase of a portfolio of investments (the “Initial Portfolio”) pursuant to agreements entered into with several funds managed by the Adviser (the “Initial Portfolio Acquisition”). Subsequent to the Initial Portfolio Acquisition the Company elected to be regulated as a BDC.

Investment Advisory Agreement

On November 24, 2021, the Company entered into the Original Advisory Agreement with the Adviser. Effective January 1, 2023, the Company entered into the Advisory Agreement. The terms of the Advisory Agreement are substantially identical to those of the Original Advisory Agreement, including with respect to the advisory services provided to the Company. On June 30, 2025, the Company entered into the Advisory Agreement Amendment, pursuant to which BDT & MSD BDC Management was appointed to serve as the Company’s investment adviser in place of MSD. Pursuant to the Advisory Agreement Amendment there were no changes to the advisory services provided to the Company, including no changes in the personnel providing the advisory services or any changes to the advisory fees payable by the Company.

Pursuant to the Advisory Agreement the Adviser is responsible for managing the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, in accordance with the investment objective, policies and restrictions that are set forth in the Company’s registration statement on Form 10. The Adviser is also responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis. For its services, the Adviser is entitled to receive a base management fee and an incentive fee as set forth in the Advisory Agreement.

The Advisory Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by the vote of a majority of the Board, or by a majority of the holders of our outstanding voting securities, in accordance with the requirements of the 1940 Act, or by the Adviser. Additionally, the Advisory Agreement will automatically terminate in event of an assignment as defined in the 1940 Act. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the members of the Board who are not “interested persons” (as defined in section 2(a)(19) of the 1940 Act) of the Company (each an “Independent Director”) and (ii) the Board or the holders of a majority of the Company's outstanding voting securities.

From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods and services, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the Shareholders.

Management Fee

The Management Fee is payable quarterly in arrears and shall be calculated as follows:

•

Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “Exchange Listing”), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters.

•

Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter).

For purposes of the Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with U.S. GAAP, including assets purchased with borrowed amounts. For avoidance of doubt total assets does not include any undrawn Capital Commitments. For the first calendar quarter in which the Company had operations, gross assets were measured as the average of gross assets at the Initial Drawdown Date and at the end of such first calendar quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable period. If an Exchange Listing occurs on a date other than the first day of a calendar quarter, the management fee will be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing based on the number of days in such calendar quarter before and after the Exchange Listing.

Incentive Fees

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 (the “Income-Based Fee”) and the other component is based on capital gains (the “Capital Gains Fee”), each as described below:

The Company pays the Income-Based Fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows:

•

No income-based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of our net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5%;

•

100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765% (7.06% annualized) of the value of the Company’s net assets at the beginning of each applicable calendar quarter. This “catch-up” portion is meant to provide the Adviser with approximately 15% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch-up” is achieved; and

•

15% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.765% (7.06% annualized).

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 15% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, 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 as calculated in accordance with U.S. GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

Administration Agreement

On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Effective January 1, 2023, the Company entered into the Administration Agreement. On August 11, 2025, the Company entered into the Administration Agreement Amendment, pursuant to which BDT & MSD BDC Management was appointed to serve as the Company’s administrator in place of MSD. Pursuant to the Administration Agreement Amendment there were no changes to the services provided to the Company.

Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to Shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. The terms of the Administration Agreement are substantially similar to the Original Administration Agreement, except that the reimbursements required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15% of the total gross assets of the Company in any one calendar year. Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities.

The Administration Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by a vote of the outstanding voting securities of the Company, by the vote of a majority of the Board, or by the Administrator. Unless earlier terminated, the Administration Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Independent Directors and (ii) the Board or the holders of a majority of the Company's outstanding voting securities

For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of MSD or any of its affiliates, subject to the limitations described in the Administration Agreement.

Co-Investment Transactions Exemptive Relief

On June 9, 2025, the Company and certain of its affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the “Order”). The Order supersedes the prior exemptive order granted on February 16, 2022, as amended on August 31, 2022. The Order permits the Company to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when the Company co-invests with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee the Company’s participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure the Company’s compliance with the conditions of the Order, and the Adviser and the Company’s Chief Compliance Officer will provide reporting to the Board.

License Agreement

The Company has entered into a license agreement (the “License Agreement”), pursuant to which MSD has granted the Company a non-exclusive license to use the name “MSD.” Under the License Agreement, the Company has a right to use the MSD name for so long as MSD or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “MSD” name or logo.

The following table presents the related party fees, expenses and transactions for the three months ended March 31, 2026 and 2025:


		For the Three Months Ended March 31,
Related Party	Source Agreement & Description	2026			2025
	Consolidated statement of operations:
Adviser	Advisory Agreement - management fees	$	12,495		$	8,966
Adviser	Advisory Agreement - income based incentive fee		13,734			11,432
Adviser	Advisory Agreement - board of directors' fees		120			78
Adviser	Advisory Agreement - capital gains incentive fee		(2,995	)		(443	)
Administrator	Administration Agreement - administration expense		875			1,075

Note 4. Investments

The composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026							December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	6,821,351	$	6,778,916		99.33	%	$	6,345,127	$	6,345,143		99.28	%
Second lien debt		30,260		29,720		0.43			30,132		30,116		0.47
Subordinated debt		317		350		0.01			1,437		1,481		0.02
Equity and Other Investments		13,945		15,836		0.23			12,369		14,314		0.23
Total investments	$	6,865,873	$	6,824,822		100.00	%	$	6,389,065	$	6,391,054		100.00	%

The industry composition of investments at fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026			December 31, 2025
Aerospace & Defense		3.91	%		4.26	%
Banking, Finance, Insurance & Real Estate		7.16			7.28
Beverage, Food & Tobacco		5.15			3.26
Capital Equipment		1.55			2.16
Chemicals, Plastics & Rubber		1.76			1.88
Construction & Building		7.63			7.94
Consumer Goods: Non-durable		4.60			4.99
Containers, Packaging & Glass		0.79			1.43
Environmental Industries		0.31			0.33
Healthcare & Pharmaceuticals		8.31			8.77
High Tech Industries		7.57			8.19
Hotel, Gaming & Leisure		13.51			13.97
Media: Advertising, Printing & Publishing		4.85			6.50
Media: Broadcasting & Subscription		2.02			0.05
Media: Diversified & Production		1.90			2.41
Services: Business		15.94			15.35
Services: Consumer		9.36			7.70
Telecommunications		0.47			2.17
Transportation: Cargo		0.94			1.01
Wholesale		2.27			0.35
Total		100.00	%		100.00	%

The geographic composition of investments at cost and fair value as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	5,906,680	$	5,867,066		85.97	%		179.18	%
Luxembourg		75,256		61,001		0.89			1.86
United Kingdom		528,920		523,003		7.66			15.97
Switzerland		142,128		159,924		2.34			4.88
Ireland		90,693		90,582		1.33			2.77
Mexico		73,021		73,028		1.07			2.23
Australia		49,175		50,218		0.74			1.53
Total	$	6,865,873	$	6,824,822		100.00	%		208.43	%


	December 31, 2025
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	5,686,259	$	5,668,402		88.69	%		172.90	%
Luxembourg		74,981		66,877		1.05			2.04
United Kingdom		345,908		353,014		5.52			10.77
Switzerland		142,294		161,779		2.53			4.93
Ireland		90,861		90,761		1.42			2.77
Australia		48,762		50,221		0.79			1.53
Total	$	6,389,065	$	6,391,054		100.00	%		194.95	%

As of March 31, 2026, the Fund held one investment in the portfolio on non-accrual status. As of December 31, 2025, the Fund held one investment in the portfolio on non-accrual status.

As of March 31, 2026, on a fair value basis, approximately 99.3% of our performing debt investments bore interest at a floating rate and approximately 0.7% of our performing debt investments bore interest at a fixed rate.

As of December 31, 2025, on a fair value basis, approximately 99.2% of our performing debt investments bore interest at a floating rate and approximately 0.8% of our performing debt investments bore interest at a fixed rate.

Note 5. Derivative Instruments

The Company may enter into foreign currency forward contracts from time to time to facilitate the settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts; we attempt to limit counterparty risk by only dealing with well-known counterparties and those that we believe have the financial resources to honor their obligations. The foreign currency forward contracts open at the end of the period are generally indicative of the volume of activity during the period.

The following tables present the open foreign currency forward contracts as of March 31, 2026 and December 31, 2025:


March 31, 2026
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
AUD	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 196	$	127	$	135	$	(8	)
AUD	March 11, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,314	$	848	$	899	$	(51	)
AUD	April 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 193	$	124	$	132	$	(8	)
AUD	June 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,326	$	856	$	914	$	(58	)
AUD	June 11, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 79,323	$	51,156	$	54,126	$	(2,970	)
AUD	September 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,336	$	863	$	920	$	(57	)
AUD	October 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 196	$	127	$	135	$	(8	)
AUD	December 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,325	$	855	$	909	$	(54	)
GBP	January 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 641	$	865	$	845	$	20
GBP	January 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 1,725	$	2,296	$	2,277	$	19


March 31, 2026
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
GBP	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 116	$	153	$	153	$	—
GBP	January 7, 2028	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 645	$	867	$	845	$	22
GBP	January 7, 2028	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 1,730	$	2,287	$	2,269	$	18
GBP	March 8, 2028	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 26,148	$	35,130	$	34,248	$	882
GBP	March 17, 2028	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 33,832	$	44,499	$	44,305	$	194
GBP	April 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 628	$	848	$	828	$	20
GBP	April 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 1,695	$	2,253	$	2,234	$	19
GBP	April 7, 2028	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 65,027	$	85,797	$	85,125	$	672
GBP	May 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 37,648	$	50,214	$	49,831	$	383
GBP	June 17, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 73,065	$	97,125	$	96,643	$	482
GBP	July 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 861	$	1,163	$	1,140	$	23
GBP	July 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 2,133	$	2,844	$	2,823	$	21
GBP	July 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 115	$	154	$	153	$	1
GBP	July 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 634	$	855	$	834	$	21
GBP	July 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 1,714	$	2,274	$	2,255	$	19
GBP	July 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 114	$	151	$	150	$	1
GBP	October 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 645	$	871	$	852	$	19


March 31, 2026
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement			Notional Value at Period End			Fair Value
GBP	October 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 1,719	$	2,290		$	2,271		$	19
GBP	October 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 644	$	868		$	846		$	22
GBP	October 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 1,734	$	2,297		$	2,279		$	18
GBP	October 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 2,558	$	3,381		$	3,360		$	21
GBP	January 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 3,507	$	4,707		$	4,629		$	78
GBP	March 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 117	$	155		$	154		$	1
GBP	June 8, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 121	$	162		$	161		$	1
GBP	June 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 119	$	159		$	157		$	2
GBP	June 17, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP (5,453)	$	(7,297	)	$	(7,216	)	$	(81	)
GBP	July 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 3,499	$	4,712		$	4,630		$	82
GBP	July 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 3,446	$	4,608		$	4,533		$	75
GBP	July 14, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 3,578	$	4,655		$	4,677		$	(22	)
GBP	July 15, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 2,557	$	3,341		$	3,363		$	(22	)
GBP	September 8, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 120	$	160		$	159		$	1
GBP	September 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 5,120	$	6,782		$	6,728		$	54
GBP	September 9, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 78,727	$	105,132		$	103,453		$	1,679
GBP	December 8, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 118	$	158		$	156		$	2
CAD	April 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CAD 2,395	$	1,725		$	1,722		$	3


March 31, 2026
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CAD	June 30, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CAD 76,721	$	56,704	$	55,332	$	1,372
EUR	January 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 1,083	$	1,289	$	1,265	$	24
EUR	July 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 1,064	$	1,258	$	1,235	$	23
EUR	July 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 1,075	$	1,286	$	1,262	$	24
EUR	October 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 28,828	$	34,564	$	33,929	$	635
EUR	January 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 1,609	$	1,918	$	1,879	$	39
EUR	March 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 444	$	529	$	520	$	9
EUR	June 8, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 453	$	535	$	525	$	10
EUR	June 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 457	$	546	$	536	$	10
EUR	July 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 1,576	$	1,867	$	1,830	$	37
EUR	July 7, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 1,605	$	1,922	$	1,884	$	38
EUR	September 8, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 452	$	535	$	525	$	10
EUR	September 8, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 23,599	$	28,244	$	27,752	$	492
EUR	September 9, 2027	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 43,078	$	51,680	$	50,661	$	1,019
EUR	December 8, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 447	$	531	$	522	$	9
CHF	February 26, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 131,613	$	158,188	$	170,422	$	(12,234	)
CHF	March 29, 2029	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 323	$	417	$	449	$	(32	)
CHF	March 31, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)


March 31, 2026
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CHF	March 31, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	April 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CHF 325	$	408	$	407	$	1
CHF	May 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,845	$	2,159	$	2,322	$	(163	)
CHF	June 30, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 329	$	386	$	416	$	(30	)
CHF	June 30, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	June 30, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	August 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,906	$	2,250	$	2,421	$	(171	)
CHF	September 29, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	September 30, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 333	$	394	$	424	$	(30	)
CHF	September 30, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	November 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,928	$	2,297	$	2,473	$	(176	)
CHF	December 29, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	13	$	14	$	(1	)
CHF	December 31, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 333	$	398	$	428	$	(30	)
CHF	December 31, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
Total						$	873,999	$	881,566	$	(7,567	)


December 31, 2025
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
AUD	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 196	$	127	$	130	$	(3	)
AUD	March 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,287	$	830	$	859	$	(29	)
AUD	March 11, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,314	$	848	$	871	$	(23	)
AUD	April 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 193	$	124	$	128	$	(4	)
AUD	June 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,326	$	856	$	884	$	(28	)
AUD	June 11, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 79,323	$	51,156	$	52,451	$	(1,295	)
AUD	September 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,336	$	863	$	890	$	(27	)
AUD	October 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 196	$	127	$	130	$	(3	)
AUD	December 11, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		AUD 1,325	$	855	$	881	$	(26	)
GBP	January 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 60	$	80	$	81	$	(1	)


December 31, 2025
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement			Notional Value at Period End			Fair Value
GBP	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 116	$	153		$	156		$	(3	)
GBP	March 18, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 76,442	$	102,196		$	102,986		$	(790	)
GBP	July 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 115	$	154		$	155		$	(1	)
GBP	July 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 114	$	151		$	153		$	(2	)
GBP	October 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 2,558	$	3,381		$	3,436		$	(55	)
GBP	January 7, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP 2,398	$	3,234		$	3,231		$	3
GBP	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 3,507	$	4,707		$	4,719		$	(12	)
GBP	March 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 117	$	155		$	157		$	(2	)
GBP	March 9, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 243	$	325		$	328		$	(3	)
GBP	March 18, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		GBP (14,340)	$	(19,261	)	$	(19,319	)	$	58
GBP	June 8, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 121	$	162		$	163		$	(1	)
GBP	June 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 119	$	159		$	162		$	(3	)
GBP	July 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 3,499	$	4,712		$	4,713		$	(1	)
GBP	July 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 3,446	$	4,608		$	4,630		$	(22	)
GBP	July 14, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 3,578	$	4,655		$	4,796		$	(141	)
GBP	July 15, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 2,557	$	3,341		$	3,435		$	(94	)
GBP	September 8, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 120	$	160		$	162		$	(2	)
GBP	September 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 5,120	$	6,782		$	6,876		$	(94	)
GBP	September 9, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 78,727	$	105,132		$	105,726		$	(594	)
GBP	December 8, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		GBP 118	$	158		$	160		$	(2	)


December 31, 2025
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CAD	January 6, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CAD 1,306	$	954	$	952	$	2
CAD	March 31, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CAD 1,718	$	1,268	$	1,256	$	12
CAD	June 30, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CAD 76,721	$	56,704	$	56,309	$	395
EUR	January 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 544	$	638	$	639	$	(1	)
EUR	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,083	$	1,289	$	1,291	$	(2	)
EUR	March 18, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		EUR 37,240	$	43,954	$	43,907	$	47
EUR	July 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,064	$	1,258	$	1,260	$	(2	)
EUR	July 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,075	$	1,286	$	1,289	$	(3	)
EUR	October 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 28,828	$	34,564	$	34,659	$	(95	)
EUR	January 7, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,069	$	1,255	$	1,256	$	(1	)
EUR	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,576	$	1,867	$	1,880	$	(13	)
EUR	January 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,609	$	1,918	$	1,918	$	—
EUR	March 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 444	$	529	$	531	$	(2	)
EUR	March 9, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 905	$	1,064	$	1,067	$	(3	)
EUR	June 8, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 453	$	535	$	536	$	(1	)


December 31, 2025
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
EUR	June 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 457	$	546	$	548	$	(2	)
EUR	July 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 1,605	$	1,922	$	1,924	$	(2	)
EUR	September 7, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 43,078	$	51,680	$	51,744	$	(64	)
EUR	September 8, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 452	$	535	$	536	$	(1	)
EUR	September 8, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 23,599	$	28,244	$	28,347	$	(103	)
EUR	December 30, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		EUR 447	$	531	$	533	$	(2	)
CHF	January 6, 2026	Unrealized appreciation on foreign currency forward contracts	Macquarie		CHF 1,082	$	1,370	$	1,366	$	4
CHF	February 26, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 131,613	$	158,188	$	172,977	$	(14,789	)
CHF	February 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,895	$	2,197	$	2,405	$	(208	)
CHF	March 29, 2029	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 323	$	417	$	454	$	(37	)
CHF	March 31, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 325	$	379	$	415	$	(36	)
CHF	March 31, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	March 31, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	May 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,845	$	2,159	$	2,364	$	(205	)
CHF	June 30, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 329	$	386	$	423	$	(37	)


December 31, 2025
Foreign Currency	Settlement Date	Statement of Assets and Liabilities Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CHF	June 30, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	June 30, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	August 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,906	$	2,250	$	2,463	$	(213	)
CHF	September 29, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	14	$	(2	)
CHF	September 30, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 333	$	395	$	431	$	(36	)
CHF	September 30, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
CHF	November 27, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 1,928	$	2,297	$	2,513	$	(216	)
CHF	December 29, 2028	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	13	$	14	$	(1	)
CHF	December 31, 2026	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 333	$	398	$	435	$	(37	)
CHF	December 31, 2027	Unrealized depreciation on foreign currency forward contracts	Macquarie		CHF 10	$	12	$	13	$	(1	)
Total						$	684,004	$	702,864	$	(18,860	)

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three months ended March 31, 2026 and 2025:


		For the Three Months Ended March 31,
	Statement of Operations Location	2026			2025
Net realized gains (losses)
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(316	)	$	(1,868	)
Net change in unrealized appreciation (depreciation)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		11,294			(5,328	)
Net realized and unrealized gains on foreign currency forward contracts		$	10,978		$	(7,196	)

For derivatives traded under an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement"), the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Company or the counterparty. Cash collateral that has been pledged, if any, to cover obligations of the Company and cash collateral received from the counterparty, if any, is reported on the consolidated statements of assets and liabilities as collateral deposits (received) for foreign currency forward contracts. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required. To the extent amounts due to the Company from a counterparty are not fully collateralized, the Company bears the risk of loss from counterparty non-performance.

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of March 31, 2026 and December 31, 2025:


As of	Counterparty	Gross Amounts of Recognized Derivative Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Financial Position		Collateral Received (1)		Net position of Derivative Assets and Collateral Received
March 31, 2026	Macquarie	$	8,646	$	(8,646	)	$	—	$	—	$	—


As of	Counterparty	Gross Amounts of Recognized Derivative Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Financial Position			Collateral Pledged (1)		Net position of Derivative Liabilities and Pledged Collateral
March 31, 2026	Macquarie	$	(16,213	)	$	8,646	$	(7,567	)	$	—	$	(7,567	)


As of	Counterparty	Gross Amounts of Recognized Derivative Assets		Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Assets Presented in the Statement of Financial Position		Collateral Received (1)		Net position of Derivative Assets and Collateral Received
December 31, 2025	Macquarie	$	521	$	(521	)	$	—	$	—	$	—


As of	Counterparty	Gross Amounts of Recognized Derivative Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Financial Position			Collateral Pledged (1)		Net position of Derivative Liabilities and Pledged Collateral
December 31, 2025	Macquarie	$	(19,381	)	$	521	$	(18,860	)	$	—	$	(18,860	)

(1)

Lesser of the amount pledged and the amount needed to offset the liability.

The Company may also enter into interest rate swap transactions from time to time to hedge fixed rate debt obligations to align with our predominantly floating rate portfolio. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of March 31, 2026, the counterparty to the Company's interest rate swaps was Goldman Sachs International for the Series F Notes and 2030 Notes, and JPMorgan Chase Bank, N.A. for the 2031 Notes. As of December 31, 2025, the counterparty to the Company's interest rate swaps was Goldman Sachs International for the Series F Notes and 2030 Notes, and JPMorgan Chase Bank, N.A. for the 2031 Notes. Certain information related to the Company's interest rate swap as of March 31, 2026 is presented below:

         As of March 31, 2026

         Description

         Hedged Item

         Company Receives

         Company Pays

         Maturity Date

         Notional Amount

Interest rate swap

Series F Notes

7.11%

SOFR + 3.117%

5/20/2030

165,000

Interest rate swap

2030 Notes

6.25%

SOFR + 2.4115%

5/31/2030

500,000

Interest rate swap

2031 Notes

6.13%

SOFR + 2.715%

2/5/2031

400,000

As a result of the Company's designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. For the three months ended March 31, 2026 the interest rate swaps had a change in fair value of ($7.3) million, which is offset within interest expense to the extent of the fair value change for the hedged risk on the Series F, 2030 Notes and 2031 Notes. For the three months ended March 31, 2026 and 2025, the Company recognized no net change in realized or unrealized gains or losses on interest rate swaps not designated as hedging instruments in the Consolidated Statements of Operations. The balance sheet impact of fair valuing the interest rate swaps as of March 31, 2026 and December 31, 2025 is presented below:


As of March 31, 2026
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities		Balance Sheet Location of Amounts
Interest rate swap (1)	$	165,000	5/20/2030	$	2,060	$	—	Prepaid expenses and other assets
Interest rate swap (2)	$	500,000	5/31/2030	$	3,478	$	—	Prepaid expenses and other assets
Interest rate swap (3)	$	400,000	2/5/2031	$	—	$	4,795	Accrued expenses and other liabilities

(1)

The asset related to the fair value of the interest rate swaps was offset by a $2.1 million increase to the carrying value of the Series F Notes.

(2)

The asset related to the fair value of the interest rate swaps was offset by a $3.5 million increase to the carrying value of the 2030 Notes.

(3)

The liability related to the fair value of the interest rate swaps was offset by a $4.8 million decrease to the carrying value of the 2031 Notes.


As of December 31, 2025
Derivative Instrument	Notional Amount		Maturity Date	Gross Amount of Recognized Assets		Gross Amount of Recognized Liabilities			Balance Sheet Location of Amounts
Interest rate swap (1)	$	165,000	5/20/2030	$	3,302	$	—		Prepaid expenses and other assets
Interest rate swap (2)	$	500,000	5/31/2030	$	7,051	$	—		Prepaid expenses and other assets
Interest rate swap (3)	$	400,000	2/5/2031	$	—	$	(2,293	)	Accrued expenses and other liabilities

(1)

The asset related to the fair value of the interest rate swaps was offset by a $3.3 million increase to the carrying value of the Series F Notes.

(2)

The asset related to the fair value of the interest rate swaps was offset by a $7.0 million increase to the carrying value of the 2030 Notes.

(3)

The liability related to the fair value of the interest rate swaps was offset by a $2.3 million decrease to the carrying value of the 2031 Notes.

Note 6. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments, as of March 31, 2026 and December 31, 2025, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies:


	March 31, 2026
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	603,366		$	6,175,550		$	6,778,916
Second lien debt		—			11,457			18,263			29,720
Subordinated debt		—			—			350			350
Equity and Other Investments		—			—			15,836			15,836
Cash and cash equivalents		126,668			—			—			126,668
Total Portfolio Investments, Cash and Cash Equivalents	$	126,668		$	614,823		$	6,209,999		$	6,951,490
Percentage of total		1.82	%		8.85	%		89.33	%		100.00	%
Interest rate swaps	$	—		$	743		$	—		$	743
Foreign currency forward contracts	$	—		$	(7,567	)	$	—		$	(7,567	)


	December 31, 2025
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	735,729		$	5,609,414		$	6,345,143
Second lien debt		—			11,959			18,157			30,116
Subordinated debt		—			—			1,481			1,481
Equity and Other Investments		—			—			14,314			14,314
Cash and cash equivalents		128,658			—			—			128,658
Total Portfolio Investments, Cash and Cash Equivalents	$	128,658		$	747,688		$	5,643,366		$	6,519,712
Percentage of total		1.97	%		11.47	%		86.56	%		100.00	%
Interest rate swaps	$	—		$	8,060		$	—		$	8,060
Foreign currency forward contracts	$	—		$	(18,860	)	$	—		$	(18,860	)

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31, 2026
	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity and Other Investments			Total Investments
Fair value, beginning of year	$	5,609,414		$	18,157		$	1,481		$	14,314		$	5,643,366
Purchase of investments (including PIK)		818,376			94			11			1,576			820,057
Proceeds from principal repayments and sales of investments		(326,312	)		—			(1,139	)		—			(327,451	)
Amortization of premium/accretion of discount, net		6,609			24			—			—			6,633
Net realized gain (loss) on investments		6,089			—			8			—			6,097
Net change in unrealized appreciation (depreciation) on investments		(30,057	)		(12	)		(11	)		(54	)		(30,134	)
Transfers out of Level 3 (1)		(183,703	)		—			—			—			(183,703	)
Transfers to Level 3 (1)		275,134			—			—			—			275,134
Fair value, end of period	$	6,175,550		$	18,263		$	350		$	15,836		$	6,209,999
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2026	$	(27,282	)	$	(12	)	$	(3	)	$	(54	)	$	(27,351	)

(1)

Transfers are recorded at the beginning of the applicable period at their fair value. For the three months ended March 31, 2026, four investments were transferred from Level 2 to Level 3, as valuation coverage on level 2 investments decreased to less than two independent pricing services. For the three months ended March 31, 2026, there were two investments that were transferred from Level 3 to Level 2, as valuation coverage on level 3 investments increased to two or more independent pricing services.


	For the Three Months Ended March 31, 2025
	First Lien Debt			Second Lien Debt			Subordinated Debt		Equity and Other Investments			Total Investments
Fair value, beginning of period	$	3,654,487		$	42,019		$	990	$	63,234		$	3,760,730
Purchase of investments (including PIK)		507,557			92			307		1,208			509,164
Proceeds from principal repayments and sales of investments		(63,307	)		—			—		—			(63,307	)
Amortization of premium/accretion of discount, net		4,730			49			1		(42	)		4,738
Net realized gain (loss) on investments		808			—			—		—			808
Net change in unrealized appreciation (depreciation) on investments		3,283			(37	)		4		12			3,262
Transfers out of Level 3 (1)		—			—			—		—			—
Transfers to Level 3 (1)		52,917			—			—		—			52,917
Fair value, end of period	$	4,160,475		$	42,123		$	1,302	$	64,412		$	4,268,312
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025	$	3,470		$	(37	)	$	—	$	11		$	3,444

(1)

Transfers are recorded at the beginning of the applicable period at their fair value. For the three months ended March 31, 2025, three investments were transferred from Level 2 to Level 3, as valuation coverage on level 2 investments decreased to less than two independent pricing services. For the three months ended March 31, 2025, no investments were transferred from Level 3 to Level 2.

The Company generally employs the Income Based Approach (as described below) to estimate the fair value of the investment. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company’s debt investment.

Income Based Approach: The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment’s contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company’s latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2026 and December 31, 2025, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.


	March 31, 2026
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	5,579,149	Market Yield Analysis	Market Yield Discount Rates		6.27	%		17.34	%		10.09	%
		323,207	Recent Transaction	Transaction Price		98.01			98.52			98.23
		5,902,356
Second lien debt		18,263	Market Yield Analysis	Market Yield Discount Rates		12.09	%		14.09	%		13.09	%
Subordinated debt		8,162	Market Yield Analysis	Market Yield Discount Rates		17.71	%		18.71	%		18.21	%
		5,778	Recent Transaction	Transaction Price		32.08			100.00			90.85
		13,940
Warrants		1,896	Recent Transaction	Transaction Price		514.28			514.28			514.28
Total	$	5,936,455


	December 31, 2025
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	5,296,337	Market Yield Analysis	Market Yield Discount Rates		5.95	%		16.79	%		9.71	%
		127,215	Recent Transaction	Transaction Price		96.50			98.02			96.87
		5,423,552
Second lien debt		18,157	Market Yield Analysis	Market Yield Discount Rates		12.07	%		13.07	%		12.57	%
Subordinated debt		1,481	Market Yield Analysis	Market Yield Discount Rates		11.66	%		13.78	%		12.42	%
Preferred equity		8,162	Market Yield Analysis	Market Yield Discount Rates		17.80	%		18.80	%		18.30	%
		4,255	Recent Transaction	Transaction Price		32.08			100.00			87.58
		12,417
Warrants		1,896	Recent Transaction	Transaction Price		514.28			514.28			514.28
Total	$	5,457,503

(1)

The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of March 31, 2026 and December 31, 2025, the Company had investments of this nature measured at fair value totaling $273.5 million and $185.9 million, respectively.

(2)

Weighted averages are calculated based on fair value of investments.

Financial Instruments Disclosed, But Not Carried at Fair Value

Debt

The fair value of the Company’s variable interest Credit Facilities, which would be categorized as Level 3 investments within the fair value hierarchy, as of both March 31, 2026 and December 31, 2025, respectively, approximate their carrying value. The fair value of the Company's Series A Notes, Series C Notes, Series F Notes, and 2030 Notes (see Note 7. Borrowings) is based on vendor pricing received by the Company, which is considered a Level 3 input.

The following table presents the fair value of the Company’s Series A Notes, Series C Notes, Series F Notes, 2030 Notes, and 2031 Notes as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Outstanding Principal		Fair Value
Series A Notes	$	69,000	$	69,873
Series C Notes		116,000		119,740
Series F Notes		165,000		167,112
2030 Notes		500,000		503,484
2031 Notes		400,000		395,205
Total	$	1,250,000	$	1,255,414


	December 31, 2025
	Outstanding Principal		Fair Value
Series A Notes	$	69,000	$	70,030
Series C Notes		116,000		119,993
Series F Notes		165,000		168,293
2030 Notes		500,000		507,012
2031 Notes		400,000		397,707
Total	$	1,250,000	$	1,263,035

Other

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.

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, 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.

The Company’s outstanding debt obligations as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	550,000	$	485,000	$	478,323	$	65,000	10/30/2030
SPV II facility		795,000		712,000		702,243		83,000	9/18/2030
Collateralized loan obligations		390,000		390,000		387,081		—	10/15/2035
Revolving credit facility		670,000		580,000		575,123		90,000	11/19/2029
2030 Notes		500,000		500,000		494,325		—	5/31/2030
2031 Notes		400,000		400,000		386,354		—	2/5/2031
Series A Notes		69,000		69,000		68,546		—	8/7/2027
Series B Notes		75,000		75,000		74,507		—	8/7/2027
Series C Notes		116,000		116,000		114,866		—	8/7/2029
Series D Notes		75,000		75,000		74,267		—	8/7/2029
Series E Notes		50,000		50,000		49,587		—	5/20/2028
Series F Notes		165,000		165,000		165,432		—	5/20/2030
Series G Notes		50,000		50,000		49,491		—	5/20/2030
Total	$	3,905,000	$	3,667,000	$	3,620,145	$	238,000


	December 31, 2025
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	550,000	$	474,000	$	466,964	$	76,000	10/30/2030
SPV II facility		795,000		727,000		716,705		68,000	9/18/2030
Collateralized loan obligations		390,000		390,000		387,006		—	10/15/2035
Revolving credit facility		670,000		160,000		154,792		510,000	11/19/2029
2030 Notes		500,000		500,000		497,343		—	5/31/2030
2031 Notes		400,000		400,000		388,406		—	2/5/2031
Series A Notes		69,000		69,000		68,464		—	8/7/2027
Series B Notes		75,000		75,000		74,417		—	8/7/2027
Series C Notes		116,000		116,000		114,782		—	8/7/2029
Series D Notes		75,000		75,000		74,213		—	8/7/2029
Series E Notes		50,000		50,000		49,539		—	5/20/2028
Series F Notes		165,000		165,000		166,513		—	5/20/2030
Series G Notes		50,000		50,000		49,461		—	5/20/2030
Total	$	3,905,000	$	3,251,000	$	3,208,605	$	654,000

(1)

Carrying value is equal to outstanding principal amount net of unamortized financing costs, amortized original issue discount, and the fair value of any interest rate swap designated as a fair value hedge.

(2)

The unused portion is the amount upon which commitment fees are based, if any.

The components of interest expense for the three months ended March 31, 2026 and 2025 were as follows:


	For the Three Months Ended March 31,
	2026			2025
Stated interest expense	$	52,964		$	42,189
Unused/undrawn fees		446			135
Administration fees		458			354
Interest rate swap		234			157
Accretion of original issue discount		420			—
Amortization of deferred financing costs		2,332			1,396
Total interest expense	$	56,854		$	44,231
Average borrowings	$	3,478,231		$	2,427,873

Weighted average interest rate (1)		6.27	%		7.13	%
Amortization of financing costs		0.27	%		0.23	%
Total borrowing costs		6.54	%		7.36	%

(1)

Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.

Description of the Company's Credit Facilities

SPV I Facility

On December 21, 2021, SPV I, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility with Deutsche Bank AG, New York Branch (“DB”), which was subsequently amended on November 21, 2022 and December 16, 2022 (the “SPV I Facility”). DB serves as facility agent, U.S. Bank National Association, serves as collateral agent and collateral custodian and the Company serves as servicer under the SPV I Facility.

As of the amendment on November 21, 2022 advances under the SPV I Facility bear interest at a per annum rate equal to the three-month SOFR in effect, plus the applicable margin of 2.41% per annum, inclusive of a credit spread adjustment (“CSA”) of 0.26%, with a SOFR floor of 0.25%. SPV I pays a commitment fee of 0.25% per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount) on the average daily unused amount of the financing commitments until the third anniversary of the SPV I Facility. Additionally, SPV I pays DB an administrative agent fee of 0.25% of the total commitment amount for serving as facility agent.

Prior to the amendment on November 21, 2022, Advances under the SPV I Facility bore interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.15% per annum with a LIBOR floor of 0.25%. The commitment fee and the administrative agent fee were unchanged.

In connection with the amendment on December 16, 2022, the maximum commitment amount of the SPV I Facility increased from $400 million to $485 million. Subsequently, in connection with the amendment on April 8, 2024, the maximum commitment amount of the SPV I facility increased from $485 million to $550 million. Additionally, the period during which SPV I may make borrowings under the SPV I Facility was extended from December 31, 2024 to April 8, 2027, and the scheduled maturity date was extended from December 21, 2026 to April 8, 2029. Proceeds from borrowings under the SPV I Facility are used to fund portfolio investments by SPV I.

In connection with the October 30, 2025 amendment, advances under the SPV I facility bear interest at a per annum rate equal to the SOFR in effect, plus the applicable margin of 1.75% per annum. The period during which SPV I may make borrowings under the SPV I Facility was extended from April 8, 2027, to October 30, 2028. In addition, the scheduled maturity date of the SPV I Facility was extended from April 8, 2029, to October 30, 2030.

As of both March 31, 2026 and December 31, 2025, respectively, the Company was in compliance with all covenants associated with the SPV I Facility.

SPV II Facility

On August 15, 2023, SPV II, entered into a Loan and Security Agreement (together with the exhibits and schedules thereto, and as amended from time to time, the “Loan and Security Agreement”) with Citizens Bank, N.A. as lender and administrative agent, the Company as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (the “SPV II Facility”).

Advances under the SPV II Facility bore interest at a per annum rate equal to SOFR in effect, plus an applicable margin of 2.75% per annum with a SOFR floor of 0.00%. SPV II pays a commitment fee of 0.25% per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount) on the average daily unused amount of the financing commitments until the third anniversary of the SPV II Facility.

In connection with the September 8, 2023 amendment, the maximum commitment amount of the SPV II Facility increased from $370 million to $445 million. Subsequently, in connection with the March 21, 2024, April 18, 2024, and November 26, 2025 amendments, the maximum commitment amount of the SPV II Facility increased from $445 million, to $495 million, $595 million, and $795 million, respectively. Proceeds from borrowings under the SPV II Facility may be used to fund portfolio investments by SPV II. Prior to the September 18, 2025 amendment, the period during which SPV II could make borrowings under the SPV II Facility was scheduled to expire on August 15, 2026, and the SPV II Facility was scheduled to mature on August 15, 2028.

In connection with the September 18, 2025 amendment, Advances under the SPV II facility bear interest at a per annum rate equal to the SOFR in effect, plus the applicable margin of 1.95% per annum. The period during which SPV II may make borrowings under the SPV II Facility was extended from August 15, 2026, to September 18, 2028. In addition, the scheduled maturity date of the SPV II Facility was extended from August 15, 2028, to September 18, 2030.

As of both March 31, 2026 and December 31, 2025, respectively, the Company was in compliance with all covenants associated with the SPV II Facility.

Repurchase Obligations

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie Bank Limited (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the “Macquarie Transaction”).

In accordance with ASC Topic 860, Transfers and Servicing, these Macquarie Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by the Macquarie Transaction remains on the Company’s Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the “Repurchase Obligation”). The Repurchase Obligation is secured by the respective investment that is the subject of the repurchase agreement.

As of both March 31, 2026, and December 31, 2025, the Company had no outstanding Repurchase Obligations.

2023 Debt Securitization

On November 15, 2023 (the “Closing Date”), the Company completed an approximately $600 million term debt securitization (the “2023 Debt Securitization”). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.

The notes offered in the 2023 Debt Securitization (the “Notes”) were issued by MSD BDC CLO I, LLC (the “Issuer”), a wholly-owned, consolidated subsidiary of the Company pursuant to an Indenture, dated the Closing Date, between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the “Indenture”). The 2023 Notes consist of $336 million of Class A Notes, which bear interest at a rate per annum equal to SOFR in effect, plus an applicable margin of 2.70%; $54 million of Class B Notes, which bear interest at SOFR plus an applicable margin of 3.65%; $36 million of Class C Notes, which bear interest at SOFR plus an applicable margin of 4.00%; and approximately $163.6 million of Preferred Shares, which do not bear interest. The Company directly retained all of the Class C Notes and all of the Preferred Shares of the 2023 Debt Securitization at par in exchange for the Company’s sale and contribution to the Issuer of the initial closing date portfolio. Both the Class C Notes and Preferred Shares are eliminated in consolidation.

The Notes are backed by a diversified portfolio of senior secured and second lien loans (the “Collateral Obligations”). The initial portfolio will consist of Collateral Obligations acquired by the Issuer on the Closing Date from the Company pursuant to a Master Transfer Agreement, dated as of the Closing Date, among the Company, as seller, and the Issuer, as purchaser (the "Master Transfer Agreement"). Certain of the Collateral Obligations transferred to the Issuer pursuant to the Master Transfer Agreement were acquired by the Company from SPV I pursuant to the Master Participation Agreement, dated as of the Closing Date, among the Company, as purchaser and the SPV I Facility, as seller. The Notes mature on October 15, 2035.

The Notes are the secured obligation of the Issuer. The Notes have not been, and will not be, registered under the 1933 Act, or any state “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

The Adviser serves as collateral manager to the Issuer under a collateral management agreement (the “Collateral Management Agreement”). However, for so long as the Company holds any Preferred Shares the Collateral Management Fees, which, for the avoidance of doubt, shall include any Base Management Fee, Subordinated Management Fee, and Incentive Management Fee (as each such term is defined in the Collateral Management Agreement), shall be $0.

Unsecured Notes

On August 7, 2024, the Company issued and sold $69 million in aggregate principal amount of 7.00% Series A Senior Notes due 2027 (the “Series A Notes”), $75 million in aggregate principal amount of Series B Floating Rate Senior Notes due 2027, which bear interest at SOFR plus an applicable margin of 3.05%, (the “Series B Notes”), $116 million in aggregate principal amount of 7.11% Series C Senior Notes due 2029 (the “Series C Notes”), and $75 million in aggregate principal amount of Series D Floating Rate Senior Notes due 2029, which bear interest at SOFR plus an applicable margin of 3.35% (the “Series D Notes” and, together with the Series A Notes, the Series B Notes, and the Series C Notes, the “Initial Notes”) to certain investors in an offering exempt from registration under the 1933 Act. The Initial Notes were issued and sold pursuant to a Note Purchase Agreement, dated August 7, 2024, by and among the Company and the purchasers named therein (the “Note Purchase Agreement”).

Interest on the Series A Notes and the Series C Notes shall be payable semi-annually on February 7 and August 7, and interest on the Series B Notes and Series D Notes shall be payable quarterly on February 7, May 7, August 7, and November 7. The Series A Notes and the Series B Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to August 7, 2027, at a redemption price of 100% of the outstanding principal amount of the Initial Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Series C Notes and the Series D Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to August 7, 2029, at a redemption price of 100% of the outstanding principal amount of the Initial Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

On November 20, 2024, the Company issued and sold $50,000,000 in aggregate principal amount of Series E Floating Rate Senior Notes due May 2028, which bear interest at SOFR plus an applicable margin of 3.00%, (the “Series E Notes”), $165,000,000 in aggregate principal amount of 7.11% Series F Senior Notes due May 2030 (the “Series F Notes”), and $50,000,000 in aggregate principal amount of Series G Floating Rate Senior Notes due May 2030, which bear interest at SOFR plus an applicable margin of 3.35%, (the “Series G Notes”, and, together with the Initial Notes, the Series E Notes, and the Series F Notes, the “Notes”) to certain investors in an offering exempt from registration under the Securities Act of 1933, as amended. The Notes were issued and sold pursuant to a Note Purchase Agreement, dated November 20, 2024, by and among the Company and the purchasers named therein (the “Note Purchase Agreement II”).

Interest on the Series F Notes shall be payable semi-annually on February 7 and August 7, and interest on the Series E Notes and Series G Notes shall be payable quarterly on February 7, May 7, August 7, and November 7. The Series E Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to May 20, 2028, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement II), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Series F Notes and the Series G Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to May 20, 2030, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement II), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

In connection with the offering of the Series F Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $165 million maturing on May 20, 2030, which aligns with the Series F Notes. The Company shall receive fixed rate interest semi-annually at 7.11%, and pay variable rate interest semi-annually based on 3-month SOFR plus 3.117%. The Company made $0.3 in net periodic payments for the three months ended March 31, 2026.

The Note Purchase Agreement II contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as: (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the Investment Company Act of 1940, as amended, (iii) a minimum consolidated net worth of $1,130,000,000, (iv) a minimum asset coverage ratio of 1.50 to 1.00, and (v) maintenance of a Debt Rating (as defined in the Note Purchase Agreement II) for each series of Notes from an acceptable rating agency.

The Note Purchase Agreement II also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

On April 2, 2025, the Company and U.S. Bank Trust Company, National Association (the “Trustee”), entered into an Indenture, dated April 2, 2025, between the Company and the Trustee (the “Base Indenture”) and a First Supplemental Indenture, dated April 2, 2025, between the Company and the Trustee (the “First Supplemental Indenture”). The First Supplemental Indenture relates to the Company’s issuance, offer and sale of $500,000,000 aggregate principal amount of its 6.250% notes due 2030 (the “2030 Notes”).

The 2030 Notes will mature on May 31, 2030, and may be redeemed in whole or in part at the Company’s option at any time at the redemption price set forth in the First Supplemental Indenture. The 2030 Notes bear interest at a rate of 6.250% per year payable semiannually on May 31 and November 30 of each year. The 2030 Notes are direct unsecured obligations of the Company.

In connection with the offering of the 2030 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $500,000,000 maturing on May 31, 2030, which aligns with the maturity date of the 2030 Notes. The Company shall receive fixed rate interest semi-annually at 6.250% and pay variable rate interest semi-annually based on 3-month SOFR plus 2.4115%.

In connection with the issuance of the 2030 Notes the Company entered into a registration rights agreement, pursuant to which the Company filed a registration statement with the SEC and, on February 17, 2026, commenced an offer to exchange the unregistered 2030 Notes initially issued on April 2, 2025 for newly issued registered notes with substantially identical terms (the “Exchange Offer”). The Exchange Offer expired on March 18, 2026 and the related exchange was completed promptly thereafter.

On December 5, 2025, the Company and the Trustee entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Base Indenture. The Second Supplemental Indenture relates to the Company’s issuance, offer and sale of $400,000,000 aggregate principal amount of its 6.125% notes due 2031 (the “2031 Notes”).

The 2031 Notes will mature on February 5, 2031, and may be redeemed in whole or in part at the Company’s option at any time at the redemption price set forth in the Second Supplemental Indenture. The 2031 Notes bear interest at a rate of 6.125% per year payable semiannually on February 5 and August 5 of each year, commencing on August 5, 2026. The 2031 Notes are direct unsecured obligations of the Company.

In connection with the offering of the 2031 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $400,000,000 maturing on February 5, 2031, which aligns with the maturity date of the 2031 Notes. The Company shall receive fixed rate interest semi-annually at 6.125% and pay variable rate interest semi-annually based on 3-month SOFR plus 2.715%.

Revolving Credit Facility

On December 20, 2024, the Company entered into a Senior Secured Credit Agreement (together with the exhibits and schedules thereto, the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (the “Revolving Credit Facility”).

Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the SOFR in effect, plus an applicable margin of 1.75% per annum if the Borrowing Base (as defined in the Credit Agreement) is greater than or equal to 1.6x the Combined Debt Amount (as defined in the Credit Agreement), or SOFR plus an applicable margin of 1.875% per annum if the Borrowing Base is less than 1.6x the Combined Debt Amount. There is an additional 0.1% credit spread adjustment regardless of the Combined Debt Amount. The Company will also pay a commitment fee of 0.375% per annum on the daily unused amount of the financing commitments until the fourth anniversary of the Revolving Credit Facility. The maximum commitment amount of the Revolving Credit Facility was initially $450 million. Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by the Company. The period during which the Company may make borrowings under the Revolving Credit Facility expires on December 20, 2028, and the Revolving Credit Facility is scheduled to mature on November 19, 2029. The accordion feature in the Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum of $675.0 million.

On August 28, 2025, the Company entered into that certain Commitment Increase Agreement with Royal Bank of Canada, Deutsche Bank AG, New York Branch, and U.S. Bank National Association, as the assuming lenders, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, pursuant to which, through the accordion feature in the Credit Agreement, the aggregate commitments under the Revolving Credit Facility increased from $450.0 million to $595.0 million.

On September 25, 2025, the Company entered into that certain Commitment Increase Agreement with Royal Bank of Canada, Deutsche Bank AG, New York Branch, and U.S. Bank National Association, as the assuming lenders, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, pursuant to which, through the accordion feature in the Credit Agreement, the aggregate commitments under the Revolving Credit Facility increased from $595.0 million to $670.0 million.

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments consisted of the following:


March 31, 2026
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
7Ridge Investments	Delayed Draw	7/7/2026	$	11,119	$	—
Agrofresh	Revolver	3/31/2029		5,581		(62	)
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031		9,500		(342	)
AmerSpirit FL LLC	Delayed Draw	8/15/2027		19,021		(250	)
AVSC Holding Corporation	Revolver	12/5/2029		5,152		(76	)
Best Trash LLC	Delayed Draw	10/10/2026		25,000		(105	)
Best Trash LLC	Revolver	7/10/2031		6,060		(56	)
Boasso Global	Revolver	7/1/2026		6,250		(139	)
Brown & Root	Revolver	10/3/2030		24,005		(343	)
Cadogan Tate	Delayed Draw	10/31/2026		54,091		(246	)
Cadogan Tate	Revolver	10/31/2031		10,000		(120	)
Carevet LLC	Delayed Draw	6/18/2026		5,429		(29	)
Carevet LLC	Delayed Draw	6/18/2026		12,078		177
Carevet LLC	Delayed Draw	6/18/2029		11,000		162
Carevet LLC	Delayed Draw	6/18/2029		667		-
Carevet LLC	Revolver	6/18/2029		6,600		(43	)
Cargotuff Buyer LLC	Delayed Draw	1/29/2028		23,333		(110	)
Cargotuff Buyer LLC	Revolver	1/29/2032		7,778		(76	)
Clubcorp Holdings Inc.	Delayed Draw	7/10/2027		9,600		(57	)
Clubcorp Holdings Inc.	Revolver	7/10/2031		16,000		(211	)
Confluent Holdings LLC	Delayed Draw	7/2/2026		2,571		15
Red Fox CD Acquisition Corp.	Delayed Draw	11/21/2026		21,180		(348	)
Disa Holdings Corp.	Revolver	9/9/2028		2,222		(18	)
Elessent Clean Technologies Inc.	Revolver	11/15/2029		13,158		(191	)
FEG, Inc.	Revolver	5/10/2030		15,000		(207	)
Foundation Risk Partners	Delayed Draw	2/26/2027		3,508		(5	)
Foundation Risk Partners	Revolver	10/29/2029		4,337		-
Four Winds Interactive LLC	Delayed Draw	2/20/2027		2,903		(78	)
Four Winds Interactive LLC	Revolver	2/20/2030		1,935		(72	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		7,437		(222	)
Fullsteam	Delayed Draw	8/8/2027		8,077		(32	)
Fullsteam	Revolver	8/8/2031		2,692		(24	)
Great Day Improvements LLC	Revolver	6/13/2030		7,700		(108	)
Healthco Investment LTD	Delayed Draw	2/19/2029		6,614		(54	)
Helios UK Bidco Limited	Revolver	3/2/2031		8,008		(194	)
Highgate Hotels, L.P.	Revolver	11/3/2029		8,250		(151	)
Highgate Hotels, L.P.	Delayed Draw	12/9/2027		25,000		(209	)
Hotel Equities Group, LLC	Revolver	1/22/2029		3,825		(43	)
Inframark	Delayed Draw	7/31/2026		1,234		9
Inspired Pet Nutrition	Delayed Draw	9/1/2028		3,969		780
K1 Speed Inc.	Delayed Draw	1/2/2028		2,428		(47	)
Kite UK Bidco Ltd	Delayed Draw	1/9/2028		28,730		(208	)
Learnosity	Revolver	1/15/2031		7,500		(75	)
Legends Hospitality	Revolver	8/22/2030		3,563		(52	)
Ligado Networks LLC	Delayed Draw	12/31/2026		1,726		(190	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2031		5,538		(55	)


March 31, 2026
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
Natural Partners, Inc.	Revolver	3/15/2028		6,563		(55	)
Parfums Holding Co Inc	Revolver	6/27/2029		6,000		(39	)
PetVet Care Centers	Revolver	11/15/2029		5,585		(801	)
Pharmalogic Holdings Corp	Delayed Draw	6/21/2026		10,101		(26	)
RPX Corporation	Revolver	8/2/2030		6,122		(58	)
S.A.F.E. Management	Delayed Draw	11/24/2028		12,000		7
S.A.F.E. Management	Delayed Draw	5/24/2027		326		-
S.A.F.E. Management	Revolver	11/24/2031		5,000		(47	)
Sandlot Baseball Borrower Co.	Delayed Draw	6/5/2026		21,933		47
Sandlot Baseball Borrower Co.	Delayed Draw	9/6/2027		32,000		5
Sandlot Baseball Borrower Co.	Revolver	12/27/2030		10,000		-
Sheffield United F.C.	Delayed Draw	5/14/2026		19,841		(14	)
Sky Merger Sub, LLC	Delayed Draw	5/28/2026		12,500		115
Sky Merger Sub, LLC	Revolver	5/28/2029		25,000		(395	)
Solvias AG	Revolver	2/27/2030		22,514		(441	)
Spartan College LLC	Delayed Draw	9/25/2026		10,070		50
St. Croix	Revolver	10/24/2032		8,573		(80	)
SurveyMonkey Global Inc.	Revolver	5/31/2029		13,440		(356	)
Systems Planning and Analysis, Inc.	Delayed Draw	6/6/2027		4,712		(6	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		5,827		(37	)
Tequilas Premium	Revolver	3/6/2031		25,000		(493	)
Townsend	Revolver	8/1/2030		2,500		(50	)
Trillium FlowControl	Delayed Draw	6/20/2026		3,667		24
Trillium FlowControl	Revolver	12/20/2029		3,000		(3	)
True Talent Advisory Borrower, LLC	Delayed Draw	1/9/2028		31,500		(295	)
True Talent Advisory Borrower, LLC	Revolver	1/9/2032		15,750		(304	)
USA Debusk LLC	Delayed Draw	4/30/2026		1,527		2
USA Debusk LLC	Revolver	4/30/2030		38		-
USA Debusk LLC	Revolver	4/30/2030		1,030		(10	)
Total Unfunded Commitments			$	789,488	$	(6,965	)


December 31, 2025
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
7Ridge Investments	Delayed Draw	7/7/2026	$	11,119	$	35
Agrofresh	Revolver	3/31/2029		5,581		(67	)
Azurite Intermediate Holdings, Inc.	Revolver	3/19/2031		9,500		(106	)
AmerSpirit FL LLC	Delayed Draw	8/15/2027		24,204		(336	)
AVSC Holding Corporation	Revolver	12/5/2029		6,283		(99	)
Best Trash LLC	Delayed Draw	10/10/2026		25,000		(115	)
Best Trash LLC	Revolver	7/10/2031		6,060		(58	)
Boasso Global	Revolver	7/1/2026		5,729		(132	)
Brown & Root	Revolver	10/3/2030		20,060		(286	)
Cadogan Tate	Delayed Draw	10/31/2026		54,091		(274	)
Cadogan Tate	Revolver	10/31/2031		12,500		(157	)
Carevet LLC	Delayed Draw	6/18/2026		8,201		(47	)
Carevet LLC	Delayed Draw	6/18/2026		12,078		173
Carevet LLC	Revolver	6/18/2029		6,600		(46	)
Clubcorp Holdings Inc.	Delayed Draw	7/10/2027		9,600		(62	)
Clubcorp Holdings Inc.	Revolver	7/10/2031		16,000		(221	)
Confluent Holdings LLC	Delayed Draw	7/2/2026		9,915		39
Red Fox CD Acquisition Corp.	Delayed Draw	11/21/2026		30,940		(540	)
CoreWeave Compute Acquisition Co., IV, LLC	Delayed Draw	3/31/2026		10,168		8
Disa Holdings Corp.	Delayed Draw	3/1/2026		354		(1	)
Disa Holdings Corp.	Revolver	9/9/2028		3,055		(28	)
Elessent Clean Technologies Inc.	Revolver	11/15/2029		13,158		(204	)
FEG, Inc.	Revolver	5/10/2030		15,000		(219	)
Foundation Risk Partners	Delayed Draw	2/26/2027		4,872		(9	)
Foundation Risk Partners	Revolver	10/29/2029		4,003		-
Four Winds Interactive LLC	Delayed Draw	2/20/2027		2,903		(19	)
Four Winds Interactive LLC	Revolver	2/20/2030		1,935		(32	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		7,024		-
Fullsteam	Delayed Draw	8/8/2027		8,077		(25	)
Fullsteam	Revolver	8/8/2031		2,692		(25	)
Great Day Improvements LLC	Revolver	6/13/2030		11,200		(167	)
Healthco Investment LTD	Delayed Draw	2/19/2029		6,738		(61	)
Highgate Hotels, L.P.	Revolver	11/3/2029		12,500		(245	)
Highgate Hotels, L.P.	Delayed Draw	12/9/2027		25,000		(240	)
Hotel Equities Group, LLC	Revolver	1/22/2029		7,100		(87	)
Inframark	Delayed Draw	7/31/2026		1,234		4
Inspired Pet Nutrition	Delayed Draw	9/1/2028		4,044		(26	)
K1 Speed Inc.	Delayed Draw	1/2/2026		2,429		(35	)
Learnosity	Revolver	1/15/2031		7,500		(79	)
Legends Hospitality	Delayed Draw	8/22/2026		638		(4	)
Legends Hospitality	Revolver	8/22/2030		5,063		(79	)
Ligado Networks LLC	Delayed Draw	12/31/2026		1,726		(337	)
Maxar Technologies Inc.	Revolver	5/3/2029		5,316		-
Natural Partners, Inc.	Revolver	3/15/2028		6,563		(58	)
Parfums Holding Co Inc	Revolver	6/27/2029		6,000		(42	)
PetVet Care Centers	Revolver	11/15/2029		6,283		(543	)


December 31, 2025
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
Pharmalogic Holdings Corp	Delayed Draw	6/21/2026		20,202		(75	)
RPX Corporation	Revolver	8/2/2030		6,122		(61	)
S.A.F.E. Management	Delayed Draw	11/24/2028		12,000		2
S.A.F.E. Management	Delayed Draw	2/24/2026		20,320		3
S.A.F.E. Management	Delayed Draw	5/24/2027		13,000		2
S.A.F.E. Management	Revolver	11/24/2031		2,383		(23	)
S.A.F.E. Management	Capital Commitment	11/24/2031		1,522		-
Sandlot Baseball Borrower Co.	Delayed Draw	6/5/2026		21,933		35
Sandlot Baseball Borrower Co.	Revolver	12/27/2028		10,000		-
Sky Merger Sub, LLC	Delayed Draw	5/28/2026		12,500		99
Sky Merger Sub, LLC	Revolver	5/28/2029		25,000		(426	)
Solvias AG	Revolver	2/27/2030		22,711		(472	)
Spartan College LLC	Delayed Draw	9/25/2026		10,070		38
St. Croix	Revolver	10/24/2032		8,573		(83	)
SurveyMonkey Global Inc.	Revolver	5/31/2029		13,440		(94	)
Systems Planning and Analysis, Inc.	Delayed Draw	6/6/2027		4,712		(11	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		3,669		(27	)
Townsend	Revolver	8/1/2030		2,500		(54	)
Trillium FlowControl	Delayed Draw	6/20/2026		3,667		(16	)
Trillium FlowControl	Revolver	12/20/2029		3,000		(18	)
USA Debusk LLC	Delayed Draw	4/30/2026		5,115		(10	)
USA Debusk LLC	Revolver	4/30/2030		1,183		(11	)
Total Unfunded Commitments			$	679,658	$	(6,054	)

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both March 31, 2026 and December 31, 2025, management was not aware of any pending or threatened material litigation.

Note 9. Net Assets

Subscriptions and Drawdowns

The Company has the authority to issue up to 200,000,000 shares of stock, which are classified as common stock, par value $0.001 per share. The Company previously issued 250 shares of preferred stock, par value $0.001 per share, which were previously designated the “12.0% Series A Cumulative Non-Voting Preferred Stock”. All preferred shares were redeemed effective December 15, 2025. Through its Private Offerings the Company will from time to time enter into subscription agreements (the “Subscription Agreements”) with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of March 31, 2026, the Company had received Capital Commitments totaling approximately $3.5 billion ($589.4 million remaining undrawn).

The following table summarizes the total shares issued and proceeds received related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements as of March 31, 2026:


Share Issuance Date	Number of Shares Issued		Aggregate Offering Proceeds
December 21, 2021		12,000,000	$	299,988
June 23, 2022		2,509,410	$	60,000
September 21, 2022		2,787,307	$	65,000
December 29, 2022		2,991,256	$	65,000
March 8, 2023		2,601,909	$	60,000
April 21, 2023		4,446,421	$	100,000
August 8, 2023		3,225,807	$	75,000
December 29, 2023		4,310,345	$	100,000
March 27, 2024		9,449,812	$	225,000
June 5, 2024		16,366,612	$	400,000
July 10, 2024		4,163,197	$	100,000
September 27, 2024		14,553,015	$	350,000
October 31, 2024		10,300,783	$	250,000
September 4, 2025		12,437,811	$	300,000
October 24, 2025		8,371,704	$	200,000
November 7, 2025		12,494,793	$	300,000
Total		123,010,182	$	2,949,988

Distributions

The Company declared the following distributions for the three months ended March 31, 2026 and 2025:


Date Declared	Record Date	Payment Date	Regular Distribution		Special Distribution		Per Share Amount		Total Amount
For Calendar Year 2026
March 9, 2026	March 13, 2026	March 27, 2026	$	0.57	$	—	$	0.57	$	78,799
							$	0.57	$	78,799
For Calendar Year 2025
March 4, 2025	March 13, 2025	March 27, 2025	$	0.65	$	—	$	0.65	$	65,397
							$	0.65	$	65,397

Dividend Reinvestment

The Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its Shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional Shares as described below, rather than receiving the cash dividend or other distribution. A participating Shareholder will receive an amount of Shares equal to the amount of the distribution on that participant’s Shares divided by the most recent net asset value (“NAV”) per Share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued Shares to implement the plan. Shares issued under the DRP will not reduce outstanding Capital Commitments.

The following table summarizes the DRP Shares issued to shareholders who have “opted in” to the DRP as of March 31, 2026 and the value of such Shares as of the payment dates:


Payment Date	DRP Shares Issued		DRP Shares Value
April 15, 2022		286,055	$	7,200
July 15, 2022		373,593	$	9,321
October 17, 2022		377,076	$	8,646
December 30, 2022		801,437	$	18,056
April 17, 2023		637,800	$	13,892
June 28, 2023		754,571	$	16,789
September 28, 2023		828,460	$	18,945
December 28, 2023		1,347,765	$	31,456
March 28, 2024		861,529	$	20,039
June 27, 2024		1,246,983	$	29,653
September 27, 2024		1,179,974	$	28,260
December 27, 2024		2,210,389	$	53,204
March 27, 2025		1,555,293	$	37,125
June 27, 2025		1,630,752	$	38,877
September 26, 2025		555,901	$	13,158
December 29, 2025		586,516	$	13,900
March 27, 2026		587,056	$	13,918
		15,821,150	$	372,439

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per Share during the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026		2025
Net increase in net assets resulting from operations	$	60,852	$	62,271
Weighted average shares outstanding		138,276,532		100,696,962
Earnings per share	$	0.44	$	0.62

Note 11. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026			2025
Per Share Data:
Net assets, beginning of period	$	23.71		$	23.87
Net investment income (1)		0.58			0.65
Net realized gain (loss) (1)		0.09			(0.02	)
Net change in unrealized appreciation (depreciation) (2)		(0.23	)		(0.01	)
Net increase in net assets resulting from operations		0.44			0.62
Distributions declared from distributable earnings (3)		(0.57	)		(0.65	)
Total increase (decrease) in net assets		(0.13	)		(0.03	)
Net assets, end of period	$	23.58		$	23.84
Shares outstanding, end of period		138,831,332			102,166,799
Total return based on NAV (4)		1.86	%		2.57	%
Ratios:
Expenses to average net assets (5)		10.62	%		11.43	%
Net investment income to average net assets (5)		9.67	%		10.52	%
Portfolio turnover rate (6)		5.78	%		4.15	%
Supplemental Data:
Net assets, end of period	$	3,274,323		$	2,435,910
Total capital commitments, end of period	$	3,539,354		$	2,913,733
Ratios of total contributed capital to total committed capital, end of period		83.35	%		73.79	%
Average debt outstanding	$	3,478,231		$	2,427,873
Asset coverage ratio (7)		189.5	%		193.6	%

(1)

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

(2)

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

(3)

The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9. Net Assets).

(4)

Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)

Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)

Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)

In accordance with the 1940 Act, with certain, limitations, 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.

Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of May 13, 2026, the date that the consolidated financial statements were issued. Other than as disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2026.

Subsequent to March 31, 2026, the Company invested in the senior secured loan of Anvil Bidco.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information in this management's discussion and analysis of financial condition and results of operations relates to MSD Investment Corp., including its wholly-owned subsidiaries (collectively, "we", "us", "our" or the "Company"). The terms “Adviser” and “MSD,” prior to June 30, 2025, refer to MSD Partners, L.P., a Delaware limited partnership, and subsequent to June 30, 2025, refer to BDT & MSD BDC Management, LLC, a Delaware limited liability company, each in their capacity as our investment adviser. The term “Administrator,” prior to August 11, 2025, refers to MSD Partners, L.P., and subsequent to August 11, 2025, refers to BDT & MSD BDC Management, LLC, in its capacity as our administrator. The information contained in this section should be read in conjunction with “Item 1. Financial Statements.” The discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those risks set forth in section entitled “Part I Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC on March 26, 2026.

Overview

We were established as a Delaware limited liability company on February 18, 2021, and converted to MSD Investment, LLC, a Maryland limited liability company, on October 22, 2021. On December 1, 2021, the Company entered into purchase agreements with the Funds pursuant to which the Company agreed to acquire the Initial Portfolio for an aggregate cash purchase price equal to the fair value of such assets, plus accrued but unpaid interest as of the closing date, less any principal payments received between signing of the purchase agreements and the closing of the transactions contemplated thereby. The closing of the purchase of the Initial Portfolio by the Company occurred on December 21, 2021. As consideration for the Portfolio, the Company paid the Funds an aggregate purchase price of $656.5 million. On December 28, 2021, the Company filed Articles of Conversion (and related Articles of Incorporation) with the Maryland Department of Assessments and Taxation in order to effectuate the Corporate Conversion. In accordance with the Articles of Conversion and Maryland law, the Corporate Conversion became effective as of 12:01 a.m. on January 1, 2022 and, as result of the Corporate Conversion, each share representing a portion of the membership interests of the Company prior to the effective time of the Corporate Conversion was automatically converted into one share of common stock, par value $0.001 per share, of the Company. In connection with the Corporate Conversion the Company changed its name from “MSD Investment, LLC” to “MSD Investment Corp.” On December 29, 2021, the Company filed a Form N-54A to elect to be regulated as a BDC under the 1940 Act.

We have elected, and intend to qualify annually, to be treated as a RIC for U.S. federal income tax purposes. As a BDC and a RIC, we will be required to comply with certain regulatory requirements.

Financial and Operating Highlights

The following table presents financial and operating highlights (i) as of March 31, 2026 and December 31, 2025 and (ii) for the three months ended March 31, 2026 and 2025:


	As of
	March 31, 2026			December 31, 2025
Total assets	$	7,012,012		$	6,590,450
Investments in portfolio companies, at fair value	$	6,824,822		$	6,391,054
Borrowings	$	3,667,000		$	3,251,000
Net assets	$	3,274,323		$	3,278,352
Net asset value per common share	$	23.58		$	23.71
Leverage ratio (borrowings / total assets)		52.3	%		49.3	%


	For the Three Months Ended March 31,
	2026			2025
Average net assets	$	3,276,338		$	2,418,922
Average borrowings	$	3,478,231		$	2,427,873
Cost of investments purchased	$	836,993		$	590,330
Sales of investments	$	50,952		$	47,110
Principal repayments	$	330,961		$	149,356
Net investment income	$	80,819		$	65,223
Net realized gains (losses)	$	11,847		$	(1,839	)
Net change in unrealized appreciation (depreciation)	$	(31,814	)	$	(1,113	)
Net increase (decrease) in net assets resulting from operations	$	60,852		$	62,271
Net investment income per share - basic and diluted	$	0.58		$	0.65
Earnings per share - basic and diluted	$	0.44		$	0.62

Portfolio and Investment Activity for the three months ended March 31, 2026 and 2025

The following table presents our portfolio company activity for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026			2025
Portfolio companies at beginning of period		89			84
Number of added portfolio companies		6			6
Number of exited portfolio companies		(4	)		(4	)
Portfolio companies at period end		91			86

Number of debt investments period end		215			168
Number of equity and other investments at period end		4			6

The following table presents a roll-forward of all investment purchase, sale and repayment activity and changes in fair value, within our investment portfolio for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
	First Lien Debt			Second Lien Debt			Subordinated Debt			Equity and Other Investments			Total Investments
Fair value, beginning of year	$	6,345,144		$	30,116		$	1,481		$	14,314		$	6,391,055
Purchase of investments		835,417			—			—			1,576			836,993
Proceeds from principal repayments and sales of investments		(380,774	)		—			(1,139	)		—			(381,913	)
Other changes in fair value (1)		(20,871	)		(396	)		8			(54	)		(21,313	)
Fair value, end of period	$	6,778,916		$	29,720		$	350		$	15,836		$	6,824,822


	Three Months Ended March 31, 2025
	First Lien Debt			Second Lien Debt		Subordinated Debt		Equity and Other Investments		Total Investments
Fair value, beginning of year	$	4,375,355		$	89,485	$	990	$	63,234	$	4,529,064
Purchase of investments		590,059			—		271		—		590,330
Proceeds from principal repayments and sales of investments		(196,466	)		—		—		—		(196,466	)
Other changes in fair value (1)		18,644			280		41		1,178		20,143
Fair value, end of period	$	4,787,592		$	89,765	$	1,302	$	64,412	$	4,943,071

(1)

Other changes in fair value includes changes resulting from realized and unrealized gains and losses, amortization/accretion and increases from PIK income.

The following table presents selected information regarding our investment portfolio as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026			December 31, 2025
Investments:
Number of portfolio companies		91			89
Number of investments		219			203
Average investment at fair value	$	31,164		$	31,483
Average cost of debt investments as a percentage of par (1)		97.99	%		97.71	%
Debt investments on non-accrual status as a percent of amortized cost of total debt investments		0.13	%		0.14	%
Debt investments on non-accrual status as a percent of fair value of total debt investments		0.08	%		0.07	%
Number of debt investments on non-accrual status		1			1
Weighted Average EBITDA (mm) (2)		139.5			150.2
Median EBITDA (mm) (2)		102.5			119.5
Weighted average net debt through tranche (2)	4.1x			4.2x
Weighted average interest rate coverage (2)	2.7x			2.5x
Percentage of sponsored investments		84.44	%		90.40	%

Floating interest rate debt investments:
Percent of debt portfolio (3)		99.3	%		99.2	%
Weighted average interest rate floors		0.97	%		0.90	%
Weighted average coupon spread to base interest rate		547	bps		550	bps
Weighted average effective yield on floating rate debt investments at amortized cost (4)		9.61	%		9.72	%
3 Month SOFR		3.68	%		3.65	%

Fixed interest debt investments: (5)
Percent of debt portfolio (3)		0.7	%		0.8	%
Weighted average coupon rate		12.37	%		12.37	%
Weighted average effective yield on fixed rate debt investments at amortized cost (4)		12.48	%		13.89	%

Other metrics:
Weighted average years to maturity on debt investments		4.39	years		4.45	years
Weighted average effective yield on the portfolio at amortized cost (4) (5)		9.63	%		9.76	%

(1)

Calculated as amortized cost of all debt investments divided by the par value of all debt investments.

(2)

Figures are based on portfolio company financial statements available to the Company at period end.

(3)

Percent is calculated as a percentage of fair value of total debt investments.

(4)

Weighted average effective yield is calculated as the effective yield of each investment and weighted by its amortized cost as compared to the aggregate amortized cost of all investments.

(5)

Calculations exclude non-performing debt investments.

The following table presents the maturity schedule of our funded debt investments based on their principal amount as of March 31, 2026 and December 31, 2025:


	March 31, 2026					December 31, 2025
Maturity Year	Principal Amount		Percentage of Debt Portfolio			Principal Amount		Percentage of Debt Portfolio
2023	$	—		-	%	$	16,697		0.3	%
2026		62,935		0.9			50,578		0.8
2027		146,541		2.1			147,083		2.2
2028		696,004		10.0			862,956		13.2
2029		1,149,490		16.4			1,193,538		18.3
2030		2,293,570		32.7			2,238,383		34.3
2031		1,577,100		22.6			1,202,888		18.4
2032		998,722		14.3			813,777		12.5
2033		67,858		1.0			350		—
	$	6,992,220		100.0	%	$	6,526,250		100.0	%

We utilize an investment rating system to monitor the credit profile of our underlying portfolio companies. We use a five-level ratings scale to classify individual investments.

•

Investment Rating 1 - Investment is performing materially above expectations.

•

Investment Rating 2 - Investment is performing above expectations.

•

Investment Rating 3 - Investment is performing materially in-line with expectations. All new loans received a rating of 3 at initial investment.

•

Investment Rating 4 - Investment is performing materially below expectations. Investments with a rating of 4 receive more frequent attention from our team as the risks of impairment have increased substantially since investment. Loss of principal is not expected, however there may be lost interest.

•

Investment Rating 5 - Investment is performing materially below expectations and there is a high probability of impairment. Loss of principal and interest is probable.

The following tables show the investment rankings of the debt investments in our portfolio as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026							As of December 31, 2025
Risk Rating	Fair Value		% of Portfolio			# of Investments		Fair Value		% of Portfolio			# of Investments
1	$	—		0.0	%		—	$	—		0.0	%		—
2		110,358		1.6			6		138,382		2.2			7
3		6,553,310		96.0			200		6,079,704		95.1			181
4		152,116		2.2			9		165,169		2.6			11
5		9,038		0.1			4		7,799		0.1			4
	$	6,824,822		100.0	%		219	$	6,391,054		100.0	%		203

Results of Operations

Revenues

We generate revenues primarily in the form of interest on the debt securities of portfolio companies that we acquire and hold for investment purposes. Our investments in debt securities generally have expected maturities of two to eight years, although we have no lower or upper constraint on maturity, and typically earn interest at floating and fixed interest rates. Interest on our debt securities is generally payable to us monthly, quarterly or semi-annually. The outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the respective maturity dates. In addition, we may generate revenue in the form of dividends from preferred and common equity investments, amortization of original issue discount, prepayment fees, commitment fees, origination fees and fees for providing significant managerial assistance.

Operating Expenses

Our primary operating expenses include a management fee and, depending on our operating results, a performance-based incentive fee, interest expense, administrative services, custodian and accounting services and other third-party professional services fees and expenses. The management and performance-based incentive fees compensate the Adviser for its services in identifying, evaluating, negotiating, closing and monitoring our investments.

Operating Results for the three months ended March 31, 2026 and 2025 are presented below:


	For the Three Months Ended March 31,
	2026			2025
Total investment income	$	164,562		$	133,273
Total expenses		83,743			68,050
Net investment income		80,819			65,223
Net realized gain (loss)		11,847			(1,839	)
Net change in unrealized appreciation (depreciation)		(31,814	)		(1,113	)
Net increase (decrease) in net assets resulting from operations	$	60,852		$	62,271

Investment Income

Investment income consisted of the following components for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026			2025
Interest income on debt securities
Cash interest	$	152,212		$	113,583
PIK interest		3,652			7,968
Net accretion/amortization of discounts/premiums		7,485			6,406
Total interest on debt securities		163,349			127,957
Dividend Income		338			1,015
PIK dividend		—			1,208
Total interest and dividend income		163,687			130,180
Other income		875			3,093
Total investment income	$	164,562		$	133,273
Average investments at cost (1)	$	6,627,469		$	4,739,863
Income return (2)		2.47	%		2.75	%

(1)

Average investments at cost is calculated as the simple average of the total investments at amortized cost of each quarterly reporting period.

(2)

Income return is calculated as total interest and dividend income for the period divided by average investments at cost.

Operating Expenses

Our operating expenses can be categorized into fixed operating expenses, variable operating expenses and performance-dependent expenses. Fixed operating expenses are generally static period over period. Variable expenses are calculated based on fund metrics such as total assets, net assets or total borrowings. Performance-dependent expenses fluctuate independent of our size.

The table below shows a breakdown of our operating expenses for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026			2025
Fixed Operating Expenses
Professional fees (1)	$	1,313		$	1,388
Board of directors' fees		120			78
General and other expenses		264			529
Organization and offering costs (2)		—			18
Total fixed operating expenses		1,697			2,013

Variable operating expenses:
Interest expense (3)		56,854			44,231
Management fees		12,495			8,966
Administrative expense (4)		1,512			1,513
Custody expense		416			305
Transfer agency fees		30			33
Total variable operating expenses		71,307			55,048

Performance-dependent expenses:
Income based incentive fee		13,734			11,432
Capital gains incentive fee		(2,995	)		(443	)
Total performance-dependent expenses		10,739			10,989

Total expenses	$	83,743		$	68,050

(1)

Professional fees includes the expenses for third-party service providers such as internal and independent auditors, tax return preparer and tax consultant, third-party investment valuation firms, and fund legal counsel.

(2)

Organization and offering costs are associated with the initial formation, setup and distribution of the Company and may not be recurring.

(3)

The composition of our interest expense for the three months ended March 31, 2026 and 2025 are described more fully in Note 7. Borrowings of our accompanying consolidated financial statements.

(4)

Administrative services include the expenses for third-party services providers such as fund accountant, fund sub-administrator, and independent pricing services. Additionally, administrative expense includes costs reimbursable to the Administrator according to the terms of the administration agreement.

Net Realized and Unrealized Gains

For the three months ended March 31, 2026, our net realized gains (losses) were $11.8 million, and our net change in unrealized appreciation (depreciation) was ($31.8) million. For the three months ended March 31, 2025, our net realized gains (losses) were $(1.8) million and our net change in unrealized appreciation (depreciation) was $(1.1) million.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. The Company’s comprehensive accounting policies are described more fully in Note 2. Significant Accounting Policies in the accompanying consolidated financial statements. We have identified “Basis of Presentation”, “Valuation of Investments”, and “Revenue Recognition” as critical accounting policies.

Valuation of Portfolio Investments and Net Asset Value of Shares

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company's valuation designee (the “Valuation Designee”) to determine the fair value of the Company's investments that do not have readily available market quotations, which became effective for the fiscal quarter ended September 30, 2023. Pursuant to the Company’s valuation policy approved by the Board, the Valuation Designee will determine the fair value of the Company’s assets on at least a quarterly basis, in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement. The audit committee of the Board (the “Audit Committee”) is comprised of directors who are not “interested persons,” as defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser (each an “Independent Director”).

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. eastern time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value. Such determination of fair values may involve subjective judgments and estimates. The Valuation Designee will also engage independent valuation providers to assist in the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. Elements that could be used to determine the fair value of an investment include, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Valuation Designee may appoint additional or different independent valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Valuation Designee will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process each quarter, as described below:

•

Securities for which no such market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party's estimate, of the fair value as of the date of determination, and provided to the Adviser's valuation committee;

•

Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

•

Agreed upon valuation recommendations are presented to the Audit Committee;

•

At least once annually, the valuation for each investment that constitutes a material portion of the Company's portfolio and that does not have readily available market quotation will be reviewed by an independent valuation firm; and

•

All values assigned to securities and other assets by the Valuation Designee will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company’s portfolio securities.

The ranges of unobservable inputs used in the fair value measurement of our investments classified as Level 3 fair valued as of March 31, 2026 and December 31, 2025, respectively, are presented in Note 6. Fair Value Measurements in the accompanying consolidated financial statements.

In addition to impacting the fair value recorded for our investments on our consolidated statement of assets and liabilities, had we used different key unobservable inputs to determine the fair value of our investments, amounts recorded in our consolidated statement of operations, including the net change in unrealized appreciation and depreciation on investments, management and performance-based incentive fees would also be impacted. The table below outlines the impact on our results of a 5% increase in the fair value of our Level 3 investments for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026			2025
Fair value of level 3 investments at the end of the period	$	6,209,999		$	4,268,312
Fair value assuming a 5% increase in value		6,520,499			4,481,728

Increase in unrealized appreciation		310,500			213,416
(Increase) in management fees		(582	)		(400	)
(Increase) in capital gains incentive fees (1)		(46,575	)		(32,012	)
Increase in net assets resulting from operations	$	263,343		$	181,004

Weighted average shares outstanding		138,276,532			100,696,962
Shares outstanding at the end of the period		138,831,332			102,166,799

Increase in earnings per share	$	1.90		$	1.80
Increase in net assets per share	$	1.90		$	1.77

(1)

Increase in capital gains incentive fee is calculated as 15% of the increase in unrealized appreciation.

Determination of Net Asset Value

The Valuation Designee will determine the net asset value ("NAV”) of the Company's portfolio securities at least quarterly. The NAV per share is equal to the value of the Company’s total assets minus its liabilities and the liquidation value of any preferred shares outstanding divided by the total number of shares outstanding. Additionally, in connection with each offering of shares, to the extent the Company does not have Shareholder approval to sell below NAV, the Valuation Designee or an authorized committee thereof will be required to make a good faith determination that the Company is not selling shares at a price below the then current NAV of the shares at the time at which the sale is made.

The value of investments for which recent market quotations are readily available will be the market price. The Valuation Designee will be responsible for determining the fair value of the portfolio investments for which market quotations are not readily available in good faith, and in such other instances where portfolio investments require a fair value determination. Because the Company expects that there typically will not be a readily available market quotation for its target portfolio investments, the Company expects that the value of most of its portfolio investments will be their fair value as determined by the Valuation Designee consistent with a documented valuation policy and consistently applied valuation process. In making these determinations, the Valuation Designee will receive input from an independent valuation firm and the Audit Committee.

Hedging

The Company may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. As of March 31, 2026 the Company had entered into foreign currency forward contracts in order to hedge its economic exposure to certain foreign currencies in which its investments were denominated, in addition to interest rate swaps to offset fixed rate exposure on our Series F Notes, 2030 Notes, and 2031 Notes (see Note 5. Derivative Instruments in the accompanying consolidated financial statements). However, no assurance can be given that such hedging transactions will be effective.

Financial Condition, Liquidity and Capital Resources

Our primary sources of cash and cash equivalents may include: (i) the sale of our Shares, (ii) borrowings under various financing arrangements, including the issuance of debt securities, (iii) cash flows from interest, dividends and transaction fees earned from investment in portfolio companies and (iv) principal repayments and sale proceeds from our investments.

Our primary uses of cash will be for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including fees payable to BDT & MSD BDC Management in its capacity as the Adviser and the Administrator), (iii) debt service of any borrowings, and (iv) cash distributions to our Shareholders.

Liquidity

The tables below present a summary of our liquidity position as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Cash and cash equivalents	$	126,668		$	128,658
Unused borrowing capacity		238,000			654,000
Principal receivable		2,519			20,809
Unfunded investment commitments (1)		(789,488	)		(679,658	)
Undrawn capital commitments		589,366			589,366
Other net working capital (2)		(81,361	)		(74,828	)
	$	85,704		$	638,347

(1)

For a comprehensive list of our unfunded investment commitments see the footnotes to our consolidated schedule of investments included in our accompanying consolidated financial statements.

(2)

Other networking capital is interest receivable less all liabilities exclusive of debt.

Capital Resources

We may from time to time enter into additional credit facilities and borrowing arrangements to increase the amount of our borrowings as our called equity capital increases. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such financing arrangements. We are currently required to maintain a minimum asset coverage ratio (total assets-to-senior securities) of 150% under the 1940 Act if certain conditions are met.

The table below summarizes certain financing obligations that are expected to have an impact on our liquidity and cash flow in specified future interval periods:


	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
SPV I facility	$	485,000	$	—	$	—	$	485,000	$	—
SPV II facility		712,000		—		—		712,000		—
Collateralized loan obligations		390,000		—		—		—		390,000
Revolving credit facility		580,000		—		—		580,000		—
2030 Notes		500,000		—		—		500,000		—
2031 Notes		400,000		—		—		400,000		—
Series A Notes		69,000		—		69,000		—		—
Series B Notes		75,000		—		75,000		—		—
Series C Notes		116,000		—		—		116,000		—
Series D Notes		75,000		—		—		75,000		—
Series E Notes		50,000		—		50,000		—		—
Series F Notes		165,000		—		—		165,000		—
Series G Notes		50,000		—		—		50,000		—
Total Contractual Obligations	$	3,667,000	$	—	$	194,000	$	3,083,000	$	390,000

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined by the Valuation Designee, subject to the continued oversight of the Board, 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 portfolio investment while employing a consistently applied valuation process for the types of investments we make. 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.

Interest Rate Risk

We will be subject to financial market risks, including changes in interest rates. As of March 31, 2026, 99.3% of our debt investments (99.0% of our total investments), or $6.76 billion measured at fair value, are subject to floating interest rates. Additionally, the SPV I Facility, the SPV II Facility, the collateralized loan obligations, the Revolving Credit Facility, and certain of the Notes are subject to floating interest rates. In connection with our Series F Notes, 2030 Notes, and 2031 Notes, which bear interest at fixed rates, we entered into interest rate swaps in order to align the interest rate risk of our liabilities with our investment portfolio. A prolonged period of elevated interest rates can be expected to lead to (i) higher interest income from our floating rate debt investments, (ii) value declines for fixed interest rate investments we may hold and (iii) higher interest expense in connection with our floating rate debt securities. Since the majority of our investments consist of floating rate investments, an increase in interest rates could also make it more difficult for borrowers to repay their loans, and a rise in interest rates may also make it easier for the Adviser to meet or exceed the quarterly threshold for the Income-Based Fee as described in Note 3. Agreements and Related Party Transactions.


Maryland		87-4195402
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

550 Madison Ave, 20th Floor New York, New York		10022
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None


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


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


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


		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025	4
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)	6
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)	7
	Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025	8
	Notes to Consolidated Financial Statements (Unaudited)	35
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	70
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	77
Item 4.	Controls and Procedures	78
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	78
Item 1A.	Risk Factors	78
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79
Item 3.	Defaults Upon Senior Securities	79
Item 4.	Mine Safety Disclosures	79
Item 5.	Other Information	79
Item 6.	Exhibits	79
Signatures		82


Change in Interest Rates	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	205,381		$	(104,944	)	$	100,437
Up 200 basis points		136,120			(70,124	)		65,996
Up 100 basis points		66,860			(35,304	)		31,556
Down 100 basis points		(67,078	)		34,336			(32,742	)
Down 200 basis points		(129,530	)		69,156			(60,374	)
Down 300 basis points		(174,669	)		103,976			(70,693	)


Exhibit Number		Description of Exhibits
3.1		Articles of Incorporation effective as of January 1, 2022 (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
3.2		Amended and Restated By Laws (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form 10 (File No. 000-56375) filed on March 3, 2022)
3.3		Articles Supplementary for 12.0% Series A Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on December 4, 2023)
3.4		Articles of Amendment, dated November 6, 2024 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November 6, 2024)
4.1		Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K filed on March 25, 2024)
4.2		Indenture, dated as of April 2, 2025, by and between MSD Investment Corp. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on April 2, 2025).
4.3		First Supplemental Indenture, dated as of April 2, 2025, relating to the 6.250% Notes due 2030, between MSD Investment Corp. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on April 2, 2025).
4.4		Form of 6.250% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed on April 2, 2025).
4.5		Registration Rights Agreement, dated as of April 2, 2025, relating to the 6.250% Notes due 2030 by and among J.P. Morgan Securities LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., SMBC Nikko Securities America, Inc. and TCBI Securities, Inc. doing business as Texas Capital Securities (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed on April 2, 2025).


10.1		Investment Advisory Agreement between the Company and the Adviser dated November 24, 2021 (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.2		Investment Advisory Agreement between the Company and the Adviser effective January 1, 2023 (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K filed March 23, 2023)
10.3		Administration Agreement between the Company and the Administrator dated November 24, 2021 (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.4		Administration Agreement Agreement between the Company and the Administrator effective January 1, 2023 (incorporated by reference to Exhibit 10.4 to the Annual Report on Form 10-K filed on March 23, 2023)
10.5		Distribution Reinvestment Plan (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.6		Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.7		First Amendment to the Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K filed on March 23, 2023)
10.8		Transfer Agent Servicing Agreement between the Company and U.S. Bancorp Fund Services, LLC (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.9		Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian. (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.10		Amendment No.1 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.10 to the Annual Report on Form 10-K filed on March 23, 2023)
10.11		Amendment No. 2 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.11 to the Annual Report on Form 10-K filed on March 23, 2023)
10.12		Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.13		First Amendment to the Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K filed on March 25, 2024)
10.14		Loan and Servicing Agreement by and among MSD BDC SPV II, LLC as borrower, Citizens Bank N.A as lender and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 21, 2023).
10.15		Amendment No. 1 to Loan and Servicing Agreement by and among MSD BDC SPV II, LLC as borrower, Citizens Bank N.A as lender and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.14 to the Quarterly Report on Form 10-Q filed on November 9, 2023).
10.16		Indenture, dated as of November 15, 2023, by and between MSD BDC CLO I, LLC and U.S. Bank Trust Company, National Association. (incorporated by reference to Exhibit 10.16 to the Annual Report on Form 10-K filed on March 25, 2024)
10.17		Collateral Management Agreement, dated November 15, 2023, by and between MSD BDC CLO I, LLC and MSD Partners, L.P. (incorporated by reference to Exhibit 10.17 to the Annual Report on Form 10-K filed on March 25, 2024)
10.18		Master Transfer Agreement, dated as of November 15, 2023, by and between MSD Investment Corp., as seller, and MSD BDC CLO I, LLC, as purchaser. (incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K filed on March 25, 2024)
10.19		Amendment No. 2 to the Loan and Servicing Agreement by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, Everbank, N.A. as a lender, Texas Capital Bank as a lender, Western Alliance Bank as a lender, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.19 of the Quarterly Report on Form 10-Q filed on May 10, 2024)
10.20		Amendment No. 4 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC, as borrower, the several banks and other financial institutions or entities that are party thereto from time to time, as lenders, Deutsche Bank AG, New York Branch as facility agent, U.S. Bank Trust Company National Association as collateral agent and U.S. Bank National Association as collateral custodian (incorporated by reference to Exhibit 10.20 of the Quarterly Report on Form 10-Q filed on May 10, 2024)
10.21		Amendment No. 3 to the Loan and Servicing Agreement by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, Everbank, N.A. as a lender, Texas Capital Bank as a lender, Western Alliance Bank as a lender, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.21 of the Quarterly Report on Form 10-Q filed on May 10, 2024)
10.22		Note Purchase Agreement, dated August 7, 2024, by and between MSD Investment Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.22 of the Quarterly Report on Form 10-Q filed on August 14, 2024)
10.23		Note Purchase Agreement, dated November 20, 2024, by and between MSD Investment Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on November 22, 2024)


10.24		Senior Secured Credit Agreement by and among MSD Investment Corp., as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on December 26, 2024)
10.25		Commitment Increase Agreement by and among MSD Investment Corp., as borrower, Royal Bank of Canada, Deutsche Bank AG, New York Branch, and U.S. Bank National Association, as the assuming lenders, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on September 4, 2025)
10.26		Amendment No. 4 to the Loan and Servicing Agreement, dated September 18, 2025, by and among MSD Investment Corp., as collateral manager, MSD BDC SPV II, LLC, as borrower, Citizens Bank N.A as lender and administrative agent, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian(incorporated by reference to Exhibit 10.26 of the Quarterly Report on Form 10-Q filed on November 14, 2025)
10.27		Commitment Increase Agreement by and among MSD Investment Corp., as borrower, BNP Paribas as the assuming lender, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 1, 2025)
10.28		Amendment No. 6 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC, as borrower, the several banks and other financial institutions or entities that are party thereto from time to time, as lenders, Deutsche Bank AG, New York Branch as facility agent, U.S. Bank Trust Company National Association as collateral agent and U.S. Bank National Association as collateral custodian (incorporated by reference to Exhibit 10.28 of the Quarterly Report on Form 10-Q filed on November 14, 2025)
10.29		Amendment No. 5 to the Loan and Security Agreement, dated as of November 26, 2025, by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.29 to the Annual Report on Form 10-K filed on March 26, 2026)
14.1		Code of Ethics (incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K filed on March 25, 2024)
31.1		Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2		Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1		Certification of 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 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
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101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
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104		Cover page formatted as Inline XBRL and contained in Exhibit 101


		MSD Investment Corp.

Date:	May 13, 2026	/s/ Robert Platek
		Robert Platek
		Chief Executive Officer

Date:	May 13, 2026	/s/ Brian S. Williams
		Brian S. Williams
		Chief Financial Officer & Treasurer