MSDL (MSDL) outlines wide mix of first-lien loans and PIK equity

Rhea-AI Filing Summary

MSDL lists an extensive portfolio of non-controlled and affiliated investments, primarily first lien debt across software, financial services, healthcare, insurance, industrials and other sectors. Many loans reference SOFR or Prime plus contractual spreads, with stated cash and PIK interest components and maturities largely between 2026 and 2033.

The schedule also includes revolver and delayed draw term loan commitments with specified expiration dates, preferred and common equity stakes carrying PIK dividend rates such as 10.50% and 14.00%, and a Wells Fargo hedged 2031 notes instrument where the company receives 6.10% and pays S + 2.20% through maturity on 07/15/2031.

Filing Explained

The June 30 portfolio update identifies investments and financing capacity, but does not establish funded amounts or a common-holder ownership change.

MSDL reports an investment schedule containing positions dated through June 30, 2026; the disclosed consequence is an updated view of portfolio holdings and financing commitments, not a stated change to common-holder ownership.

The schedule separates entries labeled “Investment” from revolver and delayed-draw term-loan entries labeled “Commitment Type.” Those commitment lines have expiration dates, but the supplied entries do not state a draw amount for each line, so they should not be read as reported funded investments.

The period-dated positions include common equity in GTCR ABC Holdings acquired on April 14, 2026 and preferred and common equity in 48Forty TopCo acquired on January 14, 2026. These entries add identifiable portfolio positions to the period’s composition without establishing proceeds or a change in MSDL’s common shares.

Because the supplied 10-Q extract is truncated, it does not provide a reliable basis here for portfolio totals, total commitments, debt balances, or the quarter’s liquidity effect.

Key Figures

Answer Acquisition loan interest rate: 9.82% 48Forty Solutions loan interest rate: 10.48% Help/Systems second lien interest rate: 12.74% +4 more

7 metrics

Answer Acquisition loan interest rate 9.82% First lien debt to Answer Acquisition, LLC, matures 06/30/2028

48Forty Solutions loan interest rate 10.48% First lien debt to 48Forty Solutions, LLC, matures 11/30/2029

Help/Systems second lien interest rate 12.74% Second lien debt to Help/Systems Holdings, Inc., matures 05/21/2029

Wells Fargo hedged notes receive rate 6.10% Company receives 6.10% on Wells Fargo hedged instrument 2031 notes

Wells Fargo hedged notes pay rate S + 2.20% Company pays S + 2.20% on Wells Fargo hedged instrument 2031 notes maturing 07/15/2031

Leaf Home preferred equity PIK rate 14.00% Preferred equity in Leaf Home, LLC with 14.00% PIK rate

Diligent Corporation preferred equity PIK rate 10.50% Preferred equity in Diligent Corporation with 10.50% PIK rate

Key Terms

First Lien Debt, Second Lien Debt, Delayed Draw Term Loan Commitment, Revolver Commitment, +2 more

6 terms

First Lien Debt financial

"Many investments are labeled as First Lien Debt with a spread over S or P."

First lien debt is a loan secured by specific company assets that gives the lender the top legal claim on those assets if the borrower defaults or is liquidated — like a first mortgage on a house. Investors care because first-lien holders have a higher likelihood of being repaid and thus lower risk (and usually lower interest) than unsecured or later-ranking creditors, which affects recovery prospects and the overall risk profile of the company’s capital structure.

Second Lien Debt financial

"Help/Systems Holdings, Inc. is listed as an Investment Second Lien Debt."

A second lien debt is a loan that is secured by a company's assets but is repaid only after the first lien (senior) lenders are paid in full; think of it as standing second in line for the same collateral. For investors this matters because second lien loans carry higher risk of loss in a default than first-lien loans, so they typically offer higher interest or returns to compensate for that greater risk.

Delayed Draw Term Loan Commitment financial

"Several facilities show Commitment Type Delayed Draw Term Loan Commitment with expiration dates."

A delayed draw term loan commitment is an agreement from one or more lenders to provide a lump-sum loan to a borrower at a specified future time or times, provided certain conditions are met. Think of it like a reserved line of credit you can tap later when needed; for investors it matters because it creates potential new debt that can change a company’s cash position, leverage and risk profile once drawn, and may carry costs or covenants while unused.

Revolver Commitment financial

"Many credit lines are described with Commitment Type Revolver Commitment and end dates."

A revolver commitment is a bank or group of banks promising a company access to a revolving line of credit up to a set limit, similar to a business credit card the company can draw from and repay as needed. It matters to investors because it provides a ready source of cash for operations, unexpected needs, or short-term investments, acting as a safety buffer that reduces the risk of running out of liquidity.

PIK financial

"Spreads such as S + 6.25% (incl. 5.25% PIK) indicate payment-in-kind interest."

Payment In Kind (PIK) refers to interest or dividends paid with additional securities instead of cash. The company adds interest to the principal or issues more bonds/shares rather than paying cash. PIK conserves cash short-term but is riskier as debt compounds over time.

hedged instrument financial

"A Wells Fargo hedged instrument 2031 notes shows fixed receive and floating pay legs."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/06/2026 - 04:06 PM Accepted by SEC EDGAR 08/06/2026 - 04:04 PM Learn about SEC filing dates

FAQ

What types of investments are held in MSDL's portfolio?

MSDL holds a wide mix of first lien debt, some second lien debt, revolver and delayed draw term loan commitments, plus preferred and common equity stakes. It also includes a Wells Fargo hedged 2031 notes instrument with fixed and floating cash flows.

How are interest rates structured on MSDL's loan investments (MSDL)?

Many loans are priced at a reference rate such as S (SOFR) or P (Prime) plus a spread, for example S + 6.00% for Answer Acquisition at 9.82%. Several facilities include PIK components, increasing the stated all-in coupon.

What are typical maturities for MSDL's credit investments?

Maturities are spread over the medium to long term, with many first lien loans coming due between 2026 and 2033. Examples include Answer Acquisition LLC maturing 06/30/2028, 48Forty Solutions LLC maturing 11/30/2029, and CSHC Buyerco LLC maturing 04/29/2033.

Does MSDL use PIK interest or PIK dividends in its investments?

Yes. Several loans and preferred equity positions feature PIK rates, such as Diligent Corporation preferred equity at 10.50% PIK and Leaf Home LLC preferred equity at 14.00% PIK, as well as first lien loans with blended cash and PIK spreads.

In which sectors does MSDL focus its debt investments?

The portfolio spans many sectors, including Software, Financial Services, Insurance Services, Health Care Providers & Services, Commercial Services & Supplies, Automobiles, Multi-Utilities and more, reflecting a broadly diversified industry mix.

Does MSDL employ hedging related to its notes or loans?

Yes. A Wells Fargo hedged instrument linked to 2031 notes shows the company receiving a fixed 6.10% and paying a floating S + 2.20% until 07/15/2031, indicating use of derivatives to manage interest-rate exposure.

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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. Commitment Type Revolver Commitment Expiration Date 05/22/20302026-01-012026-06-300001782524msdl:OneMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 08/01/2029 Two2025-12-310001782524Investments-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 07/28/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-06-300001782524Investments-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 08/20/2031 One2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312026-06-300001782524Investments-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 10/30/20312026-06-300001782524us-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. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 10/09/20272026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/20292025-12-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/20322026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. 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. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 11/21/2031 Two2026-06-300001782524Capstone Lending LLC2026-06-300001782524Investments-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 01/07/20332026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-01-012025-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2026-06-300001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292026-06-300001782524msdl:CLO2025-1NotesMembermsdl:ClassDMember2026-03-310001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 01/02/20312025-12-310001782524msdl:A2030NotesMember2026-06-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524Investments-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 07/26/20302026-06-300001782524msdl:Company10b51PlanMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 03/04/20302026-01-012026-06-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20272026-01-012026-06-300001782524Investments-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 One2025-12-310001782524Investments—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 02/02/2032 One2026-06-300001782524msdl:WirelessTelecommunicationServicesSectorMember2026-06-300001782524Investments—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 One2026-06-300001782524Investments-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 02/10/2028 One2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-04-012025-06-300001782524Investments-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 04/03/2030 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.39% Maturity Date 12/03/20292026-06-300001782524Investments-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 8.15% Maturity Date 09/08/2031 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312026-01-012026-06-300001782524Investments-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 05/06/20312025-12-310001782524Investments—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 05/25/2029 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. Commitment Type Revolver Commitment Expiration Date 04/12/20322026-06-300001782524msdl:RestrictedSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310001782524msdl:AtTheMarketATMOfferingMember2025-04-012025-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. 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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. 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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. 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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. 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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. 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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. 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(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. 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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. 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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. 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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. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.37% Maturity Date 06/11/20292026-06-300001782524Investments—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 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272026-06-300001782524Investments-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 05/05/20282026-06-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-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 4/1/20292025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-12-310001782524Investments-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 9.48% 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. Commitment Type Revolver Commitment Expiration Date 04/10/20302026-01-012026-06-300001782524Investments-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 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 02/14/20312025-12-310001782524us-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. Commitment Type Revolver Commitment Expiration Date 06/04/20322026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-01-012025-12-310001782524msdl:TruistCreditFacilityMember2024-12-310001782524msdl:A2030NotesMember2025-05-192025-05-190001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-04-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-12-310001782524Investments—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 05/28/20322026-06-300001782524us-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. 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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. 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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. 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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. 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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. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 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 Two2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222026-01-012026-06-300001782524us-gaap:FinancialServicesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/24/2030 Two2025-12-310001782524us-gaap:PrimeRateMember2025-01-012025-12-310001782524Investments-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 8.10% Maturity Date 08/02/2032 One2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/22/20322026-06-300001782524Investments-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 10/2/2030 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 03/09/20282025-12-310001782524Investments-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 08/18/2028 One2026-06-300001782524us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262026-01-012026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524Investments-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 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 07/22/20282025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272026-01-012026-06-300001782524Investments-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 8.49% Maturity Date 07/24/2031 Two2025-12-310001782524Investments-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 Two2026-06-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.68% Maturity Date 07/02/2031 Two2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/20272025-12-310001782524Investments-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 01/29/20302025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, 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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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 8.10% 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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Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.13% Maturity Date 04/16/20292026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/20252026-01-012026-06-300001782524Investments-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 02/02/20322025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/03/2032 One2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212025-01-012025-12-310001782524Investments-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 2/14/20282025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-01-012025-12-310001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-01-012025-12-310001782524Investments-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 06/30/20272026-06-300001782524Investments-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 8.42% Maturity Date 10/02/2028 Two2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/20342026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-12-310001782524us-gaap:RealEstateSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282026-06-300001782524Investments-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 10/29/20302026-06-300001782524Investments-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 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312025-01-012025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.49% Maturity Date 08/21/20262025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 10/09/20302026-01-012026-06-300001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2025-12-310001782524Investments-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 06/29/20282025-12-310001782524Investments—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 06/02/20312026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 One2025-12-310001782524msdl:CommercialServicesSuppliesMemberus-gaap:SeniorLienMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/20272025-12-3100017825242026-04-012026-06-300001782524Investments-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 10.18% Maturity Date 04/10/20312025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-12-310001782524Investments—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 04/05/2029 One2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 07/20/2029 Two2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-12-310001782524Investments-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 07/01/2027 One2025-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2026-06-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/20322025-12-310001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-06-300001782524Investments-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 One2025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/20272025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292026-01-012026-06-300001782524msdl:DistributorsSectorMemberus-gaap:EquitySecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272026-01-012026-06-300001782524msdl:UtilitiesSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20262026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 3/12/20322025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20322026-01-012026-06-300001782524msdl:DiversifiedConsumerServicesSectorMemberus-gaap:SeniorLienMember2026-06-300001782524Investments-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 8.42% Maturity Date 09/22/2028 One2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 05/13/20322026-06-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 04/09/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 10.50% Maturity Date 11/17/20312025-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-01-012025-12-310001782524Investments—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 10/01/20322026-06-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262025-01-012025-12-310001782524msdl:HealthCareProvidersServicesSectorMember2026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232026-01-012026-06-300001782524msdl:CIBCSubscriptionFacilityMember2021-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262026-06-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-01-012025-12-310001782524Investments-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 09/09/20272026-06-300001782524Investments-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 1/29/20302026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/22/2032 One2026-06-300001782524msdl:ProfessionalServicesSectorMember2026-06-300001782524Investments-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 03/28/2030 One2026-06-300001782524Investments-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 12/30/20322026-06-300001782524Investments-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 8.64% Maturity Date 06/28/20292026-06-300001782524Investments-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 08/01/20312025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments-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 09/13/2032 One 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 09/13/2032 One2025-12-310001782524msdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272026-06-300001782524Investments-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 11/17/2031 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-01-012025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 01/25/2030 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 08/29/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 06/11/20292025-12-310001782524Investments-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 10/16/20282026-06-300001782524Investments-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 12/28/2029 One2026-06-300001782524Investments-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 One2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2026-01-012026-06-300001782524Investments-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 8.48% Maturity Date 02/25/2033 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272026-01-012026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 9.95% Maturity Date 05/25/20292026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. 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. 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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. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/20/2028 One2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-01-012025-12-310001782524msdl:TruistCreditFacilityMember2025-12-310001782524msdl:SecondLienDebtMember2026-01-012026-06-300001782524Investments-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 Two2025-12-310001782524Investments—non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 11/22/2032 Two2026-06-300001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2025-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. 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(Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-09-170001782524Investments-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 01/02/20312026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322026-01-012026-06-300001782524Investments-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 10/01/20292025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Smarsh, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2022-09-130001782524Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/20312025-01-012025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-01-012025-12-310001782524Investments-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 Two2026-06-300001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 08/08/2031 One2025-12-310001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/20282026-01-012026-06-300001782524Investments-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 One2026-06-300001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/13/20282026-06-300001782524Investments—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 12/22/2032 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. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.64% Maturity Date 11/1/2029 Two2026-06-300001782524Investments-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 Two2026-06-300001782524us-gaap:SeniorLienMemberus-gaap:InsuranceSectorMember2026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272026-01-012026-06-300001782524Investments—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 06/04/2032 One2026-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 Two2025-12-310001782524Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/06/20282026-01-012026-06-300001782524Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. 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. Commitment Type Revolver Commitment Expiration Date 09/22/20282026-06-300001782524msdl:AtTheMarketATMOfferingMember2025-03-280001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-01-012025-12-310001782524msdl:CapstoneLendingLLCMember2026-01-022026-06-300001782524msdl:SoftwareSectorMember2025-12-310001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. 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. 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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. 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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. 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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. 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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. 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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.

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

2

Table of Contents

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

3

Table of Contents

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

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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

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
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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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
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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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

13

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
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

15

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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

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
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

18

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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

19

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
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

20

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
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

21

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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

23

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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

24

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
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

25

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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	%

27

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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

28

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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

29

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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
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	%

30

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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:

32

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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	)

33

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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				—

34

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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				—

35

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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				—

39

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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

40

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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.

41

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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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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

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Filing: 10-Q - Morgan Stanley Direct Lending Fund (MSDL)
Accession Number: 0001193125-26-337915

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	)

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