High‑yield private credit portfolio at MSDL (NASDAQ: MSDL) spans 2026–2033

Q: What are typical interest rate terms on MSDL’s debt investments?

Many MSDL loans reference floating benchmarks such as S + 4.50% to S + 7.25% or P + 3.50% to P + 4.75% . Resulting stated interest rates often fall in the 8%–11% range, with some higher‑yield instruments, especially second lien or unsecured debt, carrying higher coupons.

Q: Does MSDL use PIK features in its investments?

Yes. Several MSDL instruments include PIK (paid‑in‑kind) components, particularly in preferred equity and some higher‑yield loans. Examples include PIK or partly PIK rates such as 10.50% , 12.50% and 14.00% , allowing interest or distributions to accrue rather than be paid entirely in cash.

Q: Which sectors feature prominently in MSDL’s credit exposures?

MSDL’s investments cover sectors such as software, IT services, health care providers, insurance services, commercial services and supplies, aerospace and defense, multi‑utilities and diversified consumer services . This sector mix reflects a focus on private, cash‑flow‑lending opportunities across business services and technology‑enabled industries.

Q: What is the nature of MSDL’s revolver and delayed draw commitments?

MSDL has numerous revolver and delayed draw term loan commitments, each with a stated expiration date typically between 2026 and 2033 . These facilities allow counterparties to borrow up to agreed limits over time, earning MSDL interest spreads over reference rates when drawn.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

The company’s quarterly report details a large, diversified portfolio of non‑controlled, non‑affiliated investments across software, health care, financial services, industrials, and consumer services. Most positions are first lien term loans or revolvers, often structured as delayed draw commitments with expirations generally between 2026 and 2033.

Many loans reference floating benchmarks such as S + 4.50% to S + 7.25% or P + 3.50% to P + 4.75%, with all‑in cash interest rates commonly in the 8%–11% range. Select instruments include PIK (paid‑in‑kind) features, with preferred equity coupons such as 10.50%–14.00% PIK, and some second lien or unsecured debt carrying higher stated rates, including examples above 13%. Final maturities and commitment expirations extend into the early 2030s, highlighting a predominantly medium‑ to long‑term credit profile.

Key Figures

Typical SOFR spread range: S + 4.50% to S + 7.25% Example cash interest rate: 8.19% High‑yield PIK preferred equity: 14.00% PIK +5 more

8 metrics

Typical SOFR spread range S + 4.50% to S + 7.25% Reference rate and spread for many first lien loans

Example cash interest rate 8.19% Drivecentric Holdings, LLC first lien debt

High‑yield PIK preferred equity 14.00% PIK Leaf Home, LLC preferred equity coupon

Second lien debt rate 14.50% Heartland Veterinary Partners, LLC second lien debt

Hedged 2029 notes receive rate 6.41% BNP Paribas 2029 hedged instrument receive leg

Hedged 2030 notes receive rate 6.25% BNP Paribas 2030 hedged instrument receive leg

Latest maturity example 12/31/2032 Pamlico Avant Holdings, LP first lien debt maturity

Equity PIK rate example 10.50% PIK Diligent Corporation preferred equity coupon

Key Terms

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

6 terms

First Lien Debt financial

"Investment First Lien Debt Reference Rate and Spread S + 4.50%"

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

"Investment Second Lien Debt Reference Rate and Spread"

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

"Commitment Type Delayed Draw Term Loan Commitment Expiration Date"

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

"Commitment Type Revolver Commitment Expiration Date"

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

"Reference Rate and Spread 14.00% PIK Acquisition Date"

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

"Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives"

10-Q Quarterly Reports: What Changes Quarter to Quarter →

05/07/2026 - 04:14 PM

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Investments-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 05/31/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/2027

2026-01-012026-03-310001782524

Investments-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

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Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/2027

2025-01-012025-12-310001782524

Investments—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

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 9/19/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/2028

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/2025

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-190001782524

Investments—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 8.51% Maturity Date 6/12/2028

2026-03-310001782524

Investments—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

2026-03-310001782524

Investments—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 8.45% Maturity Date 1/31/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.50% PIK Acquisition Date 09/05/2024

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/2032

2026-01-012026-03-310001782524

Investments-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 10/30/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/2034

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/2022

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.95% Maturity Date 11/30/2029 four

2026-03-310001782524

Investments-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 09/14/2028

2025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/2028

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/2026

2025-01-012025-12-310001782524

Investments-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 Two

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Reference Rate and Spread 12.25% Acquisition Date 06/24/2022

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 10/3/2027

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/2029

2026-03-310001782524msdl:BNPFundingFacilityMember2024-12-310001782524

Investments—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 8.17% Maturity Date 10/4/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 05/06/2031 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/2028

2025-12-310001782524

Investments—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 12/9/2026

2026-03-310001782524

Investments—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 8.92% Maturity Date 04/12/2027

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/2024

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/2027

2026-01-012026-03-310001782524

Investments—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 11.91% Maturity Date 04/05/2029

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/2024

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 3/12/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/2026

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/2027

2025-12-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/2021

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/2032

2026-01-012026-03-310001782524msdl:CommercialServicesAndSuppliesSectorMember2026-03-310001782524msdl:InterestRateFloorTwoMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/2026

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 12/23/2032

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 10/01/2029 One

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2031

2026-01-012026-03-310001782524

Investments-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 5/23/2031

2026-03-310001782524

Investments—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 8.20% Maturity Date 04/12/2032 four

2026-03-310001782524

Investments-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 9.70% Maturity Date 12/05/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/2033

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2029

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2026-03-310001782524

Investments—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 10.90% Maturity Date 04/05/2029 One

2026-03-310001782524

Investments—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 8.45% Maturity Date 06/02/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.75% PIK) Interest Rate 9.17% Maturity Date 6/17/2030 Two

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentsInUnsecuredDebtMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2025-12-310001782524msdl:SoftwareSectorMemberus-gaap:SeniorLienMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2025-01-012025-12-310001782524us-gaap:TransportationEquipmentMember2025-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/2021

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/2027

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl 2.50% PIK) Interest rate 8.70% Maturity Date 02/02/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/2032

2025-01-012025-12-310001782524

Investments-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 9.30% Maturity Date 10/15/2027 Two

2026-03-310001782524

Investments—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 8.20% Maturity Date 12/6/2032

2026-03-310001782524msdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/2030

2025-12-310001782524

Investments—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 8.92% Maturity Date 10/02/2029 Two

2026-03-310001782524msdl:ProfessionalServicesSectorMember2026-03-310001782524

Investments—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 8.20% Maturity Date 9/30/2031 One

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/2032

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

Investments—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

2026-03-310001782524us-gaap:AerospaceSectorMemberus-gaap:SeniorLienMember2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-05-172024-05-170001782524

Investments - non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/2031

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/2031

2025-12-310001782524us-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 07/14/2031

2026-03-310001782524msdl:InvestmentsInJointVenturesMember2026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/2025

2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/2029

2026-01-012026-03-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/2032

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/12/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026

2026-01-012026-03-310001782524us-gaap:IPOMember2024-01-260001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/2031

2025-12-310001782524

Investments—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 9.55% Maturity Date 03/10/2027

2026-03-310001782524

Investments-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

2025-12-310001782524country:US2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/2028

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/2028

2025-12-310001782524

Investments-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 12/06/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/2030

2025-12-310001782524

Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/14/2031 One

2026-03-310001782524

Investments—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 8.17% Maturity Date 12/19/2029 One

2026-03-310001782524msdl:CIBCSubscriptionFacilityMember2021-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/2033

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/2027

2025-12-310001782524us-gaap:InsuranceSectorMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.82% Maturity Date 07/21/2027 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/2026

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/2022

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/9/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2030

2025-12-310001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/2028

2025-12-310001782524

Investments-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 10/02/2029

2025-12-310001782524msdl:CLO2025-1DebtMember2026-03-310001782524

Investments-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 10.85% Maturity Date 07/20/2028

2026-03-310001782524

Investments-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 05/06/2030

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/2027

2026-01-012026-03-310001782524msdl:A2025NotesMember2022-12-310001782524

Investments-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 02/28/2030

2025-12-310001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

Investments-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 Two

2025-12-310001782524msdl:CIBCSubscriptionFacilityMember2020-12-310001782524msdl:InterestRateFloorTwoMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/2021

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-01-012025-03-310001782524

Investments—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

2026-03-310001782524country:CA2026-03-310001782524

Investments—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 four

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/29/2030 Two

2026-03-310001782524

Investments—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 One

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Group Holdings, LP Investment Common Equity Acquisition Date 07/16/2025

2026-03-310001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/2030

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/2027

2025-12-310001782524

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 9.45% Maturity Date 09/13/2032

2026-03-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/2029

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 01/25/2030 One

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/2026

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments-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 Two

2025-12-310001782524msdl:ElectricalEquipmentSectorMember2025-12-310001782524msdl:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/2028

2026-03-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 01/29/2030 Two

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:UtilitiesSectorMember2026-03-310001782524

Investments-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 7.92% Maturity Date 5/24/2032 Two

2026-03-310001782524msdl:Company10b51PlanMember2025-02-282025-02-280001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/07/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/20/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/2027

2026-03-310001782524

Investments—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 8.20% Maturity Date 09/30/2032 Two

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.92% Maturity Date 02/27/2030 Three

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2024-01-012024-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/2032

2026-03-310001782524

Investments-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 09/09/2025

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/2027

2025-12-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/2025

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/2032

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2026-03-310001782524

Investments-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 One

2025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments-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 05/25/2029

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest rate 7.16% Maturity Date 10/30/2031

2026-03-310001782524msdl:CapstoneLendingLLCMembersrt:MaximumMember2026-01-012026-03-310001782524

Investments—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

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.95% Maturity Date 05/25/2028 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/2031

2026-03-310001782524us-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/2032 One

2025-12-310001782524

Investments—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 5/5/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 10/3/2027

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Group Holdings, LP Investment Common Equity Acquisition Date 07/16/2025

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2032

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/2023

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/2031

Investments—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 9.45% Maturity Date 03/25/2032 four

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/2028

2025-01-012025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2028

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/2025

2026-03-310001782524

Investments—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 8.45% Maturity Date 02/25/2033

2026-03-310001782524msdl:FoodProductsSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/2027

2025-01-012025-12-310001782524

Investments-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 8.20% Maturity Date 11/26/2032

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.42% Maturity Date 06/24/2028

2026-03-310001782524

Investments-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 12/09/2028

2025-12-310001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2026-01-012026-03-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 05/14/2029

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/2022

2026-03-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/2032

2026-03-310001782524msdl:PharmaceuticalsSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/2029

2026-03-310001782524

2025-12-310001782524

Investments—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 9/11/2028 One

2026-03-3100017825242024-12-310001782524

Investments-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 8.67% Maturity Date 3/12/2029

2026-03-310001782524

2026-03-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

2025-12-310001782524us-gaap:EquitySecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:ContainerAndPackagingSectorMember2026-03-310001782524

Investments—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 9.20% Maturity Date 4/1/2030

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Goose Borrower, LP Commitment Type Revolver Commitment Expiration Date 03/02/2033

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/2026

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.95% Maturity Date 05/28/2032 five

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/2031

2025-01-012025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.35% Maturity Date 8/4/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/2029

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 01/07/2033

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/2032

2026-01-012026-03-310001782524msdl:AutomobileComponentsSectorMember2026-03-310001782524

2025-12-310001782524

Investments-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 08/31/2029

2025-12-310001782524us-gaap:BankingMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/2025

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/2028

2025-12-310001782524msdl:BNPFundingFacilityMember2026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524msdl:Company10b51PlanMember2026-02-012026-02-270001782524

Investments-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

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 10.17% Maturity Date 02/01/2027 One

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/31/2033

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

Investments—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 8.15% Maturity Date 02/01/2030 One

2026-03-310001782524

Investments-non-controlled/affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.81% Maturity Date 01/14/2031 One

2026-03-310001782524

KWOR Acquisition, Inc.

2026-03-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/2031

2026-03-310001782524msdl:UtilitiesSectorMember2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 02/28/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/2031

2026-01-012026-03-310001782524

2026-03-310001782524

Capstone Lending LLC

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/2027

2025-01-012025-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.75% Acquisition Date 06/25/2022

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/2031

2025-01-012025-12-310001782524

KWOR Acquisition, Inc.

2024-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodIncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-03-310001782524

Investments—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 8.45% Maturity Date 8/29/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/2028

2025-01-012025-12-310001782524

Investments—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 8.45% Maturity Date 10/2/2028 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/2028

2026-01-012026-03-310001782524us-gaap:SeniorLienMembermsdl:ElectricalEquipmentSectorMember2026-03-310001782524

Investments-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 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/2027

2025-12-310001782524

Investments-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 One

2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-01-012025-03-310001782524

Investments—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 8.45% Maturity Date 06/27/2031 One

2026-03-310001782524

Investments—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

2026-03-310001782524

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/2032

2025-12-310001782524us-gaap:ConstructionSectorMemberus-gaap:SeniorLienMember2026-03-310001782524

Investments—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 8.45% Maturity Date 9/22/2028 Two

2026-03-310001782524

Investments-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

2025-12-310001782524msdl:UnfundedDebtSecuritiesMember2025-12-310001782524

Investments—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 9.70% Maturity Date 12/05/2029

2026-03-310001782524

Investments—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 8.71% Maturity Date 6/3/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/2030

2026-01-012026-03-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2025-01-012025-12-310001782524

2026-03-310001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2026-03-310001782524msdl:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/2027

2026-01-012026-03-310001782524

Investments-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 8.16% Maturity Date 12/26/2028 One

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/2024

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments—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 8.92% Maturity Date 09/04/2031

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.07% Maturity Date 08/18/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2027

2025-01-012025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2030

2026-03-310001782524

Investments-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 8.45% Maturity Date 07/20/2029 One

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2026-03-310001782524

Investments-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 7.51% Maturity Date 12/28/2028 One

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Reference Rate and Spread Interest Rate 0.00% Maturity Date 3/12/2034

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 9/29/2028 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/2023

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2030

2025-01-012025-12-310001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/2028

2025-01-012025-12-310001782524

Investments-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 8.67% Maturity Date 06/30/2031

2026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/2026

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/2028

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2026-03-310001782524

Investments—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 8.70% Maturity Date 05/13/2032 One

2026-03-310001782524

Investments—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 8.67% Maturity Date 02/02/2032 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/2029

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.95% Maturity Date 05/02/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/2032

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/2028

2026-03-310001782524msdl:ElectricalEquipmentSectorMember2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments—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 8.43% Maturity Date 3/13/2029 One

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-03-310001782524

Investments-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 10.64% Maturity Date 6/13/2028 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/2029

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2028

2025-01-012025-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001782524

Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/2030

2026-01-012026-03-310001782524msdl:AtTheMarketATMOfferingMember2025-03-282025-03-280001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/2027

2025-12-310001782524us-gaap:SeniorLienMembermsdl:BeveragesSectorMember2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/2031

2025-01-012025-12-310001782524

Investments-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 03/02/2029

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 03/31/2033

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/2031

2025-12-310001782524

Investments-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

2025-12-310001782524us-gaap:InsuranceSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/2029

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-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 03/29/2024

2026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/2021

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/2029

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-03-310001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

Investments-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 05/15/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/2026

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.20% Maturity Date 5/14/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/2032

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.38% Maturity Date 01/27/2032 One

2026-03-310001782524

Investments-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 8.45% Maturity Date 5/23/2030

2026-03-310001782524

Investments-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 8/2/2032 One

2026-03-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/2029

2026-03-310001782524

Investments-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 8.98% Maturity Date 6/29/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/2027

2026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2025-12-310001782524

Investments—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 8.45% Maturity Date 02/10/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 1/10/2029

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:TransportationEquipmentMemberus-gaap:SeniorLienMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/2031

2025-01-012025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeCatchUpThresholdMember2024-01-012024-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2028

2025-12-310001782524

Investments-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 12/15/2026

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.42% Maturity Date 01/30/2031 Two

2026-03-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2026-03-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/2030

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.46% Maturity Date 06/28/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/2027

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 06/23/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/2021

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2029

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/2021

2026-01-012026-03-310001782524msdl:SONIAMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/2028

2026-03-310001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2026

2026-03-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/2023

2026-01-012026-03-310001782524msdl:Company10b51PlanMember2026-03-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 9/3/2028

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/2021

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2026-01-012026-03-310001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/2026

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 10.70% Maturity Date 07/30/2029

2026-03-310001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/2029

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/2031 One

2026-03-310001782524

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 12/30/2030

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/2021

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/2032

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/2027

2025-12-310001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 3.70% PIK) Interest Rate 9.53% Maturity Date 01/02/2029

2026-03-310001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2026-03-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments—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 8.17% Maturity Date 06/04/2032 One

2026-03-310001782524

Investments-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 11/17/2031

2026-03-310001782524

Investments-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 Two

2025-12-310001782524msdl:CLO2025-1NotesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2026-03-310001782524us-gaap:EquitySecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/2024

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/2031

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.70% Maturity Date 11/10/2028 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/2028

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.89% Maturity Date 08/08/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/2024

2026-03-310001782524

Investments—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 8.42% Maturity Date 9/9/2032

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 01/30/2032 Two

2026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:ProfessionalServicesSectorMember2025-12-310001782524

Investments—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 8.45% Maturity Date 02/10/2028 Two

2026-03-310001782524

Investments-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 8.95% Maturity Date 08/20/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/2030

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/2021

2026-01-012026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/2026

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/2025

2026-03-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2027

2026-03-310001782524

Investments—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 8.20% Maturity Date 11/22/2032 Two

2026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2026-03-310001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2029

2025-01-012025-12-310001782524msdl:DistributorsSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524us-gaap:TransportationEquipmentMemberus-gaap:DebtSecuritiesMember2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001782524

Investments—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 8.23% Maturity Date 07/24/2031

2026-03-310001782524

Investments-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 Two

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/2030

2026-01-012026-03-310001782524

Investments—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 9.43% Maturity Date 12/03/2029

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524msdl:A2027NotesMember2023-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/2027

2025-12-310001782524us-gaap:CashMember2025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2026-01-012026-03-310001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524

Investments-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 8.42% Maturity Date 08/27/2031 One

2026-03-3100017825242025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/2031

2025-01-012025-12-310001782524

Investments-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 9/29/2031 One

2026-03-310001782524

Investments-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 12/28/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/2030

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/2029

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2026

2025-01-012025-12-310001782524

Investments—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 7.94% Maturity Date 11/18/2031 Two

2026-03-310001782524msdl:FirstLienDebtMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 11/01/2032 Three

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/2023

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 12/31/2027 One

2026-03-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/2032

2025-12-310001782524msdl:CommercialServicesSuppliesMemberus-gaap:SeniorLienMember2026-03-310001782524

Investments—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 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/2027

2025-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2026-03-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-01-012025-03-310001782524

Investments—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 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 08/01/2029

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 One

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

2026-03-310001782524

Investments-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 10.32% Maturity Date 07/06/2028 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/2028

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2025-12-310001782524msdl:Company10b51PlanMember2025-02-012025-02-270001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/2030

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.18% Maturity Date 01/13/2033 Two

2026-03-310001782524

Investments—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 8.17% Maturity Date 01/12/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

2026-03-310001782524

Investments-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 4/16/2027

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 07/30/2032

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/20/2026

2026-01-012026-03-310001782524msdl:CIBCSubscriptionFacilityMember2019-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/2021

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/2032

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 06/15/2029 One

2026-03-310001782524

Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/2029

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/2028

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AA&D Midco, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2030

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.46% Maturity Date 06/28/2032 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/2032

2025-12-310001782524msdl:FirstLienDebtMember2025-03-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.25% Maturity Date 05/31/2028

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/2032

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/2030

2026-03-310001782524

Investments-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 07/20/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-12-310001782524

Investments—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 2/14/2028 One

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.20% Maturity Date 3/28/2030 One

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/2024

2025-01-012025-12-310001782524msdl:A2025NotesMember2023-12-310001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2026-03-310001782524msdl:OneMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/2030

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/2024

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/2032

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2032

2025-12-310001782524

Investments—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 8.17% Maturity Date 6/11/2031 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2026

2026-01-012026-03-310001782524

Investments-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 12/03/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Common Equity Acquisition Date 01/14/2026

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest rate 9.86% Maturity Date 08/29/2029

2026-03-310001782524

Investments—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 8/31/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/2026

2026-01-012026-03-310001782524

Investments-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 06/11/2027

2025-12-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/2021

2025-01-012025-12-310001782524

Investments-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 09/21/2027

2025-12-310001782524us-gaap:AerospaceSectorMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2025-12-310001782524

Investments—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 8.27% Maturity Date 3/9/2029

2026-03-310001782524msdl:InterestRateFloorThreeMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 1/8/2031

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/9/2026

2025-01-012025-12-310001782524msdl:HealthCareProvidersServicesSectorMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 8/29/2031 Two

2026-03-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/2031

2025-01-012025-12-310001782524

Investments—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 8.20% Maturity Date 6/3/2031 Two

2026-03-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/2028

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2026-03-3100017825242025-01-012025-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/2021

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/2027

2025-01-012025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/2029

2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524us-gaap:TransportationSectorMember2025-12-310001782524

2025-12-310001782524

Investments—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 8.17% Maturity Date 9/15/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2026

2026-01-012026-03-310001782524

Investments-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 02/14/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/2026

2026-03-310001782524

Investments-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 9.91% Maturity Date 03/02/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/2030

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/2031

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001782524

Investments-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 09/09/2027

2025-12-310001782524

Investments-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 8.67% Maturity Date 02/02/2032

2026-03-310001782524msdl:SecondLienDebtMember2025-01-012025-03-310001782524msdl:CapstoneLendingLLCMember2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524

Investments-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 Two

2025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.50% Maturity Date 12/07/2028 One

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-03-310001782524msdl:Company10b51PlanMember2025-02-280001782524

Investments-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 8/14/2028

2025-12-310001782524msdl:BuildingProductsSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 12.81% Maturity Date 05/21/2029

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 01/31/2033

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/2030

2025-01-012025-12-310001782524

2026-03-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/2027

2025-01-012025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.70% Maturity Date 11/10/2028

2026-03-310001782524

Investments-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 06/28/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Revolver Commitment Expiration Date 10/01/2032

2025-01-012025-12-310001782524

Investments-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 06/24/2028

2025-12-310001782524

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/2021

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/2028 Two

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/2022

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-03-310001782524

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 02/25/2033

2026-03-310001782524

2025-12-310001782524msdl:BNPFundingFacilityMember2023-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/2032

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/2025

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.45% Maturity Date 12/29/2028 Two

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/2027

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/2021

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/5/2026

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 1/7/2033

2026-03-310001782524

Investments-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 Two

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524us-gaap:FairValueInputsLevel12And3Member2025-12-310001782524msdl:TruistCreditFacilityMember2023-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-03-310001782524

Investments-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 07/22/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/2031

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2027

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/2028

2025-01-012025-12-310001782524

Interest Rate Swaps

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/11/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/2028

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001782524

Investments-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 8/20/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/2028

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/2027

2026-01-012026-03-310001782524

2025-12-310001782524

vInvestments-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

2025-12-310001782524

Investments-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 12/15/2028

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/2027

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/2030

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2025-01-012025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2029

2026-03-310001782524

Investments—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 8.17% Maturity Date 9/9/2027

2026-03-310001782524

Investments-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 8.92% Maturity Date 9/4/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/2028

2026-03-310001782524msdl:OneMonthSecuredOvernightFinancingRateMember2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/6/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/2025

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:SecondLienDebtMember2025-01-012025-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/2032

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Member2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/2027

2025-12-310001782524msdl:AutomobilesSectorMember2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/2025

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/2028

2026-03-310001782524

2025-12-310001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.125% PIK) Interest rate 9.45% Maturity Date 05/02/2029

2026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/2031

2026-01-012026-03-310001782524

Investments-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 8.67% Maturity Date 10/24/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/2026

2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.77% Maturity Date 10/27/2028

2026-03-310001782524

Investments—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 7/28/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2029

2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments—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 8.70% Maturity Date 4/3/2030 One

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.17% Maturity Date 01/02/2031 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/2032

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/2021

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/2031

2025-12-310001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/2024

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/2032

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/2029

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/2031

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/11/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 3/7/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/2032

2026-03-310001782524

Investments—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 8.20% Maturity Date 4/16/2027

2026-03-310001782524msdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMemberus-gaap:RelatedPartyMember2024-01-012024-03-310001782524msdl:Company10b51PlanMember2025-01-012025-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:FairValueInputsLevel1Member2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/2025

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/2026

2025-01-012025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/2027

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 12/17/2031 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/07/2028

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.52% Maturity Date 02/19/2030

2026-03-310001782524msdl:RestrictedSecuritiesMember2025-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/2028

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-01-012025-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/2026

2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001782524

2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Industrial Conglomerates Goose Borrower, LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 3/2/2033

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/2030

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/2029

2026-01-012026-03-310001782524msdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/2026

2025-01-012025-12-310001782524

2026-03-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/2029

2025-12-310001782524us-gaap:FairValueInputsLevel12And3Member2026-03-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/2025

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-01-012026-03-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/2027

2026-03-310001782524msdl:TotalPortfolioInvestmentsMember2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 9.69% Maturity Date 06/30/2028 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/2027

2026-01-012026-03-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2026-03-3100017825242025-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/2029

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 01/30/2032

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 02/24/2031 One

2025-12-310001782524

2026-03-310001782524msdl:MachinerySectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/2027

2026-03-310001782524msdl:CORRAMember2025-01-012025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.17% Maturity Date 12/03/2032 One

2026-03-310001782524us-gaap:ConsumerSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 07/14/2031 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/2032

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/2028

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2026

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.38% Maturity Date 01/27/2032 four

2026-03-310001782524

2025-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.95% Maturity Date 05/28/2032 four

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 08/02/2030 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2025-01-012025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/2028

2026-03-310001782524

2026-03-310001782524msdl:AirFreightAndLogisticsSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 07/30/2032

2025-01-012025-12-310001782524

2026-01-012026-03-310001782524

2025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:SeniorLienMember2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/2021

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/2024

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/2031

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% Interest rate 10.56% Maturity Date 3/2/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/2027

2026-03-310001782524

Investments-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 9.70% Maturity Date 11/08/2030 One

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments-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 8/13/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/12/2027

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 07/22/2029

2026-03-310001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:EquitySecuritiesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/2031

2025-12-310001782524msdl:InterestRateFloorOneMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/2031

2026-01-012026-03-310001782524

2025-12-310001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments-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 10/19/2028 One

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.17% Maturity Date 08/01/2029 Two

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/2031

2025-01-012025-12-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

2025-12-310001782524

Investments—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 8.70% Maturity Date 02/02/2032 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.68% Maturity Date 11/17/2031 One

2026-03-3100017825242026-05-060001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

2025-12-310001782524

Investments-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 05/23/2031

2025-12-310001782524

Investments-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 8.17% Maturity Date 04/26/2032

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/2028

2026-03-310001782524

Alpine Acquisition Corp. II

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-04-012024-06-300001782524

Investments—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 8.67% Maturity Date 8/1/2029

2026-03-310001782524

2026-03-310001782524us-gaap:RealEstateSectorMember2025-12-310001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-12-310001782524

Investments—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 8.18% Maturity Date 12/12/2032 Two

2026-03-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/10/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2027

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/2028 One

2026-03-310001782524

Investments-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 9.67% Maturity Date 2/3/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2031

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2026

2026-01-012026-03-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/2030

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/2028

2026-01-012026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/2027

2026-03-310001782524

Investments—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 8.45% Maturity Date 10/29/2030 One

2026-03-310001782524

Investments—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 7.92% Maturity Date 05/24/2032

2026-03-310001782524

2026-03-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524us-gaap:BankingMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/2032

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/04/2025

2025-12-310001782524

2025-12-310001782524msdl:FirstLienDebtMember2025-01-012025-03-310001782524

Investments-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 One

2025-12-310001782524

Investments—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 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/2032

2025-01-012025-12-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/2032

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2027

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-01-012025-03-310001782524

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/2032

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/23/2030 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2030

2026-03-310001782524

Investments-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 01/17/2031

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/2030

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/2026

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/2025

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/11/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2028

2025-01-012025-12-310001782524msdl:HealthCareProvidersServicesMemberus-gaap:SeniorLienMember2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 08/01/2031

2026-01-012026-03-310001782524

2026-03-310001782524

Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/2029

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/08/2027

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/2027

2026-03-310001782524

2026-03-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:SeniorLienMember2026-03-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/2031

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/2030

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/5/2026

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/2030

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/2027

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/2021

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 1/28/2033 two

2026-03-310001782524

2026-03-310001782524us-gaap:EquitySecuritiesMember2025-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/2029

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001782524

Investments—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 9/9/2027

2026-03-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2031

2026-03-310001782524

Investments—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 One

2026-03-310001782524

2026-03-310001782524us-gaap:EquityMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/2027

2026-03-310001782524us-gaap:TechnologySectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/2021

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/2028

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/2031

2025-01-012025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2027

2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/2029

2026-03-310001782524msdl:AtTheMarketATMOfferingMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/2026

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2030

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/2029

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/2021

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/2027

2025-01-012025-12-310001782524msdl:CORRAMember2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 05/25/2029 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 9.00% PIK Interest rate 12.76% Maturity Date 5/21/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/2028

2026-03-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2025-12-310001782524

2026-03-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments-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

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2032

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GB Eagle Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2030

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/2031

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/2026

2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/2030

2026-03-310001782524

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2029

2026-01-012026-03-310001782524

Investments controlled/affiliated Equity Investments Investments in Joint Ventures Capstone Lending, LLC Investment Common Equity Acquisition Date 02/19/2026

2026-03-310001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-01-012025-03-310001782524

Investments-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 02/27/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/2031

2026-03-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/02/2030 One

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/2022

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/2028

2025-01-012025-12-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/2025

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2025-12-310001782524

2025-12-310001782524msdl:OtherDebtInvestmentsMember2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/2030

2026-03-310001782524

2026-03-310001782524us-gaap:DebtSecuritiesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/2032

2025-12-310001782524

Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/2030

2025-12-310001782524msdl:A2027NotesMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/2031

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.27% Maturity Date 06/09/2027 One

2026-03-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/2026

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/2028

2026-03-310001782524

2026-03-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2026-03-310001782524msdl:RestrictedSecuritiesMember2026-03-310001782524

Investments-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

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524

Investments—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 7/30/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/2026

2025-12-310001782524

Investments-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 06/18/2028

2025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/2032

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.38% Maturity Date 01/27/2032 five

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/2028

2025-12-310001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:SeniorLienMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/2031

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/2026

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments—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 9.17% Maturity Date 01/17/2031 One

2026-03-310001782524country:GB2026-03-310001782524

2025-12-310001782524

Investments—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 8.67% Maturity Date 09/22/2028 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/2029

2026-01-012026-03-310001782524msdl:ProfessionalServicesSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/2025

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/2028

2025-01-012025-12-310001782524

2026-03-310001782524us-gaap:PrimeRateMember2026-01-012026-03-310001782524

Investments-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 10/30/2031

2025-12-310001782524

2026-03-310001782524

KWOR Acquisition, Inc.

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/2029

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/2027

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/2029

2026-01-012026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/2021

2025-01-012025-12-310001782524us-gaap:TransportationSectorMember2026-03-310001782524msdl:Company10b51PlanMember2025-02-270001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/2032

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/2027

2025-01-012025-12-310001782524

Investments-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 12/15/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/2030

2025-01-012025-12-310001782524

Investments-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 10/27/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/2032

2026-03-310001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/2032

2026-03-3100017825242025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2025-01-012025-12-310001782524

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/2032

2026-01-012026-03-310001782524us-gaap:FoodAndBeverageSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/2032

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524msdl:DiversifiedConsumerServicesSectorMemberus-gaap:SeniorLienMember2026-03-310001782524

2026-03-310001782524

Investments-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 05/14/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-03-310001782524

2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:SecondLienDebtMember2026-01-012026-03-310001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/2029

2025-01-012025-12-310001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments-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

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.42% Maturity Date 06/24/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/2030

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.49% Maturity Date 08/21/2026 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/2027

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

2026-03-310001782524us-gaap:EquityMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/2026

2025-01-012025-12-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524msdl:SecondLienDebtMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.92% Maturity Date 02/27/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/2031

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.17% Maturity Date 05/24/2028

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 05/25/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/2031

2025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-03-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/2024

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/2027

2025-01-012025-12-310001782524msdl:DistributorsSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/2033

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/2025

2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 04/08/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/2032

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-01-012025-03-310001782524

Investments-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 Two

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/2026

2025-12-310001782524

Investments-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 7/30/2029

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.18% Maturity Date 05/22/2030

2026-03-310001782524us-gaap:BankingMember2026-03-310001782524

2026-03-310001782524us-gaap:TechnologySectorMember2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 08/01/2031

2026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/2022

2026-01-012026-03-310001782524msdl:CLO2025-1NotesMember2026-03-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2028

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.42% Maturity Date 06/24/2029 One

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 09/10/2030 One

2026-03-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/2027

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/2024

2026-03-310001782524msdl:SecondLienDebtMember2024-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2025-01-012025-12-310001782524

Investments—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 9/1/2027 One

2026-03-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-03-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 2/16/2029 Two

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/19/2030

2025-12-310001782524msdl:A2029NotesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/2031

2025-12-310001782524

2026-03-310001782524us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentTwoMembermsdl:TruistCreditFacilityMember2026-01-012026-03-310001782524us-gaap:EquitySecuritiesMember2026-03-310001782524msdl:Multi-UtilitiesSectorMemberus-gaap:SeniorLienMember2026-03-310001782524us-gaap:EquitySecuritiesMember2024-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2027

2025-01-012025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2030

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 03/31/2033 Two

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/2031

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentsInUnsecuredDebtMember2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/2025

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032 One

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/2028

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel1Member2025-12-310001782524

2025-12-310001782524

2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 3/12/2032

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/31/2026

2025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/2030

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 12/4/2027

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/2027

2026-01-012026-03-310001782524

Investments-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 12/30/2026

2025-12-310001782524

Investments—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 8/25/2028 One

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/6/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/2027

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/2027

2026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/2029

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 06/23/2032 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/2029

2025-01-012025-12-310001782524

2026-03-310001782524

Interest Rate Swaps

2026-01-012026-03-310001782524

Investments-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 9.67% Maturity Date 2/3/2031 One

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 3/7/2028

2025-01-012025-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/2028

2026-01-012026-03-310001782524

2025-12-310001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/2025

2025-01-012025-12-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 8/31/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2025-01-012025-12-310001782524

Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/2030

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-01-012024-03-310001782524

Investments-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 One

2025-12-310001782524

Investments-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 One

2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

2025-12-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

2026-03-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2027

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/2030

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMembersrt:MaximumMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/2027

2026-01-012026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/2028

2026-03-310001782524msdl:WirelessTelecommunicationServicesSectorMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/2026

2026-01-012026-03-310001782524

Investments—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 7.95% Maturity Date 07/26/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.92% Maturity Date 02/27/2030

2026-03-310001782524

Investments—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 01/17/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/2028

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/2032

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/2021

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-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 12/20/2027

2025-12-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/2025

2026-01-012026-03-310001782524

Investments—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 8.70% Maturity Date 12/30/2032 Two

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2025-12-310001782524

2026-03-310001782524msdl:SecondLienDebtMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/2031

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 10/30/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/2021

2025-01-012025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/2025

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/2024

2026-01-012026-03-310001782524msdl:FederalReserveBankOfNewYorkRateMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-03-310001782524

Investments-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 6/28/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/2027

2026-01-012026-03-310001782524us-gaap:BaseRateMemberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMembermsdl:InterestRatePeriodOneMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/2027

2025-01-012025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/2031

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2026-03-310001782524msdl:Company10b51PlanMember2024-01-310001782524

Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2029

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2027

2025-01-012025-12-310001782524

2026-03-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524us-gaap:ContainerAndPackagingSectorMember2025-12-310001782524

Investments—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 8.17% Maturity Date 04/26/2032 One

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/2029

2026-03-310001782524

Investments—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 10.82% Maturity Date 1/04/2028 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2025-01-012025-12-310001782524

Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/2030

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2029

2025-12-310001782524

Investments-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 8.20% Maturity Date 11/17/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/2029

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/2029

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2029

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2025-01-012025-12-310001782524

Investments-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 One

Investments-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 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/2030

2026-03-310001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2025-12-310001782524msdl:TruistCreditFacilityMember2024-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/2027

2026-03-310001782524

Investments-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

2025-12-310001782524

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-03-310001782524us-gaap:EquitySecuritiesMember2025-01-012025-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:PharmaceuticalsSectorMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.25% Maturity Date 05/31/2028 One

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2030

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2026

2025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 03/09/2028 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2028

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/2028

2026-03-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/2025

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/2030

2025-12-310001782524

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2025-12-310001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/2030

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2028

2026-01-012026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-03-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/11/2028

2026-01-012026-03-310001782524

2025-12-310001782524msdl:IndustrialConglomeratesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/2027

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/2028

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/2030

2026-03-310001782524msdl:WirelessTelecommunicationServicesSectorMember2025-12-310001782524

Investments-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 One

2025-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/2029

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

2025-12-310001782524msdl:ShareRepurchaseProgramMember2026-02-260001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/2027

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/2023

2026-01-012026-03-310001782524

Investments—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 Two

2026-03-310001782524msdl:O2025M2AggregateDividendsMember2025-01-012025-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2025-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/2031

2026-01-012026-03-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/2027

2026-01-012026-03-310001782524

2025-12-310001782524msdl:Company10b51PlanMember2025-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Archduke Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/03/2032

2026-01-012026-03-310001782524

2025-12-310001782524

Investments—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 8.17% Maturity Date 06/11/2029 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/2028

2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001782524

Investments-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 8.77% Maturity Date 04/07/2028 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 4/1/2029 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/11/2027

2025-01-012025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/2030

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/2021

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/2029

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2025-01-012025-12-310001782524

KWOR Acquisition, Inc.

2025-09-300001782524

Investments—non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 07/22/2031 One

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.95% Maturity Date 05/28/2032 Three

2026-03-310001782524

Investments-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 8.94% Maturity Date 12/28/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/2032

2025-01-012025-12-310001782524msdl:BNPFundingFacilityMember2022-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2026

2025-01-012025-12-310001782524msdl:A2027NotesMember2024-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/2031

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2027

2026-01-012026-03-310001782524

Investments-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

2025-12-310001782524

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001782524us-gaap:SeniorLienMembermsdl:PharmaceuticalsSectorMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-03-310001782524msdl:HealthCareTechnologyMember2026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524us-gaap:RelatedPartyMembermsdl:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-01-242024-01-240001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.17% Maturity Date 12/03/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/2028

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/2026

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/2022

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/2030

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2027

2025-12-310001782524

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest rate 11.17% Maturity Date 07/02/2029

2026-03-310001782524msdl:Company10b51PlanMember2025-01-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.38% Maturity Date 01/27/2032 Three

2026-03-310001782524

2025-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2025-01-012025-12-310001782524msdl:JVPartnerMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/2031

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% (incl. 1.00% PIK) Interest Rate 11.36% Maturity Date 4/9/2030 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/2029

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/2031

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2032

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2030NotesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/2028

2025-01-012025-12-310001782524

2026-03-310001782524

Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/2024

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/2024

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/2028

2026-01-012026-03-310001782524

2025-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/13/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 12/4/2027

2025-01-012025-12-310001782524msdl:BNPFundingFacilityMember2021-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments-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 7.95% Maturity Date 7/23/2032 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/2027

2026-03-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt US Infra Svcs Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/13/2028

2026-03-310001782524

Investments—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 five

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/2028

2025-01-012025-12-310001782524msdl:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Revolver Commitment Expiration Date 01/13/2033

2026-01-012026-03-310001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/2027

2026-03-310001782524msdl:TruistCreditFacilityMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/2027

2026-01-012026-03-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/2027

2026-01-012026-03-310001782524

Investments-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 One

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/2028

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/2030

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/2023

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest rate 7.85% Maturity Date 07/28/2031 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/2024

2026-03-310001782524msdl:InvestmentsJointVentureMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2026

2025-01-012025-12-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/2028

2025-12-310001782524

Investments-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 8.40% Maturity Date 11/29/2030 Two

2026-03-310001782524msdl:BNPFundingFacilityMember2025-12-310001782524

2026-03-310001782524msdl:CapstoneLendingLLCMember2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/2032

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/2031

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/2021

2025-01-012025-12-310001782524

Investments—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 8.45% Maturity Date 1/5/2033 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/6/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/14/2028

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/2031

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/2032

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/2030

2026-03-310001782524

Investments—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 8.20% Maturity Date 11/26/2032 One

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 11.25% Maturity Date 05/31/2028

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/2036

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001782524us-gaap:TransportationEquipmentMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/2028

2025-01-012025-12-310001782524msdl:CLO2025-1SeniorSecuredDebtMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/2028

2026-01-012026-03-310001782524

2026-03-310001782524

2026-03-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524msdl:Company10b51PlanMember2026-01-012026-01-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest rate 11.47% Maturity Date 03/30/2029

2026-03-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/2032

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028

2025-12-310001782524us-gaap:TransportationEquipmentMember2026-03-310001782524

2026-03-310001782524

2026-01-012026-03-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.66% Maturity Date 07/02/2031 One

2026-03-310001782524us-gaap:SeniorLienMembermsdl:InteractiveMediaAndServicesSectorMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/2031

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2026-03-310001782524msdl:O2024M2AggregateDividendsMember2026-01-012026-03-310001782524us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/2029

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/2022

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 9/3/2028

2025-12-310001782524

2026-03-310001782524

Interest Rate Swaps

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/2028

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/2028

2026-03-310001782524

Investments-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

2025-12-310001782524

2025-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/2030

2025-12-310001782524us-gaap:ConsumerSectorMember2025-12-310001782524msdl:Company10b51PlanMember2026-02-270001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-01-012024-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/2026

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2026-01-012026-03-310001782524

2025-12-310001782524

2026-03-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/2030

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/2027

2026-01-012026-03-310001782524

2026-03-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 1/7/2033 One

2026-03-310001782524

Investments—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 9/8/2027

2026-03-310001782524

2026-03-310001782524us-gaap:RealEstateSectorMember2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 11/17/2031 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2032

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/2028

2026-03-310001782524

Investments—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 12.08% Maturity Date 4/3/2028 One

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/2030

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2026

2026-03-310001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.95% Maturity Date 03/28/2030 Two

2026-03-310001782524msdl:VariableRateComponentTwoMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/2021

2025-01-012025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2027

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2024-01-012024-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/2031

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/2027

2025-12-310001782524

Investments-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 09/21/2028

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 12/17/2031

2026-03-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/2030

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/2026

2026-01-012026-03-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001782524msdl:A2030NotesMember2025-05-192025-05-190001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2029

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-09-170001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/2031

2026-03-310001782524

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2026-03-310001782524

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-01-012025-12-310001782524

Investments-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 9.31% Maturity Date 08/05/2028 One

2026-03-310001782524msdl:OtherDebtInvestmentsMember2026-03-310001782524

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Investments—non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 12/23/2032 Two

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/2031

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2026-01-012026-03-310001782524

2025-12-310001782524

Investments—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 8.85% Maturity Date 10/16/2028 Three

2026-03-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.67% Maturity Date 08/02/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/2026

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2026-03-310001782524us-gaap:SeniorLienMembermsdl:ITServicesSectorMember2026-03-310001782524us-gaap:FairValueInputsLevel2Member2026-03-310001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524msdl:InterestRateFloorOneMember2026-03-310001782524us-gaap:SeniorLienMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2026-03-310001782524

Interest Rate Swaps

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/2027

2026-01-012026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/2029

2025-01-012025-12-310001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Unsecured Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/2030

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/13/2033

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/2029

2025-01-012025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524

Investments—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 One

2026-03-310001782524

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest rate 11.17% Maturity Date 07/02/2029 One

2026-03-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2025-01-012025-12-310001782524

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524

Investments—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 Three

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/2029

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/2022

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 9/12/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/12/2028

2026-01-012026-03-310001782524msdl:FirstLienDebtMember2024-12-310001782524

2026-03-310001782524msdl:CLO2025-1NotesMembermsdl:ClassBMembermsdl:SeniorSecuredFloatingRateMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/2021

2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.38% Maturity Date 01/27/2032

2026-03-310001782524

2026-03-310001782524msdl:TruistCreditFacilityMember2021-12-310001782524

Investments-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 Two

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/2029

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2026-01-012026-03-310001782524

Investments-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 07/22/2029

2025-12-310001782524msdl:AirFreightAndLogisticsSectorMember2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 12/17/2031 One

2026-03-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001782524

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/2032

2026-03-310001782524

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/2029

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/2028

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2030NotesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/2029

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/2026

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/2030

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/2032

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/2030

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/2032

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/2023

2026-03-310001782524

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/2030

2026-01-012026-03-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/2028

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/2030

2026-01-012026-03-310001782524msdl:RestrictedSecuritiesMember2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

2025-12-310001782524us-gaap:BankingMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/2025

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 01/14/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/2027

2026-01-012026-03-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/2021

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/2031

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/2022

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.55% Maturity Date 03/31/2028 Two

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524

Investments—non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 07/22/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/2027

2025-12-310001782524

2025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Goose Borrower, LP Commitment Type Revolver Commitment Expiration Date 03/02/2033

2026-01-012026-03-310001782524msdl:SecondLienDebtMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/2025

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/2021

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AA&D Midco, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/2029

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 02/14/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/2031

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/2022

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/10/2027

2025-12-310001782524us-gaap:RelatedPartyMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/2029

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/2026

2025-01-012025-12-310001782524msdl:ProfessionalServicesMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/2026

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments-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 1/30/2031

2025-12-310001782524msdl:VariableRateComponentOneMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/2021

2025-01-012025-12-310001782524country:AU2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/2027

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest rate 9.45% Maturity Date 06/28/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2029

2025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest rate 9.23% Maturity Date 10/30/2031

2026-03-310001782524

2025-12-310001782524

Investments—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 9.42% Maturity Date 8/18/2028 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/2029

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-01-012025-03-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-310001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 4/22/2032 One

2026-03-310001782524msdl:A2030NotesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.38% Maturity Date 01/27/2032 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/2031

2026-03-310001782524us-gaap:IPOMember2024-01-262024-01-260001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassBMember2026-03-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 01/07/2033

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/2027

2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/2032

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2026

2026-01-012026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2022-02-110001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/2028

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 09/10/2030

2025-12-310001782524

Investments—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 1/30/2031 Two

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/2027

2025-01-012025-12-310001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

Investments—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 10.35% Maturity Date 04/16/2029 One

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 01/14/2031

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001782524

2025-12-310001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-03-310001782524

2025-12-310001782524

Alpine Acquisition Corp. II

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/2032

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/2026

2026-01-012026-03-310001782524msdl:Company10b51PlanMember2025-01-012025-01-310001782524msdl:A2025NotesMember2024-12-310001782524

2026-03-310001782524

2026-03-310001782524msdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524

2025-12-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/2026

2026-01-012026-03-310001782524msdl:IndustrialConglomeratesSectorMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/2021

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/2031

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/2022

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/2028

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/2027

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2027

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/2030

2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/2029

2026-03-310001782524

Capstone Lending LLC

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 04/08/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt TA Polaris Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 12/12/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/2028

2026-03-310001782524msdl:InterestRateFloorOneMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2027

2025-01-012025-12-310001782524

2025-12-310001782524

KWOR Acquisition, Inc.

2025-01-012025-12-310001782524msdl:FoodProductsSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/02/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/2028

2025-12-310001782524

2026-03-310001782524us-gaap:AerospaceSectorMember2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 12/01/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/2029

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/2028

2026-01-012026-03-310001782524

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/2031

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2026-01-012026-03-310001782524msdl:CapstoneLendingLLCMember2026-01-022026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/2023

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/2021

2025-12-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Member2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/2031

2026-03-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/2026

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/2028

2026-01-012026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/02/2027

2026-03-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest rate 9.18% Maturity Date 05/22/2030 One

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/2032

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/2027

2025-01-012025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 08/01/2029

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2027

2025-12-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/2031

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/2021

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-140001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/2024

2025-12-310001782524msdl:Company10b51PlanMember2025-03-012025-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2025-12-310001782524msdl:TruistCreditFacilityMember2022-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/2031

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-192025-05-190001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/2028

2026-03-310001782524us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2025-01-012025-12-310001782524country:CA2025-12-310001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-12-310001782524

2025-12-310001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMembermsdl:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Revolver Commitment Expiration Date 01/13/2033

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/2030

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt US Infra Svcs Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/13/2028

2026-01-012026-03-310001782524

Investments-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 09/04/2031

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/2025

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/2032

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/2031

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2029

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2026-03-310001782524

Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/2030

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2027

2026-01-012026-03-310001782524

2026-03-310001782524msdl:OneMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-12-310001782524msdl:SecondLienDebtMember2026-03-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2031

2025-01-012025-12-310001782524

Investments—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 12/23/2032

2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2025-12-310001782524msdl:Company10b51PlanMember2026-01-012026-03-310001782524msdl:AutomobilesSectorMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2029

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/2027

2025-12-310001782524msdl:A2029NotesMember2024-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pamlico Avant Holdings, LP Commitment Type Revolver Commitment Expiration Date 12/31/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/2028

2025-01-012025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassDMember2026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/2027

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/2027

2026-03-310001782524msdl:UnfundedDebtSecuritiesMember2026-03-310001782524

Investments-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 One

2025-12-3100017825242026-01-012026-03-310001782524msdl:FirstLienDebtMember2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/2028

2025-12-310001782524

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001782524msdl:R2026Q2DividendsMember2026-05-050001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/2027

2025-12-310001782524msdl:A2029NotesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/2026

2026-03-310001782524msdl:SecondLienDebtMember2025-12-310001782524

2026-03-310001782524msdl:SoftwareSectorMember2026-03-310001782524

Investments-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 07/26/2030

2025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/2028

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/2024

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/2027

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/2030

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/2030

2026-01-012026-03-310001782524us-gaap:FinancialServicesSectorMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/2028

2025-01-012025-12-310001782524us-gaap:EquitySecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Revolver Commitment Expiration Date 11/22/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Astra Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/26/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/2022

2026-03-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-01-012025-03-310001782524

Investments-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 07/20/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/2029

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.95% Maturity Date 05/28/2032 Two

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/2025

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/2031

2025-12-310001782524

2026-03-310001782524msdl:InterestRateFloorThreeMember2025-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/2032

2025-12-310001782524

Investments-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 12/11/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/2026

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2027

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/2021

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateAnnualizedCatchUpThresholdMember2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/2022

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/2031

2025-12-310001782524msdl:MachinerySectorMember2026-03-310001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/2026

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2026

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 1/10/2029

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/2032

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/2027

2026-01-012026-03-310001782524

Investments-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 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/2030

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-04-012024-06-300001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/2025

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 11/12/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/2029

2025-12-310001782524msdl:Company10b51PlanMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2026-03-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/13/2033

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 03/12/2024

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/2029

2026-01-012026-03-310001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/2032

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/8/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/2026

2025-12-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/2028

2025-12-310001782524

Investments-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 Two

2025-12-310001782524

2025-12-310001782524msdl:InteractiveMediaAndServicesSectorMember2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/2029

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2027

2025-12-310001782524msdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/2029

2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2025-01-012025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2025-01-012025-12-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/2022

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/2031

2025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/2031

2026-01-012026-03-310001782524us-gaap:SeniorLienMembermsdl:ProfessionalServicesSectorMember2026-03-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-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 04/03/2028 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/18/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/2026

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2031

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-01-012026-03-310001782524msdl:ConstructionAndEngineeringSectorMember2025-12-310001782524msdl:FirstLienDebtMember2026-03-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2026-01-012026-03-310001782524msdl:Company10b51PlanMember2026-01-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2031

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2025-01-012025-12-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments-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 07/25/2029 One

2025-12-310001782524srt:MaximumMember2026-02-192026-02-190001782524

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-03-310001782524msdl:AtTheMarketATMOfferingMember2025-01-012025-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/2031

2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/2028

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 9/12/2028

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 08/02/2030

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 11/17/2031

2026-03-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/2030

2026-03-310001782524

Investments-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 04/05/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/2026

2025-01-012025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 01/25/2030

2026-03-310001782524

Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/2025

2025-01-012025-12-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/2033

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/2027

2026-03-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/2030

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2026

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/2028

2025-12-310001782524

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/2026

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/2021

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/2028

2026-03-310001782524

Investments-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 9/9/2027

2025-12-310001782524

2026-03-310001782524us-gaap:EquitySecuritiesMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 9.02% Maturity Date 07/20/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/2031

2025-01-012025-12-310001782524us-gaap:SeniorLienMembermsdl:GroundTransportationSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2027

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/01/2032

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-01-012025-12-310001782524msdl:UtilitiesSectorMember2026-03-310001782524

2026-03-310001782524

2025-12-310001782524us-gaap:EquitySecuritiesMembermsdl:AutoComponentsSectorMember2025-12-310001782524

Investments-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 8.20% Maturity Date 05/12/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/2027

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/2028

2026-03-310001782524

2025-12-310001782524us-gaap:ChemicalsSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/2028

2025-12-310001782524

2026-03-310001782524

2026-03-310001782524msdl:A2027NotesMember2022-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/2021

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/2029

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524msdl:SONIAMember2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/2031

2026-03-310001782524

Investments-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 02/28/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/2026

2026-01-012026-03-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:SeniorLienMember2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/2025

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-012025-03-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/2024

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/2027

2026-01-012026-03-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:FirstLienDebtMember2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/2024

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2025-01-012025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2026-03-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 03/05/2021

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/2024

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/2026

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/2028

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/2030

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/2026

2025-01-012025-12-310001782524msdl:ConsumerStaplesDistributionAndRetailMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/2031

2026-01-012026-03-310001782524

Investments-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 8.20% Maturity Date 11/17/2031 One

2026-03-310001782524

2026-03-310001782524msdl:InvestmentsInJointVenturesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 01/14/2031

2026-03-310001782524

Alpine Acquisition Corp. II

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/2028

2026-03-310001782524msdl:HealthCareProvidersServicesSectorMember2026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Revolver Commitment Expiration Date 09/30/2032

2026-03-310001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/2030

2026-01-012026-03-310001782524msdl:DistributorsSectorMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/2031

2025-01-012025-12-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/2031

2025-12-310001782524

2025-01-012025-12-310001782524

Investments—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 8.92% Maturity Date 09/04/2031

2026-03-310001782524

2025-12-310001782524

Capstone Lending LLC

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt eShipping, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/2030

2025-12-310001782524msdl:A2027NotesMember2025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2029NotesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/10/2027

2026-03-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/14/2028

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMember2026-03-310001782524msdl:OtherDebtInvestmentsMember2026-01-012026-03-310001782524

2026-03-310001782524

Investments-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 Two

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524msdl:MSCreditPartnersHoldingsMember2019-12-310001782524msdl:AtTheMarketATMOfferingMember2025-03-280001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/23/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2032

2025-01-012025-12-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/2031

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/2032

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2025-01-012025-12-310001782524

2026-03-310001782524

2025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/2030

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/2021

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/2028

2025-12-310001782524

KWOR Acquisition, Inc.

2026-01-012026-03-310001782524

Investments-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 06/21/2029

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/2029

2025-12-310001782524

Investments—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 8.42% Maturity Date 08/01/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2030

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/2021

2026-01-012026-03-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 11/17/2031

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/03/2028

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2026-01-012026-03-310001782524

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2026-03-310001782524

Investments-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 09/08/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2025-12-310001782524msdl:InvestmentsInJointVenturesMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2031

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2026-03-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.42% Maturity Date 07/22/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/2032

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/2025

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/17/2028

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/2027

2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/2027

2025-12-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt ManTech International CP Commitment Type Revolver Commitment Expiration Date 09/14/2028

2026-03-310001782524

2025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/2026

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2032

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-12-310001782524

Investments-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 05/11/2029

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2025-01-012025-12-310001782524us-gaap:FinancialServicesSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/2029

2025-01-012025-12-310001782524

2025-12-310001782524msdl:VariableRateComponentOneMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/2027

2026-01-012026-03-310001782524country:GB2025-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2026-01-012026-03-310001782524

2025-01-012025-12-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-12-310001782524msdl:A2029NotesMember2024-05-272024-05-270001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2029

2026-01-012026-03-310001782524

Investments—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 8.67% Maturity Date 6/28/2029

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2026

2026-03-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/2031

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/2027

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-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 11.44% Maturity Date 12/11/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 01/17/2025

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/2029

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/2027

2025-12-310001782524

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/2027

2026-01-012026-03-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 09/10/2030 One

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-05-170001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/2032

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/2032

2026-01-012026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/2028

2026-01-012026-03-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2026-01-012026-03-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-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 10/28/2028

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-01-012026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest rate 10.17% Maturity Date 02/01/2027

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/2028

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.45% Maturity Date 01/30/2032

2026-03-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524us-gaap:SeniorLienMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2026-03-310001782524

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.95% Maturity Date 05/28/2032 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/2029

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/2029

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/7/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2026-01-012026-03-310001782524us-gaap:EquitySecuritiesMember2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2026

2025-12-310001782524

Investments—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 05/11/2029

2026-03-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001782524

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 12/23/2032 One

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/2026

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/2029

2025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/2022

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/2031

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2026-01-012026-03-310001782524

2025-12-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/2024

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/2031

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. Commitment Type Revolver Commitment Expiration Date 10/30/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/2027

2025-12-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-03-310001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2026-01-012026-03-310001782524

2026-03-310001782524

2026-03-310001782524us-gaap:FoodAndBeverageSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/2026

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/6/2027

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/2027

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/2026

2025-12-310001782524

2025-12-310001782524msdl:ElectricalEquipmentSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/2028

2026-01-012026-03-310001782524

2026-03-310001782524msdl:FirstLienDebtMember2025-12-310001782524

2026-03-310001782524us-gaap:ChemicalsSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt WIPFLI Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/01/2028

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Preferred Equity Reference Rate and Spread 14.00% PIK Acquisition Date 09/05/2025

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:EquityInvestmentMember2026-03-310001782524

Investments-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

2026-03-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/2030

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

2026-03-310001782524

Investments—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 four

2026-03-310001782524

Investments controlled/affiliated Equity Investments Investments in Joint Ventures Capstone Lending, LLC Investment Common Equity Acquisition Date 02/19/2026

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/2033

2026-03-310001782524

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Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2031

2025-01-012025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/2026

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/2031

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2026-01-012026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/2030

2025-01-012025-12-310001782524us-gaap:SeniorLienMemberus-gaap:InsuranceSectorMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:ValuationYieldAnalysisMembermsdl:InvestmentsInUnsecuredDebtMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/2021

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/2029

2026-03-310001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/2026

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-03-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2032

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/2029

2026-03-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/2026

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/2026

2025-12-310001782524country:AU2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/2030

2026-01-012026-03-310001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/2030

2025-01-012025-12-310001782524

Investments-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 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/2032

2026-01-012026-03-310001782524msdl:TruistCreditFacilityMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/02/2029

2025-01-012025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/2032

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/2030

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/24/2028

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest rate 7.95% Maturity Date 05/28/2032

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/2031

2026-01-012026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/2021

2025-01-012025-12-310001782524

2026-03-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2026-03-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/2031

2026-03-310001782524

2026-03-310001782524msdl:InvestmentsInJointVenturesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/2033

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/2031

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/2025

2026-01-012026-03-310001782524msdl:R2026Q2DividendsMember2026-05-052026-05-050001782524

2026-03-310001782524

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2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/2031

2025-01-012025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/2021

2026-03-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/2021

2026-01-012026-03-310001782524

2025-12-310001782524

2025-12-310001782524msdl:SecondLienDebtMember2025-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty TopCo, LLC Investment Common Equity Acquisition Date 01/14/2026

2026-01-012026-03-310001782524

2025-12-310001782524

2026-03-310001782524msdl:HealthCareTechnologyMember2025-12-310001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/2028

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2029

2026-03-310001782524

2026-03-310001782524msdl:BuildingProductsSectorMember2025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/2028

2026-03-310001782524

2026-03-310001782524us-gaap:PrimeRateMember2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-03-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2030

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028

2025-12-310001782524

2026-03-310001782524

2026-03-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/2031

2025-12-310001782524country:US2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/2032

2025-12-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.45% Maturity Date 2/16/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/2031

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/2027

2025-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

2026-03-310001782524

2025-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-03-310001782524

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Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2026-01-012026-03-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-01-012025-03-310001782524

2026-03-310001782524

2026-03-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense AASC Holdings, LP Investment Common Equity Acquisition Date 11/14/2025

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/2026

2026-01-012026-03-310001782524

2026-03-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisiton, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/2028

2026-03-310001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2026-03-310001782524

2025-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524msdl:PharmaceuticalsSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/2031

2026-03-310001782524

2025-12-310001782524

Investments-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

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/2027

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest rate 8.20% Maturity Date 07/14/2031 One

2026-03-310001782524

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2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/2026

2025-01-012025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/2031

2026-03-310001782524msdl:ConstructionAndEngineeringSectorMember2026-03-310001782524msdl:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/2029

2026-03-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2026-01-012026-03-310001782524

Investments-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 03/02/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/30/2026

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/2027

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/2028

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments-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 02/23/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/2027

2026-01-012026-03-310001782524

Investments-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 12/11/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/2031

2026-01-012026-03-310001782524msdl:SoftwareSectorMember2025-12-310001782524

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2026

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/2032

2025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2026-03-310001782524msdl:AutomobileComponentsSectorMember2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/2031

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2032

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/2027

2026-01-012026-03-310001782524

Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2028

2026-01-012026-03-310001782524

2025-12-310001782524

2026-03-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/2029

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/2027

2026-03-310001782524

2025-12-310001782524

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:UtilitiesSectorMember2025-12-310001782524

2026-03-310001782524

Investments-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

2025-12-310001782524

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/2021

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/2028

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/2027

2026-03-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2022-09-130001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

2025-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/2027

2026-01-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/18/2025

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 2/2/2032

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/2026

2026-03-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

2026-03-310001782524us-gaap:BankingMemberus-gaap:SeniorLienMember2026-03-310001782524us-gaap:SeniorLienMembermsdl:AutoComponentsSectorMember2026-03-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/2021

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/2026

2026-03-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2028

2026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/2027

2026-01-012026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/2026

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt OEConnection, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/26/2028

2026-01-012026-03-310001782524

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/06/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2031

2026-01-012026-03-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2027

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/2027

2026-01-012026-03-310001782524us-gaap:FairValueInputsLevel2Membermsdl:FirstLienDebtMember2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

2026-03-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/2028

2026-03-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vanco Payment Solutions, LLC Commitment Type Revolver Commitment Expiration Date 12/01/2031

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-05-190001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/10/2027

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 01/14/2026

2026-01-012026-03-310001782524

2025-12-310001782524

2025-12-310001782524msdl:A2030NotesMember2026-03-310001782524us-gaap:FairValueInputsLevel2Member2025-12-310001782524

2026-03-310001782524us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001782524

2025-12-310001782524

2025-12-310001782524us-gaap:EquitySecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2026-03-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2025-12-310001782524us-gaap:CashMember2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/2027

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/2027

2026-01-012026-03-310001782524

Investments—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 06/21/2029

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2027

2025-12-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest rate 8.70% Maturity Date 09/10/2030

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/2026

2026-03-310001782524

2026-03-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2026-01-012026-03-310001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

2026-03-310001782524

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-01-012025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeIncentiveFeeCapMember2024-07-012024-09-300001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/2031

2025-12-310001782524

2026-03-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/2032

2026-03-310001782524

Investments-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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/2028

2025-12-310001782524

2026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/2021

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/2030

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2028

2026-01-012026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aprio Advisory Group, LLC Commitment Type Revolver Commitment Expiration Date 1/8/2031

2025-12-310001782524

Investments-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 12/28/2029

2025-12-310001782524

Investments-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 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/2028

2026-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/2029

2025-12-310001782524

2026-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-03-310001782524

2026-03-310001782524

Investments—non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest rate 7.85% Maturity Date 07/28/2031

2026-03-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001782524

Investments-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 12/03/2032 One

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/2029

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2032

2026-01-012026-03-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/2031

2026-01-012026-03-310001782524us-gaap:RelatedPartyMember2024-01-262024-01-260001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/2028

2025-12-310001782524

2026-03-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/2031

2025-12-310001782524

2025-12-310001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-3100017825242026-03-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524msdl:FirstLienDebtMember2026-03-310001782524

2026-03-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/2026

2025-12-310001782524msdl:ConsumerStaplesDistributionAndRetailMember2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524

2026-03-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001782524

2025-12-310001782524

2025-01-012025-12-310001782524

Investments-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

2025-12-31msdl:PositionSizeiso4217:EURxbrli:purexbrli:sharesmsdl:Investmentiso4217:CADmsdl:PortfolioCompanyiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDmsdl:Industries

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

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

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

☐ 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 May 6, 2026 was 84,764,712.

Table of Contents

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED March 31, 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	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	99
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	109
Item 4.	Controls and Procedures	110
Part II. Other Information
Item 1.	Legal Proceedings	110
Item 1A.	Risk Factors	110
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
SIGNATURES

Table of Contents

Part I. Financial Statements

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
	March 31, 2026			December 31, 2025
	(Unaudited)			(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,662,649 and $3,833,800)	$	3,565,757		$	3,766,757
Non-controlled/affiliated investments, at fair value (amortized cost of $11,242 and $5,239)		10,121			4,789
Controlled/affiliated investments, at fair value (amortized cost of $94,532 and $0)		93,072			—
Total investments, at fair value (cost of $3,768,423 and $3,839,039)		3,668,950			3,771,546
Cash and cash equivalents (restricted cash of $3,820 and $3,820)		80,657			81,434
Investments in unaffiliated money market fund (cost of $19,856 and $12,976)		19,856			12,976
Deferred financing costs		15,917			16,874
Interest and dividend receivable from non-controlled/non-affiliated investments		28,410			26,332
Interest receivable from non-controlled/affiliated investments		142			89
Interest receivable from controlled/affiliated investments		1,165			—
Receivable for investments sold/repaid		4,543			455
Other assets		5,163			10,390
Total assets		3,824,803			3,920,096

Liabilities
Debt (net of unamortized debt issuance costs of $10,110 and $10,545)		2,053,053			2,086,672
Payable for investment purchased		7			—
Payable to affiliates (Note 3)		83			91
Distributions payable		38,485			43,222
Management fees payable		9,430			9,596
Income based incentive fees payable		5,800			7,281
Interest payable		24,847			20,945
Accrued expenses and other liabilities		2,631			4,200
Total liabilities		2,134,336			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; 85,335,813 and 86,276,305 shares issued and outstanding)		85			86
Paid-in capital in excess of par value		1,752,913			1,767,623
Distributable earnings (loss)		(62,531	)		(19,620	)
Total net assets	$	1,690,467		$	1,748,089
Total liabilities and net assets	$	3,824,803		$	3,920,096
Net asset value per share	$	19.81		$	20.26

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

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
	March 31, 2026			March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	81,640		$	94,941
Payment-in-kind income		4,051			4,188
Dividend income		932			594
Other income		1,123			1,695
From non-controlled/affiliated investments:
Interest income		100			26
Payment-in-kind income		53			14
From controlled/affiliated investments:
Dividend income		1,165			—
Total investment income		89,064			101,458
Expenses:
Interest and other financing expenses		30,665			34,179
Management fees		9,430			9,618
Income based incentive fees		5,800			9,843
Professional fees		1,474			1,608
Directors’ fees		129			129
Administrative service fees		61			60
General and other expenses		161			182
Total expenses		47,720			55,619
Management fees waiver (Note 3)		—			(641	)
Incentive fees waiver (Note 3)		—			(375	)
Net expenses		47,720			54,603
Net investment income (loss) before taxes		41,344			46,855
Excise tax expense		834			627
Net investment income (loss) after taxes		40,510			46,228
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments		(13,173	)		562
Foreign currency and other transactions		2			(13	)
Net realized gain (loss)		(13,171	)		549
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments		(29,707	)		(17,148	)
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments		(672	)		42
Net change in unrealized appreciation (depreciation) on controlled/affiliated investments		(1,459	)		—
Translation of assets and liabilities in foreign currencies		(11	)		(1	)
Net unrealized appreciation (depreciation)		(31,849	)		(17,107	)
Net realized and unrealized gain (loss)		(45,020	)		(16,558	)
Net increase (decrease) in net assets resulting from operations	$	(4,510	)	$	29,670
Earnings per share (basic and diluted)	$	(0.05	)	$	0.34
Weighted average shares outstanding (basic and diluted)		85,775,149			88,413,652

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

Table of Contents

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
	March 31, 2026			March 31, 2025
Net assets at the beginning of period	$	1,748,089		$	1,842,156
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		40,510			46,228
Net realized gain (loss)		(13,171	)		549
Net change in unrealized appreciation (depreciation)		(31,849	)		(17,107	)
Net increase in net assets resulting from operations		(4,510	)		29,670

Distributions to stockholders from:
Distributable earnings		(38,401	)		(44,010	)
Total distributions to stockholders		(38,401	)		(44,010	)

Capital transactions:
Repurchase of common stock		(14,711	)		(10,009	)
Net increase (decrease) in net assets resulting from capital transactions		(14,711	)		(10,009	)
Total increase (decrease) in net assets		(57,622	)		(24,349	)
Net assets at end of period	$	1,690,467		$	1,817,807
Distributions per share	$	0.45		$	0.50

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

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	For the Three Months Ended
	March 31, 2026			March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(4,510	)	$	29,670
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		31,838			17,106
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies		11			1
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes		(109	)		(24	)
Net realized (gain) loss on investments		13,173			(562	)
Net realized (gain) loss on foreign currency and other transactions		(2	)		13
Investments in unaffiliated money market fund, net		(6,880	)		—
Net accretion of discount and amortization of premium on investments		(3,517	)		(4,297	)
Payment-in-kind interest and dividend capitalized		(4,884	)		(4,936	)
Amortization of deferred financing costs		1,016			960
Amortization of debt issuance costs and original issuance discount on unsecured notes		1,070			1,138
Purchases of investments and change in payable for investments purchased		(173,960	)		(203,744	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid		235,719			201,944
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments		(2,078	)		3,579
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments		(53	)		41
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments		(1,165	)		—
(Increase) decrease in other assets		5,227			(2,651	)
(Decrease) increase in payable to affiliates		(8	)		(18	)
(Decrease) increase in management fees payable		(166	)		1,935
(Decrease) increase in income based incentive fees payable		(1,481	)		512
(Decrease) increase in interest payable		3,902			(4,839	)
(Decrease) increase in accrued expenses and other liabilities		(6,796	)		(1,724	)
Net cash provided by (used in) operating activities		86,347			34,104
Cash flows from financing activities:
Borrowings on debt		196,000			193,000
Repayments on debt		(225,000	)		(163,000	)
Deferred financing costs paid		(59	)		(4,309	)
Debt issuance costs paid		(206	)		—
Distributions paid in cash		(43,138	)		(53,137	)
Repurchases of common stock		(14,711	)		(9,616	)
Net cash provided by (used in) financing activities		(87,114	)		(37,062	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(767	)		(2,958	)
Effect of foreign exchange rate changes on cash		(10	)		(14	)
Cash, cash equivalents and restricted cash, beginning of period		81,434			72,372
Cash, cash equivalents and restricted cash, end of period	$	80,657		$	69,400

Table of Contents

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	$	25,060		$	36,946
Distributions payable	$	38,485		$	44,103
Non-cash purchases of investments	$	(8,127	)	$	(5,010	)
Non-cash sales of investments	$	8,127		$	5,010

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

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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) (7) (8) (10)	First Lien Debt	S +	4.75%	8.40%	11/29/2030		10,569	$	10,469		$	10,463			0.62	%
AA&D Midco, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.40%	11/29/2030		1,664		1,648			1,648			0.10
AA&D Midco, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.40%	11/29/2030		581		566			565			0.03
Jonathan Acquisition Company	(6) (9)	First Lien Debt	S +	4.50%	8.20%	11/12/2029		2,666		2,630			2,619			0.15
Jonathan Acquisition Company	(6) (9) (17)	First Lien Debt	P +	3.50%	10.25%	05/11/2029		33		28			27			0.00
ManTech International CP	(6) (8) (10)	First Lien Debt	S +	4.50%	8.17%	09/14/2029		4,122		4,119			4,122			0.24
ManTech International CP	(6) (10)	First Lien Debt	S +	4.50%	8.17%	09/14/2029		59		58			59			0.00
ManTech International CP	(6) (10) (17)	First Lien Debt	P +	3.50%	10.25%	09/14/2028		—		—			—			0.00
Two Six Labs, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	8.95%	08/20/2027		36,658		36,412			36,585			2.16
Two Six Labs, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.95%	08/20/2027		6,372		6,326			6,359			0.38
Two Six Labs, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.95%	08/20/2027		—		(10	)		(4	)		0.00
Zenith Acquisitionco, LLC	(6) (7) (11)	First Lien Debt	S +	4.50%	8.18%	01/13/2033		1,379		1,373			1,373			0.08
Zenith Acquisitionco, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	01/13/2033		32		30			30			0.00
Zenith Acquisitionco, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	01/13/2033		—		(1	)		(1	)		0.00
										63,648			63,845			3.78
Air Freight & Logistics
RoadOne IntermodaLogistics	(6) (9)	First Lien Debt	S +	6.75%	10.45%	12/29/2028		1,618		1,592			1,537			0.09
RoadOne IntermodaLogistics	(6) (9)	First Lien Debt	S +	6.75%	10.45%	12/29/2028		148		146			141			0.01
RoadOne IntermodaLogistics	(6) (9) (17)	First Lien Debt	S +	6.75%	10.45%	12/29/2028		295		290			278			0.02
										2,028			1,956			0.12
Automobile Components
Continental Acquisition Holdings, Inc.	(6) (9) (12)	First Lien Debt	S +	7.00% PIK	10.85%	07/20/2028		6,473		6,415			2,806			0.17
OEConnection, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.18%	12/23/2032		1,493		1,486			1,459			0.09
OEConnection, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/23/2032		—		(2	)		(20	)		0.00
OEConnection, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/23/2032		—		(1	)		(5	)		0.00
PAI Holdco, Inc.	(6) (9)	Second Lien Debt	S +	7.50% (incl. 2.00% PIK)	11.32%	10/30/2028		27,847		27,596			23,222			1.37
Randy's Holdings, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	5.00%	8.67%	11/01/2029		7,208		7,084			7,117			0.42
Randy's Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	11/01/2029		2,149		2,092			2,087			0.12
Randy's Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	11/01/2029		45		31			34			0.00
Sonny's Enterprises, LLC	(6) (7) (9)	First Lien Debt	S +	5.50%	9.31%	08/05/2028		44,960		44,654			43,725			2.59
Sonny's Enterprises, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.31%	08/05/2028		112		110			108			0.01
Spectrum Automotive Holdings Corp.	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	8.92%	06/29/2028		22,870		22,737			22,870			1.35

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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) (10) (17)	First Lien Debt	S +	5.25%	8.92%	06/29/2028		15,816		15,686			15,816			0.94
Spectrum Automotive Holdings Corp.	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	06/29/2027		—		(3	)		—			0.00
										127,885			119,219			7.05
Automobiles
COP Collisionright Parent, LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.42%	01/29/2030		8,971		8,860			8,903			0.53
COP Collisionright Parent, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.42%	01/29/2030		5,953		5,839			5,837			0.35
COP Collisionright Parent, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.42%	01/29/2030		202		186			191			0.01
Drivecentric Holdings, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.19%	08/15/2031		26,596		26,378			26,596			1.57
Drivecentric Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.19%	08/15/2031		—		(1	)		—			0.00
Drivecentric Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.19%	08/15/2031		—		(27	)		—			0.00
LeadVenture, Inc.	(6) (7) (10)	First Lien Debt	S +	5.00%	8.70%	06/23/2032		8,787		8,666			8,618			0.51
LeadVenture, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	06/23/2032		685		669			653			0.04
LeadVenture, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	06/23/2032		38		27			22			0.00
Vehlo Purchaser, LLC	(6) (8) (10)	First Lien Debt	S +	5.50%	9.17%	05/24/2028		4,065		4,041			3,994			0.24
Vehlo Purchaser, LLC	(6) (10)	First Lien Debt	S +	5.50%	9.17%	05/24/2028		15,474		15,352			15,203			0.90
Vehlo Purchaser, LLC	(6) (10) (17)	First Lien Debt	S +	5.50%	9.17%	05/24/2028		—		(3	)		(9	)		0.00
										69,987			70,008			4.14
Banks
Computer Services, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.20%	11/17/2031		2,251		2,240			2,222			0.13
Computer Services, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.20%	11/17/2031		—		(2	)		(13	)		0.00
										2,238			2,209			0.13
Beverages
Vamos Bidco, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.45%	01/30/2032		5,359		5,312			5,225			0.31
Vamos Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/30/2032		—		(9	)		(56	)		0.00
Vamos Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/30/2032		—		(6	)		(17	)		0.00
										5,297			5,152			0.30
Building Products
Project Potter Buyer, LLC	(6) (8) (9)	First Lien Debt	S +	5.25%	8.95%	04/23/2027		14,924		14,920			14,907			0.88
Project Potter Buyer, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	04/23/2027		—		—			(1	)		0.00
										14,920			14,906			0.88
Chemicals
Tank Holding Corp.	(7) (8) (10)	First Lien Debt	S +	5.75%	9.55%	03/31/2028		15,355		15,222			13,660			0.81
Tank Holding Corp.	(10)	First Lien Debt	S +	5.75%	9.55%	03/31/2028		481		473			429			0.03
Tank Holding Corp.	(10) (17)	First Lien Debt	S +	5.75%	9.55%	03/31/2028		—		(5	)		(88	)		(0.01	)
V Global Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.25% (incl. 3.70% PIK)	10.05%	01/02/2029		4,799		4,762			4,348			0.26
V Global Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	6.25% (incl. 3.70% PIK)	9.53%	01/02/2029		246		243			183			0.01

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
										20,695			18,532			1.10
Commercial Services & Supplies
365 Retail Markets, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.16%	12/26/2028		16,710		16,599			16,710			0.99
365 Retail Markets, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.16%	12/26/2028		5,363		5,336			5,363			0.32
Astra Service Partners, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	11/26/2032		4,500		4,467			4,500			0.27
Astra Service Partners, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	11/26/2032		296		290			296			0.02
Atlas US Finco, Inc.	(6) (9) (13)	First Lien Debt	S +	4.75%	8.42%	12/10/2029		13,080		12,932			12,949			0.77
Atlas US Finco, Inc.	(6) (9) (13) (17)	First Lien Debt	S +	4.75%	8.42%	12/11/2028		—		(4	)		(6	)		0.00
AWP Group Holdings, Inc.	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	12/23/2030		7,330		7,151			7,330			0.43
AWP Group Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	12/23/2030		1,530		1,511			1,530			0.09
AWP Group Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	12/23/2030		513		503			513			0.03
BPG Holdings IV Corp.	(6) (10)	First Lien Debt	S +	7.00% (incl. 5.00% PIK)	10.70%	07/30/2029		11,826		11,384			9,693			0.57
Consor Intermediate II, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.20%	05/12/2031		6,817		6,771			6,817			0.40
Consor Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	05/12/2031		—		(18	)		—			0.00
Consor Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	05/12/2031		305		296			305			0.02
CRCI Longhorn Holdings, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.42%	08/27/2031		9,759		9,679			9,721			0.58
CRCI Longhorn Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/27/2031		—		(10	)		(10	)		0.00
CRCI Longhorn Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/27/2031		—		(13	)		(6	)		0.00
Energy Labs Holdings Corp.	(6) (9)	First Lien Debt	S +	5.00%	8.77%	04/07/2028		461		458			452			0.03
Energy Labs Holdings Corp.	(6) (9)	First Lien Debt	S +	5.00%	8.77%	04/07/2028		469		463			457			0.03
Energy Labs Holdings Corp.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.77%	04/07/2028		104		102			100			0.01
Firebird Acquisition Corp, Inc.	(6) (10)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67%	02/02/2032		5,783		5,759			5,783			0.34
Firebird Acquisition Corp, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67%	02/02/2032		1,853		1,842			1,853			0.11
Firebird Acquisition Corp, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67%	02/02/2032		—		(4	)		—			0.00
FLS Holding, Inc.	(6) (9) (13)	First Lien Debt	S +	5.25%	9.10%	12/15/2028		18,641		18,468			15,916			0.94
FLS Holding, Inc.	(6) (9) (13)	First Lien Debt	S +	5.25%	9.10%	12/15/2028		4,371		4,329			3,732			0.22
FLS Holding, Inc.	(6) (9) (13) (17)	First Lien Debt	S +	5.25%	9.10%	12/17/2027		1,780		1,769			1,516			0.09
Hercules Borrower, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	12/15/2028		4,947		4,921			4,897			0.29
Hercules Borrower, LLC	(6) (10)	First Lien Debt	C +	4.75%	7.06%	12/15/2028	C$ 2,985			2,086			2,118			0.13
HSI Halo Acquisition, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	06/30/2031		13,417		13,309			13,363			0.79
HSI Halo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	06/30/2031		1,612		1,592			1,599			0.09
HSI Halo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	06/28/2030		—		(15	)		(9	)		0.00
Iris Buyer, LLC	(6) (8) (9) (13)	First Lien Debt	S +	5.25%	8.92%	10/02/2030		7,028		6,891			6,976			0.41
Iris Buyer, LLC	(6) (9) (13)	First Lien Debt	S +	5.25%	8.92%	10/02/2030		646		633			641			0.04

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Iris Buyer, LLC	(6) (9) (13) (17)	First Lien Debt	S +	5.25%	8.92%	10/02/2029		—		(16	)		(8	)		0.00
Procure Acquireco, Inc. (Procure Analytics)	(6) (10)	First Lien Debt	S +	4.75%	8.45%	12/20/2028		3,800		3,764			3,800			0.22
Procure Acquireco, Inc. (Procure Analytics)	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	12/20/2028		308		303			308			0.02
Procure Acquireco, Inc. (Procure Analytics)	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	12/20/2028		—		(2	)		—			0.00
Railpros Parent, LLC	(6) (10)	First Lien Debt	S +	4.25%	7.92%	05/24/2032		11,233		11,131			11,149			0.66
Railpros Parent, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.92%	05/24/2032		1,042		1,022			1,016			0.06
Railpros Parent, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.92%	05/24/2032		—		(15	)		(13	)		0.00
Routeware, Inc.	(6) (9)	First Lien Debt	S +	5.25%	8.94%	09/18/2031		3,182		3,155			3,142			0.19
Routeware, Inc.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.94%	09/18/2031		347		339			328			0.02
Routeware, Inc.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.94%	09/18/2031		68		65			64			0.00
Sherlock Buyer Corp.	(6) (8) (9)	First Lien Debt	S +	5.75%	9.45%	12/06/2030		10,699		10,593			10,124			0.60
Sherlock Buyer Corp.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.45%	12/07/2029		—		(8	)		(69	)		0.00
Surewerx Purchaser III, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	5.25%	8.94%	12/28/2029		5,845		5,740			5,844			0.35
Surewerx Purchaser III, Inc.	(6) (10) (13)	First Lien Debt	C +	5.25%	7.51%	12/28/2029	C$ 252			184			181			0.01
Surewerx Purchaser III, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.25%	8.94%	12/28/2029		—		(11	)		—			0.00
Surewerx Purchaser III, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.25%	8.94%	12/28/2028		290		277			290			0.02
Sweep Midco, LLC	(6) (16)	Second Lien Debt				03/12/2034		1,674		836			1,071			0.06
Sweep Midco, LLC	(6) (16)	Second Lien Debt				03/12/2036		4,872		—			1			0.00
Sweep Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.75% PIK	9.53%	06/30/2027		6,847		6,847			6,847			0.41
Sweep Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.75%	9.53%	06/30/2027		3,124		3,124			3,124			0.18
Sweep Purchaser, LLC	(6) (9) (17)	First Lien Debt	S +	5.75%	9.53%	06/30/2027		281		281			281			0.02
Tamarack Intermediate, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	03/12/2029		9,953		9,882			9,903			0.59
Tamarack Intermediate, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.67%	03/12/2029		1,600		1,573			1,579			0.09
Tamarack Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	03/12/2029		—		(10	)		(9	)		0.00
Transit Technologies, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.59%	08/20/2031		10,405		10,317			10,247			0.61
Transit Technologies, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.59%	08/20/2031		994		976			943			0.06
Transit Technologies, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.59%	08/20/2030		—		(12	)		(26	)		0.00
US Infra Svcs Buyer, LLC	(6) (7) (9)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	10.64%	06/13/2028		14,053		14,006			9,833			0.58
US Infra Svcs Buyer, LLC	(6) (7) (9)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	10.64%	06/13/2028		1,983		1,982			1,388			0.08

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
US Infra Svcs Buyer, LLC	(6) (9) (17)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	10.64%	06/13/2028		2,100		2,100			1,424			0.08
Vensure Employer Services, Inc.	(6) (11)	First Lien Debt	S +	5.00%	8.70%	09/29/2031		10,113		10,030			10,010			0.59
Vensure Employer Services, Inc.	(6) (11) (17)	First Lien Debt	S +	5.00%	8.70%	09/29/2031		—		(3	)		(3	)		0.00
VRC Companies, LLC	(6) (9)	First Lien Debt	S +	5.50%	8.98%	06/29/2027		71,325		71,047			71,325			4.22
VRC Companies, LLC	(6) (9)	First Lien Debt	S +	5.50%	8.98%	06/29/2027		490		487			490			0.03
VRC Companies, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	8.98%	06/29/2027		—		(5	)		—			0.00
										309,456			299,683			17.73
Construction & Engineering
Arcoro Holdings Corp.	(6) (8) (9)	First Lien Debt	S +	5.50%	9.20%	03/28/2030		12,815		12,629			12,529			0.74
Arcoro Holdings Corp.	(6) (9) (17)	First Lien Debt	S +	5.50%	9.20%	03/28/2030		—		(26	)		(44	)		0.00
KPSKY Acquisition, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.27%	10/19/2028		33,085		32,794			30,167			1.78
KPSKY Acquisition, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.27%	10/19/2028		7,577		7,506			6,909			0.41
LJ Avalon Holdings, LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.50%	8.15%	02/01/2030		6,201		6,124			6,201			0.37
LJ Avalon Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	4.50%	8.15%	02/01/2030		6,605		6,534			6,597			0.39
LJ Avalon Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	4.50%	8.15%	02/01/2029		—		(13	)		—			0.00
Superman Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	08/29/2031		19,797		19,716			19,649			1.16
Superman Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	08/29/2031		6,488		6,441			6,439			0.38
Superman Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	08/29/2031		—		(11	)		(22	)		0.00
										91,694			88,425			5.23
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (10)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	9.67%	02/03/2031		27,386		27,179			26,773			1.58
PDI TA Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	9.67%	02/03/2031		2,128		2,112			2,077			0.12
										29,291			28,850			1.71
Containers & Packaging
BP Purchaser, LLC	(6) (10)	First Lien Debt	S +	7.50% (incl. 1.00% PIK)	11.44%	12/11/2028		17,708		17,552			13,877			0.82
FORTIS Solutions Group, LLC	(6) (8) (10)	First Lien Debt	S +	5.50%	9.30%	10/13/2028		26,402		26,172			26,402			1.56
FORTIS Solutions Group, LLC	(6) (10)	First Lien Debt	S +	5.50%	9.30%	10/13/2028		273		271			273			0.02
FORTIS Solutions Group, LLC	(6) (10) (17)	First Lien Debt	S +	5.50%	9.30%	10/15/2027		1,214		1,201			1,214			0.07
										45,196			41,766			2.47
Distributors
ABB Concise Optical Group, LLC	(6) (10)	First Lien Debt	S +	7.50%	11.36%	02/23/2028		17,008		16,842			16,370			0.97
PT Intermediate Holdings III, LLC	(6) (10)	First Lien Debt	S +	4.75% (incl. 1.00% PIK)	8.45%	04/09/2030		42,966		42,683			42,966			2.54
PT Intermediate Holdings III, LLC	(6) (10) (17)	First Lien Debt	S +	4.75% (incl. 1.00% PIK)	8.45%	04/09/2030		—		(3	)		—			0.00
										59,522			59,336			3.51

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Diversified Consumer Services
Any Hour, LLC	(6) (11)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.45%	05/23/2030		23,542		23,281			21,118			1.25
Any Hour, LLC	(6) (11)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.45%	05/23/2030		667		660			598			0.04
Any Hour, LLC	(6) (11) (17)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.45%	05/23/2030		3,178		3,142			2,819			0.17
Any Hour, LLC	(6) (11)	Unsecured Debt		13.00% PIK	13.00%	05/23/2031		7,489		7,393			6,668			0.39
Apex Service Partners, LLC	(6) (7) (8) (9)	First Lien Debt	S +	5.00%	8.67%	10/24/2030		30,168		29,779			30,168			1.78
Apex Service Partners, LLC	(6) (9)	First Lien Debt	S +	5.00%	8.67%	10/24/2030		7,184		7,081			7,184			0.42
Apex Service Partners, LLC	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	10/24/2029		1,107		1,081			1,107			0.07
Assembly Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.25%	8.95%	10/19/2027		19,907		19,783			19,907			1.18
Assembly Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.25%	8.95%	10/19/2027		4,148		4,125			4,148			0.25
Assembly Intermediate, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	10/19/2027		—		(11	)		—			0.00
DA Blocker Corp.	(6) (8) (10) (13)	First Lien Debt	S +	4.75%	8.45%	02/10/2032		7,054		6,992			6,913			0.41
DA Blocker Corp.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	02/10/2032		—		(9	)		(44	)		0.00
DA Blocker Corp.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	02/10/2032		29		23			15			0.00
Eclipse Buyer, Inc.	(6) (8) (11)	First Lien Debt	S +	4.50%	8.18%	09/08/2031		4,244		4,209			4,212			0.25
Eclipse Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	09/08/2031		—		(3	)		(5	)		0.00
Eclipse Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	09/08/2031		—		(3	)		(3	)		0.00
Essential Services Holding Corporation	(6) (10)	First Lien Debt	S +	5.50% (incl. 2.75% PIK)	9.17%	06/17/2031		17,245		17,107			16,918			1.00
Essential Services Holding Corporation	(6) (10) (17)	First Lien Debt	S +	5.50% (incl. 2.75% PIK)	9.17%	06/17/2031		—		(18	)		(90	)		(0.01	)
Essential Services Holding Corporation	(6) (10) (17)	First Lien Debt	S +	5.50% (incl. 2.75% PIK)	9.17%	06/17/2030		1,193		1,172			1,137			0.07
EVDR Purchaser, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	02/14/2031		20,223		19,915			20,167			1.19
EVDR Purchaser, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	02/14/2031		—		(41	)		(16	)		0.00
EVDR Purchaser, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	02/14/2031		1,117		1,068			1,107			0.07
Express Wash Acquisition Company, LLC	(6) (9)	First Lien Debt	S +	6.25%	9.90%	04/10/2031		1,881		1,844			1,857			0.11
Express Wash Acquisition Company, LLC	(6) (9) (17)	First Lien Debt	S +	6.25%	9.90%	04/10/2031		—		(2	)		(1	)		0.00
FPG Intermediate Holdco, LLC	(6) (9) (14)	First Lien Debt	S +	5.00% PIK	8.70%	07/02/2029		136		134			112			0.01
FPG Intermediate Holdco, LLC	(6) (9)	First Lien Debt	S +	5.00% PIK	8.70%	07/02/2029		47		47			47			0.00
GarageCo Intermediate II, LLC	(6) (10)	First Lien Debt	S +	4.25%	7.91%	08/02/2032		2,061		2,042			2,030			0.12
GarageCo Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.91%	08/02/2032		—		(14	)		(46	)		0.00
GarageCo Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.91%	08/02/2032		—		(8	)		(14	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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 Home Services	(6) (10)	First Lien Debt	S +	5.75%	9.55%	12/15/2026		1,901		1,899			1,864			0.11
Kodiak Buyer, LLC	(6) (10)	First Lien Debt	S +	4.25%	7.95%	07/26/2032		1,534		1,520			1,531			0.09
Kodiak Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	07/26/2032		—		(2	)		(1	)		0.00
Kodiak Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	07/23/2032		—		(4	)		(1	)		0.00
LHS Borrower, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	8.92%	09/04/2031		6,948		6,851			6,826			0.40
LHS Borrower, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	09/04/2031		139		131			129			0.01
Lightspeed Solution, LLC	(6) (10)	First Lien Debt	S +	6.00%	9.67%	03/01/2028		9,281		9,214			9,077			0.54
Lightspeed Solution, LLC	(6) (10)	First Lien Debt	S +	6.00%	9.67%	03/01/2028		551		547			539			0.03
Project Accelerate Parent, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.92%	02/24/2031		8,597		8,531			8,597			0.51
Project Accelerate Parent, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	02/24/2031		—		(9	)		—			0.00
Vertex Service Partners, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	9.70%	11/08/2030		1,775		1,743			1,738			0.10
Vertex Service Partners, LLC	(6) (10) (17)	First Lien Debt	S +	6.00%	9.70%	11/08/2030		3,570		3,504			3,482			0.21
Vertex Service Partners, LLC	(6) (10) (17)	First Lien Debt	S +	6.00%	9.70%	11/08/2030		353		345			343			0.02
										185,039			182,137			10.77
Electrical Equipment
Accel International Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.17%	04/26/2032		10,892		10,843			10,892			0.64
Accel International Holdings, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.17%	04/26/2032		—		(8	)		—			0.00
Spark Buyer, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.90%	10/15/2031		2,160		2,133			1,976			0.12
Spark Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.90%	10/15/2031		—		(5	)		(74	)		0.00
Spark Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.90%	10/15/2031		197		191			160			0.01
										13,154			12,954			0.77
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.32%	07/06/2028		6,424		6,369			3,083			0.18
Abracon Group Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.32%	07/06/2028		430		426			206			0.01
Dwyer Instruments, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	07/20/2029		12,005		11,889			11,915			0.70
Dwyer Instruments, Inc.	(6) (10)	First Lien Debt	S +	4.75%	8.45%	07/20/2029		4,586		4,534			4,553			0.27
Dwyer Instruments, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	07/20/2029		612		601			602			0.04
Infinite Bidco, LLC	(6) (11)	First Lien Debt	S +	6.25%	9.91%	03/02/2028		12,079		11,921			12,023			0.71
Infinite Bidco, LLC	(11)	Second Lien Debt	S +	7.00%	10.93%	03/02/2029		25,500		25,466			23,205			1.37
Magneto Components Buyco, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	9.70%	12/05/2030		15,391		15,189			15,391			0.91
Magneto Components Buyco, LLC	(6) (10) (17)	First Lien Debt	S +	6.00%	9.70%	12/05/2029		—		(28	)		—			0.00
NDT Global Holding, Inc.	(6) (11) (13)	First Lien Debt	S +	4.50%	8.17%	06/04/2032		2,743		2,718			2,702			0.16
NDT Global Holding, Inc.	(6) (11) (13) (17)	First Lien Debt	S +	4.50%	8.17%	06/04/2032		538		529			519			0.03
NDT Global Holding, Inc.	(6) (11) (13) (17)	First Lien Debt	S +	4.50%	8.17%	06/04/2032		31		25			22			0.00
NSI Holdings, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	11/17/2031		6,207		6,155			6,207			0.37

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
NSI Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	11/17/2031		—		(4	)		—			0.00
NSI Holdings, Inc.	(6) (10) (17)	First Lien Debt	P +	3.75%	10.50%	11/17/2031		—		(11	)		—			0.00
Pamlico Avant Holdings, LP	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	12/31/2032		1,542		1,526			1,518			0.09
Pamlico Avant Holdings, LP	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/31/2032		—		(2	)		(3	)		0.00
										87,303			81,943			4.85
Financial Services
Applitools, Inc.	(6) (10) (13)	First Lien Debt	S +	6.25% PIK	9.92%	05/25/2029		3,931		3,907			3,420			0.20
Applitools, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	6.25%	9.92%	05/25/2028		—		(3	)		(56	)		0.00
BCTO Bluebill Midco, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	07/30/2032		15,778		15,631			15,462			0.91
BCTO Bluebill Midco, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	07/30/2032		—		(18	)		(40	)		0.00
Cerity Partners, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	07/28/2031		16,566		16,339			16,566			0.98
Cerity Partners, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	07/28/2031		—		(5	)		—			0.00
Cerity Partners, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	07/28/2031		150		148			150			0.01
Cliffwater, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	8.42%	04/22/2032		8,590		8,513			8,461			0.50
Cliffwater, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	04/22/2032		—		(7	)		(12	)		0.00
GC Waves Holdings, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.17%	10/04/2030		7,194		7,130			7,175			0.42
GC Waves Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	10/04/2030		4,356		4,270			4,337			0.26
GC Waves Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	10/04/2030		—		(3	)		(1	)		0.00
MAI Capital Management Intermediate, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.45%	08/29/2031		4,609		4,571			4,517			0.27
MAI Capital Management Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	08/29/2031		4,205		4,165			4,106			0.24
MAI Capital Management Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	08/29/2031		450		441			426			0.03
PMA Parent Holdings, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.45%	01/31/2031		4,374		4,325			4,320			0.26
PMA Parent Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	01/31/2031		—		(4	)		(4	)		0.00
SitusAMC Holdings Corporation	(6) (8) (10)	First Lien Debt	S +	5.50%	9.20%	05/14/2031		10,605		10,561			10,605			0.63
Smarsh, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	02/16/2029		5,625		5,576			5,550			0.33
Smarsh, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/16/2029		119		113			105			0.01
Smarsh, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/16/2029		171		166			161			0.01
Trintech, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.42%	01/28/2033		13,703		13,569			13,569			0.80
Trintech, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/28/2033		—		(11	)		(11	)		0.00
Trintech, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/28/2033		—		(17	)		(17	)		0.00
										99,357			98,789			5.84
Food Products
AMCP Pet Holdings, Inc. (Brightpet)	(6) (9)	First Lien Debt	S +	7.00% (incl. 3.00% PIK)	10.82%	01/04/2028		41,502		41,286			26,989			1.60
AMCP Pet Holdings, Inc. (Brightpet)	(6) (9)	First Lien Debt	S +	7.00% (incl. 3.00% PIK)	10.82%	01/04/2028		6,145		6,122			3,996			0.24

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (9) (12)	First Lien Debt	S +	6.25% PIK	11.47%	03/30/2029		10,929		10,908			7,266			0.43
										58,316			38,251			2.26
Ground Transportation
eShipping, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.20%	12/23/2032		2,848		2,834			2,819			0.17
eShipping, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/23/2032		—		(3	)		(11	)		0.00
eShipping, LLC	(6) (10) (17)	First Lien Debt	P +	3.50%	10.25%	12/23/2032		34		31			28			0.00
SV Newco 2, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	4.75%	8.45%	06/02/2031		19,592		19,358			19,557			1.16
SV Newco 2, Inc.	(6) (10) (13)	First Lien Debt	S +	4.75%	8.45%	06/02/2031		12,326		12,172			12,304			0.73
SV Newco 2, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	06/02/2031		792		710			779			0.05
										35,102			35,476			2.10
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.43%	03/13/2029		5,194		5,120			5,156			0.31
PerkinElmer U.S., LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.43%	03/13/2029		—		(4	)		(12	)		0.00
Tidi Legacy Products, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	12/19/2029		1,834		1,809			1,834			0.11
Tidi Legacy Products, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	12/19/2029		491		484			491			0.03
Tidi Legacy Products, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	12/19/2029		—		(4	)		—			0.00
YI, LLC	(6) (7) (8) (9)	First Lien Debt	S +	5.75%	9.43%	12/03/2029		5,527		5,451			5,521			0.33
YI, LLC	(6) (9) (17)	First Lien Debt	S +	5.75%	9.43%	12/03/2029		—		(11	)		(1	)		0.00
										12,845			12,989			0.77
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	09/15/2031		518		511			510			0.03
Advarra Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	09/15/2031		—		—			(1	)		0.00
Blue River PetCare, LLC	(6) (7)	First Lien Debt	S +	5.00%	8.67%	08/01/2029		271		271			271			0.02
Blue River PetCare, LLC	(6) (17)	First Lien Debt	S +	5.00%	8.67%	08/01/2029		—		(2	)		(2	)		0.00
Blue River PetCare, LLC	(6) (17)	First Lien Debt	S +	5.00%	8.67%	08/01/2029		13		12			12			0.00
DCA Investment Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.50%	12.08%	04/03/2028		20,062		19,859			16,179			0.96
DCA Investment Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.50%	12.08%	04/03/2028		1,765		1,737			1,423			0.08
Gateway US Holdings, Inc.	(6) (10) (13)	First Lien Debt	S +	4.75%	8.45%	09/22/2028		741		738			737			0.04
Gateway US Holdings, Inc.	(6) (10) (13)	First Lien Debt	S +	4.75%	8.45%	09/22/2028		209		208			208			0.01
Gateway US Holdings, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	09/22/2028		—		—			—			0.00
Heartland Veterinary Partners, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.51%	06/12/2028		1,805		1,800			1,805			0.11
Heartland Veterinary Partners, LLC	(6) (9)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028		4,552		4,517			4,552			0.27
Heartland Veterinary Partners, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.51%	06/12/2028		4,400		4,375			4,400			0.26
Heartland Veterinary Partners, LLC	(6) (9)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028		1,770		1,756			1,770			0.10

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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) (9) (17)	First Lien Debt	S +	4.75%	8.51%	06/12/2028		—		(1	)		—			0.00
iCIMS, Inc.	(6) (10)	First Lien Debt	S +	5.75%	9.42%	08/18/2028		7,081		7,023			6,897			0.41
iCIMS, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75%	9.42%	08/18/2028		6		6			5			0.00
Imagine 360, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	10/02/2028		12,004		11,925			12,004			0.71
Imagine 360, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/02/2028		—		(5	)		—			0.00
Imagine 360, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/02/2028		—		(7	)		—			0.00
Invictus Buyer, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	06/03/2031		3,989		3,958			3,979			0.24
Invictus Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	06/03/2031		—		(6	)		(4	)		0.00
Invictus Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	06/03/2031		—		(5	)		(2	)		0.00
Merative, LP	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	09/30/2032		18,072		17,987			17,982			1.06
Merative, LP	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/30/2032		—		(5	)		(10	)		0.00
Merative, LP	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/30/2032		—		(8	)		(9	)		0.00
mPulse Mobile, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.45%	02/25/2033		18,128		17,960			17,629			1.04
mPulse Mobile, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/25/2033		—		(8	)		(48	)		0.00
mPulse Mobile, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/25/2033		—		(24	)		(71	)		0.00
Pareto Health Intermediate Holdings, Inc.	(6) (8) (9)	First Lien Debt	S +	5.00%	8.71%	06/03/2030		35,642		35,313			35,540			2.10
Pareto Health Intermediate Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.71%	06/01/2029		—		(10	)		(2	)		0.00
PPV Intermediate Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.67%	08/31/2029		4,281		4,176			4,206			0.25
PPV Intermediate Holdings, LLC	(6) (10)	First Lien Debt	S +	5.75%	9.42%	08/31/2029		14,859		14,760			14,599			0.86
Promptcare Infusion Buyer, Inc.	(6) (8) (9)	First Lien Debt	S +	6.00%	9.95%	09/01/2027		8,774		8,724			8,774			0.52
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt	S +	6.00%	9.95%	09/01/2027		2,732		2,713			2,732			0.16
Stepping Stones Healthcare Services, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	01/05/2033		5,496		5,454			5,454			0.32
Stepping Stones Healthcare Services, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	01/05/2033		—		(2	)		(2	)		0.00
Suveto Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	09/09/2027		11,720		11,684			11,720			0.69
Suveto Buyer, LLC	(6) (10) (17)	First Lien Debt	P +	3.50%	10.25%	09/09/2027		97		92			97			0.01
TA Polaris Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.18%	12/12/2032		10,378		10,328			10,226			0.60
TA Polaris Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/12/2032		1,341		1,327			1,277			0.08
TA Polaris Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/12/2032		—		(6	)		(19	)		0.00
Tivity Health, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	06/28/2029		8,503		8,474			8,461			0.50
Vardiman Black Holdings, LLC	(6) (11) (12)	First Lien Debt	S +	7.00% PIK	10.77%	03/18/2027		6,340		6,340			4,533			0.27
Vardiman Black Holdings, LLC	(6) (11) (12) (14)	First Lien Debt	S +	7.00% PIK	10.77%	03/18/2027		712		705			559			0.03
										204,644			198,371			11.73
Health Care Technology
Hyland Software, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.70%	09/19/2030		35,909		35,525			35,873			2.12
Hyland Software, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	09/19/2029		—		(15	)		(2	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
										35,510			35,871			2.12
Industrial Conglomerates
Aptean, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.42%	01/30/2031		25,183		25,053			25,183			1.49
Aptean, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/30/2031		—		(14	)		—			0.00
Aptean, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/30/2031		361		353			361			0.02
Goose Borrower, LP	(6) (10)	First Lien Debt	S +	4.75%	8.42%	03/02/2033		1,855		1,837			1,837			0.11
Goose Borrower, LP	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	03/02/2033		—		(3	)		(3	)		0.00
Raptor Merger Sub Debt, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.20%	04/01/2030		31,500		30,983			31,500			1.86
Raptor Merger Sub Debt, LLC	(6) (10) (17)	First Lien Debt	S +	5.50%	9.20%	04/01/2030		570		532			570			0.03
										58,741			59,448			3.52
Insurance Services
Amerilife Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	08/31/2029		12,824		12,752			12,695			0.75
Amerilife Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/31/2029		2,452		2,436			2,392			0.14
Amerilife Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/31/2028		354		345			333			0.02
Foundation Risk Partners Corp.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	10/29/2030		41,559		41,180			41,559			2.46
Foundation Risk Partners Corp.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/29/2030		9,109		9,026			9,109			0.54
Foundation Risk Partners Corp.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/29/2029		1,258		1,213			1,258			0.07
Galway Borrower, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	09/29/2028		30,015		29,760			29,583			1.75
Galway Borrower, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/29/2028		1,972		1,952			1,942			0.11
Galway Borrower, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/29/2028		842		825			810			0.05
Higginbotham Insurance Agency, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	4.50%	8.17%	06/11/2031		29,135		28,969			29,135			1.72
Higginbotham Insurance Agency, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	06/11/2031		—		(18	)		—			0.00
High Street Buyer, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.50%	8.20%	04/14/2028		9,662		9,593			9,624			0.57
High Street Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	04/14/2028		46,340		45,955			46,155			2.73
High Street Buyer, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	04/16/2027		—		(7	)		(8	)		0.00
Inszone Mid, LLC	(6) (8) (9)	First Lien Debt	S +	5.25%	8.95%	11/30/2029		4,359		4,301			4,327			0.26
Inszone Mid, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	11/30/2029		16,632		16,448			16,484			0.98
Inszone Mid, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	11/30/2029		—		(17	)		(13	)		0.00
Integrity Marketing Acquisition, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.67%	08/25/2028		35,707		35,707			35,707			2.11
Integrity Marketing Acquisition, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/25/2028		—		—			—			0.00
Iris Specialty Acquisiton, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.20%	11/22/2032		7,366		7,331			7,311			0.43
Iris Specialty Acquisiton, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	11/22/2032		—		(3	)		(9	)		0.00
Iris Specialty Acquisiton, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	11/22/2032		248		243			240			0.01
Long Term Care Group, Inc.	(6) (10)	First Lien Debt	S +	6.00%	9.93%	09/08/2027		5,414		5,384			4,886			0.29

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Majesco, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	4.50%	8.20%	01/07/2033		7,217		7,200			7,200			0.43
Majesco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	01/07/2033		—		(1	)		(1	)		0.00
One, Inc. Software Corporation	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	12/06/2032		5,105		5,056			5,029			0.30
One, Inc. Software Corporation	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/06/2032		—		(5	)		(15	)		0.00
One, Inc. Software Corporation	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/06/2032		—		(4	)		(6	)		0.00
Patriot Growth Insurance Services, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.85%	10/16/2028		48,580		48,151			48,575			2.87
Patriot Growth Insurance Services, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.85%	10/16/2028		—		(26	)		—			0.00
World Insurance Associates, LLC	(6) (7) (8) (9)	First Lien Debt	S +	5.00%	8.70%	04/03/2030		51,153		50,382			51,001			3.02
World Insurance Associates, LLC	(6) (9) (17)	First Lien Debt	S +	5.00%	8.70%	04/03/2030		—		(5	)		(4	)		0.00
										364,123			365,299			21.61
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.42%	09/09/2032		11,490		11,382			11,318			0.67
FMG Suite Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	09/09/2032		—		(14	)		(47	)		0.00
FMG Suite Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	09/09/2032		—		(17	)		(28	)		0.00
Spectrio, LLC	(6) (7) (9)	First Lien Debt	S +	6.00%	9.67%	12/09/2026		32,132		32,055			24,041			1.42
Spectrio, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.67%	12/09/2026		12,961		12,951			9,698			0.57
Spectrio, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.67%	12/09/2026		4,132		4,123			3,092			0.18
Triple Lift, Inc.	(6) (7) (10)	First Lien Debt	S +	5.75%	9.59%	05/05/2028		26,670		26,475			24,889			1.47
Triple Lift, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75%	9.59%	05/05/2028		—		(24	)		(267	)		(0.02	)
										86,931			72,696			4.30
IT Services
Apollo Acquisition, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	12/30/2031		21,599		21,412			21,299			1.26
Apollo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	12/30/2031		14		5			(13	)		0.00
Apollo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	12/30/2030		—		(20	)		(35	)		0.00
Bridgepointe Technologies, LLC	(6) (8) (9)	First Lien Debt	S +	5.00%	8.70%	12/31/2027		16,839		16,600			16,839			1.00
Bridgepointe Technologies, LLC	(6) (9) (17)	First Lien Debt	S +	5.00%	8.70%	12/31/2027		16,828		16,578			16,828			1.00
Catalis Intermediate, Inc.	(6) (7) (10)	First Lien Debt	S +	5.50%	9.35%	08/04/2027		38,451		38,189			37,964			2.25
Catalis Intermediate, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.35%	08/04/2027		8,651		8,598			8,542			0.51
Catalis Intermediate, Inc.	(6) (10) (17)	First Lien Debt	S +	5.50%	9.35%	08/04/2027		518		494			464			0.03
Cyber US Bidco, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	8.70%	12/30/2032		4,044		4,005			3,974			0.24
Cyber US Bidco, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	12/30/2032		—		(4	)		(14	)		0.00
Cyber US Bidco, LLC	(6) (10) (13) (17)	First Lien Debt	S +	5.00%	8.70%	12/30/2032		—		(3	)		(6	)		0.00
GI DI Cornfield Acquisition, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.27%	03/09/2029		30,393		30,112			30,300			1.79
GI DI Cornfield Acquisition, LLC	(6) (7)	First Lien Debt	S +	4.50%	8.27%	03/09/2029		15,667		15,601			15,619			0.92
Help/Systems Holdings, Inc.	(6) (10)	Second Lien Debt	S +	9.00% PIK	12.76%	05/21/2029		18,225		18,225			15,673			0.93

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Idera, Inc.	(6) (10)	Second Lien Debt	S +	6.75%	10.56%	03/02/2029		2,607		2,598			1,802			0.11
Recovery Point Systems, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	5.75%	9.79%	02/14/2028		39,690		39,571			39,690			2.35
Recovery Point Systems, Inc.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.79%	02/14/2028		—		(9	)		—			0.00
Redwood Services Group, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.70%	06/15/2029		17,321		17,192			17,191			1.02
Redwood Services Group, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.70%	06/15/2029		15,963		15,807			15,832			0.94
Ridge Trail US Bidco, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	4.50%	8.20%	09/30/2031		23,677		23,381			23,677			1.40
Ridge Trail US Bidco, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.50%	8.20%	09/30/2031		281		230			281			0.02
Ridge Trail US Bidco, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.50%	8.20%	03/31/2031		744		712			744			0.04
Syntax Systems, Ltd.	(6) (8) (10) (13)	First Lien Debt	S +	5.00%	8.77%	10/27/2028		36,843		36,687			36,474			2.16
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (8) (10)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70%	02/02/2032		19,303		19,136			19,158			1.13
Thrive Buyer, Inc. (Thrive Networks)	(6) (10) (17)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70%	02/02/2032		4,431		4,378			4,381			0.26
Thrive Buyer, Inc. (Thrive Networks)	(6) (10) (17)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70%	02/02/2032		801		780			782			0.05
UpStack, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.63%	08/25/2031		9,750		9,670			9,628			0.57
UpStack, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.63%	08/25/2031		1,373		1,352			1,326			0.08
UpStack, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.63%	08/25/2031		375		363			356			0.02
Victors Purchaser, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.20%	12/23/2032		6,358		6,312			6,358			0.38
Victors Purchaser, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	12/23/2032		—		(4	)		—			0.00
Victors Purchaser, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	12/23/2032		—		(5	)		—			0.00
										347,943			345,114			20.46
Life Sciences Tools & Services
Model N, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	06/27/2031		11,785		11,690			11,678			0.69
Model N, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	06/27/2031		—		(12	)		(30	)		0.00
Model N, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	06/27/2031		—		(13	)		(16	)		0.00
										11,665			11,632			0.69
Machinery
Answer Acquisition, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.69%	06/30/2028		13,222		13,150			12,087			0.72
Answer Acquisition, LLC	(6) (9) (17)	First Lien Debt	S +	6.00%	9.69%	06/30/2028		500		494			392			0.02
Chase Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	10/30/2028		10,621		10,495			10,383			0.61
Chase Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	10/30/2028		200		195			190			0.01
MHE Intermediate Holdings, LLC	(6) (7) (8) (9)	First Lien Debt	S +	6.00%	9.82%	07/21/2027		11,731		11,667			11,673			0.69
MHE Intermediate Holdings, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.82%	07/21/2027		3,589		3,570			3,571			0.21
MHE Intermediate Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	6.00%	9.82%	07/21/2027		1,000		989			988			0.06

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
										40,560			39,284			2.32
Multi-Utilities
Vessco Midco Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.23%	07/24/2031		9,404		9,331			9,315			0.55
Vessco Midco Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.23%	07/24/2031		2,548		2,522			2,512			0.15
Vessco Midco Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.23%	07/24/2031		—		(7	)		(9	)		0.00
										11,846			11,818			0.70
Pharmaceuticals
Caerus US 1, Inc.	(6) (10) (13)	First Lien Debt	S +	5.00%	8.70%	05/25/2029		10,788		10,667			10,747			0.64
Caerus US 1, Inc.	(6) (10) (13)	First Lien Debt	S +	5.00%	8.70%	05/25/2029		1,579		1,560			1,573			0.09
Caerus US 1, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.00%	8.70%	05/25/2029		929		918			925			0.05
Real Chemistry Intermediate III, Inc.	(6) (11)	First Lien Debt	S +	4.50%	8.20%	04/12/2032		8,775		8,736			8,643			0.51
Real Chemistry Intermediate III, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	04/12/2032		2,613		2,598			2,554			0.15
Real Chemistry Intermediate III, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	04/12/2032		—		(8	)		(29	)		0.00
Specialty Pharma III, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	8.44%	12/23/2032		3,706		3,688			3,669			0.22
Specialty Pharma III, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.44%	12/23/2032		60		58			55			0.00
										28,217			28,137			1.66
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7) (8) (9)	First Lien Debt	S +	6.00%	9.55%	03/10/2027		3,256		3,241			3,207			0.19
Abacus Data Holdings, Inc. (AbacusNext)	(6) (9) (17)	First Lien Debt	S +	6.00%	9.55%	03/10/2027		—		(5	)		(21	)		0.00
Accordion Partners, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.68%	11/17/2031		27,254		27,023			27,147			1.61
Accordion Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.68%	11/17/2031		4,561		4,524			4,543			0.27
Accordion Partners, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.68%	11/17/2031		—		(24	)		(12	)		0.00
Aprio Advisory Group, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/01/2031		—		(6	)		(7	)		0.00
Aprio Advisory Group, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/01/2031		39		38			38			0.00
Ascend Partner Services, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.13%	08/11/2031		4,838		4,798			4,765			0.28
Ascend Partner Services, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.13%	08/11/2031		8,632		8,557			8,498			0.50
Ascend Partner Services, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.13%	08/11/2031		673		661			648			0.04
Bullhorn, Inc.	(6) (8) (9)	First Lien Debt	S +	5.00%	8.67%	10/01/2029		15,407		15,334			15,338			0.91
Bullhorn, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	10/01/2029		2,133		2,125			2,123			0.13
Bullhorn, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	10/01/2029		96		92			92			0.01
Carr, Riggs and Ingram Capital, LLC	(6) (8) (11)	First Lien Debt	S +	4.25%	7.94%	11/18/2031		4,269		4,233			4,237			0.25
Carr, Riggs and Ingram Capital, LLC	(6) (11) (17)	First Lien Debt	S +	4.25%	7.94%	11/18/2031		708		696			692			0.04
Carr, Riggs and Ingram Capital, LLC	(6) (11) (17)	First Lien Debt	S +	4.25%	7.94%	11/18/2031		663		655			655			0.04
ComPsych Investment Corp.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	07/22/2031		12,973		12,921			12,909			0.76
ComPsych Investment Corp.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	07/22/2031		—		(8	)		(20	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Deerfield Dakota Holding, LLC	(6) (7) (10)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.45%	09/13/2032		27,772		27,516			27,472			1.63
Deerfield Dakota Holding, LLC	(6) (10) (17)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.45%	09/13/2032		514		491			487			0.03
GPS Merger Sub, LLC	(6) (8) (9)	First Lien Debt	S +	5.25%	8.92%	10/02/2029		9,428		9,318			9,349			0.55
GPS Merger Sub, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.92%	10/02/2029		319		306			308			0.02
GPS Merger Sub, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.92%	10/02/2029		—		(18	)		(14	)		0.00
IG Investment Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	09/22/2028		10,653		10,581			10,626			0.63
IG Investment Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	09/22/2028		—		(8	)		(3	)		0.00
KENG Acquisition, Inc.	(6) (8) (9)	First Lien Debt	S +	4.50%	8.17%	08/01/2029		3,148		3,099			3,101			0.18
KENG Acquisition, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	08/01/2029		3,866		3,808			3,808			0.23
KENG Acquisition, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	08/01/2029		—		(13	)		(18	)		0.00
UHY Advisors, Inc.	(6) (10)	First Lien Debt	S +	4.75%	8.42%	11/21/2031		2,186		2,167			2,180			0.13
UHY Advisors, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	11/21/2031		342		332			337			0.02
UHY Advisors, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	11/21/2031		299		294			297			0.02
Verdantas, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	05/06/2031		16,203		16,011			16,057			0.95
Verdantas, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.45%	05/06/2031		2,555		2,517			2,527			0.15
Verdantas, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	05/06/2030		421		403			405			0.02
WIPFLI Advisory, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.16%	10/01/2032		5,846		5,819			5,788			0.34
WIPFLI Advisory, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.16%	10/01/2032		—		(5	)		(22	)		0.00
WIPFLI Advisory, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.16%	10/01/2032		—		(7	)		(15	)		0.00
										167,466			167,502			9.91
Real Estate Management & Development
Associations, Inc.	(6) (9)	First Lien Debt	S +	6.50%	10.43%	07/03/2028		10,756		10,750			10,756			0.64
Associations, Inc.	(6) (9) (17)	First Lien Debt	S +	6.50%	10.43%	07/03/2028		403		402			403			0.02
Associations, Inc.	(6) (9) (17)	First Lien Debt	S +	6.50%	10.43%	07/03/2028		—		—			—			0.00
Inhabitiq, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	01/12/2032		17,778		17,702			17,778			1.05
Inhabitiq, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	01/12/2032		—		(10	)		—			0.00
Inhabitiq, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	01/12/2032		—		(13	)		—			0.00
MRI Software, LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.45%	02/10/2028		43,658		43,551			43,466			2.57
MRI Software, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.45%	02/10/2028		28		28			28			0.00
MRI Software, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.45%	02/10/2028		433		430			426			0.03
Pritchard Industries, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.60%	10/13/2027		24,693		24,541			23,772			1.41
Pritchard Industries, LLC	(6) (10)	First Lien Debt	S +	5.75%	9.60%	10/13/2027		5,904		5,866			5,684			0.34
Zarya Intermediate, LLC	(6) (8) (9) (13)	First Lien Debt	S +	6.50%	10.17%	07/01/2027		34,700		34,700			34,159			2.02
Zarya Intermediate, LLC	(6) (9) (13) (17)	First Lien Debt	S +	6.50%	10.17%	07/01/2027		521		521			465			0.03
										138,468			136,937			8.10
Software

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Alert Media, Inc.	(6) (9)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	8.92%	04/12/2027		23,481		23,390			23,144			1.37
Alert Media, Inc.	(6) (9) (17)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	8.92%	04/12/2027		—		(18	)		(61	)		0.00
Anaplan, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	06/21/2029		32,628		32,314			32,384			1.92
Appfire Technologies, LLC	(6) (8) (9)	First Lien Debt	S +	4.75%	8.45%	03/09/2028		20,388		20,355			20,388			1.21
Appfire Technologies, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.45%	03/09/2028		40		30			40			0.00
Appfire Technologies, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.45%	03/09/2028		—		(1	)		—			0.00
Apryse Software Corp.	(6) (7) (8) (11)	First Lien Debt	S +	4.75%	8.46%	06/28/2032		27,704		27,450			27,192			1.61
Apryse Software Corp.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.46%	06/28/2032		—		(20	)		(42	)		0.00
Archduke Buyer, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.17%	12/03/2032		3,776		3,740			3,711			0.22
Archduke Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	5.50%	9.17%	12/03/2032		—		(3	)		(5	)		0.00
Artifact Bidco, Inc.	(6) (8) (11)	First Lien Debt	S +	4.25%	7.85%	07/28/2031		31,700		31,443			31,700			1.88
Artifact Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.25%	7.85%	07/28/2031		—		(29	)		—			0.00
Artifact Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.25%	7.85%	07/26/2030		—		(39	)		—			0.00
AuditBoard, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.20%	07/14/2031		22,200		22,022			21,891			1.29
AuditBoard, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.20%	07/14/2031		10,571		10,481			10,424			0.62
AuditBoard, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	07/14/2031		—		(32	)		(59	)		0.00
Banyan Software Holdings, LLC	(6) (8) (9)	First Lien Debt	S +	5.50%	9.17%	01/02/2031		12,052		11,952			11,962			0.71
Banyan Software Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	9.17%	01/02/2031		10,019		9,902			9,894			0.59
Banyan Software Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	9.17%	01/02/2031		174		164			164			0.01
Bottomline Technologies, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	05/14/2029		3,610		3,571			3,608			0.21
Bottomline Technologies, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	05/15/2028		—		(2	)		—			0.00
CLEO Communications Holding, LLC	(6) (7) (9)	First Lien Debt	S +	5.50%	9.27%	06/09/2027		38,373		38,280			38,373			2.27
CLEO Communications Holding, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	9.27%	06/09/2027		—		(25	)		—			0.00
Coupa Holdings, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.92%	02/27/2030		2,224		2,189			2,224			0.13
Coupa Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	02/27/2030		—		(8	)		—			0.00
Coupa Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	02/27/2029		—		(10	)		—			0.00
Cyara AcquisitionCo, LLC	(6) (9)	First Lien Debt	S +	5.75%	9.45%	06/28/2029		5,895		5,812			5,777			0.34
Cyara AcquisitionCo, LLC	(6) (9) (17)	First Lien Debt	S +	5.75%	9.45%	06/28/2029		—		(5	)		(6	)		0.00
Diligent Corporation	(6) (10)	First Lien Debt	S +	5.00%	8.67%	08/02/2030		28,138		27,978			27,680			1.64
Diligent Corporation	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/02/2030		—		(21	)		(67	)		0.00
Diligent Corporation	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/02/2030		604		590			559			0.03
E-Discovery AcquireCo, LLC	(6) (9)	First Lien Debt	S +	6.25%	9.86%	08/29/2029		19,456		19,158			19,049			1.13
E-Discovery AcquireCo, LLC	(6) (9) (17)	First Lien Debt	S +	6.25%	9.86%	08/29/2029		1,272		1,243			1,222			0.07
Emburse, Inc.	(6) (7) (10)	First Lien Debt	S +	4.25%	7.95%	05/28/2032		3,684		3,676			3,657			0.22
Emburse, Inc.	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	05/28/2032		—		(1	)		(5	)		0.00
Emburse, Inc.	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	05/28/2032		—		(1	)		(5	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Espresso Bidco, Inc.	(6) (10)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45%	03/25/2032		18,439		18,202			18,070			1.07
Espresso Bidco, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45%	03/25/2032		4,562		4,497			4,463			0.26
Espresso Bidco, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45%	03/25/2032		—		(28	)		(44	)		0.00
Everbridge Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.66%	07/02/2031		23,777		23,682			23,777			1.41
Everbridge Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.66%	07/02/2031		3,236		3,212			3,236			0.19
Everbridge Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.66%	07/02/2031		—		(13	)		—			0.00
Formstack Acquisition, Co.	(6) (8) (9)	First Lien Debt	S +	5.25%	8.95%	03/28/2030		10,794		10,676			10,607			0.63
Formstack Acquisition, Co.	(6) (9)	First Lien Debt	S +	5.25%	8.95%	03/28/2030		1,055		1,044			1,036			0.06
Formstack Acquisition, Co.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	03/28/2030		459		438			422			0.02
Fullsteam Operations, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.89%	08/08/2031		13,761		13,635			13,421			0.79
Fullsteam Operations, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.89%	08/08/2031		—		(20	)		(113	)		(0.01	)
Fullsteam Operations, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.89%	08/08/2031		—		(14	)		(38	)		0.00
Granicus, Inc.	(6) (10)	First Lien Debt	S +	5.50% (incl. 2.00% PIK)	9.17%	01/17/2031		13,078		12,986			13,078			0.77
Granicus, Inc.	(6) (10) (17)	First Lien Debt	S +	5.50% (incl. 2.00% PIK)	9.17%	01/17/2031		8,109		8,050			8,109			0.48
Granicus, Inc.	(6) (10) (17)	First Lien Debt	P +	4.25%	11.00%	01/17/2031		—		(12	)		—			0.00
GS AcquisitionCo, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	5.25%	8.95%	05/25/2028		59,259		59,043			58,660			3.47
GS AcquisitionCo, Inc.	(6) (10)	First Lien Debt	S +	5.25%	8.95%	05/25/2028		24		24			24			0.00
GS AcquisitionCo, Inc.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	05/25/2028		1,295		1,287			1,270			0.08
Hootsuite, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	5.50%	9.18%	05/22/2030		22,106		21,858			21,609			1.28
Hootsuite, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.50%	9.18%	05/22/2030		300		274			244			0.01
Icefall Parent, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.20%	01/25/2030		5,156		5,083			5,156			0.31
Icefall Parent, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.20%	01/25/2030		—		(6	)		—			0.00
IQN Holding Corp.	(6) (10)	First Lien Debt	S +	5.75% (incl. 3.125% PIK)	9.45%	05/02/2029		5,688		5,660			5,688			0.34
IQN Holding Corp.	(6) (10)	First Lien Debt	S +	5.75% (incl. 3.125% PIK)	9.45%	05/02/2029		1,865		1,850			1,865			0.11
IQN Holding Corp.	(6) (10) (17)	First Lien Debt	S +	5.25%	8.95%	05/02/2028		262		260			262			0.02
Jawbreaker Parent, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	8.45%	01/31/2033		3,426		3,392			3,392			0.20
Jawbreaker Parent, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/31/2033		—		(19	)		(19	)		0.00
Jawbreaker Parent, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/31/2033		—		(6	)		(6	)		0.00
LegitScript, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.42%	06/24/2029		25,964		25,683			25,639			1.52
LegitScript, LLC	(6) (10)	First Lien Debt	S +	5.75%	9.42%	06/24/2029		687		679			678			0.04
LegitScript, LLC	(6) (10) (17)	First Lien Debt	S +	5.75%	9.42%	06/24/2028		1,833		1,802			1,781			0.11
LogRhythm, Inc.	(6) (9)	First Lien Debt	S +	7.50%	11.17%	07/02/2029		9,091		8,896			8,545			0.51

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
LogRhythm, Inc.	(6) (9) (17)	First Lien Debt	S +	7.50%	11.17%	07/02/2029		—		(18	)		(55	)		0.00
Montana Buyer, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	07/22/2029		8,402		8,359			8,402			0.50
Montana Buyer, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	07/22/2028		—		(4	)		—			0.00
Nasuni Corporation	(6) (10)	First Lien Debt	S +	5.00%	8.70%	09/10/2030		14,483		14,311			14,250			0.84
Nasuni Corporation	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	09/10/2030		—		(34	)		(48	)		0.00
Netwrix Corporation And Concept Searching, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.17%	06/11/2029		6,814		6,778			6,711			0.40
Netwrix Corporation And Concept Searching, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	06/11/2029		—		(2	)		(6	)		0.00
Oak Purchaser, Inc.	(6) (7) (10)	First Lien Debt	S +	5.50%	9.25%	05/31/2028		3,560		3,541			3,489			0.21
Oak Purchaser, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.25%	05/31/2028		2,779		2,761			2,706			0.16
Oak Purchaser, Inc.	(6) (10) (17)	First Lien Debt	P +	4.50%	11.25%	05/31/2028		37		35			26			0.00
Onit, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.38%	01/27/2032		18,241		18,092			18,241			1.08
Onit, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.38%	01/27/2032		—		(29	)		—			0.00
Onit, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.38%	01/27/2032		—		(19	)		—			0.00
Optimizely North America, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	5.00%	8.67%	10/30/2031		8,310		8,240			8,061			0.48
Optimizely North America, Inc.	(6) (10) (13)	First Lien Debt	E +	5.25%	7.16%	10/30/2031	€	3,059		3,296			3,419			0.20
Optimizely North America, Inc.	(6) (10) (13)	First Lien Debt	SA +	5.50%	9.23%	10/30/2031	£	1,020		1,315			1,304			0.08
Optimizely North America, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.00%	8.67%	10/30/2031		—		(10	)		(37	)		0.00
Pound Bidco, Inc.	(6) (7) (9) (13)	First Lien Debt	S +	6.00%	10.17%	02/01/2027		22,181		22,108			22,029			1.30
Pound Bidco, Inc.	(6) (9) (13) (17)	First Lien Debt	S +	6.00%	10.17%	02/01/2027		1,553		1,553			1,538			0.09
Pound Bidco, Inc.	(6) (7) (9) (13) (17)	First Lien Debt	S +	6.00%	10.17%	02/01/2027		788		784			780			0.05
Project Leopard Holdings, Inc.	(11) (13)	First Lien Debt	S +	5.25%	9.02%	07/20/2029		6,076		5,837			3,731			0.22
Revalize, Inc.	(6) (9)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.35%	04/16/2029		19,384		19,352			17,646			1.04
Revalize, Inc.	(6) (9) (17)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.35%	04/16/2029		25		25			19			0.00
Riskonnect Parent, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.50%	12/07/2028		5,607		5,541			5,579			0.33
Riskonnect Parent, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.50%	12/07/2028		4,134		4,081			4,114			0.24
Riskonnect Parent, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.50%	12/07/2028		31		21			26			0.00
Runway Bidco, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	8.70%	12/17/2031		10,818		10,725			10,548			0.62
Runway Bidco, LLC	(6) (11) (17)	First Lien Debt	S +	5.00%	8.70%	12/17/2031		—		(11	)		(68	)		0.00
Runway Bidco, LLC	(6) (11) (17)	First Lien Debt	S +	5.00%	8.70%	12/17/2031		—		(11	)		(34	)		0.00
Saturn Borrower, Inc.	(6) (8) (9)	First Lien Debt	S +	6.00%	9.70%	11/10/2028		11,344		11,220			11,101			0.66
Saturn Borrower, Inc.	(6) (9) (17)	First Lien Debt	S +	6.00%	9.70%	11/10/2028		—		(22	)		(89	)		(0.01	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Saturn Borrower, Inc.	(6) (9) (17)	First Lien Debt	S +	6.00%	9.70%	11/10/2028		488		468			447			0.03
Securonix, Inc.	(6) (10)	First Lien Debt	S +	7.25% (incl. 3.75% PIK)	10.90%	04/05/2029		22,029		21,865			18,654			1.10
Securonix, Inc.	(6) (10) (17)	First Lien Debt	S +	7.25% (incl. 3.75% PIK)	10.90%	04/05/2029		—		(24	)		(579	)		(0.03	)
Trunk Acquisition, Inc.	(6) (8) (9)	First Lien Debt	S +	5.75%	9.52%	02/19/2030		9,487		9,450			9,438			0.56
Trunk Acquisition, Inc.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.52%	02/19/2030		636		631			632			0.04
Trunk Acquisition, Inc.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.52%	02/19/2030		—		(2	)		(4	)		0.00
User Zoom Technologies, Inc.	(6) (10)	First Lien Debt	S +	7.50% (incl. 0.25% PIK)	11.42%	04/05/2029		41,887		41,420			40,859			2.42
Vanco Payment Solutions, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.45%	12/01/2031		3,715		3,680			3,641			0.22
Vanco Payment Solutions, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	12/01/2031		—		(2	)		(4	)		0.00
										752,921			742,072			43.96
Transportation Infrastructure
Jeppesen Holdings, LLC	(6) (11)	First Lien Debt	S +	4.75%	8.42%	11/01/2032		13,057		12,995			12,927			0.76
Jeppesen Holdings, LLC	(6) (11) (17)	First Lien Debt	S +	4.75%	8.42%	11/01/2032		—		(3	)		(7	)		0.00
										12,992			12,920			0.76
Wireless Telecommunication Services
CCI Buyer, Inc.	(6) (10)	First Lien Debt	S +	5.00%	8.70%	05/13/2032		2,820		2,795			2,777			0.16
CCI Buyer, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	05/13/2032		—		(1	)		(3	)		0.00
Mobile Communications America, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.40%	10/16/2029		5,821		5,763			5,821			0.34
Mobile Communications America, Inc.	(6) (9) (17)	First Lien Debt	S +	4.75%	8.40%	10/16/2029		1,469		1,451			1,469			0.09
Mobile Communications America, Inc.	(6) (9) (17)	First Lien Debt	S +	4.75%	8.40%	10/16/2029		—		(9	)		—			0.00
										9,999			10,064			0.60
Total Debt Investments - non-controlled/non-affiliated									$	3,604,999		$	3,513,591			207.85	%
Debt Investments - non-controlled/affiliated
Distributors
Alpine Acquisition Corp. II	(6) (9) (18)	First Lien Debt	S +	5.25%	8.81%	01/14/2031		3,766		3,766			3,766			0.22
Alpine Acquisition Corp. II	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.81%	01/14/2031		—		(2	)		(2	)		0.00
Alpine Acquisition Corp. II	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.81%	01/14/2031		—		(31	)		(31	)		0.00
										3,733			3,733			0.22
Professional Services

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
KWOR Acquisition, Inc.	(6) (9) (18)	Second Lien Debt	S +	6.25% (incl. 5.25% PIK)	9.92%	02/28/2030		1,101		1,101			1,101		0.07
KWOR Acquisition, Inc.	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.92%	02/28/2030		—		(13	)		—		0.00
KWOR Acquisition, Inc.	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.92%	02/28/2030		—		(19	)		—		0.00
KWOR Acquisition, Inc.	(6) (9) (18)	Unsecured Debt	S +	8.00% PIK	11.67%	02/28/2030		1,153		1,153			925		0.05
										2,222			2,026		0.12
Total Debt Investments - non-controlled/affiliated									$	5,955		$	5,759		0.34	%
Total Debt Investments									$	3,610,954		$	3,519,350		208.19	%


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) (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		1,884		0.11
									850		1,884		0.11
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	(6) (15) (16)	Common Equity			01/17/2025		240,000		228		330		0.02
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (15) (16)	Common Equity			12/20/2021		1,000,000		1,000		1,716		0.10
Surewerx Topco, LP	(6) (13) (15) (16)	Common Equity			12/28/2022		512		512		612		0.04
									1,740		2,658		0.16
Containers & Packaging
BP Purchaser, LLC	(6) (15) (16)	Common Equity			12/10/2021		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		1,561		998		0.06
									3,015		998		0.06
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (15)	Preferred Equity		12.50% PIK	09/05/2024		120		1,429		1,208		0.07
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		500,000		506		645		0.04

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
LUV Car Wash	(6) (15) (16)	Common Equity			04/06/2022		123		123		83		0.00
									2,058		1,936		0.11
Electrical Equipment
Sparkstone Electrical Group	(6) (15) (16)	Common Equity			10/15/2024		1,500		150		62		0.00
									150		62		—
Financial Services
Applitools, Inc.	(6) (13) (15) (16)	Common Equity			07/18/2025		1,050,864		601		375		0.02
									601		375		0.02
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		1,049		0.06
SDB Holdco, LLC	(6) (15) (16)	Common Equity			03/29/2024		5,460,555		—		—		0.00
Suveto Buyer, LLC	(6) (13) (15) (16)	Common Equity			11/19/2021		19,257		1,926		2,313		0.14
Vardiman Black Holdings, LLC	(6) (12) (15)	Preferred Equity		6.00% PIK	03/29/2024		2,649,446		1,977		—		0.00
									5,123		3,362		0.20
Insurance Services
Amerilife Holdings, LLC	(6) (15) (16)	Common Equity			09/01/2022		908		25		46		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		5,027		3,217		0.19
									5,329		4,057		0.24
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		523		513		0.03
									523		513		0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)	(13) (15)	Preferred Equity			05/12/2021		9,619,564		12,461		16,295		0.96
Recovery Point Systems, Inc.	(6) (15) (16)	Common Equity			03/05/2021		1,000,000		1,000		538		0.03
									13,461		16,833		1.00
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (15) (16)	Common Equity			03/09/2021		29,441		2,944		1,447		0.09
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		573		703		0.04

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
									3,522		2,157		0.13
Real Estate Management & Development
Pritchard Industries, LLC	(6) (15) (16)	Common Equity			10/13/2021		1,882,739		1,938		960		0.06

Software
Diligent Corporation	(6) (15)	Preferred Equity		10.50% PIK	04/05/2021		5,000		8,241		7,950		0.47
Fullsteam Operations, LLC	(6) (15) (16)	Common Equity			11/27/2023		2,966		100		248		0.01
Knockout Intermediate Holdings I, Inc.	(6) (15)	Preferred Equity		10.75% PIK	06/25/2022		1,531		2,352		2,134		0.13
Revalize, Inc.	(6) (15)	Preferred Equity		10.00% PIK	12/14/2021		2,255		3,674		3,228		0.19
Reveal Data Solutions	(6) (15) (16)	Common Equity			08/29/2023		477,846		621		472		0.03
RSK Holdings, Inc. (Riskonnect)	(6) (15)	Preferred Equity		10.50% PIK	07/07/2022		1,012,200		1,652		1,676		0.10
									16,640		15,708		0.93
Total Equity Investments - non-controlled/non-affiliated								$	57,650	$	52,166		3.09	%
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) (18)	Preferred Equity			01/14/2026		1,076		4,362		4,362		0.26
									4,362		4,362		0.26
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		681		—		0.00
									925		—		0.00
Total Equity Investments - non-controlled/affiliated								$	5,287	$	4,362		0.26	%
Equity Investments - controlled/affiliated
Investments in Joint Ventures
Capstone Lending, LLC	(13) (15) (19)	LLC Interest			02/19/2026		94,531,615		94,532		93,072		5.51
Total Equity Investments - controlled/affiliated								$	94,532	$	93,072		5.51	%
Total Equity Investments								$	157,469	$	149,600		8.85	%
Total Portfolio Investments								$	3,768,423	$	3,668,950		217.04	%

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares				3.50%				19,856		19,856		1.17
Cash and Cash Equivalents								80,657		80,657		4.77
Total Cash and Cash Equivalents and Short Term Investments							$	100,513	$	100,513		5.95	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments							$	3,868,936	$	3,769,463		222.98	%

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 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 March 31, 2026, the Company is an “affiliated person” of two 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 March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the C at 2.27%, 1-month E at 1.89%, 1-month S at 3.66%, 3-month S at 3.68%, 6-month S at 3.70%, 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, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(7)

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

(8)

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

(9)

Loan includes interest rate floor of 1.00%.

(10)

Loan includes interest rate floor of 0.75%.

(11)

Loan includes interest rate floor of 0.50%.

(12)

Investment was on non-accrual status as of March 31, 2026.

(13)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, non-qualifying assets represented 9.92% of total assets as calculated in accordance with regulatory requirements.

(14)

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

(15)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of March 31, 2026, the aggregate fair value of these securities is $149,600 or 8.85% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(16)

Non-income producing security

(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 March 31, 2026:

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/non-affiliated
AA&D Midco, Inc.	Revolver	11/29/2030	$	994	$	(10	)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/23/2026		1,284		—
AWP Group Holdings, Inc.	Revolver	12/23/2030		276		—
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	03/10/2027		1,400		(21	)
Accel International Holdings, Inc.	Revolver	04/26/2032		1,874		—
Accordion Partners, LLC	Revolver	11/17/2031		3,043		(12	)
Advarra Holdings, Inc.	Delayed Draw Term Loan	09/14/2026		41		(1	)
Alert Media, Inc.	Revolver	04/12/2027		4,266		(61	)
Amerilife Holdings, LLC	Delayed Draw Term Loan	06/17/2026		113		(1	)
Amerilife Holdings, LLC	Delayed Draw Term Loan	02/28/2027		3,375		(34	)
Amerilife Holdings, LLC	Revolver	08/31/2028		1,770		(18	)
Answer Acquisition, LLC	Revolver	06/30/2028		750		(64	)
Any Hour, LLC	Revolver	05/23/2030		308		(32	)
Apex Service Partners, LLC	Revolver	10/24/2029		1,304		—
Apollo Acquisition, Inc.	Delayed Draw Term Loan	06/04/2027		1,977		(27	)
Apollo Acquisition, Inc.	Revolver	12/30/2030		2,498		(35	)
Appfire Technologies, LLC	Delayed Draw Term Loan	06/28/2026		3,965		—
Appfire Technologies, LLC	Revolver	03/09/2028		167		—
Applitools, Inc.	Revolver	05/25/2028		433		(56	)
Aprio Advisory Group, LLC	Delayed Draw Term Loan	12/23/2027		1,342		(7	)
Aprio Advisory Group, LLC	Revolver	08/01/2031		78		—
Apryse Software Corp.	Revolver	06/28/2032		2,296		(42	)
Aptean, Inc.	Delayed Draw Term Loan	02/14/2027		3,446		—
Aptean, Inc.	Revolver	01/30/2031		1,220		—
Archduke Buyer, Inc.	Revolver	12/03/2032		274		(5	)
Arcoro Holdings Corp.	Revolver	03/28/2030		1,957		(44	)
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		249		(4	)
Ascend Partner Services, LLC	Revolver	08/11/2031		1,010		(15	)
Assembly Intermediate, LLC	Revolver	10/19/2027		2,074		—
Associations, Inc.	Delayed Draw Term Loan	07/03/2028		439		—
Associations, Inc.	Revolver	07/03/2028		678		—
Astra Service Partners, LLC	Delayed Draw Term Loan	11/26/2027		1,184		—
Atlas US Finco, Inc.	Revolver	12/11/2028		632		(6	)
AuditBoard, Inc.	Revolver	07/14/2031		4,229		(59	)
BCTO Bluebill Midco, Inc.	Revolver	07/30/2032		1,972		(39	)
Banyan Software Holdings, LLC	Delayed Draw Term Loan	10/08/2027		6,689		(50	)
Banyan Software Holdings, LLC	Revolver	01/02/2031		1,130		(8	)
Blue River PetCare, LLC	Delayed Draw Term Loan	02/11/2028		701		(2	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Blue River PetCare, LLC	Revolver	08/01/2029		115		(1	)
Bottomline Technologies, Inc.	Revolver	05/15/2028		267		—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	07/03/2026		100		—
Bullhorn, Inc.	Delayed Draw Term Loan	05/11/2026		172		(1	)
Bullhorn, Inc.	Revolver	10/01/2029		622		(3	)
CCI Buyer, Inc.	Revolver	05/13/2032		166		(3	)
CLEO Communications Holding, LLC	Revolver	06/09/2027		12,502		—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	04/04/2027		9,601		(72	)
COP Collisionright Parent, LLC	Revolver	01/29/2030		1,212		(9	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	08/27/2026		2,471		(10	)
CRCI Longhorn Holdings, Inc.	Revolver	08/27/2031		1,647		(6	)
Caerus US 1, Inc.	Revolver	05/25/2029		241		(1	)
Carr, Riggs and Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026		1,474		(11	)
Carr, Riggs and Ingram Capital, LLC	Revolver	11/18/2031		337		(3	)
Catalis Intermediate, Inc.	Revolver	08/04/2027		3,720		(47	)
Cerity Partners, LLC	Delayed Draw Term Loan	12/20/2027		1,539		—
Cerity Partners, LLC	Delayed Draw Term Loan	01/21/2027		191		—
Cerity Partners, LLC	Revolver	07/28/2031		224		—
Chase Intermediate, LLC	Delayed Draw Term Loan	04/10/2027		2,256		(42	)
Chase Intermediate, LLC	Revolver	10/30/2028		330		(6	)
Cliffwater, LLC	Revolver	04/22/2032		823		(12	)
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		(13	)
Consor Intermediate II, LLC	Delayed Draw Term Loan	11/10/2026		2,700		—
Consor Intermediate II, LLC	Revolver	05/12/2031		915		—
Coupa Holdings, LLC	Delayed Draw Term Loan	06/03/2027		1,085		—
Coupa Holdings, LLC	Revolver	02/27/2029		831		—
Cyara AcquisitionCo, LLC	Revolver	06/28/2029		313		(6	)
Cyber US Bidco, LLC	Delayed Draw Term Loan	01/02/2029		795		(14	)
Cyber US Bidco, LLC	Revolver	12/30/2032		349		(6	)
DA Blocker Corp.	Delayed Draw Term Loan	02/10/2027		2,204		(44	)
DA Blocker Corp.	Revolver	02/10/2032		705		(14	)
Deerfield Dakota Holding, LLC	Revolver	09/13/2032		2,057		(22	)
Diligent Corporation	Delayed Draw Term Loan	04/30/2026		4,118		(67	)
Diligent Corporation	Revolver	08/02/2030		2,141		(35	)
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		764		(6	)
E-Discovery AcquireCo, LLC	Revolver	08/29/2029		1,113		(23	)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	08/14/2026		5,881		(16	)
EVDR Purchaser, Inc.	Revolver	02/14/2031		2,411		(7	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Eclipse Buyer, Inc.	Delayed Draw Term Loan	09/06/2026		719		(5	)
Eclipse Buyer, Inc.	Revolver	09/08/2031		365		(3	)
Emburse, Inc.	Delayed Draw Term Loan	05/28/2027		658		(5	)
Emburse, Inc.	Revolver	05/28/2032		658		(5	)
Energy Labs Holdings Corp.	Delayed Draw Term Loan	05/24/2026		199		(3	)
Energy Labs Holdings Corp.	Revolver	04/07/2028		118		(2	)
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	Delayed Draw Term Loan	06/17/2026		4,773		(90	)
Essential Services Holding Corporation	Revolver	06/17/2030		1,790		(34	)
Everbridge Holdings, LLC	Delayed Draw Term Loan	07/02/2026		5,083		—
Everbridge Holdings, LLC	Revolver	07/02/2031		3,344		—
Express Wash Acquisition Company, LLC	Revolver	04/10/2031		112		(1	)
FLS Holding, Inc.	Revolver	12/17/2027		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	)
FORTIS Solutions Group, LLC	Revolver	10/15/2027		1,484		—
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	07/26/2027		25		—
Firebird Acquisition Corp, Inc.	Delayed Draw Term Loan	01/31/2027		1,471		—
Firebird Acquisition Corp, Inc.	Revolver	02/02/2032		1,000		—
Formstack Acquisition, Co.	Revolver	03/28/2030		1,728		(30	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan	02/26/2027		30		—
Foundation Risk Partners Corp.	Revolver	10/29/2029		5,451		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	08/09/2027		4,587		(113	)
Fullsteam Operations, LLC	Revolver	08/08/2031		1,529		(38	)
GC Waves Holdings, Inc.	Delayed Draw Term Loan	10/06/2027		2,603		(7	)
GC Waves Holdings, Inc.	Revolver	10/04/2030		271		(1	)
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/04/2027		956		(8	)
GPS Merger Sub, LLC	Revolver	10/02/2029		1,713		(14	)
GS AcquisitionCo, Inc.	Revolver	05/25/2028		1,174		(12	)
Galway Borrower, LLC	Delayed Draw Term Loan	02/07/2028		958		(2	)
Galway Borrower, LLC	Revolver	09/29/2028		1,372		(20	)
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		—
Goose Borrower, LP	Revolver	03/02/2033		329		(3	)
Granicus, Inc.	Delayed Draw Term Loan	07/31/2026		929		—
Granicus, Inc.	Revolver	01/17/2031		1,800		—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	06/28/2026		1,624		(6	)
HSI Halo Acquisition, Inc.	Revolver	06/28/2030		2,165		(9	)
Heartland Veterinary Partners, LLC	Delayed Draw Term Loan	11/08/2027		2,498		—

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 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		2,366		—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	09/30/2026		2,131		—
High Street Buyer, Inc.	Revolver	04/16/2027		2,136		(9	)
Hootsuite, Inc.	Revolver	05/22/2030		2,200		(50	)
Hyland Software, Inc.	Revolver	09/19/2029		1,741		(2	)
IG Investment Holdings, LLC	Revolver	09/22/2028		1,211		(3	)
IQN Holding Corp.	Revolver	05/02/2028		187		—
Icefall Parent, Inc.	Revolver	01/25/2030		507		—
Imagine 360, LLC	Delayed Draw Term Loan	09/20/2026		1,718		—
Imagine 360, LLC	Revolver	10/02/2028		1,064		—
Inhabitiq, Inc.	Delayed Draw Term Loan	01/11/2027		4,976		—
Inhabitiq, Inc.	Revolver	01/12/2032		3,110		—
Inszone Mid, LLC	Delayed Draw Term Loan	10/18/2027		3,070		(23	)
Inszone Mid, LLC	Revolver	11/30/2029		1,787		(13	)
Integrity Marketing Acquisition, LLC	Revolver	08/25/2028		353		—
Invictus Buyer, LLC	Delayed Draw Term Loan	06/03/2026		1,688		(4	)
Invictus Buyer, LLC	Revolver	06/03/2031		625		(2	)
Iris Buyer, LLC	Revolver	10/02/2029		1,001		(8	)
Iris Specialty Acquisiton, LLC	Delayed Draw Term Loan	11/20/2028		1,241		(9	)
Iris Specialty Acquisiton, LLC	Revolver	11/22/2032		844		(6	)
Jawbreaker Parent, Inc.	Delayed Draw Term Loan	04/20/2026		1,638		(16	)
Jawbreaker Parent, Inc.	Delayed Draw Term Loan	01/30/2029		660		(3	)
Jawbreaker Parent, Inc.	Revolver	01/31/2033		660		(7	)
Jeppesen Holdings, LLC	Revolver	11/01/2032		653		(7	)
Jonathan Acquisition Company	Revolver	05/11/2029		294		(5	)
KENG Acquisition, Inc.	Revolver	08/01/2029		1,171		(18	)
Kodiak Buyer, LLC	Delayed Draw Term Loan	07/26/2027		536		(1	)
Kodiak Buyer, LLC	Revolver	07/23/2032		429		(1	)
LHS Borrower, LLC	Revolver	09/04/2031		395		(7	)
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	02/17/2028		618		(5	)
LJ Avalon Holdings, LLC	Revolver	02/01/2029		1,435		—
LeadVenture, Inc.	Delayed Draw Term Loan	06/23/2027		994		(19	)
LeadVenture, Inc.	Revolver	06/23/2032		803		(15	)
LegitScript, LLC	Revolver	06/24/2028		2,333		(29	)
LogRhythm, Inc.	Revolver	07/02/2029		909		(55	)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	06/11/2027		726		(15	)
MAI Capital Management Intermediate, LLC	Revolver	08/29/2031		766		(15	)
MHE Intermediate Holdings, LLC	Revolver	07/21/2027		1,500		(8	)
MRI Software, LLC	Revolver	02/10/2028		1,300		(6	)
Magneto Components Buyco, LLC	Revolver	12/05/2029		2,529		—

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Majesco, Inc.	Revolver	01/07/2033		628		(2	)
ManTech International CP	Revolver	09/14/2028		507		—
Merative, LP	Delayed Draw Term Loan	09/30/2027		2,071		(10	)
Merative, LP	Revolver	09/30/2032		1,812		(9	)
Mobile Communications America, Inc.	Delayed Draw Term Loan	06/23/2027		683		—
Mobile Communications America, Inc.	Revolver	10/16/2029		960		—
Model N, Inc.	Delayed Draw Term Loan	06/26/2026		3,265		(30	)
Model N, Inc.	Revolver	06/27/2031		1,741		(16	)
Montana Buyer, Inc.	Revolver	07/22/2028		981		—
NDT Global Holding, Inc.	Delayed Draw Term Loan	06/04/2027		686		(10	)
NDT Global Holding, Inc.	Revolver	06/04/2032		582		(9	)
NSI Holdings, Inc.	Delayed Draw Term Loan	11/15/2026		1,316		—
NSI Holdings, Inc.	Revolver	11/17/2031		1,316		—
Nasuni Corporation	Revolver	09/10/2030		3,017		(48	)
Netwrix Corporation And Concept Searching, Inc.	Revolver	06/11/2029		431		(6	)
OEConnection, LLC	Delayed Draw Term Loan	12/26/2028		876		(20	)
OEConnection, LLC	Revolver	12/23/2032		231		(5	)
Oak Purchaser, Inc.	Delayed Draw Term Loan	08/30/2027		860		(17	)
Oak Purchaser, Inc.	Revolver	05/31/2028		522		(10	)
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		(37	)
PDI TA Holdings, Inc.	Revolver	02/03/2031		152		(3	)
PMA Parent Holdings, LLC	Revolver	01/31/2031		354		(4	)
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	04/08/2026		2,497		—
Pamlico Avant Holdings, LP	Revolver	12/31/2032		208		(3	)
Pareto Health Intermediate Holdings, Inc.	Revolver	06/01/2029		939		(2	)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028		3,577		—
PerkinElmer U.S., LLC	Delayed Draw Term Loan	10/25/2027		1,613		(12	)
Pound Bidco, Inc.	Delayed Draw Term Loan	04/24/2027		665		(5	)
Pound Bidco, Inc.	Revolver	02/01/2027		375		(3	)
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		(1	)
Railpros Parent, LLC	Delayed Draw Term Loan	05/24/2027		2,432		(18	)
Railpros Parent, LLC	Revolver	05/24/2032		1,737		(13	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	06/30/2026		78		(1	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	12/20/2027		2,742		(34	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Randy's Holdings, Inc.	Revolver	11/01/2029		854		(11	)
Raptor Merger Sub Debt, LLC	Revolver	04/01/2030		1,872		—
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	)
Recovery Point Systems, Inc.	Revolver	02/14/2028		4,000		—
Redwood Services Group, LLC	Delayed Draw Term Loan	01/03/2027		1,589		(12	)
Revalize, Inc.	Revolver	04/16/2029		46		(4	)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	03/30/2027		7,987		—
Ridge Trail US Bidco, Inc.	Revolver	03/31/2031		2,012		—
Riskonnect Parent, LLC	Revolver	12/07/2028		885		(4	)
RoadOne IntermodaLogistics	Revolver	12/29/2028		35		(2	)
Routeware, Inc.	Delayed Draw Term Loan	09/18/2026		1,131		(14	)
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	)
SV Newco 2, Inc.	Revolver	06/02/2031		6,670		(12	)
Saturn Borrower, Inc.	Delayed Draw Term Loan	01/24/2027		4,167		(89	)
Saturn Borrower, Inc.	Revolver	11/10/2028		1,388		(30	)
Securonix, Inc.	Revolver	04/05/2029		3,782		(579	)
Sherlock Buyer Corp.	Revolver	12/07/2029		1,286		(69	)
Smarsh, Inc.	Delayed Draw Term Loan	01/31/2027		953		(13	)
Smarsh, Inc.	Revolver	02/16/2029		632		(8	)
Spark Buyer, LLC	Delayed Draw Term Loan	10/15/2026		875		(74	)
Spark Buyer, LLC	Revolver	10/15/2031		241		(20	)
Specialty Pharma III, Inc.	Revolver	12/23/2032		418		(4	)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	04/28/2027		117		—
Spectrum Automotive Holdings Corp.	Revolver	06/29/2027		881		—
Stepping Stones Healthcare Services, LLC	Revolver	01/05/2033		625		(2	)
Superman Holdings, LLC	Revolver	08/29/2031		2,901		(22	)
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	06/29/2026		601		—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028		827		—
Suveto Buyer, LLC	Delayed Draw Term Loan	11/15/2026		146		—
Suveto Buyer, LLC	Revolver	09/09/2027		1,199		—
Sweep Purchaser, LLC	Revolver	06/30/2027		1,125		—
TA Polaris Buyer, Inc.	Delayed Draw Term Loan	12/12/2028		2,984		(44	)
TA Polaris Buyer, Inc.	Revolver	12/12/2032		1,297		(19	)
Tamarack Intermediate, LLC	Delayed Draw Term Loan	07/01/2027		2,440		(12	)
Tamarack Intermediate, LLC	Revolver	03/12/2029		1,853		(9	)
Tank Holding Corp.	Revolver	03/31/2028		800		(88	)
Thrive Buyer, Inc. (Thrive Networks)	Delayed Draw Term Loan	01/31/2027		2,268		(17	)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	02/02/2032		1,701		(13	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Tidi Legacy Products, Inc.	Revolver	12/19/2029		356		—
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2026		1,835		(28	)
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2027		550		(8	)
Transit Technologies, LLC	Revolver	08/20/2030		1,705		(26	)
Trintech, Inc.	Delayed Draw Term Loan	01/28/2028		2,284		(11	)
Trintech, Inc.	Revolver	01/28/2033		1,713		(17	)
Triple Lift, Inc.	Revolver	05/05/2028		4,000		(267	)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026		112		(1	)
Trunk Acquisition, Inc.	Revolver	02/19/2030		857		(4	)
Two Six Labs, LLC	Revolver	08/20/2027		2,134		(4	)
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026		1,865		(5	)
UHY Advisors, Inc.	Revolver	11/21/2031		286		(1	)
US Infra Svcs Buyer, LLC	Revolver	06/13/2028		150		(45	)
UpStack, Inc.	Delayed Draw Term Loan	08/23/2026		2,378		(30	)
UpStack, Inc.	Revolver	08/25/2031		1,125		(14	)
V Global Holdings, LLC	Revolver	01/02/2029		427		(40	)
VRC Companies, LLC	Revolver	06/29/2027		1,653		—
Vamos Bidco, Inc.	Delayed Draw Term Loan	01/30/2027		2,250		(56	)
Vamos Bidco, Inc.	Revolver	01/30/2032		675		(17	)
Vanco Payment Solutions, LLC	Revolver	12/01/2031		175		(4	)
Vehlo Purchaser, LLC	Revolver	05/24/2028		503		(9	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	03/06/2028		679		(4	)
Verdantas, LLC	Delayed Draw Term Loan	11/08/2026		622		(6	)
Verdantas, LLC	Revolver	05/06/2030		1,333		(12	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026		603		(13	)
Vertex Service Partners, LLC	Revolver	11/08/2030		107		(2	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	07/24/2026		212		(2	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	05/03/2028		1,093		(10	)
Vessco Midco Holdings, LLC	Revolver	07/24/2031		920		(9	)
Victors Purchaser, LLC	Delayed Draw Term Loan	12/23/2027		1,030		—
Victors Purchaser, LLC	Revolver	12/23/2032		846		—
WIPFLI Advisory, LLC	Delayed Draw Term Loan	04/01/2028		2,192		(22	)
WIPFLI Advisory, LLC	Revolver	10/01/2032		1,462		(15	)
World Insurance Associates, LLC	Revolver	04/03/2030		1,269		(4	)
YI, LLC	Revolver	12/03/2029		883		(1	)
Zarya Intermediate, LLC	Revolver	07/01/2027		3,128		(49	)
Zenith Acquisitionco, LLC	Delayed Draw Term Loan	01/13/2033		658		(2	)
Zenith Acquisitionco, LLC	Revolver	01/13/2033		259		(1	)
eShipping, LLC	Delayed Draw Term Loan	12/23/2027		1,075		(11	)
eShipping, LLC	Revolver	12/23/2032		504		(5	)
iCIMS, Inc.	Revolver	08/18/2028		39		(1	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
mPulse Mobile, Inc.	Delayed Draw Term Loan	08/26/2027		1,731		(48	)
mPulse Mobile, Inc.	Revolver	02/25/2033		2,596		(71	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated			$	446,991	$	(4,682	)
First Lien Debt — non-controlled/affiliated
Alpine Acquisition Corp. II	Delayed Draw Term Loan	01/14/2028		161		(2	)
Alpine Acquisition Corp. II	Revolver	01/14/2031		645		(31	)
KWOR Acquisition, Inc.	Delayed Draw Term Loan	02/28/2027		690		—
KWOR Acquisition, Inc.	Revolver	02/28/2030		506		—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated			$	2,002	$	(33	)
Total Unfunded Commitments			$	448,993	$	(4,715	)

(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 three months ended March 31, 2026 were as follows:


	Fair Value as of December 31, 2025		Gross Additions (c)		Gross Reductions (d)			Net Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Interest, Dividend and Other Income
KWOR Acquisition, Inc.(a)	$	4,789	$	68	$	(2,159	)	$	(672	)	$	—	$	2,026	$	78
Alpine Acquisition Corp. II(b)		—		8,095		—			—			—		8,095		75
Total	$	4,789	$	8,163	$	(2,159	)	$	(672	)	$	—	$	10,121	$	153

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

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

(c) 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.

(d) 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 three months ended March 31, 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 March 31, 2026		Interest, Dividend and Other Income
Capstone Lending LLC	$	—	$	94,532	$	—	$	(1,459	)	$	—	$	93,072	$	1,165
Total	$	—	$	94,532	$	—	$	(1,459	)	$	—	$	93,072	$	1,165

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.

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

(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


Interest Rate Swaps(a)(b(c)(d)
Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/ Receipts		Change in Unrealized Appreciation/ (Depreciation)
BNP Paribas	2029 Notes	6.41%	S + 2.37%	05/17/2029	$	350,000	$	4,134		—	$	(2,703	)
BNP Paribas	2030 Notes	6.25%	S + 2.54%	05/19/2030		350,000		789		—		(2,528	)
					$	700,000	$	4,923	$	—	$	(5,231	)

(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.

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

Table of Contents

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

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)


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

Table of Contents

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: 0001193125-26-211906


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Astra Service Partners, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.34%	11/26/2032	—			(5	)		(5	)		0.00
Atlas US Finco, Inc.	(6) (8) (12)	First Lien Debt	S +	4.75%	8.61%	12/09/2029		8,881		8,742			8,881			0.51
Atlas US Finco, Inc.	(6) (8) (12)	First Lien Debt	S +	4.75%	8.61%	12/10/2029		4,233		4,214			4,233			0.24
Atlas US Finco, Inc.	(6) (8) (12) (16)	First Lien Debt	S +	4.75%	8.61%	12/09/2028		—		(5	)		—			—
BPG Holdings IV Corp.	(6) (9)	First Lien Debt	S +	7.00% (incl. 5.00% PIK)	10.67%	07/30/2029		11,855		11,390			9,325			0.53
Consor Intermediate II, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.17%	05/12/2031		6,834		6,786			6,826			0.39
Consor Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	05/12/2031	—			(19	)		(3	)		0.00
Consor Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	05/12/2031		244		235			243			0.01
CRCI Longhorn Holdings, Inc.	(6) (7) (9)	First Lien Debt	S +	4.75%	8.47%	08/27/2031		9,784		9,700			9,784			0.56
CRCI Longhorn Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.47%	08/27/2031		—		(10	)		—			—
CRCI Longhorn Holdings, Inc.	(6) (9) (16)

Source: View Original Filing on SEC EDGAR

FAQ

What types of investments does MSDL hold in its portfolio?

MSDL holds a diversified portfolio of non‑controlled, non‑affiliated positions, mainly first lien debt, revolver and delayed draw term loan commitments, plus selected second lien debt, unsecured debt and preferred or common equity. These span software, health care, financial services, industrials and diversified consumer services.

What are typical interest rate terms on MSDL’s debt investments?

Many MSDL loans reference floating benchmarks such as S + 4.50% to S + 7.25% or P + 3.50% to P + 4.75%. Resulting stated interest rates often fall in the 8%–11% range, with some higher‑yield instruments, especially second lien or unsecured debt, carrying higher coupons.

How long‑dated are MSDL’s investment maturities and commitments?

MSDL’s first lien, second lien and other facilities generally have maturities and commitment expirations running from 2026 through 2033. This indicates a predominantly medium‑ to long‑term lending profile, with many individual loans and revolvers extending several years beyond the current reporting period.

Does MSDL use PIK features in its investments?

Yes. Several MSDL instruments include PIK (paid‑in‑kind) components, particularly in preferred equity and some higher‑yield loans. Examples include PIK or partly PIK rates such as 10.50%, 12.50% and 14.00%, allowing interest or distributions to accrue rather than be paid entirely in cash.

Which sectors feature prominently in MSDL’s credit exposures?

MSDL’s investments cover sectors such as software, IT services, health care providers, insurance services, commercial services and supplies, aerospace and defense, multi‑utilities and diversified consumer services. This sector mix reflects a focus on private, cash‑flow‑lending opportunities across business services and technology‑enabled industries.

What is the nature of MSDL’s revolver and delayed draw commitments?

MSDL has numerous revolver and delayed draw term loan commitments, each with a stated expiration date typically between 2026 and 2033. These facilities allow counterparties to borrow up to agreed limits over time, earning MSDL interest spreads over reference rates when drawn.

High‑yield private credit portfolio at MSDL (NASDAQ: MSDL) spans 2026–2033

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FAQ

What types of investments does MSDL hold in its portfolio?

What are typical interest rate terms on MSDL’s debt investments?

How long‑dated are MSDL’s investment maturities and commitments?

Does MSDL use PIK features in its investments?

Which sectors feature prominently in MSDL’s credit exposures?

What is the nature of MSDL’s revolver and delayed draw commitments?