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Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 05/25/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 04/12/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/10/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.88% Maturity Date 07/28/20312026-06-300001782524us-gaap:ChemicalsSectorMember2026-06-300001782524msdl:FirstLienDebtMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.25% PIK) Interest Rate 9.67% Maturity Date 11/08/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/16/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/20282025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 06/11/20272025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 9/3/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/02/2031 Two2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-04-012025-06-300001782524Investments-non-controlled/affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.79% Maturity Date 01/14/20312026-06-300001782524msdl:TwoThousandThirtyOneNotesMemberus-gaap:SubsequentEventMember2026-07-090001782524msdl:ShareRepurchaseProgramMember2026-02-260001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/08/20272026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-06-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 11/26/20322026-06-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312026-06-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/18/20332026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/04/2030 Two2025-12-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/11/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.48% Maturity Date 03/25/2032 One2026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 08/29/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 04/23/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/26/2032 One2026-06-300001782524msdl:SecondLienDebtMember2025-12-310001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 02/28/20302026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.66% Maturity Date 02/02/2032 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 11/21/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 03/12/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272026-01-012026-06-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.36% Maturity Date 01/27/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 02/19/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/10/20302026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212026-01-012026-06-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 01/02/20292025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 12/21/20212026-01-012026-06-300001782524msdl:CLO2025-1DebtMember2026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/11/20272025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.89% Maturity Date 04/26/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/20332026-01-012026-06-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 10/30/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20242026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/11/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222026-06-300001782524us-gaap:TransportationEquipmentMember2025-12-310001782524us-gaap:EquitySecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/20292025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.22% Maturity Date 08/20/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 03/09/2028 One2025-12-310001782524us-gaap:TransportationEquipmentMemberus-gaap:DebtSecuritiesMember2026-06-300001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/30/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.93% Maturity Date 09/08/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-01-012026-06-300001782524msdl:ATwoThousandThirtyOneNotesMember2026-07-092026-07-090001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.16% Maturity Date 10/01/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 07/24/2031 One2025-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-01-012025-12-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.89% Maturity Date 05/24/20322026-06-300001782524msdl:JVPartnerMember2026-01-012026-06-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/04/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/21/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/02/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 10/15/2031 One2026-06-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/2030 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturity Date 05/06/2031 One2026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-06-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272026-06-300001782524msdl:FirstLienDebtMember2026-01-012026-06-300001782524msdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 5/12/20312026-06-300001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Revolver Commitment Expiration Date 04/29/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 04/22/2032 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 06/27/2031 Two2026-06-300001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturity Date 05/02/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/01/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 08/01/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AA&D Midco, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 07/03/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.48% Maturity Date 03/25/2032 Two2026-06-300001782524msdl:SecondLienDebtMember2026-04-012026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2022-02-110001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 One2025-12-310001782524msdl:Company10b51PlanMember2025-04-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-12-310001782524msdl:FoodProductsSectorMember2025-12-310001782524msdl:InterestRateSwapSeries2031NotesMembermsdl:TwoThousandThirtyOneNotesMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 10.63% Maturity Date 06/13/2028 Two2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:EBITDAMultipleMembermsdl:InvestmentsInUnsecuredDebtMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 06/29/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 04/23/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/14/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/04/2030 One2025-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 11/26/2032 One2026-06-300001782524Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Preferred Equity Acquisition Date 01/14/20262026-01-012026-06-300001782524msdl:InteractiveMediaAndServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-01-012024-03-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-01-012025-12-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 05/24/2028 One2025-12-310001782524msdl:SoftwareSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 One2025-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.48% Maturity Date 12/01/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292025-01-012025-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.98% Maturity Date 04/14/20282026-06-300001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Other Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/10/20272025-01-012025-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl.3.00% PIK) Interest Rate 9.14% Maturity Date 10/30/20312026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.41% Maturity Date 11/01/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292026-06-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 1/10/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.36% Maturity Date 01/27/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 07/26/2032 Two2026-06-300001782524msdl:FirstLienDebtMember2025-03-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 08/04/2027 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.26% Maturity Date 06/29/2027 One2026-06-300001782524us-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/14/20312026-06-300001782524us-gaap:FairValueInputsLevel2Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292026-06-300001782524country:US2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 09/18/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-12-310001782524us-gaap:FairValueInputsLevel3Member2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 03/28/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 03/31/20282025-12-310001782524msdl:A2029NotesMember2024-12-310001782524msdl:SecondLienDebtMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 06/04/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 08/08/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Maturity Date 08/02/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/20332026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/12/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 10/02/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.51% Maturity Date 08/20/20302026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/01/2029 One2025-12-310001782524msdl:SecondLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.24% Maturity Date 04/13/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 02/02/2032 One2025-12-3100017825242025-04-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/14/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.80% Maturity Date 06/12/2028 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.89% Maturity Date 05/24/20282026-06-300001782524msdl:A2029NotesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 12/30/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/15/20272025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524msdl:MachinerySectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20302026-01-012026-06-300001782524msdl:InterestRateFloorOneMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/23/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-01-012025-12-310001782524msdl:FoodProductsSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.22% Maturity Date 02/01/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/01/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 7.88% Maturity Date 07/28/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 04/12/2032 Five2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/19/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282025-12-310001782524msdl:CapstoneLendingLLCMembersrt:MaximumMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.73% Maturity Date 11/10/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.54% Maturity Date 07/06/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 1/2/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 06/12/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 08/04/2027 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.01% Maturity Date 07/20/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 9/14/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 12/31/20322026-06-300001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/13/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.59% Maturity Date 05/05/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 11/05/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Common Equity Acquisition Date 04/14/20262026-06-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 06/28/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.22% Maturity Date 08/20/2027 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 6/23/2032 One2026-06-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322026-01-012026-06-300001782524msdl:OtherDebtInvestmentsMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-06-300001782524us-gaap:AerospaceSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 09/09/2032 Two2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 5/12/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/9/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.74% Maturity Date 4/7/2028 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.64% Maturity Date 10/02/2029 One2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 04/12/2032 Three2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.73% Maturity Date 05/25/2029 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/31/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/20212025-12-310001782524msdl:A2027NotesMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/29/2033 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest rate 10.25% Maturity Date 07/24/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/20212025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 01/08/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 06/09/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/20322025-12-3100017825242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 12/9/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-12-310001782524Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Common Equity Acquisition Date 01/14/20262026-01-012026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:ProfessionalServicesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Revolver Commitment Expiration Date 11/26/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. 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Commitment Type Revolver Commitment Expiration Date 03/31/20312026-01-012026-06-300001782524msdl:BNPFundingFacilityMember2024-12-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/30/2032 two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/09/2028 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/01/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/01/20322025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/17/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322026-06-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 05/06/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/28/2032 One2025-12-310001782524us-gaap:FairValueInputsLevel3Member2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/15/20312026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/25/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread 4.75% Interest Rate 8.48% Maturity Date 08/29/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/20312025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% PIK Acquisition Date 12/14/20212026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/17/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 04/12/2032 Four2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/09/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/02/2026 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.5% (incl. 6.75% PIK) Interest Rate 11.16% Maturity Date 07/02/20292026-06-300001782524us-gaap:FairValueInputsLevel12And3Member2026-06-300001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. 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Commitment Type Revolver Commitment Expiration Date 12/12/20322026-06-300001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 07/12/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/03/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/13/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 3.00% PIK) Interest Rate 9.14% Maturity Date 10/30/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 05/15/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 06/27/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2026-06-300001782524us-gaap:EquitySecuritiesMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GTCR ABC Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 04/14/2033 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-12-310001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-01-012025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001782524msdl:RestrictedSecuritiesMember2025-09-300001782524us-gaap:EquitySecuritiesMember2025-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 07/14/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/12/20272026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl 2.50% PIK) Interest Rate 8.73% Maturity Date 02/02/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/30/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/28/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 08/04/2027 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread P + 3.50% Interest Rate 10.25% Maturity Date 05/11/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-12-310001782524msdl:IndustrialConglomeratesSectorMember2026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-04-012025-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524us-gaap:EquityMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/20252026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/09/2028 One2026-06-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.64% Maturity Date 08/01/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/19/20302025-12-310001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/06/20272026-01-012026-06-300001782524us-gaap:EquityMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-06-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524Counterparty Wells Fargo Hedged Instrument 2031 Notes Company Receives 6.10% Company Pays S + 2.20% Maturity Date 07/15/20312026-06-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.07% Maturity Date 08/18/2028 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 06/17/20302025-12-310001782524us-gaap:EquitySecuritiesMember2025-01-012025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/14/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-12-310001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-01-012024-03-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 09/04/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 05/13/2032 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest rate 9.48% Maturity Date 09/13/20322026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-04-012025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturity Date 05/06/20312026-06-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeCatchUpThresholdMember2024-01-012024-03-310001782524Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312026-01-012026-06-300001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 03/06/20312026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 11/17/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 7.85% PIK Interest Rate 11.58% Maturity Date 7/30/20292026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 07/24/20312025-12-310001782524msdl:IndustrialConglomeratesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.26% Maturity Date 10/19/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292026-01-012026-06-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20292026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-3100017825242026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212025-12-310001782524us-gaap:TransportationEquipmentMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-01-012025-12-310001782524us-gaap:SeniorLienMembermsdl:InteractiveMediaAndServicesSectorMember2026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% PIK Acquisition Date 07/07/20222026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 01/27/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.66% Maturity Date 02/3/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-12-310001782524msdl:FirstLienDebtMember2024-12-3100017825242025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/06/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 10/15/2031 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/18/2033 Two2026-06-300001782524msdl:Multi-UtilitiesSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 10/13/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.22% Maturity Date 10/30/20312025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.63% Maturity Date 08/25/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-01-012025-12-3100017825242026-03-310001782524Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 07/12/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. Investment Second Lien Debt Reference Rate and Spread S + 9.00% PIK Interest Rate 12.74% Maturity Date 05/21/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 07/02/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 09/09/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 9/12/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 10/09/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/2031 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 02/19/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/10/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/2029 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/16/2029 One2026-06-300001782524msdl:Company10b51PlanMember2025-02-280001782524Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/07/20312026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturity Date 05/02/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.16% Maturity Date 12/03/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Rivet Bidco Limited Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 04/08/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 1/13/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 1/2/20292026-06-300001782524msdl:TruistCreditFacilityMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 12/4/20272025-12-310001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.79% Maturity Date 01/14/2031 Two2026-06-300001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/2032 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 02/02/20322026-06-300001782524msdl:SecondLienDebtMember2025-04-012025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 11/18/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.72% Maturity Date 03/01/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/14/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/06/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/11/20322026-06-300001782524msdl:TotalPortfolioInvestmentsMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272025-01-012025-12-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/05/20292026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.63% Maturity Date 08/25/2031 Two2026-06-300001782524msdl:Company10b51PlanMember2026-03-012026-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/20322025-12-310001782524msdl:OtherDebtInvestmentsMember2026-06-300001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/13/20282026-01-012026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-05-170001782524msdl:BNPFundingFacilityMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Pacvue Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 10/19/20282026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 07/25/20292025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-04-012025-06-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.48% Maturity Date 12/05/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 8/27/20312026-06-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 06/24/20282026-06-300001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/23/2030 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 09/22/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 4/23/20272026-06-300001782524KWOR Acquisition, Inc.2024-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.37% Maturity Date 06/11/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Preferred Equity Reference Rate and Spread S + 7.50% PIK Acquisition Date 05/12/20212026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 3/12/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 10/02/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/29/2033 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.75% (incl. 3.00% PIK) Interest Rate 7.80% Maturity Date 10/30/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.48% Maturity Date 03/25/2032 One2026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001782524us-gaap:FairValueInputsLevel2Membermsdl:FirstLienDebtMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-12-310001782524msdl:VariableRateComponentOneMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 12/9/20282026-06-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.58% Maturity Date 05/05/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-01-012025-12-310001782524msdl:CLO2025-1NotesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.81% Maturity Date 08/29/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272025-01-012025-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 10/13/2028 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/20252026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262026-06-300001782524us-gaap:IPOMember2024-01-262024-01-260001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.75% Maturity Date 09/01/20272026-06-3000017825242025-03-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 07/24/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.90% Maturity Date 08/08/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/25/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 01/08/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/17/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 01/31/20332026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/20322025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2032 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 03/10/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 06/29/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/01/20292025-12-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 8/27/2031 Two2026-06-300001782524us-gaap:FinancialServicesSectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 08/04/20272026-06-300001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 6/30/2031 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/19/2029 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 09/29/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 04/05/20292025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.48% Maturity Date 12/11/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 3/31/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/11/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/24/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 03/12/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 01/07/20272026-06-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 0.50% PIK) Interest Rate 9.63% Maturity Date 12/15/2028 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262026-01-012026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-06-300001782524msdl:SoftwareSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20282026-01-012026-06-300001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524msdl:BuildingProductsSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 09/22/20282025-12-310001782524us-gaap:BaseRateMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMembermsdl:InterestRatePeriodOneMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 01/17/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 02/24/20312025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 11.29% Maturity Date 07/20/20282025-12-310001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.52% Maturity Date 08/05/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 10.99% Maturity Date 01/04/2028 One2025-12-310001782524country:US2026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 06/28/20292025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentsInUnsecuredDebtMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.77% Maturity Date 3/18/20272025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2026-04-012026-06-300001782524msdl:FirstLienDebtMember2026-04-012026-06-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-04-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 08/31/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322026-06-300001782524country:CA2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/07/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 06/11/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/03/20302026-06-300001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/03/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 11/06/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 02/01/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.53% PIK) Interest Rate 9.73% Maturity Date 11/08/20302026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 06/28/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/2027 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.91% Maturity Date 12/12/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 06/28/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/20292025-12-310001782524msdl:BNPFundingFacilityMember2022-12-310001782524msdl:BNPFundingFacilityMember2021-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 02/10/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.30% Maturity Date 8/5/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 04/14/20262026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.16% Maturity Date 10/01/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/3/2027 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-04-012026-06-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302026-06-300001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/30/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK)% Interest rate 9.48% Maturity Date 03/25/2032 Two2026-06-300001782524us-gaap:RelatedPartyMember2024-01-262024-01-260001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 11/29/2030 One2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.95% Maturity Date 09/01/2027 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 08/01/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/20252026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/09/2026 Two2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262026-01-012026-06-300001782524msdl:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:ConsumerSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.47% Maturity Date 06/24/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.41% Maturity Date 12/29/2028 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/29/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 08/01/2031 One2026-06-300001782524msdl:UnfundedDebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread C + 4.75% Interest Rate 7.01% Maturity Date 12/15/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/29/20312025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% PIK Acquisition Date 07/07/20222026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.94% Maturity Date 10/01/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/14/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/05/20302025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-01-012025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-04-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/28/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 12.81% Maturity Date 05/21/20292025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.89% Maturity Date 07/21/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/29/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.68% Maturity Date 07/02/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 08/25/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 01/10/20322026-01-012026-06-300001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001782524us-gaap:TransportationSectorMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-12-310001782524msdl:BNPFundingFacilityMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 02/08/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 09/08/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 09/09/20322025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/15/20292026-06-300001782524msdl:O2025M2AggregateDividendsMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/9/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/26/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20282026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.48% Maturity Date 05/23/20302026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 04/14/20262026-01-012026-06-300001782524us-gaap:FairValueInputsLevel1Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/23/2032 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-12-310001782524msdl:A2025NotesMember2024-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.91% (incl. 3.28% PIK) Interest Rate 9.56% Maturity Date 12/22/20322026-06-300001782524msdl:Company10b51PlanMember2026-02-012026-02-280001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 04/14/2028 One2026-06-300001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 12/21/20212026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-01-012026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.98% Maturity Date 07/02/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 07/21/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 02/24/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/17/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 10/13/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20312025-01-012025-12-310001782524Investments controlled/affiliated Equity Investments Investments in Joint Ventures Capstone Lending, LLC Investment Common Equity Acquisition Date 02/19/20262026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 01/02/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 10/04/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282026-01-012026-06-300001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentTwoMembermsdl:TruistCreditFacilityMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.69% Maturity Date 10/16/20292025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2026-06-300001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.34% Maturity Date 02/03/20312025-12-310001782524msdl:BNPFundingFacilityMember2023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/02/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/26/2032 One2025-12-310001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 02/28/2030 Two2026-06-300001782524KWOR Acquisition, Inc.2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread 4.50% Interest Rate 8.17% Maturity Date 03/13/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302026-01-012026-06-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.63% Maturity Date 08/25/20312026-06-300001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.52% Maturity Date 08/05/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/03/20312025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-01-012026-06-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/08/20302025-12-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20282026-06-3000017825242026-08-050001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 8/15/20312026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/06/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/16/2029 Two2025-12-310001782524msdl:InterestRateFloorOneMember2025-12-310001782524msdl:FirstLienDebtMember2026-03-310001782524Interest Rate Swaps2026-06-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-04-012025-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/19/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/20332026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/17/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20262026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/202312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.66% Maturity Date 2/2/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/11/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/09/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001782524msdl:SecondLienDebtMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/10/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/09/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/10/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2032 Two2025-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 01/12/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 04/09/20312026-01-012026-06-300001782524msdl:SecondLienDebtMember2026-03-310001782524Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/12/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/02/20332026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-190001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 06/29/20272025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 10.93% Maturity Date 03/02/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/04/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20282026-06-300001782524msdl:Company10b51PlanMember2025-05-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-01-012025-12-310001782524us-gaap:BankingMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/20262025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2026-06-300001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/2031 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.32% Maturity Date 04/16/20292025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 08/08/2031 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/15/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.66% Maturity Date 2/2/2032 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-12-310001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 9/3/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One2025-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 08/01/20292025-12-310001782524msdl:HealthCareProvidersServicesMemberus-gaap:SeniorLienMember2026-06-300001782524us-gaap:RealEstateSectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 06/24/20292026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/6/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.41% Maturity Date 01/29/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20302026-01-012026-06-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 01/31/2033 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 05/11/20292025-12-310001782524Investments-non-controlled/affiliated Equity Investments Electronic Equipment, Instruments & Components Abracon TopCo, LLC Investment Common Equity Acquisition Date 06/08/20262026-06-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-04-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Capital Markets TS Imagine, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.91% Maturity Date 06/12/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.53% PIK) Interest Rate 9.73% Maturity Date 11/08/2030 Two2026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-06-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-04-012024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 01/02/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 Two2025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 02/05/20282026-01-012026-06-300001782524msdl:ConstructionAndEngineeringSectorMember2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/23/20322026-06-300001782524msdl:AirFreightAndLogisticsSectorMember2025-12-310001782524Capstone Lending LLC2025-12-310001782524msdl:UnfundedDebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 04/12/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2026-06-300001782524us-gaap:SeniorLienMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.22% Maturity Date 02/01/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 02/27/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20282026-06-300001782524us-gaap:FoodAndBeverageSectorMember2026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.67% Maturity Date 07/02/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 10.25 Maturity Date 06/02/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.52% Maturity Date 12/15/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/29/2033 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302026-01-012026-06-300001782524us-gaap:SubsequentEventMembermsdl:R2026Q3DividendsMember2026-08-042026-08-040001782524Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/16/2029 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/09/2026 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 01/17/2031 One2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.73% Maturity Date 05/25/20292026-06-300001782524us-gaap:PrimeRateMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/14/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 03/28/2030 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 07/03/2028 Two2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212026-01-012026-06-300001782524msdl:ProfessionalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 01/14/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread 4.75% Interest Rate 8.48% Maturity Date 08/29/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 02/14/2031 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.58% Maturity Date 06/30/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/11/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentsInUnsecuredDebtMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/13/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 06/09/2027 One2025-12-310001782524msdl:SecondLienDebtMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 02/05/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-12-310001782524msdl:WirelessTelecommunicationServicesSectorMember2025-12-310001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292026-01-012026-06-300001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 09/08/2031 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 07/02/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 12/28/2028 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-06-300001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 08/01/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/03/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/02/2031 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 11/21/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 09/22/20282026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 1/8/20312025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 07/02/2029 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/08/20272026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/30/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/05/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.64% Maturity Date 11/1/20292026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524msdl:FirstLienDebtMember2025-12-310001782524msdl:TruistCreditFacilityMember2021-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.98% Maturity Date 07/02/2031 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 01/10/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 12/01/20322026-01-012026-06-300001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20312025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 1/30/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/20322026-06-300001782524msdl:A2029NotesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.07% Maturity Date 08/29/20292025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 08/31/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/30/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/14/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.75% Maturity Date 09/01/2027 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 08/04/2027 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.43% Maturity Date 02/01/2030 One2026-06-300001782524msdl:AtTheMarketATMOfferingMember2025-01-012025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.64% Maturity Date 10/02/20292026-06-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/25/2028 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 9/30/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/2031 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.81% Maturity Date 08/29/20292026-06-300001782524us-gaap:BankingMemberus-gaap:SeniorLienMember2026-06-300001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 04/12/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:UtilitiesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 9.52% Maturity Date 06/30/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/12/20292026-06-300001782524msdl:PharmaceuticalsSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/10/20292025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 08/25/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/02/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/05/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 05/28/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest rate 10.43% Maturity Date 07/03/2028 Two2026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 04/10/2031 One2026-06-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.93% Maturity Date 06/15/2029 One2025-12-310001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Unsecured Debt Reference Rate and Spread S + .8.00% PIK Interest Rate 11.67% Maturity Date 02/28/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.17% Maturity Date 07/01/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/29/2033 Two2026-06-300001782524msdl:Company10b51PlanMember2026-06-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/2031 One2025-12-310001782524msdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.38% Maturity Date 06/10/20302026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.66% Maturity Date 09/22/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029 One2025-12-310001782524msdl:OneMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/2029 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/20322025-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.25% PIK) Interest Rate 9.67% Maturity Date 11/08/2030 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 09/08/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/2027 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 06/12/20322026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.99% Maturity Date 06/15/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/20322025-12-310001782524us-gaap:SeniorNotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.36% Maturity Date 01/27/20322026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.20% Maturity Date 08/15/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/02/20262025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.75% PIK Acquisition Date 06/25/20222026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/05/20292026-06-300001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 12/01/2031 One2026-06-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 10/24/2030 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.47% Maturity Date 06/24/2029 One2025-12-310001782524us-gaap:ChemicalsSectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 09/04/20312025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-01-012025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-04-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.99% Maturity Date 6/15/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/12/20272026-01-012026-06-300001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.26% Maturity Date 10/19/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/5/20262025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.89% Maturity Date 07/21/2027 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/24/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/30/20322025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.43% Maturity Date 02/01/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 07/14/2031 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.89% Maturity Date 05/24/2032 One2026-06-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/20252025-12-310001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 02/28/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/26/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 6/29/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272025-12-310001782524country:CA2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 01/12/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/25/2028 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/23/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 06/03/2031 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 10/29/2030 One2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/30/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.36% Maturity Date 01/27/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/15/20282026-06-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2024-01-012024-12-310001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/2032 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272026-06-300001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/25/2030 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312026-01-012026-06-300001782524msdl:FirstLienDebtMember2025-01-012025-06-300001782524msdl:InvestmentsInJointVenturesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 12/30/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.41% Maturity Date 1/29/2030 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.48% Maturity Date 12/07/20292026-06-300001782524srt:MaximumMember2026-02-192026-02-190001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-04-012025-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.50% Interest Rate 11.25% Maturity Date 05/31/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 04/22/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.58% Maturity Date 06/12/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 04/12/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 09/19/20302026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 08/18/20282026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:ValuationYieldAnalysisMembermsdl:InvestmentsInUnsecuredDebtMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/11/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.90% Maturity Date 12/30/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 02/14/20312025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMembersrt:MaximumMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 10/29/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.49% Maturity Date 12/03/2029 One2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-04-012025-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/01/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 09/15/2031 One2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 07/22/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 02/24/2031 One2026-06-300001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2026-06-300001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20362025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 3/7/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 01/07/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/29/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/14/20332026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/17/20312026-06-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/30/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 12/23/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 05/28/20322026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001782524msdl:Company10b51PlanMember2025-03-012025-03-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.39% Maturity Date 12/03/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/31/2028 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.58% Maturity Date 2/14/2028 One2026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/22/20302025-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMembermsdl:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 10/04/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 11/30/2029 One2026-06-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.51% Maturity Date 08/20/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 05/15/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 6/28/20302026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.89% Maturity Date 05/24/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 04/03/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 06/28/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.80% Maturity Date 06/12/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20332026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-01-012025-12-310001782524Capstone Lending LLC2026-01-012026-06-300001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-01-012025-12-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-12-310001782524msdl:InteractiveMediaAndServicesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 10/15/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 07/14/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 07/01/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 0.50% PIK) Interest Rate 9.63% Maturity Date 12/15/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/04/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.58% Maturity Date 12/15/20262026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.89% Maturity Date 04/26/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/08/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.64% Maturity Date 10/01/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282026-06-300001782524KWOR Acquisition, Inc.2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 05/28/2032 Two2026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2026-06-300001782524Abracon Group Holding, LLC2026-01-012026-06-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-06-300001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.42% Maturity Date 09/13/20322025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/6/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.07% Maturity Date 08/18/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.34% Maturity Date 02/03/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.01% Maturity Date 03/30/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl 2.50% PIK) Interest rate 8.73% Maturity Date 02/02/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 9.92% Maturity Date 05/25/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20292026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/22/2030 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/18/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.56% Maturity Date 03/02/20292026-06-300001782524msdl:AutomobilesSectorMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.15% Maturity Date 07/24/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 04/26/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.17% Maturity Date 07/01/2027 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 One2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/20212025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.14% Maturity Date 01/12/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/18/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 05/01/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 09/22/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 03/13/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.79% Maturity Date 02/14/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/16/2029 Two2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-01-012025-12-310001782524msdl:SONIAMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.94% Maturity Date 10/01/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/06/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Group Holdings, LP Investment Common Equity Acquisition Date 07/16/20252026-06-300001782524DCA Buyer, LLC2026-06-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/16/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 04/05/2029 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.99% Maturity Date 06/15/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/14/20312025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 12.11% Maturity Date 04/03/20282025-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/12/20272026-06-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 10/12/20212026-06-300001782524us-gaap:SeniorLienMembermsdl:BeveragesSectorMember2026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-04-012025-06-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-04-012025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.63% Maturity Date 08/25/2031 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturity Date 05/06/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 06/18/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/25/2033 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/10/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% PIK Acquisition Date 06/24/20222026-06-300001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001782524msdl:InterestRateFloorThreeMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/16/20272025-12-310001782524msdl:CommercialServicesAndSuppliesSectorMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/11/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-12-310001782524msdl:FirstLienDebtMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 02/27/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-01-012025-12-310001782524us-gaap:MoneyMarketFundsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 06/03/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/2031 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/02/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.66% Maturity Date 02/02/2032 One2026-06-300001782524us-gaap:ConstructionSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.43% Maturity Date 02/01/2030 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.63% Maturity Date 08/25/2031 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 07/26/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 10/04/2030 Two2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/25/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322025-12-310001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 07/22/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 08/29/2031 Two2025-12-310001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Pacvue Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 10/19/2028 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/14/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 12/23/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 10/30/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 07/21/2027 One2025-12-310001782524us-gaap:SeniorLienMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/2029 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.41% Maturity Date 11/01/2032 Three2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/10/2032 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Revolver Commitment Expiration Date 08/04/20322026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.89% Maturity Date 07/21/2027 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% PIK Acquisition Date 06/24/20222026-01-012026-06-300001782524us-gaap:BankingMember2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-01-012026-06-3000017825242026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/12/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/30/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/22/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/29/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.43% Maturity Date 02/01/2029 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/22/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312026-06-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodIncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/29/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/14/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.18% Maturity Date 04/10/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.48% Maturity Date 12/05/20302026-06-300001782524msdl:SecondLienDebtMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 09/09/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/09/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/08/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/09/20322026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.5% (incl. 6.75% PIK) Interest Rate 11.16% Maturity Date 07/02/2029 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/07/20282026-06-300001782524msdl:TruistCreditFacilityMember2022-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/29/20332026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Revolver Commitment Expiration Date 04/18/20332026-06-300001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 07/01/20332026-01-012026-06-300001782524msdl:OtherDebtInvestmentsMember2025-06-300001782524us-gaap:SeniorLienMembermsdl:AutoComponentsSectorMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.66% Maturity Date 02/02/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.89% Maturity Date 05/24/2032 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 11/06/20292026-01-012026-06-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. 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Commitment Type Revolver Commitment Expiration Date 03/25/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 08/29/20312025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2026-06-300001782524msdl:O2025M5AggregateDividendsMember2025-01-012025-06-300001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/2031 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturity Date 05/02/2029 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.14% Maturity Date 01/12/20322026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/20252025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/2028 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.48% Maturity Date 05/23/2030 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread S + 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/20312025-12-310001782524msdl:CLO2025-1IssuedDebtMember2026-06-300001782524us-gaap:ContainerAndPackagingSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/20252025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/2031 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 11/18/2031 Two2026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-05-192025-05-190001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 07/24/2031 Three2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 10.50% Maturity Date 1/30/20312025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20362026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 07/28/2031 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/06/20312026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524msdl:DistributorsSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/2032 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/19/2029 Two2026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/08/20272026-06-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.66% Maturity Date 09/22/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 04/08/20272025-12-310001782524msdl:O2026M2AggregateDividendsMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.98% Maturity Date 07/26/2032 Two2026-06-3000017825242025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 09/21/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 08/01/2029 One2025-12-310001782524Investments-non-controlled/affiliated Equity Investments Health Care Providers & Services DCA TopCo, LP Investment Common Equity Acquisition Date 06/02/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 05/04/20292026-01-012026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292026-01-012026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/01/20302026-06-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 6/29/20282026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/07/20272026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/20212026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/10/20322026-06-3000017825242025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 02/27/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 09/15/20312025-12-310001782524msdl:InterestRateFloorTwoMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.90% Maturity Date 12/30/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/19/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 04/14/2028 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 01/10/20292026-01-012026-06-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2021-07-160001782524Investments — non-controlled/non-affiliated First Lien Debt Goose Borrower, LP Commitment Type Revolver Commitment Expiration Date 02/03/20332026-06-300001782524msdl:OtherDebtInvestmentsMember2026-04-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 01/29/2030 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/12/20292026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-04-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 3/7/20282025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292026-01-012026-06-300001782524us-gaap:EquitySecuritiesMember2026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.58% Maturity Date 06/12/2028 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. 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Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 01/30/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/02/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 09/30/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/05/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. 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Commitment Type Revolver Commitment Expiration Date 02/10/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 11/26/20322026-06-300001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2026-06-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/19/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.74% Maturity Date 4/7/20282026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 02/06/20312026-01-012026-06-300001782524msdl:CapstoneLendingLLCMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 07/25/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GTCR ABC Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 04/14/20332026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.90% Maturity Date 08/08/20312026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 10.63% Maturity Date 06/13/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 10/3/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 04/12/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 10/24/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 10/29/20302026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Warrants Reference Acquisition Date 09/05/20252026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/2032 One2025-12-310001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-06-300001782524msdl:A2027NotesMember2022-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 04/12/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 10.63% Maturity Date 06/13/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/02/2030 Two2025-12-310001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2026-06-300001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 02/24/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/12/2029 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services 365 Retail Market, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 05/06/2033 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-06-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 07/30/20322025-12-310001782524msdl:InvestmentsJointVentureMember2026-01-012026-06-300001782524msdl:ElectricalEquipmentSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 09/30/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.14% Maturity Date 03/02/20282025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. 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Commitment Type Revolver Commitment Expiration Date 06/28/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282026-01-012026-06-300001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/20302025-12-310001782524us-gaap:TechnologySectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 12/31/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 08/25/2031 Two2025-12-310001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 6/15/2029 One2026-06-300001782524us-gaap:SeniorLienMembermsdl:ElectricalEquipmentSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.41% Maturity Date 12/29/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-01-012026-06-300001782524msdl:AtTheMarketATMOfferingMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/14/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-01-012025-12-310001782524KWOR Acquisition, Inc.2026-01-012026-06-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 1.25% PIK) Interest rate 11.90% Maturity Date 04/05/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/13/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262026-01-012026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.13% Maturity Date 04/05/20292025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.10% Maturity Date 08/02/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 11/30/2029 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment C26First Lien Debt Reference Rate and Spread C + 4.75% Interest Rate 7.04% Maturity Date 12/15/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 10.99% Maturity Date 01/04/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 11.50% Maturity Date 3/31/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 06/17/20312025-12-310001782524Investments-non-controlled/affiliated Equity Investments Health Care Providers & Services DCA TopCo, LP Investment Common Equity Acquisition Date 06/02/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.77% Maturity Date 3/18/2027 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 10/04/20312026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.73% Maturity Date 05/13/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/08/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/25/2028 One2026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:PharmaceuticalsSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/20/2028 Two2026-06-300001782524country:AU2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Telecommunication Services Orbcomm, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 04/27/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.24% Maturity Date 04/13/2027 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.64% Maturity Date 11/1/2029 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/20312025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Rivet Bidco Limited Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 04/08/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.74% Maturity Date 4/7/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 11/01/2032 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.44% Maturity Date 12/23/20322026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.16% Maturity Date 08/01/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/30/2032 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/30/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.95% Maturity Date 09/18/20312025-12-310001782524Counterparty Wells Fargo Hedged Instrument 2031 Notes Company Receives 6.10% Company Pays S + 2.20% Maturity Date 07/15/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 01/14/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.67% Maturity Date 07/02/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/06/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 03/07/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/31/2031 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/30/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 9.43% Maturity Date 05/25/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.98% Maturity Date 07/02/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 02/01/20302025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/20/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 07/20/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 01/06/20292026-01-012026-06-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524us-gaap:DebtSecuritiesMember2025-12-310001782524msdl:SONIAMember2025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/18/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 12/30/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262026-06-300001782524us-gaap:EquitySecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2026-06-300001782524msdl:CORRAMember2025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 01/28/2033 Two2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524msdl:Company10b51PlanMember2026-04-012026-04-300001782524Investments — non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/17/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 8/15/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Revolver Commitment Expiration Date 04/18/20332026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 02/27/2030 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.48%% Maturity Date 03/25/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292025-01-012025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/10/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242026-01-012026-06-300001782524Alpine Acquisition Corp. II2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282026-01-012026-06-300001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/2030 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-12-310001782524msdl:Company10b51PlanMember2026-02-280001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-12-310001782524Investments-non-controlled/affiliated Equity Investments Electronic Equipment, Instruments & Components Abracon TopCo, LLC Investment Common Equity Acquisition Date 06/08/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread 4.75% Interest Rate 8.48% Maturity Date 08/29/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.66% Maturity Date 2/2/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-01-012025-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-12-310001782524msdl:Company10b51PlanMember2025-01-012025-01-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282026-06-300001782524us-gaap:SeniorLienMembermsdl:DiversifiedTelecommunicationServicesMember2026-06-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeIncentiveFeeCapMember2024-07-012024-09-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/03/20302026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 09/12/20282026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.48% Maturity Date 12/01/2031 One2026-06-300001782524msdl:TruistCreditFacilityMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/20302025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 11/30/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/25/20302025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.64% Maturity Date 10/02/2029 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 08/08/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252026-01-012026-06-300001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 07/28/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/14/2031 One2026-06-300001782524us-gaap:SeniorLienMembermsdl:ProfessionalServicesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 01/12/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.59% Maturity Date 05/05/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 5/11/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 10/04/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/14/20332026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. 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Investment First Lien Debt Reference Rate & Spread S + 5.91% (incl. 3.28% PIK) Interest Rate 9.56% Maturity Date 12/22/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.75% Maturity Date 03/18/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. 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Commitment Type Revolver Commitment Expiration Date 02/14/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312026-06-300001782524msdl:FirstLienDebtMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 09/18/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 11/29/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/25/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-12-310001782524us-gaap:AerospaceSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.16% Maturity Date 08/01/2029 Two2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/20212026-01-012026-06-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 08/27/2031 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 8/15/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.88% PIK) Interest Rate 9.30% Maturity Date 06/17/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 06/01/2029 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/26/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/26/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.51% Maturity Date 06/30/2027 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 11/05/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 06/28/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/09/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 1/10/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/02/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20272025-12-310001782524msdl:OtherDebtInvestmentsMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 06/29/2027 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 02/23/20282025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.26% Maturity Date 06/29/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread 5.00% (incl. 1.75% PIK) Interest Rate % Maturity Date 04/09/2030 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/20332026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/16/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/22/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.24% Maturity Date 06/09/2027 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/02/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Rivet Bidco Limited Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 04/08/20322026-06-300001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-12-310001782524us-gaap:EquitySecuritiesMember2024-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/20292025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.17% Maturity Date 03/13/2029 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 One2026-06-300001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282025-01-012025-12-310001782524msdl:Company10b51PlanMember2026-03-310001782524us-gaap:InsuranceSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/20322025-12-310001782524msdl:Company10b51PlanMember2024-01-310001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/10/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 03/25/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 01/28/2033 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 06/29/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/18/2033 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 05/02/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 09/21/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-01-012025-12-310001782524us-gaap:EquitySecuritiesMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-01-012025-12-310001782524Investments controlled/affiliated Equity Investments Investments in Joint Ventures Capstone Lending, LLC Investment Common Equity Acquisition Date 02/19/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/20222025-01-012025-12-310001782524msdl:InterestRateFloorThreeMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.39% Maturity Date 02/23/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.89% Maturity Date 03/02/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 02/08/20322026-06-300001782524msdl:MSCreditPartnersHoldingsMember2019-12-310001782524msdl:CapstoneLendingLLCMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.72% Maturity Date 03/01/2028 One2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/24/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.29% Maturity Date 09/14/2029 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Capital Markets TS Imagine, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.91% Maturity Date 06/12/2031 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 09/12/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 06/03/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/18/2033 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524msdl:InvestmentsInJointVenturesMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 06/28/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/20282025-12-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Interest Rate Swaps2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread 4.75% Interest Rate 8.48% Maturity Date 04/01/20302026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 02/02/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 05/24/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.88% Maturity Date 10/16/20282026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-06-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.48% Maturity Date 12/05/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/18/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/13/2029 One2025-12-310001782524msdl:HealthCareProvidersServicesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 08/08/20312026-06-300001782524Investments-non-controlled/affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.79% Maturity Date 01/14/2031 One2026-06-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20262026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity Date 12/19/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20242026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.73% Maturity Date 05/25/2029 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/20262025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/22/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/14/20282026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/25/2033 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 12/01/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 09/09/20272025-12-310001782524us-gaap:RelatedPartyMembermsdl:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-01-242025-01-240001782524Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/20322025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.13% Maturity Date 08/11/2031 Two2026-06-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/20282025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282026-01-012026-06-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.41% Maturity Date 01/29/2030 Two2026-06-300001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 10.75% Maturity Date 12/30/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/2030 One2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-04-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.40% Maturity Date 8/27/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 09/15/20312026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/17/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.41% Maturity Date 1/29/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 02/14/2031 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.98% Maturity Date 07/26/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/2029 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/06/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Preferred Equity Reference Rate and Spread S + 7.50% PIK Acquisition Date 05/12/20212026-01-012026-06-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateAnnualizedCatchUpThresholdMember2026-01-012026-06-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-04-012025-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.39% Maturity Date 03/31/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 09/18/2031 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.89% Maturity Date 05/24/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/11/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/2/20292026-06-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 7.65% (incl. 3.40% PIK) Interest Rate 12.11% Maturity Date 12/20/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 5/24/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/20312025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 10/09/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.48% Maturity Date 12/06/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/22/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 12/06/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 01/02/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-01-012025-12-310001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/25/2029 One2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/20242026-01-012026-06-300001782524msdl:Company10b51PlanMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 06/28/2029 One2026-06-300001782524msdl:FederalReserveBankOfNewYorkRateMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/03/2030 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.58% Maturity Date 2/14/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.13% Maturity Date 08/11/2031 One2026-06-300001782524Investments-non-controlled/affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Preferred Equity Acquisition Date 01/14/20262026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 09/19/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 08/31/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 05/02/2029 One2025-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282026-06-300001782524Alpine Acquisition Corp. II2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.49% Maturity Date 12/07/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/02/20282025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-01-012025-12-310001782524msdl:Company10b51PlanMember2025-02-012025-02-270001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 10/13/20282026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-01-012025-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/03/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 03/04/20302026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/15/20292026-01-012026-06-300001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 12/23/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. 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Commitment Type Revolver Commitment Expiration Date 02/28/20302025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 02/27/2030 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 02/27/20302026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.64% Maturity Date 10/01/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/26/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.75% Maturity Date 03/18/2027 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services 365 Retail Market, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 05/06/20332026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/09/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.49% Maturity Date 12/07/2028 Two2026-06-300001782524us-gaap:RelatedPartyMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 04/22/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 06/04/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 8/20/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 10.81% Maturity Date 01/04/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 05/01/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 12/23/2032 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.64% Maturity Date 10/01/2029 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282026-01-012026-06-300001782524msdl:RestrictedSecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/12/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 09/08/20312025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Telecommunication Services Orbcomm, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 04/27/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 12/4/20272025-01-012025-12-310001782524msdl:O2026M5AggregateDividendsMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.39% Maturity Date 03/31/2033 One2026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 1/30/2032 Two2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/17/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 08/31/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.53% PIK) Interest Rate 9.73% Maturity Date 11/08/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.91% Maturity Date 12/12/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/20282026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-12-310001782524msdl:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Pacvue Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 10/19/2028 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/09/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.32% Maturity Date 04/16/2029 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-12-310001782524msdl:Company10b51PlanMember2026-01-310001782524Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 6/23/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/20282025-12-310001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2026-06-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 01/06/20292026-06-300001782524msdl:Company10b51PlanMember2026-05-012026-05-310001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 5/24/2028 One2026-06-300001782524us-gaap:EquitySecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 03/31/2031 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.41% Maturity Date 11/01/20322026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/20212025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Date 07/01/20272025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 02/27/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/14/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 1/30/20322026-06-300001782524msdl:Company10b51PlanMember2025-06-012025-06-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 07/26/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/5/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-12-310001782524msdl:A2025NotesMember2022-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 09/06/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312026-06-300001782524msdl:ElectricalEquipmentSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 09/22/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/13/2029 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.48% Maturity Date 09/13/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 01/31/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/20231 One2025-12-310001782524msdl:CORRAMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 4/23/2027 One2026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:EquityInvestmentMember2026-06-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/03/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/20312025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/2029 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 05/12/2031 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-12-310001782524msdl:SecondLienDebtMember2025-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-12-310001782524msdl:Company10b51PlanMember2025-04-012025-04-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/20212026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/02/2031 One2025-12-310001782524msdl:PharmaceuticalsSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/31/20312025-12-310001782524msdl:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-01-012025-12-310001782524country:GB2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/18/2033 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/01/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.88% PIK) Interest Rate 9.30% Maturity Date 06/17/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/13/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.49% Maturity Date 02/19/2030 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 9.41% Maturity Date 01/17/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/2032 One2025-12-310001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-12-310001782524msdl:OtherDebtInvestmentsMember2026-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 05/06/2031 One2025-12-310001782524msdl:Company10b51PlanMember2026-05-310001782524us-gaap:SubsequentEventMembermsdl:R2026Q3DividendsMember2026-08-040001782524msdl:MachinerySectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 09/14/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 7.53% Maturity Date 12/28/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.49% Maturity Date 12/03/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 05/14/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 03/31/2028 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl 2.50% PIK) Interest Rate 8.73% Maturity Date 02/02/2032 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.91% (incl. 3.28% PIK) Interest Rate 9.56% Maturity Date 12/22/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/3/2027 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 03/06/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.16% Maturity Date 9/14/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.10% Maturity Date 03/02/20292025-12-310001782524us-gaap:BankingMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 6/11/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Unsecured Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 07/22/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.47% Maturity Date 06/24/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 05/02/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Group Holdings, LP Investment Common Equity Acquisition Date 07/16/20252026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.38% Maturity Date 06/10/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/16/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/16/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 10/2/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services 365 Retail Market, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 05/06/2033 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.43% Maturity Date 02/01/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/30/20322026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-01-012025-12-310001782524msdl:Company10b51PlanMember2025-02-282025-02-280001782524us-gaap:EquitySecuritiesMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272026-01-012026-06-300001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 06/24/2029 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 03/31/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 12/01/20322026-06-300001782524DCA Buyer, LLC2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-06-300001782524msdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMemberus-gaap:RelatedPartyMember2024-01-012024-03-310001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524msdl:InterestRateFloorTwoMember2025-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 09/10/2030 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 05/24/2028 Two2025-12-310001782524us-gaap:FairValueInputsLevel1Member2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 09/10/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 07/02/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 12/04/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.41% Maturity Date 12/29/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-12-310001782524us-gaap:TransportationEquipmentMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.15% Maturity Date 09/08/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 8/13/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/04/20302025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest rate 10.43% Maturity Date 07/03/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/20212026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 02/01/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.22% Maturity Date 08/20/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.24% Maturity Date 04/13/2027 Two2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-04-012024-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/3/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-12-310001782524Abracon Group Holding, LLC2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 06/28/20322025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.88% Maturity Date 06/30/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.70% Maturity Date 08/01/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/22/2032 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 04/12/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/02/2033 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 0.50% PIK) Interest Rate 9.63% Maturity Date 12/15/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/20312025-12-310001782524us-gaap:FairValueInputsLevel12And3Member2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.91% Maturity Date 12/12/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 6/28/20292025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/04/2032 One2026-06-300001782524us-gaap:InsuranceSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 6/23/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20262026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-01-012025-12-310001782524us-gaap:EquitySecuritiesMember2025-06-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% PIK Acquisition Date 12/14/20212026-06-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-04-012025-06-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 01/29/2030 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.65% Maturity Date 03/01/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.19% Maturity Date 07/20/20292025-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 02/02/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 10/24/20302026-06-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:SecondLienDebtMember2026-04-012026-06-300001782524msdl:CLO2025-1NotesMembermsdl:ClassBMembermsdl:SeniorSecuredFloatingRateMember2026-01-012026-06-300001782524msdl:Company10b51PlanMember2025-02-270001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 05/14/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 07/20/2029 One2025-12-310001782524msdl:A2025NotesMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.10% Maturity Date 07/30/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/25/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/31/2028 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/06/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/07/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/26/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/2030 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.48% Maturity Date 03/25/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-12-310001782524us-gaap:EquitySecuritiesMembermsdl:AutoComponentsSectorMember2025-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.80% Maturity Date 06/12/2028 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.91% Maturity Date 08/02/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 06/29/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322026-01-012026-06-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 04/08/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/2032 One2025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMember2026-06-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/2029 Three2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.94% Maturity Date 10/01/2032 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.90% Maturity Date 12/30/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/2031 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investments First Lien Debt Reference Rate and Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 10.67% Maturity Date 7/30/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest rate 10.43% Maturity Date 07/03/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322026-06-300001782524msdl:TwoThousandThirtyOneNotesMemberus-gaap:SubsequentEventMember2026-07-092026-07-090001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread 4.50% Interest Rate 8.17% Maturity Date 03/13/20292026-06-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 03/25/2032 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-01-012025-12-310001782524msdl:HealthCareTechnologyMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Telecommunication Services Orbcomm, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.92% Maturity Date 04/27/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/10/20272026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 01/10/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 01/25/20302026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001782524msdl:ElectricalEquipmentSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 04/09/20312026-06-300001782524us-gaap:SeniorLienMembermsdl:CapitalMarketsSectorMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 04/14/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 07/20/2029 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20342025-12-310001782524msdl:CLO2025-1IssuedDebtMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/2029 Two2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 07/12/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 10/3/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 06/17/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/2028 Two2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-06-300001782524msdl:VariableRateComponentOneMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/27/20282025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252026-01-012026-06-300001782524msdl:FirstLienDebtMember2025-04-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.90% Maturity Date 03/12/2029 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.58% Maturity Date 06/30/2027 One2025-12-310001782524msdl:Company10b51PlanMember2026-04-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 12/23/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272026-06-300001782524us-gaap:BankingMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 06/03/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.89% Maturity Date 04/26/20322026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 02/27/20292025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-12-310001782524us-gaap:CashMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.75% PIK Acquisition Date 06/25/20222026-01-012026-06-300001782524msdl:OtherDebtInvestmentsMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.48% Maturity Date 09/13/20322026-06-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 09/30/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 07/21/2027 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt AA&D Midco, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20302026-06-300001782524msdl:CapstoneLendingLLCMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 09/04/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 12/07/20292025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.90% Maturity Date 12/30/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 01/27/2032 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 04/10/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282026-06-300001782524us-gaap:TransportationEquipmentMemberus-gaap:SeniorLienMember2026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:UtilitiesSectorMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20292026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 08/20/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/20282025-01-012025-12-310001782524us-gaap:EquitySecuritiesMember2026-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 9.41% Maturity Date 01/17/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.66% Maturity Date 6/30/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 10/02/20322026-01-012026-06-300001782524us-gaap:MoneyMarketFundsMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 05/04/20292026-06-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 01/28/20332026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/24/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 05/28/2032 Two2026-06-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-06-300001782524msdl:InvestmentsInJointVenturesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 10/02/2028 Two2026-06-300001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-05-190001782524Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/2029 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/20322025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 02/10/20282026-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Buyer, LLC Investment First Lien Debt Reference Rate and Spread 6.50% (incl. 2.25% PIK) Interest rate 10.25 Maturity Date 06/02/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/14/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/20332026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/06/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.88% Maturity Date 7/20/20282026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 04/12/2027 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.58% Maturity Date 06/12/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272026-01-012026-06-300001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2026-06-300001782524us-gaap:ConsumerSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 01/30/2032 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 7.51% Maturity Date 12/28/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 01/07/2033 One2026-06-300001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001782524us-gaap:TechnologySectorMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.91% Maturity Date 02/27/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/20322025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.75% Acquisition Date 06/25/20222025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/20252026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.73% Maturity Date 05/13/2032 One2026-06-300001782524msdl:ConsumerStaplesDistributionAndRetailMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/30/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Revolver Commitment Expiration Date 11/26/20322026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/2030 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.22% Maturity Date 02/01/2027 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/07/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest rate 9.48% Maturity Date 09/13/2032 One2026-06-300001782524msdl:Company10b51PlanMember2025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/20272025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.68% Maturity Date 07/02/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 03/28/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 10/13/20272025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.44% Maturity Date 12/23/2032 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.41% Maturity Date 01/29/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/20252025-12-310001782524us-gaap:ContainerAndPackagingSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 01/05/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 11.32% Maturity Date 10/30/20282026-06-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-140001782524DCA Buyer, LLC2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 10/12/20212026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.60% Maturity Date 10/13/2027 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 1.00% PIK) Interest Rate 11.43% Maturity Date 12/11/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Rate and Spread S + 4.75% Interest rate 8.41% Maturity Date 07/22/20312026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.51% Maturity Date 08/20/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 10/02/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.66% Maturity Date 02/3/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/20322025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2026-06-300001782524us-gaap:SeniorLienMembermsdl:GroundTransportationSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 09/04/2031 One2026-06-300001782524msdl:A2027NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/2032 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20292026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302025-01-012025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 10/01/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/2030 Two2025-12-310001782524msdl:OneMonthSecuredOvernightFinancingRateMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.54% Maturity Date 07/06/2028 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/08/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.49% Maturity Date 10/27/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.54% Maturity Date 09/10/2027 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 11/18/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Revolver Commitment Expiration Date 08/04/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20272026-06-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.13% Maturity Date 04/16/2029 One2026-06-300001782524msdl:ConsumerStaplesDistributionAndRetailMember2026-06-300001782524Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/09/20292025-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 04/26/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-01-012025-12-310001782524msdl:CLO2025-1SeniorSecuredDebtMember2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.24% Maturity Date 06/09/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 10/16/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 07/20/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-01-012026-06-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/29/2031 One2025-12-310001782524us-gaap:IPOMember2024-01-260001782524Investments—non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.89% Maturity Date 04/26/2032 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Goose Borrower, LP Commitment Type Revolver Commitment Expiration Date 02/03/20332026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 08/31/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 07/12/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 06/03/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 5/24/2028 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.48% Maturity Date 12/05/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Abracon Group Holding, LLC Commitment Type Revolver Commitment Expiration Date 10/06/20302026-01-012026-06-3000017825242025-12-310001782524msdl:ConstructionAndEngineeringSectorMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 08/04/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/22/20322026-06-300001782524msdl:Company10b51PlanMember2025-01-310001782524Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20282026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262026-06-300001782524msdl:BuildingProductsSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/20322026-01-012026-06-300001782524msdl:OtherDebtInvestmentsMember2025-01-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Revolver Commitment Expiration Date 04/29/20332026-01-012026-06-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-06-300001782524msdl:A2030NotesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20332026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/09/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.67% Maturity Date 06/29/20292026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/20302025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/06/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 03/09/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 One2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/20252025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 12/28/20292025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/29/2031 One2025-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 03/25/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/2031 One2025-12-310001782524msdl:DistributorsSectorMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.75% Maturity Date 03/02/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 04/22/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-12-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302026-01-012026-06-300001782524msdl:CIBCSubscriptionFacilityMember2020-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312026-06-300001782524msdl:A2029NotesMember2024-05-272024-05-270001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-06-300001782524country:GB2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.44% Maturity Date 10/19/20282025-12-310001782524msdl:ProfessionalServicesSectorMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/25/2033 Two2026-06-300001782524msdl:OtherDebtInvestmentsMember2025-03-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Warrants Reference Acquisition Date 09/05/20252026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2031 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 07/30/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 10/02/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 11.47% Maturity Date 10/28/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-12-310001782524msdl:AutomobilesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.48% Maturity Date 05/23/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 07/22/20292025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.65% Maturity Date 03/01/20282026-06-300001782524msdl:Company10b51PlanMember2025-01-012025-06-300001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:AerospaceSectorMember2026-06-300001782524us-gaap:TransportationSectorMember2025-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 9/12/20282025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-05-172024-05-170001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-01-012025-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2025-01-012025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-04-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 01/02/2029 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.63% Maturity Date 08/25/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524msdl:HealthCareTechnologyMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 03/31/2028 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 08/20/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/11/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 8/20/2030 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/20212026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.54% Maturity Date 09/10/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322025-12-310001782524msdl:OtherDebtInvestmentsMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/25/2029 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Abracon Group Holding, LLC Commitment Type Revolver Commitment Expiration Date 10/06/20302026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 06/02/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/20212025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.26% Maturity Date 06/29/2027 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.23% Maturity Date 12/23/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/9/20262025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.89% Maturity Date 6/29/20272026-06-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-12-310001782524msdl:A2027NotesMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 11/30/20292026-06-300001782524msdl:AirFreightAndLogisticsSectorMember2026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-01-012025-12-310001782524us-gaap:DebtSecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/14/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/10/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 03/28/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.49% Maturity Date 08/21/2026 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/14/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.90% Maturity Date 08/08/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 06/27/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212026-01-012026-06-300001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 Two2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.91% (incl. 3.28% PIK) Interest Rate 9.56% Maturity Date 12/22/20322026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 09/29/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/29/2028 Two2026-06-300001782524Interest Rate Swaps2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/06/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 02/19/2030 Two2025-12-310001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262026-01-012026-06-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-04-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 07/22/20292026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/01/2029 Two2025-12-310001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/20302025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/30/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-06-300001782524us-gaap:FoodAndBeverageSectorMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 Two2025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-12-310001782524msdl:SecondLienDebtMember2025-03-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.49% Maturity Date 02/19/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282026-06-300001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.60% Maturity Date 10/13/20272026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/15/20282026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 04/29/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 05/28/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/20322026-01-012026-06-300001782524us-gaap:EquitySecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/20312025-12-310001782524Interest Rate Swaps2025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.98% Maturity Date 07/26/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/28/2032 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-01-012025-12-310001782524msdl:AtTheMarketATMOfferingMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 06/04/2032 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 3/31/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312026-01-012026-06-300001782524vInvestments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 10.99% Maturity Date 01/04/20282025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 09/10/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 4/1/2029 One2025-12-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-01-012025-12-310001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/04/2032 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.43% Maturity Date 02/01/2029 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 01/27/20322025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2024-01-012024-03-310001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 08/25/20282026-06-300001782524msdl:InvestmentsInJointVenturesMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 01/31/2031 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 0.05% Interest rate 8.41% Maturity Date 11/01/2032 One2026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 04/12/2032 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 9.58% Maturity Date 06/30/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.14% Maturity Date 01/02/2031 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.39% Maturity Date 03/31/2033 Two2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Rate and Spread S + 4.75% Interest rate 8.41% Maturity Date 07/22/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/16/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/25/2028 Two2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 06/03/2031 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 1/8/20312025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.15% Maturity Date 07/24/20312026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 06/21/20292025-12-310001782524msdl:Company10b51PlanMember2025-05-012025-05-310001782524Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/20292026-06-300001782524msdl:FirstLienDebtMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.57% Maturity Date 08/31/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-01-012025-12-310001782524Abracon Group Holding, LLC2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.30% Maturity Date 8/5/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 06/11/20312026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-12-310001782524msdl:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/25/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-01-012025-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524msdl:AutomobileComponentsSectorMember2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.89% Maturity Date 09/04/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20292025-12-310001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-04-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282026-01-012026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.89% Maturity Date 09/04/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 01/17/20312026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/20242025-12-310001782524us-gaap:SeniorLienMembermsdl:ITServicesSectorMember2026-06-300001782524msdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 09/10/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 07/03/2028 One2025-12-310001782524country:AU2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/2031 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 01/02/2031 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Capital Markets TS Imagine, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.91% Maturity Date 06/12/2031 One2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-01-012025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/25/20332026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/14/2031 Two2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread 5.00% (incl. 1.75% PIK) Interest Rate % Maturity Date 04/09/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 5/12/2031 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 02/25/20332026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282026-01-012026-06-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2026-04-012026-06-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 09/22/2028 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.88% Maturity Date 06/30/2028 One2026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.14% Maturity Date 01/12/2032 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 09/30/2032 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 03/10/20272025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 01/17/20312025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-04-012025-06-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.49% Maturity Date 12/07/2028 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/06/2032 Two2026-06-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 12/04/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.36% Maturity Date 01/27/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 02/06/20312026-06-300001782524us-gaap:FairValueInputsLevel2Member2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/23/2030 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222026-06-300001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentTwoMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2026-01-012026-06-300001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 6.00% (incl. 3.00% PIK) Interest Rate 9.73% Maturity Date 10/30/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 12/30/2032 One2026-06-300001782524msdl:AutomobileComponentsSectorMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturity Date 02/10/2028 Two2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 07/28/2031 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-12-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-06-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 3.75% PIK) Interest rate 11.42% Maturity Date 04/05/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20312026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/23/20322025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/08/20282026-01-012026-06-300001782524KWOR Acquisition, Inc.2025-01-012025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.16% Maturity Date 08/01/2029 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 10/13/2028 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.49% Maturity Date 02/19/20302026-06-300001782524Investments—non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.13% Maturity Date 08/11/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 05/12/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.07% Maturity Date 08/29/2029 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassBMembermsdl:SeniorSecuredFloatingRateMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Common Equity Acquisition Date 04/14/20262026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-12-310001782524us-gaap:SeniorLienMembermsdl:PharmaceuticalsSectorMember2026-06-30msdl:PositionSizeiso4217:EURxbrli:purexbrli:sharesmsdl:Investmentiso4217:CADmsdl:PortfolioCompanyiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDmsdl:Industries

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2026

OR

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

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)

 

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

 

1 (212) 761-4000

(Registrant’s telephone number, including area code)

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

 

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

 

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

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

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

 

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

 

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

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

The number of shares of the registrant’s common stock, $0.001 par value, outstanding at August 5, 2026 was 84,105,122.

 

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Table of Contents

 

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED June 30, 2026

TABLE OF CONTENTS

 

Part I. Financial Information
Item 1.	Consolidated Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	73
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	102
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	112
Item 4.	Controls and Procedures	113
Part II. Other Information
Item 1.	Legal Proceedings	113
Item 1A.	Risk Factors	113
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	114
Item 3.	Defaults Upon Senior Securities	114
Item 4.	Mine Safety Disclosures	114
Item 5.	Other Information	114
Item 6.	Exhibits	115
SIGNATURES

 

 

 

 

 

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Part I. Financial Information

 

Item 1. Consolidated Financial Statements (unaudited)

 

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

 

		As of
		June 30, 2026				December 31, 2025
		(Unaudited)				(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,537,851 and $3,833,800)		$	3,418,959			$	3,766,757
Non-controlled/affiliated investments, at fair value (amortized cost of $34,256 and $5,239)			32,784				4,789
Controlled/affiliated investments, at fair value (amortized cost of $104,532 and $0)			102,544				—
Total investments, at fair value (cost of $3,676,639 and $3,839,039)			3,554,287				3,771,546
Cash and cash equivalents (restricted cash of $8,600 and $3,820)			65,816				81,434
Investments in unaffiliated money market fund (cost of $14,357 and $12,976)			14,357				12,976
Deferred financing costs			18,914				16,874
Interest and dividend receivable from non-controlled/non-affiliated investments			23,670				26,332
Interest receivable from non-controlled/affiliated investments			146				89
Dividend receivable from controlled/affiliated investments			3,016				—
Receivable for investments sold/repaid			30,142				455
Other assets			391				10,390
Total assets		$	3,710,739			$	3,920,096
Liabilities
Debt (net of unamortized debt issuance costs of $9,288 and $10,545)		$	1,981,897			$	2,086,672
Distributions payable			38,103				43,222
Management fees payable			9,182				9,596
Income based incentive fees payable			6,518				7,281
Interest payable			18,776				20,945
Payable for investment purchased			11				—
Payable to affiliates (Note 3)			51				91
Accrued expenses and other liabilities			8,333				4,200
Total liabilities			2,062,871				2,172,007
Commitments and contingencies (Note 7)
Net assets
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)			—				—
Common stock, par value $0.001 (500,000,000 shares authorized; 84,504,322 and 86,276,305 shares issued and outstanding)			85				86
Paid-in capital in excess of par value			1,740,413				1,767,623
Distributable earnings (loss)			(92,630	)			(19,620	)
Total net assets		$	1,647,868			$	1,748,089
Total liabilities and net assets		$	3,710,739			$	3,920,096
Net asset value per share		$	19.50			$	20.26

 

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

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	77,516			$	93,752			$	159,156			$	188,693
Payment-in-kind income			4,842				3,815				8,893				8,003
Dividend income			1,742				650				2,674				1,244
Other income			1,353				1,175				2,476				2,870
From non-controlled/affiliated investments:
Interest income			179				44				279				70
Payment-in-kind income			88				72				141				86
Dividend income			27				—				27				—
Other income			11				—				11				—
From controlled/affiliated investments:
Dividend income			3,016				—				4,181				—
Total investment income			88,774				99,508				177,838				200,966
Expenses:
Interest and other financing expenses			32,018				34,707				62,683				68,886
Management fees			9,182				9,624				18,612				19,242
Income based incentive fees			6,518				9,279				12,318				19,122
Professional fees			1,716				1,698				3,190				3,306
Directors’ fees			130				130				259				259
Administrative service fees			61				85				122				145
General and other expenses			189				128				350				310
Total expenses			49,814				55,651				97,534				111,270
Management fees waiver (Note 3)			—				—				—				(641	)
Incentive fees waiver (Note 3)			—				—				—				(375	)
Net expenses			49,814				55,651				97,534				110,254
Net investment income (loss) before taxes			38,960				43,857				80,304				90,712
Excise tax expense			800				200				1,634				827
Net investment income (loss) after taxes			38,160				43,657				78,670				89,885
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments			(7,407	)			25				(20,580	)			587
Foreign currency and other transactions			(24	)			66				(22	)			53
Net realized gain (loss)			(7,431	)			91				(20,602	)			640
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments			(21,915	)			(7,751	)			(51,621	)			(24,899	)
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments			(351	)			(2	)			(1,023	)			40
Net change in unrealized appreciation (depreciation) on controlled/affiliated investments			(527	)			—				(1,987	)			—
Translation of assets and liabilities in foreign currencies			(8	)			101				(19	)			100
Net unrealized appreciation (depreciation)			(22,801	)			(7,652	)			(54,650	)			(24,759	)
Net realized and unrealized gain (loss)			(30,232	)			(7,561	)			(75,252	)			(24,119	)
Net increase (decrease) in net assets resulting from operations		$	7,928			$	36,096			$	3,418			$	65,766
Earnings per share (basic and diluted)		$	0.09			$	0.41			$	0.04			$	0.75
Weighted average shares outstanding (basic and diluted)			84,754,809				87,189,801				85,262,160				87,798,346

 

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

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amount)

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Net assets at the beginning of period		$	1,690,467			$	1,817,807			$	1,748,089			$	1,842,156
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)			38,160				43,657				78,670				89,885
Net realized gain (loss)			(7,431	)			91				(20,602	)			640
Net change in unrealized appreciation (depreciation)			(22,801	)			(7,652	)			(54,650	)			(24,759	)
Net increase (decrease) in net assets resulting from operations			7,928				36,096				3,418				65,766
Distributions to stockholders from:
Distributable earnings			(38,027	)			(43,481	)			(76,428	)			(87,491	)
Total distributions to stockholders			(38,027	)			(43,481	)			(76,428	)			(87,491	)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs(1)			—				(123	)			—				(123	)
Repurchase of common stock			(12,500	)			(20,000	)			(27,211	)			(30,009	)
Net increase (decrease) in net assets resulting from capital transactions			(12,500	)			(20,123	)			(27,211	)			(30,132	)
Total increase (decrease) in net assets			(42,599	)			(27,508	)			(100,221	)			(51,857	)
Net assets at end of period		$	1,647,868			$	1,790,299			$	1,647,868			$	1,790,299
Distributions per share		$	0.45			$	0.50			$	0.90			$	1.00

 

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

 

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

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

		For the Six Months Ended
		June 30, 2026				June 30, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	3,418			$	65,766
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments			54,632				24,859
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			19				(100	)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			(23	)			(61	)
Net realized (gain) loss on investments			20,580				(587	)
Net realized (gain) loss on foreign currency and other transactions			22				(53	)
Investments in unaffiliated money market fund			(1,381	)			(18,434	)
Net accretion of discount and amortization of premium on investments			(6,929	)			(8,153	)
Payment-in-kind interest and dividend capitalized			(11,338	)			(9,054	)
Amortization of deferred financing costs			2,464				2,011
Amortization of debt issuance costs and original issuance discount on unsecured notes			2,339				2,412
Purchases of investments and change in payable for investments purchased			(360,356	)			(409,840	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			490,767				409,700
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			2,662				5,301
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments			(57	)			(46	)
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments			(3,016	)			—
(Increase) decrease in other assets			9,999				(385	)
(Decrease) increase in payable to affiliates			(40	)			67
(Decrease) increase in management fees payable			(414	)			2,582
(Decrease) increase in income based incentive fees payable			(763	)			323
(Decrease) increase in interest payable			(2,169	)			(4,987	)
(Decrease) increase in accrued expenses and other liabilities			(10,264	)			(3,185	)
Net cash provided by (used in) operating activities			190,152				58,136
Cash flows from financing activities:
Borrowings on debt			291,000				940,345
Repayments on debt			(383,246	)			(874,000	)
Deferred financing costs paid			(4,380	)			(4,366	)
Debt issuance costs paid			(343	)			(4,078	)
Distributions paid in cash			(81,547	)			(97,145	)
Proceeds from issuance of common stock, net of underwriting & offering costs			—				(123	)
Repurchases of common stock			(27,211	)			(30,009	)
Net cash provided by (used in) financing activities			(205,727	)			(69,376	)
Net increase (decrease) in cash, cash equivalents and restricted cash			(15,575	)			(11,240	)
Effect of foreign exchange rate changes on cash			(43	)			60
Cash, cash equivalents and restricted cash, beginning of period			81,434				63,396
Cash, cash equivalents and restricted cash, end of period		$	65,816			$	52,216

 

 

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

Supplemental information and non-cash activities:
Excise tax paid		$	2,792			$	2,567
Interest expense paid		$	60,676			$	69,326
Distributions payable		$	38,103			$	43,575
Non-cash purchases of investments		$	(29,361	)		$	(5,010	)
Non-cash sales of investments		$	29,361			$	5,010

 

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

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

 

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
AA&D Midco, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.48%	11/29/2030			3,449			$	3,416			$	3,414				0.21	%
AA&D Midco, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	11/29/2030			—				(14	)			(16	)			0.00
Jonathan Acquisition Company		(6) (7)		First Lien Debt		S +		4.50%		8.23%	11/12/2029			2,659				2,625				2,619				0.16
Jonathan Acquisition Company		(6) (7) (17)		First Lien Debt		P +		3.50%		10.25%	05/11/2029			33				29				28				0.00
ManTech International CP		(6) (8) (11)		First Lien Debt		S +		4.50%		8.16%	09/14/2029			4,111				4,109				4,091				0.25
ManTech International CP		(6) (8)		First Lien Debt		S +		4.50%		8.16%	09/14/2029			59				58				59				0.00
ManTech International CP		(6) (8) (17)		First Lien Debt		P +		3.50%		10.25%	09/14/2028			—				(1	)			(3	)			0.00
Two Six Labs, LLC		(6) (8) (10) (11)		First Lien Debt		S +		5.00%		8.73%	08/20/2030			17,145				17,040				17,040				1.03
Two Six Labs, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	08/20/2030			—				(25	)			(25	)			0.00
Zenith Acquisitionco, LLC		(6) (9) (10)		First Lien Debt		S +		4.50%		8.17%	01/13/2033			1,379				1,373				1,366				0.08
Zenith Acquisitionco, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.17%	11/26/2032			32				30				25				0.00
Zenith Acquisitionco, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.17%	11/26/2032			—				(1	)			(3	)			0.00
																		28,639				28,595				1.74
Air Freight & Logistics
RoadOne IntermodaLogistics		(6) (7)		First Lien Debt		S +		6.75%		10.41%	12/29/2028			1,614				1,590				1,485				0.09
RoadOne IntermodaLogistics		(6) (7)		First Lien Debt		S +		6.75%		10.41%	12/29/2028			148				146				136				0.01
RoadOne IntermodaLogistics		(6) (7) (17)		First Lien Debt		S +		6.75%		10.41%	12/29/2028			295				290				268				0.02
																		2,026				1,889				0.11
Automobile Components
Continental Acquisition Holdings, Inc.		(6) (12)		First Lien Debt		S +		7.00% PIK		10.88%	07/20/2028			6,473				6,415				3,035				0.18
OEConnection, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.14%	12/23/2032			1,493				1,486				1,454				0.09
OEConnection, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.14%	12/23/2032			—				(2	)			(23	)			0.00
OEConnection, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.14%	12/23/2032			—				(1	)			(6	)			0.00
PAI Holdco, Inc.		(6) (7)		Second Lien Debt		S +		7.50% (incl. 2.00% PIK)		11.32%	10/30/2028			27,988				27,759				27,218				1.65
Randy's Holdings, Inc.		(6) (7) (10) (11)		First Lien Debt		S +		5.00%		8.64%	11/01/2029			7,189				7,073				7,100				0.43
Randy's Holdings, Inc.		(6) (7) (17)		First Lien Debt		S +		5.00%		8.64%	11/01/2029			2,200				2,146				2,138				0.13
Randy's Holdings, Inc.		(6) (7) (17)		First Lien Debt		S +		5.00%		8.64%	11/01/2029			101				88				90				0.01
Sonny's Enterprises, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%		9.30%	08/05/2028			44,842				44,567				43,670				2.65
Sonny's Enterprises, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.30%	08/05/2028			111				110				108				0.01
Spectrum Automotive Holdings Corp.		(6) (8) (10) (11)		First Lien Debt		S +		5.25%		8.89%	06/29/2028			18,786				18,688				18,786				1.14
Spectrum Automotive Holdings Corp.		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	06/29/2028			12,993				12,898				12,993				0.79

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Spectrum Automotive Holdings Corp.		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	06/29/2027			—				(2	)			—				0.00
																		121,225				116,563				7.07
Automobiles
COP Collisionright Parent, LLC		(6) (7) (10) (11)		First Lien Debt		S +		4.75%		8.41%	01/29/2030			8,947				8,844				8,858				0.54
COP Collisionright Parent, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.41%	01/29/2030			6,039				5,932				5,883				0.36
COP Collisionright Parent, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.41%	01/29/2030			—				(15	)			(14	)			0.00
Drivecentric Holdings, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.20%	08/15/2031			26,595				26,386				26,595				1.61
Drivecentric Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.20%	08/15/2031			—				(1	)			—				0.00
Drivecentric Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.20%	08/15/2031			—				(26	)			—				0.00
LeadVenture, Inc.		(6) (8) (10)		First Lien Debt		S +		5.00%		8.73%	06/23/2032			8,764				8,647				8,520				0.52
LeadVenture, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	06/23/2032			813				797				766				0.05
LeadVenture, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	06/23/2032			44				34				21				0.00
Vehlo Purchaser, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		8.89%	05/24/2028			4,056				4,034				3,984				0.24
Vehlo Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.89%	05/24/2028			15,435				15,326				15,165				0.92
Vehlo Purchaser, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	05/24/2028			—				(3	)			(9	)			0.00
																		69,955				69,769				4.23
Banks
Computer Services, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.23%	11/17/2031			2,245				2,235				2,208				0.13
Computer Services, Inc.		(6) (7) (17)		First Lien Debt		S +		4.50%		8.23%	11/17/2031			—				(2	)			(18	)			0.00
																		2,233				2,190				0.13
Beverages
Vamos Bidco, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.23%	01/30/2032			5,346				5,301				5,225				0.32
Vamos Bidco, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	01/30/2032			—				(9	)			(50	)			0.00
Vamos Bidco, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	01/30/2032			112				107				97				0.01
																		5,399				5,272				0.32
Building Products
Project Potter Buyer, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		8.98%	04/23/2027			14,885				14,881				14,885				0.90
Project Potter Buyer, LLC		(6) (7) (17)		First Lien Debt		S +		5.25%		8.98%	04/23/2027			—				—				—				0.00
																		14,881				14,885				0.90
Chemicals
Tank Holding Corp.		(6) (8) (10) (11)		First Lien Debt		S +		5.75%		9.57%	03/31/2028			15,314				15,197				14,664				0.89
Tank Holding Corp.		(6) (8)		First Lien Debt		S +		5.75%		9.57%	03/31/2028			480				473				460				0.03
Tank Holding Corp.		(6) (8) (17)		First Lien Debt		P +		4.75%		11.50%	03/31/2028			93				89				59				0.00
V Global Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		5.75%		9.55%	01/02/2029			4,787				4,753				4,386				0.27
V Global Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.75%		9.55%	01/02/2029			317				315				261				0.02
																		20,827				19,830				1.20
Commercial Services & Supplies

9

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Astra Service Partners, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.24%	11/26/2032			4,500				4,468				4,483				0.27
Astra Service Partners, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.24%	11/26/2032			770				762				764				0.05
Atlas US Finco, Inc.		(6) (7) (14)		First Lien Debt		S +		4.50%		8.16%	12/09/2029			13,048				12,908				12,890				0.78
Atlas US Finco, Inc.		(6) (7) (14) (17)		First Lien Debt		S +		4.50%		8.16%	12/09/2028			—				(4	)			(8	)			0.00
AWP Group Holdings, Inc.		(6) (7) (10)		First Lien Debt		S +		5.91% (incl. 3.28% PIK)		9.56%	12/22/2032			8,821				8,692				8,692				0.53
AWP Group Holdings, Inc.		(6) (7) (17)		First Lien Debt		S +		5.91% (incl. 3.28% PIK)		9.56%	12/22/2032			317				300				300				0.02
BPG Holdings IV Corp.		(6) (8) (12)		First Lien Debt		S +		7.85% PIK		11.58%	07/30/2029			12,208				11,767				6,667				0.40
Consor Intermediate II, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.23%	05/12/2031			7,013				6,968				7,013				0.43
Consor Intermediate II, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	05/12/2031			—				(18	)			—				0.00
Consor Intermediate II, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	05/12/2031			305				297				305				0.02
CRCI Longhorn Holdings, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.40%	08/27/2031			9,734				9,657				9,734				0.59
CRCI Longhorn Holdings, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.40%	08/27/2031			1,083				1,068				1,083				0.07
CRCI Longhorn Holdings, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.40%	08/27/2031			—				(12	)			—				0.00
Energy Labs Holdings Corp.		(6) (7)		First Lien Debt		S +		5.00%		8.74%	04/07/2028			461				458				450				0.03
Energy Labs Holdings Corp.		(6) (7)		First Lien Debt		S +		5.00%		8.74%	04/07/2028			469				464				454				0.03
Energy Labs Holdings Corp.		(6) (7) (17)		First Lien Debt		S +		5.00%		8.74%	04/07/2028			130				129				125				0.01
Firebird Acquisition Corp, Inc.		(6) (8)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.66%	02/02/2032			5,809				5,786				5,809				0.35
Firebird Acquisition Corp, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.66%	02/02/2032			1,965				1,954				1,965				0.12
Firebird Acquisition Corp, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.66%	02/02/2032			—				(4	)			—				0.00
FLS Holding, Inc.		(6) (7) (14)		First Lien Debt		S +		5.75% (incl. 0.50% PIK)		9.63%	12/15/2028			19,110				18,952				16,372				0.99
FLS Holding, Inc.		(6) (7) (14)		First Lien Debt		S +		5.75% (incl. 0.50% PIK)		9.63%	12/15/2028			4,481				4,442				3,839				0.23
FLS Holding, Inc.		(6) (7) (14) (17)		First Lien Debt		S +		5.75% (incl. 0.50% PIK)		9.63%	12/15/2028			1,829				1,817				1,564				0.09
Hercules Borrower, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	12/15/2028			4,934				4,910				4,885				0.30
Hercules Borrower, LLC		(6) (8)		First Lien Debt		C +		4.75%		7.04%	12/15/2028		C$ 2,978					2,082				2,078				0.13
HSI Halo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		8.66%	06/30/2031			13,369				13,265				13,369				0.81
HSI Halo Acquisition, Inc.		(6) (8)		First Lien Debt		S +		5.00%		8.66%	06/30/2031			1,608				1,595				1,608				0.10
HSI Halo Acquisition, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.66%	06/28/2030			—				(14	)			—				0.00
Iris Buyer, LLC		(6) (7) (11) (14)		First Lien Debt		S +		5.00%		8.67%	10/02/2030			7,011				6,879				6,958				0.42
Iris Buyer, LLC		(6) (7) (14)		First Lien Debt		S +		5.00%		8.67%	10/02/2030			644				632				639				0.04
Iris Buyer, LLC		(6) (7) (14) (17)		First Lien Debt		S +		5.00%		8.67%	10/02/2029			—				(15	)			(7	)			0.00

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Procure Acquireco, Inc. (Procure Analytics)		(6) (8)		First Lien Debt		S +		4.75%		8.48%	12/20/2028			3,790				3,758				3,790				0.23
Procure Acquireco, Inc. (Procure Analytics)		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	12/20/2028			307				303				307				0.02
Procure Acquireco, Inc. (Procure Analytics)		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	12/20/2028			—				(2	)			—				0.00
Railpros Parent, LLC		(6) (8)		First Lien Debt		S +		4.25%		7.89%	05/24/2032			11,205				11,107				11,177				0.68
Railpros Parent, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.89%	05/24/2032			1,039				1,020				1,031				0.06
Railpros Parent, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.89%	05/24/2032			—				(15	)			(4	)			0.00
Routeware, Inc.		(6) (7)		First Lien Debt		S +		5.25%		8.92%	09/18/2031			3,182				3,156				3,146				0.19
Routeware, Inc.		(6) (7) (17)		First Lien Debt		S +		5.25%		8.92%	09/18/2031			347				339				330				0.02
Routeware, Inc.		(6) (7) (17)		First Lien Debt		S +		5.25%		8.92%	09/18/2031			68				66				64				0.00
Sherlock Buyer Corp.		(6) (7) (11)		First Lien Debt		S +		5.75%		9.48%	12/06/2030			10,671				10,570				9,762				0.59
Sherlock Buyer Corp.		(6) (7) (17)		First Lien Debt		S +		5.75%		9.48%	12/07/2029			—				(8	)			(110	)			(0.01	)
Surewerx Purchaser III, Inc.		(6) (8) (11) (14)		First Lien Debt		S +		5.25%		8.98%	12/28/2029			6,131				6,026				6,131				0.37
Surewerx Purchaser III, Inc.		(6) (8) (14)		First Lien Debt		C +		5.25%		7.53%	12/28/2029		C$ 252					183				177				0.01
Surewerx Purchaser III, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		5.25%		8.98%	12/28/2029			—				(8	)			—				0.00
Surewerx Purchaser III, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		5.25%		8.98%	12/28/2028			67				55				67				0.00
Sweep Midco, LLC		(6) (16)		Second Lien Debt							03/12/2034			1,674				836				588				0.04
Sweep Midco, LLC		(6) (16)		Second Lien Debt							03/12/2036			4,872				—				1				0.00
Sweep Purchaser, LLC		(6) (7)		First Lien Debt		S +		5.75% PIK		9.52%	06/30/2027			6,994				6,994				6,994				0.42
Sweep Purchaser, LLC		(6) (7)		First Lien Debt		S +		5.75%		9.51%	06/30/2027			3,116				3,116				3,116				0.19
Sweep Purchaser, LLC		(6) (7) (17)		First Lien Debt		S +		5.75%		9.51%	06/30/2027			422				422				422				0.03
Tamarack Intermediate, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.42%	03/12/2029			9,928				9,862				9,903				0.60
Tamarack Intermediate, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.42%	03/12/2029			1,595				1,571				1,586				0.10
Tamarack Intermediate, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	03/12/2029			—				(9	)			(5	)			0.00
Transit Technologies, LLC		(6) (8) (10) (11)		First Lien Debt		S +		5.00%		8.51%	08/20/2031			10,379				10,294				10,094				0.61
Transit Technologies, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.51%	08/20/2031			991				975				899				0.05
Transit Technologies, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.51%	08/20/2030			—				(12	)			(47	)			0.00
US Infra Svcs Buyer, LLC		(6) (7) (10) (12)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		10.63%	06/13/2028			14,286				14,249				6,006				0.36
US Infra Svcs Buyer, LLC		(6) (7) (10) (12)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		10.63%	06/13/2028			2,016				2,016				847				0.05
US Infra Svcs Buyer, LLC		(6) (7) (12)		First Lien Debt		S +		6.75% (incl. 5.75% PIK)		10.63%	06/13/2028			2,250				2,250				946				0.06

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Vensure Employer Services, Inc.		(6) (9) (11)		First Lien Debt		S +		5.00%		8.72%	09/29/2031			10,122				10,042				9,997				0.61
Vensure Employer Services, Inc.		(6) (9) (17)		First Lien Debt		S +		5.00%		8.72%	09/29/2031			—				(3	)			(8	)			0.00
VRC Companies, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.26%	06/29/2027			66,297				66,089				66,214				4.02
VRC Companies, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.26%	06/29/2027			456				454				455				0.03
VRC Companies, LLC		(6) (7) (17)		First Lien Debt		S +		5.50%		9.26%	06/29/2027			—				(4	)			(2	)			0.00
																		285,877				265,905				16.14
Construction & Engineering
Arcoro Holdings Corp.		(6) (7) (11)		First Lien Debt		S +		5.50%		9.23%	03/28/2030			12,783				12,606				12,386				0.75
Arcoro Holdings Corp.		(6) (7) (17)		First Lien Debt		S +		5.50%		9.23%	03/28/2030			—				(24	)			(61	)			0.00
KPSKY Acquisition, Inc.		(6) (8)		First Lien Debt		S +		5.50%		9.26%	10/19/2028			32,998				32,734				30,306				1.84
KPSKY Acquisition, Inc.		(6) (8)		First Lien Debt		S +		5.50%		9.26%	10/19/2028			7,558				7,493				6,941				0.42
LJ Avalon Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		8.43%	02/01/2030			2,800				2,750				2,778				0.17
LJ Avalon Holdings, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.43%	02/01/2030			2,982				2,960				2,957				0.18
LJ Avalon Holdings, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.43%	02/01/2029			78				75				73				0.00
Superman Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.23%	08/29/2031			19,747				19,669				19,599				1.19
Superman Holdings, LLC		(6) (8) (10)		First Lien Debt		S +		4.50%		8.23%	08/29/2031			6,471				6,426				6,423				0.39
Superman Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	08/29/2031			—				(11	)			(22	)			0.00
																		84,678				81,380				4.94
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (8)		First Lien Debt		S +		6.00% (incl. 2.50% PIK)		9.66%	02/03/2031			27,374				27,176				26,043				1.58
PDI TA Holdings, Inc.		(6) (8)		First Lien Debt		S +		6.00% (incl. 2.50% PIK)		9.66%	02/03/2031			2,280				2,265				2,169				0.13
																		29,441				28,212				1.71
Containers & Packaging
BP Purchaser, LLC		(6) (8)		First Lien Debt		S +		7.50% (incl. 1.00% PIK)		11.43%	12/11/2028			17,702				17,560				13,147				0.80
FORTIS Solutions Group, LLC		(6) (8) (11)		First Lien Debt		S +		5.50%		9.23%	10/13/2028			26,334				26,124				26,170				1.59
FORTIS Solutions Group, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.23%	10/13/2028			272				270				270				0.02
FORTIS Solutions Group, LLC		(6) (8) (17)		First Lien Debt		S +		5.50%		9.23%	10/13/2028			1,484				1,473				1,467				0.09
																		45,427				41,054				2.49
Distributors
ABB Concise Optical Group, LLC		(6) (8)		First Lien Debt		S +		7.50%		11.39%	02/23/2028			17,008				16,862				16,582				1.01
PT Intermediate Holdings III, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.48%	04/09/2030			42,967				42,698				42,967				2.61
																		59,560				59,549				3.61
Diversified Consumer Services
Any Hour, LLC		(6) (9) (10)		First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.48%	05/23/2030			23,721				23,473				21,199				1.29

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Any Hour, LLC		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.48%	05/23/2030			672				665				600				0.04
Any Hour, LLC		(6) (9) (17)		First Lien Debt		S +		5.75% (incl. 3.25% PIK)		9.48%	05/23/2030			3,179				3,146				2,809				0.17
Any Hour, LLC		(6) (9)		Unsecured Debt				13.00% PIK		13.00%	05/23/2031			7,735				7,643				6,372				0.39
Apex Service Partners, LLC		(6) (7) (10) (11)		First Lien Debt		S +		5.00%		8.73%	10/24/2030			30,091				29,722				30,091				1.83
Apex Service Partners, LLC		(6) (7)		First Lien Debt		S +		5.00%		8.73%	10/24/2030			7,166				7,069				7,166				0.43
Apex Service Partners, LLC		(6) (7) (17)		First Lien Debt		S +		5.00%		8.73%	10/24/2029			1,107				1,083				1,107				0.07
Pacvue Intermediate, LLC		(6) (7)		First Lien Debt		S +		5.25%		8.98%	10/19/2028			19,907				19,802				19,907				1.21
Pacvue Intermediate, LLC		(6) (7)		First Lien Debt		S +		5.25%		8.98%	10/19/2028			4,148				4,128				4,148				0.25
Pacvue Intermediate, LLC		(6) (7) (17)		First Lien Debt		S +		5.25%		8.98%	10/19/2028			—				(9	)			—				0.00
DA Blocker Corp.		(6) (8) (11) (14)		First Lien Debt		S +		4.75%		8.48%	02/10/2032			7,054				6,994				6,913				0.42
DA Blocker Corp.		(6) (8) (14) (17)		First Lien Debt		S +		4.75%		8.48%	02/10/2032			—				(9	)			(44	)			0.00
DA Blocker Corp.		(6) (8) (14) (17)		First Lien Debt		S +		4.75%		8.48%	02/10/2032			103				97				88				0.01
Eclipse Buyer, Inc.		(6) (9) (11)		First Lien Debt		S +		4.50%		8.15%	09/08/2031			4,244				4,210				4,175				0.25
Eclipse Buyer, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.15%	09/08/2031			—				(3	)			(11	)			0.00
Eclipse Buyer, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.15%	09/06/2031			—				(3	)			(6	)			0.00
Essential Services Holding Corporation		(6) (8)		First Lien Debt		S +		5.75% (incl. 2.88% PIK)		9.30%	06/17/2031			17,320				17,188				16,278				0.99
Essential Services Holding Corporation		(6) (8) (17)		First Lien Debt		S +		5.75% (incl. 2.88% PIK)		9.30%	06/17/2030			1,312				1,293				1,133				0.07
EVDR Purchaser, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.14%	02/14/2031			18,471				18,201				18,471				1.12
EVDR Purchaser, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	02/14/2031			—				(36	)			—				0.00
EVDR Purchaser, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	02/14/2031			1,023				980				1,023				0.06
Express Wash Acquisition Company, LLC		(6) (7)		First Lien Debt		S +		6.25%		9.92%	04/10/2031			1,876				1,841				1,839				0.11
Express Wash Acquisition Company, LLC		(6) (7) (17)		First Lien Debt		S +		6.25%		9.92%	04/10/2031			—				(2	)			(2	)			0.00
FPG Intermediate Holdco, LLC		(6) (7)		First Lien Debt		S +		5.00% PIK		8.67%	07/02/2029			139				137				25				0.00
FPG Intermediate Holdco, LLC		(6) (7) (17)		First Lien Debt		S +		5.00% PIK		8.67%	07/02/2029			32				32				32				0.00
FPG Intermediate Holdco, LLC		(6) (7)		First Lien Debt		S +		5.00% PIK		8.67%	06/29/2029			19				19				19				0.00
GarageCo Intermediate II, LLC		(6) (8)		First Lien Debt		S +		4.25%		7.91%	08/02/2032			2,061				2,042				2,030				0.12
GarageCo Intermediate II, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.91%	08/02/2032			—				(13	)			(45	)			0.00
GarageCo Intermediate II, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.91%	08/02/2032			—				(8	)			(14	)			0.00
Heartland Home Services		(6) (8)		First Lien Debt		S +		5.75%		9.58%	12/15/2026			1,896				1,895				1,866				0.11
Kodiak Buyer, LLC		(6) (8)		First Lien Debt		S +		4.25%		7.98%	07/26/2032			1,534				1,521				1,532				0.09
Kodiak Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.98%	07/26/2032			48				46				48				0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Kodiak Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.98%	07/26/2032			—				(4	)			(1	)			0.00
LHS Borrower, LLC		(6) (8) (10)		First Lien Debt		S +		5.25%		8.89%	09/04/2031			4,071				4,017				3,969				0.24
LHS Borrower, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	09/04/2031			139				132				125				0.01
Lightspeed Solution, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.65%	03/01/2028			9,281				9,222				9,103				0.55
Lightspeed Solution, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.65%	03/01/2028			551				547				540				0.03
Project Accelerate Parent, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.89%	02/24/2031			8,575				8,512				8,575				0.52
Project Accelerate Parent, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	02/24/2031			—				(8	)			—				0.00
Vertex Service Partners, LLC		(6) (8) (10)		First Lien Debt		S +		6.00% (incl. 2.53% PIK)		9.73%	11/08/2030			1,789				1,759				1,727				0.10
Vertex Service Partners, LLC		(6) (8) (17)		First Lien Debt		S +		6.00% (incl. 2.53% PIK)		9.73%	11/08/2030			3,598				3,536				3,453				0.21
Vertex Service Partners, LLC		(6) (8) (17)		First Lien Debt		S +		6.00% (incl. 2.53% PIK)		9.73%	11/08/2030			353				346				337				0.02
																		181,203				176,577				10.72
Electrical Equipment
Accel International Holdings, Inc.		(6) (9) (10)		First Lien Debt		S +		4.25%		7.89%	04/26/2032			10,892				10,845				10,892				0.66
Accel International Holdings, Inc.		(6) (9) (17)		First Lien Debt		S +		4.25%		7.89%	04/26/2032			375				367				375				0.02
Spark Buyer, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.89%	10/15/2031			2,155				2,128				1,987				0.12
Spark Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	10/15/2031			—				(5	)			(68	)			0.00
Spark Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	10/15/2031			241				236				207				0.01
																		13,571				13,393				0.81
Electronic Equipment, Instruments & Components
Dwyer Instruments, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	07/20/2029			11,974				11,867				11,884				0.72
Dwyer Instruments, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.48%	07/20/2029			4,575				4,526				4,540				0.28
Dwyer Instruments, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	07/20/2029			1,167				1,157				1,157				0.07
Infinite Bidco, LLC		(6) (9)		First Lien Debt		S +		6.25%		9.89%	03/02/2028			12,048				11,909				12,048				0.73
Infinite Bidco, LLC		(9)		Second Lien Debt		S +		7.00%		10.93%	03/02/2029			20,132				20,111				19,742				1.20
Magneto Components Buyco, LLC		(6) (8) (10)		First Lien Debt		S +		5.75%		9.48%	12/05/2030			15,352				15,160				15,352				0.93
Magneto Components Buyco, LLC		(6) (8) (17)		First Lien Debt		S +		5.75%		9.48%	12/05/2029			—				(27	)			—				0.00
NDT Global Holding, Inc.		(6) (9) (14)		First Lien Debt		S +		4.50%		8.14%	06/04/2032			2,736				2,712				2,695				0.16
NDT Global Holding, Inc.		(6) (9) (14) (17)		First Lien Debt		S +		4.50%		8.14%	06/04/2032			536				528				518				0.03
NDT Global Holding, Inc.		(6) (9) (14) (17)		First Lien Debt		S +		4.50%		8.14%	06/04/2032			—				(5	)			(9	)			0.00
Pamlico Avant Holdings, LP		(6) (8) (10)		First Lien Debt		S +		4.25%		7.98%	12/31/2032			1,538				1,523				1,515				0.09
Pamlico Avant Holdings, LP		(6) (8) (17)		First Lien Debt		S +		4.25%		7.98%	12/31/2032			—				(2	)			(3	)			0.00
																		69,459				69,439				4.21
Financial Services

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
365 Retail Market, LLC		(6) (7) (10) (11)		First Lien Debt		S +		4.75%		8.48%	05/06/2033			12,924				12,797				12,797				0.78
365 Retail Market, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.48%	05/06/2033			—				(5	)			(5	)			0.00
365 Retail Market, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.48%	05/06/2033			187				172				172				0.01
Applitools, Inc.		(6) (8) (14)		First Lien Debt		S +		6.25% PIK		9.95%	05/25/2029			4,030				4,007				3,324				0.20
Applitools, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		6.25% PIK		9.43%	05/25/2028			130				127				54				0.00
BCTO Bluebill Midco, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.17%	07/30/2032			15,778				15,636				15,541				0.94
BCTO Bluebill Midco, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.17%	07/30/2032			—				(17	)			(30	)			0.00
Cerity Partners, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.23%	07/28/2031			16,525				16,307				16,442				1.00
Cerity Partners, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	07/28/2031			—				(4	)			(9	)			0.00
Cerity Partners, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	07/28/2031			180				178				178				0.01
Cliffwater, LLC		(6) (8) (10)		First Lien Debt		S +		4.50%		8.14%	04/22/2032			8,569				8,494				8,504				0.52
Cliffwater, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	04/22/2032			—				(7	)			(6	)			0.00
GC Waves Holdings, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.14%	10/04/2030			7,176				7,115				7,116				0.43
GC Waves Holdings, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	10/04/2030			4,494				4,412				4,436				0.27
GC Waves Holdings, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	10/04/2030			—				(3	)			(2	)			0.00
GTCR ABC Buyer, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.23%	04/14/2033			615				609				609				0.04
GTCR ABC Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	04/14/2033			—				(1	)			(1	)			0.00
GTCR ABC Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	04/14/2033			—				(1	)			(1	)			0.00
MAI Capital Management Intermediate, LLC		(6) (8) (10) (11)		First Lien Debt		S +		4.75%		8.48%	08/29/2031			3,364				3,337				3,305				0.20
MAI Capital Management Intermediate, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	08/29/2031			3,118				3,074				3,039				0.18
MAI Capital Management Intermediate, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	08/29/2031			—				(9	)			(21	)			0.00
PMA Parent Holdings, LLC		(6) (8) (10) (11)		First Lien Debt		S +		4.75%		8.48%	01/31/2031			4,374				4,327				4,320				0.26
PMA Parent Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	01/31/2031			—				(3	)			(5	)			0.00
SitusAMC Holdings Corporation		(6) (8) (11)		First Lien Debt		S +		5.50%		9.23%	05/14/2031			10,579				10,536				10,579				0.64
Smarsh, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	02/16/2029			5,625				5,580				5,384				0.33
Smarsh, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	02/16/2029			119				113				73				0.00
Smarsh, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	02/16/2029			461				456				426				0.03
Trintech, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.39%	01/28/2033			13,703				13,573				13,395				0.81
Trintech, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.39%	01/28/2033			—				(11	)			(51	)			0.00
Trintech, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.39%	01/28/2033			—				(16	)			(39	)			0.00
																		110,773				109,524				6.65
Food Products
AMCP Pet Holdings, Inc. (Brightpet)		(6) (7)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		10.81%	01/04/2028			41,813				41,627				23,388				1.42

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
AMCP Pet Holdings, Inc. (Brightpet)		(6) (7)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		10.81%	01/04/2028			6,191				6,172				3,463				0.21
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (7) (12)		First Lien Debt		S +		6.25% PIK		10.01%	03/30/2029			10,872				10,853				5,581				0.34
																		58,652				32,432				1.97
Ground Transportation
eShipping, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.23%	12/23/2032			2,841				2,827				2,813				0.17
eShipping, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	12/23/2032			—				(3	)			(11	)			0.00
eShipping, LLC		(6) (8) (17)		First Lien Debt		P +		3.50%		10.25%	12/23/2032			—				(2	)			(5	)			0.00
SV Newco 2, Inc.		(6) (8) (11) (14)		First Lien Debt		S +		5.00%		8.73%	06/02/2031			19,542				19,318				19,425				1.18
SV Newco 2, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.73%	06/02/2031			12,295				12,148				12,221				0.74
SV Newco 2, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		5.00%		8.73%	06/02/2031			2,606				2,527				2,561				0.16
																		36,815				37,004				2.25
Health Care Equipment & Supplies
CSHC Buyerco, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.73%	04/29/2033			1,393				1,379				1,379				0.08
CSHC Buyerco, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	04/29/2033			121				119				119				0.01
CSHC Buyerco, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	04/29/2033			—				(3	)			(3	)			0.00
PerkinElmer U.S., LLC		(6) (7) (10) (11)		First Lien Debt		S +		4.50%		8.17%	03/13/2029			5,194				5,125				5,169				0.31
PerkinElmer U.S., LLC		(6) (7) (17)		First Lien Debt		S +		4.50%		8.17%	03/13/2029			—				(3	)			(8	)			0.00
Tidi Legacy Products, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.14%	12/19/2029			1,829				1,806				1,829				0.11
Tidi Legacy Products, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.14%	12/19/2029			490				483				490				0.03
Tidi Legacy Products, Inc.		(6) (7) (17)		First Lien Debt		S +		4.50%		8.14%	12/19/2029			—				(4	)			—				0.00
YI, LLC		(6) (7) (10) (11)		First Lien Debt		S +		5.75%		9.39%	12/03/2029			5,512				5,442				5,510				0.33
YI, LLC		(6) (7) (17)		First Lien Debt		S +		5.75%		9.39%	12/03/2029			—				(10	)			—				0.00
																		14,334				14,485				0.88
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.14%	09/15/2031			517				510				509				0.03
Advarra Holdings, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	09/15/2031			—				—				(1	)			0.00
Blue River PetCare, LLC		(6) (10)		First Lien Debt		S +		5.00%		8.64%	08/01/2029			270				270				268				0.02
Blue River PetCare, LLC		(6) (17)		First Lien Debt		S +		5.00%		8.64%	08/01/2029			—				(2	)			(5	)			0.00
Blue River PetCare, LLC		(6) (17)		First Lien Debt		S +		5.00%		8.64%	08/01/2029			—				(1	)			(1	)			0.00
Gateway US Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.48%	09/22/2028			739				736				735				0.04
Gateway US Holdings, Inc.		(6) (8) (14)		First Lien Debt		S +		4.75%		8.48%	09/22/2028			209				207				207				0.01
Gateway US Holdings, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		4.75%		8.48%	09/22/2028			—				—				—				0.00
Heartland Veterinary Partners, LLC		(6) (7)		First Lien Debt		S +		4.75%		8.58%	06/12/2028			1,800				1,796				1,800				0.11

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Heartland Veterinary Partners, LLC		(6) (7)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%	09/11/2028			4,631				4,600				4,631				0.28
Heartland Veterinary Partners, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.58%	06/12/2028			4,700				4,676				4,700				0.29
Heartland Veterinary Partners, LLC		(6) (7)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%	09/11/2028			1,801				1,788				1,801				0.11
Heartland Veterinary Partners, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.58%	06/12/2028			—				(1	)			—				0.00
iCIMS, Inc.		(6) (8)		First Lien Debt		S +		6.25%		9.92%	08/18/2028			7,081				7,028				6,842				0.42
iCIMS, Inc.		(6) (8) (17)		First Lien Debt		S +		6.25%		9.92%	08/18/2028			13				13				12				0.00
Imagine 360, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	10/02/2028			11,974				11,902				11,974				0.73
Imagine 360, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	10/02/2028			—				(5	)			—				0.00
Imagine 360, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	10/02/2028			—				(6	)			—				0.00
Invictus Buyer, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.23%	06/03/2031			3,979				3,949				3,979				0.24
Invictus Buyer, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.23%	06/03/2031			1,683				1,669				1,683				0.10
Invictus Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	06/03/2031			—				(4	)			—				0.00
Merative, LP		(6) (8) (10)		First Lien Debt		S +		4.50%		8.23%	09/30/2032			18,027				17,944				18,027				1.09
Merative, LP		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	09/30/2032			—				(5	)			—				0.00
Merative, LP		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	09/30/2032			—				(8	)			—				0.00
mPulse Mobile, Inc.		(6) (8) (10)		First Lien Debt		S +		4.75%		8.48%	02/25/2033			18,082				17,920				17,404				1.06
mPulse Mobile, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	02/25/2033			—				(8	)			(65	)			0.00
mPulse Mobile, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	02/25/2033			—				(23	)			(97	)			(0.01	)
Pareto Health Intermediate Holdings, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		8.73%	06/03/2030			35,553				35,242				35,197				2.14
Pareto Health Intermediate Holdings, Inc.		(6) (7) (17)		First Lien Debt		S +		5.00%		8.73%	06/01/2029			—				(9	)			(9	)			0.00
PPV Intermediate Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.75%		9.42%	08/31/2029			4,270				4,172				4,206				0.26
PPV Intermediate Holdings, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.42%	08/31/2029			14,821				14,729				14,599				0.89
Promptcare Infusion Buyer, Inc.		(6) (7) (11)		First Lien Debt		S +		6.00%		9.75%	09/01/2027			8,751				8,709				8,751				0.53
Promptcare Infusion Buyer, Inc.		(6) (7)		First Lien Debt		S +		6.00%		9.75%	09/01/2027			2,724				2,710				2,724				0.17
Stepping Stones Healthcare Services, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	01/05/2033			5,496				5,455				5,456				0.33
Stepping Stones Healthcare Services, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	12/18/2032			—				(2	)			(5	)			0.00
Suveto Buyer, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	09/09/2027			11,713				11,684				11,713				0.71
Suveto Buyer, LLC		(6) (8) (17)		First Lien Debt		P +		3.50%		10.25%	09/09/2027			—				(4	)			—				0.00
TA Polaris Buyer, Inc.		(6) (9) (10)		First Lien Debt		S +		4.25%		7.91%	12/12/2032			10,378				10,330				10,285				0.62
TA Polaris Buyer, Inc.		(6) (9) (17)		First Lien Debt		S +		4.25%		7.91%	12/12/2032			1,341				1,327				1,302				0.08
TA Polaris Buyer, Inc.		(6) (9) (17)		First Lien Debt		S +		4.25%		7.91%	12/12/2032			—				(6	)			(12	)			0.00
Tivity Health, Inc.		(6) (8) (11)		First Lien Debt		S +		5.00%		8.64%	06/28/2029			8,482				8,454				8,439				0.51
Vardiman Black Holdings, LLC		(6) (12)		First Lien Debt		S +		7.00% PIK		10.75%	03/18/2027			6,340				6,340				3,677				0.22
Vardiman Black Holdings, LLC		(6) (12) (13)		First Lien Debt		S +		7.00% PIK		10.75%	03/18/2027			711				703				711				0.04
																		184,779				181,437				11.01

17

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Health Care Technology
Hyland Software, Inc.		(6) (8) (10) (11)		First Lien Debt		S +		4.75%		8.39%	09/19/2030			35,817				35,452				35,764				2.17
Hyland Software, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.39%	09/19/2029			—				(14	)			(3	)			0.00
																		35,438				35,761				2.17
Industrial Conglomerates
Aptean, Inc.		(6) (8) (10) (11)		First Lien Debt		S +		4.75%		8.42%	01/30/2031			25,271				25,147				24,816				1.51
Aptean, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	01/30/2031			—				(13	)			(59	)			0.00
Aptean, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	01/30/2031			361				353				333				0.02
Goose Borrower, LP		(6) (8)		First Lien Debt		S +		4.75%		8.48%	03/02/2033			1,855				1,837				1,836				0.11
Goose Borrower, LP		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	03/02/2033			—				(3	)			(3	)			0.00
Raptor Merger Sub Debt, LLC		(6) (8) (10) (11)		First Lien Debt		S +		4.75%		8.48%	04/01/2030			26,548				26,136				26,334				1.60
Raptor Merger Sub Debt, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	04/01/2030			18				15				15
Raptor Merger Sub Debt, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	04/01/2030			651				616				632				0.04
																		54,088				53,904				3.27
Insurance Services
Amerilife Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.66%	08/31/2029			12,791				12,724				12,759				0.77
Amerilife Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.66%	08/31/2029			3,161				3,144				3,145				0.19
Amerilife Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.66%	08/31/2028			531				523				526				0.03
Foundation Risk Partners Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	10/29/2030			41,451				41,090				41,451				2.52
Foundation Risk Partners Corp.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	10/29/2030			9,085				9,006				9,085				0.55
Foundation Risk Partners Corp.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	10/29/2029			2,306				2,265				2,306				0.14
Galway Borrower, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.23%	09/29/2028			24,952				24,760				24,601				1.49
Galway Borrower, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	09/29/2028			1,967				1,949				1,926				0.12
Galway Borrower, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	09/29/2028			703				688				672				0.04
Higginbotham Insurance Agency, Inc.		(6) (7) (10) (11)		First Lien Debt		S +		4.50%		8.14%	06/11/2031			29,062				28,903				29,062				1.76
Higginbotham Insurance Agency, Inc.		(6) (7) (17)		First Lien Debt		S +		4.50%		8.14%	06/11/2031			2,940				2,910				2,940				0.18
High Street Buyer, Inc.		(6) (8) (10) (11)		First Lien Debt		S +		4.25%		7.98%	04/14/2028			5,335				5,301				5,291				0.32
High Street Buyer, Inc.		(6) (8) (10)		First Lien Debt		S +		4.25%		7.98%	04/14/2028			25,587				25,376				25,376				1.54
High Street Buyer, Inc.		(6) (8) (17)		First Lien Debt		S +		4.25%		7.98%	04/14/2028			—				(11	)			(18	)			0.00
Inszone Mid, LLC		(6) (7) (11)		First Lien Debt		S +		5.25%		8.98%	11/30/2029			4,348				4,294				4,316				0.26
Inszone Mid, LLC		(6) (7) (17)		First Lien Debt		S +		5.25%		8.98%	11/30/2029			17,363				17,187				17,215				1.04
Inszone Mid, LLC		(6) (7) (17)		First Lien Debt		S +		5.25%		8.98%	11/30/2029			—				(16	)			(13	)			0.00
Integrity Marketing Acquisition, LLC		(6) (8) (10) (11)		First Lien Debt		S +		5.00%		8.67%	08/25/2028			35,617				35,617				35,617				2.16

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Integrity Marketing Acquisition, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.67%	08/25/2028			—				—				—				0.00
Iris Specialty Acquisition, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.23%	11/22/2032			7,366				7,332				7,351				0.45
Iris Specialty Acquisition, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	11/22/2032			112				109				109				0.01
Iris Specialty Acquisition, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	11/22/2032			248				243				246				0.01
Long Term Care Group, Inc.		(6) (8)		First Lien Debt		S +		6.00%		9.93%	09/08/2027			5,401				5,376				4,861				0.29
Majesco, Inc.		(6) (9) (10) (11)		First Lien Debt		S +		4.50%		8.23%	01/07/2033			7,217				7,200				7,163				0.43
Majesco, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	01/07/2033			—				(2	)			(5	)			0.00
One, Inc. Software Corporation		(6) (8) (10)		First Lien Debt		S +		4.50%		8.23%	12/06/2032			5,105				5,058				5,029				0.31
One, Inc. Software Corporation		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	12/06/2032			—				(5	)			(15	)			0.00
One, Inc. Software Corporation		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	12/06/2032			—				(4	)			(6	)			0.00
Patriot Growth Insurance Services, LLC		(6) (8) (10) (11)		First Lien Debt		S +		5.00%		8.88%	10/16/2028			48,454				48,064				47,286				2.87
Patriot Growth Insurance Services, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.88%	10/16/2028			—				(23	)			(86	)			(0.01	)
World Insurance Associates, LLC		(6) (7) (10) (11)		First Lien Debt		S +		5.00%		8.73%	04/03/2030			51,024				50,296				50,773				3.08
World Insurance Associates, LLC		(6) (7) (17)		First Lien Debt		S +		5.00%		8.73%	04/03/2030			—				(4	)			(6	)			0.00
																		339,350				338,957				20.57
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (8) (10) (11)		First Lien Debt		S +		4.50%		8.17%	09/09/2032			11,461				11,357				11,289				0.69
FMG Suite Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.17%	09/09/2032			—				(14	)			(47	)			0.00
FMG Suite Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.17%	09/09/2032			—				(17	)			(28	)			0.00
Spectrio, LLC		(6) (7) (10) (12)		First Lien Debt		S +		6.00%		9.67%	12/09/2026			32,132				32,056				22,913				1.39
Spectrio, LLC		(6) (7) (12)		First Lien Debt		S +		6.00%		9.67%	12/09/2026			12,961				12,951				9,243				0.56
Spectrio, LLC		(6) (7) (12)		First Lien Debt		S +		6.00%		9.67%	12/09/2026			4,132				4,123				2,947				0.18
Triple Lift, Inc.		(6) (8) (10)		First Lien Debt		S +		5.75%		9.58%	05/05/2028			26,600				26,427				25,168				1.53
Triple Lift, Inc.		(6) (8) (17)		First Lien Debt		S +		5.75%		9.58%	05/05/2028			—				(21	)			(215	)			(0.01	)
																		86,862				71,270				4.32
IT Services
Apollo Acquisition, Inc.		(6) (8) (11)		First Lien Debt		S +		5.25%		8.90%	12/30/2031			21,543				21,363				21,117				1.28
Apollo Acquisition, Inc.		(6) (8) (17)		First Lien Debt		S +		5.25%		8.90%	12/30/2031			14				6				(25	)			0.00
Apollo Acquisition, Inc.		(6) (8) (17)		First Lien Debt		S +		5.25%		8.90%	12/30/2030			—				(19	)			(49	)			0.00
Bridgepointe Technologies, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		8.48%	04/18/2033			19,057				18,871				18,871				1.15
Bridgepointe Technologies, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.48%	04/18/2033			1,194				1,152				1,152				0.07
Bridgepointe Technologies, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.48%	04/18/2033			—				(24	)			(24	)			0.00
Catalis Intermediate, Inc.		(6) (8) (10)		First Lien Debt		S +		5.25%		9.13%	08/04/2027			38,350				38,136				38,145				2.31
Catalis Intermediate, Inc.		(6) (8)		First Lien Debt		S +		5.25%		9.13%	08/04/2027			8,629				8,584				8,583				0.52

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Catalis Intermediate, Inc.		(6) (8) (17)		First Lien Debt		S +		5.25%		9.13%	08/04/2027			—				(19	)			(23	)			0.00
Cyber US Bidco, LLC		(6) (8) (10)		First Lien Debt		S +		5.00%		8.73%	12/30/2032			4,034				3,996				3,954				0.24
Cyber US Bidco, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	12/30/2032			—				(4	)			(16	)			0.00
Cyber US Bidco, LLC		(6) (8) (14) (17)		First Lien Debt		S +		5.00%		8.73%	12/30/2032			—				(3	)			(7	)			0.00
GI DI Cornfield Acquisition, LLC		(6) (11)		First Lien Debt		S +		4.50%		8.24%	03/09/2029			30,317				30,058				30,198				1.83
GI DI Cornfield Acquisition, LLC		(6) (10)		First Lien Debt		S +		4.50%		8.24%	03/09/2029			15,510				15,451				15,449				0.94
Help/Systems Holdings, Inc.		(6) (8)		Second Lien Debt		S +		9.00% PIK		12.74%	05/21/2029			18,644				18,644				15,941				0.97
Idera, Inc.		(6) (8)		Second Lien Debt		S +		6.75%		10.56%	03/02/2029			2,607				2,599				1,565				0.09
Recovery Point Systems, Inc.		(6) (7) (10) (11)		First Lien Debt		S +		5.75%		9.58%	02/14/2028			39,585				39,481				39,585				2.40
Recovery Point Systems, Inc.		(6) (7) (17)		First Lien Debt		S +		5.75%		9.58%	02/14/2028			—				(8	)			—				0.00
Redwood Services Group, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		8.99%	06/15/2029			17,276				17,157				17,233				1.05
Redwood Services Group, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.99%	06/15/2029			17,504				17,359				17,460				1.06
Ridge Trail US Bidco, Inc.		(6) (8) (11) (14)		First Lien Debt		S +		4.50%		8.23%	09/30/2031			23,617				23,332				23,617				1.43
Ridge Trail US Bidco, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		4.50%		8.23%	09/30/2031			1,149				1,094				1,149				0.07
Ridge Trail US Bidco, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		4.50%		8.23%	03/31/2031			—				(30	)			—				0.00
Syntax Systems, Ltd.		(6) (8) (11) (14)		First Lien Debt		S +		4.75%		8.49%	10/27/2028			36,736				36,595				36,663				2.22
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (10) (11)		First Lien Debt		S +		5.00% (incl 2.50% PIK)		8.73%	02/02/2032			19,425				19,264				18,454				1.12
Thrive Buyer, Inc. (Thrive Networks)		(6) (8)		First Lien Debt		S +		5.00% (incl 2.50% PIK)		8.73%	02/02/2032			4,459				4,422				4,236				0.26
Thrive Buyer, Inc. (Thrive Networks)		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	02/02/2032			967				947				842				0.05
UpStack, Inc.		(6) (8) (10) (11)		First Lien Debt		S +		5.00%		8.63%	08/25/2031			9,750				9,673				9,579				0.58
UpStack, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.63%	08/25/2031			1,373				1,353				1,307				0.08
UpStack, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.63%	08/25/2031			563				551				536				0.03
Victors Purchaser, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%		8.23%	12/23/2032			6,358				6,314				6,358				0.39
Victors Purchaser, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	12/23/2032			—				(4	)			—				0.00
Victors Purchaser, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	12/23/2032			83				78				83				0.01
																		336,369				331,933				20.18
Life Sciences Tools & Services
Model N, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.48%	06/27/2031			11,755				11,664				11,625				0.71
Model N, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.48%	06/27/2031			1,628				1,614				1,610				0.10

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Model N, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	06/27/2031			—				(12	)			(19	)			0.00
																		13,266				13,216				0.80
Machinery
Answer Acquisition, LLC		(6) (7)		First Lien Debt		S +		6.00%		9.88%	06/30/2028			13,189				13,123				12,023				0.73
Answer Acquisition, LLC		(6) (7) (17)		First Lien Debt		S +		6.00%		9.88%	06/30/2028			808				803				698				0.04
Chase Intermediate, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	10/30/2028			10,939				10,824				10,722				0.65
Chase Intermediate, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	10/30/2028			200				196				191				0.01
MHE Intermediate Holdings, LLC		(6) (7) (10) (11)		First Lien Debt		S +		6.00%		9.89%	07/21/2027			11,731				11,679				11,673				0.71
MHE Intermediate Holdings, LLC		(6) (7)		First Lien Debt		S +		6.00%		9.89%	07/21/2027			3,580				3,564				3,562				0.22
MHE Intermediate Holdings, LLC		(6) (7) (17)		First Lien Debt		S +		6.00%		9.89%	07/21/2027			1,500				1,491				1,488				0.09
																		41,680				40,357				2.45
Multi-Utilities
Vessco Midco Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.15%	07/24/2031			9,404				9,334				9,266				0.56
Vessco Midco Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.15%	07/24/2031			2,714				2,688				2,658				0.16
Vessco Midco Holdings, LLC		(6) (8) (17)		First Lien Debt		P +		3.50%		10.25%	07/24/2031			—				(7	)			(13	)			0.00
																		12,015				11,911				0.72
Pharmaceuticals
Caerus US 1, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.73%	05/25/2029			10,760				10,648				10,580				0.64
Caerus US 1, Inc.		(6) (8) (14)		First Lien Debt		S +		5.00%		8.73%	05/25/2029			1,575				1,557				1,548				0.09
Caerus US 1, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		5.00%		8.73%	05/25/2029			841				831				822				0.05
Real Chemistry Intermediate III, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.23%	04/12/2032			8,775				8,737				8,643				0.52
Real Chemistry Intermediate III, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	04/12/2032			2,613				2,599				2,555				0.16
Real Chemistry Intermediate III, Inc.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	04/12/2032			—				(8	)			(29	)			0.00
Specialty Pharma III, Inc.		(6) (9) (10)		First Lien Debt		S +		4.75%		8.44%	12/23/2032			3,706				3,689				3,669				0.22
Specialty Pharma III, Inc.		(6) (9) (17)		First Lien Debt		S +		4.75%		8.44%	12/23/2032			60				58				55				0.00
																		28,111				27,843				1.69
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (10) (11)		First Lien Debt		S +		6.00%		9.54%	09/10/2027			3,256				3,242				3,171				0.19
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (17)		First Lien Debt		S +		6.00%		9.54%	09/10/2027			—				(6	)			(36	)			0.00
Accordion Partners, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.67%	11/17/2031			27,186				26,964				26,981				1.64
Accordion Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.67%	11/17/2031			4,549				4,514				4,515				0.27
Accordion Partners, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.67%	11/17/2031			—				(23	)			(23	)			0.00
Aprio Advisory Group, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	08/01/2031			90				84				83				0.01
Aprio Advisory Group, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	08/01/2031			—				(1	)			(1	)			0.00
Ascend Partner Services, LLC		(6) (8) (11)		First Lien Debt		S +		4.50%		8.13%	08/11/2031			4,826				4,788				4,765				0.29
Ascend Partner Services, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.13%	08/11/2031			8,699				8,627				8,588				0.52

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Ascend Partner Services, LLC		(6) (8) (17)		First Lien Debt		S +		4.50%		8.13%	08/11/2031			—				(12	)			(21	)			0.00
Bullhorn, Inc.		(6) (7) (11)		First Lien Debt		S +		5.00%		8.64%	10/01/2029			15,407				15,339				15,296				0.93
Bullhorn, Inc.		(6) (7)		First Lien Debt		S +		5.00%		8.64%	10/01/2029			2,133				2,126				2,118				0.13
Bullhorn, Inc.		(6) (7) (17)		First Lien Debt		S +		5.00%		8.64%	10/01/2029			96				92				90				0.01
Carr, Riggs and Ingram Capital, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%		8.23%	11/18/2031			4,259				4,224				4,227				0.26
Carr, Riggs and Ingram Capital, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	11/18/2031			770				758				754				0.05
Carr, Riggs and Ingram Capital, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	11/18/2031			163				155				155				0.01
ComPsych Investment Corp.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.41%	07/22/2031			12,940				12,890				12,876				0.78
ComPsych Investment Corp.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.41%	07/22/2031			—				(7	)			(20	)			0.00
Deerfield Dakota Holding, LLC		(6) (8) (10)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.48%	09/13/2032			27,894				27,646				27,375				1.66
Deerfield Dakota Holding, LLC		(6) (8) (17)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.48%	09/13/2032			943				920				895				0.05
GPS Merger Sub, LLC		(6) (7) (11)		First Lien Debt		S +		5.00%		8.64%	10/02/2029			9,403				9,302				9,403				0.57
GPS Merger Sub, LLC		(6) (7) (17)		First Lien Debt		S +		5.00%		8.64%	10/02/2029			318				307				318				0.02
GPS Merger Sub, LLC		(6) (7) (17)		First Lien Debt		S +		5.00%		8.64%	10/02/2029			343				326				343				0.02
IG Investment Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.66%	09/22/2028			10,626				10,561				10,626				0.64
IG Investment Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.66%	09/22/2028			—				(7	)			—				0.00
IQN Holding Corp.		(6) (8)		First Lien Debt		S +		5.25%		8.98%	05/02/2029			5,703				5,677				5,703				0.35
IQN Holding Corp.		(6) (8)		First Lien Debt		S +		5.25%		8.98%	05/02/2029			1,875				1,861				1,875				0.11
IQN Holding Corp.		(6) (8) (17)		First Lien Debt		S +		5.25%		8.98%	05/02/2028			270				268				270				0.02
KENG Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +		4.50%		8.16%	08/01/2029			3,140				3,094				3,093				0.19
KENG Acquisition, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.16%	08/01/2029			3,856				3,802				3,798				0.23
KENG Acquisition, Inc.		(6) (7) (17)		First Lien Debt		S +		4.50%		8.16%	08/01/2029			—				(12	)			(18	)			0.00
UHY Advisors, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.42%	11/21/2031			2,180				2,162				2,164				0.13
UHY Advisors, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	11/21/2031			1,466				1,451				1,450				0.09
UHY Advisors, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.42%	11/21/2031			123				119				119				0.01
Verdantas, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		8.98%	05/06/2031			12,338				12,198				12,030				0.73
Verdantas, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.98%	05/06/2031			2,039				2,008				1,978				0.12
Verdantas, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.98%	05/06/2030			386				373				352				0.02
WIPFLI Advisory, LLC		(6) (8) (10)		First Lien Debt		S +		4.25%		7.94%	10/01/2032			5,846				5,819				5,788				0.35
WIPFLI Advisory, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.94%	10/01/2032			361				355				339				0.02
WIPFLI Advisory, LLC		(6) (8) (17)		First Lien Debt		S +		4.25%		7.94%	10/01/2032			—				(7	)			(15	)			0.00
																		171,977				171,404				10.40
Real Estate Management & Development
Associations, Inc.		(6) (7)		First Lien Debt		S +		6.50%		10.42%	07/03/2028			10,729				10,723				10,729				0.65
Associations, Inc.		(6) (7) (17)		First Lien Debt		S +		6.50%		10.42%	07/03/2028			443				442				443				0.03

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Associations, Inc.		(6) (7) (17)		First Lien Debt		S +		6.50%		10.42%	07/03/2028			—				(1	)			—				0.00
Inhabitiq, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.14%	01/12/2032			17,734				17,660				17,734				1.08
Inhabitiq, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	01/12/2032			—				(10	)			—				0.00
Inhabitiq, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.14%	01/12/2032			—				(12	)			—				0.00
MRI Software, LLC		(6) (7) (10) (11)		First Lien Debt		S +		4.75%		8.48%	02/10/2028			43,542				43,450				43,443				2.64
MRI Software, LLC		(6) (7)		First Lien Debt		S +		4.75%		8.48%	02/10/2028			28				28				28				0.00
MRI Software, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.48%	02/10/2028			433				431				429				0.03
Pritchard Industries, LLC		(6) (8) (11)		First Lien Debt		S +		5.75%		9.60%	10/13/2027			24,629				24,500				23,966				1.45
Pritchard Industries, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.60%	10/13/2027			5,889				5,857				5,730				0.35
Zarya Intermediate, LLC		(6) (7) (11) (14)		First Lien Debt		S +		6.50%		10.17%	07/01/2027			34,611				34,611				34,219				2.08
Zarya Intermediate, LLC		(6) (7) (14) (17)		First Lien Debt		S +		6.50%		10.17%	07/01/2027			1,564				1,564				1,523				0.09
																		139,243				138,244				8.39
Software
Alert Media, Inc.		(6) (7)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%	04/12/2028			23,693				23,624				23,393				1.42
Alert Media, Inc.		(6) (7) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%	04/12/2028			747				733				693				0.04
Anaplan, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.17%	06/21/2029			32,546				32,254				32,383				1.97
Appfire Technologies, LLC		(6) (7) (11)		First Lien Debt		S +		4.75%		8.48%	03/09/2028			20,374				20,349				20,341				1.23
Appfire Technologies, LLC		(6) (7) (17)		First Lien Debt		S +		4.75%		8.48%	03/09/2028			—				(1	)			—				0.00
Apryse Software Corp.		(6) (9) (10) (11)		First Lien Debt		S +		4.50%		8.24%	06/28/2032			27,704				27,458				27,703				1.68
Apryse Software Corp.		(6) (9) (17)		First Lien Debt		S +		4.50%		8.24%	06/28/2032			1,347				1,327				1,347				0.08
Archduke Buyer, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.16%	12/03/2032			3,776				3,741				3,684				0.22
Archduke Buyer, Inc.		(6) (9) (17)		First Lien Debt		S +		5.50%		9.16%	12/03/2032			—				(2	)			(7	)			0.00
Artifact Bidco, Inc.		(6) (9) (11)		First Lien Debt		S +		4.15%		7.88%	07/28/2031			31,700				31,453				31,700				1.92
Artifact Bidco, Inc.		(6) (9) (17)		First Lien Debt		S +		4.15%		7.88%	07/28/2031			—				(28	)			—				0.00
Artifact Bidco, Inc.		(6) (9) (17)		First Lien Debt		S +		4.15%		7.88%	07/26/2030			—				(37	)			—				0.00
AuditBoard, Inc.		(6) (8)		First Lien Debt		S +		5.00%		8.72%	07/14/2031			22,200				22,028				21,502				1.30
AuditBoard, Inc.		(6) (8)		First Lien Debt		S +		5.00%		8.72%	07/14/2031			10,571				10,484				10,239				0.62
AuditBoard, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.72%	07/14/2031			—				(30	)			(133	)			(0.01	)
Banyan Software Holdings, LLC		(6) (7) (11)		First Lien Debt		S +		5.50%		9.14%	01/02/2031			12,022				11,926				11,871				0.72
Banyan Software Holdings, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.14%	01/02/2031			11,502				11,382				11,293				0.69
Banyan Software Holdings, LLC		(6) (7) (17)		First Lien Debt		S +		5.50%		9.14%	01/02/2031			240				230				224				0.01
Bottomline Technologies, Inc.		(6) (8) (11)		First Lien Debt		S +		4.50%		8.23%	05/14/2029			3,601				3,565				3,601				0.22
Bottomline Technologies, Inc.		(6) (8) (17)		First Lien Debt		S +		4.50%		8.23%	05/15/2028			—				(2	)			—				0.00
CLEO Communications Holding, LLC		(6) (7) (10)		First Lien Debt		S +		5.50%		9.24%	06/09/2027			38,275				38,202				38,275				2.32

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
CLEO Communications Holding, LLC		(6) (7) (17)		First Lien Debt		S +		5.50%		9.24%	06/09/2027			—				(20	)			—				0.00
Coupa Holdings, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.91%	02/27/2030			2,219				2,185				2,219				0.13
Coupa Holdings, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.91%	02/27/2030			1,085				1,070				1,085				0.07
Coupa Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.91%	02/27/2029			554				545				554				0.03
Cyara AcquisitionCo, LLC		(6) (7)		First Lien Debt		S +		5.50%		9.23%	06/28/2029			5,895				5,817				5,777				0.35
Cyara AcquisitionCo, LLC		(6) (7) (17)		First Lien Debt		S +		5.50%		9.23%	06/28/2029			—				(4	)			(6	)			0.00
Diligent Corporation		(6) (8)		First Lien Debt		S +		8.42% PIK		12.09%	08/02/2030			28,138				27,987				27,618				1.68
Diligent Corporation		(6) (8) (17)		First Lien Debt		S +		8.42% PIK		12.09%	08/02/2030			1,084				1,071				1,034				0.06
E-Discovery AcquireCo, LLC		(6) (7)		First Lien Debt		S +		6.25%		9.81%	08/29/2029			19,407				19,129				18,703				1.13
E-Discovery AcquireCo, LLC		(6) (7) (17)		First Lien Debt		S +		6.25%		9.81%	08/29/2029			1,272				1,245				1,185				0.07
Emburse, Inc.		(6) (8) (10)		First Lien Debt		S +		4.25%		7.98%	05/28/2032			3,684				3,676				3,684				0.22
Emburse, Inc.		(6) (8) (17)		First Lien Debt		S +		4.25%		7.98%	05/28/2032			—				(1	)			—				0.00
Emburse, Inc.		(6) (8) (17)		First Lien Debt		S +		4.25%		7.98%	05/28/2032			—				(1	)			—				0.00
Espresso Bidco, Inc.		(6) (8)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.48%	03/25/2032			18,585				18,355				18,213				1.11
Espresso Bidco, Inc.		(6) (8) (17)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.48%	03/25/2032			4,598				4,535				4,498				0.27
Espresso Bidco, Inc.		(6) (8) (17)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.48%	03/25/2032			—				(27	)			(44	)			0.00
Everbridge Holdings, LLC		(6) (8) (11)		First Lien Debt		S +		5.00%		8.68%	07/02/2031			23,717				23,625				23,717				1.44
Everbridge Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.68%	07/02/2031			3,228				3,205				3,228				0.20
Everbridge Holdings, LLC		(6) (8) (17)		First Lien Debt		S +		5.00%		8.68%	07/02/2031			—				(12	)			—				0.00
Formstack Acquisition, Co.		(6) (7) (11)		First Lien Debt		S +		5.25%		8.98%	03/28/2030			10,773				10,662				10,672				0.65
Formstack Acquisition, Co.		(6) (7)		First Lien Debt		S +		5.25%		8.98%	03/28/2030			1,048				1,038				1,038				0.06
Formstack Acquisition, Co.		(6) (7) (17)		First Lien Debt		S +		5.25%		8.98%	03/28/2030			459				439				439				0.03
Fullsteam Operations, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.90%	08/08/2031			13,761				13,640				13,369				0.81
Fullsteam Operations, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.90%	08/08/2031			—				(19	)			(131	)			(0.01	)
Fullsteam Operations, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.90%	08/08/2031			497				484				453				0.03
Granicus, Inc.		(6) (8)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		9.41%	01/17/2031			13,112				13,024				13,112				0.80
Granicus, Inc.		(6) (8) (17)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		9.41%	01/17/2031			8,130				8,072				8,130				0.49
Granicus, Inc.		(6) (8) (17)		First Lien Debt		P +		4.25%		11.00%	01/17/2031			144				132				144				0.01
GS AcquisitionCo, Inc.		(6) (7) (10) (11)		First Lien Debt		S +		5.25%		8.98%	05/25/2028			59,101				58,909				55,465				3.37
GS AcquisitionCo, Inc.		(6) (7)		First Lien Debt		S +		5.25%		8.98%	05/25/2028			24				24				23				0.00
GS AcquisitionCo, Inc.		(6) (7) (17)		First Lien Debt		S +		5.25%		8.98%	05/25/2028			2,468				2,460				2,316				0.14
Hootsuite, Inc.		(6) (8) (11) (14)		First Lien Debt		S +		5.50%		9.17%	05/22/2030			22,050				21,815				21,719				1.32

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Hootsuite, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		5.50%		9.17%	05/22/2030			300				276				263				0.02
Icefall Parent, Inc.		(6) (7)		First Lien Debt		S +		4.50%		8.23%	01/25/2030			5,156				5,087				5,156				0.31
Icefall Parent, Inc.		(6) (7) (17)		First Lien Debt		S +		4.50%		8.23%	01/25/2030			—				(6	)			—				0.00
Jawbreaker Parent, Inc.		(6) (9) (10)		First Lien Debt		S +		4.75%		8.48%	01/31/2033			5,064				5,016				4,988				0.30
Jawbreaker Parent, Inc.		(6) (9) (17)		First Lien Debt		S +		4.75%		8.48%	01/31/2033			—				(3	)			(10	)			0.00
Jawbreaker Parent, Inc.		(6) (9) (17)		First Lien Debt		S +		4.75%		8.48%	01/31/2033			—				(6	)			(10	)			0.00
LegitScript, LLC		(6) (8) (11)		First Lien Debt		S +		5.25%		8.89%	06/24/2029			25,896				25,635				25,573				1.55
LegitScript, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.89%	06/24/2029			685				678				676				0.04
LegitScript, LLC		(6) (8) (17)		First Lien Debt		S +		5.25%		8.89%	06/24/2028			2,500				2,473				2,448				0.15
LogRhythm, Inc.		(6) (7)		First Lien Debt		S +		7.5% (incl. 6.75% PIK)		11.16%	07/02/2029			9,167				8,985				7,952				0.48
LogRhythm, Inc.		(6) (7) (17)		First Lien Debt		S +		7.5% (incl. 6.75% PIK)		11.16%	07/02/2029			—				(16	)			(120	)			(0.01	)
Montana Buyer, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.39%	07/22/2029			8,381				8,340				8,381				0.51
Montana Buyer, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.39%	07/22/2028			—				(3	)			—				0.00
Nasuni Corporation		(6) (8)		First Lien Debt		S +		5.00%		8.73%	09/10/2030			14,483				14,319				14,229				0.86
Nasuni Corporation		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	09/10/2030			—				(32	)			(53	)			0.00
Netwrix Corporation And Concept Searching, Inc.		(6) (8) (11)		First Lien Debt		S +		4.75%		8.37%	06/11/2029			6,796				6,763				6,677				0.41
Netwrix Corporation And Concept Searching, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.37%	06/11/2029			—				(2	)			(8	)			0.00
Oak Purchaser, Inc.		(6) (8) (10)		First Lien Debt		S +		5.50%		9.23%	05/31/2028			3,560				3,542				3,498				0.21
Oak Purchaser, Inc.		(6) (8)		First Lien Debt		S +		5.50%		9.23%	05/31/2028			2,779				2,763				2,716				0.16
Oak Purchaser, Inc.		(6) (8) (17)		First Lien Debt		S +		5.50%		9.23%	05/31/2028			112				109				102				0.01
Onit, Inc.		(6) (8) (10) (11)		First Lien Debt		S +		4.75%		8.36%	01/27/2032			18,195				18,052				18,195				1.10
Onit, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.36%	01/27/2032			—				(28	)			—				0.00
Onit, Inc.		(6) (8) (17)		First Lien Debt		S +		4.75%		8.36%	01/27/2032			—				(18	)			—				0.00
Optimizely North America, Inc.		(6) (8) (11) (14)		First Lien Debt		S +		5.50% (incl. 3.00% PIK)		9.14%	10/30/2031			8,325				8,257				8,012				0.49
Optimizely North America, Inc.		(6) (8) (14)		First Lien Debt		E +		5.75% (incl. 3.00% PIK)		7.80%	10/30/2031		€	3,064				3,304				3,372				0.20
Optimizely North America, Inc.		(6) (8) (14)		First Lien Debt		SA +		6.00% (incl. 3.00% PIK)		9.73%	10/30/2031		£	1,021				1,318				1,305				0.08
Optimizely North America, Inc.		(6) (8) (14) (17)		First Lien Debt		S +		5.50% (incl. 3.00% PIK)		9.14%	10/30/2031			—				(9	)			(46	)			0.00
Pound Bidco, Inc.		(6) (7) (10) (14)		First Lien Debt		S +		5.25%		8.89%	05/01/2029			23,870				23,819				23,582				1.43
Pound Bidco, Inc.		(6) (7) (10) (14) (17)		First Lien Debt		S +		5.25%		8.89%	05/01/2029			788				785				773				0.05

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Project Leopard Holdings, Inc.		(9) (14)		First Lien Debt		S +		5.25%		9.01%	07/20/2029			6,060				5,838				3,642				0.22
Revalize, Inc.		(6) (7)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.13%	04/16/2029			19,470				19,441				17,560				1.07
Revalize, Inc.		(6) (7) (17)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.13%	04/16/2029			30				30				23				0.00
Riskonnect Parent, LLC		(6) (8) (11)		First Lien Debt		S +		4.75%		8.49%	12/07/2028			5,592				5,532				5,565				0.34
Riskonnect Parent, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.49%	12/07/2028			4,123				4,076				4,103				0.25
Riskonnect Parent, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.49%	12/07/2028			137				128				133				0.01
Rivet Bidco Limited		(6) (9) (14)		First Lien Debt		S +		4.50%		8.24%	04/08/2032			635				629				629				0.04
Rivet Bidco Limited		(6) (9) (14) (17)		First Lien Debt		S +		4.50%		8.24%	04/08/2032			—				(2	)			(2	)			0.00
Rivet Bidco Limited		(6) (9) (14) (17)		First Lien Debt		S +		4.50%		8.24%	04/08/2032			58				57				57				0.00
Runway Bidco, LLC		(6) (9) (11)		First Lien Debt		S +		4.50%		8.23%	12/17/2031			10,791				10,702				10,521				0.64
Runway Bidco, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	12/17/2031			—				(11	)			(68	)			0.00
Runway Bidco, LLC		(6) (9) (17)		First Lien Debt		S +		4.50%		8.23%	12/17/2031			—				(11	)			(34	)			0.00
Saturn Borrower, Inc.		(6) (7) (11)		First Lien Debt		S +		6.00%		9.73%	11/10/2028			11,315				11,203				10,989				0.67
Saturn Borrower, Inc.		(6) (7) (17)		First Lien Debt		S +		6.00%		9.73%	11/10/2028			513				495				459				0.03
Securonix, Inc.		(6) (8)		First Lien Debt		S +		7.75% (incl. 3.75% PIK)		11.42%	04/05/2029			22,236				22,084				17,952				1.09
Securonix, Inc.		(6) (8) (17)		First Lien Debt		S +		7.75% (incl. 3.75% PIK)		11.42%	04/05/2029			1,261				1,238				532				0.03
Trunk Acquisition, Inc.		(6) (7) (11)		First Lien Debt		S +		5.75%		9.49%	02/19/2030			9,462				9,427				9,455				0.57
Trunk Acquisition, Inc.		(6) (7) (17)		First Lien Debt		S +		5.75%		9.49%	02/19/2030			634				630				634				0.04
Trunk Acquisition, Inc.		(6) (7) (17)		First Lien Debt		S +		5.75%		9.49%	02/19/2030			—				(1	)			(1	)			0.00
User Zoom Technologies, Inc.		(6) (8)		First Lien Debt		S +		7.25% (incl. 1.25% PIK)		10.90%	04/05/2029			42,025				41,591				40,028				2.43
Vanco Payment Solutions, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.48%	12/01/2031			3,706				3,672				3,632				0.22
Vanco Payment Solutions, LLC		(6) (8) (17)		First Lien Debt		S +		4.75%		8.48%	12/01/2031			—				(2	)			(3	)			0.00
																		757,860				739,780				44.95
Transportation Infrastructure
Jeppesen Holdings, LLC		(6) (9)		First Lien Debt		S +		4.75%		8.41%	11/01/2032			13,057				12,997				12,927				0.78
Jeppesen Holdings, LLC		(6) (9) (17)		First Lien Debt		S +		4.75%		8.41%	11/01/2032			—				(3	)			(7	)			0.00
																		12,994				12,920				0.78
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (8)		First Lien Debt		S +		5.00%		8.73%	05/13/2032			2,813				2,789				2,792				0.17
CCI Buyer, Inc.		(6) (8) (17)		First Lien Debt		S +		5.00%		8.73%	05/13/2032			—				(1	)			(1	)			0.00
Mobile Communications America, Inc.		(6) (7) (10) (11)		First Lien Debt		S +		4.75%		8.42%	10/16/2029			5,806				5,752				5,806				0.35

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)	Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Mobile Communications America, Inc.		(6) (7) (17)		First Lien Debt		S +		4.75%		8.42%	10/16/2029			1,537				1,518				1,537				0.09
Mobile Communications America, Inc.		(6) (7) (17)		First Lien Debt		S +		4.75%		8.42%	10/16/2029			—				(8	)			—				0.00
																		10,050				10,134				0.61
Total Debt Investments - non-controlled/non-affiliated																	$	3,479,057			$	3,367,018				204.33	%
Debt Investments - non-controlled/affiliated
Distributors
Alpine Acquisition Corp. II		(6) (7) (18)		First Lien Debt		S +		5.25%		8.79%	01/14/2031			3,764				3,764				3,764				0.23
Alpine Acquisition Corp. II		(6) (7) (17) (18)		First Lien Debt		S +		5.25%		8.79%	01/14/2031			—				(2	)			—				0.00
Alpine Acquisition Corp. II		(6) (7) (17) (18)		First Lien Debt		S +		5.25%		8.79%	01/14/2031			—				(29	)			—				0.00
																		3,733				3,764				0.23
Electronic Equipment, Instruments & Components
Abracon Borrower, LLC		(6) (18)		First Lien Debt		S +		5.50%		9.38%	06/10/2030			2,349				2,349				2,349				0.14
Abracon Borrower, LLC		(6) (17) (18)		First Lien Debt		S +		5.50%		9.38%	06/10/2030			10				—				—				0.00
																		2,349				2,349				0.14
Health Care Providers & Services
DCA Buyer, LLC		(6) (8) (18)		First Lien Debt		S +		6.50% (incl. 2.25% PIK)		10.25%	06/02/2031			11,702				11,702				11,702				0.71
DCA Buyer, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		10.25%	06/02/2031			1,732				1,715				1,715				0.10
																		13,417				13,417				0.81
Professional Services
KWOR Acquisition, Inc.		(6) (7) (18)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%	02/28/2030			1,116				1,116				1,116				0.07
KWOR Acquisition, Inc.		(6) (7) (17) (18)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%	02/28/2030			—				(12	)			—				0.00
KWOR Acquisition, Inc.		(6) (7) (17) (18)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%	02/28/2030			—				(18	)			—				0.00
KWOR Acquisition, Inc.		(6) (7) (18)		Unsecured Debt		S +		8.00% PIK		11.67%	02/28/2030			1,187				1,187				777				0.05
																		2,273				1,893				0.11
Total Debt Investments - non-controlled/affiliated																	$	21,772			$	21,423				1.30	%
Total Debt Investments																	$	3,500,829			$	3,388,441				205.63	%

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread					Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
AASC Holdings, LP		(6) (15) (16)		Common Equity							11/14/2025			508				687				663				0.04
																		687				663				0.04
Automobile Components
Continental Group Holdings, LP		(6) (12) (15) (16)		Common Equity							07/16/2025			7,758				—				—				0.00
Shelby Co-invest, LP (Spectrum Automotive)		(6) (15) (16)		Common Equity							06/29/2021			8,500				850				1,672				0.10
																		850				1,672				0.10
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (15) (16)		Common Equity							01/17/2025			240,000				228				344				0.02
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (15) (16)		Common Equity							12/20/2021			1,000,000				1,000				1,832				0.11
Surewerx Topco, LP		(6) (14) (15) (16)		Common Equity							12/28/2022			512				512				650				0.04
																		1,740				2,826				0.17
Containers & Packaging
BP Purchaser, LLC		(6) (15) (16)		Common Equity							10/12/2021			1,383,156				1,379				—				0.00
BP Purchaser, LLC Rights		(6) (15) (16)		Common Equity							03/12/2024			1,666,989				75				—				0.00
FORTIS Solutions Group, LLC		(6) (15)		Preferred Equity				12.25% PIK			06/24/2022			1,000,000				1,599				976				0.06
																		3,053				976				0.06
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (15)		Preferred Equity				12.50% PIK			09/05/2024			83				1,017				965				0.06
FPG Parent, LLC		(6) (15) (16)		Common Equity							07/25/2025			341				—				—				0.00
Leaf Home, LLC		(6) (15)		Preferred Equity				14.00% PIK			09/05/2025			500				542				663				0.04
Leaf Home, LLC		(6) (15) (16)		Warrants							09/05/2025			2				—				—				0.00
LUV Car Wash		(6) (15) (16)		Common Equity							04/06/2022			123				123				70				0.00
																		1,682				1,698				0.10
Electrical Equipment
Sparkstone Electrical Group		(6) (15) (16)		Common Equity							10/15/2024			1,500				150				69				0.00
																		150				69				—
Financial Services
Applitools, Inc.		(6) (14) (15) (16)		Common Equity							07/18/2025			1,050,864				602				366				0.02
GTCR ABC Holdings, LLC		(6) (15) (16)		Common Equity							04/14/2026			99,900				—				—				0.00
GTCR ABC Holdings, LLC		(6) (15) (16)		Preferred Equity				8.00% PIK			04/14/2026			100				101				101				0.01
																		703				467				0.03

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread					Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Food Products
Pet Holdings, Inc. (Brightpet)		(6) (15) (16)		Common Equity							03/22/2021			17,543				2,013				—				0.00
																		2,013				—				0.00
Health Care Providers & Services
mPulse Mobile, Inc.		(6) (15) (16)		Common Equity							12/17/2021			165,761				1,220				842				0.05
SDB Holdco, LLC		(6) (12) (15) (16)		Common Equity							03/29/2024			5,460,555				—				—				0.00
Suveto Buyer, LLC		(6) (14) (15) (16)		Common Equity							11/19/2021			19,257				1,926				2,430				0.15
Vardiman Black Holdings, LLC		(6) (12) (15)		Preferred Equity				6.00% PIK			03/29/2024			2,649,446				1,974				—				0.00
																		5,120				3,272				0.20
Insurance Services
Amerilife Holdings, LLC		(6) (15) (16)		Common Equity							09/01/2022			908				25				51				0.00
Frisbee Holdings, LP (Fetch)		(6) (15) (16)		Common Equity							10/31/2022			21,744				277				794				0.05
Integrity Marketing Acquisition, LLC		(6) (15)		Preferred Equity				10.50% PIK			12/21/2021			3,250,000				5,127				3,234				0.20
																		5,429				4,079				0.25
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (15) (16)		Common Equity							09/09/2025			500,000				—				—				0.00
FMG Suite Holdings, LLC		(6) (15)		Preferred Equity				8.00% PIK			09/09/2025			500,000				533				513				0.03
																		533				513				0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)		(14) (15) (16)		Preferred Equity		S +		7.50% PIK			05/12/2021			9,613,957				6,993				6,338				0.38
Help HP SCF Investor, LP (Help/Systems)		(14) (15) (16)		Common Equity							05/12/2021			5,607				5,468				9,843				0.60
Recovery Point Systems, Inc.		(6) (15) (16)		Common Equity							03/05/2021			1,000,000				1,000				604				0.04
																		13,461				16,785				1.02
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (15) (16)		Common Equity							03/09/2021			29,441				2,944				677				0.04
Verdantas, LLC		(6) (15) (16)		Common Equity							05/03/2024			4,780				5				7				0.00
Verdantas, LLC		(6) (15)		Preferred Equity				10.00% PIK			05/03/2024			473,220				585				664				0.04
																		3,534				1,348				0.08
Real Estate Management & Development
Pritchard Industries, LLC		(6) (15) (16)		Common Equity							10/13/2021			1,882,739				1,938				1,385				0.08
Software
Diligent Corporation		(6) (15)		Preferred Equity				10.50% PIK			04/05/2021			5,000				8,262				7,761				0.47

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Table of Contents

 

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread					Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Fullsteam Operations, LLC		(6) (15) (16)		Common Equity							11/27/2023			2,966				100				248				0.02
Knockout Intermediate Holdings I, Inc.		(6) (15)		Preferred Equity		S +		10.75% PIK			06/25/2022			1,531				3,291				2,850				0.17
Revalize, Inc.		(6) (15)		Preferred Equity		S +		10.00% PIK			12/14/2021			2,255				3,951				3,198				0.19
Reveal Data Solutions		(6) (15) (16)		Common Equity							08/29/2023			477,846				621				400				0.02
RSK Holdings, Inc. (Riskonnect)		(6) (15)		Preferred Equity		S +		10.50% PIK			07/07/2022			1,012,200				1,676				1,731				0.11
																		17,901				16,188				0.98
Total Equity Investments - non-controlled/non-affiliated																	$	58,794			$	51,941				3.15	%
Equity Investments - non-controlled/affiliated
Distributors
48Forty TopCo, LLC		(6) (15) (16) (18)		Common Equity							01/14/2026			1,076				—				—				0.00
48Forty TopCo, LLC		(6) (15) (16) (18)		Preferred Equity							01/14/2026			1,076				4,361				4,236				0.26
																		4,361				4,236				0.26
Electronic Equipment, Instruments & Components
Abracon TopCo, LLC		(6) (15) (16) (18)		Common Equity							06/08/2026			1,337				734				734				0.04
Health Care Providers & Services
DCA TopCo, LP		(6) (15) (16) (18)		Common Equity							06/02/2026			753,466				6,391				6,391				0.39
Professional Services
KWOR Intermediate I, Inc.		(6) (15) (16) (18)		Common Equity							02/28/2025			637				244				—				0.00
KWOR Intermediate I, Inc.		(6) (12) (15) (18)		Preferred Equity		S +		8.00% PIK			02/28/2025			680,778				754				—				0.00
																		998				—				0.00
Total Equity Investments - non-controlled/affiliated																	$	12,484			$	11,361				0.69	%
Equity Investments - controlled/affiliated
Investments in Joint Ventures
Capstone Lending, LLC		(15) (19)		Common Equity							02/19/2026			104,531,615				104,532				102,544				6.22
Total Equity Investments - controlled/affiliated																	$	104,532			$	102,544				6.22	%

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread			Acquisition Date		Par Amount/ Shares(4)			Cost(5)				Fair Value				Percentage of Net Assets
Total Equity Investments														$	175,810			$	165,846				10.06	%
Total Portfolio Investments														$	3,676,639			$	3,554,287				215.69	%

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread			Acquisition Date		Par Amount/ Shares(4)		Cost(5)				Fair Value				Percentage of Net Assets
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares								3.49%						14,357				14,357				0.87
Cash and Cash Equivalents														65,816				65,816				3.99
Total Cash and Cash Equivalents and Short Term Investments													$	80,173			$	80,173				4.87	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments													$	3,756,812			$	3,634,460				220.56	%

 

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2026, the Company “controls” one of its portfolio companies, as indicated below. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2026, the Company was an “affiliated person” of four of its portfolio companies, as indicated below.

(2)

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

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026. As of June 30, 2026, the reference rates for our variable rate loans were the C at 2.34%, the 1-month E at 2.20%, the 1-month S at 3.65%, the 3-month S at 3.73%, the 6-month S at 3.85%, the SA at 3.73% and the P at 6.75%.

(4)

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

(5)

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

(6)

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

(7)

Loan includes interest rate floor of 1.00%.

(8)

Loan includes interest rate floor of 0.75%.

(9)

Loan includes interest rate floor of 0.50%.

(10)

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

(11)

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

(12)

Investment was on non-accrual status as of June 30, 2026.

(13)

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

(14)

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 June 30, 2026, non-qualifying assets represented 7.82% of total assets as calculated in accordance with regulatory requirements.

(15)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of June 30, 2026, the aggregate fair value of these securities was $165,846 or 10.06% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(16)

Non-income producing security

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

(17)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2026:

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt — non-controlled/non-affiliated
365 Retail Market, LLC		Delayed Draw Term Loan		05/08/2028		$	937			$	(4	)
365 Retail Market, LLC		Revolver		05/06/2033			1,374				(13	)
AA&D Midco, Inc.		Revolver		11/29/2030			1,576				(16	)
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		09/10/2027			1,400				(36	)
Accel International Holdings, Inc.		Revolver		04/26/2032			1,499				—
Accordion Partners, LLC		Revolver		11/17/2031			3,043				(23	)
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			41				(1	)
Alert Media, Inc.		Revolver		04/12/2028			3,520				(44	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			2,769				(7	)
Amerilife Holdings, LLC		Revolver		08/31/2028			1,593				(4	)
Answer Acquisition, LLC		Revolver		06/30/2028			441				(39	)
Any Hour, LLC		Revolver		05/23/2030			308				(33	)
Apex Service Partners, LLC		Revolver		10/24/2029			1,304				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			1,977				(39	)
Apollo Acquisition, Inc.		Revolver		12/30/2030			2,498				(50	)
Appfire Technologies, LLC		Revolver		03/09/2028			167				—
Applitools, Inc.		Revolver		05/25/2028			303				(53	)
Aprio Advisory Group, LLC		Delayed Draw Term Loan		12/23/2027			1,251				(7	)
Aprio Advisory Group, LLC		Revolver		08/01/2031			117				(1	)
Apryse Software Corp.		Revolver		06/28/2032			949				—
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			3,294				(59	)
Aptean, Inc.		Revolver		01/30/2031			1,220				(22	)
Archduke Buyer, Inc.		Revolver		12/03/2032			274				(7	)
Arcoro Holdings Corp.		Revolver		03/28/2030			1,957				(61	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			7,759				—
Artifact Bidco, Inc.		Revolver		07/26/2030			5,542				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			161				(2	)
Ascend Partner Services, LLC		Revolver		08/11/2031			1,684				(21	)
Assembly Intermediate, LLC		Revolver		10/19/2028			2,074				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			398				—
Associations, Inc.		Revolver		07/03/2028			678				—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027			710				(3	)
Atlas US Finco, Inc.		Revolver		12/09/2028			632				(8	)
AuditBoard, Inc.		Revolver		07/14/2031			4,229				(133	)
AWP Group Holdings, Inc.		Revolver		12/22/2032			887				(13	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027			5,178				(65	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			1,064				(13	)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			1,972				(30	)
Blue River PetCare, LLC		Delayed Draw Term Loan		02/11/2028			701				(5	)
Blue River PetCare, LLC		Revolver		08/01/2029			127				(1	)

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Bottomline Technologies, Inc.		Revolver		05/15/2028			267				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		04/17/2028			6,263				(35	)
Bridgepointe Technologies, LLC		Revolver		04/18/2033			2,486				(24	)
Bullhorn, Inc.		Revolver		10/01/2029			622				(5	)
Caerus US 1, Inc.		Revolver		05/25/2029			329				(6	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			1,410				(11	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			837				(6	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			4,237				(23	)
CCI Buyer, Inc.		Revolver		05/13/2032			166				(1	)
Cerity Partners, LLC		Delayed Draw Term Loan		12/20/2027			1,539				(8	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			191				(1	)
Cerity Partners, LLC		Revolver		07/28/2031			195				(1	)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			1,910				(32	)
Chase Intermediate, LLC		Revolver		10/30/2028			330				(6	)
CLEO Communications Holding, LLC		Revolver		06/09/2027			12,502				—
Cliffwater, LLC		Revolver		04/22/2032			823				(6	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,000				(20	)
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027			1,033				(17	)
Consor Intermediate II, LLC		Delayed Draw Term Loan		11/10/2026			2,487				—
Consor Intermediate II, LLC		Revolver		05/12/2031			915				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			9,500				(95	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			1,414				(14	)
Coupa Holdings, LLC		Revolver		02/27/2029			277				—
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			1,385				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			1,647				—
CSHC Buyerco, LLC		Delayed Draw Term Loan		04/30/2029			176				(1	)
CSHC Buyerco, LLC		Revolver		04/29/2033			260				(2	)
Cyara AcquisitionCo, LLC		Revolver		06/28/2029			313				(6	)
Cyber US Bidco, LLC		Delayed Draw Term Loan		01/02/2029			795				(16	)
Cyber US Bidco, LLC		Revolver		12/30/2032			349				(7	)
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			2,204				(44	)
DA Blocker Corp.		Revolver		02/10/2032			632				(13	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			1,628				(30	)
Diligent Corporation		Revolver		08/02/2030			1,661				(31	)
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			125				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			3,529				—
Dwyer Instruments, Inc.		Revolver		07/20/2029			209				(2	)
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			719				(12	)
Eclipse Buyer, Inc.		Revolver		09/06/2031			365				(6	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			1,113				(40	)
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			658				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Emburse, Inc.		Revolver		05/28/2032			658				—
Energy Labs Holdings Corp.		Delayed Draw Term Loan		11/24/2027			199				(4	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			92				(2	)
eShipping, LLC		Delayed Draw Term Loan		12/23/2027			1,075				(11	)
eShipping, LLC		Revolver		12/23/2032			537				(5	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			398				(8	)
Espresso Bidco, Inc.		Revolver		03/25/2032			2,198				(44	)
Essential Services Holding Corporation		Revolver		06/17/2030			1,670				(101	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			5,385				—
EVDR Purchaser, Inc.		Revolver		02/14/2031			2,208				—
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2027			5,083				—
Everbridge Holdings, LLC		Revolver		07/02/2031			3,344				—
Express Wash Acquisition Company, LLC		Revolver		04/10/2031			112				(2	)
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			1,354				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,000				—
FLS Holding, Inc.		Revolver		12/15/2028			23				(3	)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			3,113				(47	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			1,868				(28	)
Formstack Acquisition, Co.		Revolver		03/28/2030			1,728				(16	)
FORTIS Solutions Group, LLC		Revolver		10/13/2028			1,214				(8	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			30				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			4,403				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			21				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			4,587				(131	)
Fullsteam Operations, LLC		Revolver		08/08/2031			1,032				(29	)
Galway Borrower, LLC		Delayed Draw Term Loan		02/07/2028			958				(14	)
Galway Borrower, LLC		Revolver		09/29/2028			1,511				(21	)
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			3,030				(45	)
GarageCo Intermediate II, LLC		Revolver		08/02/2032			909				(14	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			30				—
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027			2,453				(20	)
GC Waves Holdings, Inc.		Revolver		10/04/2030			271				(2	)
Goose Borrower, LP		Revolver		03/02/2033			329				(3	)
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027			956				—
GPS Merger Sub, LLC		Revolver		10/02/2029			1,370				—
Granicus, Inc.		Delayed Draw Term Loan		07/31/2026			929				—
Granicus, Inc.		Revolver		01/17/2031			1,656				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			2				—
GTCR ABC Buyer, LLC		Delayed Draw Term Loan		04/14/2028			256				(1	)
GTCR ABC Buyer, LLC		Revolver		04/14/2033			128				(1	)
Heartland Veterinary Partners, LLC		Delayed Draw Term Loan		11/08/2027			2,187				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Heartland Veterinary Partners, LLC		Revolver		06/12/2028			375				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027			1,550				—
High Street Buyer, Inc.		Revolver		04/14/2028			2,136				(18	)
Hootsuite, Inc.		Revolver		05/22/2030			2,200				(33	)
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			2,165				—
Hyland Software, Inc.		Revolver		09/19/2029			1,741				(3	)
Icefall Parent, Inc.		Revolver		01/25/2030			507				—
iCIMS, Inc.		Revolver		08/18/2028			32				(1	)
IG Investment Holdings, LLC		Revolver		09/22/2028			1,211				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			1,718				—
Imagine 360, LLC		Revolver		10/02/2028			1,064				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			4,976				—
Inhabitiq, Inc.		Revolver		01/12/2032			3,110				—
Inszone Mid, LLC		Delayed Draw Term Loan		10/18/2027			2,296				(17	)
Inszone Mid, LLC		Revolver		11/30/2029			1,787				(13	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			353				—
Invictus Buyer, LLC		Revolver		06/03/2031			625				—
IQN Holding Corp.		Revolver		05/02/2028			180				—
Iris Buyer, LLC		Revolver		10/02/2029			1,001				(8	)
Iris Specialty Acquisition, LLC		Delayed Draw Term Loan		11/20/2028			1,130				(2	)
Iris Specialty Acquisition, LLC		Revolver		11/22/2032			844				(2	)
Jawbreaker Parent, Inc.		Delayed Draw Term Loan		01/30/2029			660				(10	)
Jawbreaker Parent, Inc.		Revolver		01/31/2033			660				(10	)
Jeppesen Holdings, LLC		Revolver		11/01/2032			653				(7	)
Jonathan Acquisition Company		Revolver		05/11/2029			295				(4	)
KENG Acquisition, Inc.		Revolver		08/01/2029			1,171				(18	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			488				(1	)
Kodiak Buyer, LLC		Revolver		07/26/2032			429				(1	)
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027			865				(24	)
LeadVenture, Inc.		Revolver		06/23/2032			797				(22	)
LegitScript, LLC		Revolver		06/24/2028			1,667				(21	)
LHS Borrower, LLC		Revolver		09/04/2031			395				(10	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/17/2028			280				(2	)
LJ Avalon Holdings, LLC		Revolver		02/01/2029			572				(5	)
LogRhythm, Inc.		Revolver		07/02/2029			909				(120	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			2,529				—
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			659				(12	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		12/11/2028			2,400				(12	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			1,217				(21	)
Majesco, Inc.		Revolver		01/07/2033			628				(5	)
ManTech International CP		Revolver		09/14/2028			507				(2	)

36

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Merative, LP		Delayed Draw Term Loan		09/30/2027			2,071				—
Merative, LP		Revolver		09/30/2032			1,812				—
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			1,000				(5	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			612				—
Mobile Communications America, Inc.		Revolver		10/16/2029			960				—
Model N, Inc.		Revolver		06/27/2031			1,741				(19	)
Montana Buyer, Inc.		Revolver		07/22/2028			981				—
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			1,731				(65	)
mPulse Mobile, Inc.		Revolver		02/25/2033			2,596				(97	)
MRI Software, LLC		Revolver		02/10/2028			1,300				(3	)
Nasuni Corporation		Revolver		09/10/2030			3,017				(53	)
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			686				(10	)
NDT Global Holding, Inc.		Revolver		06/04/2032			613				(9	)
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			431				(8	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			860				(15	)
Oak Purchaser, Inc.		Revolver		05/31/2028			447				(8	)
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028			876				(23	)
OEConnection, LLC		Revolver		12/23/2032			231				(6	)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027			982				(15	)
One, Inc. Software Corporation		Revolver		12/06/2032			393				(6	)
Onit, Inc.		Delayed Draw Term Loan		01/27/2027			6,944				—
Onit, Inc.		Revolver		01/27/2032			2,315				—
Optimizely North America, Inc.		Revolver		10/30/2031			1,236				(46	)
Pamlico Avant Holdings, LP		Revolver		12/31/2032			208				(3	)
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			939				(9	)
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			3,577				(86	)
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027			1,613				(8	)
PMA Parent Holdings, LLC		Revolver		01/31/2031			354				(4	)
Pound Bidco, Inc.		Revolver		05/01/2029			375				(5	)
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026			579				—
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028			238				—
Project Accelerate Parent, LLC		Revolver		02/24/2031			1,250				—
Project Potter Buyer, LLC		Revolver		04/23/2027			1,173				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			2,432				(6	)
Railpros Parent, LLC		Revolver		05/24/2032			1,737				(4	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		12/20/2027			2,742				(34	)
Randy's Holdings, Inc.		Revolver		11/01/2029			798				(10	)
Raptor Merger Sub Debt, LLC		Delayed Draw Term Loan		03/10/2028			616				(3	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2030			1,791				(14	)
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			1,287				(19	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			1,950				(29	)

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Recovery Point Systems, Inc.		Revolver		02/14/2028			4,000				—
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			8				—
Revalize, Inc.		Revolver		04/16/2029			41				(4	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			7,116				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			2,756				—
Riskonnect Parent, LLC		Revolver		12/07/2028			778				(4	)
Rivet Bidco Limited		Delayed Draw Term Loan		04/09/2029			501				(2	)
Rivet Bidco Limited		Revolver		04/08/2032			75				(1	)
RoadOne IntermodaLogistics		Revolver		12/29/2028			35				(3	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,131				(13	)
Routeware, Inc.		Revolver		09/18/2031			273				(3	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			2,715				(68	)
Runway Bidco, LLC		Revolver		12/17/2031			1,357				(34	)
Saturn Borrower, Inc.		Revolver		11/10/2028			1,363				(39	)
Securonix, Inc.		Revolver		04/05/2029			2,521				(486	)
Sherlock Buyer Corp.		Revolver		12/07/2029			1,286				(110	)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			953				(41	)
Smarsh, Inc.		Revolver		02/16/2029			343				(15	)
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			875				(68	)
Spark Buyer, LLC		Revolver		10/15/2031			197				(15	)
Specialty Pharma III, Inc.		Revolver		12/23/2032			418				(4	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			96				—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			726				—
Stepping Stones Healthcare Services, LLC		Revolver		12/18/2032			625				(4	)
Superman Holdings, LLC		Revolver		08/29/2031			2,901				(22	)
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2026			301				—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			1,050				—
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			122				—
Suveto Buyer, LLC		Revolver		09/09/2027			1,296				—
SV Newco 2, Inc.		Revolver		06/02/2031			4,856				(29	)
Sweep Purchaser, LLC		Revolver		06/30/2027			984				—
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028			2,984				(27	)
TA Polaris Buyer, Inc.		Revolver		12/12/2032			1,297				(12	)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(6	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			1,853				(5	)
Tank Holding Corp.		Revolver		03/31/2028			707				(30	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			1,534				(77	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			356				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			1,835				(50	)
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			550				(15	)
Transit Technologies, LLC		Revolver		08/20/2030			1,705				(47	)

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Trintech, Inc.		Delayed Draw Term Loan		01/28/2028			2,284				(51	)
Trintech, Inc.		Revolver		01/28/2033			1,713				(38	)
Triple Lift, Inc.		Revolver		05/05/2028			4,000				(215	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			112				—
Trunk Acquisition, Inc.		Revolver		02/19/2030			857				(1	)
Two Six Labs, LLC		Revolver		08/20/2030			3,392				(25	)
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			740				(6	)
UHY Advisors, Inc.		Revolver		11/21/2031			461				(3	)
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			2,378				(42	)
UpStack, Inc.		Revolver		08/25/2031			938				(16	)
V Global Holdings, LLC		Revolver		01/02/2029			355				(30	)
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			2,250				(51	)
Vamos Bidco, Inc.		Revolver		01/30/2032			562				(13	)
Vanco Payment Solutions, LLC		Revolver		12/01/2031			175				(3	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			503				(9	)
Vensure Employer Services, Inc.		Delayed Draw Term Loan		03/06/2028			644				(8	)
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			382				(10	)
Verdantas, LLC		Revolver		05/06/2030			954				(24	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			603				(21	)
Vertex Service Partners, LLC		Revolver		11/08/2030			107				(4	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			46				(1	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028			1,093				(16	)
Vessco Midco Holdings, LLC		Revolver		07/24/2031			920				(13	)
Victors Purchaser, LLC		Delayed Draw Term Loan		12/23/2027			1,030				—
Victors Purchaser, LLC		Revolver		12/23/2032			764				—
VRC Companies, LLC		Revolver		06/29/2027			1,540				(2	)
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028			1,831				(18	)
WIPFLI Advisory, LLC		Revolver		10/01/2032			1,462				(15	)
World Insurance Associates, LLC		Revolver		04/03/2030			1,269				(6	)
YI, LLC		Revolver		12/03/2029			883				—
Zarya Intermediate, LLC		Revolver		07/01/2027			2,085				(24	)
Zenith Acquisitionco, LLC		Delayed Draw Term Loan		01/15/2029			658				(6	)
Zenith Acquisitionco, LLC		Revolver		11/26/2032			259				(2	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated						$	399,902			$	(4,827	)
First Lien Debt — non-controlled/affiliated
Abracon Group Holding, LLC		Revolver		06/10/2030			201				(9	)
Alpine Acquisition Corp. II		Delayed Draw Term Loan		01/14/2028			161				—
Alpine Acquisition Corp. II		Revolver		01/14/2031			645				—
KWOR Acquisition, Inc.		Delayed Draw Term Loan		02/28/2027			690				—
KWOR Acquisition, Inc.		Revolver		02/28/2030			506				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated						$	2,203			$	(9	)
Total Unfunded Commitments						$	402,105			$	(4,836	)

 

(18)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for six months ended June 30, 2026 were as follows:

 

 

		Fair Value as of December 31, 2025				Gross Additions (e)				Gross Reductions (f)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of June 30, 2026				Interest, Dividend and Other Income
KWOR Acquisition, Inc.(a)		$	4,789			$	191			$	(2,159	)		$	(928	)		$	—			$	1,893			$	171
Alpine Acquisition Corp. II(b)			—				8,095				—				(95	)			—				8,000				164
Abracon Group Holding, LLC(c)			—				3,141				(58	)			—				—				3,083				14
DCA Buyer, LLC(d)			—				19,808				—				—				—				19,808				108
Total		$	4,789			$	31,235			$	(2,217	)		$	(1,023	)		$	—			$	32,784			$	457

 

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

(b) Inclusive of positions titled 48Forty TopCo, LLC.

(c) Inclusive of positions titled Abracon TopCo, LLC.

(d) Inclusive of positions titled DCA TopCo, LP

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

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

 

 

(19) As defined in the 1940 Act, the Company is deemed to be a “control person” of the portfolio company as the Company owns, either directly or indirectly, 25% or more of the portfolio company’s voting securities (“controlled affiliate”). Transactions related to investments in controlled affiliates for the six months ended June 30, 2026 were as follows:

 

		Fair Value as of December 31, 2025				Gross Additions (a)				Gross Reductions (b)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of June 30, 2026				Interest, Dividend and Other Income
Capstone Lending LLC		$	—			$	104,532			$	—			$	(1,987	)		$	—			$	102,544			$	4,181
Total		$	—			$	104,532			$	—			$	(1,987	)		$	—			$	102,544			$	4,181

 

Although the Company owns more than 25% of the voting securities of Capstone Lending LLC, the Company does not believe that it has control over Capstone Lending LLC (other than for purposes of 1940 Act). See Note 4 “Investments”.

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

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

Additional Information

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

June 30, 2026

(In thousands, except share amounts)

 

Interest Rate Swaps(a)(b)(d)
Counterparty		Hedged Instrument		Company Receives		Company Pays		Maturity Date		Notional Amount				Fair Value				Upfront Payments/ Receipts				Change in Unrealized Appreciation/ (Depreciation)
BNP Paribas(c)		2029 Notes		6.41%		S + 2.37%		05/17/2029		$	350,000			$	245				—			$	(6,592	)
BNP Paribas(c)		2030 Notes		6.25%		S + 2.54%		05/19/2030			350,000				(3,418	)			—				(6,735	)
Wells Fargo(e)		2031 Notes		6.10%		S + 2.20%		07/15/2031			350,000				(1,070	)			—				(1,070	)
										$	1,050,000			$	(4,243	)		$	—			$	(14,397	)

 

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

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

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

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

(e) For further details, see Note 12 “Subsequent Events” to our consolidated financial statements included in this report.

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

 

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
GB Eagle Buyer, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			7,138			$	7,069			$	7,069				0.40	%
GB Eagle Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			—				(8	)			(8	)			0.00
GB Eagle Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.35%		11/29/2030			—				(11	)			(11	)			0.00
Jonathan Acquisition Company		(6) (8)		First Lien Debt		S +		4.50%		8.34%		11/12/2029			2,673				2,634				2,634				0.15
Jonathan Acquisition Company		(6) (8) (16)		First Lien Debt		S +		4.50%		8.34%		05/11/2029			—				(5	)			(5	)			0.00
ManTech International CP		(6) (9) (18)		First Lien Debt		S +		4.50%		8.29%		09/14/2029			4,132				4,129				4,132				0.24
ManTech International CP		(6) (9) (16)		First Lien Debt		S +		4.50%		8.29%		09/14/2029			—				—				—				—
ManTech International CP		(6) (16)		First Lien Debt		P +		3.50%		10.25%		09/14/2028			—				—				—				—
Two Six Labs, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.25%		9.22%		08/20/2027			36,753				36,465				36,741				2.10
Two Six Labs, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.22%		08/20/2027			6,382				6,329				6,382				0.37
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.22%		08/20/2027			—				(12	)			—				—
																			56,590				56,934				3.26
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.57%		06/11/2027			14,850				14,751				14,776				0.85
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		9.95%		12/29/2028			1,622				1,594				1,557				0.09
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		9.95%		12/29/2028			149				146				143				0.01
RoadOne IntermodaLogistics		(6) (8) (16)		First Lien Debt		S +		6.25%		9.95%		12/29/2028			295				290				281				0.02
																			16,781				16,757				0.96
Automobile Components
Continental Battery Company		(6) (8) (11)		First Lien Debt		S +		7.00% PIK		11.29%		07/20/2028			6,473				6,415				2,740				0.16
OEConnection, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.23%		12/23/2032			1,493				1,486				1,486				0.09
OEConnection, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.23%		12/23/2032		—					(2	)			(2	)			0.00
OEConnection, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.23%		12/23/2032		—					(1	)			(1	)			0.00
PAI Holdco, Inc.		(6) (8)		Second Lien Debt		S +		7.50% (incl. 2.00% PIK)		11.47%		10/28/2028			27,707				27,377				22,923				1.31
Randy's Holdings, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		8.71%		11/01/2029			7,226				7,095				7,154				0.41
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		8.71%		11/01/2029			1,817				1,762				1,781				0.10
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		8.71%		11/01/2029		—					(15	)			(9	)			0.00
Sonny's Enterprises, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.52%		08/05/2028			45,077				44,742				43,805				2.51
Sonny's Enterprises, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.52%		08/05/2028			112				111				109				0.01
Spectrum Automotive Holdings Corp.		(6) (7) (9) (18)		First Lien Debt		S +		5.25%		8.97%		06/29/2028			22,930				22,783				22,930				1.31
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.97%		06/29/2028			15,836				15,691				15,836				0.91
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.97%		06/29/2027			—				(3	)			—				—
																			127,441				118,752				6.79
Automobiles
COP Collisionright Parent, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			8,994				8,877				8,970				0.51

 

42

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			5,968				5,848				5,929				0.34
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.59%		01/29/2030			202				185				198				0.01
Drivecentric Holdings, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			26,595				26,370				26,595				1.52
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(1	)			—				—
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.19%		08/15/2031			—				(28	)			—				—
LeadVenture, Inc.		(6) (7) (9)		First Lien Debt		S +		5.25%		8.92%		06/23/2032			8,809				8,684				8,809				0.50
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.92%		06/23/2032			554				538				554				0.03
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.92%		06/23/2032			168				157				168				0.01
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		9.82%		06/02/2026			36,896				36,836				36,896				2.11
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		9.82%		06/02/2026			37,080				37,016				37,080				2.12
Vehlo Purchaser, LLC		(6) (9) (18)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			4,075				4,048				4,067				0.23
Vehlo Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			15,513				15,377				15,513				0.89
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.22%		05/24/2028			—				(4	)			—				—
																			143,903				144,779				8.28
Banks
Computer Services, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.17%		11/17/2031			2,257				2,246				2,246				0.13
Computer Services, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.17%		11/17/2031		—					(3	)			(3	)			0.00
																			2,243				2,243				0.13
Beverages
Vamos Bidco, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.42%		01/30/2032			5,373				5,324				5,332				0.31
Vamos Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.42%		01/30/2032		—					(10	)			(17	)			0.00
Vamos Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.42%		01/30/2032		—					(6	)			(5	)			0.00
																			5,308				5,310				0.30
Building Products
Project Potter Buyer, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		8.92%		04/23/2027			14,964				14,958				14,964				0.86
Project Potter Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		8.92%		04/23/2027			—				—				—				—
																			14,958				14,964				0.86
Chemicals
Tank Holding Corp.		(7) (9) (18)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			15,394				15,247				14,066				0.80
Tank Holding Corp.		(9)		First Lien Debt		S +		6.00%		9.59%		03/31/2028			483				473				441				0.03
Tank Holding Corp.		(9) (16)		First Lien Debt		S +		6.00%		9.59%		03/31/2028		—					(6	)			(69	)			0.00
V Global Holdings, LLC		(6) (7) (9)		First Lien Debt		S +		6.25% (incl. 3.70% PIK)		9.27%		01/02/2029			4,761				4,721				4,384				0.25
V Global Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		6.25% (incl. 3.70% PIK)		9.27%		01/02/2029			280				277				227				0.01
																			20,712				19,049				1.09
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.49%		12/26/2028			16,754				16,633				16,754				0.96
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.49%		12/26/2028			5,377				5,347				5,377				0.31
Astra Service Partners, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.34%		11/26/2032			4,500				4,467				4,467				0.26

 

43

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Astra Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.34%		11/26/2032		—					(5	)			(5	)			0.00
Atlas US Finco, Inc.		(6) (8) (12)		First Lien Debt		S +		4.75%		8.61%		12/09/2029			8,881				8,742				8,881				0.51
Atlas US Finco, Inc.		(6) (8) (12)		First Lien Debt		S +		4.75%		8.61%		12/10/2029			4,233				4,214				4,233				0.24
Atlas US Finco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		4.75%		8.61%		12/09/2028			—				(5	)			—				—
BPG Holdings IV Corp.		(6) (9)		First Lien Debt		S +		7.00% (incl. 5.00% PIK)		10.67%		07/30/2029			11,855				11,390				9,325				0.53
Consor Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			6,834				6,786				6,826				0.39
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		05/12/2031		—					(19	)			(3	)			0.00
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		05/12/2031			244				235				243				0.01
CRCI Longhorn Holdings, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			9,784				9,700				9,784				0.56
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			—				(10	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.47%		08/27/2031			—				(13	)			—				—
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		8.82%		04/07/2028			462				458				452				0.03
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		8.82%		04/07/2028			470				464				456				0.03
Energy Labs Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.00%		8.82%		04/07/2028			67				65				62				0.00
Firebird Acquisition Corp, Inc.		(6) (9)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			5,757				5,732				5,757				0.33
Firebird Acquisition Corp, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			1,350				1,339				1,350				0.08
Firebird Acquisition Corp, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		8.84%		02/02/2032			—				(4	)			—				—
FLS Holding, Inc.		(6) (8) (12)		First Lien Debt		S +		5.25%		9.07%		12/15/2028			18,641				18,454				15,886				0.91
FLS Holding, Inc.		(6) (8) (12)		First Lien Debt		S +		5.25%		9.07%		12/15/2028			4,371				4,325				3,725				0.21
FLS Holding, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		5.25%		9.07%		12/17/2027			1,780				1,768				1,513				0.09
Hercules Borrower, LLC		(6) (9)		First Lien Debt		S +		4.75%		8.42%		12/15/2028			4,959				4,931				4,909				0.28
Hercules Borrower, LLC		(6) (9)		First Lien Debt		C +		4.75%		7.01%		12/15/2028		C$ 2,993					2,090				2,161				0.12
HSI Halo Acquisition, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		8.84%		06/30/2031			13,451				13,339				13,397				0.77
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		8.84%		06/30/2031			1,616				1,596				1,603				0.09
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		8.84%		06/28/2030		—					(16	)			(9	)			0.00
Iris Buyer, LLC		(6) (8) (12) (18)		First Lien Debt		S +		5.25%		9.09%		10/02/2030			7,047				6,903				7,028				0.40
Iris Buyer, LLC		(6) (8) (12)		First Lien Debt		S +		5.25%		9.09%		10/02/2030			648				634				646				0.04
Iris Buyer, LLC		(6) (8) (12) (16)		First Lien Debt		S +		5.25%		9.09%		10/02/2029		—					(17	)			(2	)			0.00
Procure Acquireco, Inc. (Procure Analytics)		(6) (9)		First Lien Debt		S +		4.75%		8.42%		12/20/2028			3,810				3,772				3,810				0.22
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		12/20/2028			308				303				308				0.02

 

44

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		12/20/2028			—				(2	)			—				—
Railpros Parent, LLC		(6) (9)		First Lien Debt		S +		4.25%		8.13%		05/24/2032			11,261				11,156				11,149				0.64
Railpros Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.13%		05/24/2032		—					(16	)			(35	)			0.00
Railpros Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.13%		05/24/2032		—					(16	)			(17	)			0.00
Routeware, Inc.		(6) (8)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			3,182				3,154				3,171				0.18
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			193				186				188				0.01
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		8.95%		09/18/2031			68				65				67				0.00
Sherlock Buyer Corp.		(6) (8) (18)		First Lien Debt		S +		5.75%		9.42%		12/06/2030			10,728				10,618				10,389				0.59
Sherlock Buyer Corp.		(6) (8) (16)		First Lien Debt		S +		5.75%		9.42%		12/07/2029		—					(9	)			(41	)			0.00
Surewerx Purchaser III, Inc.		(6) (9) (12) (18)		First Lien Debt		S +		5.25%		8.92%		12/28/2029			5,860				5,749				5,849				0.33
Surewerx Purchaser III, Inc.		(6) (9) (12)		First Lien Debt		C +		5.25%		7.51%		12/28/2029		C$ 253					184				184				0.01
Surewerx Purchaser III, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.25%		8.92%		12/28/2029		—					(11	)			(1	)			0.00
Surewerx Purchaser III, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.25%		8.92%		12/28/2028		—					(14	)			(2	)			0.00
Sweep Midco, LLC		(6) (15)		Second Lien Debt								03/12/2034			1,674				836				1,125				0.06
Sweep Midco, LLC		(6) (15)		Second Lien Debt								03/12/2036			4,872				—				—				—
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75% PIK		9.58%		06/30/2027			6,706				6,706				6,706				0.38
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.58%		06/30/2027			3,132				3,132				3,132				0.18
Sweep Purchaser, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.58%		06/30/2027			281				281				281				0.02
Tamarack Intermediate, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			9,979				9,902				9,954				0.57
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.00%		8.90%		03/12/2029			1,606				1,577				1,596				0.09
Tamarack Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.90%		03/12/2029		—					(10	)			(5	)			0.00
Transit Technologies, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			10,405				10,314				10,383				0.59
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.59%		08/20/2031			996				978				991				0.06
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.59%		08/20/2030			—				(13	)			—				—
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.24%		04/13/2027			14,627				14,566				10,343				0.59
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.24%		04/13/2027			2,064				2,062				1,460				0.08
US Infra Svcs Buyer, LLC		(6) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.24%		04/13/2027			2,250				2,248				1,591				0.09
Vensure Employer Services, Inc.		(6) (10)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			9,752				9,670				9,752				0.56
Vensure Employer Services, Inc.		(6) (10) (16)		First Lien Debt		S +		5.00%		8.70%		09/29/2031			—				(3	)			—				—
VRC Companies, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			71,511				71,180				71,511				4.09
VRC Companies, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			491				488				491				0.03
VRC Companies, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.31%		06/29/2027			—				(6	)			—				—
																			298,550				289,146				16.54
Construction & Engineering

 

45

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Arcoro Holdings Corp.		(6) (8) (18)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			12,848				12,652				12,627				0.72
Arcoro Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.17%		03/28/2030		—					(28	)			(34	)			0.00
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.44%		10/19/2028			33,171				32,855				30,157				1.73
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.44%		10/19/2028			7,596				7,519				6,906				0.40
LJ Avalon Holdings, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.50%		8.46%		02/01/2030			6,217				6,136				6,217				0.36
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		4.50%		8.46%		02/01/2030			4,312				4,254				4,312				0.25
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		4.50%		8.46%		02/01/2029			—				(14	)			—				—
Superman Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			19,847				19,763				19,847				1.14
Superman Holdings, LLC		(6) (7) (9)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			6,504				6,455				6,504				0.37
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		08/29/2031			—				(12	)			—				—
																			89,580				86,536				4.95
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.34%		02/03/2031			27,342				27,125				26,928				1.54
PDI TA Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.34%		02/03/2031			1,672				1,655				1,637				0.09
																			28,780				28,565				1.63
Containers & Packaging
BP Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.48%		12/11/2028			17,715				17,547				13,849				0.79
FORTIS Solutions Group, LLC		(6) (9) (18)		First Lien Debt		S +		5.50%		9.27%		10/13/2028			26,471				26,220				26,471				1.51
FORTIS Solutions Group, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.27%		10/13/2028			273				272				273				0.02
FORTIS Solutions Group, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.27%		10/15/2027			787				771				787				0.05
																			44,810				41,380				2.37
Distributors
48Forty Solutions, LLC		(6) (11)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			18,067				17,873				7,408				0.42
48Forty Solutions, LLC		(6) (11) (16)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			2,168				2,103				566				0.03
ABB Concise Optical Group, LLC		(6) (9)		First Lien Debt		S +		7.50%		11.34%		02/23/2028			17,008				16,822				16,370				0.94
PT Intermediate Holdings III, LLC		(6) (9)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		8.67%		04/09/2030			42,779				42,481				42,779				2.45
PT Intermediate Holdings III, LLC		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		8.67%		04/09/2030			—				(3	)			—				—
																			79,276				67,123				3.84
Diversified Consumer Services
Any Hour, LLC		(6) (7) (10) (18)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			23,367				23,092				22,323				1.28
Any Hour, LLC		(6) (10) (16)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			662				620				353				0.02
Any Hour, LLC		(6) (10) (16)		First Lien Debt		S +		5.25%		8.92%		05/23/2030			2,909				2,871				2,754				0.16
Any Hour, LLC		(6) (10)		Other Debt				13.00% PIK		13.00%		05/23/2031			7,253				7,154				6,888				0.39
Apex Service Partners, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		8.82%		10/24/2030			30,244				29,838				30,225				1.73
Apex Service Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		8.82%		10/24/2030			7,202				7,093				7,197				0.41
Apex Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		8.82%		10/24/2029			632				605				631				0.04
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.92%		10/19/2027			19,907				19,765				19,907				1.14
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		8.92%		10/19/2027			4,148				4,121				4,148				0.24

 

46

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Assembly Intermediate, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		8.92%		10/19/2027			—				(12	)			—				—
DA Blocker Corp.		(6) (9) (12) (18)		First Lien Debt		S +		4.75%		8.42%		02/10/2032			7,054				6,990				7,036				0.40
DA Blocker Corp.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		8.42%		02/10/2032		—					(10	)			(5	)			0.00
DA Blocker Corp.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		8.42%		02/10/2032		—					(6	)			(2	)			0.00
Eclipse Buyer, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			4,244				4,208				4,244				0.24
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			—				(3	)			—				—
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.25%		09/08/2031			—				(3	)			—				—
Essential Services Holding Corporation		(6) (9) (18)		First Lien Debt		S +		5.00%		8.88%		06/17/2031			17,245				17,101				17,197				0.98
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		8.88%		06/17/2031		—					(19	)			(13	)			0.00
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		8.88%		06/17/2030			1,193				1,171				1,185				0.07
EVDR Purchaser, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			20,274				19,952				20,242				1.16
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.23%		02/14/2031		—					(43	)			(9	)			0.00
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.23%		02/14/2031			706				654				700				0.04
Express Wash Acquisition Company, LLC		(6) (8)		First Lien Debt		S +		6.25%		10.18%		04/10/2031			1,886				1,847				1,867				0.11
Express Wash Acquisition Company, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.18%		04/10/2031		—					(2	)			(1	)			0.00
FPG Intermediate Holdco, LLC		(6) (8) (13)		First Lien Debt		S +		5.00% PIK		8.84%		07/02/2029			133				131				127				0.01
FPG Intermediate Holdco, LLC		(6) (8) (16)		First Lien Debt		S +		5.00% PIK		8.84%		07/02/2029			27				27				27				0.00
FPG Intermediate Holdco, LLC		(6) (8)		First Lien Debt		S +		5.00% PIK		8.84%		06/29/2029			18				18				18				0.00
GarageCo Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.25%		8.10%		08/02/2032			2,061				2,041				2,040				0.12
GarageCo Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.10%		08/02/2032		—					(14	)			(30	)			0.00
GarageCo Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.10%		07/30/2032		—					(9	)			(9	)			0.00
Heartland Home Services		(6) (9)		First Lien Debt		S +		5.75%		9.52%		12/15/2026			1,906				1,903				1,861				0.11
Kodiak Buyer, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.17%		07/26/2032			1,534				1,520				1,534				0.09
Kodiak Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		07/26/2032			—				(3	)			—				—
Kodiak Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		07/23/2032			—				(4	)			—				—
LHS Borrower, LLC		(6) (7) (9)		First Lien Debt		S +		5.25%		8.97%		09/04/2031			6,974				6,874				6,869				0.39
LHS Borrower, LLC		(6) (9) (16)		First Lien Debt		P +		4.25%		11.00%		09/04/2031			64				56				56				0.00
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.00%		9.72%		03/01/2028			9,281				9,206				9,220				0.53
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.00%		9.72%		03/01/2028			551				546				547				0.03
Project Accelerate Parent, LLC		(6) (9)		First Lien Debt		S +		5.25%		8.97%		02/24/2031			8,619				8,550				8,619				0.49
Project Accelerate Parent, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		8.97%		02/24/2031			—				(9	)			—				—
Vertex Service Partners, LLC		(6) (7) (9)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			1,761				1,728				1,728				0.10
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		6.00% (incl. 4.25% PIK)		9.67%		11/08/2030			3,543				3,474				3,443				0.20
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		9.67%		11/08/2030			152				144				143				0.01
																			183,163				183,060				10.47
Electrical Equipment

 

47

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Accel International Holdings, Inc.		(6) (7) (10)		First Lien Debt		S +		4.50%		8.22%		04/26/2032			10,892				10,841				10,892				0.62
Accel International Holdings, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.22%		04/26/2032			—				(8	)			—				—
Spark Buyer, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			2,166				2,137				2,003				0.11
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.13%		10/15/2031		—					(5	)			(66	)			0.00
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.13%		10/15/2031			149				143				116				0.01
																			13,108				12,945				0.74
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.54%		07/06/2028			6,349				6,293				4,444				0.25
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.54%		07/06/2028			425				421				297				0.02
Dwyer Instruments, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.42%		07/20/2029			14,162				14,017				14,092				0.81
Dwyer Instruments, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.42%		07/20/2029			5,411				5,343				5,383				0.31
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		07/20/2029			580				566				572				0.03
Infinite Bidco, LLC		(6) (10)		First Lien Debt		S +		6.25%		10.14%		03/02/2028			12,110				11,934				12,110				0.69
Infinite Bidco, LLC		(10)		Second Lien Debt		S +		7.00%		10.89%		03/02/2029			25,500				25,463				24,113				1.38
Magneto Components Buyco, LLC		(6) (7) (9)		First Lien Debt		S +		6.00%		9.67%		12/05/2030			15,429				15,218				15,429				0.88
Magneto Components Buyco, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		9.67%		12/05/2029			—				(30	)			—				—
NDT Global Holding, Inc.		(6) (10) (12)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			3,292				3,261				3,259				0.19
NDT Global Holding, Inc.		(6) (10) (12) (16)		First Lien Debt		S +		4.50%		8.22%		06/04/2032			645				636				631				0.04
NDT Global Holding, Inc.		(6) (10) (12) (16)		First Lien Debt		S +		4.50%		8.22%		06/04/2032		—					(7	)			(7	)			0.00
NSI Holdings, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.32%		11/17/2031			6,223				6,168				6,223				0.36
NSI Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.32%		11/17/2031			—				(4	)			—				—
NSI Holdings, Inc.		(6) (16)		First Lien Debt		P +		3.75%		10.50%		11/17/2031			—				(11	)			—				—
Pamlico Avant Holdings, LP		(6) (7) (9)		First Lien Debt		S +		4.50%		8.17%		12/31/2032			1,542				1,526				1,526				0.09
Pamlico Avant Holdings, LP		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		12/31/2032			21				19				19				0.00
																			90,813				88,091				5.04
Financial Services
Applitools, Inc.		(6) (9) (12)		First Lien Debt		S +		6.25% PIK		9.92%		05/25/2029			3,836				3,810				3,768				0.22
Applitools, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		6.25%		9.92%		05/25/2028		—					(3	)			(8	)			0.00
BCTO Bluebill Midco, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.34%		07/30/2032			15,778				15,627				15,620				0.89
BCTO Bluebill Midco, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.34%		07/30/2032		—					(18	)			(20	)			0.00
Cerity Partners, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			13,565				13,353				13,532				0.77
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.20%		07/28/2031		—					(30	)			(12	)			0.00
Cerity Partners, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.20%		07/28/2031			60				58				59				0.00
Cliffwater, LLC		(6) (7) (9)		First Lien Debt		S +		4.75%		8.47%		04/22/2032			8,612				8,532				8,547				0.49
Cliffwater, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.47%		04/22/2032		—					(7	)			(6	)			0.00

 

48

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
GC Waves Holdings, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			8,820				8,753				8,820				0.50
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			4,075				3,969				4,064				0.23
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.22%		10/04/2030			—				(4	)			—				—
MAI Capital Management Intermediate, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			4,620				4,581				4,574				0.26
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			3,916				3,876				3,867				0.22
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		08/29/2031			225				215				213				0.01
PMA Parent Holdings, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.42%		01/31/2031			4,374				4,323				4,331				0.25
PMA Parent Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		01/31/2031		—					(4	)			(4	)			0.00
SitusAMC Holdings Corporation		(6) (9) (18)		First Lien Debt		S +		5.50%		9.17%		05/14/2031			10,632				10,586				10,632				0.61
Smarsh, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.42%		02/16/2029			5,625				5,572				5,625				0.32
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		02/16/2029			—				(7	)			—				—
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		02/16/2029			311				305				311				0.02
Trintech, Inc.		(6) (7) (8)		First Lien Debt		S +		5.50%		9.22%		07/25/2029			33,404				32,961				33,237				1.90
Trintech, Inc.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.22%		07/25/2029			837				802				822				0.05
																			117,250				117,972				6.75
Food Products
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		10.99%		01/04/2028			41,189				40,944				33,796				1.93
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		10.99%		01/04/2028			6,099				6,073				5,004				0.29
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (11)		Other Debt				16.25% PIK		16.25%		06/18/2028			1,500				1,500				—				—
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (8) (11)		First Lien Debt		S +		7.65% (incl. 3.40% PIK)		12.11%		12/20/2027			10,929				10,905				8,096				0.46
																			59,422				46,896				2.68
Ground Transportation
eShipping, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			2,848				2,834				2,834				0.16
eShipping, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.19%		12/23/2032		—					(3	)			(3	)			0.00
eShipping, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			67				65				65				0.00
SV Newco 2, Inc.		(6) (9) (12) (18)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			19,641				19,398				19,615				1.12
SV Newco 2, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		8.42%		06/02/2031			12,357				12,197				12,340				0.71
SV Newco 2, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		8.42%		06/02/2031		—					(86	)			(10	)			0.00
																			34,405				34,841				1.99
Health Care Equipment & Supplies
PerkinElmer U.S., LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.48%		03/13/2029			5,194				5,115				5,169				0.30
PerkinElmer U.S., LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.48%		03/13/2029		—					(4	)			(4	)			0.00

 

49

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Tidi Legacy Products, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			1,839				1,812				1,839				0.11
Tidi Legacy Products, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			492				484				492				0.03
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.22%		12/19/2029			—				(5	)			—				—
YI, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.75%		9.49%		12/03/2029			5,541				5,461				5,541				0.32
YI, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.49%		12/03/2029			—				(11	)			—				—
																			12,852				13,037				0.75
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.22%		09/15/2031			520				512				517				0.03
Advarra Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.22%		09/15/2031			—				—				—				—
DCA Investment Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			20,062				19,859				16,341				0.93
DCA Investment Holdings, LLC		(6) (9) (11)		First Lien Debt		S +		6.50%		12.08%		04/03/2028			1,765				1,737				1,437				0.08
Gateway US Holdings, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			742				739				739				0.04
Gateway US Holdings, Inc.		(6) (9) (12)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			210				209				209				0.01
Gateway US Holdings, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.75%		8.42%		09/22/2028			—				—				—				—
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.42%		06/12/2028			1,809				1,804				1,809				0.10
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/11/2028			4,474				4,437				4,474				0.26
Heartland Veterinary Partners, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		06/12/2028			4,115				4,088				4,098				0.23
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/11/2028			1,740				1,725				1,740				0.10
Heartland Veterinary Partners, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		06/12/2028			—				(1	)			—				—
iCIMS, Inc.		(6) (9)		First Lien Debt		S +		5.75%		9.61%		08/18/2028			7,081				7,018				7,077				0.40
iCIMS, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		9.61%		08/18/2028			12				12				12				0.00
Imagine 360, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			12,035				11,949				12,035				0.69
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			—				(6	)			—				—
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		10/02/2028			—				(7	)			—				—
Intelerad Medical Systems Incorporated		(6) (8) (12)		First Lien Debt		S +		6.50%		10.49%		08/21/2026			485				482				479				0.03
Intelerad Medical Systems Incorporated		(6) (8) (12)		First Lien Debt		S +		6.50%		10.49%		08/21/2026			34				34				33				0.00
Invictus Buyer, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			3,999				3,966				3,999				0.23
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			—				(7	)			—				—
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		06/03/2031			—				(5	)			—				—
Merative, LP		(6) (7) (9)		First Lien Debt		S +		4.50%		8.17%		09/30/2032			18,118				18,029				18,027				1.03
Merative, LP		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		09/30/2032		—					(5	)			(10	)			0.00
Merative, LP		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		09/30/2032		—					(9	)			(9	)			0.00
mPulse Mobile, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.42%		08/26/2032			18,173				17,998				17,991				1.03
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		08/26/2032		—					(8	)			(17	)			0.00
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		08/26/2032		—					(25	)			(26	)			0.00
Pareto Health Intermediate Holdings, Inc.		(6) (8) (18)		First Lien Debt		S +		4.75%		8.35%		06/03/2030			28,307				28,031				28,307				1.62
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.35%		06/03/2030			—				(23	)			—				—
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.35%		06/01/2029			—				(9	)			—				—

 

50

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
PPV Intermediate Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.57%		08/31/2029			4,292				4,181				4,281				0.24
PPV Intermediate Holdings, LLC		(6) (9)		First Lien Debt		S +		6.00%		9.57%		08/31/2029			14,897				14,791				14,859				0.85
Promptcare Infusion Buyer, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		9.95%		09/01/2027			8,797				8,738				8,797				0.50
Promptcare Infusion Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		9.95%		09/01/2027			2,738				2,718				2,738				0.16
Stepping Stones Healthcare Services, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		8.67%		01/02/2029			4,211				4,179				4,211				0.24
Stepping Stones Healthcare Services, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		8.67%		01/02/2029			1,285				1,269				1,285				0.07
Stepping Stones Healthcare Services, LLC		(6) (16)		First Lien Debt		P +		4.00%		10.75%		12/30/2026			375				373				375				0.02
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.22%		09/09/2027			11,699				11,658				11,688				0.67
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		P +		3.50%		10.25%		09/09/2027			65				59				64				0.00
TA Polaris Buyer, Inc.		(6) (7) (10)		First Lien Debt		S +		4.50%		8.23%		12/13/2032			10,378				10,327				10,327				0.59
TA Polaris Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.23%		12/13/2032		—					(11	)			(11	)			0.00
TA Polaris Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.23%		12/13/2032		—					(6	)			(6	)			0.00
Tivity Health, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		8.72%		06/28/2029			8,525				8,493				8,525				0.49
Vardiman Black Holdings, LLC		(6) (10)		First Lien Debt		S +		7.00% PIK		10.77%		03/18/2027			6,280				6,280				5,181				0.30
Vardiman Black Holdings, LLC		(6) (10) (13) (16)		First Lien Debt		S +		7.00% PIK		10.77%		03/18/2027			710				702				640				0.04
																			196,275				192,216				11.00
Health Care Technology
Hyland Software, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		8.67%		09/19/2030			38,862				38,429				38,862				2.22
Hyland Software, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		8.67%		09/19/2029			—				(17	)			—				—
Lightspeed Buyer, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.42%		02/03/2027			22,925				22,831				22,925				1.31
Lightspeed Buyer, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.42%		02/03/2027			340				338				340				0.02
Lightspeed Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		02/03/2027			—				(1	)			—				—
																			61,580				62,127				3.55
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.57%		01/30/2031			24,994				24,859				24,962				1.43
Aptean, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.57%		01/30/2031		—					(15	)			(4	)			0.00
Aptean, Inc.		(6) (9) (16)		First Lien Debt		P +		3.75%		10.50%		01/30/2031			452				443				450				0.03
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		S +		5.25%		8.97%		08/13/2029			1,298				1,282				1,291				0.07
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		E +		5.25%		7.15%		08/13/2029		€	235				240				274				0.02
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.97%		08/13/2029		—					(10	)			(10	)			0.00
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.97%		08/14/2028		—					(1	)			(1	)			0.00
Raptor Merger Sub Debt, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			31,582				31,027				31,582				1.81
Raptor Merger Sub Debt, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.17%		04/01/2029			407				366				407				0.02
																			58,191				58,951				3.37
Insurance Services
Amerilife Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		8.79%		08/31/2029			12,856				12,780				12,760				0.73
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.79%		08/31/2029			2,458				2,441				2,414				0.14
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.79%		08/31/2028			354				344				338				0.02

 

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Fetch Insurance Services, LLC		(6) (8)		Other Debt				12.75% (incl. 3.75% PIK)		12.75%		10/31/2027			2,107				2,084				2,107				0.12
Foundation Risk Partners Corp.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.42%		10/29/2030			41,667				41,270				41,667				2.38
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		10/29/2030			9,120				9,035				9,120				0.52
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		10/29/2029			1,677				1,630				1,677				0.10
Galway Borrower, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			30,090				29,812				30,090				1.72
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			1,918				1,896				1,918				0.11
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		09/29/2028			387				369				387				0.02
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.50%		8.22%		06/11/2031			29,208				29,035				29,208				1.67
Higginbotham Insurance Agency, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.22%		06/11/2031		—					(25	)			(12	)			0.00
High Street Buyer, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		4.50%		8.17%		04/14/2028			9,688				9,611				9,664				0.55
High Street Buyer, Inc.		(6) (7) (9)		First Lien Debt		S +		4.50%		8.17%		04/14/2028			46,461				46,032				46,347				2.65
High Street Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		04/16/2027		—					(9	)			(5	)			0.00
Inszone Mid, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			4,371				4,309				4,360				0.25
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		8.92%		11/30/2029			14,622				14,437				14,565				0.83
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		8.92%		11/30/2029		—					(18	)			(4	)			0.00
Integrity Marketing Acquisition, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		8.82%		08/25/2028			35,798				35,798				35,798				2.05
Integrity Marketing Acquisition, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.82%		08/25/2028			—				—				—				—
Iris Specialty Acquisiton, LLC		(6) (10)		First Lien Debt		S +		4.50%		8.17%		11/22/2032			7,366				7,330				7,330				0.42
Iris Specialty Acquisiton, LLC		(6) (10) (16)		First Lien Debt		S +		4.50%		8.17%		11/22/2032		—					(3	)			(3	)			0.00
Iris Specialty Acquisiton, LLC		(6) (10) (16)		First Lien Debt		S +		4.50%		8.17%		11/22/2032		—					(5	)			(5	)			0.00
Long Term Care Group, Inc.		(6) (9)		First Lien Debt		S +		6.00%		10.13%		09/08/2027			5,426				5,391				4,965				0.28
Majesco, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.47%		09/21/2028			33,206				32,846				33,206				1.90
Majesco, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.47%		09/21/2027			—				(6	)			—				—
One, Inc. Software Corporation		(6) (7) (9)		First Lien Debt		S +		4.50%		8.17%		12/06/2032			5,105				5,055				5,055				0.29
One, Inc. Software Corporation		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		12/06/2032		—					(5	)			(5	)			0.00
One, Inc. Software Corporation		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		12/06/2032		—					(4	)			(4	)			0.00
Patriot Growth Insurance Services, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		8.82%		10/16/2028			53,364				52,852				53,364				3.05
Patriot Growth Insurance Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.82%		10/16/2028			—				(31	)			—				—
World Insurance Associates, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		8.67%		04/03/2030			51,283				50,469				51,283				2.93
World Insurance Associates, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		8.67%		04/03/2030			—				(5	)			—				—
																			394,715				397,585				22.74
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.57%		09/09/2032			11,519				11,408				11,404				0.65
FMG Suite Holdings, LLC		(6) (16)		First Lien Debt		S +		4.75%		8.57%		09/09/2032		—					(15	)			(31	)			0.00
FMG Suite Holdings, LLC		(6) (16)		First Lien Debt		S +		4.75%		8.57%		09/09/2032		—					(18	)			(19	)			0.00
Spectrio, LLC		(6) (7) (8)		First Lien Debt		S +		6.00%		9.82%		12/09/2026			32,212				32,109				26,258				1.50
Spectrio, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.82%		12/09/2026			12,994				12,980				10,592				0.61
Spectrio, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.82%		12/09/2026			4,132				4,120				3,368				0.19
Triple Lift, Inc.		(6) (7) (9)		First Lien Debt		S +		5.75%		9.59%		05/05/2028			26,740				26,523				25,089				1.44

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Triple Lift, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		9.59%		05/05/2028		—					(27	)			(247	)			-0.01
																			87,080				76,414				4.37
IT Services
Apollo Acquisition, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		8.72%		12/30/2031			24,001				23,786				24,001				1.37
Apollo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		8.72%		12/30/2031			16				6				16				0.00
Apollo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		8.72%		12/30/2030			—				(23	)			—				—
Catalis Intermediate, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			38,551				38,244				38,067				2.18
Catalis Intermediate, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			8,674				8,611				8,565				0.49
Catalis Intermediate, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.32%		08/04/2027			518				490				465				0.03
Cyber US Bidco, LLC		(6) (7) (9)		First Lien Debt		S +		5.00%		8.67%		12/30/2032			4,055				4,014				4,014				0.23
Cyber US Bidco, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.67%		12/30/2032		—					(4	)			(4	)			0.00
Cyber US Bidco, LLC		(6) (9) (12) (16)		First Lien Debt		S +		5.00%		8.67%		12/30/2032		—					(3	)			(3	)			0.00
GI DI Cornfield Acquisition, LLC		(6) (18)		First Lien Debt		S +		4.50%		8.32%		03/09/2028			30,393				30,112				30,393				1.74
GI DI Cornfield Acquisition, LLC		(6) (7)		First Lien Debt		S +		4.50%		8.32%		03/09/2028			15,667				15,599				15,667				0.90
Help/Systems Holdings, Inc.		(6) (9)		Second Lien Debt		S +		9.00% PIK		12.81%		05/21/2029			17,806				17,806				15,224				0.87
Idera, Inc.		(6) (9)		Second Lien Debt		S +		6.75%		10.75%		03/02/2029			2,607				2,597				2,424				0.14
Recovery Point Systems, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.75%		9.79%		02/14/2028			39,795				39,661				39,795				2.28
Recovery Point Systems, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75%		9.79%		02/14/2028			—				(11	)			—				—
Redwood Services Group, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		8.93%		06/15/2029			17,365				17,227				17,278				0.99
Redwood Services Group, LLC		(6) (9)		First Lien Debt		S +		5.25%		8.93%		06/15/2029			15,993				15,827				15,905				0.91
Ridge Trail US Bidco, Inc.		(6) (9) (12) (18)		First Lien Debt		S +		4.50%		8.10%		09/30/2031			23,737				23,430				23,737				1.36
Ridge Trail US Bidco, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.50%		8.10%		09/30/2031			—				(51	)			—				—
Ridge Trail US Bidco, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		4.50%		8.10%		03/31/2031			744				711				744				0.04
Syntax Systems, Ltd.		(6) (9) (12) (18)		First Lien Debt		S +		5.00%		8.82%		10/27/2028			36,950				36,780				36,729				2.10
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (9) (18)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			23,676				23,463				23,499				1.34
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (9)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			5,435				5,373				5,374				0.31
Thrive Buyer, Inc. (Thrive Networks)		(6) (9) (16)		First Lien Debt		S +		4.50%		8.12%		02/02/2032			494				467				471				0.03
UpStack, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			9,750				9,667				9,677				0.55
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			1,373				1,351				1,344				0.08
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			375				363				364				0.02
Victors Purchaser, LLC		(6) (10) (18)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			6,358				6,311				6,356				0.36
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			—				(4	)			—				—
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.50%		8.19%		12/23/2032			72				67				72				0.00
																			321,867				320,174				18.32
Life Sciences Tools & Services
Model N, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			11,815				11,716				11,815				0.68

 

53

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			—				(13	)			—				—
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		06/27/2031			—				(14	)			—				—
																			11,689				11,815				0.68
Machinery
Answer Acquisition, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.82%		06/30/2028			13,256				13,177				11,961				0.68
Answer Acquisition, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		9.82%		06/30/2028			375				369				253				0.01
Chase Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.59%		10/30/2028			10,647				10,512				10,531				0.60
Chase Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.59%		10/30/2028			200				194				195				0.01
MHE Intermediate Holdings, LLC		(6) (7) (8) (18)		First Lien Debt		S +		6.00%		9.99%		07/21/2027			11,731				11,655				11,731				0.67
MHE Intermediate Holdings, LLC		(6) (8)		First Lien Debt		S +		6.00%		9.99%		07/21/2027			3,599				3,575				3,599				0.21
MHE Intermediate Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		9.99%		07/21/2027			1,000				987				1,000				0.06
																			40,469				39,270				2.25
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			7,349				7,162				7,349				0.42
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			1,534				1,513				1,534				0.09
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.22%		12/23/2030			375				364				375				0.02
Vessco Midco Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.49%		07/24/2031			12,720				12,619				12,662				0.72
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.49%		07/24/2031			3,086				3,053				3,065				0.18
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.49%		07/24/2031		—					(10	)			(6	)			0.00
																			24,701				24,979				1.43
Pharmaceuticals
Caerus US 1, Inc.		(6) (9) (12)		First Lien Debt		S +		5.00%		8.67%		05/25/2029			10,815				10,687				10,799				0.62
Caerus US 1, Inc.		(6) (9) (12)		First Lien Debt		S +		5.00%		8.67%		05/25/2029			1,583				1,563				1,580				0.09
Caerus US 1, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.00%		8.67%		05/25/2029			922				910				920				0.05
Real Chemistry Intermediate III, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			8,775				8,734				8,731				0.50
Real Chemistry Intermediate III, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.17%		04/12/2032			2,126				2,112				2,106				0.12
Real Chemistry Intermediate III, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.17%		04/12/2032		—					(9	)			(10	)			0.00
Specialty Pharma III, Inc.		(6) (7) (10)		First Lien Debt		P +		4.75%		11.50%		12/23/2032			3,706				3,687				3,688				0.21
Specialty Pharma III, Inc.		(6) (10) (16)		First Lien Debt		P +		4.75%		11.50%		12/23/2032		—					(2	)			(2	)			0.00
																			27,682				27,812				1.59
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (8) (18)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			3,256				3,238				3,256				0.19
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			—				(7	)			—				—
Accordion Partners, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			27,254				27,015				27,254				1.56
Accordion Partners, LLC		(6) (9)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			4,562				4,524				4,562				0.26
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.70%		11/17/2031			—				(26	)			—				—
Aprio Advisory Group, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.70%		08/01/2031		—					(6	)			(7	)			0.00
Aprio Advisory Group, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.70%		08/01/2031		—					(1	)			(1	)			0.00
Ascend Partner Services, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			4,850				4,809				4,802				0.27

 

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			8,331				8,255				8,242				0.47
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.54%		08/11/2031		—					(13	)			(17	)			0.00
Bridgepointe Technologies, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		8.67%		12/31/2027			16,882				16,612				16,882				0.97
Bridgepointe Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		8.67%		12/31/2027			16,844				16,558				16,844				0.96
Bullhorn, Inc.		(6) (8) (18)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			15,407				15,330				15,407				0.88
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			2,134				2,124				2,134				0.12
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		8.72%		10/01/2029			96				92				96				0.01
Carr, Riggs and Ingram Capital, LLC		(6) (10) (18)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			4,280				4,243				4,269				0.24
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.25%		7.92%		11/18/2031			586				574				581				0.03
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.25%		7.92%		11/18/2031		—					(8	)			(2	)			0.00
ComPsych Investment Corp.		(6) (9)		First Lien Debt		S +		4.75%		8.61%		07/22/2031			13,006				12,952				13,006				0.74
ComPsych Investment Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.61%		07/22/2031			—				(8	)			—				—
Deerfield Dakota Holding, LLC		(6) (7) (9)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.42%		09/13/2032			27,656				27,392				27,420				1.57
Deerfield Dakota Holding, LLC		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.42%		09/13/2032		—					(25	)			(22	)			0.00
GPS Merger Sub, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		8.97%		10/02/2029			6,718				6,627				6,659				0.38
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		8.97%		10/02/2029		—					(8	)			(11	)			0.00
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		8.97%		10/02/2029		—					(19	)			(15	)			0.00
GPS Merger Sub, LLC		(6) (7) (8)		First Lien Debt		S +		5.25%		8.97%		10/02/2029			2,733				2,707				2,707				0.15
IG Investment Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		8.84%		09/22/2028			10,680				10,601				10,680				0.61
IG Investment Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.84%		09/22/2028			—				(8	)			—				—
IQN Holding Corp.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		05/02/2029			5,658				5,628				5,658				0.32
IQN Holding Corp.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		05/02/2029			1,851				1,835				1,851				0.11
IQN Holding Corp.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		05/02/2028			292				290				292				0.02
KENG Acquisition, Inc.		(6) (8) (18)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			3,156				3,104				3,141				0.18
KENG Acquisition, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.34%		08/01/2029			3,876				3,814				3,856				0.22
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.34%		08/01/2029		—					(14	)			(6	)			0.00
UHY Advisors, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			2,191				2,172				2,191				0.13
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			263				253				263				0.02
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.57%		11/21/2031			169				164				169				0.01
Verdantas, LLC		(6) (8) (18)		First Lien Debt		S +		4.75%		8.42%		05/06/2031			16,244				16,044				16,244				0.93
Verdantas, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.42%		05/06/2031			2,562				2,523				2,562				0.15
Verdantas, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		05/06/2030			561				542				561				0.03
WIPFLI Advisory, LLC		(6) (7) (9)		First Lien Debt		S +		4.50%		8.49%		10/01/2032			5,846				5,818				5,818				0.33
WIPFLI Advisory, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.49%		10/01/2032		—					(5	)			(5	)			0.00
WIPFLI Advisory, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.49%		10/01/2032		—					(7	)			(7	)			0.00
																			205,685				207,314				11.86

 

55

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Real Estate Management & Development
Associations, Inc.		(6) (8)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			10,784				10,776				10,784				0.62
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			361				361				361				0.02
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		10.66%		07/03/2028			—				—				—				—
Inhabitiq, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			17,823				17,744				17,823				1.02
Inhabitiq, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			—				(11	)			—				—
Inhabitiq, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.22%		01/12/2032			—				(13	)			—				—
MRI Software, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			43,774				43,654				43,659				2.50
MRI Software, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			28				28				28				0.00
MRI Software, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		02/10/2028			347				343				342				0.02
Pritchard Industries, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.57%		10/13/2027			24,758				24,582				24,016				1.37
Pritchard Industries, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.57%		10/13/2027			5,920				5,876				5,742				0.33
Zarya Intermediate, LLC		(6) (8) (12) (18)		First Lien Debt		S +		6.50%		10.32%		07/01/2027			34,788				34,788				34,788				1.99
Zarya Intermediate, LLC		(6) (8) (12) (16)		First Lien Debt		S +		6.50%		10.32%		07/01/2027			—				—				—				—
																			138,128				137,543				7.87
Software
Alert Media, Inc.		(6) (8)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%		04/12/2027			23,267				23,156				23,115				1.32
Alert Media, Inc.		(6) (8) (16)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		9.92%		04/12/2027		—					(22	)			(28	)			0.00
Anaplan, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.32%		06/21/2029			32,710				32,374				32,710				1.87
Appfire Technologies, LLC		(6) (8) (18)		First Lien Debt		S +		4.75%		8.42%		03/09/2028			20,391				20,352				20,391				1.17
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		03/09/2028			50				37				50				0.00
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.42%		03/09/2028			36				35				36				0.00
Apryse Software Corp.		(6) (7) (10) (18)		First Lien Debt		S +		4.75%		8.44%		06/28/2032			27,704				27,442				27,486				1.57
Apryse Software Corp.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.44%		06/28/2032		—					(21	)			(18	)			0.00
Archduke Buyer, Inc.		(6) (10)		First Lien Debt		S +		5.50%		9.27%		12/03/2032			3,776				3,739				3,739				0.21
Archduke Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		5.50%		9.27%		12/03/2032		—					(3	)			(3	)			0.00
Artifact Bidco, Inc.		(6) (10) (18)		First Lien Debt		S +		4.25%		7.82%		07/28/2031			31,700				31,433				31,700				1.81
Artifact Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.25%		7.82%		07/28/2031			—				(31	)			—				—
Artifact Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.25%		7.82%		07/26/2030			—				(42	)			—				—
AuditBoard, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			22,200				22,015				22,042				1.26
AuditBoard, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.17%		07/14/2031			10,571				10,477				10,496				0.60
AuditBoard, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		07/14/2031		—					(33	)			(30	)			0.00
Banyan Software Holdings, LLC		(6) (8) (18)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			12,083				11,978				12,083				0.69
Banyan Software Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			9,681				9,560				9,638				0.55
Banyan Software Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.22%		01/02/2031			—				(11	)			—				—

 

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Bottomline Technologies, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.17%		05/14/2029			3,619				3,578				3,619				0.21
Bottomline Technologies, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.17%		05/15/2028			—				(2	)			—				—
CLEO Communications Holding, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.32%		06/09/2027			38,471				38,360				38,471				2.20
CLEO Communications Holding, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.32%		06/09/2027			—				(30	)			—				—
Coupa Holdings, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.09%		02/27/2030			2,230				2,192				2,230				0.13
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.09%		02/27/2030			—				(8	)			—				—
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.09%		02/27/2029			—				(11	)			—				—
Cyara AcquisitionCo, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.42%		06/28/2029			5,895				5,806				5,895				0.34
Cyara AcquisitionCo, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.42%		06/28/2029			—				(5	)			—				—
Diligent Corporation		(6) (9)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			28,138				27,971				28,118				1.61
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		8.82%		08/02/2030		—					(23	)			(3	)			0.00
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		8.82%		08/02/2030			645				630				643				0.04
E-Discovery AcquireCo, LLC		(6) (8)		First Lien Debt		S +		6.25%		10.07%		08/29/2029			19,505				19,188				19,493				1.12
E-Discovery AcquireCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.07%		08/29/2029			1,272				1,241				1,270				0.07
Emburse, Inc.		(6) (7) (9)		First Lien Debt		S +		4.25%		7.92%		05/28/2032			3,684				3,676				3,675				0.21
Emburse, Inc.		(6) (9) (16)		First Lien Debt		S +		4.25%		7.92%		05/28/2032		—					(1	)			(2	)			0.00
Emburse, Inc.		(6) (9) (16)		First Lien Debt		S +		4.25%		7.92%		05/28/2032		—					(1	)			(2	)			0.00
Espresso Bidco, Inc.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032			18,296				18,051				18,022				1.03
Espresso Bidco, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032		—					(33	)			(74	)			0.00
Espresso Bidco, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.42%		03/25/2032		—					(29	)			(33	)			0.00
Everbridge Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			31,809				31,676				31,809				1.82
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			4,330				4,299				4,330				0.25
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		8.98%		07/02/2031			—				(17	)			—				—
Formstack Acquisition, Co.		(6) (8) (18)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			10,814				10,691				10,738				0.61
Formstack Acquisition, Co.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			1,061				1,032				1,031				0.06
Formstack Acquisition, Co.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.17%		03/28/2030			350				327				334				0.02
Fullsteam Operations, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.12%		08/08/2031			16,962				16,801				16,784				0.96
Fullsteam Operations, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.12%		08/08/2031		—					(26	)			(59	)			0.00
Fullsteam Operations, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.12%		08/08/2031		—					(18	)			(20	)			0.00
Granicus, Inc.		(6) (9)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.34%		01/17/2031			13,042				12,946				13,042				0.75
Granicus, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50% (incl. 2.00% PIK)		9.34%		01/17/2031			8,087				8,025				8,087				0.46
Granicus, Inc.		(6) (16)		First Lien Debt		P +		4.25%		11.00%		01/17/2031			—				(13	)			—				—
GS AcquisitionCo, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			59,417				59,177				59,417				3.40
GS AcquisitionCo, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			24				24				24				0.00
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		8.92%		05/25/2028			915				905				915				0.05
Hootsuite, Inc.		(6) (12) (18)		First Lien Debt		S +		5.50%		9.23%		05/22/2030			22,163				21,902				21,885				1.25

 

57

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Hootsuite, Inc.		(6) (12) (16)		First Lien Debt		S +		5.50%		9.23%		05/22/2030			1,500				1,473				1,469				0.08
Icefall Parent, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.17%		01/25/2030			5,156				5,079				5,156				0.29
Icefall Parent, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.17%		01/25/2030			—				(7	)			—				—
LegitScript, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.47%		06/24/2029			26,031				25,731				26,031				1.49
LegitScript, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.47%		06/24/2029			688				681				688				0.04
LegitScript, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		9.47%		06/24/2028			1,500				1,466				1,500				0.09
LogRhythm, Inc.		(6) (8)		First Lien Debt		S +		7.50%		11.34%		07/02/2029			9,091				8,884				8,727				0.50
LogRhythm, Inc.		(6) (8) (16)		First Lien Debt		S +		7.50%		11.34%		07/02/2029		—					(19	)			(36	)			0.00
Montana Buyer, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.47%		07/22/2029			8,424				8,378				8,424				0.48
Montana Buyer, Inc.		(6) (16)		First Lien Debt		P +		4.75%		11.50%		07/22/2028			—				(4	)			—				—
Nasuni Corporation		(6) (9)		First Lien Debt		S +		5.00%		8.67%		09/10/2030			14,483				14,303				14,483				0.83
Nasuni Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		8.67%		09/10/2030			—				(35	)			—				—
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.32%		06/11/2029			6,831				6,793				6,797				0.39
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.32%		06/11/2029		—					(2	)			(2	)			0.00
Oak Purchaser, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			3,560				3,538				3,534				0.20
Oak Purchaser, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			2,779				2,758				2,751				0.16
Oak Purchaser, Inc.		(6) (16)		First Lien Debt		P +		4.50%		11.25%		05/31/2028			37				34				33				0.00
Onit, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			18,241				18,087				18,241				1.04
Onit, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			—				(30	)			—				—
Onit, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.56%		01/27/2032			—				(20	)			—				—
Optimizely North America, Inc.		(6) (9) (12) (18)		First Lien Debt		S +		5.00%		8.72%		10/30/2031			8,331				8,259				8,165				0.47
Optimizely North America, Inc.		(6) (9) (12)		First Lien Debt		E +		5.25%		7.15%		10/30/2031		€	3,067				3,303				3,530				0.20
Optimizely North America, Inc.		(6) (9) (12)		First Lien Debt		SA +		5.50%		9.22%		10/30/2031		£	1,022				1,318				1,347				0.08
Optimizely North America, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.00%		8.72%		10/30/2031		—					(10	)			(25	)			0.00
Pound Bidco, Inc.		(6) (7) (8) (12)		First Lien Debt		S +		6.00%		10.22%		02/01/2027			22,181				22,087				22,181				1.27
Pound Bidco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		6.00%		10.22%		02/01/2027			1,347				1,347				1,347				0.08
Pound Bidco, Inc.		(6) (7) (8) (12) (16)		First Lien Debt		S +		6.00%		10.22%		02/01/2027			787				783				787				0.05
Project Leopard Holdings, Inc.		(10) (12)		First Lien Debt		S +		5.25%		9.19%		07/20/2029			6,092				5,837				5,231				0.30
Revalize, Inc.		(6) (8)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.32%		04/16/2029			19,299				19,265				18,283				1.05
Revalize, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.32%		04/16/2029			50				49				46				0.00
Riskonnect Parent, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			5,622				5,550				5,622				0.32
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			4,145				4,080				4,145				0.24
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			168				157				168				0.01

 

58

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Runway Bidco, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		8.67%		12/17/2031			10,846				10,749				10,819				0.62
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		8.67%		12/17/2031		—					(12	)			(7	)			0.00
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		8.67%		12/17/2031		—					(12	)			(3	)			0.00
Saturn Borrower, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			11,372				11,238				11,281				0.65
Saturn Borrower, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		9.67%		11/10/2028		—					(24	)			(34	)			0.00
Saturn Borrower, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		9.67%		11/10/2028			475				454				460				0.03
Securonix, Inc.		(6) (9)		First Lien Debt		S +		7.75% (incl. 3.75% PIK)		11.19%		04/05/2029			21,820				21,644				18,701				1.07
Securonix, Inc.		(6) (9) (16)		First Lien Debt		S +		7.75% (incl. 3.75% PIK)		11.19%		04/05/2029		—					(26	)			(541	)			-0.03
Trunk Acquisition, Inc.		(6) (8) (18)		First Lien Debt		S +		5.75%		9.57%		02/19/2030			9,512				9,473				9,512				0.54
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75%		9.57%		02/19/2030			637				632				637				0.04
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75%		9.57%		02/19/2030			—				(2	)			—				—
User Zoom Technologies, Inc.		(6) (9)		First Lien Debt		S +		7.00%		11.13%		04/05/2029			38,689				38,252				38,399				2.20
Vanco Payment Solutions, LLC		(6) (9)		First Lien Debt		S +		4.75%		8.42%		12/01/2031			3,725				3,688				3,688				0.21
Vanco Payment Solutions, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.42%		12/01/2031		—					(2	)			(2	)			0.00
																			745,881				744,579				42.59
Transportation Infrastructure
Jeppesen Holdings, LLC		(6) (10)		First Lien Debt		S +		4.75%		8.59%		11/01/2032			13,057				12,993				12,993				0.74
Jeppesen Holdings, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		8.59%		11/01/2032		—					(3	)			(3	)			0.00
																			12,990				12,990				0.74
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (9)		First Lien Debt		S +		5.00%		8.67%		05/13/2032			2,827				2,801				2,823				0.16
CCI Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		8.67%		05/13/2032			—				(2	)			—				—
Mobile Communications America, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.69%		10/16/2029			5,836				5,775				5,836				0.33
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.69%		10/16/2029			1,473				1,454				1,473				0.08
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.69%		10/16/2029			192				183				192				0.01
																			10,211				10,324				0.59

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments (1) (2)		Footnotes		Investment		Reference Rate and Spread				Interest Rate(3)		Maturity Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Total Debt Investments - non-controlled/non-affiliated																		$	3,777,089			$	3,712,473				212.37	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.		(6) (8) (17)		Second Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.07%		02/28/2030			3,187				3,187				3,187				0.18
KWOR Acquisition, Inc.		(6) (8) (16) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.07%		02/28/2030			17				3				17				0.00
KWOR Acquisition, Inc.		(6) (8) (16) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.07%		02/28/2030			26				5				26				0.00
KWOR Acquisition, Inc.		(6) (17)		Other Debt		S +		8.00% PIK		12.20%		02/28/2030			1,119				1,119				1,119				0.06
																			4,314				4,349				0.25
Total Debt Investments - non-controlled/affiliated																		$	4,314			$	4,349				0.25	%
Total Debt Investments																		$	3,781,403			$	3,716,822				212.62	%

 

 

 

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
AASC Holdings, LP		(6) (14) (15)		Common Equity						11/14/2025			501			$	654			$	654				0.04	%
																	654				654				0.04
Automobile Components
Continental Battery Company		(6) (14) (15)		Common Equity						07/16/2025			7,758				—				—				—
Shelby Co-invest, LP (Spectrum Automotive)		(6) (14) (15)		Common Equity						06/29/2021			8,500				850				1,884				0.11
																	850				1,884				0.11
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (14) (15)		Common Equity						02/03/2025			240,000				228				277				0.02
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (14) (15)		Common Equity						12/20/2021			1,000,000				1,000				1,734				0.10
Surewerx Topco, LP		(6) (12) (14) (15)		Common Equity						12/28/2022			512				512				578				0.03
																	1,740				2,589				0.15
Containers & Packaging
BP Purchaser, LLC		(6) (14) (15)		Common Equity						12/10/2021			1,383,156				1,379				—				—
BP Purchaser, LLC Rights		(6) (14) (15)		Common Equity						03/12/2024			1,666,989				75				—				—
FORTIS Solutions Group, LLC		(6) (14)		Preferred Equity				12.25%		06/24/2022			1,000,000				1,514				996				0.06
																	2,968				996				0.06

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Distributors
48Forty Solutions, LLC		(6) (14) (15)		Common Equity						11/01/2024			2,748				—				—				—
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (14)		Preferred Equity				12.50% PIK		09/05/2024			120				1,343				1,208				0.07
FPG Parent, LLC		(6) (14) (15)		Common Equity						07/18/2025			341				—				—				—
Leaf Home, LLC		(6) (14)		Preferred Equity				14.00% PIK		09/04/2025			500,000				505				645				0.04
LUV Car Wash		(6) (14) (15)		Common Equity						04/06/2022			123				123				86				0.00
																	1,971				1,939				0.11
Electrical Equipment
Sparkstone Electrical Group		(6) (14) (15)		Common Equity						10/15/2024			1,500				150				65				0.00
Financial Services
Applitools, Inc.		(6) (12) (14) (15)		Common Equity						07/18/2025			1,050,864				601				510				0.03
																	601				510				0.03
Food Products
Pet Holdings, Inc. (Brightpet)		(6) (14) (15)		Common Equity						03/22/2021			17,543				2,013				—				—
																	2,013				—				0.00
Health Care Providers & Services
mPulse Mobile, Inc.		(6) (14) (15)		Common Equity						12/17/2021			165,761				1,220				1,244				0.07
SDB Holdco, LLC		(6) (14) (15)		Common Equity						03/29/2024			5,460,555				—				—				—
Suveto Buyer, LLC		(6) (12) (14) (15)		Common Equity						11/19/2021			19,257				1,926				2,229				0.13
Vardiman Black Holdings, LLC		(6) (14)		Preferred Equity				6.00% PIK		03/29/2024			2,649,446				1,977				—				—
																	5,123				3,473				0.20
Insurance Services
Amerilife Holdings, LLC		(6) (14) (15)		Common Equity						09/01/2022			908				25				54				0.00
Frisbee Holdings, LP (Fetch)		(6) (14) (15)		Common Equity						10/31/2022			21,744				277				780				0.04
Integrity Marketing Acquisition, LLC		(6) (14)		Preferred Equity				10.50%		12/21/2021			3,250,000				4,897				4,455				0.25
																	5,199				5,289				0.30
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (14) (15)		Common Equity						09/09/2025			500,000				—				—				—
FMG Suite Holdings, LLC		(6) (14)		Preferred Equity				8.00% PIK		09/09/2025			500,000				513				513				0.03
																	513				513				0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)		(12) (14) (15)		Preferred Equity						05/12/2021			9,619,564				12,461				16,311				0.93
Recovery Point Systems, Inc.		(6) (14) (15)		Common Equity						03/05/2021			1,000,000				1,000				594				0.03
																	13,461				16,905				0.97
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (14) (15)		Common Equity						03/09/2021			29,441				2,944				1,447				0.08
Verdantas, LLC		(6) (14) (15)		Common Equity						05/03/2024			4,780				5				7				0.00
Verdantas, LLC		(6) (14)		Preferred Equity				10.00%		05/03/2024			473,220				559				698				0.04

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread						Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
																			3,508				2,152				0.12
Real Estate Management & Development
Pritchard Industries, LLC		(6) (14) (15)		Common Equity								10/13/2021			1,882,739				1,937				1,412				0.08
Software
Diligent Corporation		(6) (14)		Preferred Equity				10.50% PIK				04/05/2021			5,000				7,820				7,950				0.45
Fullsteam Operations, LLC		(6) (14) (15)		Common Equity								11/27/2023			2,966				100				248				0.01
Knockout Intermediate Holdings I, Inc.		(6) (14)		Preferred Equity		S +		10.75%				06/25/2022			1,531				2,156				2,216				0.13
Revalize, Inc.		(6) (14)		Preferred Equity		S +		10.00%				12/14/2021			2,255				3,674				3,227				0.18
Reveal Data Solutions		(6) (14) (15)		Common Equity								08/29/2023			477,846				621				579				0.03
RSK Holdings, Inc. (Riskonnect)		(6) (14)		Preferred Equity		S +		10.50%				07/07/2022			1,012,200				1,652				1,683				0.10
																			16,023				15,903				0.91
Total Equity Investments - non-controlled/non-affiliated																		$	56,711			$	54,284				3.11	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.		(6) (14) (15) (17)		Common Equity								02/28/2025			637			$	244			$	-				—
KWOR Intermediate I, Inc.		(6) (14) (17)		Preferred Equity		S +		8.00% PIK				02/28/2025			680,778				681				440				0.03
																			925				440				0.03
Total Equity Investments - non-controlled/affiliated																		$	925			$	440				0.03	%
Total Equity Investments																		$	57,636			$	54,724				3.13	%
Total Portfolio Investments																		$	3,839,039			$	3,771,546				215.75	%

 

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)		Cost(5)				Fair Value				Percentage of Net Assets
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares								3.62%							12,976				12,976				0.74
Cash															81,434				81,434				4.66
Total Cash and Cash Equivalents and Short Term Investments														$	94,410			$	94,410				5.40	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments														$	3,933,449			$	3,865,956				221.15	%

 

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.

(2)

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

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the C at 2.26%, 1-month E at 1.94%, 1-month S at 3.69%, 3-month S at 3.65%, 6-month S at 3.57%, SA at 3.73% and the P at 6.75%.

(4)

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

(5)

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

(6)

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

(7)

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

(8)

Loan includes interest rate floor of 1.00%.

(9)

Loan includes interest rate floor of 0.75%.

(10)

Loan includes interest rate floor of 0.50%.

(11)

Investment was on non-accrual status as of December 31, 2025

(12)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025, non-qualifying assets represented 7.42% of total assets as calculated in accordance with regulatory requirements.

(13)

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

(14)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $54,724 or 3.13% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(15)

Non-income producing security.

(16)

Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2025:

 

 

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC		Revolver		11/30/2029		$	547			$	(323	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			1,284				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			415				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027			1,400				—
Accel International Holdings, Inc.		Revolver		04/26/2032			1,874				—
Accordion Partners, LLC		Revolver		11/17/2031			3,043				—
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			41				—
Alert Media, Inc.		Revolver		04/12/2027			4,266				(28	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			113				(1	)
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			3,375				(25	)
Amerilife Holdings, LLC		Revolver		08/31/2028			1,770				(13	)
Answer Acquisition, LLC		Revolver		06/30/2028			875				(86	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			6,255				(279	)

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Any Hour, LLC		Revolver		05/23/2030			554				(25	)
Apex Service Partners, LLC		Revolver		10/24/2029			1,779				(1	)
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			2,191				—
Apollo Acquisition, Inc.		Revolver		12/30/2030			2,768				—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026			4,005				—
Appfire Technologies, LLC		Revolver		03/09/2028			131				—
Applitools, Inc.		Revolver		05/25/2028			433				(8	)
Aprio Advisory Group, LLC		Delayed Draw Term Loan		12/23/2027			1,342				(7	)
Aprio Advisory Group, LLC		Revolver		08/01/2031			117				(1	)
Apryse Software Corp.		Revolver		06/28/2032			2,296				(18	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			3,698				(5	)
Aptean, Inc.		Revolver		01/30/2031			1,129				(1	)
Archduke Buyer, Inc.		Revolver		12/03/2032			274				(3	)
Arcoro Holdings Corp.		Revolver		03/28/2030			1,957				(34	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			7,759				—
Artifact Bidco, Inc.		Revolver		07/26/2030			5,542				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026			253				(3	)
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			298				(3	)
Ascend Partner Services, LLC		Revolver		11/08/2031			1,684				(17	)
Assembly Intermediate, LLC		Revolver		10/19/2027			2,074				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			482				—
Associations, Inc.		Revolver		07/03/2028			678				—
Astra Service Partners, LLC		Delayed Draw Term Loan		11/26/2027			1,480				(5	)
Atlas US Finco, Inc.		Revolver		12/09/2028			632				—
AuditBoard, Inc.		Revolver		07/14/2031			4,229				(30	)
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			1,972				(20	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		10/08/2027			7,052				(38	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			1,304				—
Bottomline Technologies, Inc.		Revolver		05/15/2028			267				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			126				—
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			172				—
Bullhorn, Inc.		Revolver		10/01/2029			622				—
CCI Buyer, Inc.		Revolver		05/13/2032			165				—
CLEO Communications Holding, LLC		Revolver		06/09/2027			12,502				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			9,601				(24	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			1,212				(3	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			2,471				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			1,647				—
Caerus US 1, Inc.		Revolver		05/25/2029			249				—
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			1,598				(4	)

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			1,000				(2	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			3,720				(47	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			4,772				(12	)
Cerity Partners, LLC		Revolver		07/28/2031			314				(1	)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			2,256				(20	)
Chase Intermediate, LLC		Revolver		10/30/2028			330				(3	)
Cliffwater, LLC		Revolver		04/22/2032			823				(6	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,000				—
Computer Services, Inc.		Delayed Draw Term Loan		11/15/2027			1,033				(3	)
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			2,700				(3	)
Consor Intermediate II, LLC		Revolver		05/12/2031			976				(1	)
Coupa Holdings, LLC		Delayed Draw Term Loan		06/03/2027			1,085				—
Coupa Holdings, LLC		Revolver		02/27/2029			831				—
Cyara AcquisitionCo, LLC		Revolver		06/28/2029			313				—
Cyber US Bidco, LLC		Delayed Draw Term Loan		01/02/2029			795				(4	)
Cyber US Bidco, LLC		Revolver		12/30/2032			349				(3	)
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			2,204				(6	)
DA Blocker Corp.		Revolver		02/10/2032			735				(2	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			2,571				(22	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			4,118				(3	)
Diligent Corporation		Revolver		08/02/2030			2,100				(1	)
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			125				—
Drivecentric Holdings, LLC		Revolver		08/15/2031			3,529				—
Dwyer Instruments, Inc.		Revolver		07/20/2029			1,040				(5	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			1,113				(1	)
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			5,881				(9	)
EVDR Purchaser, Inc.		Revolver		02/14/2031			2,823				(5	)
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			719				—
Eclipse Buyer, Inc.		Revolver		09/08/2031			365				—
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			658				(2	)
Emburse, Inc.		Revolver		05/28/2032			658				(2	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			199				(4	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			155				(3	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			4,945				(74	)
Espresso Bidco, Inc.		Revolver		03/25/2032			2,198				(33	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			4,773				(13	)
Essential Services Holding Corporation		Revolver		06/17/2030			1,790				(5	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			6,783				—
Everbridge Holdings, LLC		Revolver		07/02/2031			4,463				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026			2,000				(10	)

 

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Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Excelitas Technologies Corp.		Revolver		08/14/2028			131				(1	)
Express Wash Acquisition Company, LLC		Revolver		04/10/2031			111				(1	)
FLS Holding, Inc.		Revolver		12/17/2027			23				(3	)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			3,113				(31	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			1,868				(19	)
FORTIS Solutions Group, LLC		Revolver		10/15/2027			1,912				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			25				—
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			1,979				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,000				—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026			3,272				(23	)
Formstack Acquisition, Co.		Revolver		03/28/2030			1,838				(13	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			42				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			5,032				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			5,654				(59	)
Fullsteam Operations, LLC		Revolver		08/08/2031			1,885				(20	)
GB Eagle Buyer, Inc.		Delayed Draw Term Loan		11/12/2027			1,664				(8	)
GB Eagle Buyer, Inc.		Revolver		11/29/2030			1,109				(11	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/06/2027			4,446				(11	)
GC Waves Holdings, Inc.		Revolver		10/04/2030			331				—
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/04/2027			1,274				(11	)
GPS Merger Sub, LLC		Revolver		10/02/2029			1,713				(15	)
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			41				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			1,555				—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026			1,017				—
Galway Borrower, LLC		Revolver		09/29/2028			1,827				—
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			3,030				(30	)
GarageCo Intermediate II, LLC		Revolver		07/30/2032			909				(9	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			30				—
Granicus, Inc.		Delayed Draw Term Loan		07/31/2026			929				—
Granicus, Inc.		Revolver		01/17/2031			1,800				—
HSI Halo Acquisition, Inc.		Delayed Draw Term Loan		06/28/2026			1,624				(6	)
HSI Halo Acquisition, Inc.		Revolver		06/28/2030			2,165				(9	)
Heartland Veterinary Partners, LLC		Delayed Draw Term Loan		11/08/2027			2,795				(17	)
Heartland Veterinary Partners, LLC		Revolver		06/12/2028			375				—
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		12/10/2027			2,366				(12	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		09/30/2026			2,131				—
High Street Buyer, Inc.		Revolver		04/16/2027			2,136				(5	)
Hootsuite, Inc.		Revolver		05/22/2030			1,000				(13	)
Hyland Software, Inc.		Revolver		09/19/2029			1,879				—
IG Investment Holdings, LLC		Revolver		09/22/2028			1,211				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
IQN Holding Corp.		Revolver		05/02/2028			157				—
Icefall Parent, Inc.		Revolver		01/25/2030			507				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			1,718				—
Imagine 360, LLC		Revolver		10/02/2028			1,064				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			4,976				—
Inhabitiq, Inc.		Revolver		01/12/2032			3,110				—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026			1,836				(5	)
Inszone Mid, LLC		Delayed Draw Term Loan		10/18/2027			3,281				(16	)
Inszone Mid, LLC		Revolver		11/30/2029			1,787				(4	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			353				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			1,688				—
Invictus Buyer, LLC		Revolver		06/03/2031			625				—
Iris Buyer, LLC		Revolver		10/02/2029			1,001				(3	)
Iris Specialty Acquisiton, LLC		Delayed Draw Term Loan		11/20/2028			1,241				(3	)
Iris Specialty Acquisiton, LLC		Revolver		11/22/2032			1,092				(5	)
Jeppesen Holdings, LLC		Revolver		11/01/2032			653				(3	)
Jonathan Acquisition Company		Revolver		05/11/2029			327				(5	)
KENG Acquisition, Inc.		Revolver		08/01/2029			1,171				(6	)
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			536				—
Kodiak Buyer, LLC		Revolver		07/23/2032			429				—
LHS Borrower, LLC		Revolver		09/04/2031			469				(7	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027			1,731				—
LJ Avalon Holdings, LLC		Revolver		02/01/2029			1,435				—
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027			1,127				—
LeadVenture, Inc.		Revolver		06/23/2032			673				—
LegitScript, LLC		Revolver		06/24/2028			2,667				—
Lightspeed Buyer, Inc.		Revolver		02/03/2027			146				—
LogRhythm, Inc.		Revolver		07/02/2029			909				(36	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			1,025				(10	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			992				(10	)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			1,500				—
MRI Software, LLC		Revolver		02/10/2028			1,387				(4	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			2,529				—
Majesco, Inc.		Revolver		09/21/2027			1,575				—
ManTech International CP		Delayed Draw Term Loan		02/17/2026			118				—
ManTech International CP		Revolver		09/14/2028			507				—
Merative, LP		Delayed Draw Term Loan		09/30/2027			2,070				(10	)
Merative, LP		Revolver		09/30/2032			1,812				(9	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			683				—
Mobile Communications America, Inc.		Revolver		10/16/2029			768				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			3,265				—
Model N, Inc.		Revolver		06/27/2031			1,741				—
Montana Buyer, Inc.		Revolver		07/22/2028			981				—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			821				(8	)
NDT Global Holding, Inc.		Revolver		06/04/2032			733				(7	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			1,316				—
NSI Holdings, Inc.		Revolver		11/17/2031			1,316				—
Nasuni Corporation		Revolver		09/10/2030			3,017				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			431				(2	)
OEConnection, LLC		Delayed Draw Term Loan		12/26/2028			876				(2	)
OEConnection, LLC		Revolver		12/23/2032			231				(1	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			860				(6	)
Oak Purchaser, Inc.		Revolver		05/31/2028			522				(4	)
One, Inc. Software Corporation		Delayed Draw Term Loan		12/06/2027			982				(5	)
One, Inc. Software Corporation		Revolver		12/06/2032			393				(4	)
Onit, Inc.		Delayed Draw Term Loan		01/27/2027			6,944				—
Onit, Inc.		Revolver		01/27/2032			2,315				—
Optimizely North America, Inc.		Revolver		10/30/2031			1,236				(25	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			608				(9	)
PMA Parent Holdings, LLC		Revolver		01/31/2031			354				(4	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			2,497				—
Pamlico Avant Holdings, LP		Revolver		12/31/2032			188				(2	)
Pareto Health Intermediate Holdings, Inc.		Delayed Draw Term Loan		06/20/2026			5,602				—
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			792				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			3,919				—
PerkinElmer U.S., LLC		Delayed Draw Term Loan		10/25/2027			1,613				(4	)
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			871				—
Pound Bidco, Inc.		Revolver		02/01/2027			375				—
Procure Acquireco, Inc. (Procure Analytics)		Delayed Draw Term Loan		10/31/2026			579				—
Procure Acquireco, Inc. (Procure Analytics)		Revolver		12/20/2028			238				—
Project Accelerate Parent, LLC		Revolver		02/24/2031			1,250				—
Project Potter Buyer, LLC		Revolver		04/23/2027			1,173				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			3,474				(35	)
Railpros Parent, LLC		Revolver		05/24/2032			1,737				(17	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		06/30/2026			415				(4	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		12/20/2027			2,741				(13	)
Randy's Holdings, Inc.		Revolver		11/01/2029			899				(9	)
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			2,035				—
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			1,775				(9	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			1,950				(10	)

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Recovery Point Systems, Inc.		Revolver		02/14/2028			4,000				—
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			1,589				(8	)
Revalize, Inc.		Revolver		04/16/2029			21				(1	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			8,268				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			2,012				—
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026			1,264				—
Riskonnect Parent, LLC		Revolver		12/07/2028			748				—
RoadOne IntermodaLogistics		Revolver		12/29/2028			35				(1	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,284				(4	)
Routeware, Inc.		Revolver		09/18/2031			273				(1	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			2,715				(7	)
Runway Bidco, LLC		Revolver		12/17/2031			1,357				(3	)
SV Newco 2, Inc.		Revolver		06/02/2031			7,462				(10	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			4,167				(34	)
Saturn Borrower, Inc.		Revolver		11/10/2028			1,400				(11	)
Securonix, Inc.		Revolver		04/05/2029			3,782				(541	)
Sherlock Buyer Corp.		Revolver		12/07/2029			1,286				(41	)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			1,072				—
Smarsh, Inc.		Revolver		02/16/2029			493				—
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			875				(66	)
Spark Buyer, LLC		Revolver		10/15/2031			289				(22	)
Specialty Pharma III, Inc.		Revolver		12/23/2032			478				(2	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			137				—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			881				—
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026			906				—
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026			250				—
Superman Holdings, LLC		Revolver		08/29/2031			2,901				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		06/29/2026			601				(1	)
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			1,117				(2	)
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			198				—
Suveto Buyer, LLC		Revolver		09/09/2027			1,231				(1	)
Sweep Purchaser, LLC		Revolver		06/30/2027			1,125				—
TA Polaris Buyer, Inc.		Delayed Draw Term Loan		12/12/2028			4,324				(11	)
TA Polaris Buyer, Inc.		Revolver		12/13/2032			1,297				(6	)
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(6	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			1,853				(5	)
Tank Holding Corp.		Revolver		03/31/2028			800				(69	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			2,800				(21	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			2,594				(19	)
Tidi Legacy Products, Inc.		Revolver		12/19/2029			356				—

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			1,835				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			549				(5	)
Transit Technologies, LLC		Revolver		08/20/2030			1,705				—
Trintech, Inc.		Revolver		07/25/2029			2,092				(10	)
Triple Lift, Inc.		Revolver		05/05/2028			4,000				(247	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			112				—
Trunk Acquisition, Inc.		Revolver		02/19/2030			857				—
Two Six Labs, LLC		Revolver		08/20/2027			2,134				—
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			1,944				—
UHY Advisors, Inc.		Revolver		11/21/2031			416				—
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			2,378				(18	)
UpStack, Inc.		Revolver		08/25/2031			1,125				(8	)
V Global Holdings, LLC		Revolver		01/02/2029			393				(31	)
VRC Companies, LLC		Revolver		06/29/2027			1,653				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			2,250				(17	)
Vamos Bidco, Inc.		Revolver		01/30/2032			675				(5	)
Vanco Payment Solutions, LLC		Revolver		12/01/2031			175				(2	)
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026			25				(2	)
Vehlo Purchaser, LLC		Revolver		05/24/2028			503				—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			156				—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			622				—
Verdantas, LLC		Revolver		05/06/2030			1,193				—
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			603				(29	)
Vertex Service Partners, LLC		Revolver		11/08/2030			308				(6	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			647				(3	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		05/03/2028			1,479				(4	)
Vessco Midco Holdings, LLC		Revolver		07/24/2031			1,244				(6	)
Victors Purchaser, LLC		Delayed Draw Term Loan		12/23/2027			1,030				—
Victors Purchaser, LLC		Revolver		12/23/2032			774				—
WIPFLI Advisory, LLC		Delayed Draw Term Loan		04/01/2028			2,192				(5	)
WIPFLI Advisory, LLC		Revolver		10/01/2032			1,461				(7	)

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
World Insurance Associates, LLC		Revolver		04/03/2030			1,269				—
YI, LLC		Revolver		12/03/2029			883				—
Zarya Intermediate, LLC		Revolver		07/01/2027			3,649				—
eShipping, LLC		Delayed Draw Term Loan		12/23/2027			1,075				(3	)
eShipping, LLC		Revolver		12/23/2032			470				(2	)
iCIMS, Inc.		Revolver		08/18/2028			33				—
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			1,731				(17	)
mPulse Mobile, Inc.		Revolver		08/26/2032			2,596				(26	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated						$	496,144			$	(3,299	)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.		Delayed Draw Term Loan		02/28/2027			690				—
KWOR Acquisition, Inc.		Revolver		02/28/2030			506				—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated						$	1,196			$	—
Total Unfunded Commitments						$	497,340			$	(3,299	)

 

(17)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2025 were as follows:

 

		Fair Value as of December 31, 2024				Gross Additions (2)				Gross Reductions (3)				Net Change in Unrealized Gains (Losses)				Net Realized Gain (Loss)				Fair Value as of December 31, 2025				Interest, Dividend and Other Income
KWOR Acquisition, Inc.(1)		$	—			$	5,239			$	—			$	(450	)		$	—			$	4,789			$	446
Total		$	—			$	5,239			$	—			$	(450	)		$	—			$	4,789			$	446

 

(1)

Inclusive of positions titled KWOR Intermediate I, Inc.

(2)

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

(3)

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

 

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

 

Additional Information

 

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

 

Interest Rate Swaps(a)(b)(c)(d)
Counterparty		Hedged Instrument		Company Receives		Company Pays		Maturity Date		Notional Amount				Fair Value				Upfront Payments/Receipts				Change in Unrealized Appreciation/(Depreciation)
BNP Paribas		2029 Notes		6.41%		S + 2.37%		05/17/2029		$	350,000			$	6,837				—			$	6,392
BNP Paribas		2030 Notes		6.25%		S + 2.54%		05/19/2030			350,000				3,317				—				3,317
										$	700,000			$	10,154			$	—			$	9,709

 

(a)

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

(b)

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

(c)

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

(d)

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

 

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Morgan Stanley Direct Lending Fund

Notes to the Consolidated Financial Statements (Unaudited)

June 30, 2026

(In thousands, except shares and per share amounts)

(1) ORGANIZATION

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

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

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

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

(2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2026.

Use of Estimates

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

Consolidation

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

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

 

 

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The Company does not consolidate its investment in Capstone Lending LLC (“Capstone Lending”), which was formed as a joint venture (“JV”) between the Company and a large institutional investor (the “JV Partner”). See Note 4 “Investments” for more information.

Cash, Cash Equivalents and Restricted Cash

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

Money Market Funds

Investments in money market funds are valued at net asset value per share and are included in “Investments in unaffiliated money market fund” in the Consolidated Statements of Assets and Liabilities.

Foreign Currency Translation

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

Investments

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

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

Derivative Instruments

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

 

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Revenue Recognition

Interest Income

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

PIK Income

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

Dividend Income

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

Other Income

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

Non-Accrual Investments

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

As of June 30, 2026 and December 31, 2025, the Company had certain investments in seven and four portfolio companies, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of June 30, 2026 and December 31, 2025 was $106,451 and $60,392, respectively.

Offering Costs

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

Deferred Financing Costs and Debt Issuance Costs

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

 

 

 

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Income Taxes

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

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

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

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and six months ended June 30, 2026, the Company accrued $800 and $1,634 of U.S. federal excise tax, respectively. For the three and six months ended June 30, 2025, the Company accrued $200 and $827 of U.S. federal excise tax, respectively.

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

Segment Reporting

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

Recent Accounting Pronouncements

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

(3) SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

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

On January 24, 2024, the Company entered into the Amended and Restated Investment Advisory Agreement with the Adviser (as amended and restated, the “Investment Advisory Agreement”). The Investment Advisory Agreement was most recently re-approved by the Board in August 2026 and will continue from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors").

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

 

 

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Base Management Fee

The Base Management Fee is calculated at an annual rate of 1.00% of the Company's average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents.

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

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

For the three and six months ended June 30, 2026, Base Management Fees were $9,182 and $18,612, respectively. For the three and six months ended June 30, 2025, Base Management Fees were $9,624 and $18,601, net of waiver, respectively. As of June 30, 2026 and December 31, 2025, $9,182 and $9,596, respectively, were payable to the Investment Adviser relating to Base Management Fees.

Incentive Fee

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

i.

Incentive Fee Based on Income

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

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

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

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

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

•

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

•

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

•

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

 

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

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

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

For the three and six months ended June 30, 2026, income based incentive fees were $6,518 and $12,318, respectively. For the three and six months ended June 30, 2025, income based incentive fees were $9,279 and $18,747, net of waiver respectively. As of June 30, 2026 and December 31, 2025, $6,518 and $7,281, respectively, were payable to the Investment Adviser relating to income based incentive fees.

ii.

Incentive Fee Based on Capital Gains

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

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

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

For the three and six months ended June 30, 2026, the Investment Adviser accrued $0 and $0 capital gains incentive fees. For the three and six months ended June 30, 2025, the Investment Adviser accrued $0 and $0 capital gains incentive fees. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

As of June 30, 2026 and December 31, 2025, $0 and $0, respectively, were payable to the Investment Adviser relating to capital gains incentive fees payable.

 

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the

 

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Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement will continue from year to year if approved annually by the Board, including a majority of the Independent Directors. The Administration Agreement was most recently re-approved in August 2026.

For the three and six months ended June 30, 2026, the Company incurred $61 and $122, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

For the three and six months ended June 30, 2025, the Company incurred $85 and $145, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

As of June 30, 2026 and December 31, 2025, $51 and $91, respectively, were payable to affiliates.

Sub-Administration Agreement

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

MS Credit Partners Holdings, Inc. Investment

MS Credit Partners Holdings, Inc. ("MS Credit Partners Holdings"), a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200,000 to the Company pursuant to a subscription agreement entered into in December 2019, which had been fully funded as of October 4, 2023. As of June 30, 2026 and December 31, 2025, MS Credit Partners Holdings held approximately 11.5% and 11.3% of the Company’s outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

Morgan Stanley & Co. Related Transactions

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

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

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

Morgan Stanley & Co. LLC served as an underwriter in connection with the public offering of the Company’s 2031 Notes (as defined below in Note 12. “Subsequent Events”) and received fees of $193 at closing on July 9, 2026.

 

(4) INVESTMENTS

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

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

 

	June 30, 2026															December 31, 2025
	Cost				Fair Value				% of Total Investments at Fair Value							Cost				Fair Value						% of Total Investments at Fair Value
First Lien Debt	$	3,414,546			$	3,308,689				93.1		%				$	3,686,118			$	3,631,498						96.2		%
Second Lien Debt		77,453				72,603				2.0							83,428				75,210						2.0
Other Debt Investments		8,830				7,149				0.2							11,857				10,114						0.3
Equity		71,278				63,302				1.8							57,636				54,724						1.5
Investments in Joint Venture		104,532				102,544				2.9							—				—						0.0
Total	$	3,676,639			$	3,554,287				100.0		%				$	3,839,039			$	3,771,546						100.0		%

 

 

 

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

 

	June 30, 2026				December 31, 2025
Aerospace & Defense		0.8		%		1.5		%
Air Freight & Logistics		0.1				0.4
Automobile Components		3.3				3.2
Automobiles		2.0				3.8
Banks		0.1				0.1
Beverages		0.1				0.1
Building Products		0.4				0.4
Chemicals		0.6				0.5
Commercial Services & Supplies		7.6				7.7
Construction & Engineering		2.3				2.3
Consumer Staples Distribution & Retail		0.8				0.8
Containers & Packaging		1.2				1.1
Distributors		1.9				1.8
Diversified Consumer Services		5.0				4.9
Electrical Equipment		0.4				0.4
Electronic Equipment, Instruments & Components		2.0				2.3
Financial Services		3.1				3.1
Food Products		0.9				1.2
Ground Transportation		1.0				0.9
Health Care Equipment & Supplies		0.4				0.4
Health Care Providers & Services		5.8				5.2
Health Care Technology		1.0				1.6
Industrial Conglomerates		1.5				1.6
Insurance Services		9.7				10.7
Interactive Media & Services		2.0				2.0
Investments in Joint Venture		2.9				—
IT Services		9.8				8.9
Life Sciences Tools & Services		0.4				0.4
Machinery		1.1				1.0
Multi-Utilities		0.3				0.7
Pharmaceuticals		0.8				0.7
Professional Services		4.9				5.7
Real Estate Management & Development		3.9				3.7
Software		21.2				20.2
Transportation Infrastructure		0.4				0.3
Wireless Telecommunication Services		0.3				0.4
Total		100.0		%		100.0		%

 

 

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

 

	June 30, 2026																	December 31, 2025
	Cost				Fair Value				% of Total Investments at Fair Value				% of Total Net Assets at Fair Value					Cost				Fair Value				% of Total Investments at Fair Value				% of Total Net Assets at Fair Value
Australia	$	12,904			$	12,882				0.4		%		0.8		%		$	12,951			$	13,114				0.3		%		0.8		%
Canada		124,994				125,174				3.5				7.6					123,765				124,411				3.3				7.1
United Kingdom		13,720				13,634				0.4				0.8					13,160				13,299				0.4				0.8
United States		3,525,021				3,402,597				95.7				206.5					3,689,163				3,620,722				96.0				207.1
Total	$	3,676,639			$	3,554,287				100.0		%		215.7		%		$	3,839,039			$	3,771,546				100.0		%		215.8		%

Capstone Lending

Capstone Lending, a Delaware limited liability company, was formed as a joint venture between the Company and the JV Partner, commenced operations on January 2, 2026 and operates under a limited liability company agreement. Capstone Lending’s principal purpose is to make

 

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investments, primarily in senior loans issued by middle-market companies. The Company and the JV Partner each agreed to contribute up to $200,000 and $50,000, respectively, to Capstone Lending. The Company and the JV Partner have equal control of Capstone Lending’s investment decisions and generally all other decisions in respect of Capstone Lending must be approved by Capstone Lending’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the JV Partner.

As of June 30, 2026, the Company and the JV Partner made equity contributions of $104,532 and $26,133, respectively, to Capstone Lending.

On February 19, 2026, Capstone Lending entered into a senior secured revolving credit facility (the “JV Credit Facility”) with a third party lender, providing for total commitments of up to $500,000. The JV Credit Facility is secured by substantially all the assets of Capstone Lending.

The following table presents the selected consolidated statement of assets and liabilities information of Capstone Lending as of June 30, 2026:

	As of
	June 30, 2026
Assets
Investments, at fair value (cost of $326,883)	$	324,390
Cash		19,581
Other Assets		4,388
Total assets		348,359
Liabilities
Debt		212,750
Other liabilities		7,429
Total liabilities	$	220,179
Total Members' Equity	$	128,180

The following table presents the selected consolidated statements of operations information of Capstone Lending for the period from January 2, 2026 (commencement of operations of Capstone Lending) to June 30, 2026:

	For the three months ended				For the period from January 2, 2026 to
	June 30, 2026				June 30, 2026
Income
Investment income	$	7,056			$	9,875
Expenses
Net operating expenses		3,278				4,640
Net investment income (loss)	$	3,778			$	5,235
Total net realized and change in unrealized gain (loss)		(668	)			(2,493	)
Net increase (decrease) in members' equity resulting from operations	$	3,110			$	2,742

 

 

Below is a summary of Capstone Lending’s portfolio as of June 30, 2026:

	As of
	June 30, 2026
Investment Commitments	$	425,620
Total investments, at fair value	$	324,390
Number of portfolio companies		58
Number of industries		25
Weighted average yield on total portfolio, at cost(1)		8.8	%
Weighted average yield on total portfolio, at fair value(1)		8.8	%
Average position size of investments		5,593

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

 

 

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Consolidated Schedule of Investments as of June 30, 2026

Investments		Footnotes		Investment		Reference Rate and Spread				Interest Rate (1)				Maturity Date		Par Amount/ Shares				Cost (7)				Fair Value				Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company		(2) (5)		First Lien Debt		S +		4.50%			8.23	%		11/12/2029			4,432			$	4,376			$	4,366				3.41	%
Jonathan Acquisition Company		(2) (6)		First Lien Debt		P +		3.50%			10.25	%		05/11/2029			55				48				46				0.04
Two Six Labs, LLC		(3) (5)		First Lien Debt		S +		5.00%			8.73	%		08/20/2030			6,665				6,624				6,624				5.17
Two Six Labs, LLC		(3) (6)		First Lien Debt		S +		5.00%			8.73	%		08/20/2030			—				(13	)			(13	)			(0.01	)
																					11,035				11,023				8.60
Automobiles
COP Collisionright Parent, LLC		(2) (5)		First Lien Debt		S +		4.75%			8.41	%		01/29/2030			357				355				353				0.28
COP Collisionright Parent, LLC		(2) (6)		First Lien Debt		S +		4.75%			8.41	%		01/29/2030			317				314				301				0.23
COP Collisionright Parent, LLC		(2) (6)		First Lien Debt		S +		4.75%			8.41	%		01/29/2030			—				—				(1	)			0.00
Drivecentric Holdings, LLC		(3) (5)		First Lien Debt		S +		4.50%			8.20	%		08/15/2031			6,750				6,710				6,750				5.27
Drivecentric Holdings, LLC		(3) (6)		First Lien Debt		S +		4.50%			8.20	%		08/15/2031			—				(14	)			—				—
Vehlo Purchaser, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.89	%		05/24/2028			3,030				3,019				2,977				2.32
																					10,384				10,380				8.10
Banks
Computer Services, Inc.		(2) (5)		First Lien Debt		S +		4.50%			8.23	%		11/17/2031			2,696				2,683				2,651				2.07
Computer Services, Inc.		(2) (6)		First Lien Debt		S +		4.50%			8.23	%		11/17/2031			—				(6	)			(21	)			(0.02	)
																					2,677				2,630				2.05
Beverages
Vamos Bidco, Inc.		(4) (5)		First Lien Debt		S +		4.50%			8.23	%		01/30/2032			2,673				2,661				2,613				2.04
Vamos Bidco, Inc.		(4) (6)		First Lien Debt		S +		4.50%			8.23	%		01/30/2032			—				(2	)			(25	)			(0.02	)
Vamos Bidco, Inc.		(4) (6)		First Lien Debt		S +		4.50%			8.23	%		01/30/2032			56				55				49				0.04
																					2,714				2,637				2.06
Capital Markets
TS Imagine, Inc.		(3) (5)		First Lien Debt		S +		6.25%			9.91	%		06/12/2031			2,441				2,404				2,404				1.88
TS Imagine, Inc.		(3) (6)		First Lien Debt		S +		6.25%			9.91	%		06/12/2031			—				(2	)			(2	)			0.00
TS Imagine, Inc.		(3) (6)		First Lien Debt		S +		6.25%			9.91	%		06/12/2031			31				27				27				0.02
																					2,429				2,429				1.89
Commercial Services & Supplies
Astra Service Partners, LLC		(3) (5)		First Lien Debt		S +		4.50%			8.24	%		11/26/2032			5,644				5,603				5,623				4.39
Astra Service Partners, LLC		(3) (6)		First Lien Debt		S +		4.50%			8.24	%		11/26/2032			965				949				958				0.75
AWP Group Holdings, Inc.		(2) (5)		First Lien Debt		S +		5.91% (incl. 3.28% PIK)			9.56	%		12/22/2032			7,056				6,954				6,954				5.43
AWP Group Holdings, Inc.		(2) (6)		First Lien Debt		S +		5.91% (incl. 3.28% PIK)			9.56	%		12/22/2032			254				240				240				0.19
Firebird Acquisition Corp, Inc.		(3) (5)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)			8.66	%		02/02/2032			5,809				5,801				5,809				4.53
Firebird Acquisition Corp, Inc.		(3) (5) (6)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)			8.66	%		02/02/2032			1,965				1,963				1,965				1.53
Firebird Acquisition Corp, Inc.		(3) (6)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)			8.66	%		02/02/2032			—				(1	)			—				0.00
Railpros Parent, LLC		(3) (5)		First Lien Debt		S +		4.25%			7.89	%		05/24/2032			5,433				5,403				5,419				4.23
Railpros Parent, LLC		(3) (5) (6)		First Lien Debt		S +		4.25%			7.89	%		05/24/2032			504				499				500				0.39
Railpros Parent, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.89	%		05/24/2032			—				(5	)			(2	)			(0.00	)
																					27,406				27,466				21.43
Construction & Engineering

 

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Consolidated Schedule of Investments as of June 30, 2026

Investments		Footnotes		Investment		Reference Rate and Spread				Interest Rate (1)				Maturity Date		Par Amount/ Shares				Cost (7)				Fair Value				Percentage of Net Assets
LJ Avalon Holdings, LLC		(2) (5)		First Lien Debt		S +		4.75%			8.43	%		02/01/2030			1,618				1,621				1,605				1.25
LJ Avalon Holdings, LLC		(2) (5)		First Lien Debt		S +		4.75%			8.43	%		02/01/2030			2,278				2,270				2,261				1.76
LJ Avalon Holdings, LLC		(2) (6)		First Lien Debt		S +		4.75%			8.43	%		02/01/2029			68				67				64				0.05
																					3,958				3,930				3.07
Diversified Consumer Services
DA Blocker Corp.		(3) (5)		First Lien Debt		S +		4.75%			8.48	%		02/10/2032			5,643				5,617				5,530				4.31
DA Blocker Corp.		(3) (6)		First Lien Debt		S +		4.75%			8.48	%		02/10/2032			—				(3	)			(35	)			(0.03	)
DA Blocker Corp.		(3) (6)		First Lien Debt		S +		4.75%			8.48	%		02/10/2032			82				80				71				0.06
EVDR Purchaser, Inc.		(3) (5)		First Lien Debt		S +		4.50%			8.14	%		02/14/2031			4,975				4,956				4,975				3.88
GarageCo Intermediate II, LLC		(3) (5)		First Lien Debt		S +		4.25%			7.91	%		08/02/2032			2,404				2,385				2,368				1.85
GarageCo Intermediate II, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.91	%		08/02/2032			—				(21	)			(53	)			(0.04	)
GarageCo Intermediate II, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.91	%		08/02/2032			—				(8	)			(16	)			(0.01	)
Kodiak Buyer, LLC		(3) (5)		First Lien Debt		S +		4.25%			7.98	%		07/26/2032			2,302				2,283				2,298				1.79
Kodiak Buyer, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.98	%		07/26/2032			72				67				71				0.06
Kodiak Buyer, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.98	%		07/23/2032			—				(5	)			(1	)			—
LHS Borrower, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.89	%		09/04/2031			2,422				2,397				2,362				1.84
LHS Borrower, LLC		(3) (6)		First Lien Debt		S +		5.25%			8.89	%		09/04/2031			49				47				44				0.03
																					17,795				17,614				13.74
Diversified Telecommunication Services
Orbcomm, Inc.		(3) (5)		First Lien Debt		S +		5.25%			8.92	%		04/27/2032			6,087				6,028				6,028				4.70
Orbcomm, Inc.		(3) (6)		First Lien Debt		S +		5.25%			8.92	%		04/27/2032			183				177				177				0.14
Orbcomm, Inc.		(3) (6)		First Lien Debt		S +		5.25%			8.92	%		04/27/2032			—				(10	)			(10	)			(0.01	)
																					6,195				6,195				4.83
Electrical Equipment
Accel International Holdings, Inc.		(4) (5)		First Lien Debt		S +		4.25%			7.89	%		04/26/2032			4,608				4,600				4,608				3.59
Accel International Holdings, Inc.		(4) (6)		First Lien Debt		S +		4.25%			7.89	%		04/26/2032			159				157				159				0.12
																					4,757				4,767				3.72
Electronic Equipment, Instruments & Components
Magneto Components Buyco, LLC		(3) (5)		First Lien Debt		S +		5.75%			9.48	%		12/05/2030			5,487				5,481				5,487				4.28
Magneto Components Buyco, LLC		(3) (6)		First Lien Debt		S +		5.75%			9.48	%		12/05/2029			—				(1	)			—				0.00
NDT Global Holding, Inc.		(4) (5)		First Lien Debt		S +		4.50%			8.14	%		06/04/2032			6,848				6,810				6,746				5.26
NDT Global Holding, Inc.		(4) (5) (6)		First Lien Debt		S +		4.50%			8.14	%		06/04/2032			1,343				1,332				1,297				1.01
NDT Global Holding, Inc.		(4) (6)		First Lien Debt		S +		4.50%			8.14	%		06/04/2032			—				(9	)			(23	)			(0.02	)
																					13,613				13,507				10.54
Financial Services
BCTO Bluebill Midco, Inc.		(3) (5)		First Lien Debt		S +		4.50%			8.17	%		07/30/2032			7,556				7,509				7,442				5.81
BCTO Bluebill Midco, Inc.		(3) (6)		First Lien Debt		S +		4.50%			8.17	%		07/30/2032			—				(6	)			(14	)			(0.01	)
SitusAMC Holdings Corporation		(3) (5)		First Lien Debt		S +		5.50%			9.23	%		05/14/2031			1,980				1,976				1,980				1.54
																					9,479				9,408				7.34
Ground Transportation
SV Newco 2, Inc.		(3) (5)		First Lien Debt		S +		5.00%			8.73	%		06/02/2031			2,453				2,447				2,438				1.90
SV Newco 2, Inc.		(3) (6)		First Lien Debt		S +		5.00%			8.73	%		06/02/2031			2,472				2,463				2,427				1.89
																					4,910				4,865				3.80
Health Care Equipment & Supplies
CSHC Buyerco, LLC		(3) (5)		First Lien Debt		S +		5.00%			8.73	%		04/29/2033			5,536				5,481				5,481				4.28
CSHC Buyerco, LLC		(3) (6)		First Lien Debt		S +		5.00%			8.73	%		04/29/2033			480				472				472				0.37

 

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Consolidated Schedule of Investments as of June 30, 2026

Investments		Footnotes		Investment		Reference Rate and Spread				Interest Rate (1)				Maturity Date		Par Amount/ Shares				Cost (7)				Fair Value				Percentage of Net Assets
CSHC Buyerco, LLC		(3) (6)		First Lien Debt		S +		5.00%			8.73	%		04/29/2033			—				(10	)			(10	)			(0.01	)
PerkinElmer U.S., LLC		(2) (5)		First Lien Debt		S +		4.50%			8.17	%		03/13/2029			532				531				530				0.41
PerkinElmer U.S., LLC		(2) (6)		First Lien Debt		S +		4.50%			8.17	%		03/13/2029			—				—				(5	)			0.00
Tidi Legacy Products, Inc.		(2) (5)		First Lien Debt		S +		4.50%			8.14	%		12/19/2029			4,317				4,313				4,317				3.37
Tidi Legacy Products, Inc.		(2) (5)		First Lien Debt		S +		4.50%			8.14	%		12/19/2029			1,826				1,825				1,826				1.42
Tidi Legacy Products, Inc.		(2) (6)		First Lien Debt		S +		4.50%			8.14	%		12/19/2029			—				(1	)			—				0.00
																					12,611				12,611				9.84
Health Care Providers & Services
Merative, LP		(3) (5)		First Lien Debt		S +		4.50%			8.23	%		09/30/2032			5,736				5,722				5,736				4.47
Merative, LP		(3) (6)		First Lien Debt		S +		4.50%			8.23	%		09/30/2032			—				—				—				0.00
Merative, LP		(3) (6)		First Lien Debt		S +		4.50%			8.23	%		09/30/2032			—				(1	)			—				0.00
mPulse Mobile, Inc.		(3) (5)		First Lien Debt		S +		4.75%			8.48	%		02/25/2033			8,840				8,784				8,509				6.64
mPulse Mobile, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.48	%		02/25/2033			—				(2	)			(32	)			(0.02	)
mPulse Mobile, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.48	%		02/25/2033			—				(8	)			(48	)			(0.04	)
Pareto Health Intermediate Holdings, Inc.		(2) (5)		First Lien Debt		S +		5.00%			8.73	%		06/03/2030			14,843				14,777				14,695				11.46
																					29,272				28,860				22.51
Industrial Conglomerates
Aptean, Inc.		(3) (5)		First Lien Debt		S +		4.75%			8.42	%		01/30/2031			8,387				8,379				8,236				6.43
Aptean, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.42	%		01/30/2031			—				3				(38	)			(0.03	)
Aptean, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.42	%		01/30/2031			88				88				81				0.06
																					8,470				8,279				6.46
Insurance Services
Fetch, Inc.		(3) (5)		First Lien Debt		S +		4.75%			8.39	%		03/31/2033			6,800				6,734				6,732				5.25
Fetch, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.39	%		03/31/2033			—				(10	)			(10	)			(0.01	)
Fetch, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.39	%		03/31/2033			—				(12	)			(12	)			(0.01	)
Foundation Risk Partners Corp.		(3) (5) (6)		First Lien Debt		S +		4.75%			8.48	%		10/29/2030			1,393				1,391				1,393				1.09
High Street Buyer, Inc.		(3) (6)		First Lien Debt		S +		4.25%			7.98	%		04/14/2028			300				297				283				0.22
Inszone Mid, LLC		(2) (6)		First Lien Debt		S +		5.25%			8.98	%		11/30/2029			2,668				2,634				2,601				2.03
Inszone Mid, LLC		(2) (6)		First Lien Debt		S +		5.25%			8.98	%		11/30/2029			—				(4	)			(4	)			0.00
Iris Specialty Acquisition, LLC		(4) (5)		First Lien Debt		S +		4.50%			8.23	%		11/22/2032			5,695				5,668				5,684				4.43
Iris Specialty Acquisition, LLC		(4) (6)		First Lien Debt		S +		4.50%			8.23	%		11/22/2032			86				82				84				0.07
Iris Specialty Acquisition, LLC		(4) (6)		First Lien Debt		S +		4.50%			8.23	%		11/22/2032			192				188				190				0.15
Patriot Growth Insurance Services, LLC		(3) (5)		First Lien Debt		S +		5.00%			8.88	%		10/16/2028			1,481				1,478				1,445				1.13
																					18,446				18,386				14.34
Interactive Media & Services
FMG Suite Holdings, LLC		(3) (5)		First Lien Debt		S +		4.50%			8.17	%		09/09/2032			4,515				4,486				4,447				3.47
FMG Suite Holdings, LLC		(3) (6)		First Lien Debt		S +		4.50%			8.17	%		09/09/2032			—				(3	)			(18	)			(0.01	)
FMG Suite Holdings, LLC		(3) (6)		First Lien Debt		S +		4.50%			8.17	%		09/09/2032			—				(5	)			(11	)			(0.01	)
																					4,478				4,418				3.45
IT Services
Apollo Acquisition, Inc.		(3) (5)		First Lien Debt		S +		5.25%			8.90	%		12/30/2031			922				914				903				0.70
Apollo Acquisition, Inc.		(3) (6)		First Lien Debt		S +		5.25%			8.90	%		12/30/2031			22				2				(40	)			(0.03	)
Apollo Acquisition, Inc.		(3) (6)		First Lien Debt		S +		5.25%			8.90	%		12/30/2030			—				(4	)			(9	)			(0.01	)
Bridgepointe Technologies, LLC		(2) (5)		First Lien Debt		S +		4.75%			8.48	%		04/18/2033			5,257				5,206				5,206				4.06
Bridgepointe Technologies, LLC		(2) (6)		First Lien Debt		S +		4.75%			8.48	%		04/18/2033			330				318				318				0.25
Bridgepointe Technologies, LLC		(2) (6)		First Lien Debt		S +		4.75%			8.48	%		04/18/2033			—				(7	)			(7	)			(0.01	)
Redwood Services Group, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.99	%		06/15/2029			6,503				6,476				6,487				5.06

 

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Consolidated Schedule of Investments as of June 30, 2026

Investments		Footnotes		Investment		Reference Rate and Spread				Interest Rate (1)				Maturity Date		Par Amount/ Shares				Cost (7)				Fair Value				Percentage of Net Assets
Redwood Services Group, LLC		(3) (5) (6)		First Lien Debt		S +		5.25%			8.99	%		06/15/2029			8,358				8,328				8,337				6.50
Thrive Buyer, Inc. (Thrive Networks)		(3) (5)		First Lien Debt		S +		5.00% (incl 2.50% PIK)			8.73	%		02/02/2032			5,138				5,115				4,881				3.81
Thrive Buyer, Inc. (Thrive Networks)		(3) (5)		First Lien Debt		S +		5.00% (incl 2.50% PIK)			8.73	%		02/02/2032			1,180				1,175				1,121				0.87
Thrive Buyer, Inc. (Thrive Networks)		(3) (6)		First Lien Debt		S +		4.50%			8.23	%		02/02/2032			256				253				223				0.17
UpStack, Inc.		(3) (5)		First Lien Debt		S +		5.00%			8.63	%		08/25/2031			4,875				4,835				4,790				3.74
UpStack, Inc.		(3) (5) (6)		First Lien Debt		S +		5.00%			8.63	%		08/25/2031			686				671				653				0.51
UpStack, Inc.		(3) (6)		First Lien Debt		S +		5.00%			8.63	%		08/25/2031			281				275				268				0.21
																					33,557				33,131				25.85
Multi-Utilities
Vessco Midco Holdings, LLC		(3) (5)		First Lien Debt		S +		4.50%			8.15	%		07/24/2031			3,549				3,536				3,498				2.73
Vessco Midco Holdings, LLC		(3) (6)		First Lien Debt		S +		4.50%			8.15	%		07/24/2031			—				(9	)			(50	)			(0.04	)
																					3,527				3,448				2.69
Pharmaceuticals
Real Chemistry Intermediate III, Inc.		(4) (5)		First Lien Debt		S +		4.50%			8.23	%		04/12/2032			4,410				4,402				4,344				3.39
Real Chemistry Intermediate III, Inc.		(4) (5) (6)		First Lien Debt		S +		4.50%			8.23	%		04/12/2032			1,313				1,311				1,284				1.00
Real Chemistry Intermediate III, Inc.		(4) (6)		First Lien Debt		S +		4.50%			8.23	%		04/12/2032			—				(2	)			(15	)			(0.01	)
																					5,711				5,613				4.38
Professional Services
Deerfield Dakota Holding, LLC		(3) (5)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)			9.48	%		09/13/2032			13,017				12,934				12,775				9.97
Deerfield Dakota Holding, LLC		(3) (6)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)			9.48	%		09/13/2032			440				432				418				0.33
Verdantas, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.98	%		05/06/2031			3,064				3,035				2,987				2.33
Verdantas, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.98	%		05/06/2031			3,596				3,559				3,495				2.73
Verdantas, LLC		(3) (6)		First Lien Debt		S +		5.25%			8.98	%		05/06/2030			88				85				79				0.06
WIPFLI Advisory, LLC		(3) (5)		First Lien Debt		S +		4.25%			7.94	%		10/01/2032			1,846				1,842				1,828				1.43
WIPFLI Advisory, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.94	%		10/01/2032			114				113				107				0.08
WIPFLI Advisory, LLC		(3) (6)		First Lien Debt		S +		4.25%			7.94	%		10/01/2032			—				(1	)			(5	)			0.00
																					21,999				21,684				16.92
Software
Apryse Software Corp.		(4) (5)		First Lien Debt		S +		4.50%			8.24	%		06/28/2032			11,082				11,017				11,081				8.64
Apryse Software Corp.		(4) (6)		First Lien Debt		S +		4.50%			8.24	%		06/28/2032			539				533				539				0.42
Coupa Holdings, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.91	%		02/27/2030			6,432				6,426				6,432				5.02
Coupa Holdings, LLC		(3)		First Lien Debt		S +		5.25%			8.91	%		02/27/2030			586				581				586				0.46
Coupa Holdings, LLC		(3) (6)		First Lien Debt		S +		5.25%			8.91	%		02/27/2029			299				299				299				0.23
Emburse, Inc.		(3) (5)		First Lien Debt		S +		4.25%			7.98	%		05/28/2032			7,000				6,999				7,000				5.46
Emburse, Inc.		(3) (6)		First Lien Debt		S +		4.25%			7.98	%		05/28/2032			—				1				—				0.00
Emburse, Inc.		(3) (6)		First Lien Debt		S +		4.25%			7.98	%		05/28/2032			—				—				—				0.00
Espresso Bidco, Inc.		(3) (5)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.48	%		03/25/2032			3,717				3,687				3,643				2.84
Espresso Bidco, Inc.		(3) (5) (6)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.48	%		03/25/2032			920				911				900				0.70
Espresso Bidco, Inc.		(3) (6)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)			9.48	%		03/25/2032			—				(4	)			(9	)			(0.01	)
Fullsteam Operations, LLC		(3) (5)		First Lien Debt		S +		5.25%			8.90	%		08/08/2031			8,654				8,601				8,407				6.56
Fullsteam Operations, LLC		(3) (6)		First Lien Debt		S +		5.25%			8.90	%		08/08/2031			—				(6	)			(82	)			(0.06	)

 

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Consolidated Schedule of Investments as of June 30, 2026

Investments		Footnotes		Investment		Reference Rate and Spread				Interest Rate (1)				Maturity Date		Par Amount/ Shares				Cost (7)				Fair Value				Percentage of Net Assets
Fullsteam Operations, LLC		(3) (6)		First Lien Debt		S +		5.25%			8.90	%		08/08/2031			313				307				285				0.22
Onit, Inc.		(3) (5)		First Lien Debt		S +		4.75%			8.36	%		01/27/2032			9,421				9,379				9,421				7.35
Onit, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.36	%		01/27/2032			—				(6	)			—				0.00
Onit, Inc.		(3) (6)		First Lien Debt		S +		4.75%			8.36	%		01/27/2032			—				(6	)			—				0.00
Vanco Payment Solutions, LLC		(3) (5)		First Lien Debt		S +		4.75%			8.48	%		12/01/2031			5,559				5,506				5,448				4.25
Vanco Payment Solutions, LLC		(3) (6)		First Lien Debt		S +		4.75%			8.48	%		12/01/2031			—				(3	)			(5	)			0.00
																					54,222				53,945				42.08
Transportation Infrastructure
Jeppesen Holdings, LLC		(4) (5)		First Lien Debt		S +		4.75%			8.41	%		11/01/2032			6,533				6,516				6,468				5.05
Jeppesen Holdings, LLC		(4) (6)		First Lien Debt		S +		4.75%			8.41	%		11/01/2032			—				(1	)			(3	)			0.00
																					6,515				6,465				5.04
Wireless Telecommunication Services
CCI Buyer, Inc.		(3) (5)		First Lien Debt		S +		5.00%			8.73	%		05/13/2032			10,784				10,726				10,704				8.35
CCI Buyer, Inc.		(3) (6)		First Lien Debt		S +		5.00%			8.73	%		05/13/2032			—				(3	)			(5	)			0.00
																					10,723				10,699				8.35
Total First Lien Debt																				$	326,883			$	324,390				253.07	%
Total Portfolio Investments																				$	326,883			$	324,390				253.07	%

 

(1) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA (“C”) or EURIBOR (“E”) or SOFR (“S”) or SONIA (“SA”) or an alternative base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026, the reference rates for our variable loans were the C at 2.34%, 1-month E at 2.20%, 1-month S at 3.65%, 3-month S at 3.73%, 6-month S at 3.85%, SA at 3.73%, and the P at 6.75%.

 

(2) Loan includes interest rate floor of 1.00%

 

(3) Loan includes interest rate floor of 0.75%

 

(4) Loan includes interest rate floor of 0.50%

 

(5) Assets or a portion thereof are pledged as collateral for the JV Credit Facility.

 

(6) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated.

 

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

 

 

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(5) FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

•

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

•

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

•

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

•

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

 

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•

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

•

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

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

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

The following tables present the fair value hierarchy of investments:

 

		June 30, 2026																December 31, 2025
		Level 1				Level 2				Level 3				Total				Level 1				Level 2				Level 3				Total
First Lien Debt		$	—			$	3,642			$	3,305,047			$	3,308,689			$	—			$	19,669			$	3,611,829			$	3,631,498
Second Lien Debt			—				19,742				52,861				72,603				—				24,113				51,097				75,210
Other Debt Investments			—				—				7,149				7,149				—				—				10,114				10,114
Equity			—				—				47,121				47,121				—				—				38,413				38,413
Subtotal		$	—			$	23,384			$	3,412,178			$	3,435,562			$	—			$	43,782			$	3,711,453			$	3,755,235
Investment measured at net asset value(1)(2)															118,725																16,311
Total Investments														$	3,554,287															$	3,771,546
Cash and cash equivalents		$	65,816			$	—			$	—			$	65,816			$	81,434			$	—			$	—			$	81,434
Unaffiliated money market fund		$	14,357			$	—			$	—			$	14,357			$	12,976			$	—			$	—			$	12,976

 

(1)

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

(2)

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

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2026:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,421,628			$	49,192			$	7,593			$	40,233			$	3,518,646
Purchases of investments(1)			145,645				—				—				7,225				152,870
Proceeds from principal repayments and sales of investments(2)			(251,436	)			—				—				(454	)			(251,890	)
Accretion of discount/amortization of premium			3,363				27				3				—				3,393
Payment-in-kind			3,926				685				280				1,563				6,454
Net change in unrealized appreciation (depreciation)			(24,815	)			2,957				(727	)			(1,453	)			(24,038	)
Net realized gains (losses)			(7,265	)			—				—				7				(7,258	)
Transfers into/(out) of Level 3(3)			14,001				—				—				—				14,001
Fair value, end of period		$	3,305,047			$	52,861			$	7,149			$	47,121			$	3,412,178
Net change in unrealized appreciation (depreciation) from investments still held as of June 30,2026		$	(24,815	)		$	2,957			$	(727	)		$	(1,453	)		$	(24,038	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

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

 

 

 

 

 

 

 

 

 

 

 

 

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2026:

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,611,829			$	51,097			$	10,114			$	38,413			$	3,711,453
Purchases of investments(1)			255,701				—				—				11,500				267,201
Proceeds from principal repayments and sales of investments(2)			(521,885	)			(2,116	)			(2,127	)			(454	)			(526,582	)
Accretion of discount/amortization of premium			6,753				111				29				—				6,893
Payment-in-kind			6,918				1,382				569				2,469				11,338
Net change in unrealized appreciation (depreciation)			(49,769	)			2,387				63				(4,814	)			(52,133	)
Net realized gains (losses)			(18,938	)			—				(1,499	)			7				(20,430	)
Transfers into/(out) of Level 3(3)			14,438				—				—				—				14,438
Fair value, end of period		$	3,305,047			$	52,861			$	7,149			$	47,121			$	3,412,178
Net change in unrealized appreciation (depreciation) from investments still held as of June 30,2026		$	(49,413	)		$	2,387			$	(1,414	)		$	(4,814	)		$	(53,254	)

 

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

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

 

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

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,631,679			$	49,212			$	9,603			$	37,872			$	3,728,366
Purchases of investments(1)			204,003				—				—				—				204,003
Proceeds from principal repayments and sales of investments(2)			(207,470	)			—				—				—				(207,470	)
Accretion of discount/amortization of premium			3,796				21				6				—				3,823
Payment-in-kind			3,091				278				267				482				4,118
Net change in unrealized appreciation (depreciation)			(4,879	)			232				(103	)			(1,182	)			(5,932	)
Net realized gains (losses)			27				—				—				—				27
Transfers into/(out) of Level 3(3)			—				—				—				—				—
Fair value, end of period		$	3,630,247			$	49,743			$	9,773			$	37,172			$	3,726,935
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025		$	(4,482	)		$	232			$	(103	)		$	(1,182	)		$	(5,535	)

 

(1)

Purchases may include investments received in corporate action and restructurings.

(2)

Sales may include investments received in corporate action and restructurings.

(3)

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

 

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

 

		First Lien Debt				Second Lien Debt				Other Debt Investments				Equity				Total Investments
Fair value, beginning of period		$	3,603,209			$	33,351			$	9,198			$	41,198			$	3,686,956
Purchases of investments(1)			409,348				3,064				1,021				1,154				414,587
Proceeds from principal repayments and sales of investments(2)			(410,112	)			—				—				(4,149	)			(414,261	)
Accretion of discount/amortization of premium			8,028				50				10				—				8,088
Payment-in-kind			7,018				516				493				1,027				9,054
Net change in unrealized appreciation (depreciation)			(16,067	)			(815	)			(949	)			(3,990	)			(21,821	)
Net realized gains (losses)			(1,345	)			—				—				1,932				587
Transfers into/(out) of Level 3(3)			30,168				13,577				—				—				43,745
Fair value, end of period		$	3,630,247			$	49,743			$	9,773			$	37,172			$	3,726,935
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2025		$	(13,796	)		$	(814	)		$	(949	)		$	(2,621	)		$	(18,180	)

 

(1) Purchases may include investments received in corporate action and restructurings.

(2) Sales may include investments received in corporate action and restructurings.

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

 

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

 

		June 30, 2026
										Range(2)
Asset Category		Fair Value				Valuation Technique(1)		Significant Unobservable Input		Low				High				Weighted Average(3)
Investments in first lien debt		$	3,191,868			Yield Analysis		Discount Rate			7.40	%			22.00	%			10.13	%
			99,798			Market Approach		EBITDA Multiple		6.25				12.00x				7.96x
			13,381			Market Approach		Revenue Multiple		0.45x				0.60x				0.54x
Investments in second lien debt			51,156			Yield Analysis		Discount Rate			13.45	%			20.42	%			15.48	%
			1,705			Market Approach		EBITDA Multiple		6.25x				9.50x				7.37x
Investments in other securities:
Other debt investments			6,372			Yield Analysis		Discount Rate											18.45	%
			777			Market Approach		EBITDA Multiple										6.25x
Preferred equity			13,655			Income Approach		Discount Rate			9.98	%			18.00	%			16.27	%
			13,238			Market Approach		EBITDA Multiple		6.25				18.00x				13.79x
Common equity			17,696			Market Approach		EBITDA Multiple		6.25				17.75				12.09x
			2,532			Market Approach		Revenue Multiple		1.00x				20.25				10.98x
Total Investments		$	3,412,178

 

(1)

During the six months ended June 30, 2026, five debt investments with a combined fair value of $39.2 million transitioned from a yield analysis to a market approach using an EBITDA multiple. One equity investment with a fair value of $4.2 million transitioned from a yield analysis to a market approach using an EBITDA multiple. Two debt investment with a fair value of $18.2 million transitioned from market approach using an EBITDA multiple to a market approach using a revenue multiple. One equity investment with a fair value of $1.4 million transitioned from market approach using an EBITDA multiple to market approach using a revenue multiple.

(2)

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

(3)

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

 

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		December 31, 2025
										Range(2)
Asset Category		Fair Value				Valuation Technique(1)		Significant Unobservable Input		Low				High				Weighted Average(3)
Investments in first lien debt		$	3,489,094			Yield Analysis		Discount Rate			7.48	%			39.21	%			9.30	%
			122,735			Market Approach		EBITDA Multiple		6.25x				10.00x				8.11x
Investments in second lien debt			46,786			Yield Analysis		Discount Rate			12.27	%			20.37	%			18.69	%
			4,311			Market Approach		EBITDA Multiple		7.75x				10.00x				8.34x
Investments in other securities:
Other debt investments			8,995			Yield Analysis		Discount Rate			13.70	%			14.95	%			14.65	%
			1,119			Market Approach		EBITDA Multiple		6.25x				7.75x				7.75x
Preferred equity			19,519			Income Approach		Discount Rate			11.59	%			15.66	%			12.71	%
			4,511			Market Approach		EBITDA Multiple		7.75x				15.43x				13.23x
Common equity			11,802			Market Approach		EBITDA Multiple		1.20x				24.60x				11.51x
			2,581			Market Approach		Revenue Multiple		5.00x				22.25x				15.80x
Total Investments		$	3,711,453

 

(1)

During the year ended December 31, 2025, two preferred equity positions with a combined fair value of $2.9 million transitioned from an income approach to a market approach valuation technique and eight debt investments with a combined fair value of $123.8 million transitioned from yield analysis to market approach valuation technique.

(2)

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

(3)

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

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

Financial instruments disclosed but not carried at fair value

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

 

				June 30, 2026								December 31, 2025
		Level		Carrying Value				Fair Value				Carrying Value				Fair Value
BNP Funding Facility		3		$	351,000				351,000			$	351,000			$	351,000
Truist Credit Facility		3			215,678				215,678				308,153				308,153
CLO 2025-1 Issued Debt(1)		3			306,109				309,000				306,131				309,000
2027 Notes(2)		2			424,249				423,258				423,510				424,703
2029 Notes(2)(3)		3			345,737				350,217				351,603				356,850
2030 Notes(2)(3)		3			340,182				346,630				346,275				353,359
Total				$	1,982,955			$	1,995,783			$	2,086,672			$	2,103,065

 

(1)

As of June 30, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,891 and $2,869, respectively.

(2)

As of June 30, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $619, $2,244 and $3,534 and unamortized original issuance discount of $132, $2,236 and $2,914, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.

(3)

Inclusive of change in fair market value of effective hedge.

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

 

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(6) DEBT

The Company’s debt obligations were as follows.

 

		June 30, 2026													December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Unused Portion					Aggregate Principal Committed				Outstanding Principal				Unused Portion
BNP Funding Facility		$	600,000			$	351,000			$	249,000				$	600,000			$	351,000			$	249,000
Truist Credit Facility(1)			1,450,000				215,678				1,222,547					1,450,000				308,153				1,132,072
CLO 2025-1 Issued Debt(2)			309,000				309,000				—					309,000				309,000				—
2027 Notes(3)			425,000				425,000				—					425,000				425,000				—
2029 Notes(3)			350,000				350,000				—					350,000				350,000				—
2030 Notes(3)			350,000				350,000				—					350,000				350,000				—
Total		$	3,484,000			$	2,000,678			$	1,471,547				$	3,484,000			$	2,093,153			$	1,381,072

 

(1)

As of June 30, 2026 and December 31, 2025, a letter of credit of $11,775 and $9,775, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 3,060 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 3,300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.

(2)

As of June 30, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,891 and $2,869, respectively.

(3)

As of June 30, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $619, $2,244 and $3,534 and unamortized original issuance discount of $132, $2,236 and $2,914, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.

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

 

		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Combined weighted average interest rate (1)			5.40	%			6.02	%				5.41	%			6.06	%
Combined weighted average effective interest rate (2)			5.92	%			6.47	%				5.88	%			6.47	%
Combined weighted average debt outstanding		$	2,038,557			$	2,046,092				$	2,035,406			$	2,038,571

 

(1)

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

(2)

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

As of June 30, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes.

BNP Funding Facility

On October 14, 2020, the Company entered into a Revolving Credit and Security Agreement (as amended, restated or otherwise modified from time to time, the “Credit and Security Agreement”) with Financing SPV, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of June 30, 2026, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 1.95% and, after the reinvestment period, 2.45%. The obligations of Financing SPV under the BNP Funding Facility are secured by the assets held by Financing SPV. The BNP Funding Facility reinvestment period ends on August 21, 2027, and the facility has a final maturity date of August 21, 2029.

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

 

				For the Three Months Ended									For the Six Months Ended
				June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense				$	4,964			$	5,250				$	9,906			$	10,444
Facility unused commitment fees					337				470					367				935
Amortization of deferred financing costs					427				408					842				808
Total				$	5,728			$	6,128				$	11,115			$	12,187
Weighted average interest rate					5.59	%			6.57	%				5.61	%			6.57	%
Weighted average effective interest rate					6.08	%			7.08	%				6.09	%			7.08	%
Weighted average outstanding balance				$	351,000			$	316,000				$	351,000			$	316,000

 

 

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Truist Credit Facility

On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (as amended, restated or otherwise modified from time to time, the “Truist Credit Facility”). The maximum principal amount of the Truist Credit Facility is $1,450,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of June 30, 2026, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $2,175,000. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) Term SOFR (as defined in the Truist Credit Facility agreement) on such day plus 1% per annum) plus either (A) 0.65% or (B) 0.775%, based on certain borrowing base conditions and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus (A) 1.65% or (B) 1.775% per annum, based on certain borrowing base conditions, or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.350% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The availability period of the Truist Credit Facility will terminate on April 23, 2030 and has a final maturity date of April 23, 2031.

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

 

		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense		$	3,537			$	8,773				$	6,998			$	19,226
Facility unused commitment fees			1,106				803					2,202				1,442
Amortization of deferred financing costs			897				642					1,499				1,202
Total		$	5,540			$	10,218				$	10,699			$	21,870
Weighted average interest rate			5.52	%			6.20	%				5.56	%			6.25	%
Weighted average effective interest rate			6.92	%			6.65	%				6.75	%			6.64	%
Weighted average outstanding balance		$	253,557			$	560,037				$	250,406			$	612,212

 

Unsecured Notes

2027 Notes

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

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

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

 

 

 

 

 

The summary information of 2027 Notes is as follows:

 

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		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense		$	4,781			$	4,781				$	9,563			$	9,563
Accretion of original issuance discount			53				53					106				106
Amortization of debt issuance cost			414				283					642				560
Total		$	5,248			$	5,117				$	10,311			$	10,229
Stated interest rate			4.50	%			4.50	%				4.50	%			4.50	%
Weighted average effective interest rate			4.89	%			4.77	%				4.83	%			4.76	%

 

2025 Notes

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

The summary information of 2025 Notes is as follows:

 

		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense		$	—			$	4,326				$	—			$	9,516
Amortization of debt issuance costs			—				303					—				605
Total		$	—			$	4,629				$	—			$	10,121
Stated interest rate			—	%			7.55	%				—	%			7.55	%
Weighted average effective interest rate			—	%			7.97	%				—	%			7.98	%

 

2029 Notes

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

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

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

In connection with the offering of the 2029 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.413% per annum and pays a floating interest rate of SOFR + 2.37% per annum on $350,000 of the 2029 Notes on a quarterly basis, commencing with the quarter ended December 31, 2025. For the three and six months ended June 30, 2026, the Company made payments of $5,952 and $11,518, respectively. The swap adjusted interest expense is included as a component of “interest and other financing expenses” on the Company's Consolidated Statements of Operations. As of June 30, 2026, the interest rate swaps had a fair value of $245. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair values of the interest rate swaps are either included as a component of “accrued expenses and other liabilities” or “other assets” on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2029 Notes, with the remaining difference included as a component of “interest and other financing expenses” on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

 

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The summary information of 2029 Notes is as follows:

 

		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense		$	5,097			$	5,567				$	10,230			$	10,949
Accretion of original issuance discount			194				194					385				385
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			44				(27	)				(41	)			(51	)
Amortization of debt issuance costs			195				259					388				574
Total		$	5,530			$	5,993				$	10,962			$	11,857
Stated interest rate			6.15	%			6.15	%				6.15	%			6.15	%
Weighted average effective interest rate			6.20	%			6.88	%				6.25	%			6.80	%

 

2030 Notes

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

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

In connection with the offering of the 2030 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of SOFR + 2.54% per annum on $350,000 of the 2030 Notes on a quarterly basis, commencing with the quarter ending June 30, 2026. For the three and six months ended June 30, 2026, the Company made payments of $113 and $113, respectively. The swap adjusted interest expense is included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. As of June 30, 2026, the interest rate swaps had a fair value of ($3,418). Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair values of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "other assets" on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2030 Notes, with the remaining difference included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of 2030 Notes is as follows:

 

		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense		$	5,253			$	2,450				$	10,419			$	2,450
Accretion of original issuance discount			187				88					372				88
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items			31				(9	)				7				(9	)
Amortization of debt issuance costs			226				93					446				93
Total		$	5,697			$	2,622				$	11,244			$	2,622
Stated interest rate			6.00	%			6.00	%				6.00	%			6.00	%
Weighted average effective interest rate			6.40	%			6.44	%				6.39	%			6.44	%

 

 

Debt Securitization

 

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

 

CLO 2025-1 Issued Debt

 

On September 17, 2025 (the "Closing Date"), CLO 2025-1 Issuer completed a $401.20 million term debt securitization (the “2025-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage

 

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

 

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

 

As of June 30, 2026, there were 103 portfolio companies with a total fair value of $395,173 securing the CLO 2025-1 Issued Debt. The pool of loans in the 2025-1 Debt Securitization must meet certain requirements, set forth in the documents governing the 2025-1 Debt Securitization.

 

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

 

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

 

				June 30, 2026
Description		Type		Principal Outstanding				Interest Rate			Credit Rating
Class A-1		Senior Secured Floating Rate		$	182,000			S + 1.54%			AAA
Class A-1 Loan		Senior Secured Floating Rate			50,000			S + 1.54%			AAA
Class A-2		Senior Secured Floating Rate			16,000			S + 1.70%			AAA
Class B		Senior Secured Floating Rate			24,000			S + 1.90%			AA
Class C		Secured Deferrable Floating Rate			32,000			S + 2.40%			A
Class D(1)		Secured Deferrable Floating Rate			24,000			S + 3.55%			BBB-
Total CLO 2025-1 Senior Secured Debt					328,000
Subordinated Notes(2)					73,200			None			Not Rated
Total CLO 2025-1 Issued Debt					401,200

(1)

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

(2)

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

 

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

		For the Three Months Ended									For the Six Months Ended
		June 30, 2026				June 30, 2025					June 30, 2026				June 30, 2025
Borrowing interest expense		$	4,196			$	—				$	8,217			$	—
Amortization of debt issuance costs			63				—					125				—
Total		$	4,259			$	—				$	8,342			$	—
Stated interest rate			5.37	%			—	%				5.29	%			—	%
Weighted average effective interest rate			5.45	%			—	%				5.37	%			—	%

 

 

(7) COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2026 and December 31, 2025, the Company had $402,105 and $497,340 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

 

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(8) NET ASSETS

Equity

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

 

		As of
		June 30, 2026				December 31, 2025
Total distributable earnings (loss), beginning of period		$	(19,620	)		$	29,624
Net investment income (loss) after taxes			78,670				176,026
Net realized gain (loss)			(20,602	)			(7,422	)
Net change in unrealized appreciation (depreciation)			(54,650	)			(46,510	)
Dividends declared			(76,428	)			(174,035	)
Tax reclassification of stockholders’ equity			—				2,697
Total distributable earnings (loss), end of period		$	(92,630	)		$	(19,620	)

 

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

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

At-the-market (“ATM”) Offering

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

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

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

For the three and six months ended June 30, 2026 and June 30, 2025, there were no shares issued through ATM offerings.

Distributions

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

 

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The following table summarizes the Company’s distributions declared as well as the DRIP shares issued for the six months ended June 30, 2026 and June 30, 2025:

 

Date Declared		Record Date		Payment Date		Per Share Amount				Shares
For the six months ended June 30, 2026
February 26, 2026		March 31, 2026		April 24, 2026		$	0.45				393,833		(1)
May 05, 2026		June 30, 2026		July 24, 2026		$	0.45				392,395		(1)
						$	0.90				786,228
For the six months ended June 30, 2025
February 27, 2025		March 31, 2025		April 25, 2025		$	0.50			$	438,274		(1)
May 08, 2025		June 30, 2025		July 25, 2025		$	0.50			$	400,773		(1)
						$	1.00				839,047

 

(1)

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

Share Repurchase Program

 

In January 2024, the Board approved a share repurchase program to acquire up to $100 million in the aggregate of its Common Stock at prices below its net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

 

In February 2025, the Board approved an amended share repurchase program to acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

 

On February 26, 2026, the Board approved a share repurchase program (the “February 2026 Share Repurchase Program”), under which the Company can repurchase up to $100 million in the aggregate of its Common Stock at prices below its net asset value per share over a 24-month period, in accordance with all applicable securities laws and regulations. The February 2026 Share Repurchase Program is discretionary and whether purchases will be made under the February 2026 Share Repurchase Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which the Company cannot predict.

 

The following table summarizes the shares repurchased under the share repurchase program during the six months ended June 30, 2026:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2026			358,300			$	16.47				358,300			$	52.1
February 1 - February 28, 2026			308,900				15.55				308,900				47.6
March 1 - March 31, 2026			273,287				14.64				273,287				96.0
April 1 - April 30, 2026			460,500				14.82				460,500				88.8
May 1 - May 31, 2026			370,986				15.33				370,986				83.5
June 1 - June 30, 2026			—				—				—				83.5
Total Repurchases			1,771,973								1,771,973

 

 

 

 

 

 

 

 

 

 

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The following table summarizes the shares repurchased under the share repurchase plan during the six months ended June 30, 2025:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2025			11,401			$	20.31				11,401			$	81.9
February 1 - February 27, 2025			—				—				—				81.9
February 28, 2025			20,789				20.24				20,789				99.6
March 1 - March 31, 2025			459,142				20.38				459,142				90.2
April 1 - April 30, 2025			753,096				18.79				753,096				76.1
May 1 - May 31, 2025			277,558				19.22				277,558				70.7
June 1 - June 30, 2025			26,473				19.54				26,473				70.2
Total Repurchases			1,548,459								1,548,459

 

 

(9) EARNINGS (LOSS) PER SHARE

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

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Numerator—net increase/(decrease) in net assets resulting    from operations		$	7,928			$	36,096			$	3,418			$	65,766
Denominator—weighted average shares outstanding			84,754,809				87,189,801				85,262,160				87,798,346
Basic and diluted earnings (loss) per share		$	0.09			$	0.41			$	0.04			$	0.75

 

(10) CONSOLIDATED FINANCIAL HIGHLIGHTS

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

 

		For the Six Months Ended
		June 30, 2026				June 30, 2025
Per Share Data:(1)
Net asset value, beginning of period		$	20.26			$	20.81
Net investment income (loss)			0.92				1.02
Net unrealized and realized gain (loss)(2)			(0.88	)			(0.24	)
Net increase (decrease) in net assets resulting from operations			0.04				0.78
Dividends declared			(0.90	)			(1.00	)
Repurchase of common stock			0.10				—
Total increase (decrease) in net assets			(0.76	)			(0.22	)
Net asset value, end of period		$	19.50			$	20.59
Per share market value, end of period			15.12				18.72
Shares outstanding, end of period			84,504,322				86,962,629
Weighted average shares outstanding			85,262,160				87,798,346
Total return based on net asset value(3)			2.0	%			4.1	%
Total return based on market value(4)			(2.8	)%			(4.6	)%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets, end of period(5)		$	1,647,868			$	1,790,299
Ratio of net expenses to average net assets(5)			11.0	%			11.2	%
Ratio of expenses before waivers to average net assets(5)			11.0	%			11.3	%
Ratio of net investment income to average net assets(5)			10.0	%			10.9	%
Asset coverage ratio(6)			182.7	%			187.0	%
Portfolio turnover rate			9.8	%			10.8	%

 

 

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(1)

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

(2)

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

(3)

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

(4)

Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP.

(5)

Amounts are annualized except for incentive fees and offering costs, as applicable.

(6)

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

(11) SENIOR SECURITIES

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

 

Class and Period		Total Amount Outstanding Exclusive of Treasury Securities(1)				Asset Coverage per Unit(2)				Liquidating Preference per Unit(3)				Average Market Value per Unit
		($ in thousands)				($ in thousands)
CLO 2025-1 Issued Debt
June 30, 2026 (unaudited)		$	309,000				1,827				—			N/A(4)
December 31, 2025		$	309,000				1,830				—			N/A(4)
2025 Notes
December 31, 2024		$	275,000				1,930				—			N/A(4)
December 31, 2023		$	275,000				2,146				—			N/A(4)
December 31, 2022		$	275,000				1,912				—			N/A(4)
2027 Notes
June 30, 2026 (unaudited)		$	425,000				1,827				—			N/A(4)
December 31, 2025		$	425,000				1,830				—			N/A(4)
December 31, 2024		$	425,000				1,930				—			N/A(4)
December 31, 2023		$	425,000				2,146				—			N/A(4)
December 31, 2022		$	425,000				1,912				—			N/A(4)
2029 Notes
June 30, 2026 (unaudited)		$	350,000				1,827				—			N/A(4)
December 31, 2025		$	350,000				1,830				—			N/A(4)
December 31, 2024		$	350,000				1,930				—			N/A(4)
2030 Notes
June 30, 2026 (unaudited)		$	350,000				1,827				—			N/A(4)
December 31, 2025		$	350,000				1,830				—			N/A(4)
Truist Credit Facility
June 30, 2026 (unaudited)		$	215,678				1,827				—			N/A(4)
December 31, 2025		$	308,153				1,830				—			N/A(4)
December 31, 2024		$	617,401				1,930				—			N/A(4)
December 31, 2023		$	520,263				2,146				—			N/A(4)
December 31, 2022		$	432,254				1,912				—			N/A(4)
December 31, 2021		$	476,000				1,951				—			N/A(4)
BNP Funding Facility
June 30, 2026 (unaudited)		$	351,000				1,827				—			N/A(4)
December 31, 2025		$	351,000				1,830				—			N/A(4)
December 31, 2024		$	316,000				1,930				—			N/A(4)
December 31, 2023		$	282,000				2,146				—			N/A(4)
December 31, 2022		$	400,000				1,912				—			N/A(4)
December 31, 2021		$	463,500				1,951				—			N/A(4)
CIBC Subscription Facility
December 31, 2021		$	310,350				1,951				—			N/A(4)
December 31, 2020		$	333,850				1,903				—			N/A(4)

 

(1)

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

(2)

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

(3)

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

(4)

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

(12) SUBSEQUENT EVENTS

 

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

 

2031 Notes

 

On July 9, 2026, the Company issued $350,000 in aggregate principal amount of 6.100% notes due 2031 (the “2031 Notes”), pursuant a Base Indenture, as supplemented by the Fourth Supplemental Indenture dated July 9, 2026.

 

The 2031 Notes will mature on July 15, 2031 and may be redeemed in whole or in part at the Company’s option at any time prior to June 15, 2031 at par value plus a “make-whole” premium calculated in accordance with terms under “optional redemption” in the Indenture and at par value on June 15, 2031 or thereafter. The 2031 Notes bear interest at a rate of 6.100% per year payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2027. The 2031 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

 

In connection with the offering of the 2031 Notes, on June 30, 2026 the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.10% per annum and pays a floating interest rate of SOFR + 2.20% per annum on $350,000 of the 2031 Notes on a quarterly basis, commencing on October 15, 2026. The Company designated the interest swap as the hedging instrument in a qualifying hedge accounting relationship.

 

Distribution Declared

 

On August 4, 2026, the Board declared a distribution of $0.45 per share, which is payable on or around October 23, 2026 to shareholders of record as of September 30, 2026.

 

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

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to Morgan Stanley Direct Lending Fund and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

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

•

uncertainty and changes in the general interest rate environment;

•

general economic, political and industry trends and other external factors, including government shutdowns and uncertainty surrounding international armed conflict and war and the financial and political stability of the United States and other countries;

•

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

•

the impact of interruptions in the supply chain on our portfolio companies, including potential shortages of oil and other energy sources;

•

disruptions related to tariffs and other trade or sanctions issues;

•

our contractual arrangements and relationships with third parties;

•

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

•

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

•

the ability of our portfolio companies to achieve their objectives;

•

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

•

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

•

the adequacy of our financing sources and working capital;

•

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

•

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

•

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

•

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

•

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

•

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

•

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

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K") and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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

 

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OVERVIEW

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

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

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

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

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

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

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

Revenue

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

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

 

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Expenses

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

•

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

•

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

•

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

•

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

•

certain costs and expenses relating to distributions paid by us;

•

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

•

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

•

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

•

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

•

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

•

transfer agent and custodial fees;

•

costs of derivatives and hedging;

•

commissions and other compensation payable to brokers or dealers;

•

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

•

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

•

federal and state registration fees;

•

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

•

independent director fees and expenses;

•

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

•

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

•

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

•

fees and expenses associated with marketing efforts;

•

any fidelity bond required by applicable law;

•

any necessary insurance premiums;

•

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

•

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

•

cost of winding up; and

•

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

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

 

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PORTFOLIO AND INVESTMENT ACTIVITY

The composition of our portfolio is presented below:

	June 30, 2026															December 31, 2025
	Cost				Fair Value				% of Total Investments at Fair Value							Cost				Fair Value						% of Total Investments at Fair Value
First Lien Debt	$	3,414,546			$	3,308,689				93.1		%				$	3,686,118			$	3,631,498						96.2		%
Second Lien Debt		77,453				72,603				2.0							83,428				75,210						2.0
Other Debt Investments		8,830				7,149				0.2							11,857				10,114						0.3
Equity		71,278				63,302				1.8							57,636				54,724						1.5
Investments in Joint Venture		104,532				102,544				2.9							—				—						0.0
Total	$	3,676,639			$	3,554,287				100.0		%				$	3,839,039			$	3,771,546						100.0		%

 

 

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

 

	As of
	June 30, 2026				December 31, 2025
Number of portfolio companies		229				227
Number of industries		36				35
Number of new investment commitments in portfolio companies		12				44
Number of portfolio companies exited or fully repaid		10				25
Percentage of performing debt bearing a floating rate, at fair value		99.6	%			99.6	%
Percentage of performing debt bearing a fixed rate, at fair value		0.4	%			0.4	%
Weighted average yield on debt and income producing investments, at cost(3)		9.1	%			9.3	%
Weighted average yield on debt and income producing investments, at fair value(3)		9.4	%			9.5	%
Weighted average yield on total portfolio, at cost(4)		8.7	%			9.2	%
Weighted average yield on total portfolio, at fair value(4)		9.0	%			9.4	%
Weighted average 12-month EBITDA	$	159.2			$	155.3
Median 12-month EBITDA		90.3				90.3
Weighted average net leverage through tranche(5)	5.9x				5.9x
Weighted average interest coverage(6)	1.8x				1.7x
Weighted average loan to value(7)		39.0	%			39.9	%
Percentage of debt investments with one or more financial covenants		53.5	%			54.1	%
Percentage of our debt investments that are sponsor backed		98.3	%			98.9	%
Percentage of loans and other debt in support of LBOs and acquisitions		65.1	%			69.9	%
Percentage of our debt portfolio subject to business cycle volatility		4.8	%			4.7	%
Average position size of our investments, at fair value (in millions)	$	15.5			$	16.6

 

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

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

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

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

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

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

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

 

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Investment Activity

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

 

		As of and For the Three Months Ended
		June 30, 2026				June 30, 2025
New investments committed
Gross principal balance(1)		$	154,988			$	171,601
Less: Syndications			(60,000	)			(22,547	)
Net new investments committed		$	94,988			$	149,054
Investments, at cost
Investments, beginning of period		$	3,768,424			$	3,826,731
New investments purchased			146,236				204,003
Net accretion of discount on investments			3,411				3,856
Payment-in-kind			6,454				4,118
Net realized gain (loss) on investments			(7,406	)			25
Investments sold or repaid			(240,480	)			(207,526	)
Investments, end of period		$	3,676,639			$	3,831,207
Amount of investments funded, at principal
First lien debt investments		$	106,465			$	206,675
Equity(2)			—				—
Investment in Joint Venture(3)			10,000				—
Total		$	116,465			$	206,675
Amount of investments sold/fully repaid, at principal
First lien debt investments		$	218,949			$	157,595
Equity(2)			—				—
Total		$	218,949			$	157,595

 

(1)

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

(2)

Represents dollar amount of equity investments funded, excluding investments in Capstone Lending.

(3)

Represents dollar amount of equity investments funded in Capstone Lending.

Capstone Lending

Capstone Lending, a Delaware limited liability company, was formed as a joint venture (“Capstone Lending”) between us and a large institutional investor (the “JV Partner”), commenced operations on January 2, 2026 and operates under a limited liability company agreement. Capstone Lending’s principal purpose is to make investments, primarily in senior loans issued by middle-market companies. We and the JV Partner each agreed to contribute up to $200,000 and $50,000, respectively, to Capstone Lending. We and the JV Partner have equal control of Capstone Lending’s investment decisions and generally all other decisions in respect of Capstone Lending must be approved by Capstone Lending’s investment committee or board of directors, each of which consists of an equal number of representatives of us and the JV Partner.

As of June 30, 2026, we and the JV Partner made equity contributions of $104,532 and $26,133, respectively, to Capstone Lending

For more information on Capstone Lending, see “Note 4. Investments—Capstone Lending LLC.”

Investment Performance Rating

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

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

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

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as due to

 

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declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

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

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

 

		June 30, 2026								December 31, 2025
		Fair Value				% of Total				Fair Value				% of Total
Risk rating 1		$	40,189				1.10		%	$	73,976				2.0		%
Risk rating 2			3,325,571				93.6				3,535,074				93.7
Risk rating 3			123,854				3.5				125,908				3.3
Risk rating 4			64,673				1.8				36,588				1.0
Total		$	3,554,287				100.0		%	$	3,771,546				100.0		%

 

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

 

		June 30, 2026								December 31, 2025
		Amortized Cost				% of Total				Amortized Cost				% of Total
Performing		$	3,570,188				97.1		%	$	3,778,647				98.4		%
Non-accrual(1)			106,451				2.9				60,392				1.6
Total		$	3,676,639				100.0		%	$	3,839,039				100.0		%

 

(1) As of June 30, 2026 and December 31, 2025, the Company had certain investments in seven and four portfolio companies, respectively, that were on non-accrual status.

 

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

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Total investment income		$	88,774			$	99,508			$	177,838			$	200,966
Less: Net expenses			49,814				55,651				97,534				110,254
Net investment income (loss) before taxes			38,960				43,857				80,304				90,712
Less: Excise tax expense			800				200				1,634				827
Net investment income (loss) after taxes			38,160				43,657				78,670				89,885
Net change in unrealized appreciation (depreciation)			(22,801	)			(7,652	)			(54,650	)			(24,759	)
Net realized gain (loss)			(7,431	)			91				(20,602	)			640
Net increase (decrease) in net assets resulting from operations		$	7,928			$	36,096			$	3,418			$	65,766

 

 

 

 

 

 

 

 

 

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Investment Income

Investment income was as follows:

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Investment income:
Interest income		$	77,695			$	93,796			$	159,435			$	188,763
Payment-in-kind income			4,930				3,887				9,034				8,089
Dividend income			4,785				650				6,882				1,244
Other income			1,364				1,175				2,487				2,870
Total investment income		$	88,774			$	99,508			$	177,838			$	200,966

 

In the table above, total investment income decreased from $99,508 for the three months ended June 30, 2025 to $88,774 for the three months ended June 30, 2026. The decrease was primarily driven by declining base rates and repricings on our existing portfolio, which impacted our weighted average yield. Our weighted average yield at cost decreased from 10.1% as of June 30, 2025 to 9.1% as of June 30, 2026. For the six months ended June 30, 2026 and June 30, 2025, 5.1% and 4.0% of our total investment income was comprised of PIK interest.

 

Additionally, for the three and six months ended June 30, 2026, we recorded $1,399 and $2,696, respectively, of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1,354 and $3,021 for the same periods in the prior year, primarily as a result of prepayments.

 

Expenses

Expenses were as follows:

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Expenses:
Interest and other financing expenses		$	32,018			$	34,707			$	62,683			$	68,886
Management fees			9,182				9,624				18,612				19,242
Income based incentive fees			6,518				9,279				12,318				19,122
Professional fees			1,716				1,698				3,190				3,306
Directors’ fees			130				130				259				259
Administrative service fees			61				85				122				145
General and other expenses			189				128				350				310
Total expenses			49,814				55,651				97,534				111,270
Management fees waiver			—				—				—				(641	)
Incentive fees waiver			—				—				—				(375	)
Net expenses		$	49,814			$	55,651			$	97,534			$	110,254
Excise tax expense		$	800			$	200			$	1,634			$	827

 

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs, net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items and deferred financing costs, decreased from $34,707 for the three months ended June 30, 2025 to $32,018 for the three months ended June 30, 2026. The decrease was primarily due to the reduction of our average interest rate which decreased from 6.02% as of June 30, 2025 to 5.40% as of June 30, 2026, mainly driven by declining base rates and a shift in our funding mix toward lower costing debt.

Management Fees

Base management fees were $9,182 and $18,612 for the three and six months ended June 30, 2026 and $9,624 and $18,601 for the three and six months ended June 30, 2025, respectively.

Incentive Fee

The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive fees were $6,518 and $12,318 for the three and six months ended June 30, 2026 and $9,279 and $18,747 for the three and six months ended June 30, 2025, respectively. The decrease was primarily a result of the incentive fee cap, which limits the amount of incentive fees payable to the

 

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adviser due to net realized losses. For the six months ended June 30, 2026, net realized losses were primarily driven by the restructuring of our first lien debt investments in Abracon Group Holdings LLC and Vardiman Black Holdings LLC.

Professional Fees, Administrative Service Fee and Other Expenses

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

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

 

		For the Three Months Ended								For the Six Months Ended
		June 30, 2026				June 30, 2025				June 30, 2026				June 30, 2025
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Net realized gain (loss) on investments		$	(7,407	)		$	25			$	(20,580	)		$	587
Foreign currency and other transactions			(24	)			66				(22	)			53
Net realized gain (loss)			(7,431	)			91				(20,602	)			640
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments			(22,793	)			(7,753	)			(54,631	)			(24,859	)
Foreign currency translations and other transactions			(8	)			101				(19	)			100
Net unrealized appreciation (depreciation)			(22,801	)			(7,652	)			(54,650	)			(24,759	)
Net realized and unrealized gains (losses)		$	(30,232	)		$	(7,561	)		$	(75,252	)		$	(24,119	)

 

For the three and six months ended June 30, 2026, net realized losses were $7,431 and $20,602 which was primarily due to the restructuring of our first lien debt investments in Abracon Group Holdings LLC and Vardiman Black Holdings LLC.

For the three and six months ended June 30, 2026, net change in unrealized depreciation on our investments of $22,793 and $54,631 was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies. For the three and six months ended June 30, 2025, net change in unrealized depreciation on our investments of $7,753 and $24,859 was primarily driven by changes in spreads in the primary and secondary markets.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

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

As of June 30, 2026, we had approximately $71,573 of unrestricted cash, cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $249,000 and $1,222,547 of availability under the BNP Funding Facility and the Truist Credit Facility (subject to borrowing base availability) (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of June 30, 2026, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $402,105.

Equity

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

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

At-the-market (“ATM”) Offering

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

 

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

For the three and six months ended June 30, 2026 and June 30, 2025, there were no shares issued through ATM offerings.

Distributions and Dividend Reinvestment

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

The following table summarizes our distributions declared and payable for the six months ended June 30, 2026 and June 30, 2025, respectively:

 

Date Declared		Record Date		Payment Date		Per Share Amount				Shares
For the six months ended June 30, 2026
February 26, 2026		March 31, 2026		April 24, 2026		$	0.45				393,833		(1)
May 05, 2026		June 30, 2026		July 24, 2026		$	0.45				392,395		(1)
						$	0.90				786,228
For the six months ended June 30, 2025
February 27, 2025		March 31, 2025		April 25, 2025		$	0.50			$	438,274		(1)
May 08, 2025		June 30, 2025		July 25, 2025		$	0.50			$	400,773		(1)
						$	1.00				839,047

(1)

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

 

Share Repurchase Program

In January 2024, our Board approved a share repurchase program to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with all applicable laws and regulations.

In February 2025, our Board approved an amended share repurchase program to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

On February 26, 2026, our Board approved our share repurchase program (the “February 2026 Share Repurchase Program”) under which we can repurchase up to $100 million in the aggregate of our Common Stock at prices below the net asset value per share over a 24-month period, in accordance with all applicable securities laws and regulations. The February 2026 Share Repurchase Program is discretionary and whether purchases will be made under the February 2026 Share Repurchase Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which the Company cannot predict.

The following table summarizes the shares repurchased under our share repurchase program during the six months ended June 30, 2026:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2026			358,300			$	16.47				358,300			$	52.1
February 1 - February 28, 2026			308,900				15.55				308,900				47.6
March 1 - March 31, 2026			273,287				14.64				273,287				96.0
April 1 - April 30, 2026			460,500				14.82				460,500				88.8
May 1 - May 31, 2026			370,986				15.33				370,986				83.5
June 1 - June 30, 2026			—				—				—				83.5
Total Repurchases			1,771,973								1,771,973

 

 

 

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The following table summarizes the shares repurchased under our share repurchase program during the six months ended June 30, 2025:

 

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2025			11,401			$	20.31				11,401			$	81.9
February 1 - February 27, 2025			—				—				—				81.9
February 28, 2025			20,789				20.24				20,789				99.6
March 1 - March 31, 2025			459,142				20.38				459,142				90.2
April 1 - April 30, 2025			753,096				18.79				753,096				76.1
May 1 - May 31, 2025			277,558				19.22				277,558				70.7
June 1 - June 30, 2025			26,473				19.54				26,473				70.2
Total Repurchases			1,548,459								1,548,459

 

Debt

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

 

		June 30, 2026													December 31, 2025
		Aggregate Principal Committed				Outstanding Principal				Unused Portion					Aggregate Principal Committed				Outstanding Principal				Unused Portion
BNP Funding Facility		$	600,000			$	351,000			$	249,000				$	600,000			$	351,000			$	249,000
Truist Credit Facility(1)			1,450,000				215,678				1,222,547					1,450,000				308,153				1,132,072
CLO 2025-1 Issued Debt(2)			309,000				309,000				—					309,000				309,000				—
2027 Notes(3)			425,000				425,000				—					425,000				425,000				—
2029 Notes(3)			350,000				350,000				—					350,000				350,000				—
2030 Notes(3)			350,000				350,000				—					350,000				350,000				—
Total		$	3,484,000			$	2,000,678			$	1,471,547				$	3,484,000			$	2,093,153			$	1,381,072

(1)

As of June 30, 2026 and December 31, 2025, a letter of credit of $11,775 and $9,775, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of June 30, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 3,060 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 3,300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.

(2)

As of June 30, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,891 and $2,869, respectively.

(3)

As of June 30, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $619, $2,244 and $3,534 and unamortized original issuance discount of $132, $2,236 and $2,914, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.

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

RECENT DEVELOPMENTS

2031 Notes

 

On July 9, 2026, we issued $350,000,000 in aggregate principal amount of 6.100% notes due 2031 (the “2031 Notes”), pursuant to a Base Indenture, as supplemented by the Fourth Supplemental Indenture dated July 9, 2026.

 

The 2031 Notes will mature on July 15, 2031 and may be redeemed in whole or in part at our option at any time prior to June 15, 2031 at par value plus a “make-whole” premium calculated in accordance with terms under “optional redemption” in the Indenture and at par value on June 15, 2031 or thereafter. The 2031 Notes bear interest at a rate of 6.100% per year payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2027. The 2031 Notes are general unsecured obligations of we that rank senior in right of payment to all of the our existing and future indebtedness that is expressly subordinated in right of payment to the 2031 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by us, rank effectively junior to any of the our secured indebtedness (including unsecured indebtedness that we later secure) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the our subsidiaries, financing vehicles or similar facilities.

 

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In connection with the offering of the 2031 Notes, on June 30, 2026 the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.10% per annum and pays a floating interest rate of SOFR + 2.20% per annum on $350,000 of the 2031 Notes on a quarterly basis, commencing on October 15, 2026. The Company designated the interest swap as the hedging instrument in a qualifying hedge accounting relationship.

 

Distribution Declaration

 

On August 4, 2026, our Board declared a distribution of $0.45 per share, which is payable on or around October 23, 2026 to shareholders of record as of September 30, 2026.

CRITICAL ACCOUNTING ESTIMATES

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

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 "Fair Value Measurements" included in the notes to the consolidated financial statements included in Part I, Item I of this Report.

RELATED PARTY TRANSACTIONS

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

•

the Investment Advisory Agreement; and

•

the Administration Agreement

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

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

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

Market Risk

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

 

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Interest Rate Risk

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

As of June 30, 2026, approximately 99.6% of our debt investments bore floating interest rates. Based on our Consolidated Statements of Assets and Liabilities as of June 30, 2026, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments, assuming no changes in our investments and borrowing structure as of June 30, 2026) (dollar amounts in thousands):

 

		Interest				Interest				Net
Basis Point Change - Interest Rates		Income				Expense(1)				Income
Up 300 basis points	$		102,299		$		(38,000	)	$		64,299
Up 200 basis points	$		68,200		$		(25,334	)	$		42,866
Up 100 basis points	$		34,100		$		(12,667	)	$		21,433
Up 25 basis points	$		8,525		$		(3,167	)	$		5,358
Down 25 basis points	$		(8,525	)	$		3,167		$		(5,358	)
Down 100 basis points	$		(34,100	)	$		12,667		$		(21,433	)
Down 200 basis points	$		(68,163	)	$		25,334		$		(42,830	)
Down 300 basis points	$		(98,022	)	$		38,000		$		(60,021	)

 

(1)

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

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of June 30, 2026 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors disclosed below and previously disclosed under Item 1A of our Annual Report on Form 10-K and under Item 1A in our quarterly report on Form 10-Q for the quarter ended March 31, 2026, which could materially affect our business, financial condition and/or operating results. The risks disclosed below and in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

 

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

Sales of Unregistered Securities

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

Issuer Purchases of Equity Securities

In January 2024, our Board approved a share repurchase program to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with all applicable laws and regulations.

In February 2025, our Board approved an amended share repurchase program to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

On February 26, 2026, our Board approved the February 2026 Share Repurchase Program under which we can repurchase up to $100 million in the aggregate of our Common Stock at prices below the net asset value per share over a 24-month period, in accordance with all applicable securities laws and regulations. The February 2026 Share Repurchase Program is discretionary, and whether purchases will be made under the February 2026 Share Repurchase Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which we cannot predict.

The following table summarizes the shares repurchased under our share repurchase program during the six months ended June 30, 2026:

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
January 1 - January 31, 2026			358,300			$	16.47				358,300			$	52.1
February 1 - February 28, 2026			308,900				15.55				308,900				47.6
March 1 - March 31, 2026			273,287				14.64				273,287				96.0
April 1 - April 30, 2026			460,500				14.82				460,500				88.8
May 1 - May 31, 2026			370,986				15.33				370,986				83.5
June 1 - June 30, 2026			—				—				—				83.5
Total Repurchases			1,771,973								1,771,973

*Shares repurchased under the February 2026 Share Repurchase Program

 

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

 

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Item 6. Exhibits

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

 

Exhibit
4.1	Fourth Supplemental Indenture, dated July 9, 2026, relating to the 6.100% Notes due 2031, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed by the Company on July 9, 2026 (File No. 814-01332)).
4.2	Form of 6.100% due 2031 (Incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K, filed by the Company on July 9, 2026 (File No. 814-01332)).
10.1	First Amendment to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 23, 2026, among Morgan Stanley Direct Lending Fund, as borrower, the lenders and issuing banks party thereto, Truist Bank, as administrative agent, and Truist Securities, Inc., as joint lead arranger and sole book runner, and ING Capital LLC, MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation, as additional joint lead arrangers (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on April 27, 2026 (File No. 814-01332)).
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
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*	Filed herein.

 

**	Furnished herein.

 

 

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SIGNATURES

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

 

Dated: August 6, 2026			Morgan Stanley Direct Lending Fund
			By:	/s/ Michael Occi
				Michael Occi Director and Chief Executive Officer (Principal Executive Officer)

 

 

Dated: August 6, 2026			By:	/s/ David Pessah
				David Pessah Chief Financial Officer (Principal Financial Officer)

 

 

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