v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
In accordance with the 1940 Act, the Fund is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% immediately after such borrowing. On October 10, 2025, the Fund’s sole initial shareholder approved a proposal that allows the Fund to reduce its asset coverage ratio applicable to senior securities from 200% to 150%. As of March 31, 2026 and December 31, 2025, the Fund’s asset coverage ratio based on aggregate borrowings outstanding was 191% and 202%, respectively.
The Fund’s outstanding debt as of March 31, 2026 and December 31, 2025, was as follows:
March 31, 2026
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding (2)
Carrying Value (3)
Unamortized Debt Issuance Costs
DB Credit Facility$200,000 $113,500 $111,321 $2,179 
Total$200,000 $113,500 $111,321 $2,179 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)As of March 31, 2026, the Fund had unused borrowing base availability under the DB Credit Facility of $11,129.
(3)Represents the principal amount outstanding, less unamortized debt issuance costs.

December 31, 2025
Aggregate
Principal
Amount
Committed (1)
Principal
Amount
Outstanding (2)
Carrying Value (3)
Unamortized Debt Issuance Costs
DB Credit Facility$200,000 $99,400 $97,068 $2,332 
Total$200,000 $99,400 $97,068 $2,332 
_________________________________________
(1)Represents the total aggregate amount committed or outstanding, as applicable, under such instrument.
(2)As of December 31, 2025, the Fund had unused borrowing base availability under the DB Credit Facility of $16,947.
(3)Represents the principal amount outstanding, less unamortized debt issuance costs.

DB Credit Facility
On November 10, 2025 (the "DB Credit Facility Effective Date"), the Fund entered into a loan financing and servicing agreement (the “DB Credit Facility”) as equityholder and as servicer, through a special purpose wholly-owned subsidiary, MLEND Financing SPV, the lenders from time to time parties thereto, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as collateral custodian, Deutsche Bank AG, New York Branch, as facility agent (the “Facility Agent”), the agents for the lender groups from time to time parties thereto, and Deutsche Bank Trust Company Americas, as administrative agent.
Under the DB Credit Facility, the lenders have agreed to extend credit to MLEND Financing SPV in an aggregate principal amount of up to $200,000 as of the DB Credit Facility Effective Date, and includes an accordion feature which allows the Fund, under certain circumstances, to increase the total size of the facility to $500,000 with consent of the Facility Agent and the lenders. The period during which the MLEND Financing SPV may request advances under the DB Credit Facility (the “Revolving Period”) commenced on the DB Credit Facility Effective Date and will continue through November 10, 2028 unless there is an earlier termination or a facility termination event. The DB Credit Facility will mature on the earliest of (i) two years from the last day of the Revolving Period, (ii) the date on which the Fund ceases to exist or (iii) the occurrence of a facility termination event.
Advances may be made under the DB Credit Facility in Euros, Canadian Dollars, British Pounds Sterling, Australian Dollars or US Dollars. At the election of MLEND Financing SPV (which election was made by MLEND Financing SPV on the DB Credit Facility Effective Date and may be made from time to time thereafter with notice to the lenders), advances under the DB Credit Facility will bear interest at a rate per annum equal to the applicable base rate plus (i) during the Revolving Period and prior to the occurrence of a facility termination event (x) with respect to Option 1 (as defined in the DB Credit Facility), 1.85% and (y) with respect to Option 2 (as defined in the DB Credit Facility), 1.75%, (ii) after the end of the Revolving Period and prior to the occurrence of any facility termination event, (x) with respect to Option 1, 2.05% and (y) with respect to Option 2, 1.95% and (iii) on and after the occurrence of any facility termination event, (x) with respect to Option 1, 4.05% and (y) with respect to Option 2, 3.95%. As of March 31, 2026 and December 31, 2025, the outstanding borrowings of $113.5 million and $99.4 million were accruing at a weighted average interest rate of 5.41% and 5.61%, respectively.
In addition, a non-usage fee of 0.35% per annum is payable to the lenders on the amount of undrawn commitments under the DB Credit Facility, and, during the Revolving Period, an additional fee based on unfunded commitments of the lenders may be payable if borrowings under the DB Credit Facility do not exceed a minimum utilization percentage threshold.
The DB Credit Facility is secured by all of the assets held by MLEND Financing SPV. MLEND Financing SPV has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Fund’s borrowings, including under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act.
As of March 31, 2026, the Fund and MLEND Financing SPV were in compliance with all covenants and other requirements of the agreement governing the DB Credit Facility.
Components of Interest Expense
The components of the Fund's interest and other debt financing expenses, average debt outstanding and average stated interest rate (i.e., the rate in effect plus spread) for the three months ended March 31, 2026 were as follows:
Three months ended March 31,
2026
Interest expense - DB Credit Facility$1,650
Amortization of debt issuance costs
153
Total interest and other debt financing expenses$1,803
Average debt outstanding$110,816
Average stated interest rate (1)
6.1%