[10-Q] Morgan Stanley Direct Lending Fund Quarterly Earnings Report

Rhea-AI Filing Summary

Morgan Stanley Direct Lending Fund (MSDL) filed its quarterly report, detailing a portfolio concentrated in floating‑rate first‑lien and selected second‑lien loans benchmarked primarily to SOFR, with some tied to Prime, CORRA, EURIBOR, and SONIA.

The update lists specific positions with current interest rates and maturities. Examples include Fullsteam Operations, LLC first‑lien debt at 12.91% (S + 8.25%) maturing 11/27/2029; Runway Bidco, LLC first‑lien debt at 9.00% (S + 5.00%) due 12/17/2031; and Smarsh, Inc. first‑lien debt at 8.75% (S + 4.75%) due 2/16/2029. The portfolio also includes revolvers and delayed‑draw term loans with stated expiration dates, such as Granicus, Inc. revolver expiring 1/17/2031 and Vessco Midco Holdings, LLC revolver expiring 07/24/2031.

Insights

BDC portfolio analyst

MSDL shows a broad, floating‑rate loan book with long maturities.

MSDL discloses numerous first‑lien loans priced off SOFR with stated spreads and current interest rates in the high single to low double digits. Examples include 12.91% (S + 8.25%) for Fullsteam Operations, due Nov 2029, and 9.00% (S + 5.00%) for Runway Bidco, due Dec 2031.

The portfolio mix also lists revolvers and delayed‑draw term loans with explicit expiration dates (e.g., Granicus revolver to Jan 2031), alongside select second‑lien positions. Benchmarks span SOFR, Prime, CORRA, EURIBOR, and SONIA.

Actual income and risk depend on borrower performance and benchmark levels; the document provides rates and maturities, not outcomes. Subsequent filings may provide additional portfolio totals or performance metrics.

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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/4/2030 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/2029 One2024-12-310001782524us-gaap:IPOMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/26/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 4/7/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/29/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-09-300001782524msdl:SecondLienDebtMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-12-310001782524msdl:Company10b51PlanMember2025-01-310001782524msdl:CORRAMember2025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-01-012025-01-310001782524msdl:Company10b51PlanMember2025-03-012025-03-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-01-012024-12-310001782524msdl:Company10b51PlanMember2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-12-310001782524msdl:SecondLienDebtMember2024-01-012024-09-300001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2024-01-012024-12-310001782524msdl:FirstLienDebtMember2023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/29/2030 One2025-09-300001782524msdl:BuildingProductsSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 7/14/2031 Two2024-12-310001782524us-gaap:PrimeRateMember2025-01-012025-09-300001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 7/24/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-01-012025-09-300001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-09-300001782524msdl:Company10b51PlanMember2024-01-012024-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 9.24% Maturity Date 12/26/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/2/2025 One2024-12-3100017825242025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/29/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/24/20302024-12-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:Company10b51PlanMember2025-07-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 12/05/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20302024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524msdl:DistributorsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PCX Holding Corp. Commitment Type Revolver Commitment Expiration Date 04/22/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.65% Maturity Date 3/18/20272024-12-310001782524msdl:ElectricalEquipmentSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/18/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 01/29/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 4/3/2028 One2024-12-310001782524us-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/19/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 6/2/2031 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 7/23/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/14/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20282024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/20252024-12-310001782524us-gaap:FairValueInputsLevel3Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.25% Maturity Date 5/25/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.89% Maturity Date 01/30/20312025-09-300001782524msdl:RestrictedSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/27/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-01-012024-12-310001782524msdl:FirstLienDebtMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/11/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/18/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 12.24% Maturity Date 10/28/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/29/20262025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 11.17% Maturity Date 3/10/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20252024-01-012024-12-310001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassBMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 7/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 03/28/2030 Two2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2025-09-300001782524msdl:BNPFundingFacilityMember2023-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 5/14/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-09-300001782524us-gaap:ChemicalsSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.13% Maturity Date 7/20/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 05/28/20322025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:A2030NotesMember2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-01-012025-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 11/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/30/2031 One2025-09-300001782524msdl:Company10b51PlanMember2025-05-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001782524Investments-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 11.16% Maturity Date 11/19/20272025-09-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/20/2030 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 9/22/20282024-12-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.58% Maturity Date 5/25/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 3/19/2027 Two2024-12-310001782524msdl:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/8/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 12.01% Maturity Date 4/13/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/2031 Two2025-09-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-05-192025-05-190001782524Investments-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 8.65% Maturity Date 06/04/2032 Two2025-09-300001782524msdl:TruistCreditFacilityMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/4/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292024-12-310001782524us-gaap:FairValueInputsLevel1Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 6/15/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.45% Maturity Date 03/02/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.76% Maturity Date 3/09/20282025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 12/22/20272024-12-310001782524msdl:SoftwareSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/20302024-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2025NotesMemberus-gaap:LineOfCreditMember2025-09-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20302024-01-012024-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-05-012025-05-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 12/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 10.25% Maturity Date 5/25/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/2026 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Commitment Type Revolver Commitment Expiration Date 9/9/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.68% Maturity Date 12/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 07/14/20312025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/29/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/03/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/30/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 3/28/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/3/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/20/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/2030 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272024-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 10.20% Maturity Date 10/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 3/31/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 986.00% Maturity Date 7/25/20292024-12-310001782524msdl:Company10b51PlanMember2025-06-012025-06-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20252024-01-012024-12-310001782524msdl:AirFreightAndLogisticsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.04% Maturity Date 4/05/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 6/29/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 06/21/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 5/2/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 10/15/2031 Two2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2022-02-110001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeRateQuarterlyCatchUpThresholdMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.86% Maturity Date 1/25/2030 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 12/05/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.17% Maturity Date 03/01/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/15/2031 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 12.01% Maturity Date 4/13/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.76% Maturity Date 06/09/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 6/21/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 4/28/20282024-01-012024-12-3100017825242025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 4/22/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.17% Maturity Date 03/01/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 6/23/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.39% Maturity Date 09/01/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 12/29/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 9/18/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 10/31/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20282025-01-012025-09-300001782524msdl:O2025M2AggregateDividendsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 05/22/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/09/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date 09/05/20242024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/20312025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassDMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/25/20292024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/16/20252024-01-012024-12-310001782524msdl:SecondLienDebtMember2023-12-310001782524Investments-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 03/29/20242024-01-012024-12-310001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.04% Maturity Date 4/05/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 04/05/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/20272025-01-012025-09-300001782524msdl:BuildingProductsSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 5/12/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/23/20272024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherSecurityInvestmentsUnsecuredDebtMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 09/10/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 5/24/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 9.75% Maturity Date 06/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 5/22/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 03/12/20292025-09-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272025-01-012025-09-300001782524msdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 4/2/20312024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 11/21/212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 8/25/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.26% Maturity Date 12/30/20262025-09-300001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 Two2024-12-310001782524msdl:BNPFundingFacilityMember2022-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/28/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.71% Maturity Date 4/13/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 08/25/2028 One2024-12-310001782524msdl:AutomobileComponentsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-12-310001782524msdl:FirstLienDebtMember2024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 4/7/20282024-12-310001782524msdl:InterestRateFloorThreeMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Nellson Nutraceutical, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.40% Maturity Date 12/23/20252024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-09-300001782524msdl:HealthCareProvidersServicesSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-01-012024-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524msdl:IndustrialConglomeratesSectorMember2025-09-300001782524Investments First Lien Debt - non-controlled/non-affiliated Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.81% Maturity Date 01/25/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 9/9/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.38% Maturity Date 7/22/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-12-3100017825242025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 12.01% Maturity Date 4/13/20272024-12-310001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001782524msdl:Company10b51PlanMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 3/28/2030 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 12/17/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 3/1/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.01% Maturity Date 10/4/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/12/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 9/8/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/31/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investments First Lien Debt Reference Rate and Spread C + 4.75% Interest Rate 7.72% Maturity Date 12/15/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/17/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 6/29/2028 One2024-12-3100017825242024-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 11.46% Maturity Date 1/4/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 8/27/20312025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateAnnualizedCatchUpThresholdMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 1/31/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 10/2/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212025-09-300001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/25/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Revolver Commitment Expiration Date 6/25/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/4/2027 One2024-12-310001782524msdl:MachinerySectorMember2024-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 06/02/2026 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/16/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-09-300001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/5/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 2/14/2031 One2025-09-300001782524msdl:FirstLienDebtMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/20272024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524msdl:HealthCareTechnologyMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 1/17/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.65% Maturity Date 04/16/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.06% Maturity Date 01/17/20312025-09-300001782524msdl:O2024M8AggregateDividendsMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/2027 Two2025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2024-01-012024-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-09-300001782524msdl:FirstLienDebtMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/1/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/26/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-01-012025-09-300001782524us-gaap:RelatedPartyMember2024-01-262024-01-260001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturity Date 04/22/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/23/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 7/30/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/31/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/29/20262024-12-310001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 12/17/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/5/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/20282025-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/15/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.57% Maturity Date 12/7/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2027 One2024-01-012024-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 9/30/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/14/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/6/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-01-012025-09-300001782524msdl:VariableRateComponentTwoMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 3/28/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-01-012025-09-300001782524msdl:A2027NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-12-310001782524country:US2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282025-01-012025-09-300001782524msdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/2032 Two2025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/24/20262024-12-310001782524us-gaap:FoodAndBeverageSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/12/20312024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 12/19/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/14/2028 One2024-12-310001782524msdl:SecondLienDebtMember2025-06-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 8/27/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 4/7/2028 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/23/20262024-01-012024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/8/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/01/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 One2024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 11.39% (incl. 6.39% PIK) Interest Rate 11.29% Maturity Date 03/18/20272025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 9/22/2028 One2024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 6/23/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 2/14/20312024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/20322025-09-300001782524msdl:DistributorsSectorMember2025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 6/21/20302024-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 9/4/20312025-09-300001782524Investments-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 9.83% Maturity Date 4/01/2029 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2022-09-130001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 4/4/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.08% Maturity Date 07/03/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/13/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 3/19/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/15/20272024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-01-012024-09-300001782524msdl:VariableRateComponentOneMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread S + 10.00% Acquisition Date 12/14/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/01/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/3/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 6/30/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/20322025-09-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/20/20262024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 03/28/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/5/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.47% Maturity Date 12/10/2026 Two2024-12-310001782524msdl:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 9/8/20312024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/26/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/11/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 6/29/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Majesco Commitment Type Revolver Commitment Expiration Date 9/21/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/8/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 3/28/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 7/3/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 06/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/22/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/8/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-01-012025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 One2025-09-300001782524us-gaap:SubsequentEventMember2025-11-042025-11-040001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001782524msdl:O2024M5AggregateDividendsMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 1/22/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/17/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 11.74% Maturity Date 10/05/20262024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.26% Maturity Date 6/15/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investments First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/8/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/17/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/1/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/10/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/20292024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001782524msdl:ConstructionAndEngineeringSectorMember2025-09-3000017825242024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 3/28/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 4/10/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/2028 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-01-012025-09-300001782524us-gaap:RelatedPartyMember2025-01-012025-09-300001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/9/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/19/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 10/30/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-01-012024-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-04-012024-06-3000017825242024-07-012024-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Reorganized Mobileum Acquisition Co, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 5.00% PIK) Interest Rate 10.45% Maturity Date 9/11/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/04/20302025-09-300001782524msdl:AutomobilesSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. (Fortra LLC) Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.44% Maturity Date 11/19/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 4/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.79% Maturity Date 7/21/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/1/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/15/20272024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/03/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/29/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 3/19/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/20282024-12-310001782524us-gaap:FairValueInputsLevel12And3Member2024-12-310001782524msdl:BiotechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/27/2031 One2024-12-310001782524Investments-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 9.25% Maturity Date 5/23/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.76% Maturity Date 3/09/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/18/20262025-01-012025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2029 Notes Company Receives 6.41% Company Pays S + 2.37% Maturity Date 5/17/20292024-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/2/2028 Two2024-12-310001782524msdl:A2029NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 06/21/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/2/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 9/14/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20262024-12-310001782524us-gaap:FoodAndBeverageSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/2029 One2025-09-300001782524msdl:SecondLienDebtMember2024-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 10/29/2029 Two2024-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2027NotesMemberus-gaap:LineOfCreditMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.34% Maturity Date 04/03/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 6/30/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 6/25/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-01-012025-09-300001782524msdl:UnfundedDebtSecuritiesFirstLienMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 7/30/20292024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/27/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/14/20252024-01-012024-12-310001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20272025-09-300001782524us-gaap:TransportationSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.13% Maturity Date 7/20/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/20312024-12-310001782524msdl:HealthCareTechnologyMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 1/29/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20272024-12-310001782524us-gaap:TechnologySectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 8/29/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 11/8/2030 Two2024-12-310001782524msdl:TruistCreditFacilityMember2022-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/1/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/31/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 08/13/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 7/1/2031 One2024-12-310001782524msdl:SecondLienDebtMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/29/2031 One2025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:SecondLienDebtMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/7/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/20292024-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 05/12/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 7/15/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 6/29/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.67% Maturity Date 11/24/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 8/29/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/20312025-09-300001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 08/20/2027 One2025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 7/14/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 4/3/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.59% Maturity Date 6/29/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 2/1/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20272025-01-012025-09-300001782524us-gaap:IPOMember2024-01-262024-01-260001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 9.58% Maturity Date 12/28/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 13/12/20242025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 9/9/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/20292025-09-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodIncentiveFeeRateRealizedCapitalGainsMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282024-01-012024-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 1/22/20272024-01-012024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/16/2029 One2025-09-3000017825242024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 8/29/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/20/20312025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-01-012024-03-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/24/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/26/20262024-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.36% Maturity Date 9/19/20292024-12-310001782524Debt Investments - non-controlled/affiliated Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/28/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 04/04/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/1/20252024-12-310001782524Investments-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 9.25% Maturity Date 5/23/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 11/17/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/01/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 4/04/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-09-300001782524msdl:SONIAMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/25/20272025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.79% Maturity Date 7/21/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/03/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/31/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/04/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/8/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/19/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RFS Opco, LLC Commitment Type Revolver Commitment Expiration Date 4/4/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 02/24/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Revolver Commitment Expiration Date 6/21/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/21/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. First Lien Debt Reference Rate and Spread S + 6.00% (incl. 3.73% PIK) Interest Rate 10.33% Maturity Date 09/08/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/2028 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 1/2/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 04/23/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-09-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 7/30/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/26/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors Avalara, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 3/19/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 7/30/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.93% Maturity Date 10/13/2028 One2024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/20/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.77% Maturity Date 3/2/20282024-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 8/28/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/3/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 04/26/2032 One2025-09-300001782524msdl:AutomobilesSectorMember2024-12-310001782524msdl:TruistCreditFacilityMember2021-12-310001782524msdl:Company10b51PlanMember2025-07-012025-07-310001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 08/29/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2027 One2024-12-310001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 08/31/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/24/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/24/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/12/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20272024-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2024-12-310001782524msdl:AugustOneToAugustThirtyOneTwoThousandTwentyFourMembermsdl:Company10b51PlanMember2024-08-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212024-12-310001782524msdl:O2024M2AggregateDividendsMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/5/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 08/08/20312025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/2029 One2025-09-300001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 8/15/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 6/30/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/02/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/27/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20262025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 11.39% (incl. 6.39% PIK) Interest Rate 11.29% Maturity Date 03/18/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/2030 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/12/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/1/20252024-01-012024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.04% Maturity Date 03/31/20282025-09-3000017825242024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 9/8/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20262024-01-012024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 3/31/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Revalize, Inc. Commitment Type Revolver Commitment Expiration Date 4/15/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 08/04/20272025-09-300001782524msdl:AtTheMarketATMOfferingMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 7/1/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20272025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-09-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 06/12/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-01-012024-12-310001782524msdl:A2027NotesMember2023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ARI Network Services, Inc. Commitment Type Revolver Commitment Expiration Date 8/28/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/5/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.38% Maturity Date 8/18/2028 One2024-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/28/2028 One2024-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.73% Maturity Date 8/12/2026 One2024-12-310001782524msdl:A2025NotesMember2022-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/20272025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 4/22/2027 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/09/2032 Two2025-09-300001782524Investments-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 10.99% Maturity Date 12/18/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 01/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/1/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/1/2030 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-09-300001782524Investments-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 10.44% Maturity Date 4/3/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312024-01-012024-12-310001782524msdl:InterestRateFloorOneMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 6/27/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-12-310001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/14/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/08/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 3/19/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/15/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 11.33% Maturity Date 5/5/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 04/26/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 2/1/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 9.58% Maturity Date 12/28/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 06/24/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/27/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.76% Maturity Date 06/09/20272025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassBMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 5/12/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/5/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/23/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/11/20272025-01-012025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001782524msdl:ElectricalEquipmentSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/27/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/03/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 9/18/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/20272025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.63% Maturity Date 08/15/2031 One2025-09-300001782524msdl:CommercialServicesAndSuppliesSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/20292025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/24/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. 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Commitment Type Revolver Commitment Expiration Date 10/01/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-09-300001782524msdl:BNPFundingFacilityMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 2.00% PIK) Interest Rate 11.65% Maturity Date 3/18/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. 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Commitment Type Revolver Commitment Expiration Date 04/26/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 7/2/2029 One2025-09-300001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturity Date 04/22/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/04/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/09/2026 One2025-09-300001782524msdl:Company10b51PlanMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 05/22/20302025-09-300001782524us-gaap:ConsumerSectorMember2024-12-310001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. 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Commitment Type Revolver Commitment Expiration Date 08/26/20322025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 10/30/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.96% Maturity Date 08/21/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/10/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 2/19/20302024-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524msdl:AtTheMarketATMOfferingMember2025-03-282025-03-280001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Revolver Commitment Expiration Date 04/12/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.10% Maturity Date 12/22/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282024-01-012024-12-310001782524msdl:PharmaceuticalsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/20282024-01-012024-12-310001782524msdl:InterestRateFloorOneMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/20312025-09-300001782524KWOR Acquisition, Inc.2025-09-300001782524msdl:Company10b51PlanMembermsdl:SeptemberOneToSeptemberThirtyTwoThousandTwentyFourMember2024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 08/31/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/26/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 8/21/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 07/28/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/15/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Avalara, Inc. Commitment Type Revolver Commitment Expiration Date 10/19/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 11/18/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. 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Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/20262024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2029NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 4/23/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/20282024-12-310001782524msdl:Company10b51PlanMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-01-012024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 3/13/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.66% Maturity Date 02/01/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 12/2/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/18/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/20322025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/1/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/26/20262025-09-300001782524msdl:DistributorsSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/26/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 5/5/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 8/2/2030 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.95% Maturity Date 08/31/20292025-09-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/6/20312024-12-310001782524Investments-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 3/12/20342024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 7/2/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-09-300001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/20292025-01-012025-09-300001782524msdl:WirelessTelecommunicationServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 06/02/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 986.00% Maturity Date 7/25/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/27/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 5/5/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 8/2/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 3/9/20282024-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:FirstLienDebtMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 7/29/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Revolver Commitment Expiration Date 11/10/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/22/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.26% Maturity Date 12/30/2026 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 8/5/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Common Equity Acquisition Date 05/03/20242025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 07/07/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 9/22/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 6/9/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 11/21/20312025-09-300001782524msdl:Company10b51PlanMember2025-02-012025-02-270001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262024-01-012024-12-310001782524msdl:InterestRateFloorTwoMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/2/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Project Boost Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 5/2/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 5/26/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 8.11% Maturity Date 10/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272024-01-012024-12-310001782524msdl:A2029NotesMember2024-05-272024-05-270001782524msdl:UnfundedDebtSecuritiesMember2025-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/01/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 9/6/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date Rate and Spread 12.50% PIK09/05/20242025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/24/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 3/28/20302024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.47% Maturity Date 10/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 02/14/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312024-12-310001782524msdl:SecondLienDebtMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/25/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 6/28/20292024-12-310001782524msdl:O2025M5AggregateDividendsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/2029 Two2024-12-310001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/30/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.48% Maturity Date 10/16/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/4/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/09/20322025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.08% Maturity Date 2/16/2029 One2024-12-310001782524us-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 11.00% Maturity Date 11/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 3/31/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 7/22/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/22/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PCX Holding Corp. Commitment Type Revolver Commitment Expiration Date 04/22/20272025-09-300001782524Investments-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 11.08% Maturity Date 07/03/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 09/09/20272025-09-300001782524msdl:AugustOneToAugustThirtyOneTwoThousandTwentyFourMembermsdl:Company10b51PlanMember2024-08-012024-08-310001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 02/27/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 01/17/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services SDB Holdco, LLC Investment Common Equity Acquisition Date 03/29/20242025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investments First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.91% Maturity Date 6/30/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investments Second Lien Debt Maturity Date 3/12/20342025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 08/15/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20272024-12-310001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/13/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/20252025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/2/2030 One2025-09-300001782524Interest Rate Swaps2025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/10/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 2/14/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/25/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/14/20252024-12-310001782524msdl:Company10b51PlanMember2025-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.79% Maturity Date 12/26/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.71% Maturity Date 4/13/2027 One2025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/20282025-09-300001782524us-gaap:CashMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 3/5/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.81% Maturity Date 09/13/20322025-09-300001782524msdl:ConstructionAndEngineeringSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/27/2031 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 2/2/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 06/28/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/31/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/03/20262025-01-012025-09-300001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.33% Maturity Date 4/9/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 6/29/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/22/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20272025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20252024-12-310001782524msdl:JulyOneToJulyThirtyOneTwoThousandTwentyFourMembermsdl:Company10b51PlanMember2024-07-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/20322025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 3/9/20282024-12-310001782524msdl:A2030NotesMember2025-05-192025-05-190001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/3/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 Two2024-12-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.23% Maturity Date 6/11/20272024-12-310001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.13% Maturity Date 7/20/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LHS Borrower, LLC Investment Common Equity Acquisition Date 09/04/20252025-09-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/17/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Donuts, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.49% Maturity Date 12/29/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/17/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 07/22/20282025-09-300001782524msdl:ConsumerStaplesDistributionAndRetailMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reorganized Mobileum Grandparent, LLC Investment Common Equity Acquisition Date 09/12/242024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 03/25/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.66% Maturity Date 07/02/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.73% Maturity Date 8/12/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 6.50% PIK) Interest Rate 12.08% Maturity Date 5/05/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software PDFTron Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 7/14/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262024-01-012024-12-310001782524Interest Rate Swaps2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Revolver Commitment Expiration Date 12/20/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 4/22/2027 One2024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 12/09/2026 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 12.25% Maturity Date 4/5/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.00% PIK) Interest Rate 10.65% Maturity Date 11/30/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.98% Maturity Date 01/27/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Magnolia Wash Holdings Commitment Type Revolver Commitment Expiration Date 7/14/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/20/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 06/24/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 8/25/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/20262025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/27/20262024-12-310001782524msdl:UtilitiesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.81% Maturity Date 09/13/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/17/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.57% Maturity Date 12/7/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services mPulse Mobile, Inc. Investment Common Equity Acquisition Date 12/17/20212025-09-300001782524msdl:ProfessionalServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 8/2/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/12/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/20272024-01-012024-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 7/6/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/10/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 12/17/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 02/03/20312025-09-300001782524us-gaap:FinancialServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-01-012025-09-300001782524country:CA2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/20282025-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/20302025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 4/14/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 09/29/2028 One2024-12-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/6/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/29/2030 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 7/26/2032 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.79% Maturity Date 12/26/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 01/02/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies United Flow Technologies Intermediate Holdco II, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 6/23/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/29/20262024-12-310001782524msdl:FirstLienDebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252025-09-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.66% Maturity Date 07/02/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 3/19/20272024-01-012024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.37% Maturity Date 9/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/03/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/29/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/31/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/2/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Optimizely North America, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 10/19/20282024-12-310001782524msdl:InterestRateFloorThreeMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-12-310001782524us-gaap:EquitySecuritiesMember2024-12-310001782524msdl:OtherDebtInvestmentsMember2024-01-012024-09-300001782524msdl:InteractiveMediaAndServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDI TA Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.73% Maturity Date 4/22/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.65% Maturity Date 04/16/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.98% Maturity Date 8/4/2027 Two2024-12-310001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 12/30/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/27/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 10/16/20282025-09-300001782524country:GB2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.71% Maturity Date 12/15/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/08/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 12/14/20212025-09-300001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/10/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. 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Foy & Associates Insurance Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/23/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 11/30/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.42% Maturity Date 12/22/20252024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/2027 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.44% Maturity Date 9/1/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-01-012025-09-300001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles ARI Network Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.95% Maturity Date 06/11/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-12-310001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentTwoMembermsdl:TruistCreditFacilityMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 7/30/2029 One2024-12-310001782524msdl:O2025M8AggregateDividendsMember2025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.80% Maturity Date 12/11/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/20262025-09-300001782524msdl:A2030NotesMember2025-09-300001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Potter Buyer, LLC Commitment Type Revolver Commitment Expiration Date 04/23/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 12/23/2030 One2024-12-310001782524msdl:InterestRateSwapSeries2030NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/27/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/20292025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.20% Maturity Date 08/31/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.26% Maturity Date 8/31/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 10.09% Maturity Date 8/2/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.27% Maturity Date 10/27/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 02/24/20312025-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/28/20272025-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2024-01-012024-03-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.32% Maturity Date 6/17/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.32% Maturity Date 5/15/20282024-12-310001782524us-gaap:EquitySecuritiesMember2025-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.53% Maturity Date 08/18/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 9.75% Maturity Date 06/28/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 7/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.08% Maturity Date 4/12/20272024-12-310001782524us-gaap:FairValueInputsLevel3Member2024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/21/20262024-12-310001782524us-gaap:EquitySecuritiesMember2024-12-310001782524msdl:BiotechnologySectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 9/30/20312024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Common Equity Acquisition Date 09/09/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 12/30/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/8/20262024-01-012024-12-310001782524Investments-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 9.24% Maturity Date 12/26/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/14/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.67% Maturity Date 11/24/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/20292024-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/19/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 6/25/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/2030 One2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investments First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.85% Maturity Date 12/8/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 6/28/2029 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Unsecured Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 6/18/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Continental Battery Company Investment Common Equity Acquisition Date 07/16/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/01/20292025-09-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/30/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Merative LP Commitment Type Revolver Commitment Expiration Date 09/30/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.91% Maturity Date 10/19/20282025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 3/10/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 10/13/2027 One2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-190001782524msdl:SecondLienDebtMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.29% Maturity Date 10/13/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.70% Maturity Date 07/01/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.53% Maturity Date 08/18/2028 One2025-09-300001782524us-gaap:BaseRateMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMembermsdl:InterestRatePeriodOneMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 09/19/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/01/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272024-12-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.81% Maturity Date 2/3/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/14/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312024-01-012024-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2024-12-3100017825242023-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-09-300001782524Investments-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 9.65% Maturity Date 6/17/20312024-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 05/22/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.86% Maturity Date 7/2/2029 One2024-12-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2030NotesMember2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 2/1/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Biotechnology GraphPad Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/30/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/1/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 08/02/2030 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/7/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 10/24/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 08/11/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.84% Maturity Date 3/9/2028 One2024-12-310001782524msdl:CLO2025-1NotesMember2025-09-300001782524msdl:InteractiveMediaAndServicesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 06/03/20312025-09-300001782524Counterparty BNP Paribas Hedged Instrument 2030 Notes Company Receives 6.25% Company Pays S + 2.54% Maturity Date 5/19/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/5/20262024-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.84% Maturity Date 3/9/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/5/20252024-12-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.25% Maturity Date 05/05/20282024-12-310001782524msdl:O2024M1AggregateDividendsMember2024-01-012024-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 08/25/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 8/27/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 01/02/2031 Two2025-09-300001782524msdl:PharmaceuticalsSectorMember2025-09-300001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 12/10/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 9/29/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 5/24/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-01-012025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investments First Lien Debt Reference Rate and Spread S + 5.75% PIK Interest Rate 9.91% Maturity Date 6/30/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524country:AU2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 6/3/2031 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/10/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-01-012024-12-3100017825242025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 06/21/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/2027 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/30/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 05/06/20302025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-04-300001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/20282025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/2028 Two2025-09-300001782524msdl:HealthCareProvidersServicesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.77% Maturity Date 4/2/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 01/12/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 5/6/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Revolver Commitment Expiration Date 03/09/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/20292025-09-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 1.50% PIK) Interest Rate 10.33% Maturity Date 12/5/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 08/25/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262025-09-300001782524msdl:FirstLienDebtMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 9/15/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Ground Penetrating Radar Systems, LLC Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 4/2/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 2/27/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Revolver Commitment Expiration Date 12/19/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/25/2029 One2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.70% Maturity Date 08/31/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/20302025-09-300001782524us-gaap:CashMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 11/1/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 One2025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMember2025-09-300001782524msdl:BNPFundingFacilityMember2021-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 4/10/2031 One2025-09-300001782524msdl:FoodProductsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/18/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.70% Maturity Date 8/29/2029 One2024-12-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/10/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/20302024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/2/2031 One2024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 9/10/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.89% Maturity Date 08/05/2028 One2025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.24% Maturity Date 11/18/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LUV Car Wash Investment Common Equity Acquisition Date 04/06/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 7/20/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 3/12/2029 One2025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 2/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.57% Maturity Date 9/22/20282024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 7/26/20322025-09-300001782524country:US2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 11.96% Maturity Date 10/28/20282025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/23/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/20312025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.54% Maturity Date 04/12/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-01-012025-09-300001782524Investments First Lien Debt - non-controlled/non-affiliated Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/20312025-01-012025-09-300001782524Investments-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 11.00% Maturity Date 7/29/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/27/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Revolver Commitment Expiration Date 3/28/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 5/23/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/28/2028 Two2024-12-310001782524msdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20262024-12-310001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 05/13/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/2029 One2025-09-300001782524msdl:A2027NotesMember2022-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services LHS Borrower, LLC Investment Common Equity Acquisition Date 09/04/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 5/26/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 4/7/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 8/20/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/2032 Two2025-09-300001782524us-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.66% Maturity Date 07/20/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.83% Maturity Date 4/04/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-01-012025-09-300001782524msdl:FirstLienDebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 09/14/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.51% Maturity Date 12/09/20262024-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:OtherDebtInvestmentsMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2028 One2025-09-300001782524Investments-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 03/12/20362024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.32% Maturity Date 7/3/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 09/10/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt RoadOne IntermodaLogistics Commitment Type Revolver Commitment Expiration Date 12/29/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.84% Maturity Date 10/2/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.48% Maturity Date 08/08/2031 Three2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/26/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 7.65% (incl. 3.40% PIK) Interest Rate 12.11% Maturity Date 12/20/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/16/20272024-01-012024-12-310001782524us-gaap:IPOMember2024-01-260001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 7/2/2031 Two2024-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services CSC Thrive Holdings, LP (Thrive Networks) Investment Common Equity Acquisition Date 03/01/212024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:UnfundedDebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 4/7/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/10/20282025-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 4/03/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.45% Maturity Date 02/28/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.96% Maturity Date 08/21/2026 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/17/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. 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Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/28/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/30/20292024-01-012024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 7/25/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 5/23/2030 One2024-12-310001782524msdl:FirstLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/25/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 4/7/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/22/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/2030 Two2025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/15/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20252024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 8/18/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 1/2/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/11/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.17% Maturity Date 8/5/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Accelerate Parent, LLC Commitment Type Revolver Commitment Expiration Date 2/24/20312024-01-012024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 7/14/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 9/10/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 13/12/20242025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/20272025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kaseya, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 4.08% PIK) Interest Rate 11.48% Maturity Date 1/20/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.86% Maturity Date 2/1/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 6/29/20272024-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/1/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.66% Maturity Date 7/25/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.43% Maturity Date 12/22/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Peter C. Foy & Associates Insurance Services, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 11/01/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 7/22/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/23/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.58% Maturity Date 5/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.53% Maturity Date 2/1/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 06/28/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/09/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 8/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 3/31/2028 One2024-12-310001782524us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 10.34% Maturity Date 1/17/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pye-Barker Fire & Safety, LLC Commitment Type Revolver Commitment Expiration Date 05/24/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 07/22/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/02/20322025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2024-01-012024-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/29/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262025-09-300001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 4/15/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Other Debt Reference Rate and Spread S + 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/20312025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt YI, LLC Commitment Type Revolver Commitment Expiration Date 12/3/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/11/20262024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative LP Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 09/30/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.00% Maturity Date 11/08/2030 Two2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 02/01/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Common Equity Acquisition Date 05/12/20212024-12-310001782524msdl:FederalReserveBankOfNewYorkRateMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/24/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/15/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 9/4/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/31/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/21/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.77% Maturity Date 4/3/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 3/31/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/14/20292025-09-300001782524msdl:Company10b51PlanMember2024-01-250001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 01/30/2032 One2025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-01-012024-09-300001782524msdl:MachinerySectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.75% PIK) Interest Rate 12.34% Maturity Date 4/5/2028 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Revolver Commitment Expiration Date 12/28/20282025-09-300001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMembermsdl:SecondLienDebtMember2025-01-012025-09-300001782524us-gaap:InsuranceSectorMember2025-09-300001782524msdl:CIBCSubscriptionFacilityMember2020-12-310001782524us-gaap:ContainerAndPackagingSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/24/20252024-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 02/16/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.90% Maturity Date 8/20/2027 One2024-12-310001782524us-gaap:ChemicalsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/20312025-01-012025-09-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 3.50% Interest Rate 7.66% Maturity Date 4/4/2029 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.16% Maturity Date 12/11/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/21/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LUV Car Wash Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.74% Maturity Date 12/9/20262024-12-310001782524us-gaap:RelatedPartyMembermsdl:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-01-242024-01-240001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Encore Holdings, LLC Investment Common Equity Acquisition Date 11/21/212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 09/22/20282025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Kaseya, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 6/25/2029 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.13% Maturity Date 04/05/20292025-09-300001782524msdl:SoftwareSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Rights Investment Common Equity Acquisition Date 13/12/20242024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 04/01/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 07/25/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/23/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/19/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 06/29/2027 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 4/2/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 03/10/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/2028 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.26% Maturity Date 6/15/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Revolver Commitment Expiration Date 8/11/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors Bradyplus Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 10/31/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/21/20272025-09-300001782524country:AU2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investments First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 7.70% Maturity Date 12/28/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 09/22/2028 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Investment First Lien Debt Reference Rate and Spread S + 3.75% Interest Rate 11.25% Maturity Date 9/9/20272024-12-310001782524us-gaap:TechnologySectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 7/24/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 9/29/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/20312024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tidi Legacy Products, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/19/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.33% Maturity Date 4/23/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Revolver Commitment Expiration Date 06/29/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/2/20252024-01-012024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/3/20262024-12-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.97% Maturity Date 07/06/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 06/23/2032 One2025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense PCX Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.40% Maturity Date 04/22/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 10/1/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20292024-01-012024-12-310001782524msdl:OtherDebtInvestmentsMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/27/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/29/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 6/30/20272024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Investment Common Equity Acquisition Date 02/28/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 3/28/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-07-012025-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services FPG Parent, LLC Investment Common Equity Acquisition Date 07/25/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.75% Maturity Date 5/12/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Performance Health & Wellness Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.21% Maturity Date 7/12/20272024-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2025NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread 13.00% PIK Interest Rate 13.00% Maturity Date 5/23/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/01/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/09/20252025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-07-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 2/10/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 8.25% Interest Rate 12.91% Maturity Date 11/27/20292024-12-310001782524us-gaap:AerospaceSectorMember2025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 8/11/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 3/9/2028 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 1/31/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 08/01/20292025-01-012025-09-300001782524msdl:OtherDebtInvestmentsMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-01-012025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.86% Maturity Date 11/24/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Revolver Commitment Expiration Date 12/07/20282025-01-012025-09-300001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2025-01-012025-09-300001782524msdl:CLO2025-1DebtMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/12/20292024-01-012024-12-310001782524msdl:BiotechnologySectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.27% Maturity Date 8/15/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GI DI Cornfield Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/31/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 04/07/20282025-01-012025-09-300001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2025-06-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date 09/05/20242024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.11% Maturity Date 7/24/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Trunk Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 2/19/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 06/03/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 8/12/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 08/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 05/15/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 3/12/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.06% Maturity Date 01/29/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.53% Maturity Date 07/21/2027 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/14/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Electrical Equipment Sparkstone Electrical Group Investment Common Equity Acquisition Date 10/15/20242025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Financial Services Applitools, Inc. Investment Common Equity Acquisition Date 07/18/20252025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NSI Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/20282025-01-012025-09-300001782524KWOR Acquisition, Inc.2024-12-310001782524msdl:Company10b51PlanMember2025-09-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/31/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.90% Maturity Date 12/3/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/20292024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/2/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 2/10/2027 Two2024-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.14% Maturity Date 12/22/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 12/10/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/02/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.71% Maturity Date 4/13/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/03/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt PDFTron Systems, Inc. Commitment Type Revolver Commitment Expiration Date 7/15/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.30% Maturity Date 3/13/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 3/19/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 9/09/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hercules Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/17/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Helios Service Partners, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.26% Maturity Date 3/19/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 5/22/2030 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 8/29/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 9/21/20282025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Revolver Commitment Expiration Date 12/05/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 6/29/20272024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.27% Maturity Date 3/31/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PMA Parent Holdings, LLC Commitment Type Revolver Commitment Expiration Date 1/31/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 04/12/2032 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/20272024-01-012024-12-310001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2024-12-310001782524msdl:UnfundedDebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Project Boost Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/2/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/05/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 5/24/2032 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 10.97% Maturity Date 07/06/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.34% Maturity Date 04/03/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.51% Maturity Date 08/25/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.79% Maturity Date 7/21/2027 One2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:A2025NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.52% Maturity Date 08/25/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/9/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.68% Maturity Date 9/8/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/17/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 7/1/20272024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 07/03/20282025-01-012025-09-300001782524Investments-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 10.70% Maturity Date 07/01/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/20272024-12-310001782524msdl:TruistCreditFacilityMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 6/2/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition Co Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 05/28/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/20302024-12-310001782524msdl:BNPFundingFacilityMember2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/17/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.34% Maturity Date 3/13/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/20312025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2024-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2025-09-300001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 6/29/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 12/21/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 8/20/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 11/01/2029 One2025-09-300001782524msdl:A2025NotesMember2023-12-310001782524msdl:AtTheMarketATMOfferingMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.11% Maturity Date 6/24/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt United Flow Technologies Intermediate Holdco II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/21/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 10/19/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.52% Maturity Date 8/31/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/20252024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Aerospace & Defense PCX Holding Corp. Investment Common Equity Acquisition Date 04/22/20212024-12-310001782524msdl:OtherDebtInvestmentsMember2023-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.92% Maturity Date 06/11/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/20262024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/2030 Two2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-140001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 04/16/20272025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/20222024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 8/20/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Magnolia Wash Holdings Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.36% Maturity Date 7/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Verdantas, LLC Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/20242024-01-012024-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.75% Maturity Date 05/02/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.85% Maturity Date 3/2/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 2/3/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/20282024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 4/28/20282024-12-310001782524msdl:IndustrialConglomeratesSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 03/28/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Revolver Commitment Expiration Date 08/20/20302025-01-012025-09-300001782524us-gaap:PrimeRateMember2024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.39% Maturity Date 09/01/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 12/30/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread S + 16.25% PIK Interest Rate 16.25% Maturity Date 6/18/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 10/24/20302025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 6/11/20292024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMembersrt:MaximumMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 8/4/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.50% Maturity Date 5/14/20312025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/10/20262024-01-012024-12-310001782524msdl:Company10b51PlanMember2025-08-310001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Equity Rate and Spread 12.25% Acquisition Date 06/24/20222025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 9.31% Maturity Date 2/2/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 05/06/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.00% Maturity Date 4/9/2030 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 9/18/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Revolver Commitment Expiration Date 11/21/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.19% Maturity Date 10/19/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 5/6/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyCatchUpThresholdMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 11.00% Maturity Date 01/30/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/23/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 1.75% PIK) Interest Rate 9.00% Maturity Date 4/9/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.51% Maturity Date 8/20/2031 One2024-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Magneto Components Buyco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/5/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Suveto Buyer, LLC Investment Common Equity Acquisition Date 11/19/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 05/02/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/11/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 9/22/2028 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Encore Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.56% Maturity Date 10/2/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/04/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/31/20312024-01-012024-12-310001782524Investments-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 9.85% Maturity Date 12/15/20262025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentPreferredEquityMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/20282024-01-012024-12-310001782524msdl:InterestRateSwapSeries2029NotesMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 05/25/2029 Two2025-09-300001782524Investments-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 11.08% Maturity Date 07/03/2028 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 06/01/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Mobile Communications America, Inc. Commitment Type Revolver Commitment Expiration Date 10/16/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.08% Maturity Date 4/12/2027 One2024-12-310001782524msdl:SecondLienDebtMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/1/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2024-09-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 6/11/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/11/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Citrin Cooperman Advisors, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/13/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/30/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/20312025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/20242024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/29/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 8/25/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/03/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/7/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Sonny's Enterprises, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/5/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 07/14/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Interest Rate 11.09% Maturity Date 3/5/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/20292024-01-012024-12-310001782524msdl:AirFreightAndLogisticsSectorMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/1/20252024-12-310001782524msdl:A2029NotesMember2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2024-09-300001782524msdl:TruistCreditFacilityMember2025-09-300001782524msdl:UtilitiesSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.25% Maturity Date 8/2/20322025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.60% Maturity Date 10/13/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/20262024-01-012024-12-310001782524Investments-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 8.75% Maturity Date 02/03/2027 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 2/14/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Invictus Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 06/03/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/15/20262025-01-012025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 02/28/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 06/28/20322025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/2031 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 11.20% Maturity Date 3/02/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.65% Maturity Date 6/17/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Patriot Growth Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 10/16/20282024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.15% Maturity Date 02/19/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 5/24/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.14% Maturity Date 12/22/2027 One2025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/12/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Citrin Cooperman Advisors, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 10/1/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt PT Intermediate Holdings III, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/08/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 8/29/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.77% Maturity Date 2/1/2030 One2025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:ValuationYieldAnalysisMembermsdl:InvestmentsInUnsecuredDebtMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.78% Maturity Date 10/16/20292024-12-310001782524msdl:ConsumerStaplesDistributionAndRetailMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/02/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 2.25% PIK) Interest Rate 10.85% Maturity Date 6/28/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.94% Maturity Date 7/20/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.68% Maturity Date 12/17/20272024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Three2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 9/18/2031 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 4/03/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Unsecured Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.93% Maturity Date 07/24/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/20282024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.96% Maturity Date 6/9/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 06/23/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Mantech International CP Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 9/14/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Verdantas, LLC Commitment Type Revolver Commitment Expiration Date 5/6/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.56% Maturity Date 12/29/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.65% Maturity Date 06/04/2032 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Apollo Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/30/20282024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Inszone Mid, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-12-310001782524msdl:CIBCSubscriptionFacilityMember2021-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Redwood Services Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/5/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. 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Commitment Type Revolver Commitment Expiration Date 12/9/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.39% Maturity Date 12/03/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/30/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSi Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 11/15/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 9/18/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.31% Maturity Date 4/22/20322025-09-300001782524msdl:Company10b51PlanMember2025-08-012025-08-310001782524msdl:CORRAMember2024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/02/2028 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 9/15/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.75% Maturity Date 12/22/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments IT Services Recovery Point Systems, Inc. Investment Common Equity Acquisition Date 05/12/20212024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/20322025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/6/20262024-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 6/2/20312024-01-012024-12-310001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Tamarack Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 3/13/20282024-12-310001782524msdl:CLO2025-1SeniorSecuredDebtMember2025-09-300001782524msdl:FirstLienDebtMember2024-01-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.23% Maturity Date 06/12/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Pye-Barker Fire & Safety, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.83% Maturity Date 5/26/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 09/08/20312025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 08/13/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.78% Maturity Date 1/22/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.36% Maturity Date 8/28/20262024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-09-300001782524msdl:AutomobileComponentsSectorMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 02/10/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/24/20262025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.54% Maturity Date 04/12/2027 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-09-300001782524msdl:CommercialServicesAndSuppliesSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/24/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/29/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 11/27/20292024-01-012024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/06/20262025-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GraphPad Software, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/28/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/1/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.24% Maturity Date 6/30/2027 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.65% Maturity Date 2/23/20282025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Reveal Data Solutions Investment Common Equity Acquisition Date 08/29/20232025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services RSC Acquisition, Inc. First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 11/01/2029 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Helios Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 03/19/20272025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Peter C. Foy & Associates Insurance Services, LLC Commitment Type Revolver Commitment Expiration Date 11/1/20272024-01-012024-12-310001782524us-gaap:EquitySecuritiesMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/09/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 06/28/20292025-09-300001782524msdl:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/24/20252024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Mantech International CP Commitment Type Revolver Commitment Expiration Date 9/14/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.01% Maturity Date 7/1/2027 One2024-12-310001782524msdl:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Real Estate Management & Development Pritchard Industries, LLC Investment Common Equity Acquisition Date 10/13/20212025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/04/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 12/20/2028 Two2025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-09-300001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2024-01-012024-12-310001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 10.09% Maturity Date 1/29/2030 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 6/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Revalize, Inc. Investment Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 12/14/20212025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Software Diligent Corporation Investment Preferred Equity Reference Rate and Spread 10.50% Acquisition Date 04/05/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Promptcare Infusion Buyer, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/19/20252024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.83% Maturity Date 1/31/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.26% Maturity Date 11/21/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/1/20252024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.70% Maturity Date 5/24/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. 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Commitment Type Revolver Commitment Expiration Date 7/3/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/22/20252024-12-310001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/20/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services RFS Opco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 4/4/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. 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Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/20252024-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Tank Holding Corp. Commitment Type Revolver Commitment Expiration Date 03/31/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/20322025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/2031 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/20312024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Acquisition Date 09/09/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Ground Penetrating Radar Systems, LLC Commitment Type Revolver Commitment Expiration Date 4/2/20312024-01-012024-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. 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(Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 11.74% Maturity Date 10/05/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 12/23/2030 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 2/10/20322025-09-3000017825242024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 7/30/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/28/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/20292025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. 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Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.25% Maturity Date 12/28/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Superman Holdings, LLC Commitment Type Revolver Commitment Expiration Date 08/29/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/17/2031 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/20322025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging BP Purchaser, LLC Investment Common Equity Acquisition Date 12/10/20212024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/26/20262024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investments Second Lien Debt Maturity Date 3/12/20322025-09-300001782524country:GB2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 08/20/2027 Two2025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Containers & Packaging FORTIS Solutions Group, LLC Investment Preferred Equity Equity Acquisition Date 06/24/20222024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.44% Maturity Date 10/15/2031 One2025-09-300001782524msdl:RestrictedSecuritiesMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.81% Maturity Date 01/25/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.49% Maturity Date 4/15/2027 One2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/10/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.65% Maturity Date 8/04/2027 Two2025-09-300001782524us-gaap:FairValueInputsLevel12And3Member2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Lightspeed Buyer, Inc. 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First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/27/20312024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/2/20262024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/27/20262025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Food Products Pet Holdings, Inc. (Brightpet) Investment Common Equity Acquisition Date 03/22/20212025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 06/17/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/26/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Bradyplus Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20252025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 6/2/2031 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 06/09/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrum Automotive Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/28/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Riskonnect Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/1/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.17% Maturity Date 08/31/2029 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Victors Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 08/15/20312025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.10% Maturity Date 10/2/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. 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Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.28% Maturity Date 9/18/2031 One2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.45% Maturity Date 7/28/2028 Two2025-09-300001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/31/20272024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt NSi Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 11/15/20312024-01-012024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.60% (incl. 4.60% PIK) Interest Rate 11.30% Maturity Date 7/6/20282024-12-310001782524msdl:SecondLienDebtMembermsdl:DebtAndEquitySecuritiesRealizedGainLossMember2025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-07-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.90% Maturity Date 8/20/2027 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2024-12-310001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 12/9/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.08% Maturity Date 09/21/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 05/24/2028 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/25/20262025-09-300001782524Investments - non-controlled/affiliated First Lien Debt KWOR Acquisition, Inc. 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Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/14/20292025-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2025-01-012025-09-300001782524msdl:DebtAndEquitySecuritiesRealizedGainLossMembermsdl:OtherDebtInvestmentsMember2024-07-012024-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 11/17/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/18/20262025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.29% Maturity Date 07/02/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/20272024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 2/24/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 01/12/2032 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.16% Maturity Date 10/01/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 11.24% Maturity Date 8/21/2026 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 3/9/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 2.17% PIK) Interest Rate 10.86% Maturity Date 3/1/2028 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.33% Maturity Date 6/1/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.04% Maturity Date 10/16/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/20262025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.50% Maturity Date 05/15/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 11/23/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.50% Maturity Date 11/30/2029 Two2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.89% Maturity Date 01/30/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 05/25/20292025-01-012025-09-300001782524us-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Encore Holdings, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 11.50% Maturity Date 11/23/20272024-12-310001782524us-gaap:FairValueInputsLevel2Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/22/20272025-09-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateRealizedCapitalGainsMember2025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Acquisition Date Rate and Spread 12.50% PIK09/05/20242025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Recovery Point Systems, Inc. Commitment Type Revolver Commitment Expiration Date 8/12/20262024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Oak Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 4/28/20282024-12-310001782524Investments-non-controlled/affiliated Equity Investments Professional Services KWOR Intermediate I, Inc. Preferred Equity Reference Rate and Spread S + 8.00% PIK Acquisition Date 02/28/20252025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 07/26/20302025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 10/02/20292025-09-300001782524us-gaap:ContainerAndPackagingSectorMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.16% Maturity Date 08/13/20292025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spectrio, LLC Commitment Type Revolver Commitment Expiration Date 12/09/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/02/20282025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.29% Maturity Date 03/10/20272025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.37% Maturity Date 05/31/2028 Two2025-09-300001782524Investments-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 9.83% Maturity Date 4/01/20292024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.46% Maturity Date 10/27/20282024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Revolver Commitment Expiration Date 08/14/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 05/23/20302025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/16/20272024-12-310001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.59% Maturity Date 1/30/20312024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.30% Maturity Date 05/13/20322025-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Revolver Commitment Expiration Date 08/25/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20272025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.81% Maturity Date 08/01/2029 Two2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.85% Maturity Date 10/30/20262024-12-310001782524msdl:SecondLienDebtMember2024-06-300001782524Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 07/26/20272025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 2/14/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/20302024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.61% Maturity Date 8/13/2029 One2024-12-310001782524msdl:FirstLienDebtMembermsdl:DebtAndEquitySecuritiesUnrealizedGainLossMember2024-07-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/20262024-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.75% Maturity Date 07/20/2029 Two2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 04/14/20282024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Bullhorn, Inc. Commitment Type Revolver Commitment Expiration Date 10/1/20292024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/20282024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.76% Maturity Date 7/30/2029 Two2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/20262025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 5/25/2028 Two2024-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2025-09-300001782524Investments-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 9.32% Maturity Date 6/17/20312025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Montana Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 7/22/20282024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Knockout Intermediate Holdings I, Inc. Investment Preferred Equity Reference Rate and Spread 11.75% Acquisition Date 06/25/20222025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/20312025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.20% Maturity Date 8/25/20282025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/20292025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investments First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.15% Maturity Date 3/12/2029 Two2025-09-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-01-012024-03-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investments First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.51% Maturity Date 12/15/2028 One2025-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2024-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeCatchUpThresholdMember2024-01-012024-03-310001782524Investments-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 9.16% Maturity Date 09/19/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 9.21% Maturity Date 10/04/20302024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/20262024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.91% Maturity Date 07/22/20292025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.66% Maturity Date 9/15/2031 One2025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/20262025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Smarsh, Inc. Commitment Type Revolver Commitment Expiration Date 2/16/20292024-01-012024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments IT Services Atlas Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 5.50% PIK) Interest Rate 12.08% Maturity Date 5/05/20282025-09-300001782524us-gaap:EquitySecuritiesMember2024-01-012024-09-300001782524Investments-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 11.01% Maturity Date 7/1/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/20242025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.86% Maturity Date 2/14/2031 Two2024-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001782524Investments - non-controlled/non-affiliated First Lien Debt Assembly Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 02/09/242024-01-012024-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-12-310001782524msdl:DebtAndEquitySecuritiesUnrealizedGainLossMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 01/25/20302025-01-012025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 08/02/20322025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.45% Maturity Date 5/6/20302024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 10.18% Maturity Date 12/8/20272024-12-310001782524Investments-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 9.16% Maturity Date 09/19/20302025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/30/20262025-01-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Insurance Services Amerilife Holdings, LLC Investment Common Equity Acquisition Date 09/01/20222025-09-300001782524Investments - non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/15/20272024-12-310001782524Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/20232025-01-012025-09-300001782524Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.60% Maturity Date 09/18/2031 One2024-12-310001782524Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.58% Maturity Date 3/28/2030 One2024-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:A2027NotesMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-09-30iso4217:EURxbrli:purexbrli:sharesmsdl:Investmentiso4217:CADiso4217:GBPiso4217:USDxbrli:sharesiso4217:USD

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 September 30, 2025

OR

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

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)

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

1 (212) 761-4000

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

The number of shares of the registrant’s common stock, $0.001 par value, outstanding at November 5, 2025 was 86,811,205.

Table of Contents

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED September 30, 2025

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	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	110
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	120
Item 4.	Controls and Procedures	121
Part II. Other Information
Item 1.	Legal Proceedings	122
Item 1A.	Risk Factors	122
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	123
Item 3.	Defaults Upon Senior Securities	124
Item 4.	Mine Safety Disclosures	124
Item 5.	Other Information	124
Item 6.	Exhibits	125
SIGNATURES

2

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

		As of
		September 30, 2025				December 31, 2024
		(Unaudited)				(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,832,561 and $3,813,127)		$	3,770,818			$	3,791,494
Non-controlled/affiliated investments, at fair value (amortized cost of $5,161 and $0)			4,979				—
Total investments, at fair value (cost of $3,837,722 and $3,813,127)			3,775,797				3,791,494
Cash and cash equivalents (restricted cash of $3,820 and $2,000)			65,472				63,396
Investments in unaffiliated money market fund (cost of $10,051 and $8,976)			10,051				8,976
Deferred financing costs			17,892				16,498
Interest and dividend receivable from non-controlled/non-affiliated investments			29,848				30,554
Interest receivable from non-controlled/affiliated investments			46				—
Receivable for investments sold/repaid			14,836				470
Other assets			18,341				630
Total assets			3,932,283				3,912,018
Liabilities
Debt (net of unamortized debt issuance costs of $11,180 and $6,527)			2,072,400				1,973,479
Payable for investment purchased			—				192
Payable to affiliates (Note 3)			176				29
Distributions payable			43,499				53,229
Management fees payable			9,628				7,042
Income based incentive fees payable			9,281				8,956
Interest payable			22,157				21,205
Accrued expenses and other liabilities			3,531				5,730
Total liabilities			2,160,672				2,069,862
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; 86,811,212 and 88,511,089 shares issued and outstanding)			87				89
Paid-in capital in excess of par value			1,779,430				1,812,443
Distributable earnings (loss)			(7,906	)			29,624
Total net assets		$	1,771,611			$	1,842,156
Total liabilities and net assets		$	3,932,283			$	3,912,018
Net asset value per share		$	20.41			$	20.81

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

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income		$	93,477			$	105,129			$	282,171			$	298,832
Payment-in-kind income			3,969				2,150				11,973				7,644
Dividend income			685				670				1,929				1,881
Other income			1,467				1,803				4,337				4,684
From non-controlled/affiliated investments:
Interest income			36				—				106				—
Payment-in-kind income			88				—				174				—
Total investment income			99,722				109,752				300,690				313,041
Expenses:
Interest and other financing expenses			33,903				33,153				102,788				89,715
Management fees			9,628				9,100				28,870				25,969
Income based incentive fees			9,281				10,128				28,404				33,018
Professional fees			2,530				1,708				5,836				4,612
Directors’ fees			129				130				388				404
Administrative service fees			81				138				228				180
General and other expenses			38				120				348				279
Total expenses			55,590				54,477				166,862				154,177
Management fees waiver (Note 3)			—				(2,275	)			(641	)			(7,532	)
Incentive fees waiver (Note 3)			—				(1,680	)			(375	)			(4,542	)
Net expenses			55,590				50,522				165,846				142,103
Net investment income (loss) before taxes			44,132				59,230				134,844				170,938
Excise tax expense			402				501				1,229				1,437
Net investment income (loss) after taxes			43,730				58,729				133,615				169,501
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments			22				(10,965	)			609				(16,482	)
Foreign currency and other transactions			4				—				57				—
Net realized gain (loss)			26				(10,965	)			666				(16,482	)
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments			(15,909	)			5,442				(40,808	)			10,916
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments			(222	)			—				(182	)			—
Translation of assets and liabilities in foreign currencies			(24	)			—				76				—
Net unrealized appreciation (depreciation)			(16,155	)			5,442				(40,914	)			10,916
Net realized and unrealized gain (loss)			(16,129	)			(5,523	)			(40,248	)			(5,566	)
Net increase (decrease) in net assets resulting from operations		$	27,601			$	53,206			$	93,367			$	163,935
Net investment income (loss) per share (basic and diluted)		$	0.50			$	0.66			$	1.53			$	1.91
Earnings per share (basic and diluted)		$	0.32			$	0.60			$	1.07			$	1.85
Weighted average shares outstanding (basic and diluted)			86,844,648				89,264,686				87,476,954				88,633,994

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

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amount)

		For the Three Months Ended								For the Nine Months Ended
		September 30, 2025				September 30, 2024				September 30, 2025				September 30, 2024
Net assets at the beginning of period		$	1,790,299			$	1,861,961			$	1,842,156			$	1,721,151
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)			43,730				58,729				133,615				169,501
Net realized gain (loss)			26				(10,965	)			666				(16,482	)
Net change in unrealized appreciation (depreciation)			(16,155	)			5,442				(40,914	)			10,916
Net increase in net assets resulting from operations			27,601				53,206				93,367				163,935
Distributions to stockholders from:
Distributable earnings			(43,406	)			(53,443	)			(130,897	)			(142,594	)
Total distributions to stockholders			(43,406	)			(53,443	)			(130,897	)			(142,594	)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs(1)			(40	)			—				(163	)			95,847
Reinvestment of stockholder distributions			—				—				—				23,385
Repurchase of common stock			(2,843	)			(8,002	)			(32,852	)			(8,002	)
Net increase (decrease) in net assets resulting from capital transactions			(2,883	)			(8,002	)			(33,015	)			111,230
Total increase (decrease) in net assets			(18,688	)			(8,239	)			(70,545	)			132,571
Net assets at end of period		$	1,771,611			$	1,853,722			$	1,771,611			$	1,853,722
Distributions per share		$	0.50			$	0.60			$	1.50			$	1.60

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

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

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

		For the Nine Months Ended
		September 30, 2025				September 30, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$	93,367			$	163,935
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			40,990				(10,916	)
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies			(76	)			—
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes			(30	)			(33	)
Net realized (gain) loss on investments			(609	)			16,482
Net realized (gain) loss on foreign currency and other transactions			(57	)			—
Investments in unaffiliated money market fund, net			(1,075	)			—
Net accretion of discount and amortization of premium on investments			(12,268	)			(11,901	)
Payment-in-kind interest and dividend capitalized			(13,377	)			(9,220	)
Amortization of deferred financing costs			3,078				2,726
Amortization of debt issuance costs and original issuance discount on unsecured notes			3,806				2,692
Purchases of investments and change in payable for investments purchased			(607,794	)			(1,037,967	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			594,898				612,161
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			706				(2,909	)
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments			(46	)			—
(Increase) decrease in other assets			(6,179	)			(271	)
(Decrease) increase in payable to affiliates			147				(2,697	)
(Decrease) increase in management fees payable			2,586				4,813
(Decrease) increase in income based incentive fees payable			325				(3,318	)
(Decrease) increase in interest payable			952				(2,539	)
(Decrease) increase in accrued expenses and other liabilities			(2,200	)			1,609
Net cash provided by (used in) operating activities			97,144				(277,353	)
Cash flows from financing activities:
Borrowings on debt			1,391,345				968,835
Repayments on debt			(1,301,000	)			(633,000	)
Deferred financing costs paid			(4,471	)			(5,908	)
Debt issuance costs paid			(7,433	)			(4,097	)
Distributions paid in cash			(140,627	)			(115,640	)
Proceeds from issuance of common stock, net of underwriting & offering costs			(163	)			95,888
Repurchases of common stock			(32,852	)			(8,002	)
Net cash provided by (used in) financing activities			(95,201	)			298,076
Net increase (decrease) in cash, cash equivalents and restricted cash			1,943				20,723
Effect of foreign exchange rate changes on cash			133				—
Cash, cash equivalents and restricted cash, beginning of period			63,396				69,705
Cash, cash equivalents and restricted cash, end of period		$	65,472			$	90,428

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Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid		$	2,567			$	1,516
Interest expense paid		$	94,478			$	86,869
Reinvestment of stockholder distributions		$	—			$	23,385
Distributions payable		$	43,499			$	53,537
Non-cash purchases of investments		$	(5,756	)		$	(24,930	)
Non-cash sales of investments		$	5,756			$	24,930

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

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Jonathan Acquisition Company		(6) (8)		First Lien Debt		S +		5.00%		9.10%		12/22/2026			3,362			$	3,335			$	3,362				0.19	%
Mantech International CP		(6) (9) (18)		First Lien Debt		S +		5.00%		9.31%		09/14/2029			4,143				4,139				4,143				0.23
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		09/14/2029			—				—				—				0.00
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		09/14/2028			—				(1	)			—				0.00
PCX Holding Corp.		(6) (7) (8)		First Lien Debt		S +		6.25%		10.40%		04/22/2027			17,723				17,667				17,112				0.97
PCX Holding Corp.		(6) (8)		First Lien Debt		S +		6.25%		10.40%		04/22/2027			17,848				17,730				17,233				0.97
PCX Holding Corp.		(6) (8) (16)		First Lien Debt		S +		6.25%		10.40%		04/22/2027			3,196				3,191				3,053				0.17
Two Six Labs, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.58%		08/20/2027			34,104				33,789				34,104				1.93
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		08/20/2027			4,194				4,150				4,194				0.24
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		08/20/2027			1,024				1,011				1,024				0.06
																			85,011				84,225				4.75
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.92%		06/11/2027			14,889				14,773				14,889				0.84
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.56%		12/29/2028			1,626				1,596				1,567				0.09
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.56%		12/29/2028			149				146				144				0.01
RoadOne IntermodaLogistics		(6) (8) (16)		First Lien Debt		S +		6.25%		10.56%		12/29/2028			295				289				283				0.02
																			16,804				16,883				0.95
Automobile Components
Continental Battery Company		(6) (12)		First Lien Debt				7.00% PIK		11.29%		07/20/2028			6,473				6,415				1,992				0.11
PAI Holdco, Inc.		(6) (8)		Second Lien Debt		S +		7.50% (incl. 2.00% PIK)		11.96%		10/28/2028			27,523				27,168				21,859				1.23
Randy's Holdings, Inc.		(6) (8) (18)		First Lien Debt		S +		5.00%		9.17%		11/01/2029			6,558				6,426				6,492				0.37
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.17%		11/01/2029			1,585				1,545				1,563				0.09
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.17%		11/01/2029			553				537				544				0.03
Sonny's Enterprises, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.89%		08/05/2028			45,195				44,830				43,146				2.44
Sonny's Enterprises, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.89%		08/05/2028			112				111				107				0.01

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Spectrum Automotive Holdings Corp.		(6) (7) (9) (18)		First Lien Debt		S +		5.25%		9.41%		06/29/2028			22,990				22,829				22,990				1.30
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		06/29/2028			15,584				15,429				15,584				0.88
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		06/29/2027			—				(4	)			—				0.00
																			125,286				114,277				6.45
Automobiles
COP Collisionright Parent, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		9.06%		01/29/2030			9,016				8,894				8,971				0.51
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.06%		01/29/2030			4,586				4,469				4,508				0.25
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.06%		01/29/2030			202				184				195				0.01
Drivecentric Holdings, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.63%		08/15/2031			26,595				26,362				26,594				1.50
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.63%		08/15/2031			—				(1	)			(1	)			0.00
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.63%		08/15/2031			—				(30	)			—				0.00
LeadVenture, Inc.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.25%		06/23/2032			8,831				8,702				8,831				0.50
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		06/23/2032			555				539				555				0.03
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		06/23/2032			—				(12	)			—				0.00
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.15%		06/02/2026			36,993				36,896				36,796				2.08
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.15%		06/02/2026			37,176				37,073				36,979				2.09
Vehlo Purchaser, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.16%		05/24/2028			2,936				2,916				2,936				0.17
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		05/24/2028			14,732				14,588				14,732				0.83
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		05/24/2028			—				(1	)			—				0.00
																			140,579				141,096				7.96
Beverages
Vamos Bidco, Inc.		(6) (10) (18)		First Lien Debt		S +		4.75%		8.75%		01/30/2032			5,386				5,336				5,373				0.30
Vamos Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		01/30/2032			—				(10	)			(6	)			0.00
Vamos Bidco, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		01/30/2032			225				219				223				0.01
																			5,545				5,590				0.32
Building Products
Project Potter Buyer, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.25%		04/23/2027			15,003				14,997				15,003				0.85
Project Potter Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		04/23/2027			—				—				—				0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
																			14,997				15,003				0.85
Chemicals
Tank Holding Corp.		(7) (9) (18)		First Lien Debt		S +		6.00%		10.04%		03/31/2028			15,435				15,271				14,567				0.82
Tank Holding Corp.		(9)		First Lien Debt		S +		6.00%		10.04%		03/31/2028			484				474				456				0.03
Tank Holding Corp.		(9) (16)		First Lien Debt		S +		6.00%		10.04%		03/31/2028			—				(7	)			(45	)			0.00
V Global Holdings, LLC		(6) (7) (9)		First Lien Debt		S +		5.75%		10.14%		12/22/2027			4,768				4,724				4,429				0.25
V Global Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.14%		12/22/2027			545				541				497				0.03
																			21,003				19,904				1.12
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.79%		12/26/2028			16,798				16,668				16,798				0.95
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		8.79%		12/26/2028			5,390				5,359				5,390				0.30
Atlas US Finco, Inc.		(6) (8) (13)		First Lien Debt		S +		5.00%		9.33%		12/09/2029			8,903				8,757				8,903				0.50
Atlas US Finco, Inc.		(6) (8) (13)		First Lien Debt		S +		5.00%		9.33%		12/10/2029			4,244				4,224				4,244				0.24
Atlas US Finco, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		5.00%		9.33%		12/09/2028			—				(5	)			—				0.00
BPG Holdings IV Corp.		(6) (9)		First Lien Debt		S +		7.00% (incl. 5.00% PIK)		11.00%		07/29/2029			11,735				11,239				10,111				0.57
Consor Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.75%		05/12/2031			6,851				6,802				6,851				0.39
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.75%		05/12/2031			—				(20	)			—				0.00
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.75%		05/12/2031			—				(10	)			—				0.00
CRCI Longhorn Holdings, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.91%		08/27/2031			9,808				9,722				9,808				0.55
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.91%		08/27/2031			—				(10	)			—				0.00
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.91%		08/27/2031			—				(14	)			—				0.00
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.26%		04/07/2028			463				459				453				0.03
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.26%		04/07/2028			471				465				457				0.03
Energy Labs Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.26%		04/07/2028			30				28				25				0.00
Firebird Acquisition Corp, Inc.		(6) (9)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		9.31%		02/02/2032			5,731				5,705				5,731				0.32
Firebird Acquisition Corp, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		9.31%		02/02/2032			515				507				515				0.03

10

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Firebird Acquisition Corp, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 2.75% PIK)		9.31%		02/02/2032			—				(5	)			—				0.00
FLS Holding, Inc.		(6) (8) (13)		First Lien Debt		S +		5.25%		9.51%		12/15/2028			18,689				18,488				15,981				0.90
FLS Holding, Inc.		(6) (8) (13)		First Lien Debt		S +		5.25%		9.51%		12/15/2028			4,382				4,333				3,747				0.21
FLS Holding, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		5.25%		9.51%		12/17/2027			1,780				1,766				1,519				0.09
Helios Service Partners, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		9.26%		03/19/2027			5,910				5,843				5,900				0.33
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.26%		03/19/2027			15,917				15,711				15,890				0.90
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.26%		03/19/2027			284				271				282				0.02
Hercules Borrower, LLC		(6) (9)		First Lien Debt		S +		4.75%		8.75%		12/15/2028			4,971				4,941				4,971				0.28
Hercules Borrower, LLC		(6) (9)		First Lien Debt		C +		4.75%		7.72%		12/15/2028			C$3,000				2,094				2,156				0.12
HSI Halo Acquisition, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		9.00%		06/30/2031			13,485				13,369				13,431				0.76
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		06/30/2031			1,620				1,599				1,607				0.09
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		06/28/2030			—				(17	)			(9	)			0.00
Iris Buyer, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.56%		10/02/2030			6,885				6,736				6,868				0.39
Iris Buyer, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.56%		10/02/2030			649				635				648				0.04
Iris Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.56%		10/02/2029			200				182				198				0.01
Procure Acquireco, Inc. (Procure Analytics)		(6) (9)		First Lien Debt		S +		4.75%		8.75%		12/20/2028			3,819				3,778				3,819				0.22
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		12/20/2028			310				304				310				0.02
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		12/20/2028			—				(2	)			—				0.00
Pye-Barker Fire & Safety, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.50%		05/26/2031			26,325				26,325				26,259				1.48
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		05/26/2031			5,731				5,663				5,705				0.32
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		05/24/2030			456				427				447				0.03
Railpros Parent, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.70%		05/24/2032			11,289				11,181				11,177				0.63
Railpros Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.70%		05/24/2032			—				(17	)			(35	)			0.00
Railpros Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.70%		05/24/2032			—				(17	)			(17	)			0.00
Routeware, Inc.		(6) (8)		First Lien Debt		S +		5.25%		9.28%		09/18/2031			3,182				3,153				3,172				0.18
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.28%		09/18/2031			91				84				86				0.00
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.28%		09/18/2031			68				65				67				0.00
Sherlock Buyer Corp.		(6) (8) (18)		First Lien Debt		S +		5.75%		9.85%		12/08/2028			10,755				10,639				10,513				0.59

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Sherlock Buyer Corp.		(6) (8) (16)		First Lien Debt		S +		5.75%		9.85%		12/08/2027			—				(9	)			(29	)			0.00
Surewerx Purchaser III, Inc.		(6) (9) (13) (18)		First Lien Debt		S +		5.25%		9.25%		12/28/2029			5,875				5,757				5,875				0.33
Surewerx Purchaser III, Inc.		(6) (9) (13)		First Lien Debt		C +		5.25%		7.70%		12/28/2029			C$253				184				182				0.01
Surewerx Purchaser III, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.25%		9.25%		12/28/2029			—				(12	)			—				0.00
Surewerx Purchaser III, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.25%		9.25%		12/28/2028			305				289				305				0.02
Sweep Midco, LLC		(6) (14)		Second Lien Debt								03/12/2034			1,674				836				1,047				0.06
Sweep Midco, LLC		(6) (14)		Second Lien Debt								03/12/2036			4,872				—				—				0.00
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75% PIK		9.91%		06/30/2027			6,561				6,561				6,561				0.37
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75%		9.91%		06/30/2027			3,140				3,140				3,140				0.18
Sweep Purchaser, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.91%		06/30/2027			281				281				281				0.02
Tamarack Intermediate, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.15%		03/12/2029			10,006				9,923				9,980				0.56
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.00%		9.15%		03/12/2029			1,608				1,577				1,585				0.09
Tamarack Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.15%		03/12/2029			—				(11	)			(5	)			0.00
Transit Technologies, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.82%		08/20/2031			10,405				10,311				10,381				0.59
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.82%		08/20/2031			885				866				882				0.05
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.82%		08/20/2030			—				(14	)			—				0.00
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.25%		06/23/2031			8,821				8,707				8,821				0.50
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		06/23/2031			5,857				5,768				5,833				0.33
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		06/21/2030			—				(12	)			—				0.00
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.71%		04/13/2027			14,428				14,356				10,172				0.57
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.71%		04/13/2027			2,036				2,032				1,435				0.08
US Infra Svcs Buyer, LLC		(6) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		11.71%		04/13/2027			2,250				2,246				1,586				0.09
Vensure Employer Services, Inc.		(6) (10)		First Lien Debt		S +		4.75%		9.04%		09/29/2031			9,278				9,201				9,278				0.52

12

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Vensure Employer Services, Inc.		(6) (10) (16)		First Lien Debt		S +		4.75%		9.04%		09/29/2031			—				(8	)			—				0.00
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.59%		06/29/2027			71,698				71,313				71,698				4.05
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.50%		9.59%		06/29/2027			493				489				493				0.03
VRC Companies, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.59%		06/29/2027			—				(7	)			—				0.00
																			361,169				353,479				19.95
Construction & Engineering
Arcoro Holdings Corp.		(6) (8) (18)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			12,880				12,674				12,660				0.71
Arcoro Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			—				(29	)			(34	)			0.00
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.91%		10/19/2028			33,258				32,916				30,206				1.71
KPSKY Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.91%		10/19/2028			7,616				7,533				6,918				0.39
LJ Avalon Holdings, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.77%		02/01/2030			6,233				6,147				6,233				0.35
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.77%		02/01/2030			4,322				4,262				4,310				0.24
LJ Avalon Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.77%		02/01/2029			—				(15	)			—				0.00
Superman Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		08/29/2031			19,897				19,809				19,897				1.12
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		08/29/2031			4,162				4,130				4,162				0.23
Superman Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		08/29/2031			—				(12	)			—				0.00
																			87,415				84,352				4.76
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.81%		02/03/2031			27,411				27,185				27,411				1.55
PDI TA Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.81%		02/03/2031			912				894				912				0.05
																			28,079				28,323				1.60
Containers & Packaging
BP Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.80%		12/11/2028			17,759				17,578				15,038				0.85
FORTIS Solutions Group, LLC		(6) (9) (18)		First Lien Debt		S +		5.50%		9.60%		10/13/2028			26,540				26,268				26,540				1.50
FORTIS Solutions Group, LLC		(6) (9)		First Lien Debt		S +		5.50%		9.60%		10/13/2028			274				272				274				0.02
FORTIS Solutions Group, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.60%		10/15/2027			675				656				675				0.04
																			44,774				42,527				2.40
Distributors

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
48Forty Solutions, LLC		(6) (12)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			18,106				17,912				9,505				0.54
48Forty Solutions, LLC		(6) (12) (16)		First Lien Debt		S +		6.00%		10.48%		11/30/2029			2,168				2,111				878				0.05
ABB Concise Optical Group, LLC		(6) (9)		First Lien Debt		S +		7.50%		11.65%		02/23/2028			17,008				16,803				16,242				0.92
Bradyplus Holdings, LLC		(6) (7) (8)		First Lien Debt		S +		5.00%		9.31%		10/31/2029			7,891				7,775				7,891				0.45
Bradyplus Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.31%		10/31/2029			77				73				77				0.00
PT Intermediate Holdings III, LLC		(6) (9)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.00%		04/09/2030			42,589				42,275				42,589				2.40
PT Intermediate Holdings III, LLC		(6) (9) (16)		First Lien Debt		S +		5.00% (incl. 1.75% PIK)		9.00%		04/09/2030			—				(3	)			—				0.00
																			86,946				77,182				4.36
Diversified Consumer Services
Any Hour, LLC		(6) (7) (10) (18)		First Lien Debt		S +		5.25%		9.25%		05/23/2030			23,426				23,138				23,075				1.30
Any Hour, LLC		(6) (10) (16)		First Lien Debt		S +		5.25%		9.25%		05/23/2030			663				619				560				0.03
Any Hour, LLC		(6) (10) (16)		First Lien Debt		S +		5.25%		9.25%		05/23/2030			2,078				2,038				2,026				0.11
Any Hour, LLC		(6)		Other Debt				13.00% PIK		13.00%		05/23/2031			7,020				6,918				6,802				0.38
Apex Service Partners, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		9.20%		10/24/2030			30,321				29,896				30,321				1.71
Apex Service Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.20%		10/24/2030			7,220				7,106				7,220				0.41
Apex Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.20%		10/24/2029			—				(30	)			—				0.00
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.25%		10/19/2027			19,907				19,746				19,907				1.12
Assembly Intermediate, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.25%		10/19/2027			4,148				4,117				4,148				0.23
Assembly Intermediate, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		10/19/2027			—				(14	)			—				0.00
DA Blocker Corp.		(6) (9) (13) (18)		First Lien Debt		S +		4.75%		8.75%		02/10/2032			7,054				6,988				7,036				0.40
DA Blocker Corp.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		02/10/2032			—				(10	)			(6	)			0.00
DA Blocker Corp.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		02/10/2032			—				(7	)			(2	)			0.00
Eclipse Buyer, Inc.		(6) (10) (18)		First Lien Debt		S +		4.50%		8.68%		09/08/2031			4,244				4,206				4,244				0.24
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.68%		09/08/2031			—				(3	)			—				0.00
Eclipse Buyer, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.68%		09/08/2031			—				(3	)			—				0.00
Essential Services Holding Corporation		(6) (9) (18)		First Lien Debt		S +		5.00%		9.32%		06/17/2031			17,245				17,096				17,165				0.97
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.32%		06/17/2031			—				(19	)			(22	)			0.00

14

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Essential Services Holding Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.32%		06/17/2030			597				573				583				0.03
EVDR Purchaser, Inc.		(6) (9) (18)		First Lien Debt		S +		5.25%		9.41%		02/14/2031			20,274				19,940				20,274				1.14
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		02/14/2031			—				(45	)			—				0.00
EVDR Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		02/14/2031			—				(54	)			—				0.00
Express Wash Acquisition Company, LLC		(6) (8)		First Lien Debt		S +		6.25%		10.58%		04/10/2031			1,890				1,851				1,872				0.11
Express Wash Acquisition Company, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.58%		04/10/2031			—				(2	)			(1	)			0.00
FPG Intermediate Holdco, LLC		(6) (11)		First Lien Debt		S +		5.00% PIK		9.32%		07/02/2029			130				128				128				0.01
FPG Intermediate Holdco, LLC		(6) (8)		First Lien Debt		S +		5.00% PIK		9.32%		07/02/2029			39				39				39				0.00
GarageCo Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.25%		8.25%		08/02/2032			2,061				2,040				2,040				0.12
GarageCo Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		08/02/2032			—				(15	)			(15	)			0.00
GarageCo Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		07/30/2032			—				(9	)			(9	)			0.00
Heartland Home Services		(6) (9)		First Lien Debt		S +		5.75%		9.85%		12/15/2026			1,911				1,907				1,853				0.10
Kodiak Buyer, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.50%		07/26/2032			1,534				1,519				1,519				0.09
Kodiak Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		07/26/2032			—				(3	)			(3	)			0.00
Kodiak Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		07/23/2032			—				(4	)			(4	)			0.00
LHS Borrower, LLC		(6) (7) (9)		First Lien Debt		S +		5.25%		9.41%		09/04/2031			7,000				6,896				6,896				0.39
LHS Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		09/04/2031			—				(8	)			(8	)			0.00
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.17%		03/01/2028			9,281				9,198				9,216				0.52
Lightspeed Solution, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.17%		03/01/2028			551				546				547				0.03
Project Accelerate Parent, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.41%		02/24/2031			8,641				8,569				8,641				0.49
Project Accelerate Parent, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		02/24/2031			—				(10	)			—				0.00
Vertex Service Partners, LLC		(6) (7) (9)		First Lien Debt		S +		6.00%		10.00%		11/08/2030			1,747				1,713				1,712				0.10
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		10.00%		11/08/2030			3,514				3,443				3,432				0.19
Vertex Service Partners, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		10.00%		11/08/2030			369				360				360				0.02
																			180,354				181,546				10.25
Electrical Equipment
Accel International Holdings, Inc.		(6) (7) (10)		First Lien Debt		S +		4.50%		8.81%		04/26/2032			10,892				10,840				10,892				0.61
Accel International Holdings, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.81%		04/26/2032			—				(9	)			—				0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Spark Buyer, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.44%		10/15/2031			2,171				2,142				2,095				0.12
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.44%		10/15/2031			—				(5	)			(31	)			0.00
Spark Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.44%		10/15/2031			149				143				134				0.01
																			13,111				13,090				0.74
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.97%		07/06/2028			6,275				6,214				4,455				0.25
Abracon Group Holdings, LLC		(6) (9)		First Lien Debt		S +		6.60% (incl. 4.60% PIK)		10.97%		07/06/2028			420				416				298				0.02
Dwyer Instruments, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		07/20/2029			14,199				14,044				14,127				0.80
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		07/20/2029			4,919				4,851				4,892				0.28
Dwyer Instruments, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		07/20/2029			131				115				123				0.01
Infinite Bidco, LLC		(6) (10)		First Lien Debt		S +		6.25%		10.45%		03/02/2028			12,142				11,946				12,119				0.68
Infinite Bidco, LLC		(10)		Second Lien Debt		S +		7.00%		11.57%		03/02/2029			25,500				25,461				22,504				1.27
Magneto Components Buyco, LLC		(6) (7) (9)		First Lien Debt		S +		6.00%		10.00%		12/05/2030			15,467				15,247				15,467				0.87
Magneto Components Buyco, LLC		(6) (9) (16)		First Lien Debt		S +		6.00%		10.00%		12/05/2029			—				(32	)			—				0.00
NDT Global Holding, Inc.		(6) (10) (13)		First Lien Debt		S +		4.50%		8.65%		06/04/2032			3,300				3,268				3,267				0.18
NDT Global Holding, Inc.		(6) (10) (13) (16)		First Lien Debt		S +		4.50%		8.65%		06/04/2032			645				635				631				0.04
NDT Global Holding, Inc.		(6) (10) (13) (16)		First Lien Debt		S +		4.50%		8.65%		06/04/2032			—				(7	)			(7	)			0.00
NSI Holdings, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.91%		11/17/2031			7,313				7,247				7,313				0.41
NSI Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.91%		11/17/2031			—				(5	)			—				0.00
NSI Holdings, Inc.		(6) (16)		First Lien Debt		P +		3.75%		11.00%		11/17/2031			35				24				35				0.00
																			89,424				85,224				4.81
Financial Services
Applitools, Inc.		(6) (9) (13)		First Lien Debt		S +		6.25% PIK		10.25%		05/25/2029			3,738				3,711				3,700				0.21
Applitools, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		6.25%		10.25%		05/25/2028			—				(4	)			(4	)			0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
BCTO Bluebill Midco, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.81%		07/30/2032			15,778				15,623				15,623				0.88
BCTO Bluebill Midco, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.81%		07/30/2032			—				(19	)			(19	)			0.00
Cerity Partners, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.45%		07/30/2029			4,671				4,578				4,659				0.26
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.45%		07/30/2029			8,894				8,735				8,865				0.50
Cerity Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.45%		07/28/2028			29				28				29				0.00
Cliffwater, LLC		(6) (7) (9)		First Lien Debt		S +		5.00%		9.31%		04/22/2032			8,634				8,551				8,547				0.48
Cliffwater, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		04/22/2032			—				(8	)			(8	)			0.00
GC Waves Holdings, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		9.01%		10/04/2030			8,842				8,772				8,842				0.50
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.01%		10/04/2030			3,016				2,921				3,016				0.17
GC Waves Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.01%		10/04/2030			—				(4	)			—				0.00
MAI Capital Management Intermediate, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.75%		08/29/2031			4,632				4,591				4,586				0.26
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/29/2031			1,434				1,405				1,385				0.08
MAI Capital Management Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/29/2031			219				208				207				0.01
PMA Parent Holdings, LLC		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.75%		01/31/2031			4,374				4,321				4,341				0.25
PMA Parent Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		01/31/2031			—				(4	)			(3	)			0.00
RFS Opco, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.75%		04/04/2031			14,355				14,303				14,355				0.81
RFS Opco, LLC		(6) (10) (16)		First Lien Debt		S +		3.50%		7.66%		04/04/2029			337				333				337				0.02
SitusAMC Holdings Corporation		(6) (9) (18)		First Lien Debt		S +		5.50%		9.50%		05/14/2031			10,658				10,611				10,658				0.60
Smarsh, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		02/16/2029			5,625				5,569				5,625				0.32
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/16/2029			—				(8	)			—				0.00
Smarsh, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/16/2029			225				219				225				0.01
Trintech, Inc.		(6) (7) (8)		First Lien Debt		S +		5.50%		9.66%		07/25/2029			33,489				33,018				33,322				1.88
Trintech, Inc.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.66%		07/25/2029			837				800				822				0.05
																			128,250				129,110				7.29
Food Products
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		11.46%		01/04/2028			40,877				40,595				35,603				2.01
AMCP Pet Holdings, Inc. (Brightpet)		(6) (8)		First Lien Debt		S +		7.00% (incl. 3.00% PIK)		11.46%		01/04/2028			6,053				6,023				5,272				0.30

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)		(6) (12)		Other Debt				16.25% PIK		16.25%		06/18/2028			1,500				1,500				—				0.00
Teasdale Foods, Inc. (Teasdale Latin Foods)		(6) (8) (12)		First Lien Debt		S +		7.65% (incl. 3.40% PIK)		12.11%		12/20/2027			10,900				10,874				8,920				0.50
																			58,992				49,795				2.81
Ground Transportation
SV Newco 2, Inc.		(6) (7) (9) (13) (18)		First Lien Debt		S +		4.75%		8.75%		06/02/2031			22,926				22,634				22,862				1.29
SV Newco 2, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		06/02/2031			14,269				14,076				14,227				0.80
SV Newco 2, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		06/02/2031			—				(104	)			(24	)			0.00
																			36,606				37,065				2.09
Health Care Equipment & Supplies
PerkinElmer U.S., LLC		(6) (7) (8)		First Lien Debt		S +		4.75%		8.91%		03/13/2029			4,308				4,227				4,308				0.24
Tidi Legacy Products, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.66%		12/19/2029			1,843				1,815				1,843				0.10
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/19/2029			—				(4	)			—				0.00
Tidi Legacy Products, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/19/2029			—				(5	)			—				0.00
YI, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.75%		9.90%		12/03/2029			5,555				5,471				5,555				0.31
YI, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		9.90%		12/03/2029			—				(12	)			—				0.00
																			11,492				11,706				0.66
Health Care Providers & Services
Advarra Holdings, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.66%		09/15/2031			446				439				446				0.03
Advarra Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		09/15/2031			—				—				—				0.00
DCA Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		6.50%		10.44%		04/03/2028			20,118				19,913				18,922				1.07
DCA Investment Holdings, LLC		(6) (9)		First Lien Debt		S +		6.50%		10.44%		04/03/2028			1,769				1,742				1,664				0.09
Gateway US Holdings, Inc.		(6) (9) (13)		First Lien Debt		S +		4.75%		8.75%		09/22/2028			744				741				741				0.04
Gateway US Holdings, Inc.		(6) (9) (13)		First Lien Debt		S +		4.75%		8.75%		09/22/2028			210				209				209				0.01
Gateway US Holdings, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.75%		8.75%		09/22/2028			—				—				—				0.00
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		9.23%		06/12/2028			1,814				1,809				1,814				0.10
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/10/2028			4,397				4,356				4,397				0.25

18

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Heartland Veterinary Partners, LLC		(6) (8)		First Lien Debt		S +		4.75%		9.23%		06/12/2028			4,108				4,097				4,108				0.23
Heartland Veterinary Partners, LLC		(6) (8)		Second Lien Debt				14.50% (incl. 7.00% PIK)		14.50%		09/10/2028			1,710				1,693				1,710				0.10
Heartland Veterinary Partners, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		9.23%		06/12/2028			—				(1	)			—				0.00
iCIMS, Inc.		(6) (9)		First Lien Debt		S +		5.75%		10.53%		08/18/2028			7,080				7,013				7,076				0.40
iCIMS, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.53%		08/18/2028			13				12				12				0.00
Imagine 360, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		10/02/2028			12,065				11,972				12,065				0.68
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/02/2028			—				(6	)			—				0.00
Imagine 360, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/02/2028			—				(8	)			—				0.00
Intelerad Medical Systems Incorporated		(6) (8) (13)		First Lien Debt		S +		6.50%		10.96%		08/21/2026			486				482				478				0.03
Intelerad Medical Systems Incorporated		(6) (8) (13)		First Lien Debt		S +		6.50%		10.96%		08/21/2026			34				34				33				0.00
Invictus Buyer, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		06/03/2031			4,009				3,975				4,009				0.23
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		06/03/2031			—				(7	)			—				0.00
Invictus Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		06/03/2031			—				(5	)			—				0.00
Merative LP		(6) (7) (9)		First Lien Debt		S +		4.75%		8.75%		09/30/2032			18,118				18,027				18,027				1.02
Merative LP		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		09/30/2032			—				(5	)			(5	)			0.00
Merative LP		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		09/30/2032			—				(9	)			(9	)			0.00
mPulse Mobile, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.75%		08/26/2032			18,173				17,993				17,993				1.02
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/26/2032			—				(9	)			(9	)			0.00
mPulse Mobile, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		08/26/2032			—				(26	)			(26	)			0.00
Pareto Health Intermediate Holdings, Inc.		(6) (8) (18)		First Lien Debt		S +		4.75%		8.75%		06/03/2030			28,378				28,089				28,378				1.60
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		06/03/2030			—				(24	)			—				0.00
Pareto Health Intermediate Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		06/01/2029			—				(10	)			—				0.00
PPV Intermediate Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		6.00%		10.20%		08/31/2029			4,303				4,185				4,303				0.24
PPV Intermediate Holdings, LLC		(6) (9)		First Lien Debt		S +		6.00%		10.20%		08/31/2029			14,934				14,823				14,934				0.84
Promptcare Infusion Buyer, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		10.39%		09/01/2027			8,820				8,753				8,751				0.49
Promptcare Infusion Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.39%		09/01/2027			2,746				2,713				2,713				0.15
Stepping Stones Healthcare Services, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		9.00%		01/02/2029			4,222				4,187				4,222				0.24
Stepping Stones Healthcare Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		01/02/2029			1,289				1,271				1,289				0.07

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Stepping Stones Healthcare Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		12/30/2026			—				(2	)			—				0.00
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		09/09/2027			11,730				11,682				11,730				0.66
Suveto Buyer, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		09/09/2027			—				(7	)			—				0.00
Tivity Health, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		9.16%		06/28/2029			8,547				8,513				8,547				0.48
Vardiman Black Holdings, LLC		(6) (10)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.29%		03/18/2027			5,988				5,988				5,300				0.30
Vardiman Black Holdings, LLC		(6) (10) (11) (16)		First Lien Debt		S +		7.00% (incl. 2.00% PIK)		11.29%		03/18/2027			678				669				598				0.03
																			185,261				184,420				10.41
Health Care Technology
Hyland Software, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.16%		09/19/2030			38,961				38,508				38,961				2.20
Hyland Software, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		09/19/2029			—				(19	)			—				0.00
Lightspeed Buyer, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.75%		02/03/2027			22,983				22,868				22,983				1.30
Lightspeed Buyer, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.75%		02/03/2027			341				339				341				0.00
Lightspeed Buyer, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		02/03/2027			—				(1	)			—				0.00
																			61,695				62,285				3.52
Industrial Conglomerates
Aptean, Inc.		(6) (7) (9)		First Lien Debt		S +		4.75%		8.89%		01/30/2031			25,056				24,916				25,056				1.41
Aptean, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.89%		01/30/2031			—				(15	)			—				0.00
Aptean, Inc.		(6) (16)		First Lien Debt		P +		3.75%		11.00%		01/30/2031			154				144				154				0.01
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		S +		5.25%		9.41%		08/13/2029			1,298				1,281				1,291				0.07
Excelitas Technologies Corp.		(6) (9)		First Lien Debt		E +		5.25%		7.16%		08/13/2029		€	235				240				275				0.02
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		08/13/2029			—				(11	)			(10	)			0.00
Excelitas Technologies Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.41%		08/14/2028			—				(1	)			(1	)			0.00
Raptor Merger Sub Debt, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.50%		9.50%		04/01/2029			31,663				31,070				31,663				1.79
Raptor Merger Sub Debt, LLC		(6) (9) (16)		First Lien Debt		S +		5.50%		9.50%		04/01/2029			651				607				651				0.04
																			58,231				59,079				3.33
Insurance Services
Amerilife Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.17%		08/31/2029			12,889				12,808				12,889				0.73

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.17%		08/31/2029			2,359				2,342				2,359				0.13
Amerilife Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.17%		08/31/2028			354				343				354				0.02
Fetch Insurance Services, LLC		(6)		Other Debt				12.75% (incl. 3.75% PIK)		12.75%		10/31/2027			2,087				2,062				2,066				0.12
Foundation Risk Partners Corp.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		10/29/2030			41,776				41,361				41,776				2.36
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/29/2030			9,091				9,001				9,091				0.51
Foundation Risk Partners Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		10/29/2029			—				(51	)			—				0.00
Galway Borrower, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		09/29/2028			30,175				29,873				30,175				1.70
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		09/29/2028			1,869				1,844				1,869				0.11
Galway Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		09/29/2028			467				447				467				0.03
Higginbotham Insurance Agency, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.50%		8.67%		11/24/2028			23,483				23,337				23,483				1.33
Higginbotham Insurance Agency, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.67%		11/24/2028			4,539				4,494				4,539				0.26
High Street Buyer, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.25%		9.25%		04/14/2028			9,713				9,628				9,713				0.55
High Street Buyer, Inc.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.25%		04/14/2028			46,581				46,108				46,581				2.63
High Street Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		04/16/2027			—				(11	)			—				0.00
Inszone Mid, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.25%		11/30/2029			4,382				4,316				4,371				0.25
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		11/30/2029			10,372				10,216				10,331				0.58
Inszone Mid, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		11/30/2029			—				(17	)			(4	)			0.00
Integrity Marketing Acquisition, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.20%		08/25/2028			35,888				35,888				35,888				2.03
Integrity Marketing Acquisition, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.20%		08/25/2028			—				—				—				0.00
Long Term Care Group, Inc.		(6) (9)		First Lien Debt		S +		6.00%		10.59%		09/08/2027			5,439				5,399				4,909				0.28
Majesco, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.75%		09/21/2028			33,293				32,903				33,293				1.88
Majesco, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		09/21/2027			—				(8	)			—				0.00
Patriot Growth Insurance Services, LLC		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.15%		10/16/2028			53,502				52,948				53,502				3.02
Patriot Growth Insurance Services, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.15%		10/16/2028			—				(34	)			—				0.00
World Insurance Associates, LLC		(6) (7) (8) (18)		First Lien Debt		S +		5.00%		9.00%		04/03/2030			51,412				50,556				51,412				2.90
World Insurance Associates, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		04/03/2030			—				(5	)			—				0.00
																			375,748				379,064				21.40

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Interactive Media & Services
FMG Suite Holdings, LLC		(6) (7) (18)		First Lien Debt		S +		4.75%		8.91%		09/09/2032			11,519				11,404				11,405				0.64
FMG Suite Holdings, LLC		(6) (16)		First Lien Debt		S +		4.75%		8.91%		09/09/2032			—				(15	)			(15	)			0.00
FMG Suite Holdings, LLC		(6) (16)		First Lien Debt		S +		4.75%		8.91%		09/09/2032			—				(19	)			(19	)			0.00
Spectrio, LLC		(6) (7) (8)		First Lien Debt		S +		6.00%		10.20%		12/09/2026			32,292				32,162				25,899				1.46
Spectrio, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.20%		12/09/2026			13,026				13,009				10,447				0.59
Spectrio, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.20%		12/09/2026			3,737				3,722				2,919				0.16
Triple Lift, Inc.		(6) (7) (9)		First Lien Debt		S +		5.75%		9.90%		05/05/2028			26,810				26,572				25,134				1.42
Triple Lift, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75%		9.90%		05/05/2028			—				(30	)			(250	)			(0.01	)
																			86,805				75,520				4.26
IT Services
Apollo Acquisition, Inc.		(6) (9) (18)		First Lien Debt		S +		5.00%		9.16%		12/30/2031			17,967				17,802				17,967				1.01
Apollo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		12/30/2031			6,094				6,027				6,094				0.34
Apollo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.16%		12/30/2030			—				(24	)			—				0.00
Atlas Purchaser, Inc.		(6) (7) (12)		First Lien Debt		S +		7.50% (incl. 6.50% PIK)		12.08%		05/05/2028			2,642				2,642				515				0.03
Atlas Purchaser, Inc.		(6) (7) (12)		First Lien Debt		S +		7.50% (incl. 5.50% PIK)		12.08%		05/05/2028			6,097				6,097				183				0.01
Catalis Intermediate, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.65%		08/04/2027			38,652				38,299				38,061				2.15
Catalis Intermediate, Inc.		(6) (9)		First Lien Debt		S +		5.50%		9.65%		08/04/2027			8,697				8,624				8,564				0.48
Catalis Intermediate, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.65%		08/04/2027			989				956				924				0.05
GI DI Cornfield Acquisition, LLC		(6) (18)		First Lien Debt		S +		4.50%		8.76%		03/09/2028			30,393				30,083				30,188				1.70
GI DI Cornfield Acquisition, LLC		(6) (7)		First Lien Debt		S +		4.50%		8.76%		03/09/2028			15,667				15,591				15,561				0.88
Help/Systems Holdings, Inc.		(6) (9)		Second Lien Debt		S +		6.75%		11.16%		11/19/2027			17,500				17,500				14,831				0.84
Idera, Inc.		(6) (9)		Second Lien Debt		S +		6.75%		11.20%		03/02/2029			2,607				2,597				2,607				0.15
Recovery Point Systems, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.75%		10.18%		02/14/2028			39,900				39,752				39,900				2.25
Recovery Point Systems, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75%		10.18%		02/14/2028			—				(12	)			—				0.00
Redwood Services Group, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.26%		06/15/2029			17,410				17,263				17,323				0.98

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Redwood Services Group, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.26%		06/15/2029			11,873				11,717				11,785				0.67
Ridge Trail US Bidco, Inc.		(6) (9) (13) (18)		First Lien Debt		S +		4.50%		8.37%		09/30/2031			23,797				23,478				23,797				1.34
Ridge Trail US Bidco, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		4.50%		8.37%		09/30/2031			—				(53	)			—				0.00
Ridge Trail US Bidco, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		4.50%		8.37%		03/31/2031			744				709				744				0.04
Syntax Systems, Ltd.		(6) (9) (13) (18)		First Lien Debt		S +		5.00%		9.27%		10/27/2028			37,057				36,873				36,687				2.07
Thrive Buyer, Inc. (Thrive Networks)		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.75%		02/02/2032			23,676				23,457				23,617				1.33
Thrive Buyer, Inc. (Thrive Networks)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/02/2032			3,500				3,446				3,479				0.20
Thrive Buyer, Inc. (Thrive Networks)		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		02/02/2032			329				301				322				0.02
UpStack, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			9,750				9,664				9,677				0.55
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			1,151				1,130				1,123				0.06
UpStack, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.04%		08/25/2031			375				362				364				0.02
Victors Purchaser, LLC		(6) (10) (18)		First Lien Debt		S +		4.75%		8.75%		08/15/2031			5,056				5,012				5,056				0.29
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		08/15/2031			261				255				261				0.01
Victors Purchaser, LLC		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		08/15/2031			—				(5	)			—				0.00
																			319,543				309,630				17.48
Life Sciences Tools & Services
Model N, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.75%		06/27/2031			11,844				11,742				11,844				0.67
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		06/27/2031			—				(14	)			—				0.00
Model N, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.75%		06/27/2031			—				(14	)			—				0.00
																			11,714				11,844				0.67
Machinery
Answer Acquisition, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.26%		12/30/2026			13,291				13,202				12,302				0.69
Answer Acquisition, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.26%		12/30/2026			583				576				490				0.03
Chase Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.06%		10/30/2028			10,674				10,527				10,542				0.60
Chase Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.06%		10/30/2028			147				141				142				0.01
MHE Intermediate Holdings, LLC		(6) (7) (8) (18)		First Lien Debt		S +		6.00%		10.53%		07/21/2027			11,731				11,644				11,731				0.66
MHE Intermediate Holdings, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.53%		07/21/2027			3,608				3,581				3,608				0.20
MHE Intermediate Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.53%		07/21/2027			1,000				985				1,000				0.06

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Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
																			40,656				39,815				2.25
Multi-Utilities
AWP Group Holdings, Inc.		(6) (7) (8)		First Lien Debt		S +		4.50%		8.66%		12/23/2030			7,367				7,172				7,367				0.42
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/23/2030			1,538				1,516				1,538				0.09
AWP Group Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.66%		12/23/2030			336				324				336				0.02
Vessco Midco Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.93%		07/24/2031			11,199				11,102				11,199				0.63
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.93%		07/24/2031			2,028				2,003				2,028				0.11
Vessco Midco Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.93%		07/24/2031			—				(10	)			—				0.00
																			22,107				22,468				1.27
Pharmaceuticals
Caerus US 1, Inc.		(6) (9) (13)		First Lien Debt		S +		5.00%		9.00%		05/25/2029			10,843				10,706				10,794				0.61
Caerus US 1, Inc.		(6) (9) (13)		First Lien Debt		S +		5.00%		9.00%		05/25/2029			1,587				1,565				1,580				0.09
Caerus US 1, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.00%		9.00%		05/25/2029			549				536				544				0.03
Real Chemistry Intermediate III, Inc.		(6) (10)		First Lien Debt		S +		4.50%		8.50%		04/12/2032			8,775				8,733				8,731				0.49
Real Chemistry Intermediate III, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.50%		04/12/2032			1,502				1,489				1,482				0.08
Real Chemistry Intermediate III, Inc.		(6) (10) (16)		First Lien Debt		S +		4.50%		8.50%		04/12/2032			—				(9	)			(10	)			0.00
																			23,020				23,121				1.31
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (7) (18)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			3,256				3,234				3,256				0.18
Abacus Data Holdings, Inc. (AbacusNext)		(6) (16)		First Lien Debt		S +		6.00%		10.29%		03/10/2027			—				(8	)			—				0.00
Accordion Partners, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.00%		11/17/2031			27,254				27,007				27,254				1.54
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		11/17/2031			729				709				729				0.04
Accordion Partners, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		11/17/2031			—				(27	)			—				0.00
Ascend Partner Services, LLC		(6) (9) (18)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			4,862				4,820				4,862				0.27
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			6,491				6,422				6,488				0.37
Ascend Partner Services, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.54%		08/11/2031			—				(14	)			—				0.00
Bridgepointe Technologies, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.00%		12/31/2027			16,926				16,625				16,882				0.95
Bridgepointe Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		12/31/2027			16,809				16,487				16,763				0.95

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Bullhorn, Inc.		(6) (8) (18)		First Lien Debt		S +		5.00%		9.16%		10/01/2029			15,407				15,326				15,407				0.87
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.16%		10/01/2029			2,134				2,124				2,134				0.12
Bullhorn, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.16%		10/01/2029			96				91				96				0.01
Carr, Riggs and Ingram Capital, LLC		(6) (10) (18)		First Lien Debt		S +		4.25%		8.25%		11/18/2031			4,291				4,252				4,280				0.24
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.25%		8.25%		11/18/2031			461				450				456				0.03
Carr, Riggs and Ingram Capital, LLC		(6) (10) (16)		First Lien Debt		S +		4.25%		8.25%		11/18/2031			—				(9	)			(2	)			0.00
ComPsych Investment Corp.		(6) (9)		First Lien Debt		S +		4.75%		9.08%		07/22/2031			13,039				12,982				13,039				0.74
ComPsych Investment Corp.		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		07/22/2031			—				(8	)			—				0.00
Deerfield Dakota Holding, LLC		(6) (7) (9)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.81%		09/13/2032			27,426				27,153				27,153				1.53
Deerfield Dakota Holding, LLC		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.75% PIK)		9.81%		09/13/2032			—				(26	)			(25	)			0.00
GPS Merger Sub, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.41%		10/02/2029			6,735				6,640				6,735				0.38
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		10/02/2029			—				(8	)			—				0.00
GPS Merger Sub, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		10/02/2029			—				(14	)			—				0.00
IG Investment Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.31%		09/22/2028			10,707				10,622				10,653				0.60
IG Investment Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.31%		09/22/2028			—				(9	)			(6	)			0.00
IQN Holding Corp.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		05/02/2029			5,627				5,595				5,627				0.32
IQN Holding Corp.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		05/02/2029			1,836				1,819				1,836				0.10
IQN Holding Corp.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		05/02/2028			217				215				217				0.01
KENG Acquisition, Inc.		(6) (8) (18)		First Lien Debt		S +		4.50%		8.81%		08/01/2029			3,164				3,108				3,133				0.18
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.81%		08/01/2029			1,504				1,461				1,465				0.08
KENG Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.81%		08/01/2029			—				(16	)			(12	)			0.00
UHY Advisors, Inc.		(6) (9)		First Lien Debt		S +		4.75%		8.95%		11/21/2031			2,197				2,177				2,197				0.12
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.95%		11/21/2031			139				129				139				0.01
UHY Advisors, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.95%		11/21/2031			45				40				45				0.00
Verdantas, LLC		(6) (9) (18)		First Lien Debt		S +		5.25%		9.25%		05/06/2031			16,285				16,078				16,264				0.92

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Verdantas, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		05/06/2031			1,017				988				1,013				0.06
Verdantas, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.25%		05/06/2030			842				822				840				0.05
																			187,237				188,918				10.66
Real Estate Management & Development
Associations, Inc.		(6) (8)		First Lien Debt		S +		6.50%		11.08%		07/03/2028			10,811				10,803				10,811				0.61
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		11.08%		07/03/2028			320				319				320				0.02
Associations, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50%		11.08%		07/03/2028			—				—				—				0.00
Inhabitiq, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.66%		01/12/2032			17,868				17,786				17,868				1.01
Inhabitiq, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		01/12/2032			—				(11	)			—				0.00
Inhabitiq, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.66%		01/12/2032			—				(14	)			—				0.00
MRI Software, LLC		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		8.75%		02/10/2028			43,890				43,754				43,840				2.47
MRI Software, LLC		(6) (8)		First Lien Debt		S +		4.75%		8.75%		02/10/2028			28				28				28				0.00
MRI Software, LLC		(6) (8) (16)		First Lien Debt		S +		4.75%		8.75%		02/10/2028			173				170				172				0.01
Pritchard Industries, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.90%		10/13/2027			24,822				24,623				24,389				1.38
Pritchard Industries, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.90%		10/13/2027			5,935				5,885				5,832				0.33
Zarya Intermediate, LLC		(6) (8) (13) (18)		First Lien Debt		S +		6.50%		10.70%		07/01/2027			34,877				34,877				34,877				1.97
Zarya Intermediate, LLC		(6) (8) (13) (16)		First Lien Debt		S +		6.50%		10.70%		07/01/2027			—				—				—				0.00
																			138,220				138,137				7.80
Software
Alert Media, Inc.		(6) (8)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.54%		04/12/2027			23,048				22,916				23,048				1.30
Alert Media, Inc.		(6) (8) (16)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.54%		04/12/2027			—				(27	)			—				0.00
Anaplan, Inc.		(6) (9)		First Lien Debt		S +		4.50%		8.70%		06/21/2029			32,793				32,434				32,793				1.85
Appfire Technologies, LLC		(6) (8) (18)		First Lien Debt		S +		5.00%		9.00%		03/09/2028			20,445				20,398				20,445				1.15
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		03/09/2028			50				33				50				0.00
Appfire Technologies, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.00%		03/09/2028			36				35				36				0.00
Apryse Software Corp.		(6) (7) (10) (18)		First Lien Debt		S +		4.75%		8.75%		06/28/2032			27,704				27,435				27,531				1.55
Apryse Software Corp.		(6) (10) (16)		First Lien Debt		S +		4.75%		8.75%		06/28/2032			—				(22	)			(14	)			0.00

26

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Artifact Bidco, Inc.		(6) (18)		First Lien Debt		S +		4.25%		8.25%		07/28/2031			31,699				31,424				31,699				1.79
Artifact Bidco, Inc.		(6) (16)		First Lien Debt		S +		4.25%		8.25%		07/28/2031			—				(32	)			—				0.00
Artifact Bidco, Inc.		(6) (16)		First Lien Debt		S +		4.25%		8.25%		07/26/2030			—				(44	)			—				0.00
AuditBoard, Inc.		(6) (8)		First Lien Debt		S +		4.50%		8.50%		07/14/2031			22,200				22,008				22,200				1.25
AuditBoard, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.50%		07/14/2031			—				(44	)			—				0.00
AuditBoard, Inc.		(6) (8) (16)		First Lien Debt		S +		4.50%		8.50%		07/14/2031			—				(35	)			—				0.00
Banyan Software Holdings, LLC		(6) (8) (18)		First Lien Debt		S +		5.25%		9.41%		01/02/2031			12,113				12,004				11,992				0.68
Banyan Software Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		01/02/2031			7,518				7,443				7,430				0.42
Banyan Software Holdings, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.41%		01/02/2031			—				(11	)			(13	)			0.00
Bottomline Technologies, Inc.		(6) (9) (18)		First Lien Debt		S +		4.50%		8.50%		05/14/2029			3,628				3,584				3,628				0.20
Bottomline Technologies, Inc.		(6) (9) (16)		First Lien Debt		S +		4.50%		8.50%		05/15/2028			—				(2	)			—				0.00
CLEO Communications Holding, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		9.76%		06/09/2027			38,569				38,439				38,569				2.18
CLEO Communications Holding, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		9.76%		06/09/2027			—				(35	)			—				0.00
Coupa Holdings, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.56%		02/27/2030			2,236				2,196				2,236				0.13
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.56%		02/27/2030			—				(9	)			—				0.00
Coupa Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.56%		02/27/2029			—				(12	)			—				0.00
Cyara AcquisitionCo, LLC		(6) (8)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		9.75%		06/28/2029			5,895				5,801				5,895				0.33
Cyara AcquisitionCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.25% (incl. 2.25% PIK)		9.75%		06/28/2029			—				(5	)			—				0.00
Diligent Corporation		(6) (9)		First Lien Debt		S +		5.00%		9.20%		08/02/2030			28,138				27,964				28,138				1.59
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.20%		08/02/2030			—				(24	)			—				0.00
Diligent Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.20%		08/02/2030			302				286				302				0.02
E-Discovery AcquireCo, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.13%		08/29/2029			19,505				19,171				19,505				1.10
E-Discovery AcquireCo, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.13%		08/29/2029			1,271				1,239				1,271				0.07
Emburse, Inc.		(6) (7) (9)		First Lien Debt		S +		4.25%		8.25%		05/28/2032			3,684				3,675				3,675				0.21
Emburse, Inc.		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		05/28/2032			—				(1	)			(2	)			0.00
Emburse, Inc.		(6) (9) (16)		First Lien Debt		S +		4.25%		8.25%		05/28/2032			—				(2	)			(2	)			0.00

27

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Espresso Bidco, Inc.		(6) (9)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		03/25/2032			18,151				17,898				17,879				1.01
Espresso Bidco, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		03/25/2032			—				(34	)			(74	)			0.00
Espresso Bidco, Inc.		(6) (8) (16)		First Lien Debt		S +		5.75% (incl. 3.13% PIK)		9.75%		03/25/2032			—				(31	)			(33	)			0.00
Everbridge Holdings, LLC		(6) (9) (18)		First Lien Debt		S +		5.00%		9.29%		07/02/2031			31,889				31,751				31,889				1.80
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.29%		07/02/2031			4,341				4,308				4,341				0.25
Everbridge Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.00%		9.29%		07/02/2031			—				(18	)			—				0.00
Formstack Acquisition, Co.		(6) (8) (18)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			10,835				10,705				10,808				0.61
Formstack Acquisition, Co.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			1,068				1,037				1,058				0.06
Formstack Acquisition, Co.		(6) (8) (16)		First Lien Debt		S +		5.50%		9.50%		03/28/2030			350				325				345				0.02
Fullsteam Operations, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			16,962				16,795				16,795				0.95
Fullsteam Operations, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			—				—				—				0.00
Fullsteam Operations, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			—				(28	)			(28	)			0.00
Fullsteam Operations, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.48%		08/08/2031			—				(18	)			(18	)			0.00
Granicus, Inc.		(6) (9)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.06%		01/17/2031			12,999				12,899				12,999				0.73
Granicus, Inc.		(6) (9) (16)		First Lien Debt		S +		5.75% (incl. 2.25% PIK)		10.06%		01/17/2031			7,039				6,979				7,039				0.40
Granicus, Inc.		(6) (16)		First Lien Debt		P +		4.25%		11.75%		01/17/2031			—				(14	)			—				0.00
GS AcquisitionCo, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		5.25%		9.25%		05/25/2028			59,574				59,312				59,574				3.36
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		05/25/2028			24				24				24				0.00
GS AcquisitionCo, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.25%		05/25/2028			823				813				823				0.05
Hootsuite, Inc.		(6) (13) (18)		First Lien Debt		S +		5.50%		9.50%		05/22/2030			22,219				21,945				22,219				1.25
Hootsuite, Inc.		(6) (13) (16)		First Lien Debt		S +		5.50%		9.50%		05/22/2030			—				(29	)			—				0.00
Icefall Parent, Inc.		(6) (8)		First Lien Debt		S +		4.75%		8.81%		01/25/2030			5,156				5,075				5,156				0.29
Icefall Parent, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		8.81%		01/25/2030			—				(7	)			—				0.00
LegitScript, LLC		(6) (9) (18)		First Lien Debt		S +		5.75%		9.91%		06/24/2029			26,098				25,779				26,098				1.47
LegitScript, LLC		(6) (9)		First Lien Debt		S +		5.75%		9.91%		06/24/2029			690				682				690				0.04

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
LegitScript, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		9.91%		06/24/2028			1,500				1,462				1,500				0.08
LogRhythm, Inc.		(6) (8)		First Lien Debt		S +		7.50%		11.66%		07/02/2029			9,091				8,872				8,841				0.50
LogRhythm, Inc.		(6) (8) (16)		First Lien Debt		S +		7.50%		11.66%		07/02/2029			—				(20	)			(25	)			0.00
Montana Buyer, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.91%		07/22/2029			8,446				8,396				8,446				0.48
Montana Buyer, Inc.		(6) (16)		First Lien Debt		P +		4.75%		8.91%		07/22/2028			—				(4	)			—				0.00
Nasuni Corporation		(6) (9)		First Lien Debt		S +		5.00%		9.07%		09/10/2030			14,483				14,295				14,483				0.82
Nasuni Corporation		(6) (9) (16)		First Lien Debt		S +		5.00%		9.07%		09/10/2030			—				(37	)			—				0.00
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (18)		First Lien Debt		S +		4.75%		8.95%		06/11/2029			6,849				6,808				6,814				0.38
Netwrix Corporation And Concept Searching, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.95%		06/11/2029			—				(2	)			(2	)			0.00
Oak Purchaser, Inc.		(6) (7) (9)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			3,560				3,536				3,558				0.20
Oak Purchaser, Inc.		(6) (9) (16)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			1,993				1,975				1,985				0.11
Oak Purchaser, Inc.		(6) (16)		First Lien Debt		S +		5.50%		9.37%		05/31/2028			37				34				37				0.00
Onit, Inc.		(6) (7) (9) (18)		First Lien Debt		S +		4.75%		8.98%		01/27/2032			18,241				18,083				18,228				1.03
Onit, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.98%		01/27/2032			—				(31	)			—				0.00
Onit, Inc.		(6) (9) (16)		First Lien Debt		S +		4.75%		8.98%		01/27/2032			—				(21	)			—				0.00
Optimizely North America, Inc.		(6) (9) (13) (18)		First Lien Debt		S +		5.00%		9.16%		10/30/2031			8,352				8,277				8,227				0.46
Optimizely North America, Inc.		(6) (9) (13)		First Lien Debt		E +		5.25%		7.15%		10/30/2031		€	3,074				3,310				3,558				0.20
Optimizely North America, Inc.		(6) (9) (13)		First Lien Debt		SA +		5.50%		9.47%		10/30/2031		£	1,025				1,321				1,359				0.08
Optimizely North America, Inc.		(6) (9) (13) (16)		First Lien Debt		S +		5.00%		9.16%		10/30/2031			—				(11	)			(19	)			0.00
Pound Bidco, Inc.		(6) (7) (8) (13)		First Lien Debt		S +		6.00%		10.66%		02/01/2027			22,181				22,067				22,126				1.25
Pound Bidco, Inc.		(6) (8) (13) (16)		First Lien Debt		S +		6.00%		10.66%		02/01/2027			1,137				1,137				1,132				0.06
Pound Bidco, Inc.		(6) (7) (8) (13) (16)		First Lien Debt		S +		6.00%		10.66%		02/01/2027			188				182				185				0.01
Project Leopard Holdings, Inc.		(10) (13)		First Lien Debt		S +		5.25%		9.66%		07/20/2029			6,107				5,838				5,472				0.31
Revalize, Inc.		(6) (8)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.65%		04/16/2029			19,212				19,175				18,192				1.03

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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
Revalize, Inc.		(6) (8) (16)		First Lien Debt		S +		6.50% (incl. 1.75% PIK)		10.65%		04/16/2029			46				46				42				0.00
Riskonnect Parent, LLC		(6) (9) (18)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			5,636				5,559				5,636				0.32
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			4,155				4,086				4,155				0.23
Riskonnect Parent, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		8.62%		12/07/2028			84				72				84				0.00
Runway Bidco, LLC		(6) (10) (18)		First Lien Debt		S +		5.00%		9.00%		12/17/2031			10,873				10,773				10,846				0.61
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		9.00%		12/17/2031			—				(12	)			(7	)			0.00
Runway Bidco, LLC		(6) (10) (16)		First Lien Debt		S +		5.00%		9.00%		12/17/2031			—				(12	)			(3	)			0.00
Saturn Borrower, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		10.00%		11/10/2028			11,401				11,256				11,322				0.64
Saturn Borrower, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.00%		11/10/2028			—				(26	)			(29	)			0.00
Saturn Borrower, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.00%		11/10/2028			450				427				437				0.02
Securonix, Inc.		(6) (9)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.04%		04/05/2029			21,613				21,425				18,920				1.07
Securonix, Inc.		(6) (9) (16)		First Lien Debt		S +		7.00% (incl. 3.75% PIK)		12.04%		04/05/2029			—				(29	)			(471	)			(0.03	)
Trunk Acquisition, Inc.		(6) (8) (18)		First Lien Debt		S +		6.00%		10.15%		02/19/2030			9,537				9,495				9,537				0.54
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.15%		02/19/2030			639				634				639				0.04
Trunk Acquisition, Inc.		(6) (8) (16)		First Lien Debt		S +		6.00%		10.15%		02/19/2030			—				(2	)			—				0.00
User Zoom Technologies, Inc.		(6) (9)		First Lien Debt		S +		7.00%		11.13%		04/05/2029			38,689				38,224				38,689				2.18
																			720,886				721,890				40.75
Wireless Telecommunication Services
CCI Buyer, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.00%		05/13/2032			2,834				2,807				2,834				0.16
CCI Buyer, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.00%		05/13/2032			—				(1	)			—				0.00
Mobile Communications America, Inc.		(6) (7) (8) (18)		First Lien Debt		S +		4.75%		9.04%		10/16/2029			5,851				5,786				5,851				0.33
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.04%		10/16/2029			1,442				1,421				1,442				0.08
Mobile Communications America, Inc.		(6) (8) (16)		First Lien Debt		S +		4.75%		9.04%		10/16/2029			—				(10	)			—				0.00
																			10,003				10,127				0.57
Total Debt Investments - non-controlled/non-affiliated																		$	3,776,963			$	3,716,695				209.79	%

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 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/affiliated
Professional Services
KWOR Acquisition, Inc.		(6) (8) (17)		Second Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.45%		02/28/2030			3,146				3,146				3,146				0.18
KWOR Acquisition, Inc.		(6) (8) (16) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.45%		02/28/2030			17				2				17				0.00
KWOR Acquisition, Inc.		(6) (8) (16) (17)		First Lien Debt		S +		6.25% (incl. 5.25% PIK)		10.45%		02/28/2030			25				2				25				0.00
KWOR Acquisition, Inc.		(6) (8) (17)		Other Debt		S +		8.00% PIK		12.17%		02/28/2030			1,086				1,086				1,086				0.06
																			4,236				4,274				0.24
Total Debt Investments - non-controlled/affiliated																		$	4,236			$	4,274				0.24	%
Total Debt Investments																		$	3,781,199			$	3,720,969				210.03	%

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
PCX Holding Corp.		(6) (14) (15)		Common Equity						04/22/2021			6,538			$	654			$	800				0.05	%
Automobile Components
Continental Battery Company		(6) (14) (15)		Common Equity						07/16/2025			7,758				—				—				0.00
Shelby Co-invest, LP (Spectrum Automotive)		(6) (14) (15)		Common Equity						06/29/2021			8,500				850				1,849				0.10
																	850				1,849				0.10
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.		(6) (14) (15)		Common Equity						02/03/2025			240,000				228				279				0.02
Procure Acquiom Financial, LLC (Procure Analytics)		(6) (14) (15)		Common Equity						12/20/2021			1,000,000				1,000				1,620				0.09
Surewerx Topco, LP		(6) (13) (14) (15)		Common Equity						12/28/2022			512				512				606				0.03
																	1,740				2,505				0.14
Containers & Packaging
BP Purchaser, LLC		(6) (14) (15)		Common Equity						12/10/2021			1,383,156				1,379				—				0.00
BP Purchaser, LLC Rights		(6) (14) (15)		Common Equity						03/12/2024			1,666,989				75				—				0.00

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
FORTIS Solutions Group, LLC		(6) (15)		Preferred Equity				12.25%		06/24/2022			1,000,000				1,467				981				0.06
																	2,921				981				0.06
Distributors
48Forty Solutions, LLC		(6) (14) (15)		Common Equity						11/01/2024			2,748				—				—				0.00
Diversified Consumer Services
Eclipse Topco, Inc.		(6) (15)		Preferred Equity				12.50% PIK		09/05/2024			120				1,192				1,193				0.07
FPG Parent, LLC		(6) (14) (15)		Common Equity						07/25/2025			341				—				—				0.00
LHS Borrower, LLC		(6) (14) (15)		Common Equity						09/04/2025			500,000				483				483				0.03
LUV Car Wash		(6) (14) (15)		Common Equity						04/06/2022			123				123				87				0.00
																	1,798				1,763				0.10
Electrical Equipment
Sparkstone Electrical Group		(6) (14) (15)		Common Equity						10/15/2024			1,500				150				88				0.00
Financial Services
Applitools, Inc.		(6) (14) (15)		Common Equity						07/18/2025			1,050,864				601				601				0.03
Food Products
Pet Holdings, Inc. (Brightpet)		(6) (14) (15)		Common Equity						03/22/2021			17,543				2,013				—				0.00
Health Care Providers & Services
mPulse Mobile, Inc.		(6) (14) (15)		Common Equity						12/17/2021			165,761				1,220				1,938				0.11
SDB Holdco, LLC		(6) (14) (15)		Common Equity						03/29/2024			5,460,555				—				—				0.00
Suveto Buyer, LLC		(6) (13) (14) (15)		Common Equity						11/19/2021			19,257				1,926				2,104				0.12
Vardiman Black Holdings, LLC		(6) (15)		Preferred Equity				6.00% PIK		03/29/2024			2,649,446				1,809				—				0.00
																	4,955				4,042				0.23
Insurance Services
Amerilife Holdings, LLC		(6) (14) (15)		Common Equity						09/01/2022			908				25				64				0.00
Frisbee Holdings, LP (Fetch)		(6) (14) (15)		Common Equity						10/31/2022			21,744				277				532				0.03
Integrity Marketing Acquisition, LLC		(6) (15)		Preferred Equity				10.50%		12/21/2021			3,250,000				4,767				4,445				0.25
																	5,069				5,041				0.28
Interactive Media & Services

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)				Cost(5)				Fair Value				Percentage of Net Assets
FMG Suite Holdings, LLC		(6) (14) (15)		Common Equity						09/09/2025			500				—				—				0.00
FMG Suite Holdings, LLC		(6) (15)		Preferred Equity						09/09/2025			500				502				502				0.03
																	502				502				0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)		(13) (14) (15)		Common Equity						05/12/2021			9,619,564				12,461				15,984				0.90
Recovery Point Systems, Inc.		(6) (14) (15)		Common Equity						03/05/2021			1,000,000				1,000				600				0.03
																	13,461				16,584				0.94
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)		(6) (14) (15)		Common Equity						03/09/2021			29,441				2,944				1,447				0.08
Verdantas, LLC		(6) (14) (15)		Common Equity						05/03/2024			4,780				5				6				0.00
Verdantas, LLC		(6) (15)		Preferred Equity				10.00%		05/03/2024			473,220				545				630				0.04
																	3,494				2,083				0.12
Real Estate Management & Development
Pritchard Industries, LLC		(6) (14) (15)		Common Equity						10/13/2021			1,882,739				1,938				1,519				0.09
Software
Diligent Corporation		(6) (15)		Preferred Equity				10.50%		04/05/2021			5,000				7,819				7,950				0.45
Fullsteam Operations, LLC		(6) (14) (15)		Common Equity						11/27/2023			2,966				100				248				0.01
Knockout Intermediate Holdings I, Inc.		(6) (15)		Preferred Equity				11.75%		06/25/2022			1,531				2,064				2,216				0.13
Revalize, Inc.		(6) (15)		Preferred Equity		S +		10.00%		12/14/2021			2,255				3,425				3,227				0.18
Reveal Data Solutions		(6) (14) (15)		Common Equity						08/29/2023			477,846				621				612				0.03
RSK Holdings, Inc. (Riskonnect)		(6) (15)		Preferred Equity		S +		10.50%		07/07/2022			1,012,200				1,423				1,512				0.09
																	15,452				15,765				0.89
Total Equity Investments - non-controlled/non-affiliated																$	55,598			$	54,123				3.06	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.		(6) (14) (15) (17)		Common Equity						02/28/2025			637				244				24				0.00
KWOR Intermediate I, Inc.		(6) (15) (17)		Preferred Equity		S +		8.00% PIK		02/28/2025			680,778				681				681				0.04

34

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments(1) (2)		Footnotes		Investment		Reference Rate and Spread				Acquisition Date		Par Amount/ Shares(4)			Cost(5)				Fair Value				Percentage of Net Assets
																925				705				0.04
Total Equity Investments - non-controlled/affiliated															$	925			$	705				0.04	%
Total Equity Investments															$	56,523			$	54,828				3.09	%
Total Portfolio Investments															$	3,837,722			$	3,775,797				213.13	%

Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares								3.99%							10,051				10,051				0.57
Cash															65,472				65,472				3.70
Total Cash and Cash Equivalents and Short Term Investments														$	75,523			$	75,523				4.26	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments														$	3,913,245			$	3,851,320				217.39	%

(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 September 30, 2025 the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.

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

(3)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

September 30, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2025. As of September 30, 2025, the reference rates for our variable rate loans were the C at 2.56%, 1-month E at 1.93%, 1-month S at 4.13%, 3-month S at 3.98%, 6-month S at 3.85%, SA at 3.97% and the P at 7.25%.

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

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

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

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

(8)Loan includes interest rate floor of 1.00%.

(9)Loan includes interest rate floor of 0.75%.

(10)Loan includes interest rate floor of 0.50%.

(11)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(12)Investment was on non-accrual status as of September 30, 2025.

(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 September 30, 2025, non-qualifying assets represented 7.27% of total assets as calculated in accordance with regulatory requirements.

(14)Non-income producing security.

(15)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of September 30, 2025, the aggregate fair value of these securities is $54,828 or 3.09% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(16)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of September 30, 2025:

36

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC		Revolver		11/30/2029		$	547			$	(260	)
AWP Group Holdings, Inc.		Delayed Draw Term Loan		08/23/2026			1,284				—
AWP Group Holdings, Inc.		Revolver		12/23/2030			454				—
Abacus Data Holdings, Inc. (AbacusNext)		Revolver		03/10/2027			1,400				—
Accel International Holdings, Inc.		Revolver		04/26/2032			1,874				—
Accordion Partners, LLC		Delayed Draw Term Loan		11/15/2026			3,835				—
Accordion Partners, LLC		Revolver		11/17/2031			3,043				—
Advarra Holdings, Inc.		Delayed Draw Term Loan		09/14/2026			41				—
Alert Media, Inc.		Revolver		04/12/2027			4,266				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		06/17/2026			218				—
Amerilife Holdings, LLC		Delayed Draw Term Loan		02/28/2027			3,375				—
Amerilife Holdings, LLC		Revolver		08/31/2028			1,770				—
Answer Acquisition, LLC		Revolver		12/30/2026			666				(50	)
Any Hour, LLC		Delayed Draw Term Loan		05/23/2026			6,255				(94	)
Any Hour, LLC		Revolver		05/23/2030			1,385				(21	)
Apex Service Partners, LLC		Revolver		10/24/2029			2,411				—
Apollo Acquisition, Inc.		Delayed Draw Term Loan		06/04/2027			2,191				—
Apollo Acquisition, Inc.		Revolver		12/30/2030			2,769				—
Appfire Technologies, LLC		Delayed Draw Term Loan		12/31/2025			381				—
Appfire Technologies, LLC		Delayed Draw Term Loan		06/28/2026			4,005				—
Appfire Technologies, LLC		Revolver		03/09/2028			131				—
Applitools, Inc.		Revolver		05/25/2028			433				(4	)
Apryse Software Corp.		Revolver		06/28/2032			2,296				(14	)
Aptean, Inc.		Delayed Draw Term Loan		02/14/2027			3,698				—
Aptean, Inc.		Revolver		01/30/2031			1,427				—
Arcoro Holdings Corp.		Revolver		03/28/2030			1,957				(34	)
Artifact Bidco, Inc.		Delayed Draw Term Loan		05/22/2027			7,759				—
Artifact Bidco, Inc.		Revolver		07/26/2030			5,542				—

37

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2026			2,007				—
Ascend Partner Services, LLC		Delayed Draw Term Loan		08/09/2027			404				(2	)
Ascend Partner Services, LLC		Revolver		08/11/2031			1,684				—
Assembly Intermediate, LLC		Revolver		10/19/2027			2,074				—
Associations, Inc.		Delayed Draw Term Loan		07/03/2028			524				—
Associations, Inc.		Revolver		07/03/2028			678				—
Atlas US Finco, Inc.		Revolver		12/10/2029			632				—
AuditBoard, Inc.		Delayed Draw Term Loan		07/12/2026			10,571				—
AuditBoard, Inc.		Revolver		07/14/2031			4,229				—
BCTO Bluebill Midco, Inc.		Revolver		07/30/2032			1,972				(19	)
Banyan Software Holdings, LLC		Delayed Draw Term Loan		04/15/2027			1,238				(12	)
Banyan Software Holdings, LLC		Revolver		01/02/2031			1,304				(13	)
Bottomline Technologies, Inc.		Revolver		05/15/2028			267				—
Bradyplus Holdings, LLC		Delayed Draw Term Loan		10/31/2025			157				—
Bridgepointe Technologies, LLC		Delayed Draw Term Loan		07/03/2026			205				(2	)
Bullhorn, Inc.		Delayed Draw Term Loan		05/11/2026			172				—
Bullhorn, Inc.		Revolver		10/01/2029			622				—
CCI Buyer, Inc.		Revolver		05/13/2032			165				—
CLEO Communications Holding, LLC		Revolver		06/09/2027			12,502				—
COP Collisionright Parent, LLC		Delayed Draw Term Loan		01/29/2026			429				(2	)
COP Collisionright Parent, LLC		Delayed Draw Term Loan		04/04/2027			10,568				(53	)
COP Collisionright Parent, LLC		Revolver		01/29/2030			1,212				(6	)
CRCI Longhorn Holdings, Inc.		Delayed Draw Term Loan		08/27/2026			2,471				—
CRCI Longhorn Holdings, Inc.		Revolver		08/27/2031			1,647				—
Caerus US 1, Inc.		Revolver		05/25/2029			622				(3	)
Carr, Riggs and Ingram Capital, LLC		Delayed Draw Term Loan		11/18/2026			1,724				(4	)
Carr, Riggs and Ingram Capital, LLC		Revolver		11/18/2031			1,000				(2	)
Catalis Intermediate, Inc.		Revolver		08/04/2027			3,249				(50	)
Cerity Partners, LLC		Delayed Draw Term Loan		01/21/2027			3,233				(8	)

38

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Cerity Partners, LLC		Revolver		07/28/2028			206				(1	)
Chase Intermediate, LLC		Delayed Draw Term Loan		04/10/2027			2,256				(23	)
Chase Intermediate, LLC		Revolver		10/30/2028			383				(4	)
Cliffwater, LLC		Revolver		04/22/2032			823				(8	)
ComPsych Investment Corp.		Delayed Draw Term Loan		07/23/2027			4,000				—
Consor Intermediate II, LLC		Delayed Draw Term Loan		05/10/2026			2,700				—
Consor Intermediate II, LLC		Revolver		05/12/2031			1,220				—
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				—
DA Blocker Corp.		Delayed Draw Term Loan		02/10/2027			2,204				(6	)
DA Blocker Corp.		Revolver		02/10/2032			735				(2	)
Deerfield Dakota Holding, LLC		Revolver		09/13/2032			2,571				(25	)
Diligent Corporation		Delayed Draw Term Loan		04/30/2026			4,118				—
Diligent Corporation		Revolver		08/02/2030			2,443				—
Drivecentric Holdings, LLC		Delayed Draw Term Loan		07/22/2027			125				(1	)
Drivecentric Holdings, LLC		Revolver		08/15/2031			3,529				—
Dwyer Instruments, Inc.		Delayed Draw Term Loan		11/20/2026			505				(3	)
Dwyer Instruments, Inc.		Revolver		07/20/2029			1,489				(7	)
E-Discovery AcquireCo, LLC		Revolver		08/29/2029			1,113				—
EVDR Purchaser, Inc.		Delayed Draw Term Loan		08/14/2026			5,881				—
EVDR Purchaser, Inc.		Revolver		02/14/2031			3,528				—
Eclipse Buyer, Inc.		Delayed Draw Term Loan		09/06/2026			719				—
Eclipse Buyer, Inc.		Revolver		09/08/2031			365				—
Emburse, Inc.		Delayed Draw Term Loan		05/28/2027			658				(2	)
Emburse, Inc.		Revolver		05/28/2032			658				(2	)
Energy Labs Holdings Corp.		Delayed Draw Term Loan		05/24/2026			199				(4	)
Energy Labs Holdings Corp.		Revolver		04/07/2028			192				(4	)
Espresso Bidco, Inc.		Delayed Draw Term Loan		03/25/2027			4,945				(74	)

39

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Espresso Bidco, Inc.		Revolver		03/25/2032			2,198				(33	)
Essential Services Holding Corporation		Delayed Draw Term Loan		06/17/2026			4,773				(22	)
Essential Services Holding Corporation		Revolver		06/17/2030			2,386				(11	)
Everbridge Holdings, LLC		Delayed Draw Term Loan		07/02/2026			6,783				—
Everbridge Holdings, LLC		Revolver		07/02/2031			4,463				—
Excelitas Technologies Corp.		Delayed Draw Term Loan		05/01/2026			2,000				(10	)
Excelitas Technologies Corp.		Revolver		08/14/2028			131				(1	)
Express Wash Acquisition Company, LLC		Revolver		04/10/2031			111				(1	)
FLS Holding, Inc.		Revolver		12/17/2027			23				(3	)
FMG Suite Holdings, LLC		Delayed Draw Term Loan		09/09/2027			3,113				(15	)
FMG Suite Holdings, LLC		Revolver		09/09/2032			1,868				(18	)
FORTIS Solutions Group, LLC		Revolver		10/15/2027			2,024				—
FPG Intermediate Holdco, LLC		Delayed Draw Term Loan		07/26/2027			31				—
Firebird Acquisition Corp, Inc.		Delayed Draw Term Loan		01/31/2027			2,817				—
Firebird Acquisition Corp, Inc.		Revolver		02/02/2032			1,000				—
Formstack Acquisition, Co.		Delayed Draw Term Loan		03/30/2026			3,272				(8	)
Formstack Acquisition, Co.		Revolver		03/28/2030			1,838				(5	)
Foundation Risk Partners Corp.		Delayed Draw Term Loan		02/26/2027			95				—
Foundation Risk Partners Corp.		Revolver		10/29/2029			6,709				—
Fullsteam Operations, LLC		Delayed Draw Term Loan		08/09/2027			5,654				(28	)
Fullsteam Operations, LLC		Revolver		08/08/2031			1,885				(18	)
GC Waves Holdings, Inc.		Delayed Draw Term Loan		10/04/2026			830				—
GC Waves Holdings, Inc.		Revolver		10/04/2030			331				—
GPS Merger Sub, LLC		Delayed Draw Term Loan		10/02/2026			1,274				—
GPS Merger Sub, LLC		Revolver		10/02/2029			1,019				—
GS AcquisitionCo, Inc.		Delayed Draw Term Loan		03/26/2026			41				—
GS AcquisitionCo, Inc.		Revolver		05/25/2028			1,646				—
Galway Borrower, LLC		Delayed Draw Term Loan		02/06/2026			1,072				—
Galway Borrower, LLC		Revolver		09/29/2028			1,747				—

40

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
GarageCo Intermediate II, LLC		Delayed Draw Term Loan		08/02/2027			3,030				(15	)
GarageCo Intermediate II, LLC		Revolver		08/02/2032			909				(9	)
Gateway US Holdings, Inc.		Revolver		09/22/2028			30				—
Granicus, Inc.		Delayed Draw Term Loan		01/17/2026			1,955				—
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		Revolver		06/12/2028			375				—
Helios Service Partners, LLC		Delayed Draw Term Loan		01/26/2026			256				—
Helios Service Partners, LLC		Revolver		03/19/2027			1,006				(2	)
Higginbotham Insurance Agency, Inc.		Delayed Draw Term Loan		03/27/2026			3,390				—
High Street Buyer, Inc.		Revolver		04/16/2027			2,136				—
Hootsuite, Inc.		Revolver		05/22/2030			2,500				—
Hyland Software, Inc.		Revolver		09/19/2029			1,879				—
IG Investment Holdings, LLC		Revolver		09/22/2028			1,211				(6	)
IQN Holding Corp.		Revolver		05/02/2028			232				—
Icefall Parent, Inc.		Revolver		01/25/2030			507				—
Imagine 360, LLC		Delayed Draw Term Loan		09/20/2026			1,718				—
Imagine 360, LLC		Revolver		10/02/2028			1,064				—
Inhabitiq, Inc.		Delayed Draw Term Loan		01/11/2027			4,976				—
Inhabitiq, Inc.		Revolver		01/12/2032			3,110				—
Inszone Mid, LLC		Delayed Draw Term Loan		07/24/2026			6,112				(15	)
Inszone Mid, LLC		Revolver		11/30/2029			1,569				(4	)
Integrity Marketing Acquisition, LLC		Revolver		08/25/2028			353				—
Invictus Buyer, LLC		Delayed Draw Term Loan		06/03/2026			1,688				—
Invictus Buyer, LLC		Revolver		06/03/2031			625				—
Iris Buyer, LLC		Revolver		10/02/2029			801				(2	)
KENG Acquisition, Inc.		Delayed Draw Term Loan		01/21/2027			2,382				(24	)
KENG Acquisition, Inc.		Revolver		08/01/2029			1,171				(12	)

41

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Kodiak Buyer, LLC		Delayed Draw Term Loan		07/26/2027			536				(3	)
Kodiak Buyer, LLC		Revolver		07/26/2032			429				(4	)
LHS Borrower, LLC		Revolver		09/04/2031			533				(8	)
LJ Avalon Holdings, LLC		Delayed Draw Term Loan		02/12/2027			1,731				(10	)
LJ Avalon Holdings, LLC		Revolver		02/01/2029			1,435				—
LeadVenture, Inc.		Delayed Draw Term Loan		06/23/2027			1,127				—
LeadVenture, Inc.		Revolver		06/23/2032			841				—
LegitScript, LLC		Revolver		06/24/2028			2,667				—
Lightspeed Buyer, Inc.		Revolver		02/03/2027			146				—
LogRhythm, Inc.		Revolver		07/02/2029			909				(25	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		08/29/2026			1,302				(13	)
MAI Capital Management Intermediate, LLC		Delayed Draw Term Loan		06/11/2027			2,215				(22	)
MAI Capital Management Intermediate, LLC		Revolver		08/29/2031			998				(10	)
MHE Intermediate Holdings, LLC		Revolver		07/21/2027			1,500				—
MRI Software, LLC		Revolver		02/10/2028			1,561				(2	)
Magneto Components Buyco, LLC		Revolver		12/05/2029			2,529				—
Majesco, Inc.		Revolver		09/21/2027			1,575				—
Mantech International CP		Delayed Draw Term Loan		12/14/2025			197				—
Mantech International CP		Revolver		09/14/2028			507				—
Merative LP		Delayed Draw Term Loan		09/30/2027			2,070				(5	)
Merative LP		Revolver		09/30/2032			1,812				(9	)
Mobile Communications America, Inc.		Delayed Draw Term Loan		06/23/2027			719				—
Mobile Communications America, Inc.		Revolver		10/16/2029			960				—
Model N, Inc.		Delayed Draw Term Loan		06/26/2026			3,265				—
Model N, Inc.		Revolver		06/27/2031			1,741				—
Montana Buyer, Inc.		Revolver		07/22/2028			981				—
NDT Global Holding, Inc.		Delayed Draw Term Loan		06/04/2027			821				(8	)
NDT Global Holding, Inc.		Revolver		06/04/2032			733				(7	)
NSI Holdings, Inc.		Delayed Draw Term Loan		11/15/2026			1,316				—

42

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
NSI Holdings, Inc.		Revolver		11/17/2031			1,281				—
Nasuni Corporation		Revolver		09/10/2030			3,017				—
Netwrix Corporation And Concept Searching, Inc.		Revolver		06/11/2029			431				(2	)
Oak Purchaser, Inc.		Delayed Draw Term Loan		08/30/2027			1,646				(8	)
Oak Purchaser, Inc.		Revolver		05/31/2028			522				—
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				(19	)
PCX Holding Corp.		Revolver		04/22/2027			947				(33	)
PDI TA Holdings, Inc.		Revolver		02/03/2031			1,368				—
PMA Parent Holdings, LLC		Revolver		01/31/2031			354				(3	)
PT Intermediate Holdings III, LLC		Delayed Draw Term Loan		04/08/2026			2,497				—
Pareto Health Intermediate Holdings, Inc.		Delayed Draw Term Loan		06/20/2026			5,602				—
Pareto Health Intermediate Holdings, Inc.		Revolver		06/01/2029			792				—
Patriot Growth Insurance Services, LLC		Revolver		10/16/2028			3,919				—
Pound Bidco, Inc.		Delayed Draw Term Loan		04/24/2027			1,080				(3	)
Pound Bidco, Inc.		Revolver		02/01/2027			975				(2	)
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				—
Promptcare Infusion Buyer, Inc.		Delayed Draw Term Loan		10/19/2025			1,389				(11	)
Pye-Barker Fire & Safety, LLC		Delayed Draw Term Loan		05/24/2026			4,799				(12	)
Pye-Barker Fire & Safety, LLC		Revolver		05/24/2030			3,189				(8	)
RFS Opco, LLC		Revolver		04/04/2029			163				—
Railpros Parent, LLC		Delayed Draw Term Loan		05/24/2027			3,474				(35	)
Railpros Parent, LLC		Revolver		05/24/2032			1,737				(17	)
Randy's Holdings, Inc.		Delayed Draw Term Loan		11/01/2025			651				(7	)
Randy's Holdings, Inc.		Revolver		11/01/2029			346				(3	)

43

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Raptor Merger Sub Debt, LLC		Revolver		04/01/2029			1,791				—
Real Chemistry Intermediate III, Inc.		Delayed Draw Term Loan		10/11/2027			2,399				(12	)
Real Chemistry Intermediate III, Inc.		Revolver		04/12/2032			1,950				(10	)
Recovery Point Systems, Inc.		Revolver		02/14/2028			4,000				—
Redwood Services Group, LLC		Delayed Draw Term Loan		01/03/2027			5,739				(29	)
Revalize, Inc.		Revolver		04/16/2029			25				(1	)
Ridge Trail US Bidco, Inc.		Delayed Draw Term Loan		03/30/2027			8,268				—
Ridge Trail US Bidco, Inc.		Revolver		03/31/2031			2,012				—
Riskonnect Parent, LLC		Delayed Draw Term Loan		03/01/2026			1,264				—
Riskonnect Parent, LLC		Revolver		12/07/2028			832				—
RoadOne IntermodaLogistics		Revolver		12/29/2028			35				(1	)
Routeware, Inc.		Delayed Draw Term Loan		09/18/2026			1,386				(4	)
Routeware, Inc.		Revolver		09/18/2031			273				(1	)
Runway Bidco, LLC		Delayed Draw Term Loan		12/17/2026			2,715				(7	)
Runway Bidco, LLC		Revolver		12/17/2031			1,357				(3	)
SV Newco 2, Inc.		Delayed Draw Term Loan		03/22/2028			755				(2	)
SV Newco 2, Inc.		Revolver		06/02/2031			8,591				(24	)
Saturn Borrower, Inc.		Delayed Draw Term Loan		01/24/2027			4,167				(29	)
Saturn Borrower, Inc.		Revolver		11/10/2028			1,425				(10	)
Securonix, Inc.		Revolver		04/05/2029			3,782				(471	)
Sherlock Buyer Corp.		Revolver		12/08/2027			1,286				(29	)
Smarsh, Inc.		Delayed Draw Term Loan		01/31/2027			1,072				—
Smarsh, Inc.		Revolver		02/16/2029			579				—
Spark Buyer, LLC		Delayed Draw Term Loan		10/15/2026			875				(31	)
Spark Buyer, LLC		Revolver		10/15/2031			289				(10	)
Spectrio, LLC		Revolver		12/09/2026			395				(78	)
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		03/24/2026			181				—
Spectrum Automotive Holdings Corp.		Delayed Draw Term Loan		04/28/2027			248				—
Spectrum Automotive Holdings Corp.		Revolver		06/29/2027			881				—

44

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
Stepping Stones Healthcare Services, LLC		Delayed Draw Term Loan		04/25/2026			906				—
Stepping Stones Healthcare Services, LLC		Revolver		12/30/2026			625				—
Superman Holdings, LLC		Delayed Draw Term Loan		08/28/2026			2,359				—
Superman Holdings, LLC		Revolver		08/29/2031			2,901				—
Surewerx Purchaser III, Inc.		Delayed Draw Term Loan		12/28/2025			601				—
Surewerx Purchaser III, Inc.		Revolver		12/28/2028			812				—
Suveto Buyer, LLC		Delayed Draw Term Loan		11/15/2026			198				—
Suveto Buyer, LLC		Revolver		09/09/2027			1,296				—
Sweep Purchaser, LLC		Revolver		06/30/2027			1,125				—
Tamarack Intermediate, LLC		Delayed Draw Term Loan		07/01/2027			2,440				(15	)
Tamarack Intermediate, LLC		Revolver		03/12/2029			1,853				(5	)
Tank Holding Corp.		Revolver		03/31/2028			800				(45	)
Thrive Buyer, Inc. (Thrive Networks)		Delayed Draw Term Loan		01/31/2027			4,735				(12	)
Thrive Buyer, Inc. (Thrive Networks)		Revolver		02/02/2032			2,759				(7	)
Tidi Legacy Products, Inc.		Delayed Draw Term Loan		12/21/2026			494				—
Tidi Legacy Products, Inc.		Revolver		12/19/2029			356				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2026			1,949				—
Transit Technologies, LLC		Delayed Draw Term Loan		08/20/2027			549				(3	)
Transit Technologies, LLC		Revolver		08/20/2030			1,705				—
Trintech, Inc.		Revolver		07/25/2029			2,092				(10	)
Triple Lift, Inc.		Revolver		05/05/2028			4,000				(250	)
Trunk Acquisition, Inc.		Delayed Draw Term Loan		12/20/2026			112				—
Trunk Acquisition, Inc.		Revolver		02/19/2030			857				—
Two Six Labs, LLC		Delayed Draw Term Loan		10/09/2025			2,200				—
Two Six Labs, LLC		Revolver		08/20/2027			1,110				—
UHY Advisors, Inc.		Delayed Draw Term Loan		11/22/2026			2,069				—
UHY Advisors, Inc.		Revolver		11/21/2031			539				—
United Flow Technologies Intermediate Holdco II, LLC		Delayed Draw Term Loan		07/19/2027			3,070				(18	)
United Flow Technologies Intermediate Holdco II, LLC		Revolver		06/21/2030			990				—

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
UpStack, Inc.		Delayed Draw Term Loan		08/23/2026			2,599				(19	)
UpStack, Inc.		Revolver		08/25/2031			1,125				(8	)
V Global Holdings, LLC		Revolver		12/22/2027			127				(9	)
VRC Companies, LLC		Revolver		06/29/2027			1,653				—
Vamos Bidco, Inc.		Delayed Draw Term Loan		01/30/2027			2,250				(6	)
Vamos Bidco, Inc.		Revolver		01/30/2032			450				(1	)
Vardiman Black Holdings, LLC		Delayed Draw Term Loan		03/29/2026			25				(3	)
Vehlo Purchaser, LLC		Delayed Draw Term Loan		10/05/2025			781				—
Vehlo Purchaser, LLC		Delayed Draw Term Loan		12/18/2026			195				—
Vehlo Purchaser, LLC		Revolver		05/24/2028			143				—
Vensure Employer Services, Inc.		Delayed Draw Term Loan		09/27/2026			656				—
Verdantas, LLC		Delayed Draw Term Loan		11/08/2026			2,170				(3	)
Verdantas, LLC		Revolver		05/06/2030			912				(1	)
Vertex Service Partners, LLC		Delayed Draw Term Loan		10/01/2026			603				(12	)
Vertex Service Partners, LLC		Revolver		11/08/2030			91				(2	)
Vessco Midco Holdings, LLC		Delayed Draw Term Loan		07/24/2026			1,705				—
Vessco Midco Holdings, LLC		Revolver		07/24/2031			1,244				—
Victors Purchaser, LLC		Delayed Draw Term Loan		08/15/2026			949				—
Victors Purchaser, LLC		Revolver		08/15/2031			693				—
World Insurance Associates, LLC		Revolver		04/03/2030			1,269				—
YI, LLC		Revolver		12/03/2029			883				—
Zarya Intermediate, LLC		Revolver		07/01/2027			3,649				—
iCIMS, Inc.		Revolver		08/18/2028			33				—
mPulse Mobile, Inc.		Delayed Draw Term Loan		08/26/2027			1,731				(8	)
mPulse Mobile, Inc.		Revolver		08/26/2032			2,596				(25	)
Total First Lien Debt Unfunded Commitments – non-controlled/non-affiliated						$	518,153			$	(2,599	)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.		Delayed Draw Term Loan		02/28/2027			690				—

46

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share amounts)

Investments		Commitment Type		Commitment Expiration Date		Unfunded Commitment				Fair Value
KWOR Acquisition, Inc.		Revolver		02/28/2030			506				—
Total First Lien Debt Unfunded Commitments – non-controlled/affiliated						$	1,196			$	—
Total Unfunded Commitments						$	519,349			$	(2,599	)

(17)As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the nine months ended September 30, 2025 were as follows:

		Fair Value as of December 31, 2024				Gross Additions (2)				Gross Reductions (3)				Net Change in Unrealized Gains (Losses)				Net RealizedGain (Loss)				Fair Value as of September 30,2025				Interest, Dividend and Other Income
KWOR Acquisition, Inc.(1)		$	—			$	5,161			$	—			$	(182	)		$	—			$	4,979			$	280
Total		$	—			$	5,161			$	—			$	(182	)		$	—			$	4,979			$	280

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

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

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

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

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				7,483				—				7,038
BNP Paribas		2030 Notes		6.25%		S + 2.54%		05/19/2030			350,000				4,580				—				4,580
										$	700,000			$	12,063			$	—			$	11,618

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

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

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

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

47

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/non-affiliated(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
Aerospace & Defense
Jonathan Acquisition Company		(6) (8)		First Lien Debt		S +		5.00%		9.43%		12/22/2026			3,389			$	3,346			$	3,389				0.18	%
Mantech International CP		(6) (9)		First Lien Debt		S +		5.00%		9.59%		9/14/2029			4,194				4,190				4,194				0.23
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		9/14/2029			—				(1	)			—				—
Mantech International CP		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		9/14/2028			—				(1	)			—				—
PCX Holding Corp.		(6) (7) (8)		First Lien Debt		S +		6.25%		10.73%		4/22/2027			17,862				17,781				16,647				0.90
PCX Holding Corp.		(6) (8)		First Lien Debt		S +		6.25%		10.73%		4/22/2027			17,986				17,816				16,763				0.91
PCX Holding Corp.		(6) (8)		First Lien Debt		S +		6.25%		10.73%		4/22/2027			1,851				1,844				1,725				0.09
Two Six Labs, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.90%		8/20/2027			34,367				33,937				34,314				1.86
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.90%		8/20/2027			4,210				4,150				4,192				0.23
Two Six Labs, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.90%		8/20/2027			—				(19	)			(6	)			(0.00	)
																			83,043				81,218				4.41
Air Freight & Logistics
AGI-CFI Holdings, Inc.		(6) (9)		First Lien Debt		S +		5.75%		10.23%		6/11/2027			14,118				13,960				14,118				0.77
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.84%		12/29/2028			1,639				1,602				1,602				0.09
RoadOne IntermodaLogistics		(6) (8)		First Lien Debt		S +		6.25%		10.84%		12/29/2028			150				147				147				0.01
RoadOne IntermodaLogistics		(6) (8) (16)		First Lien Debt		S +		6.25%		10.84%		12/29/2028			75				68				68				0.00
																			15,777				15,935				0.87
Automobile Components
Continental Battery Company		(6) (8)		First Lien Debt		S +		7.00% (incl. 4.08% PIK)		11.48%		1/20/2027			6,473				6,415				4,571				0.25
PAI Holdco, Inc.		(6) (8)		Second Lien Debt		S +		7.50% (incl. 2.00% PIK)		12.24%		10/28/2028			27,110				26,683				23,862				1.30
Randy's Holdings, Inc.		(6) (8)		First Lien Debt		S +		5.00%		9.45%		11/1/2029			6,608				6,467				6,608				0.36

48

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/non-affiliated(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
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.45%		11/1/2029			664				634				664				0.04
Randy's Holdings, Inc.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.45%		11/1/2029			305				288				305				0.02
Sonny's Enterprises, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		10.17%		8/5/2028			45,548				45,098				44,086				2.39
Sonny's Enterprises, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		10.17%		8/5/2028			113				103				68				0.00
Spectrum Automotive Holdings Corp.		(6) (7) (9)		First Lien Debt		S +		5.25%		9.58%		6/29/2028			23,170				22,970				23,040				1.25
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		6/29/2028			7,449				7,322				7,360				0.40
Spectrum Automotive Holdings Corp.		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		6/29/2027			—				(5	)			(5	)			(0.00	)
																			115,975				110,559				6.00
Automobiles
ARI Network Services, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			20,614				20,459				20,533				1.11
ARI Network Services, Inc.		(6) (7) (9)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			3,557				3,530				3,544				0.19
ARI Network Services, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			1,380				1,376				1,369				0.07
COP Collisionright Parent, LLC		(6) (7) (8)		First Lien Debt		S +		5.50%		10.09%		1/29/2030			6,364				6,252				6,289				0.34
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		10.09%		1/29/2030			1,864				1,815				1,821				0.10
COP Collisionright Parent, LLC		(6) (8) (16)		First Lien Debt		S +		5.50%		10.09%		1/29/2030			154				137				142				0.01
Drivecentric Holdings, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.27%		8/15/2031			26,470				26,216				26,449				1.44
Drivecentric Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.27%		8/15/2031			—				(33	)			(3	)			(0.00	)
LeadVenture, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/28/2026			367				360				363				0.02
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.48%		12/2/2025			37,170				36,996				35,899				1.95
Turbo Buyer, Inc.		(6) (8)		First Lien Debt		S +		6.00%		10.48%		12/2/2025			37,353				37,140				36,076				1.96
Vehlo Purchaser, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.61%		5/24/2028			2,936				2,911				2,917				0.16
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		5/24/2028			713				633				617				0.03
Vehlo Purchaser, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.61%		5/24/2028			—				(1	)			(1	)			(0.00	)
																			137,791				136,015				7.38

49

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/non-affiliated(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
Biotechnology
GraphPad Software, LLC		(6) (9)		First Lien Debt		S +		4.75%		9.08%		6/30/2031			26,824				26,698				26,824				1.46
GraphPad Software, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		6/30/2031			796				759				796				0.04
GraphPad Software, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.08%		6/30/2031			—				(14	)			—				—
																			27,443				27,620				1.50
Building Products
Project Potter Buyer, LLC		(6) (8)		First Lien Debt		S +		6.00%		10.33%		4/23/2027			13,617				13,617				13,617				0.74
Project Potter Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		6.00%		10.33%		4/23/2026			—				—				—				—
																			13,617				13,617				0.74
Chemicals
Tank Holding Corp.		(7) (9)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			13,845				13,676				13,571				0.74
Tank Holding Corp.		(6) (7) (9)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			1,709				1,671				1,701				0.09
Tank Holding Corp.		(6) (9) (16)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			414				403				412				0.02
Tank Holding Corp.		(9) (16)		First Lien Debt		S +		5.75%		10.27%		3/31/2028			—				(9	)			(16	)			(0.00	)
V Global Holdings, LLC		(6) (7) (9)		First Lien Debt		S +		5.75%		10.42%		12/22/2027			4,805				4,747				4,567				0.25
V Global Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.42%		12/22/2025			393				389				359				0.02
																			20,877				20,594				1.12
Commercial Services & Supplies
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		9.24%		12/26/2028			16,929				16,773				16,929				0.92
365 Retail Markets, LLC		(6) (8)		First Lien Debt		S +		4.50%		9.24%		12/26/2028			5,432				5,394				5,432				0.29
Atlas Us Finco, Inc.		(6) (8) (12)		First Lien Debt		S +		5.00%		9.63%		12/9/2029			8,970				8,802				8,970				0.49
Atlas Us Finco, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		5.00%		9.63%		12/9/2028			—				(4	)			—				—
BPG Holdings IV Corp.		(6) (9)		First Lien Debt		S +		6.00%		10.33%		7/29/2029			11,529				10,952				9,927				0.54
Consor Intermediate II, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.83%		5/12/2031			5,022				4,975				4,994				0.27

50

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Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/non-affiliated(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
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/12/2031			—				(21	)			(26	)			(0.00	)
Consor Intermediate II, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/12/2031			—				(11	)			(7	)			(0.00	)
CRCI Longhorn Holdings, Inc.		(6) (7) (9)		First Lien Debt		S +		5.00%		9.36%		8/27/2031			9,882				9,787				9,882				0.54
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/27/2031			—				(12	)			—				—
CRCI Longhorn Holdings, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.36%		8/27/2031			741				726				741				0.04
Encore Holdings, LLC		(6) (9)		First Lien Debt		S +		5.25%		9.58%		11/23/2028			1,812				1,792				1,805				0.10
Encore Holdings, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.58%		11/23/2028			12,409				12,226				12,285				0.67
Encore Holdings, LLC		(6) (16)		First Lien Debt		P +		4.00%		11.50%		11/23/2027			—				(5	)			(2	)			(0.00	)
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.46%		4/7/2028			467				462				461				0.03
Energy Labs Holdings Corp.		(6) (8)		First Lien Debt		S +		5.00%		9.46%		4/7/2028			195				189				189				0.01
Energy Labs Holdings Corp.		(6) (8) (16)		First Lien Debt		S +		5.00%		9.46%		4/7/2028			—				(2	)			(3	)			(0.02	)
FLS Holding, Inc.		(6) (8) (12)		First Lien Debt		S +		5.25%		9.71%		12/15/2028			18,833				18,591				16,825				0.91
FLS Holding, Inc.		(6) (8) (12)		First Lien Debt		S +		5.25%		9.71%		12/15/2028			4,416				4,357				3,945				0.21
FLS Holding, Inc.		(6) (8) (12) (16)		First Lien Debt		S +		5.25%		9.71%		12/17/2027			901				883				709				0.04
Ground Penetrating Radar Systems, LLC		(6) (7) (8)		First Lien Debt		S +		5.25%		9.77%		4/2/2031			20,460				20,183				20,460				1.11
Ground Penetrating Radar Systems, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.77%		4/2/2031			—				(52	)			—				—
Ground Penetrating Radar Systems, LLC		(6) (16)		First Lien Debt		P +		4.25%		11.75%		4/2/2031			326				291				326				0.02
Helios Service Partners, LLC		(6) (8)		First Lien Debt		S +		5.00%		9.59%		3/19/2027			6,790				6,678				6,788				0.37
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.59%		3/19/2027			11,098				10,864				11,059				0.60
Helios Service Partners, LLC		(6) (8) (16)		First Lien Debt		S +		5.00%		9.59%		3/19/2027			—				(19	)			—				—
Hercules Borrower, LLC		(6) (9) (16)		First Lien Debt		S +		5.25%		9.68%		12/15/2026			C$824				448				363				0.02
HSI Halo Acquisition, Inc.		(6) (9)		First Lien Debt		S +		5.00%		9.59%		6/30/2031			13,587				13,458				13,587				0.74
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		6/30/2031			563				545				563				0.03
HSI Halo Acquisition, Inc.		(6) (9) (16)		First Lien Debt		S +		5.00%		9.59%		6/28/2030			—				(20	)			—				—

51

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

Investments-non-controlled/non-affiliated(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) (8)		First Lien Debt		S +		6.25%		10.84%		10/2/2030			6,938				6,771				6,938				0.38
Iris Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.84%		10/2/2030			654				635				654				0.04
Iris Buyer, LLC		(6) (8) (16)		First Lien Debt		S +		6.25%		10.84%		10/2/2029			—				(22	)			—				—
Procure Acquireco, Inc. (Procure Analytics)		(6) (9)		First Lien Debt		S +		4.75%		9.49%		12/20/2028			3,849				3,800				3,849				0.21
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		9.49%		12/20/2028			190				185				187				0.01
Procure Acquireco, Inc. (Procure Analytics)		(6) (9) (16)		First Lien Debt		S +		4.75%		9.49%		12/20/2028			—				(3	)			—				—
Pye-Barker Fire & Safety, LLC		(6) (9)		First Lien Debt		S +		4.50%		8.83%		5/26/2031			26,325				26,325				26,325				1.43
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/26/2031			3,752				3,685				3,752				0.20
Pye-Barker Fire & Safety, LLC		(6) (9) (16)		First Lien Debt		S +		4.50%		8.83%		5/24/2030			456				423				456				0.02
Routeware, Inc.		(6) (8)		First Lien Debt		S +		5.25%		9.60%		9/18/2031			3,182				3,151				3,182				0.17
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.60%		9/18/2031			—				(7	)			—				—
Routeware, Inc.		(6) (8) (16)		First Lien Debt		S +		5.25%		9.60%		9/18/2031			—				(3	)			—				—
Sherlock Buyer Corp.		(6) (8)		First Lien Debt		S +		5.75%		10.18%		12/08/2028			10,838				10,699				10,838				0.59
Sherlock Buyer Corp.		(6) (8) (16)		First Lien Debt		S +		5.75%		10.18%		12/8/2027			—				(13	)			—				—
Surewerx Purchaser III, Inc.		(6) (9) (12)		First Lien Debt		C +		5.25%		9.58%		12/28/2029			C$5,647				5,451				5,570				0.30
Surewerx Purchaser III, Inc.		(6) (9) (12) (16)		First Lien Debt		S +		5.25%		9.58%		12/28/2029			—				(16	)			—				—
Surewerx Purchaser III, Inc.		(6) (9) (12)		First Lien Debt		C +		5.25%		9.58%		12/28/2028			C$793				757				776				0.04
Sweep Midco, LLC		(6) (14)		Second Lien Debt								3/12/2034			1,674				836				1,085				0.06
Sweep Midco, LLC		(6) (14)		Second Lien Debt								3/12/2036			4,872				—				—				—
Sweep Purchaser, LLC		(6)		First Lien Debt		S +		5.75% PIK		10.24%		6/30/2027			6,129				6,129				6,129				0.33
Sweep Purchaser, LLC		(6) (8)		First Lien Debt		S +		5.75%		10.24%		6/30/2027			3,163				3,163				3,163				0.17
Sweep Purchaser, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		10.24%		6/30/2027			—				—				—				—
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.30%		3/13/2028			7,019				6,939				7,019				0.38

52

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2024

(In thousands, except share amounts)

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Filing: 10-Q - Morgan Stanley Direct Lending Fund (MSDL)
Accession Number: 0001193125-25-269438

Investments-non-controlled/non-affiliated(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
Tamarack Intermediate, LLC		(6) (9)		First Lien Debt		S +		5.75%		10.30%		3/13/2028			595				584				595				0.03
Tamarack Intermediate, LLC		(6) (9) (16)		First Lien Debt		S +		5.75%		10.30%		3/13/2028			—				(10	)			—				—
Transit Technologies, LLC		(6) (7) (9)		First Lien Debt		S +		4.75%		9.51%		8/20/2031			7,955				7,878				7,955				0.43
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.51%		8/20/2031			—				(13	)			—				—
Transit Technologies, LLC		(6) (9) (16)		First Lien Debt		S +		4.75%		9.51%		8/20/2030			—				(16	)			—				—
United Flow Technologies Intermediate Holdco II, LLC		(6) (8)		First Lien Debt		S +		5.25%		9.58%		6/23/2031			8,888				8,762				8,888				0.48
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		6/23/2031			485				447				485				0.03
United Flow Technologies Intermediate Holdco II, LLC		(6) (8) (16)		First Lien Debt		S +		5.25%		9.58%		6/21/2030			—				(14	)			—				—
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		12.01%		4/13/2027			13,851				13,747				12,111				0.66
US Infra Svcs Buyer, LLC		(6) (7) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		12.01%		4/13/2027			1,955				1,945				1,709				0.09
US Infra Svcs Buyer, LLC		(6) (8)		First Lien Debt		S +		7.25% (incl. 4.75% PIK)		12.01%		4/13/2027			2,250				2,240				1,967				0.11
Vensure Employer Services, Inc.		(6) (10)		First Lien Debt		S +		5.00%		9.33%		9/29/2031			7,972				7,895				7,972				0.43
Vensure Employer Services, Inc.		(6) (10) (16)		First Lien Debt		S +		5.00%		9.33%		9/29/2031			309				296				309				0.02
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.75%		10.27%		6/29/2027			72,257				71,720				72,257				3.92
VRC Companies, LLC		(6) (8)		First Lien Debt		S +		5.75%		10.27%		6/29/2027			496				491				496				0.03
VRC Companies, LLC		(6) (8) (16)		First Lien Debt		S +		5.75%		10.27%		6/29/2027			—				(10	)			—				—

FAQ

What does MSDL’s 10-Q highlight about its portfolio?

It lists numerous floating‑rate first‑lien (and some second‑lien) loans with stated spreads, current interest rates, and maturities tied mainly to SOFR.

Which benchmarks are used across MSDL’s loans?

Loans reference SOFR most often, with additional references to Prime, CORRA, EURIBOR, and SONIA.

Can you give examples of loan terms disclosed by MSDL?

Yes. Fullsteam Operations, LLC at 12.91% (S + 8.25%) due 11/27/2029, and Runway Bidco, LLC at 9.00% (S + 5.00%) due 12/17/2031.

Does MSDL disclose revolving credit facilities in the 10-Q?

Yes. Examples include a Granicus, Inc. revolver expiring 1/17/2031 and a Vessco Midco Holdings, LLC revolver expiring 07/24/2031.

Are second‑lien positions present in MSDL’s holdings?

Yes. The disclosures include second‑lien debt such as Infinite Bidco, LLC at 10.45% (S + 6.25%) due 03/02/2028.

Does the 10-Q provide portfolio performance metrics?

The excerpt provides specific loan rates and maturities; it does not include performance metrics in the provided content.