Morgan Stanley Direct Lending lists 9.32% loan

Q: What rates and maturities are listed for MSDL's loans?

Spectrotel MidCo II, LLC is listed with first-lien debt at 9.32% interest, a reference-rate spread of S + 5.25%, and a maturity date of September 30, 2033. The schedule also lists other borrowers' debt positions with individual interest rates and maturity dates.

The schedule separately identifies borrower commitments, including revolvers and delayed-draw term loans, with their expiration dates.

Available on EDGAR 11/05/2026 - 04:20 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:18 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

10-Q

Rhea-AI Filing Summary

Morgan Stanley Direct Lending Fund (MSDL) lists debt and equity investments, as well as revolving and delayed-draw term loan commitments, across sectors including software, health care, insurance, professional services and transportation. The debt entries include first-lien, second-lien and unsecured positions; equity entries identify common or preferred equity and acquisition dates.

One listed first-lien loan to Spectrotel MidCo II, LLC carries a 9.32% interest rate and a reference-rate spread of S + 5.25%, with a maturity date of September 30, 2033. Commitment records identify the borrower, commitment type and expiration date; for example, Amerilife Holdings, LLC has a delayed-draw term loan commitment expiring February 28, 2027.

Key Figures

Interest rate: 9.32% Reference-rate spread: S + 5.25% Interest rate: 14.50% +3 more

6 metrics

Interest rate 9.32% Spectrotel MidCo II, LLC first-lien debt; maturity September 30, 2033

Reference-rate spread S + 5.25% Spectrotel MidCo II, LLC first-lien debt

Interest rate 14.50% Heartland Veterinary Partners, LLC second-lien debt; maturity September 11, 2028

PIK portion 7.00% Included in the reference-rate-and-spread entry for Heartland Veterinary Partners, LLC second-lien debt

Commitment expiration date February 28, 2027 Amerilife Holdings, LLC delayed-draw term loan commitment

Common equity acquisition date January 14, 2026 48Forty Solutions, LLC

Key Terms

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

6 terms

First Lien Debt financial

"Investment First Lien Debt"

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

Second Lien Debt financial

"Investment Second Lien Debt"

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

PIK financial

"incl. 7.00% PIK"

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

Delayed Draw Term Loan financial

"Commitment Type Delayed Draw Term Loan"

A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.

Reference Rate & Spread financial

"Reference Rate & Spread S + 5.25%"

Revolver financial

"Commitment Type Revolver"

A revolver is a revolving credit facility — a line of borrowing a company can draw, repay and draw again as needed, similar to a corporate credit card for short-term cash needs. It matters to investors because it provides liquidity and flexibility to cover expenses, smooth cash flow swings, or bridge financing gaps; the size, cost and covenants of the revolver affect a company’s interest costs, financial health and default risk.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What rates and maturities are listed for MSDL's loans?

Spectrotel MidCo II, LLC is listed with first-lien debt at 9.32% interest, a reference-rate spread of S + 5.25%, and a maturity date of September 30, 2033. The schedule also lists other borrowers' debt positions with individual interest rates and maturity dates.

What are MSDL's Heartland Veterinary Partners loan terms?

Heartland Veterinary Partners, LLC's second-lien debt is listed at 14.50% interest, with a reference-rate-and-spread entry of S + 14.50%, including 7.00% PIK. The listed maturity date is September 11, 2028.

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

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate & Spread S + 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/11/2028

2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

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

2025-01-012025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

2025-01-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Bottomline Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 05/14/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturity Date 07/02/2031

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 02/27/2029

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Revolver Commitment Expiration Date 5/6/2033

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Steward Partners Global Advisory, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.51% Maturity Date 8/15/2033 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 06/09/2027 One

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:EquitySecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/2032

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524msdl:Company10b51PlanMember2026-06-012026-06-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-09-300001782524us-gaap:FoodAndBeverageSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 7/28/2031 Four

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.61% Maturity Date 11/12/2029

2026-09-300001782524us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors 48Forty Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.48% Maturity Date 11/30/2029

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 01/27/2032

2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/2036

2026-09-300001782524msdl:InvestmentsJointVentureMember2026-01-012026-09-300001782524us-gaap:EquitySecuritiesMember2026-07-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/2031

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.57% Maturity Date 11/30/2029 Four

2026-09-300001782524msdl:Company10b51PlanMember2025-05-012025-05-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/06/2032 One

2025-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Crowe Advisory, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.26% Maturity Date 8/9/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/14/2027

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Accordion Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 11/17/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Project Accelerate Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 2/24/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 06/29/2027 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 03/09/2028 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.66% Maturity Date 3/1/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 3/28/2030

2026-01-012026-09-300001782524

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

2025-01-012025-12-3100017825242026-01-012026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.00% Maturity Date 03/09/2028

2025-12-310001782524

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

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisiton, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/22/2032 One

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-controlled/affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 6.00% PIK) Interest Rate 10.94% Maturity Date 09/23/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.22% Maturity Date 08/20/2027 One

2025-12-310001782524msdl:CapstoneLendingLLCMember2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC (Leaf Home) Commitment Type Revolver Commitment Expiration Date 9/4/2031

2026-01-012026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2022-09-130001782524us-gaap:FairValueInputsLevel1Member2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 12/30/2031

2026-09-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.80% Maturity Date 08/31/2029

2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.46% Maturity Date 02/01/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/2027

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/25/2028 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 11/18/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.41% Maturity Date 12/28/2028

2026-09-300001782524msdl:FoodProductsSectorMember2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:OtherDebtInvestmentsMember2025-01-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/2032

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/25/2028

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/2028

2025-01-012025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMember2026-07-090001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.10% Maturity Date 09/30/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 03/09/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Superman Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 08/29/2031 One

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% (incl. 2.48% PIK) Interest Rate 10.07% Maturity Date 11/8/2030 One

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:BaseRateMembermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMembermsdl:InterestRatePeriodOneMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics R1 Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.75% Interest Rate 10.57% Maturity Date 12/29/2028 Two

2026-09-300001782524msdl:Company10b51PlanMember2026-05-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/27/2032

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 3.00% PIK) Interest Rate 9.57% Maturity Date 07/14/2031 Two

2026-09-300001782524

vInvestments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 10.99% Maturity Date 01/04/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 09/30/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.54% Maturity Date 08/11/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 1/31/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.38% Maturity Date 09/09/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 06/28/2029

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/21/2028

2026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/02/2026 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.25% Maturity Date 09/08/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 07/02/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Procure Acquireco, Inc. (Procure Analytics) Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/20/2028

2025-12-310001782524msdl:LifeSciencesToolsServicesSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/30/2028 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 07/22/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Intelerad Medical Systems Incorporated Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.49% Maturity Date 08/21/2026 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components OEConnection, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/23/2032 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.98% Maturity Date 3/2/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering Arcoro Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/2030

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.50% Interest Rate 10.52% Maturity Date 07/03/2028

2026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 6/2/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/01/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/17/2028

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Revolver Commitment Expiration Date 4/29/2033

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 4/10/2031

2026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.72% Maturity Date 6/10/2030 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date

2026-09-300001782524msdl:TruistCreditFacilityMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 6/28/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 5/28/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.25% PIK) Interest Rate 9.57% Maturity Date 01/17/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/11/2027

2026-01-012026-09-300001782524

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

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 07/26/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 03/28/2030

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 09/22/2028 Two

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.10% Maturity Date 07/30/2032

2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524msdl:ConsumerStaplesDistributionAndRetailMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.82% Maturity Date 09/13/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Co-Invest, LP Investment Common Equity Acquisition Date 01/17/2025

2026-01-012026-09-300001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:IndustrialConglomeratesSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 09/29/2028 One

2026-09-300001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:RelatedPartyMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Victors Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032

2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/2028

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 01/27/2032 One

2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassBMembermsdl:SeniorSecuredFloatingRateMember2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 06/27/2031 Two

2026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/2027

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 10/29/2030 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 8/8/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.01% Maturity Date 4/10/2031 One

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.15% Maturity Date 4/26/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 8/29/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Unsecured Debt Reference Rate and Spread 13.00% PIK Maturity Date 05/23/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.65% Maturity Date 12/5/2030

2026-09-300001782524msdl:BNPFundingFacilityMember2022-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 6.50% Interest Rate 10.26% Maturity Date 07/01/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% PIK Maturity Date 07/02/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/26/2032

2025-12-310001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 07/26/2030

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services FMG Suite Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 09/09/2032

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-07-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/11/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.00% Maturity Date 09/08/2027

2026-09-300001782524

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

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 12/23/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging FORTIS Solutions Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.67% Maturity Date 10/13/2028 One

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 10.75% Maturity Date 04/05/2029

2026-09-300001782524

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

2025-12-310001782524msdl:FoodProductsSectorMember2025-12-310001782524msdl:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMember2025-12-3100017825242025-07-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.12% Maturity Date 02/02/2032

2025-12-310001782524msdl:ConstructionAndEngineeringSectorMember2026-09-300001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

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

2026-09-300001782524us-gaap:EquitySecuritiesMembermsdl:AutoComponentsSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/19/2029 One

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Ascend Partner Services, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.37% Maturity Date 08/11/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.51% Maturity Date 11/21/2031 Two

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Eclipse Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.98% Maturity Date 09/08/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 8/1/2029

2026-09-300001782524us-gaap:TransportationSectorMember2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Gateway US Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 09/22/2028 Two

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 6/30/2028

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services One, Inc. Software Corporation Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.51% Maturity Date 12/06/2032

2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/2028

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Verdantas, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 05/06/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Apex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/24/2030

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services DCA TopCo, LP Investment Common Equity Acquisition Date 06/02/202

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Netwrix Corporation And Concept Searching, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 06/11/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consertus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2028

2026-01-012026-09-300001782524

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

2026-09-300001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/30/2031

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 01/31/2033

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.22% Maturity Date 02/01/2027 One

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 04/18/2033 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.75% Maturity Date 02/19/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Chrysler 3, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.57% Maturity Date 09/28/2033 Two

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Abracon Group Holdings, LLC Investment First Lien Debt Reference Spread Rate S + 6.60% incl 4.60% PIK Interest Rate 10.54% Maturity Date 07/06/2028

2025-12-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2026-09-300001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.12% Maturity Date 08/08/2031

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 05/24/2028 One

2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.58% Maturity Date 5/14/2031 One

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMember2026-06-292026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Envero Midco 2, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/1/2028

2026-09-300001782524msdl:Company10b51PlanMember2026-01-012026-09-300001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 9.01% Maturity Date 12/1/2031

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

us-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Envero Midco 2, LLC Commitment Type Revolver Commitment Expiration Date 9/1/2033

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt AuditBoard, Inc. Commitment Type Revolver Commitment Expiration Date 7/14/2031

2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:AutomobilesSectorMember2026-09-300001782524msdl:WirelessTelecommunicationServicesSectorMember2026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/2032 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Amerilife Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.79% Maturity Date 8/31/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/2030

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.07% Maturity Date 11/10/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services National CPMA, LLC (Consertus) Investment Common Equity Acquisition Date 09/01/2026

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/2027

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Eclipse Topco, Inc. Investment Preferred Equity Reference Rate and Spread 12.25% PIK Acquisition Date 09/05/2024

2026-09-300001782524msdl:Company10b51PlanMember2026-07-012026-07-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.77% Maturity Date 3/31/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 05/23/2030

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2026-01-012026-09-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 9/19/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.54% Maturity Date 09/10/2027

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/8/2031

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeIncentiveFeeCapMember2024-07-012024-09-300001782524

2026-09-300001782524msdl:HealthCareTechnologyMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 7/30/2032

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 02/27/2030

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.36% Maturity Date 12/13/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 7/2/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.85% Maturity Date 10/13/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Vanco Payment Solutions, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/01/2031 One

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

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Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 06/04/2032 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services TA Polaris Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/13/2032 Two

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 03/13/2029 One

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Tivity Health, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 6/28/2029

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.47% Maturity Date 04/16/2029

2026-09-300001782524

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Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment Preferred Equity Reference Rate and Spread 6.00% PIK Acquisition Date 03/29/2024

2026-01-012026-09-300001782524msdl:SecondLienDebtMember2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-07-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Recovery Point Systems, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.79% Maturity Date 2/14/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 5/24/2028 Two

2026-09-300001782524msdl:MSCreditPartnersHoldingsMember2019-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 10/01/2029

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/11/2028

2026-01-012026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-09-300001782524msdl:Company10b51PlanMember2026-08-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/29/2030

2026-09-300001782524

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

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

2025-07-012025-09-300001782524

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

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 01/30/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Merative, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 09/30/2032 Two

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/13/2028

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MRI Software, LLC Commitment Type Revolver Commitment Expiration Date 02/10/2028

2026-09-300001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524msdl:CLO2025-1DebtMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.4% Maturity Date 6/11/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/11/2028 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Eclipse Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 9/8/2031

2026-01-012026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:FirstLienDebtMember2025-07-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.81% Maturity Date 01/05/2033 One

2026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense AA&D Midco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 11/29/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services mPulse Mobile, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 08/26/2032 One

2026-09-300001782524msdl:GroundTransportationMemberus-gaap:DebtSecuritiesMember2026-09-300001782524msdl:CommercialServicesAndSuppliesSectorMember2026-09-300001782524msdl:CLO2025-1IssuedDebtMember2025-12-310001782524us-gaap:RelatedPartyMembermsdl:AmendedAndRestatedInvestmentAdvisoryAgreementMember2024-01-242025-01-240001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

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Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Lightspeed Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 2/3/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.01% Maturity Date 7/30/2032

2026-09-300001782524us-gaap:RealEstateSectorMember2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.77% Maturity Date 3/31/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2032 One

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Interactive Media & Services FMG Suite Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 09/09/2025

2025-01-012025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 8.22% Maturity Date 07/26/2030

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense GB Eagle Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.35% Maturity Date 11/29/2030 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 12/09/2028

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2024-01-012024-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 01/14/2031 One

2026-09-300001782524msdl:MachinerySectorMember2026-09-300001782524msdl:A2025NotesMember2022-12-310001782524msdl:FirstLienDebtMember2024-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/15/2028

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 02/10/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2030

2026-09-300001782524

2026-09-300001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524msdl:DistributorsSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Banyan Software Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.40% Maturity Date 01/02/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/05/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/2027

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.84% Maturity Date 02/02/2032

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutoComponentsSectorMember2025-12-310001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:PrimeRateMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/15/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.05% Maturity Date 8/25/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.05% Maturity Date 08/25/2031 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2027

2025-12-310001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001782524msdl:MSCreditPartnersHoldingsMembermsdl:MorganStanleyDirectLendingFundMember2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/9/2032

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment Second Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.51% Maturity Date 08/31/2029

2026-09-300001782524msdl:SecondAmendedAndRestatedInvestmentAdvisoryAgreementMemberus-gaap:SubsequentEventMembersrt:MaximumMember2026-11-052026-11-050001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2032

2025-12-310001782524msdl:FirstLienDebtMember2026-09-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 07/02/2029 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 01/25/2030 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.00% Maturity Date 4/7/2028 Two

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/02/2028 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/17/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Ground Transportation eShipping, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 12/23/2032 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/2033

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 3/25/2032 One

2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/2027

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/2030

2026-09-300001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Intermediate I, Inc. Investment Unsecured Debt Reference Rate and Spread S + 8.00% PIK Interest Rate 11.67% Maturity Date 02/28/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 04/12/2032

2026-09-300001782524msdl:BuildingProductsSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Revolver Commitment Expiration Date 4/18/2033

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/10/2028

2026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.4% Maturity Date 6/4/2032

2026-09-300001782524

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

2025-01-012025-12-310001782524srt:MaximumMember2026-02-192026-02-190001782524

Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.47% Maturity Date 06/24/2028

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% PIK Interest Rate Maturity Date 7/2/2029

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 04/01/2030 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

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

2026-09-300001782524

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

2026-09-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2026-09-300001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524msdl:SecondLienDebtMember2025-07-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 08/25/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/2030

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2027

2026-09-300001782524us-gaap:InsuranceSectorMember2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.5% PIK) Interest Rate 9.57% Maturity Date 10/30/2031

2026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembermsdl:EquityInvestmentMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Pacvue Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/2028

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 08/01/2029 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/15/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 6/4/2032 One

2026-09-300001782524msdl:CORRAMember2026-01-012026-09-300001782524msdl:SecondLienDebtMember2025-09-300001782524us-gaap:TransportationEquipmentMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread 5.00% (incl. 1.75% PIK) Interest Rate % Maturity Date 04/09/2030 One

2025-12-310001782524

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

2025-12-310001782524us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/30/2031 One

2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/15/2031

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/2029

2025-01-012025-12-310001782524msdl:Company10b51PlanMember2026-09-300001782524

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

2025-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 03/31/2028

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Magneto Components Buyco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 12/05/2029 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 6.75% (incl. 5.75% PIK) Maturity Date 06/13/2028 One

2026-09-300001782524

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

2026-09-300001782524msdl:CapstoneLendingLLCMembersrt:MaximumMember2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/10/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.80% Maturity Date 06/12/2028 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Formstack Acquisition, Co. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 03/28/2030 Two

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Foundation Risk Partners Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 10/29/2030 One

2025-12-310001782524

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

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-07-012026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 8/14/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028 One

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Higginbotham Insurance Agency, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 6/11/2031

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-07-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/8/2028

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services GI DI Cornfield Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.50% Maturity Date 03/09/2029 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 06/30/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/2029

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/27/2031

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.11% Maturity Date 07/24/2031 Two

2026-09-300001782524us-gaap:FoodAndBeverageSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Real Chemistry Intermediate III, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 4/12/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.65% Maturity Date 05/05/2028 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 08/25/2028

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Envero Midco 2, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 9/1/2033 One

2026-09-300001782524msdl:Company10b51PlanMember2026-08-012026-08-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services UHY Advisors, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/21/2031 Two

2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Crowe Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/7/2028

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — controlled/affiliated First Lien Debt AMCP Pet Holdings, Inc. (Brightpet) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/23/2028

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032 Two

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Accel International Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 04/26/2032 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 01/12/2032 Two

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/13/2032 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Carr, Riggs and Ingram Capital, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 11/18/2031

2026-09-300001782524us-gaap:EquitySecuritiesMember2025-06-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

2026-07-012026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 3/31/2033 Two

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 10.50% Maturity Date 11/17/2031

2025-12-310001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Project Leopard Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.17% Maturity Date 07/20/2029

2026-09-300001782524msdl:FirstLienDebtMember

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2026-07-012026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.52% Maturity Date 1/30/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.57% Maturity Date 06/28/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 5/28/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate & Spread P + 4.75% Interest Rate 11.75% Maturity Date 3/31/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 03/09/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 11/1/2029

2026-09-300001782524

2025-12-310001782524country:US2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-01-012025-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services Mobile Communications America, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 10/16/2029 Two

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services GPS Merger Sub, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 10/02/2029

2025-12-310001782524msdl:AirFreightAndLogisticsSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 01/30/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies PerkinElmer U.S., LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.31% Maturity Date 03/13/2029

2026-09-300001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 9/10/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 05/24/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Common Equity Acquisition Date 04/14/2026

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Appfire Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 03/09/2028 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.65% Maturity Date 11/26/2032

2026-09-300001782524

KWOR Acquisition, Inc.

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 1/14/2031

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Transportation Infrastructure Jeppesen Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 11/1/2032

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 12/31/2032

2026-09-300001782524msdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMemberus-gaap:RelatedPartyMember2024-01-012024-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Iris Specialty Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 11/22/2032 Five

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.13% Maturity Date 05/24/2032 One

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 04/14/2028 One

2026-09-300001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Envero Midco 2, LLC Investment First Lien Debt Reference Rate & Spread S + 0.0475% Interest Rate 8.82% Maturity Date 9/1/2033

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Associations, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.66% Maturity Date 07/03/2028 One

2025-12-310001782524msdl:A2027NotesMember2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 2/27/2030 One

2026-09-300001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524us-gaap:MoneyMarketFundsMember2025-12-310001782524us-gaap:SeniorLienMembermsdl:PharmaceuticalsSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Iris Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/02/2031 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031

2025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/22/2032

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Ridge Trail US Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 03/31/2031

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Astra Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/26/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies HSI Halo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 06/28/2030

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodIncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2025-01-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 12/17/2031 Two

2026-09-300001782524us-gaap:EquitySecuritiesMember2025-12-310001782524

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

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 2.25% PIK) Interest Rate 10.07% Maturity Date 06/02/2031

2026-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.05% Maturity Date 08/25/2031 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/2028

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/25/2030

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate & Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 11.41% Maturity Date 10/30/2028

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/2033

2026-01-012026-09-300001782524

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

2025-12-310001782524

2025-12-310001782524msdl:WaiverPeriodPreIncentiveFeeNetInvestmentIncomeExceedsCatchUpThresholdMember2025-01-012025-12-310001782524

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

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

2025-12-310001782524

2025-12-310001782524us-gaap:TransportationEquipmentMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.70% Maturity Date 08/01/2031 One

2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-07-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/14/2033

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/17/2028

2026-01-012026-09-300001782524

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

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-12-310001782524msdl:R2026Q4DividendsMemberus-gaap:SubsequentEventMember2026-11-030001782524

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

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2025-01-012025-12-310001782524

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

2025-12-310001782524msdl:Company10b51PlanMember2025-09-012025-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMember2026-09-300001782524msdl:SecondLienDebtMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Assembly Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 10/19/2027

2026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Guidepoint Security Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2027

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.32% Maturity Date 05/02/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 01/02/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2025-12-310001782524

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

2025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services IQN Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 05/02/2029

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembermsdl:ValuationYieldAnalysisMembermsdl:InvestmentsInUnsecuredDebtMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chrysler 3, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/26/2027

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

us-gaap:EquitySecuritiesMember2026-07-012026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread C + 4.75% Interest Rate 7.17% Maturity Date 12/15/2028

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.61% Maturity Date 07/22/2031

2025-12-310001782524us-gaap:TechnologySectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Vensure Employer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.70% Maturity Date 09/29/2031

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:AtTheMarketATMOfferingMember2025-03-280001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2022-02-110001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

msdl:OtherDebtInvestmentsMember2026-07-012026-09-300001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Crowe Advisory, LLC Commitment Type Revolver Commitment Expiration Date 8/9/2032

2026-09-300001782524msdl:SecondLienDebtMember2025-06-300001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/2028

2026-01-012026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/2027

2026-09-300001782524

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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2025-01-012025-12-310001782524

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

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Randy's Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.71% Maturity Date 11/01/2029 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/22/2027 One

2026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-192025-05-190001782524

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Rivet Bidco Limited Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 04/08/2032

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateAnnualizedCatchUpThresholdMember2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Guidepoint Security Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/2/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies CSHC Buyerco, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 04/29/2033 One

2026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/2031

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Tamarack Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date 03/12/2029

2026-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.13% PIK) Interest Rate 9.42% Maturity Date 03/25/2032 Two

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 03/25/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Dwyer Instruments, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 07/20/2029 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.05% Maturity Date 08/25/2031

2026-09-300001782524

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:SoftwareSectorMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/2029

2026-01-012026-09-300001782524msdl:BeveragesSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524

Investments- controlled/affiliated Equity Investments Food Products BrightPet Topco, LLC Investment Common Equity Acquisition Date 9/23/2026

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services PPT Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 12/23/2032

2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Valkyrie Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.57% Maturity Date 5/6/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/2029

2026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 06/29/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Cerity Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.20% Maturity Date 07/28/2031 Two

2025-12-310001782524msdl:BuildingProductsSectorMember2026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524msdl:ConsumerStaplesDistributionAndRetailMember2026-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services High Street Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 4/16/2027

2025-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/2026

2025-01-012025-12-310001782524msdl:Company10b51PlanMember2025-04-012025-04-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 03/25/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Common Equity Acquisition Date 04/14/2026

2026-01-012026-09-300001782524

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.91% (incl. 3.28% PIK) Interest Rate 9.73% Maturity Date 12/22/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.75% (incl. 2.5% PIK) Interest Rate 8.36% Maturity Date 10/30/2031

2026-09-300001782524msdl:DistributorsSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software CLEO Communications Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.5% Maturity Date 6/9/2027 One

2026-09-300001782524us-gaap:AerospaceSectorMember2026-09-300001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.01% Maturity Date 02/28/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/2030

2026-01-012026-09-300001782524msdl:FirstLienDebtMember2026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services iCIMS, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 9.88% Maturity Date 08/18/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services MAI Capital Management Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 08/29/2031 One

2025-12-310001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentTwoMembermsdl:TruistCreditFacilityMember2026-01-012026-09-300001782524msdl:Company10b51PlanMember2024-01-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Routeware, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.23% Maturity Date 09/18/2031 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Invictus Buyer, LLC Commitment Type Revolver Commitment Expiration Date 6/3/2031

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 09/22/2028

2025-12-310001782524

KWOR Acquisition, Inc.

2024-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/2027

2026-09-300001782524

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

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

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Kodiak Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/26/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Maturity Date 12/09/2026 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 02/14/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services KENG Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 08/01/2029 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate and Spread 6.25% (incl. 3.70% PIK) Interest Rate 9.27% Maturity Date 01/02/2029 One

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

us-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524

2026-09-300001782524

2026-09-300001782524msdl:OtherDebtInvestmentsMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Transit Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.59% Maturity Date 08/20/2030

2025-12-310001782524msdl:A2030NotesMember2025-05-192025-05-190001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524us-gaap:EquitySecuritiesMember2026-06-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Atlas US Finco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 12/9/2028

2026-09-300001782524msdl:InterestRateFloorThreeMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Zenith Acquisitionco, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.26% Maturity Date 1/13/2033 One

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Software AQ Software Corporation (Revalize) Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 12/14/2021

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services WIPFLI Advisory, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 7.98% Maturity Date 10/01/2032 Two

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 05/01/2029

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Essential Services Holding Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.88% Maturity Date 06/17/2031

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.95% Maturity Date 09/01/2027 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 5/2/2028

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 01/07/2033 One

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/2028

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2030NotesMember2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2025-12-310001782524msdl:A2030NotesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Life Sciences Tools & Services Model N, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/27/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 09/09/2027

2026-09-300001782524msdl:FirstLienDebtMember2026-06-300001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2025-07-012025-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/09/2029

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/2032

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 06/28/2032

2025-12-310001782524msdl:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Two Six Labs, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 08/20/2030

2026-09-300001782524msdl:O2026M5AggregateDividendsMember2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.4% Maturity Date 6/4/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Energy Labs Holdings Corp. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 04/07/2028

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors ABB Concise Optical Group, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 02/23/2028

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/2028

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 02/10/2028 One

2026-09-300001782524

Investments-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 8.50% Maturity Date 02/01/2030

2026-09-300001782524

2025-12-310001782524msdl:InvestmentsInJointVenturesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Revolver Commitment Expiration Date 5/27/2031

2026-09-300001782524

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

2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:ProfessionalServicesSectorMember2025-12-310001782524us-gaap:FinancialServicesSectorMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 08/25/2031 One

2025-12-310001782524

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

2025-12-310001782524msdl:Company10b51PlanMember2026-01-012026-01-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investments First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 05/12/2031 Two

2025-12-310001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/2026

2025-12-310001782524

2025-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Pacvue Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 10/19/2028

2026-01-012026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:UtilitiesSectorMember2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-01-012026-09-300001782524

Capstone Lending LLC

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Onit, Inc. Commitment Type Revolver Commitment Expiration Date 01/27/2032

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.63% Maturity Date 1/2/2029

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2031

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 7.50% (incl. 1.00% PIK) Interest Rate 11.71% Maturity Date 12/11/2028

2026-09-300001782524msdl:PharmaceuticalsSectorMember2026-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies FLS Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% (incl. 1.70% PIK) Interest Rate 9.97% Maturity Date 12/15/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 8.22% Maturity Date 07/28/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl. 2.75% PIK) Interest Rate 8.82% Maturity Date 02/02/2032 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/2030

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Abacus Data Holdings, Inc. (AbacusNext) Commitment Type Revolver Commitment Expiration Date 9/10/2027

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies VRC Companies, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.47% Maturity Date 06/29/2027 Two

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 10/4/2030

2026-09-300001782524msdl:CIBCSubscriptionFacilityMember2020-12-310001782524msdl:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 08/27/2031 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt KENG Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 8/1/2029

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 5.50% Interest Rate 9.22% Maturity Date 10/30/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.54% Maturity Date 8/15/2031 Two

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 5/11/2029

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeNetInvestmentIncomeCatchUpThresholdMember2024-01-012024-03-310001782524msdl:Company10b51PlanMember2025-05-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services GC Waves Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 10/04/2030 One

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 1.25% PIK) Interest Rate 11.06% Maturity Date 04/05/2029

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Guidepoint Security Holdings, LLC Commitment Type Revolver Commitment Expiration Date 10/2/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC (Leaf Home) Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 9/4/2031 One

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/2032

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 11/17/2031 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.15% Maturity Date 06/24/2029

2026-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Granicus, Inc. Commitment Type Revolver Commitment Expiration Date 1/17/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.72% Maturity Date 02/04/2028

2026-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2025-01-012025-12-310001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/14/2028

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Revolver Commitment Expiration Date 12/06/2032

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) Investment Other Debt Reference Rate and Spread 16.25% PIK Interest Rate 16.25% Maturity Date 06/18/2028

2025-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2026-09-300001782524

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

2026-09-300001782524

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

2026-09-300001782524msdl:Company10b51PlanMember2025-02-012025-02-270001782524

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

2025-12-310001782524

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

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 6/4/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/2027

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMember2026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chrysler 3, Inc. Commitment Type Revolver Commitment Expiration Date 9/28/2033

2026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Ground Transportation SV Newco 2, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 06/02/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/2026

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 07/24/2031

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt HSI Halo Acquisition, Inc. Commitment Type Revolver Commitment Expiration Date 6/28/2030

2026-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Pacvue Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.32% Maturity Date 10/19/2028 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/10/2028

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.29% Maturity Date 09/14/2029

2025-12-310001782524country:CA2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/2029

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524msdl:DiversifiedTelecommunicationServicesMember2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Capital Markets TS Imagine, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.32% Maturity Date 06/12/2031 One

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 10.77% Maturity Date 3/18/2027

2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Revolver Commitment Expiration Date 10/2/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 11/17/2031 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Spectrotel MidCo II, LLC Commitment Type Revolver Commitment Expiration Date 09/30/2033

2026-01-012026-09-300001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 1/12/2032

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate & Spread P + 3.75% Interest Rate 10.75% Maturity Date 04/01/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2026-01-012026-09-300001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 4/22/2032

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:EBITDAMultipleMemberus-gaap:MeasurementInputRevenueMultipleMembermsdl:EquityInvestmentMember2026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/11/2028

2026-09-300001782524

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

2025-12-3100017825242025-06-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics RoadOne IntermodaLogistics Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.95% Maturity Date 12/29/2028 One

2025-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bottomline Technologies, Inc. Commitment Type Revolver Commitment Expiration Date 5/15/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Spectrotel MidCo II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/2028

2026-01-012026-09-300001782524msdl:Company10b51PlanMember2025-04-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AutomobilesSectorMember2025-12-310001782524us-gaap:SeniorLienMembermsdl:ProfessionalServicesSectorMember2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Pritchard Industries, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 10/13/2027

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Zarya Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Date 07/01/2027 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Integrity Marketing Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.76% Maturity Date 08/25/2028

2026-09-300001782524us-gaap:EquitySecuritiesMember2024-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 07/28/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/21/2028

2026-01-012026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

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

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Technology Hyland Software, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 09/19/2030

2026-09-300001782524

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

2025-12-310001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.41% Maturity Date 8/5/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.24% Maturity Date 04/13/2027

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Aprio Advisory Group, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 08/01/2031

2026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Maturity Date 12/09/2026 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Revolver Commitment Expiration Date 1/14/2031

2026-09-300001782524country:CA2025-12-310001782524

KWOR Acquisition, Inc.

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-01-012025-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 5/28/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/2026

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services 365 Retail Market, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 5/6/2033

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 2/27/2030

2026-09-300001782524msdl:Company10b51PlanMember2025-02-270001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.34% Maturity Date 02/03/2031 One

2025-12-310001782524

2026-09-300001782524msdl:SecondLienDebtMember2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FORTIS Solutions Group, LLC Commitment Type Revolver Commitment Expiration Date 10/13/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Diligent Corporation Commitment Type Revolver Commitment Expiration Date 8/2/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.69% Maturity Date 08/02/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering KPSKY Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.42% Maturity Date 10/19/2028 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/8/2028

2026-01-012026-09-300001782524

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/2028

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LHS Borrower, LLC (Leaf Home) Commitment Type Revolver Commitment Expiration Date 9/4/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/22/2030 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/28/2027

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.62% Maturity Date 12/07/2028

2025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Velotic Borrower, LP Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 03/02/2033 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.18% Maturity Date 04/10/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles COP Collisionright Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 01/29/2030 Two

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-07-012026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:PharmaceuticalsSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.65% Maturity Date 07/22/2029

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Imagine 360, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 10/02/2028 One

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components PAI Holdco, Inc. Investment Second Lien Debt Reference Rate and Spread S + 7.50% (incl. 2.00% PIK) Interest Rate 11.47% Maturity Date 10/28/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/2028

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/2032

2026-09-300001782524msdl:OtherDebtInvestmentsMember2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 07/23/2032

2025-12-310001782524us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2025-01-012025-12-310001782524msdl:Company10b51PlanMember2025-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.65% Maturity Date 12/03/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.08% Maturity Date 06/15/2029 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 05/25/2029 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/23/2027

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-09-300001782524msdl:InterestRateFloorTwoMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electrical Equipment Spark Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.13% Maturity Date 10/15/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Specialty Pharma III, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 12/23/2032 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 09/10/2030

2025-12-310001782524

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

2025-12-310001782524msdl:Company10b51PlanMember2025-07-012025-07-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-01-012024-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Envero Midco 2, LLC Investment First Lien Debt Reference Rate & Spread S + 0.0475% Interest Rate 8.82% Maturity Date 9/1/2033 One

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 01/25/2030

2026-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Bridgepointe Technologies, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/31/2027 One

2025-12-310001782524us-gaap:FairValueInputsLevel12And3Memberus-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:AerospaceSectorMemberus-gaap:SeniorLienMember2026-09-300001782524us-gaap:EquitySecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Revolver Commitment Expiration Date 04/08/2032

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Inhabitiq, Inc. Commitment Type Revolver Commitment Expiration Date 1/12/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.05% Maturity Date 07/21/2027 Two

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Co-Invest, LP Investment Common Equity Acquisition Date 01/17/2025

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524us-gaap:DebtSecuritiesMember2025-12-310001782524

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

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524msdl:CapstoneLendingLLCMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/11/2028

2025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524us-gaap:CommonStockMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services GTCR ABC Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 4/14/2033 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.69% Maturity Date 08/02/2030 One

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-04-012024-06-300001782524

2026-09-300001782524

2026-09-300001782524msdl:PharmaceuticalsSectorMember2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/2028

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Interest Rate Swaps

2025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1LoanMembermsdl:SeniorSecuredFloatingRateMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2026-01-012026-09-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 09/15/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 01/27/2032 Two

2026-09-300001782524

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

2025-12-310001782524

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyHurdleRateMember2024-04-012024-06-300001782524us-gaap:FairValueInputsLevel3Member2025-12-310001782524

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

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

us-gaap:EquitySecuritiesMember2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001782524

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

2025-01-012025-12-310001782524country:GB2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/2028

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/2027

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 06/03/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/2031

2026-01-012026-09-300001782524msdl:SecondLienDebtMember2026-07-012026-09-300001782524msdl:SecondLienDebtMember2025-01-012025-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/17/2028

2026-01-012026-09-300001782524us-gaap:ConsumerSectorMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/15/2029

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Construction & Engineering LJ Avalon Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.50% Maturity Date 02/01/2030 One

2026-09-300001782524msdl:HealthCareTechnologyMember2026-09-300001782524

2026-09-300001782524us-gaap:IPOMember2024-01-262024-01-260001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/31/2033

2026-01-012026-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Long Term Care Group, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.13% Maturity Date 09/08/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 04/22/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.24% Maturity Date 04/13/2027 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% (incl. 3.00% PIK) Interest Rate 10.99% Maturity Date 01/04/2028 One

2025-12-310001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Revalize, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.72% Maturity Date 04/16/2029

2026-09-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 05/22/2030 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Blue River PetCare, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.76% Maturity Date 08/01/2029 One

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/27/2028

2026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 09/04/2031

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/22/2027 One

2026-01-012026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies Tidi Legacy Products, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 12/19/2029

2026-09-300001782524msdl:Company10b51PlanMember2026-06-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 12.11% Maturity Date 04/03/2028 One

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Aptean, Inc. Investment First Lien Debt Reference Rate and Spread P + 3.75% Interest Rate 10.50% Maturity Date 1/30/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GS AcquisitionCo, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/2028

2026-09-300001782524msdl:FirstLienDebtMember2025-01-012025-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.71% Maturity Date 06/30/2028 One

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/28/2027

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 05/01/2029

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Guidepoint Security Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 10/02/2029

2026-09-300001782524

2025-12-3100017825242025-09-300001782524

2026-09-300001782524msdl:A2025NotesMember2024-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Revolver Commitment Expiration Date 4/29/2033

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.10% Maturity Date 03/02/2029

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2025-01-012025-12-310001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2025-01-012025-09-300001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524msdl:Company10b51PlanMember2026-09-012026-09-300001782524

2026-01-012026-09-300001782524

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

2025-12-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/22/2027

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services LHS Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.97% Maturity Date 09/04/2031

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Spectrum Automotive Holdings Corp. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 6/29/2028 One

2026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:UtilitiesSectorMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.32% Maturity Date 9/13/2032

2026-09-300001782524

2026-09-300001782524msdl:OtherDebtInvestmentsMember2026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.22% Maturity Date 07/25/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Railpros Parent, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.01% Maturity Date 05/24/2032 One

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/2030

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services GarageCo Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.00% Maturity Date 08/02/2032 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 3/31/2033

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Health Care Providers & Services DCA TopCo, LP Investment Common Equity Acquisition Date 06/02/202

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 7.54% Maturity Date 12/28/2029

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 12/09/2026 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 6/28/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/22/2030

2025-12-310001782524

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

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524msdl:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Vessco Midco Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.11% Maturity Date 7/24/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense Jonathan Acquisition Company Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 11/12/2029

2025-12-310001782524msdl:Company10b51PlanMember2026-05-012026-05-310001782524

Investments-non-controlled/non-affiliated Debt Investments Building Products Project Potter Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 04/23/2027

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Everbridge Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity Date 7/2/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/20231 One

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-09-300001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S + 5.00% (incl 2.50% PIK) Interest Rate 9.07% Maturity Date 2/2/2032 One

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524msdl:HealthCareProvidersServicesMemberus-gaap:SeniorLienMember2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:PreIncentiveFeeNetInvestmentIncomeBelowCatchUpThresholdMemberus-gaap:RelatedPartyMember2026-01-012026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-01-012025-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Drivecentric Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/22/2027

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 6/28/2032

2026-01-012026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2026-09-300001782524msdl:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524msdl:OneMonthEuroInterbankOfferedRateEURIBORMember2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/31/2028 One

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 11/17/2031 Three

2026-09-300001782524

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

2025-12-310001782524us-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread P + 4.00% Interest Rate 10.75% Maturity Date 12/30/2026

2025-12-310001782524

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

2025-12-310001782524

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

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment Second Lien Debt Reference Rate & Spread S + 7.00% Interest Rate 11.08% Maturity Date 3/2/2029

2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 6/23/2032 One

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:AutomobileComponentsSectorMember2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Wireless Telecommunication Services CCI Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 5/13/2032

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 02/27/2030 One

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524us-gaap:PrimeRateMember2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services FPG Intermediate Holdco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% PIK Interest Rate 8.84% Maturity Date 07/02/2029 One

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.22% Maturity Date 02/01/2027 Two

2025-12-310001782524

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

2025-12-310001782524us-gaap:SeniorLienMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2026-09-300001782524

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524us-gaap:SeniorLienMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.15% Maturity Date 06/24/2029 One

2026-09-300001782524us-gaap:AssetsTotalMembermsdl:Non-QualifyingAssetMemberus-gaap:CustomerConcentrationRiskMember2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Envero Midco 2, LLC Commitment Type Revolver Commitment Expiration Date 9/1/2033

2026-09-300001782524

2026-09-300001782524msdl:Company10b51PlanMember2026-07-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/23/2026

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 2/16/2029

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/23/2032 One

2025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

2025-12-310001782524msdl:FirstLienDebtMember

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2025-01-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.26% Maturity Date 06/21/2029

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software E-Discovery AcquireCo, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.01% Maturity Date 08/29/2029

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/2027

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Hootsuite, Inc. Commitment Type Revolver Commitment Expiration Date 5/22/2030

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Hootsuite, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.31% Maturity Date 05/22/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2025-12-310001782524

2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassBMembermsdl:SeniorSecuredFloatingRateMember2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/10/2027

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2026-01-012026-09-300001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 7/30/2032

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Rivet Bidco Limited Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 04/08/2032 One

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 8/27/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Battery Company Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Interest Rate 11.29% Maturity Date 07/20/2028

2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:DistributorsSectorMember2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/14/2031

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 11/17/20231

2025-12-310001782524us-gaap:IPOMember2024-01-260001782524

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2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 3/31/2033 One

2026-09-300001782524us-gaap:SeniorLienMembermsdl:CapitalMarketsSectorMember2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyara AcquisitionCo, LLC Commitment Type Revolver Commitment Expiration Date 6/28/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 03/31/2028 Two

2025-12-310001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/2030

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 12/17/2031

2026-09-300001782524msdl:SecondLienDebtMember

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2025-07-012025-09-300001782524msdl:Company10b51PlanMember2025-01-012025-01-310001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 04/10/2031

2025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 4/26/2032

2026-01-012026-09-300001782524

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

2025-12-310001782524country:US2026-09-300001782524

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

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

2026-09-300001782524

2026-09-300001782524us-gaap:FairValueInputsLevel2Member2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Applitools, Inc. Commitment Type Revolver Commitment Expiration Date 5/25/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 6/12/2028

2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/28/2027

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2031

2025-12-310001782524msdl:ClassA-1LoanMembermsdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMember2026-09-300001782524

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

2025-12-310001782524msdl:InterestRateFloorOneMember2026-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Help/Systems Holdings, Inc. Investment Second Lien Debt Reference Rate & Spread S + 9.00% PIK Interest Rate 12.86% Maturity Date 05/21/2029

2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:MediaSectorMember2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 3.25% PIK) Interest Rate 9.82% Maturity Date 05/23/2030

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.23% Maturity Date 10/16/2028 One

2026-09-300001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Excelitas Technologies Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 05/01/2026

2025-01-012025-12-310001782524

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

2026-09-300001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Bridgepointe Technologies, LLC Commitment Type Revolver Commitment Expiration Date 4/18/2033

2026-01-012026-09-300001782524us-gaap:SeniorLienMembermsdl:GroundTransportationSectorMember2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 09/21/2027

2025-12-310001782524

Capstone Lending LLC

2026-01-012026-09-300001782524us-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 1/30/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.69% Maturity Date 01/14/2031

2026-09-300001782524msdl:CLO2025-1IssuedDebtMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/10/2027

2026-01-012026-09-300001782524

2026-09-300001782524

2025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2021-07-160001782524us-gaap:BankingMember2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Cyara AcquisitionCo, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.42% Maturity Date 06/28/2029

2025-12-310001782524

2026-09-300001782524msdl:FoodProductsSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

2025-12-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524msdl:InvestmentsInJointVenturesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.25% Interest Rate 11.00% Maturity Date 01/17/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Revolver Commitment Expiration Date 8/8/2031

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 8/27/2031 Two

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2026-09-300001782524msdl:A2025NotesMember2023-12-310001782524msdl:MachinerySectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524msdl:SoftwareSectorMemberus-gaap:SeniorLienMember2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassCMembermsdl:SecuredDeferrableFloatingRateMember2026-01-012026-09-300001782524msdl:CapstoneLendingLLCMember2026-07-012026-09-300001782524us-gaap:EquitySecuritiesMemberus-gaap:InsuranceSectorMember2026-09-300001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Consor Intermediate II, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 5/12/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/16/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software LogRhythm, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.50% Interest Rate 11.34% Maturity Date 07/02/2029

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.15% Interest Rate 8.22% Maturity Date 07/28/2031

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery Answer Acquisition, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.22% Maturity Date 06/30/2028 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Telecommunication Services Orbcomm, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 04/27/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services DCA Buyer, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.69% Maturity Date 06/02/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.07% Maturity Date 11/10/2028

2026-09-300001782524

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

2026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

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us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

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

2025-12-310001782524

2025-12-310001782524msdl:OneMonthSecuredOvernightFinancingRateSOFRMember2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Guidepoint Security Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2027

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:TransportationEquipmentMember2026-09-300001782524msdl:UtilitiesSectorMember2026-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMember2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 9/29/2028

2026-01-012026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-012025-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.87% Maturity Date 12/30/2032

2026-09-300001782524

2025-12-310001782524

2025-12-310001782524us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2026-09-300001782524

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

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2025-01-012025-09-300001782524

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2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Galway Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 9/29/2028 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Crowe Advisory, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/7/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Patriot Growth Insurance Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/16/2028

2025-12-310001782524us-gaap:TransportationEquipmentMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Spectrotel MidCo II, LLC Commitment Type Revolver Commitment Expiration Date 09/30/2033

2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:DiversifiedTelecommunicationServicesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Consumer Staples Distribution & Retail PDI TA Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 2.50% PIK) Interest Rate 9.82% Maturity Date 02/03/2031

2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/28/2028

2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2025-12-310001782524

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

2026-09-300001782524

2026-09-300001782524msdl:Company10b51PlanMember2025-03-012025-03-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Continental Acquisition Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 7.00% PIK Interest Rate Maturity Date 7/20/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2026-01-012026-09-300001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt IG Investment Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/22/2028

2026-01-012026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:RestrictedSecuritiesMember2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies US Infra Svcs Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 4.75% PIK) Interest Rate 11.24% Maturity Date 04/13/2027 Two

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Riskonnect Parent, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.49% Maturity Date 12/07/2028

2026-09-300001782524msdl:Company10b51PlanMember2025-01-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/2031

2026-09-300001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2025-12-310001782524

2026-09-300001782524

2026-09-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Pareto Health Intermediate Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/20/2026

2025-01-012025-12-310001782524msdl:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524msdl:ElectricalEquipmentSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/2031

2026-01-012026-09-300001782524msdl:ElectricalEquipmentSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Inhabitiq, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 01/12/2032 One

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2026-06-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

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

2026-09-300001782524us-gaap:CashMember2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/2024

2025-01-012025-12-310001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/2027

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524msdl:Company10b51PlanMember2025-02-280001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 6/23/2032 Two

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2026-09-300001782524msdl:SONIAMember2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.07% Maturity Date 02/27/2030

2026-09-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2026-07-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2025-01-012025-12-310001782524us-gaap:SeniorLienMemberus-gaap:InsuranceSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Advarra Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 09/15/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services National CPMA, LLC (Consertus) Investment Common Equity Acquisition Date 09/01/2026

2026-09-300001782524

2026-09-300001782524msdl:FirstLienDebtMember2025-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 05/24/2028

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% PIK Interest Rate 9.92% Maturity Date 05/25/2029

2025-12-310001782524

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

2026-09-300001782524us-gaap:EquitySecuritiesMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/30/2026

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment Second Lien Debt Reference Rate and Spread 14.50% (incl. 7.00% PIK) Interest Rate 14.50% Maturity Date 09/10/2028 One

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt AWP Group Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 12/22/2032

2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

2026-09-300001782524msdl:S2026Q4DividendsMemberus-gaap:SubsequentEventMember2026-11-032026-11-030001782524msdl:O2026M8AggregateDividendsMember2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Lightspeed Solution, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.72% Maturity Date 03/01/2028

2025-12-310001782524us-gaap:DebtSecuritiesMember2026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2030NotesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/27/2027

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities Chrysler 3, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.50% Interest Rate 9.57% Maturity Date 09/28/2033

2026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMembersrt:MaximumMember2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 01/27/2032 One

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Two Six Labs, LLC Commitment Type Revolver Commitment Expiration Date 08/20/2030

2026-01-012026-09-300001782524msdl:FirstLienDebtMember2025-07-012025-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Deerfield Dakota Holding, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% (incl. 2.75% PIK) Interest Rate 9.42% Maturity Date 09/13/2032, One

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Inszone Mid, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 11/30/2029

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Revolver Commitment Expiration Date 8/1/2029

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.99% Maturity Date 04/12/2028 One

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 06/03/2030 One

2025-12-310001782524us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-3100017825242025-01-012025-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.52% Maturity Date 12/15/2026

2025-12-310001782524us-gaap:FairValueInputsLevel2Member2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 08/31/2029

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.4% Maturity Date 6/4/2032 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/2027

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMembermsdl:InterestRateSwapSeries2031NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2026-07-092026-07-090001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembermsdl:InvestmentPreferredEquityMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CSHC Buyerco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/30/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Drivecentric Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.19% Maturity Date 08/15/2031 Two

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Banks Computer Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 11/17/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 09/21/2028

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Granicus, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% (incl. 2.00% PIK) Interest Rate 9.34% Maturity Date 01/17/2031

2025-12-310001782524us-gaap:BankingMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2025-12-310001782524msdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.57% Maturity Date 02/19/2030

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Envero Midco 2, LLC Investment First Lien Debt Reference Rate & Spread E + 4.75% Interest Rate 7.32% Maturity Date 9/1/2033 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 8/29/2031

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524us-gaap:MoneyMarketFundsMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 1/28/2033

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 5/13/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.00% Maturity Date 09/01/2027

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Hyland Software, Inc. Commitment Type Revolver Commitment Expiration Date 9/19/2029

2026-09-300001782524us-gaap:RelatedPartyMember2024-01-262024-01-260001782524

Investments — non-controlled/non-affiliated First Lien Debt Abracon Borrower, LLC Commitment Type Revolver Commitment Expiration Date 6/10/2030

2026-01-012026-09-300001782524msdl:TruistCreditFacilityMember2024-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Triple Lift, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.59% Maturity Date 05/05/2028 One

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Revolver Commitment Expiration Date 08/26/2032

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 1/30/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 8/29/2029

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524msdl:BNPFundingFacilityMember2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/2028

2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Member2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/23/2027

2026-09-300001782524msdl:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524country:AU2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 10/30/2028

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/2028

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Majesco, Inc. Commitment Type Revolver Commitment Expiration Date 09/21/2027

2025-01-012025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Electronic Equipment, Instruments & Components Abracon TopCo, LLC Investment Common Equity Acquisition Date 06/08/2026

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/16/2029 Two

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.32% Maturity Date 05/28/2032

2026-09-300001782524

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

2025-12-310001782524msdl:LifeSciencesToolsAndServicesSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.70% Maturity Date 06/12/2028 Two

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.47% Maturity Date 06/24/2029 One

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

Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 4/22/2032 One

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Member2026-09-300001782524

2026-09-300001782524msdl:A2027NotesMember2022-02-110001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembermsdl:ATwoThousandThirtyOneNotesMember2025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/2031 One

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMember2026-07-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Formstack Acquisition, Co. Commitment Type Revolver Commitment Expiration Date 3/28/2030

2026-09-300001782524

2025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Vensure Employer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/06/2028

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:AdministrationAgreementMember2026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.32% Maturity Date 05/28/2032 One

2026-09-300001782524msdl:InvestmentsInJointVenturesMember2025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery MHE Intermediate Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.99% Maturity Date 07/21/2027

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

us-gaap:EquitySecuritiesMember2026-01-012026-09-300001782524us-gaap:EquityMember2025-12-310001782524

Counterparty Wells Fargo Hedged Instrument 2031 Notes Company Receives 6.10% Company Pays S + 2.20% Maturity Date 07/15/2031

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

2026-09-300001782524msdl:FirstLienDebtMember2025-06-300001782524

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

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524

Equity Investments - non-controlled/non-affiliated Professional Services National CPMA, LLC (Consertus) Investment Common Equity

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 2/10/2032

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Warrants Acquisition Date 09/05/2025

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 6/23/2032

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/8/2027

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/11/2027

2026-01-012026-09-300001782524msdl:Company10b51PlanMember2026-03-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investments First Lien Debt Reference Rate and Spread S + 7.00% (incl. 5.00% PIK) Interest Rate 10.67% Maturity Date 7/30/2029

2025-12-310001782524

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

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524msdl:RestrictedSecuritiesMember2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:FirstLienDebtMember2026-01-012026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-07-012025-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments IT Services Help HP SCF Investor, LP (Help/Systems) Investment Preferred Equity Reference Rate and Spread 7.50% PIK Acquisition Date 05/12/2021

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/6/2027

2026-01-012026-09-300001782524

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:SecondLienDebtMember2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

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

2025-12-310001782524

2025-12-310001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

2026-09-300001782524msdl:Company10b51PlanMember2025-07-310001782524

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

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateRealizedCapitalGainsMember2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Capital Markets TS Imagine, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% Interest Rate 10.32% Maturity Date 06/12/2031

2026-09-300001782524

2026-09-300001782524msdl:SixMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 6/23/2032

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2026-09-300001782524us-gaap:EquityMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2025-01-012025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/2/2027

2026-01-012026-09-300001782524

2026-09-300001782524msdl:IndustrialConglomeratesSectorMember2025-12-310001782524

2026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 01/05/2033

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.33% Maturity Date 12/03/2032

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 12/22/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Artifact Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.82% Maturity Date 07/28/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate & Spread S + 6.25% PIK Interest Rate 9.98% Maturity Date 5/25/2028 One

2026-09-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524

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

2026-01-012026-09-300001782524us-gaap:PrimeRateMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Raptor Merger Sub Debt, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 4/1/2029

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/2029

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services World Insurance Associates, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 04/03/2030

2026-09-300001782524

Capstone Lending LLC

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment Other Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/2030

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 5/22/2027

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 2/4/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Blue River PetCare, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/11/2028

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Containers & Packaging BP Purchaser, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.48% Maturity Date 12/11/2028

2025-12-310001782524

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

2026-01-012026-09-300001782524us-gaap:BankingMember2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/6/2027

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/9/2027

2026-01-012026-09-300001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Vardiman Black Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/29/2026

2025-01-012025-12-3100017825242025-12-310001782524

2026-01-012026-09-300001782524

2026-09-300001782524msdl:UnfundedDebtSecuritiesFirstLienMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-09-300001782524

2026-09-300001782524us-gaap:RealEstateSectorMember2026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Crowe Advisory, LLC Commitment Type Revolver Commitment Expiration Date 8/9/2032

2026-01-012026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524msdl:Multi-UtilitiesSectorMemberus-gaap:SeniorLienMember2026-09-300001782524us-gaap:ContainerAndPackagingSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 1/30/2032 One

2026-09-300001782524

2025-12-310001782524msdl:OtherDebtInvestmentsMember2026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/28/2031

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/28/2032

2025-12-310001782524

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

2026-09-300001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Trintech, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 1/28/2033 One

2026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:AirFreightAndLogisticsSectorMember2025-12-310001782524

2026-09-300001782524

2026-09-300001782524msdl:TruistCreditFacilityMember2022-12-310001782524

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

2025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524msdl:FirstLienDebtMember2025-12-310001782524msdl:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/30/2029

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2025-12-310001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-09-300001782524

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

2025-12-310001782524msdl:OtherDebtInvestmentsMember2024-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Applitools, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 9.92% Maturity Date 05/25/2028

2025-12-310001782524

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

2026-01-012026-09-300001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Air Freight & Logistics AGI-CFI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 06/11/2027

2025-12-310001782524

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524us-gaap:SeniorLienMembermsdl:DiversifiedTelecommunicationServicesMember2026-09-300001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2030NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Surewerx Purchaser III, Inc. Investment First Lien Debt Reference Rate and Spread C + 5.25% Interest Rate 7.51% Maturity Date 12/28/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Diligent Corporation Investment First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.18% Maturity Date 08/02/2030

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Integrity Marketing Acquisition, LLC Investment Preferred Equity Reference Rate and Spread 12.50% Acquisition Date 12/21/2021

2026-01-012026-09-300001782524us-gaap:ConstructionSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development MRI Software, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 02/10/2028

2025-12-310001782524us-gaap:SeniorLienMembermsdl:AutomobilesSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.32% Maturity Date 9/14/2029 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Trunk Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.75% Maturity Date 02/19/2030 One

2026-09-300001782524msdl:Company10b51PlanMember2025-03-310001782524

2025-12-310001782524

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

2025-12-310001782524msdl:A2029NotesMember2024-12-310001782524

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

2026-09-300001782524msdl:BNPFundingFacilityMember2021-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.75% (incl. 3.75% PIK) Interest Rate 11.19% Maturity Date 04/05/2029

2025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:CashEquivalentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 9/13/2032

2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:A2027NotesMember2022-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Apollo Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.72% Maturity Date 12/30/2030 Two

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/1/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/2031

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Revolver Commitment Expiration Date 1/30/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 02/27/2029

2025-12-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524msdl:A2030NotesMember2025-05-190001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services EVDR Purchaser, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 2/14/2031

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.57% Maturity Date 01/30/2032 One

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-07-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Revolver Commitment Expiration Date 01/13/2033

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NSI Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 11/17/2031

2025-12-310001782524msdl:SecondLienDebtMember2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:EquityInvestmentMember2026-09-300001782524msdl:RestrictedSecuritiesMember2025-09-300001782524

Investments-non-controlled/affiliated Debt Investments Professional Services KWOR Acquisition, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 10.07% Maturity Date 02/28/2030 One

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CRCI Longhorn Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 08/27/2031

2025-12-310001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Any Hour, LLC Commitment Type Revolver Commitment Expiration Date 5/23/2030

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2026-09-300001782524

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

2025-12-310001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Promptcare Infusion Buyer, Inc. Investment Second Lien Debt Reference Rate & Spread S + 6.00% Interest Rate 10.00% Maturity Date 09/01/2027

2026-09-300001782524us-gaap:FairValueInputsLevel2Membermsdl:SecondLienDebtMember2025-12-310001782524msdl:O2026M2AggregateDividendsMember2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 8/25/2028

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 04/26/2032

2025-01-012025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 5/28/2032

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2026-09-300001782524

Brightpet

2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/23/2032

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-01-140001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:ValuationYieldAnalysisMembermsdl:EquityInvestmentMember2026-09-300001782524

2025-01-012025-12-310001782524msdl:S2026Q4DividendsMemberus-gaap:SubsequentEventMember2026-11-030001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

us-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524msdl:InteractiveMediaAndServicesSectorMember2026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/14/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services DA Blocker Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 02/10/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components NDT Global Holding, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 6/4/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services Bullhorn, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.90% Maturity Date 10/01/2029 One

2026-09-300001782524

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:FirstLienDebtMember2025-01-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Express Wash Acquisition Company, LLC Commitment Type Revolver Commitment Expiration Date 4/10/2031

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt NDT Global Holding, Inc. Commitment Type Revolver Commitment Expiration Date 06/04/2032

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Revolver Commitment Expiration Date 5/12/2031

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Catalis Intermediate, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.32% Maturity Date 08/04/2027 Two

2025-12-310001782524

Counterparty Wells Fargo Hedged Instrument 2031 Notes Company Receives 6.10% Company Pays S + 2.20% Maturity Date 07/15/2031

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-09-300001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMember2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-07-012026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services PMA Parent Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/31/2031 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Aptean, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/14/2027

2026-09-300001782524

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

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

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Abracon Borrower, LLC Commitment Type Revolver Commitment Expiration Date 6/10/2030

2026-09-300001782524msdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524us-gaap:EquitySecuritiesMembermsdl:CommercialServicesAndSuppliesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 6/17/2030

2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:A2029NotesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 06/01/2029 Two

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Advarra Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/14/2026

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Envero Midco 2, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 9/1/2033

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 5/11/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Securonix, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 10.86% Maturity Date 04/05/2029 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services PPT Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 12/23/2032 Two

2026-09-300001782524

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

msdl:OtherDebtInvestmentsMember2025-07-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2026-01-012026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt R1 Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/29/2028

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.82% Maturity Date 10/27/2028

2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.04% Maturity Date 08/25/2031 Two

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Investments - non-controlled/non-affiliated First Lien Debt Merative, LP Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2027

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.44% Maturity Date 06/28/2032 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles LeadVenture, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.92% Maturity Date 06/23/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sweep Midco, LLC Investment Second Lien Debt Maturity Date 03/12/2036

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/2025

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/22/2027

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 12/15/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GarageCo Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/2/2027

2026-01-012026-09-300001782524

2025-12-310001782524us-gaap:SeniorLienMembermsdl:ElectricalEquipmentSectorMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/2030

2026-01-012026-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassDMember2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-12-310001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Revolver Commitment Expiration Date 4/14/2033

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Revolver Commitment Expiration Date 6/17/2030

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/2028

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 10/30/2031

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.75% Interest Rate 11.50% Maturity Date 07/22/2028

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Montana Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.65% Maturity Date 07/22/2029 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:OtherDebtInvestmentsMember2026-09-3000017825242025-01-012025-12-310001782524

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

2026-09-300001782524

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

2026-09-300001782524msdl:WirelessTelecommunicationServicesSectorMember2025-12-310001782524

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

2026-01-012026-09-300001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

us-gaap:EquitySecuritiesMember2025-01-012025-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 09/09/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Revolver Commitment Expiration Date 6/12/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 04/14/2026

2026-09-300001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.32% Maturity Date 05/25/2028 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/9/2027

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 10/30/2028 One

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Envero Midco 2, LLC Investment First Lien Debt Reference Rate & Spread S + 0.0475% Interest Rate 7.32% Maturity Date 9/1/2033 One

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Artifact Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 7/26/2030

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt iCIMS, Inc. Commitment Type Revolver Commitment Expiration Date 08/18/2028

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.15% Maturity Date 06/24/2028

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FPG Intermediate Holdco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/26/2027

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt ComPsych Investment Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/23/2027

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Nasuni Corporation Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 09/10/2030 One

2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate & Spread S + 6.75% Interest Rate 10.71% Maturity Date 03/02/2029

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Pharmaceuticals Caerus US 1, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 9.07% Maturity Date 05/27/2031 Three

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 4/22/2032

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

2025-12-310001782524

Brightpet

2026-09-300001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:A2029NotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread P + 4.50% Interest Rate 11.25% Maturity Date 05/31/2028

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Equipment & Supplies YI, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.49% Maturity Date 12/03/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/30/2032

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:EBITDAMultipleMemberus-gaap:MeasurementInputRevenueMultipleMembermsdl:InvestmentsInUnsecuredDebtMember2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:CLO2025-1NotesMembermsdl:ClassA-1Membermsdl:SeniorSecuredFloatingRateMember2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

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

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobile Components Sonny's Enterprises, LLC Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.52% Maturity Date 08/05/2028

2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services ComPsych Investment Corp. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity Date 07/22/2031

2026-09-300001782524msdl:O2025M5AggregateDividendsMember2025-01-012025-09-300001782524

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

2025-01-012025-12-310001782524msdl:ElectricalEquipmentSectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Saturn Borrower, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturity Date 11/10/2028

2025-12-310001782524us-gaap:RelatedPartyMembermsdl:PreIncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/31/2028

2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Essential Services Holding Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-01-012025-12-310001782524

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

2025-12-310001782524

Interest Rate Swaps

2025-01-012025-12-310001782524

2026-09-3000017825242024-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Thrive Buyer, Inc. (Thrive Networks) Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity Date 2/2/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Hercules Borrower, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.65% Maturity Date 12/15/2028

2026-09-300001782524msdl:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt IQN Holding Corp. Commitment Type Revolver Commitment Expiration Date 5/2/2028

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Redwood Services Group, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.93% Maturity Date 06/15/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Securonix, Inc. Commitment Type Revolver Commitment Expiration Date 04/05/2029

2026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Envero Midco 2, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/1/2028

2026-01-012026-09-300001782524

Investments-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 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-controlled/affiliated Debt Investments Food Products AMCP Pet Holdings, Inc. (Brightpet) Investment First Lien Debt Reference Rate and Spread S + 7.00% PIK Maturity Date 09/23/2031

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-07-012026-09-300001782524us-gaap:ChemicalsSectorMember2026-09-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Suveto Buyer, LLC Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 9/9/2027

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:SecondLienDebtMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/2026

2026-09-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

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

2025-12-310001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/2027

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.25% (incl. 5.25% PIK) Interest Rate 9.92% Maturity Date 04/12/2027 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/09/2029

2026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/2028

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Spectrotel MidCo II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/02/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Cliffwater, LLC Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.40% Maturity Date 4/22/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/2028

2026-09-300001782524

2026-09-300001782524msdl:InterestRateFloorTwoMember2026-09-300001782524

2025-12-310001782524

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

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt One, Inc. Software Corporation Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/06/2027

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2026

2025-01-012025-12-310001782524msdl:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentsInUnsecuredDebtMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Rivet Bidco Limited Commitment Type Revolver Commitment Expiration Date 04/08/2032

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals V Global Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.63% Maturity Date 1/2/2029 One

2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:HealthCareProvidersServicesSectorMember2026-09-300001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/25/2027

2026-01-012026-09-300001782524msdl:JVPartnerMember2026-01-012026-09-300001782524msdl:InterestRateFloorOneMember2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/26/2027

2026-01-012026-09-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 8.32% Maturity Date 05/28/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/03/2032 One

2025-12-310001782524

2026-09-300001782524

2026-09-300001782524msdl:BNPFundingFacilityMember2023-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/2031

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Infinite Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.14% Maturity Date 03/02/2028

2025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/11/2028

2026-01-012026-09-300001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMember2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services PPV Intermediate Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.51% Maturity Date 08/31/2029

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524msdl:AutomobilesSectorMember2025-12-310001782524

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

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Multi-Utilities AWP Group Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.22% Maturity Date 12/23/2030 One

2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alpine Acquisition Corp. II Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/14/2028

2026-01-012026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/14/2028

2026-09-300001782524

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

2025-12-310001782524

2025-12-310001782524msdl:Company10b51PlanMember2026-02-280001782524msdl:A2027NotesMember2025-12-310001782524

Investments- controlled/affiliated Equity Investments Investments in Joint Ventures Capstone Lending, LLC Investment Common Equity Acquisition Date 2/19/2026

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-3100017825242026-06-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2026-09-300001782524

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Aerospace & Defense ManTech International CP Investment First Lien Debt Reference Rate and Spread P + 3.50% Interest Rate 10.25% Maturity Date 09/14/2028

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Real Estate Management & Development Vacation Rental Brands, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 5/6/2032

2026-09-300001782524msdl:Company10b51PlanMember2025-06-012025-06-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Vacation Rental Brands, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/2028

2026-09-300001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentOneMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/15/2029

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Machinery Chase Intermediate, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.59% Maturity Date 10/30/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/2028

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/7/2028

2026-01-012026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/2029

2026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524msdl:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.26% Maturity Date 6/21/2029

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:DebtSecuritiesMembermsdl:ConsumerStaplesDistributionAndRetailMember2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Vertex Service Partners, LLC Investment First Lien Debt Reference Rate and Spread S + 6.00% (incl. 4.25% PIK) Interest Rate 9.67% Maturity Date 11/08/2030

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-09-300001782524

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Revolver Commitment Expiration Date 1/29/2030

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies CRCI Longhorn Holdings, Inc. Investments First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.47% Maturity Date 8/27/2031

2025-12-310001782524msdl:OtherDebtInvestmentsMember2026-06-300001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembermsdl:InvestmentPreferredEquityMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/24/2027

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:InvestmentAffiliatedIssuerControlledMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.57% Maturity Date 01/27/2032

2026-09-300001782524

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/2026

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-09-170001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

us-gaap:EquitySecuritiesMember2026-07-012026-09-300001782524

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

2026-09-300001782524us-gaap:SeniorLienMembermsdl:BeveragesSectorMember2026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Arcoro Holdings Corp. Commitment Type Revolver Commitment Expiration Date 3/28/2030

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/29/2026

2025-12-310001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524us-gaap:FairValueInputsLevel1Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524

2025-12-310001782524msdl:VariableRateComponentTwoMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EurodollarMember2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

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

2026-09-300001782524

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

2026-01-012026-09-300001782524msdl:MachinerySectorMember2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Stepping Stones Healthcare Services, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 01/02/2029 One

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.70% Maturity Date 06/12/2028 One

2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-09-300001782524

2026-09-300001782524us-gaap:EquitySecuritiesMembermsdl:InteractiveMediaAndServicesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Gateway US Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 9/22/2028

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/27/2029

2026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt 48Forty Solutions, LLC Commitment Type Revolver Commitment Expiration Date 11/30/2029

2025-01-012025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Alert Media, Inc. Commitment Type Revolver Commitment Expiration Date 4/12/2028

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate and Spread S + 7.65% (incl. 3.40% PIK) Interest Rate 12.11% Maturity Date 12/20/2027

2025-12-310001782524

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

2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LeadVenture, Inc. Commitment Type Revolver Commitment Expiration Date 6/23/2032

2026-01-012026-09-300001782524

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

2026-09-300001782524msdl:ThreeMonthsCanadianOvernightRepoRateAverageMember2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.01% Maturity Date 8/8/2031 One

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Vardiman Black Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 7.00% PIK Interest Rate Maturity Date 03/18/2027 One

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Stepping Stones Healthcare Services, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2026

2025-12-310001782524

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

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-07-012025-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Turbo Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.82% Maturity Date 06/02/2026

2025-12-310001782524msdl:MediaSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

2026-09-300001782524msdl:SecondLienDebtMember2026-01-012026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-05-172024-05-170001782524

Investments — non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/21/2027

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies Sherlock Buyer Corp. Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.82% Maturity Date 12/07/2029

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:SecondLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.82% Maturity Date 04/09/2030

2026-09-300001782524

2025-12-310001782524msdl:UnfundedDebtSecuritiesMember2026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt PerkinElmer U.S., LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/25/2027

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524us-gaap:CashMember2025-12-310001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Catalis Intermediate, Inc. Commitment Type Revolver Commitment Expiration Date 2/4/2028

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 7/28/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Revolver Commitment Expiration Date 09/29/2028

2025-12-310001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% PIK Interest Rate 8.99% Maturity Date 04/12/2028

2026-09-300001782524msdl:O2025M2AggregateDividendsMember2025-01-012025-09-300001782524msdl:Company10b51PlanMember2025-08-310001782524

2026-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 2/16/2029 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/7/2028

2026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524msdl:A2029NotesMember2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors PT Intermediate Holdings III, LLC Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 04/09/2030

2026-09-300001782524msdl:ShareRepurchaseProgramMember2026-02-260001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMember2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt GC Waves Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 10/4/2030

2026-01-012026-09-300001782524

2026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Anaplan, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.32% Maturity Date 06/21/2029

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services BCTO Bluebill Midco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.34% Maturity Date 07/30/2032 One

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Procure Acquireco, Inc. (Procure Analytics) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/31/2026

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt UpStack, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/2028

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2024-05-170001782524

Investments — non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 7/2/2029

2026-01-012026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel12And3Member2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Caerus US 1, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 9/22/2027

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Financial Services GTCR ABC Holdings, LLC Investment Preferred Equity Reference Rate and Spread 8.00% PIK Acquisition Date 04/14/2026

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.33% Maturity Date 12/03/2032 One

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.15% Maturity Date 05/01/2029

2026-09-300001782524msdl:DelayedDrawAndRevolvingSeniorSecuredLoansMember2025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt High Street Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 4/14/2028

2026-01-012026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMembermsdl:ValuationYieldAnalysisMember2026-09-300001782524

2026-09-300001782524

2026-09-300001782524msdl:TruistCreditFacilityMember2026-09-300001782524

2026-09-300001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:BNPFundingFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524msdl:CapstoneLendingLLCMember2026-01-022026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:CIBCSubscriptionFacilityMember2021-12-310001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 7/2/2031

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:EquitySecuritiesMember2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:A2027NotesMember2023-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/17/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.09% Maturity Date 02/27/2030 One

2025-12-310001782524msdl:A2031NotesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Industrial Conglomerates Excelitas Technologies Corp. Investment First Lien Debt Reference Rate and Spread E + 5.25% Interest Rate 7.15% Maturity Date 8/13/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.05% Maturity Date 8/25/2031 Two

2026-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2026-09-300001782524us-gaap:EquitySecuritiesMember2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMembermsdl:UnfundedDebtSecuritiesFirstLienMember2025-12-310001782524

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

2025-12-310001782524msdl:O2025M8AggregateDividendsMember2025-01-012025-09-300001782524

2026-09-300001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 9/13/2032

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524msdl:AtTheMarketATMOfferingMember2025-01-012025-09-300001782524

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

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies 365 Retail Markets, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.49% Maturity Date 12/26/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/25/2032

2026-01-012026-09-300001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2027

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Emburse, Inc. Commitment Type Revolver Commitment Expiration Date 5/28/2032

2026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

KWOR Acquisition, Inc.

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Zenith Acquisitionco, LLC Commitment Type Revolver Commitment Expiration Date 01/13/2033

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

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

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/04/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apryse Software Corp. Commitment Type Revolver Commitment Expiration Date 6/28/2032

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Interactive Media & Services Spectrio, LLC Investment First Lien Debt Reference Rate & Spread S + 6.00% Maturity Date 12/09/2026

2026-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Consor Intermediate II, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/10/2026

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Atlas US Finco, Inc. Commitment Type Revolver Commitment Expiration Date 12/9/2028

2025-01-012025-12-310001782524us-gaap:EquitySecuritiesMember2025-07-012025-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:SeniorSecuredFloatingRateMembermsdl:ClassA-2Member2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt LogRhythm, Inc. Commitment Type Revolver Commitment Expiration Date 07/02/2029

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 5/13/2032

2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524msdl:InterestRateFloorThreeMember2026-09-300001782524

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524msdl:MediaSectorMember2025-12-310001782524msdl:OneMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-09-300001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2027NotesMember2025-09-300001782524msdl:SecondLienDebtMember2024-12-310001782524us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMember2026-09-300001782524msdl:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

2026-09-300001782524us-gaap:EquitySecuritiesMember2025-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Triple Lift, Inc. Commitment Type Revolver Commitment Expiration Date 05/05/2028

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Heartland Veterinary Partners, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.70% Maturity Date 06/12/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.25% (incl. 1.75% PIK) Interest Rate 11.59% Maturity Date 04/05/2029

2026-09-300001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310001782524

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

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.56% Maturity Date 01/27/2032 Two

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:ATwoThousandThirtyOneNotesMembermsdl:InterestRateSwapSeries2031NotesMember2026-07-090001782524

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

2025-01-012025-12-310001782524msdl:UnfundedDebtSecuritiesMember2025-12-310001782524

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Answer Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 6/30/2028

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524msdl:A2027NotesMember2024-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services SitusAMC Holdings Corporation Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.17% Maturity Date 05/14/2031

2025-12-310001782524msdl:DiversifiedTelecommunicationServicesMemberus-gaap:DebtSecuritiesMember2026-09-300001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel2Member2025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel12And3Membermsdl:OtherDebtInvestmentsMember2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMembersrt:MaximumMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FMG Suite Holdings, LLC Commitment Type Revolver Commitment Expiration Date 9/9/2032

2026-09-300001782524

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

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt LegitScript, LLC Commitment Type Revolver Commitment Expiration Date 6/24/2028

2026-01-012026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2026-01-012026-09-300001782524msdl:SecondLienDebtMember

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2026-07-012026-09-300001782524

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2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524us-gaap:LineOfCreditMembermsdl:VariableRateComponentOneMembermsdl:TruistCreditFacilityMember2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software User Zoom Technologies, Inc. Investment First Lien Debt Reference Rate and Spread S + 7.00% Interest Rate 11.13% Maturity Date 04/05/2029

2025-12-310001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-09-300001782524us-gaap:TransportationSectorMember2025-12-310001782524

2026-09-300001782524msdl:FederalReserveBankOfNewYorkRateMemberus-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-01-012026-09-300001782524msdl:JPMorganUSGovernmentMoneyMarketFundMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/14/2028

2026-01-012026-09-300001782524

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524msdl:SONIAMember2026-01-012026-09-300001782524

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

2026-01-012026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 3/25/2032 Two

2026-09-300001782524msdl:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

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

2026-09-300001782524msdl:UtilitiesSectorMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.15% Maturity Date 05/01/2029 One

2026-09-300001782524

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

2026-09-300001782524us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Heartland Home Services, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.75% Interest Rate 9.75% Maturity Date 12/15/2026

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2026

2025-12-310001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Syntax Systems, Ltd. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.75% Maturity Date 10/27/2028 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Higginbotham Insurance Agency, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/30/2026

2025-01-012025-12-310001782524

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Jawbreaker Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/31/2033

2026-09-300001782524

2025-12-310001782524

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

2026-09-300001782524

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

2025-12-310001782524

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

2025-12-310001782524us-gaap:BankingMemberus-gaap:DebtSecuritiesMember2026-09-300001782524msdl:Company10b51PlanMember2025-08-012025-08-310001782524

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-06-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software LegitScript, LLC Investment First Lien Debt Reference Rate and Spread S + 5.75% Interest Rate 9.47% Maturity Date 06/24/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/30/2032

2025-01-012025-12-310001782524

2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Brightpet

2026-01-012026-09-300001782524

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

2026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Food Products Teasdale Foods, Inc. (Teasdale Latin Foods) Investment First Lien Debt Reference Rate & Spread S + 6.25% PIK Interest Rate Maturity Date 3/30/2029

2026-09-300001782524msdl:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Alert Media, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.99% Maturity Date 04/12/2028

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Energy Labs Holdings Corp. Commitment Type Revolver Commitment Expiration Date 4/7/2028

2026-01-012026-09-300001782524

2026-09-300001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/4/2027

2026-09-300001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Consertus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2027

2026-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001782524

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2026-01-012026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Software AQ Software Corporation (Revalize) Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 12/14/2021

2026-01-012026-09-300001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Cyber US Bidco, LLC Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.87% Maturity Date 12/30/2032 One

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:SecondLienDebtMember2025-01-012025-09-300001782524

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

2026-01-012026-09-300001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/2029

2025-01-012025-12-310001782524msdl:CommercialServicesSuppliesMemberus-gaap:SeniorLienMember2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cyber US Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/2/2029

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524msdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMember2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524msdl:SecondLienDebtMember2026-06-300001782524

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

2025-12-310001782524

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

2025-12-310001782524msdl:ATwoThousandThirtyOneNotesMember2026-07-092026-07-090001782524

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

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

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2025-07-012025-09-300001782524us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001782524msdl:HealthCareProvidersServicesSectorMember2025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.82% Maturity Date 09/22/2028 One

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:BNPFundingFacilityMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Vacation Rental Brands, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 09/04/2028

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Professional Services Abacus Data Holdings, Inc. (AbacusNext) Investment Common Equity Acquisition Date 03/09/2021

2025-01-012025-12-310001782524

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2025-12-310001782524msdl:FirstLienDebtMember

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Accel International Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 4/26/2032

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Coupa Holdings, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.07% Maturity Date 2/27/2029

2026-09-300001782524

2025-12-310001782524msdl:OneMonthSecuredOvernightFinancingRateMember2026-01-012026-09-300001782524

2025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-05-190001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMember2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Trintech, Inc. Commitment Type Revolver Commitment Expiration Date 01/28/2033

2026-01-012026-09-300001782524us-gaap:AerospaceSectorMember2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/27/2032 Two

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt R1 Holdings, LLC Commitment Type Revolver Commitment Expiration Date 12/29/2028

2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524us-gaap:SeniorLienMembermsdl:ITServicesSectorMember2026-09-300001782524

KWOR Acquisition, Inc.

2025-01-012025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMemberus-gaap:MeasurementInputDiscountRateMembermsdl:ValuationYieldAnalysisMember2025-12-310001782524msdl:AtTheMarketATMOfferingMember2025-07-012025-09-300001782524

2025-12-310001782524

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

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:OtherDebtInvestmentsMember2026-01-012026-09-300001782524

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

2025-01-012025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Imagine 360, LLC Commitment Type Revolver Commitment Expiration Date 10/2/2028

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services Idera, Inc. Investment Second Lien Debt Reference Rate and Spread S + 6.75% Interest Rate 10.75% Maturity Date 03/02/2029

2025-12-310001782524us-gaap:TechnologySectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software GS AcquisitionCo, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 9.32% Maturity Date 05/25/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Majesco, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 01/07/2033

2026-09-300001782524

2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Financial Services Smarsh, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.07% Maturity Date 2/16/2029 One

2026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Automobiles Vehlo Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.15% Maturity Date 5/24/2028

2026-09-300001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:ValuationYieldAnalysisMembermsdl:InvestmentsInUnsecuredDebtMember2026-09-300001782524

2026-09-300001782524msdl:A2029NotesMember2024-05-172024-05-170001782524

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

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2025NotesMember2025-07-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Surewerx Purchaser III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/28/2026

2026-01-012026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Fullsteam Operations, LLC Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 9.01% Maturity Date 8/8/2031

2026-09-300001782524msdl:InvestmentsInJointVenturesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/17/2026

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Apex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 10/24/2029

2026-09-300001782524us-gaap:BankingMemberus-gaap:SeniorLienMember2026-09-300001782524

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

2025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001782524us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001782524

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

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Electronic Equipment, Instruments & Components Abracon TopCo, LLC Investment Common Equity Acquisition Date 06/08/2026

2026-01-012026-09-3000017825242026-11-040001782524

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

2026-01-012026-09-300001782524

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

2025-12-310001782524msdl:OtherDebtInvestmentsMember2025-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

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

2025-12-310001782524

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

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:CLO2025-1NotesMember2025-01-012025-09-300001782524us-gaap:EquitySecuritiesMember2026-09-300001782524

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2026-09-300001782524

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

2025-01-012025-12-310001782524msdl:CORRAMember2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt EVDR Purchaser, Inc. Commitment Type Revolver Commitment Expiration Date 2/14/2031

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Consertus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2027

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Chemicals Tank Holding Corp. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.59% Maturity Date 03/31/2028 One

2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/2027

2026-01-012026-09-300001782524

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

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Firebird Acquisition Corp, Inc. Investment Common Equity Acquisition Date 02/03/2025

2025-01-012025-12-310001782524

2026-09-300001782524

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

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Revolver Commitment Expiration Date 2/10/2032

2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

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

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Icefall Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 01/25/2030 One

2025-12-310001782524

2026-09-300001782524

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

2025-01-012025-12-310001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524msdl:AutomobileComponentsSectorMember2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Jonathan Acquisition Company Commitment Type Revolver Commitment Expiration Date 05/11/2029

2025-01-012025-12-310001782524

2025-12-310001782524msdl:BNPFundingFacilityMember2025-12-310001782524msdl:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments- controlled/affiliated Equity Investments Food Products BrightPet Topco, LLC Investment Common Equity Acquisition Date 9/23/2026

2026-09-300001782524

2025-12-310001782524

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

2025-12-310001782524msdl:FirstLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 06/28/2032 One

2026-09-300001782524

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

2025-01-012025-12-310001782524

2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMember2025-12-310001782524

2026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2025-12-310001782524

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

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services PPT Purchaser, LLC Investment First Lien Debt Reference Rate & Spread S + 4.25% Interest Rate 8.32% Maturity Date 12/23/2032 One

2026-09-300001782524

2026-09-300001782524msdl:OtherDebtInvestmentsMember2025-01-012025-09-300001782524us-gaap:SeniorLienMembermsdl:InteractiveMediaAndServicesSectorMember2026-09-300001782524

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

2026-09-300001782524msdl:CLO2025-1NotesMember2026-09-300001782524msdl:AtTheMarketATMOfferingMember2026-07-012026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2025-12-310001782524

2025-12-310001782524

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

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt GTCR ABC Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/14/2028

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software AuditBoard, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 07/14/2031 Two

2025-12-310001782524

2026-09-300001782524us-gaap:ConsumerSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cliffwater, LLC Commitment Type Revolver Commitment Expiration Date 04/22/2032

2025-01-012025-12-310001782524msdl:ATwoThousandThirtyOneNotesMember2026-07-090001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Sweep Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 06/30/2027

2025-12-310001782524

us-gaap:DebtAndEquitySecuritiesUnrealizedGainLoss

msdl:OtherDebtInvestmentsMember2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Revolver Commitment Expiration Date 2/1/2029

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/28/2032 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt VRC Companies, LLC Commitment Type Revolver Commitment Expiration Date 06/29/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt UHY Advisors, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/22/2026

2026-01-012026-09-300001782524msdl:Company10b51PlanMember2025-01-310001782524msdl:AirFreightAndLogisticsSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/31/2027

2025-01-012025-12-310001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Real Chemistry Intermediate III, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/11/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chrysler 3, Inc. Commitment Type Revolver Commitment Expiration Date 9/28/2033

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Suveto Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments IT Services UpStack, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 9.05% Maturity Date 8/25/2031

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Beverages Vamos Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 01/30/2032 Two

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt MHE Intermediate Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/21/2027

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Optimizely North America, Inc. Investment First Lien Debt Reference Rate and Spread SA + 6.00% (incl. 2.5% PIK) Interest Rate 9.73% Maturity Date 10/30/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Everbridge Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/02/2031

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Distributors Alpine Acquisition Corp. II Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.94% Maturity Date 01/14/2031

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Thrive Buyer, Inc. (Thrive Networks) Commitment Type Revolver Commitment Expiration Date 02/02/2032

2026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:DebtSecuritiesMember2025-12-310001782524us-gaap:SeniorNotesMemberus-gaap:FairValueInputsLevel3Membermsdl:ATwoThousandThirtyOneNotesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2026-09-300001782524msdl:OneMonthCanadianOvernightRepoRateAverageMember2026-01-012026-09-300001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Computer Services, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/15/2027

2026-01-012026-09-300001782524us-gaap:SeniorLienMembermsdl:RealEstateManagementAndDevelopmentMember2026-09-300001782524msdl:Company10b51PlanMember2026-03-012026-03-310001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Procure Acquiom Financial, LLC (Procure Analytics) Investment Common Equity Acquisition Date 12/20/2021

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Consertus, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/1/2028

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ascend Partner Services, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/9/2026

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:OtherDebtInvestmentsMember2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Software RSK Holdings, Inc. (Riskonnect) Investment Preferred Equity Reference Rate and Spread S + 10.50% Acquisition Date 07/07/2022

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Randy's Holdings, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/10/2027

2025-12-310001782524

Investments- controlled/affiliated Equity Investments Investments in Joint Ventures Capstone Lending, LLC Investment Common Equity Acquisition Date 2/19/2026

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt MAI Capital Management Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/11/2027

2026-09-300001782524country:GB2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt LJ Avalon Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/12/2027

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Pound Bidco, Inc. Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 10.22% Maturity Date 02/01/2027

2025-12-310001782524

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt KWOR Acquisition, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/28/2027

2026-09-300001782524

2026-09-300001782524msdl:TotalPortfolioInvestmentsMember2026-09-300001782524

2025-12-310001782524

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Galway Borrower, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 02/06/2026

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.67% Maturity Date 12/17/2031 One

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Electronic Equipment, Instruments & Components Pamlico Avant Holdings, LP Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.17% Maturity Date 12/31/2032 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt FLS Holding, Inc. Commitment Type Revolver Commitment Expiration Date 12/15/2028

2026-01-012026-09-300001782524

2025-12-310001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Revolver Commitment Expiration Date 09/18/2031

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Vertex Service Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/08/2030

2026-09-300001782524msdl:CLO2025-1NotesMembermsdl:SecuredDeferrableFloatingRateMembermsdl:ClassDMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt V Global Holdings, LLC Commitment Type Revolver Commitment Expiration Date 01/02/2029

2026-01-012026-09-300001782524

2026-09-300001782524

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:IncentiveFeeRateAnnualizedHurdleRateMember2024-01-012024-03-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Firebird Acquisition Corp, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 1/31/2027

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Revolver Commitment Expiration Date 07/28/2031

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Archduke Buyer, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.27% Maturity Date 12/03/2032

2025-12-310001782524

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Investments — non-controlled/non-affiliated First Lien Debt Iris Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/17/2028

2026-09-300001782524

2025-12-310001782524msdl:Company10b51PlanMember2026-01-310001782524

2026-09-300001782524msdl:Company10b51PlanMember2025-02-282025-02-2800017825242026-07-012026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Jawbreaker Parent, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.82% Maturity Date 01/31/2033 Two

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Model N, Inc. Commitment Type Revolver Commitment Expiration Date 06/27/2031

2026-01-012026-09-300001782524

Interest Rate Swaps

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Revolver Commitment Expiration Date 7/3/2028

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Heartland Veterinary Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/8/2027 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Revolver Commitment Expiration Date 11/18/2031

2026-09-300001782524msdl:SecondLienDebtMemberus-gaap:FairValueInputsLevel12And3Member2026-09-300001782524

2026-09-300001782524msdl:R2026Q4DividendsMemberus-gaap:SubsequentEventMember2026-11-032026-11-030001782524

Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/2030

2026-01-012026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt SV Newco 2, Inc. Commitment Type Revolver Commitment Expiration Date 06/02/2031

2025-12-310001782524

2026-09-300001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Chase Intermediate, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/4/2027

2025-01-012025-12-310001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Spark Buyer, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/15/2026

2025-01-012025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Vehlo Purchaser, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Ridge Trail US Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 03/31/2031

2026-01-012026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMembermsdl:InvestmentPreferredEquityMembersrt:MaximumMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt GPS Merger Sub, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/04/2027

2025-01-012025-12-310001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMember2025-07-012025-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Onit, Inc. Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.57% Maturity Date 1/27/2032 One

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Banyan Software Holdings, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/10/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt DA Blocker Corp. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/10/2027

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Saturn Borrower, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/24/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Kodiak Buyer, LLC Commitment Type Revolver Commitment Expiration Date 7/23/2032

2026-01-012026-09-300001782524

2026-09-300001782524msdl:Company10b51PlanMember2026-04-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Nasuni Corporation Commitment Type Revolver Commitment Expiration Date 09/10/2030

2026-09-300001782524

2025-12-310001782524msdl:ThreeMonthEuroInterbankOfferedRateEURIBORMember2026-01-012026-09-300001782524msdl:BNPFundingFacilityMember2024-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Espresso Bidco, Inc. Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity Date 3/25/2032

2026-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-01-012025-09-300001782524us-gaap:DebtSecuritiesMemberus-gaap:TechnologySectorMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Professional Services IG Investment Holdings, LLC Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.84% Maturity Date 09/22/2028

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Icefall Parent, Inc. Commitment Type Revolver Commitment Expiration Date 1/25/2030

2026-01-012026-09-300001782524

2026-09-300001782524msdl:TruistCreditFacilityMember2023-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Sherlock Buyer Corp. Commitment Type Revolver Commitment Expiration Date 12/07/2029

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Distributors 48Forty Solutions, LLC Investment Common Equity Acquisition Date 11/01/2024

2025-12-310001782524

2025-12-310001782524msdl:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt World Insurance Associates, LLC Commitment Type Revolver Commitment Expiration Date 04/03/2030

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Integrity Marketing Acquisition, LLC Commitment Type Revolver Commitment Expiration Date 08/25/2028

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Commercial Services & Supplies Surewerx Topco, LP Investment Common Equity Acquisition Date 12/28/2022

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Fullsteam Operations, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/09/2027

2025-12-310001782524us-gaap:ContainerAndPackagingSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt CCI Buyer, Inc. Commitment Type Revolver Commitment Expiration Date 05/13/2032

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Amerilife Holdings, LLC Commitment Type Revolver Commitment Expiration Date 8/31/2028

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Dwyer Instruments, Inc. Commitment Type Revolver Commitment Expiration Date 07/20/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Insurance Services Frisbee Holdings, LP (Fetch) Investment Common Equity Acquisition Date 10/31/2022

2026-01-012026-09-300001782524

Interest Rate Swaps

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Jeppesen Holdings, LLC Commitment Type Revolver Commitment Expiration Date 11/1/2032

2026-01-012026-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt CLEO Communications Holding, LLC Commitment Type Revolver Commitment Expiration Date 6/9/2027

2026-09-300001782524

us-gaap:DebtAndEquitySecuritiesRealizedGainLoss

msdl:FirstLienDebtMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Deerfield Dakota Holding, LLC Commitment Type Revolver Commitment Expiration Date 09/13/2032

2025-01-012025-12-310001782524msdl:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Any Hour, LLC Investment Other Debt Reference Rate and Spread S + 13.00% PIK Interest Rate 13.00% Maturity Date 05/23/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt BCTO Bluebill Midco, Inc. Commitment Type Revolver Commitment Expiration Date 07/30/2032

2025-12-310001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Zarya Intermediate, LLC Commitment Type Revolver Commitment Expiration Date 07/01/2027

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Appfire Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/28/2026

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Equity Investments Diversified Consumer Services Leaf Home, LLC Investment Warrants Acquisition Date 09/05/2025

2026-01-012026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Software Fullsteam Operations, LLC Investment Common Equity Acquisition Date 11/27/2023

2025-12-310001782524msdl:ProfessionalServicesSectorMember2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Specialty Pharma III, Inc. Commitment Type Revolver Commitment Expiration Date 12/23/2032

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC Investment First Lien Debt Reference Rate and Spread S + 6.25% Interest Rate 10.18% Maturity Date 04/10/2031

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Cerity Partners, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/2027

2026-09-300001782524msdl:TruistCreditFacilityMember2021-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Accordion Partners, LLC Commitment Type Revolver Commitment Expiration Date 11/17/2031

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Health Care Providers & Services Pareto Health Intermediate Holdings, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.35% Maturity Date 06/03/2030

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Rivet Bidco Limited Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.24% Maturity Date 04/08/2032 Two

2026-09-300001782524

Investments-non-controlled/non-affiliated Equity Investments Automobile Components Shelby Co-invest, LP (Spectrum Automotive) Investment Common Equity Acquisition Date 06/29/2021

2025-01-012025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Commercial Services & Supplies BPG Holdings IV Corp. Investment First Lien Debt Reference Rate & Spread S + 7.85% PIK Interest Rate Maturity Date 7/29/2029

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Transit Technologies, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/20/2027

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Vessco Midco Holdings, LLC Commitment Type Revolver Commitment Expiration Date 07/24/2031

2026-01-012026-09-300001782524

2026-09-300001782524msdl:Company10b51PlanMember2026-02-012026-02-280001782524us-gaap:FinancialServicesSectorMember2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Pound Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 04/24/2027

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Corp. Commitment Type Revolver Commitment Expiration Date 10/29/2029

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Insurance Services Fetch Insurance Services, LLC Investment Other Debt Reference Rate and Spread 12.75% (incl. 3.75% PIK) Interest Rate 12.75% Maturity Date 10/31/2027

2025-12-310001782524msdl:ConstructionAndEngineeringSectorMember2025-12-310001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/2030

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Associations, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 7/3/2028

2025-01-012025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/17/2026

2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Carr, Riggs and Ingram Capital, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/18/2026

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMember2025-07-012025-09-300001782524msdl:ThreeMonthSecuredOvernightFinancingRateSOFRMember2026-01-012026-09-300001782524msdl:AtTheMarketATMOfferingMember2025-03-282025-03-280001782524

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2030NotesMembermsdl:InterestRateSwapSeries2030NotesMember2025-05-190001782524

Investments - non-controlled/non-affiliated First Lien Debt Vamos Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 01/30/2032

2025-12-310001782524msdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2026-09-300001782524country:AU2025-12-310001782524msdl:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001782524msdl:CLO2025-1SeniorSecuredDebtMember2026-09-300001782524msdl:ProfessionalServicesSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt mPulse Mobile, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 08/26/2027

2026-09-300001782524

2025-12-310001782524us-gaap:InsuranceSectorMember2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Delayed Draw Term Loan Commitment Expiration Date 3/25/2027

2026-09-300001782524us-gaap:RelatedPartyMembermsdl:WaiverPeriodPreIncentiveFeeRateQuarterlyCatchUpThresholdMember2026-01-012026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Coupa Holdings, LLC Commitment Type Revolver Commitment Expiration Date 02/27/2029

2025-12-310001782524

2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Emburse, Inc. Investment First Lien Debt Reference Rate and Spread S + 4.25% Interest Rate 7.92% Maturity Date 05/28/2032 One

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt E-Discovery AcquireCo, LLC Commitment Type Revolver Commitment Expiration Date 08/29/2029

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt 365 Retail Market, LLC Commitment Type Revolver Commitment Expiration Date 5/6/2033

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Raptor Merger Sub Debt, LLC Commitment Type Revolver Commitment Expiration Date 04/01/2029

2025-01-012025-12-310001782524

2025-12-3100017825242026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:FirstLienDebtMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

Investments-non-controlled/non-affiliated Debt Investments Software Apryse Software Corp. Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 06/28/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt COP Collisionright Parent, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 4/4/2027

2026-01-012026-09-300001782524us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:RealEstateSectorMember2025-12-310001782524

2026-09-300001782524us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Membermsdl:CLO2025-1IssuedDebtMemberus-gaap:LineOfCreditMember2026-09-300001782524

2025-12-310001782524us-gaap:FairValueInputsLevel2Membermsdl:FirstLienDebtMember2026-09-300001782524us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel12And3Member2025-12-310001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2025-12-310001782524

Investments — controlled/affiliated First Lien Debt AMCP Pet Holdings, Inc. (Brightpet) Commitment Type Delayed Draw Term Loan Commitment Expiration Date 03/23/2028

2026-01-012026-09-300001782524msdl:SecondAmendedAndRestatedInvestmentAdvisoryAgreementMembersrt:MinimumMemberus-gaap:SubsequentEventMember2026-11-052026-11-050001782524

2025-12-310001782524

Investments — non-controlled/non-affiliated First Lien Debt Iris Specialty Acquisition, LLC Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/20/2028

2026-01-012026-09-300001782524us-gaap:DebtSecuritiesMembermsdl:HealthCareEquipmentAndSuppliesSectorMember2026-09-300001782524us-gaap:FairValueInputsLevel3Membermsdl:InvestmentsCommonEquityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMember2026-09-300001782524

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Railpros Parent, LLC Commitment Type Revolver Commitment Expiration Date 05/24/2032

2025-01-012025-12-310001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Runway Bidco, LLC Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.57% Maturity Date 12/17/2031 One

2026-09-300001782524us-gaap:SeniorNotesMembermsdl:A2029NotesMembermsdl:InterestRateSwapSeries2029NotesMember2024-05-170001782524msdl:DiversifiedConsumerServicesSectorMemberus-gaap:SeniorLienMember2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Espresso Bidco, Inc. Commitment Type Revolver Commitment Expiration Date 3/25/2032

2026-09-300001782524

Investments — non-controlled/non-affiliated First Lien Debt Routeware, Inc. Commitment Type Delayed Draw Term Loan

2026-09-300001782524

2026-09-300001782524msdl:ProfessionalServicesSectorMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-09-300001782524us-gaap:LineOfCreditMembermsdl:TruistCreditFacilityMember2025-07-012025-09-300001782524

2026-09-300001782524

2025-12-310001782524

Investments-non-controlled/non-affiliated Debt Investments Software Oak Purchaser, Inc. Investment First Lien Debt Reference Rate and Spread S + 5.50% Interest Rate 9.23% Maturity Date 05/31/2028 Two

2026-09-300001782524

Investments - non-controlled/non-affiliated First Lien Debt Runway Bidco, LLC Commitment Type Revolver Commitment Expiration Date 12/17/2031

2025-12-310001782524

Investments - non-controlled/non-affiliated First Lien Debt Netwrix Corporation And Concept Searching, Inc. Commitment Type Revolver Commitment Expiration Date 06/11/2029

2025-01-012025-12-31msdl:PositionSizeiso4217:EURxbrli:purexbrli:sharesmsdl:Investmentiso4217:CADmsdl:PortfolioCompanyiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDmsdl:Industries

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)


Delaware		84-2009506
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1585 Broadway		10036
New York, NY		(Zip Code)
(Address of principal executive offices)

1 (212) 761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	MSDL	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value, outstanding at November 4, 2026 was 83,301,477.

Table of Contents

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED September 30, 2026

TABLE OF CONTENTS


Part I. Financial Information
Item 1.	Consolidated Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	72
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	108
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	118
Item 4.	Controls and Procedures	119
Part II. Other Information
Item 1.	Legal Proceedings	120
Item 1A.	Risk Factors	120
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	120
Item 3.	Defaults Upon Senior Securities	120
Item 4.	Mine Safety Disclosures	121
Item 5.	Other Information	121
Item 6.	Exhibits	122
SIGNATURES

Table of Contents

Part I. Financial Information

Item 1. Consolidated Financial Statements (unaudited)

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)


	As of
	September 30, 2026			December 31, 2025
	(Unaudited)			(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,429,014 and $3,833,800)	$	3,281,007		$	3,766,757
Non-controlled/affiliated investments, at fair value (amortized cost of $3,314 and $5,239)		1,868			4,789
Controlled/affiliated investments, at fair value (amortized cost of $150,997 and $0)		148,675			—
Total investments, at fair value (cost of $3,583,325 and $3,839,039)		3,431,550			3,771,546
Cash and cash equivalents (restricted cash of $29,172 and $3,820)		92,931			81,434
Investments in unaffiliated money market fund (cost of $11,216 and $12,976)		11,216			12,976
Deferred financing costs		17,595			16,874
Interest and dividend receivable from non-controlled/non-affiliated investments		27,677			26,332
Interest receivable from non-controlled/affiliated investments		21			89
Dividend receivable from controlled/affiliated investments		3,357			—
Receivable for investments sold/repaid		3,143			455
Other assets		534			10,390
Total assets	$	3,588,024		$	3,920,096

Liabilities
Debt (net of unamortized debt issuance costs of $12,624 and $10,545)	$	1,903,389		$	2,086,672
Distributions payable		37,735			43,222
Management fees payable		8,837			9,596
Income based incentive fees payable		441			7,281
Interest and other financing expenses payable		29,161			20,945
Payable to affiliates (Note 3)		101			91
Accrued expenses and other liabilities		38,234			4,200
Total liabilities		2,017,898			2,172,007

Commitments and contingencies (Note 7)

Net assets
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)		—			—
Common stock, par value $0.001 (500,000,000 shares authorized; 83,685,377 and 86,276,305 shares issued and outstanding)		84			86
Paid-in capital in excess of par value		1,727,634			1,767,623
Distributable earnings (loss)		(157,592	)		(19,620	)
Total net assets	$	1,570,126		$	1,748,089
Total liabilities and net assets	$	3,588,024		$	3,920,096
Net asset value per share	$	18.76		$	20.26

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	76,186		$	93,477		$	235,593		$	282,171
Payment-in-kind income		4,547			3,969			13,478			11,973
Dividend income		1,177			685			3,850			1,929
Other income		805			1,467			3,279			4,337
From non-controlled/affiliated investments:
Interest income		28			36			65			106
Payment-in-kind income		36			88			138			174
Dividend income		—			—			27			—
Other income		2			—			7			—
From controlled/affiliated investments:
Interest income		26			—			26			—
Payment-in-kind income		29			—			29			—
Dividend income		3,304			—			7,485			—
Total investment income		86,140			99,722			263,977			300,690
Expenses:
Interest and other financing expenses		33,183			33,903			95,865			102,788
Management fees		8,837			9,628			27,449			28,870
Income based incentive fees		441			9,281			12,759			28,404
Professional fees		2,081			2,530			5,271			5,836
Directors’ fees		129			129			387			388
Administrative service fees		99			81			221			228
General and other expenses		359			38			710			348
Total expenses		45,129			55,590			142,662			166,862
Management fees waiver (Note 3)		—			—			—			(641	)
Incentive fees waiver (Note 3)		—			—			—			(375	)
Net expenses		45,129			55,590			142,662			165,846
Net investment income (loss) before taxes		41,011			44,132			121,315			134,844
Excise tax expense		750			402			2,384			1,229
Net investment income (loss) after taxes		40,261			43,730			118,931			133,615
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments		(38,164	)		22			(58,744	)		609
Foreign currency and other transactions		(22	)		4			(43	)		57
Net realized gain (loss)		(38,186	)		26			(58,787	)		666
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments		(28,979	)		(15,909	)		(80,694	)		(40,808	)
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments		(69	)		(222	)		(998	)		(182	)
Net change in unrealized appreciation (depreciation) on controlled/affiliated investments		(333	)		—			(2,321	)		—
Translation of assets and liabilities in foreign currencies		2			(24	)		(17	)		76
Net unrealized appreciation (depreciation)		(29,379	)		(16,155	)		(84,030	)		(40,914	)
Net realized and unrealized gain (loss)		(67,565	)		(16,129	)		(142,817	)		(40,248	)
Net increase (decrease) in net assets resulting from operations	$	(27,304	)	$	27,601		$	(23,886	)	$	93,367
Earnings per share (basic and diluted)	$	(0.32	)	$	0.32		$	(0.28	)	$	1.07
Weighted average shares outstanding (basic and diluted)		84,031,223			86,844,648			84,847,339			87,476,954

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amount)


	For the Three Months Ended						For the Nine Months Ended
	September 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Net assets at the beginning of period	$	1,647,868		$	1,790,299		$	1,748,089		$	1,842,156
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		40,261			43,730			118,931			133,615
Net realized gain (loss)		(38,186	)		26			(58,787	)		666
Net change in unrealized appreciation (depreciation)		(29,379	)		(16,155	)		(84,030	)		(40,914	)
Net increase (decrease) in net assets resulting from operations		(27,304	)		27,601			(23,886	)		93,367

Distributions to stockholders from:
Distributable earnings		(37,658	)		(43,406	)		(114,086	)		(130,897	)
Total distributions to stockholders		(37,658	)		(43,406	)		(114,086	)		(130,897	)

Capital transactions:
Issuance of common stock, net of underwriting and offering costs(1)		—			(40	)		—			(163	)
Repurchase of common stock		(12,780	)		(2,843	)		(39,991	)		(32,852	)
Net increase (decrease) in net assets resulting from capital transactions		(12,780	)		(2,883	)		(39,991	)		(33,015	)
Total increase (decrease) in net assets		(77,742	)		(18,688	)		(177,963	)		(70,545	)
Net assets at end of period	$	1,570,126		$	1,771,611		$	1,570,126		$	1,771,611
Distributions per share	$	0.45		$	0.50		$	1.35		$	1.50

(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

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


	For the Nine Months Ended
	September 30, 2026			September 30, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(23,886	)	$	93,367
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		84,014			40,990
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies		17			(76	)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes		27			(30	)
Net realized (gain) loss on investments		58,744			(609	)
Net realized (gain) loss on foreign currency and other transactions		43			(57	)
(Increase) decrease in investments in unaffiliated money market fund		1,760			(1,075	)
Net accretion of discount and amortization of premium on investments		(9,196	)		(12,268	)
Payment-in-kind interest and dividend capitalized		(17,117	)		(13,377	)
Amortization of deferred financing costs		3,748			3,078
Amortization of debt issuance costs and original issuance discount on unsecured notes		4,150			3,806
Purchases of investments and change in payable for investments purchased		(435,442	)		(607,794	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid		656,010			594,898
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments		(1,344	)		706
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments		68			(46	)
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments		(3,357	)		—
(Increase) decrease in other assets		9,856			(6,179	)
(Decrease) increase in payable to affiliates		10			147
(Decrease) increase in management fees payable		(759	)		2,586
(Decrease) increase in income based incentive fees payable		(6,840	)		325
(Decrease) increase in interest payable		8,216			952
(Decrease) increase in accrued expenses and other liabilities		(9,831	)		(2,200	)
Net cash provided by (used in) operating activities		318,891			97,144
Cash flows from financing activities:
Borrowings on debt		683,181			1,391,345
Repayments on debt		(821,746	)		(1,301,000	)
Deferred financing costs paid		(4,469	)		(4,471	)
Debt issuance costs paid		(4,760	)		(7,433	)
Distributions paid in cash		(119,573	)		(140,627	)
Proceeds from issuance of common stock, net of underwriting & offering costs		—			(163	)
Repurchases of common stock		(39,991	)		(32,852	)
Net cash provided by (used in) financing activities		(307,358	)		(95,201	)
Net increase (decrease) in cash, cash equivalents and restricted cash		11,533			1,943
Effect of foreign exchange rate changes on cash		(36	)		133
Cash, cash equivalents and restricted cash, beginning of period		81,434			63,396
Cash, cash equivalents and restricted cash, end of period	$	92,931		$	65,472

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)


Supplemental information and non-cash activities:
Excise tax paid	$	2,792		$	2,567
Interest expense paid	$	80,441		$	94,478
Distributions payable	$	37,735		$	43,499
Non-cash purchases of investments	$	(44,676	)	$	(5,756	)
Non-cash sales of investments	$	44,676		$	5,756

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
AA&D Midco, Inc.	(6) (8) (10)	First Lien Debt	S +	4.25%	8.32%	11/29/2030		3,440	$	3,409		$	3,440			0.22	%
AA&D Midco, Inc.	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	11/29/2030		63		50			63			0.00
Jonathan Acquisition Company	(6) (7)	First Lien Debt	S +	4.50%	8.61%	11/12/2029		2,653		2,621			2,633			0.17
Jonathan Acquisition Company	(6) (18)	First Lien Debt	S +	4.50%	8.61%	05/11/2029		—		(4	)		(2	)		0.00
ManTech International CP	(6) (8) (11)	First Lien Debt	S +	4.50%	8.32%	09/14/2029		4,101		4,099			4,081			0.26
ManTech International CP	(6) (8)	First Lien Debt	S +	4.50%	8.32%	09/14/2029		59		58			58			0.00
ManTech International CP	(6) (18)	First Lien Debt	S +	4.50%	8.32%	09/14/2028		—		—			(3	)		0.00
Two Six Labs, LLC	(6) (8) (10) (11)	First Lien Debt	S +	5.00%	9.07%	08/20/2030		17,102		17,003			17,034			1.08
Two Six Labs, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	08/20/2030		—		(24	)		(14	)		0.00
Zenith Acquisitionco, LLC	(6) (9) (10)	First Lien Debt	S +	4.50%	8.26%	01/13/2033		1,376		1,369			1,362			0.09
Zenith Acquisitionco, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.26%	01/13/2033		32		30			25			0.00
Zenith Acquisitionco, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.26%	01/13/2033		—		(1	)		(3	)		0.00
										28,610			28,674			1.83
Air Freight & Logistics
R1 Holdings, LLC	(6)	First Lien Debt	S +	6.75%	10.57%	12/29/2028		1,609		1,588			1,480			0.09
R1 Holdings, LLC	(6)	First Lien Debt	S +	6.75%	10.57%	12/29/2028		148		146			136			0.01
R1 Holdings, LLC	(6) (18)	First Lien Debt	S +	6.75%	10.57%	12/29/2028		240		236			216			0.01
										1,970			1,832			0.12
Automobile Components
Continental Acquisition Holdings, Inc.	(6) (12)	First Lien Debt	S +	7.00% PIK		07/20/2028		6,473		6,415			2,440			0.16
OEConnection, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.40%	12/23/2032		1,493		1,486			1,463			0.09
OEConnection, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	12/23/2032		—		(2	)		(17	)		0.00
OEConnection, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	12/23/2032		—		(1	)		(5	)		0.00
PAI Holdco, Inc.	(6) (7)	Second Lien Debt	S +	7.50% (incl. 2.00% PIK)	11.41%	10/30/2028		28,134		27,927			27,677			1.76
Randy's Holdings, Inc.	(6) (7) (10) (11)	First Lien Debt	S +	5.00%	8.90%	11/01/2029		7,170		7,063			7,098			0.45
Randy's Holdings, Inc.	(6) (7) (18)	First Lien Debt	S +	5.00%	8.90%	11/01/2029		2,194		2,144			2,145			0.14
Randy's Holdings, Inc.	(6) (7) (18)	First Lien Debt	S +	5.00%	8.90%	11/01/2029		292		280			283			0.02
Sonny's Enterprises, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.41%	08/05/2028		44,725		44,481			43,667			2.78
Sonny's Enterprises, LLC	(6) (7)	First Lien Debt	S +	5.50%	9.41%	08/05/2028		111		110			108			0.01
Spectrum Automotive Holdings Corp.	(6) (8) (10) (11)	First Lien Debt	S +	5.25%	9.15%	06/29/2028		18,737		18,651			18,737			1.19
Spectrum Automotive Holdings Corp.	(6) (8) (18)	First Lien Debt	S +	5.25%	9.15%	06/29/2028		12,960		12,876			12,960			0.83
Spectrum Automotive Holdings Corp.	(6) (8) (18)	First Lien Debt	S +	5.25%	9.15%	06/29/2027		—		(1	)		—			0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
										121,429			116,556			7.42
Automobiles
COP Collisionright Parent, LLC	(6) (7) (10) (11)	First Lien Debt	S +	4.75%	8.57%	01/29/2030		8,924		8,827			8,835			0.56
COP Collisionright Parent, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.57%	01/29/2030		7,164		7,059			7,009			0.45
COP Collisionright Parent, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.57%	01/29/2030		—		(14	)		(14	)		0.00
Drivecentric Holdings, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.54%	08/15/2031		26,595		26,395			26,595			1.69
Drivecentric Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.54%	08/15/2031		—		(1	)		—			0.00
Drivecentric Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.54%	08/15/2031		—		(25	)		—			0.00
LeadVenture, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	9.07%	06/23/2032		8,742		8,630			8,378			0.53
LeadVenture, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	06/23/2032		811		795			741			0.05
LeadVenture, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	06/23/2032		196		185			161			0.01
Vehlo Purchaser, LLC	(6) (8) (11)	First Lien Debt	S +	5.25%	9.15%	05/24/2028		4,045		4,026			3,984			0.25
Vehlo Purchaser, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.15%	05/24/2028		15,395		15,302			15,166			0.97
Vehlo Purchaser, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.15%	05/24/2028		—		(2	)		(8	)		0.00
										71,177			70,847			4.51
Banks
Computer Services, Inc.	(6) (7)	First Lien Debt	S +	4.50%	8.57%	11/17/2031		2,240		2,230			2,206			0.14
Computer Services, Inc.	(6) (7) (18)	First Lien Debt	S +	4.50%	8.57%	11/17/2031		—		(2	)		(15	)		0.00
										2,228			2,191			0.14
Beverages
Vamos Bidco, Inc.	(6) (9) (11)	First Lien Debt	S +	4.50%	8.57%	01/30/2032		5,332		5,289			5,239			0.33
Vamos Bidco, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	01/30/2032		673		661			634			0.04
Vamos Bidco, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	01/30/2032		405		400			393			0.03
										6,350			6,266			0.40
Chemicals
Tank Holding Corp.	(6) (8) (10) (11)	First Lien Debt	S +	5.75%	9.77%	03/31/2028		15,275		15,174			14,786			0.94
Tank Holding Corp.	(6) (8)	First Lien Debt	S +	5.75%	9.77%	03/31/2028		479		473			466			0.03
Tank Holding Corp.	(6) (8) (18)	First Lien Debt	P +	4.75%	11.75%	03/31/2028		80		76			54			0.00
V Global Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.63%	01/02/2029		4,775		4,744			4,409			0.28
V Global Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.75%	9.63%	01/02/2029		360		357			309			0.02
										20,824			20,024			1.28
Commercial Services & Supplies
Astra Service Partners, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.65%	11/26/2032		4,500		4,469			4,441			0.28
Astra Service Partners, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.65%	11/26/2032		1,480		1,470			1,461			0.09
Atlas US Finco, Inc.	(6) (7) (14)	First Lien Debt	S +	4.50%	8.23%	12/09/2029		13,014		12,885			12,871			0.82
Atlas US Finco, Inc.	(6) (7) (14) (18)	First Lien Debt	S +	4.50%	8.23%	12/09/2028		—		(3	)		(7	)		0.00
AWP Group Holdings, Inc.	(6) (7) (10)	First Lien Debt	S +	5.91% (incl. 3.28% PIK)	9.73%	12/22/2032		8,858		8,734			8,724			0.56
AWP Group Holdings, Inc.	(6) (18)	First Lien Debt	S +	5.25%	9.07%	12/22/2032		357		340			339			0.02
BPG Holdings IV Corp.	(6) (12)	First Lien Debt	S +	7.85% PIK		07/29/2029		12,178		11,737			4,860			0.31

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Consor Intermediate II, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.57%	05/12/2031		7,670		7,623			7,670			0.49
Consor Intermediate II, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	05/12/2031		—		(15	)		—			0.00
Consor Intermediate II, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	05/12/2031		305		297			305			0.02
CRCI Longhorn Holdings, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.65%	08/27/2031		9,709		9,636			9,709			0.62
CRCI Longhorn Holdings, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	08/27/2031		2,016		1,998			2,016			0.13
CRCI Longhorn Holdings, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	08/27/2031		—		(12	)		—			0.00
Energy Labs Holdings Corp.	(6) (7)	First Lien Debt	S +	5.00%	9.00%	04/07/2028		459		457			451			0.03
Energy Labs Holdings Corp.	(6) (7)	First Lien Debt	S +	5.00%	9.00%	04/07/2028		468		463			456			0.03
Energy Labs Holdings Corp.	(6) (7) (18)	First Lien Debt	S +	5.00%	9.00%	04/07/2028		148		147			145			0.01
Firebird Acquisition Corp, Inc.	(6) (8)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.82%	02/02/2032		5,836		5,813			5,836			0.37
Firebird Acquisition Corp, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.82%	02/02/2032		2,256		2,244			2,256			0.14
Firebird Acquisition Corp, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.82%	02/02/2032		—		(4	)		—			0.00
FLS Holding, Inc.	(6) (7) (14)	First Lien Debt	S +	5.75% (incl. 1.70% PIK)	9.97%	12/15/2028		19,218		19,074			15,476			0.99
FLS Holding, Inc.	(6) (7) (14)	First Lien Debt	S +	5.75% (incl. 1.70% PIK)	9.97%	12/15/2028		4,506		4,471			3,629			0.23
FLS Holding, Inc.	(6) (7) (14) (18)	First Lien Debt	S +	5.75% (incl. 1.70% PIK)	9.97%	12/15/2028		1,840		1,828			1,477			0.09
Hercules Borrower, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.65%	12/15/2028		4,922		4,900			4,885			0.31
Hercules Borrower, LLC	(6) (8)	First Lien Debt	C +	4.75%	7.17%	12/15/2028		CAD 2,970		2,078			2,076			0.13
HSI Halo Acquisition, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	8.82%	06/30/2031		13,349		13,250			13,349			0.85
HSI Halo Acquisition, Inc.	(6) (8)	First Lien Debt	S +	5.00%	8.82%	06/30/2031		1,603		1,591			1,603			0.10
HSI Halo Acquisition, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	8.82%	06/28/2030		—		(13	)		—			0.00
Iris Buyer, LLC	(6) (14) (11)	First Lien Debt	S +	5.25%	8.92%	10/02/2031		8,390		8,253			8,308			0.53
Iris Buyer, LLC	(6) (14) (18)	First Lien Debt	S +	5.25%	8.92%	10/02/2031		643		629			634			0.04
Iris Buyer, LLC	(6) (14) (18)	First Lien Debt	S +	5.25%	8.92%	10/02/2030		—		(16	)		(11	)		0.00
Procure Acquireco, Inc. (Procure Analytics)	(6) (8)	First Lien Debt	S +	4.75%	8.82%	12/20/2028		3,780		3,751			3,780			0.24
Procure Acquireco, Inc. (Procure Analytics)	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	12/20/2028		306		302			306			0.02
Procure Acquireco, Inc. (Procure Analytics)	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	12/20/2028		—		(1	)		—			0.00
Railpros Parent, LLC	(6) (8)	First Lien Debt	S +	4.25%	8.01%	05/24/2032		11,177		11,082			11,149			0.71
Railpros Parent, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.01%	05/24/2032		1,037		1,018			1,028			0.07
Railpros Parent, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.01%	05/24/2032		—		(14	)		(4	)		0.00
Routeware, Inc.	(6) (7)	First Lien Debt	S +	5.25%	9.23%	09/18/2031		3,182		3,157			3,151			0.20
Routeware, Inc.	(6)	First Lien Debt	S +	5.25%	9.23%	09/18/2031		422		418			417			0.03

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Routeware, Inc.	(6) (18)	First Lien Debt	S +	5.25%	9.23%	09/18/2031		—		(4	)		(10	)		0.00
Routeware, Inc.	(6) (7) (18)	First Lien Debt	S +	5.25%	9.23%	09/18/2031		—		(2	)		(3	)		0.00
Sherlock Buyer Corp.	(6) (7) (11)	First Lien Debt	S +	5.75%	9.82%	12/06/2030		10,643		10,548			9,484			0.60
Sherlock Buyer Corp.	(6) (7) (18)	First Lien Debt	S +	5.75%	9.82%	12/07/2029		—		(7	)		(140	)		-0.01
Surewerx Purchaser III, Inc.	(6) (8) (11) (14)	First Lien Debt	S +	5.25%	9.41%	12/28/2029		6,116		6,018			6,116			0.39
Surewerx Purchaser III, Inc.	(6) (8) (14)	First Lien Debt	C +	5.25%	7.54%	12/28/2029		CAD 251		183			177			0.01
Surewerx Purchaser III, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	5.25%	9.41%	12/28/2029		—		(7	)		—			0.00
Surewerx Purchaser III, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	5.25%	9.41%	12/28/2028		—		(11	)		—			0.00
Sweep Midco, LLC	(6) (16)	Second Lien Debt				03/12/2034		1,674		836			178			0.01
Sweep Midco, LLC	(6) (16)	Second Lien Debt				03/12/2036		4,872		—			1			0.00
Sweep Purchaser, LLC	(6) (7)	First Lien Debt	S +	5.75% PIK	9.71%	06/30/2028		7,148		7,148			7,116			0.45
Sweep Purchaser, LLC	(6) (7)	First Lien Debt	S +	5.75%	9.71%	06/30/2028		3,108		3,108			3,094			0.20
Sweep Purchaser, LLC	(6) (7) (18)	First Lien Debt	S +	5.75%	9.71%	06/30/2028		563		563			556			0.04
Tamarack Intermediate, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.50%	03/12/2029		9,901		9,842			9,878			0.63
Tamarack Intermediate, LLC	(6) (8)	First Lien Debt	S +	4.75%	8.50%	03/12/2029		2,242		2,216			2,232			0.14
Tamarack Intermediate, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.50%	03/12/2029		—		(8	)		(5	)		0.00
Transit Technologies, LLC	(6) (8) (10) (11)	First Lien Debt	S +	5.00%	8.73%	08/20/2031		10,353		10,272			9,925			0.63
Transit Technologies, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.73%	08/20/2031		989		973			854			0.05
Transit Technologies, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.73%	08/20/2030		—		(11	)		(63	)		0.00
US Infra Svcs Buyer, LLC	(6) (10) (12)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)		06/13/2028		14,286		14,262			2,206			0.14
US Infra Svcs Buyer, LLC	(6) (10) (12)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)		06/13/2028		2,016		1,992			311			0.02
US Infra Svcs Buyer, LLC	(6) (12)	First Lien Debt	S +	6.75% (incl. 5.75% PIK)		06/13/2028		2,250		2,225			347			0.02
Vensure Employer Services, Inc.	(6) (9) (11)	First Lien Debt	S +	5.00%	9.03%	09/29/2031		10,248		10,170			10,191			0.65
Vensure Employer Services, Inc.	(6) (9) (18)	First Lien Debt	S +	5.00%	9.03%	09/29/2031		—		(3	)		(3	)		0.00
VRC Companies, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.47%	06/29/2027		66,123		65,968			65,965			4.20
VRC Companies, LLC	(6) (7)	First Lien Debt	S +	5.50%	9.47%	06/29/2027		455		453			453			0.03
VRC Companies, LLC	(6) (7) (18)	First Lien Debt	S +	5.50%	9.47%	06/29/2027		—		(3	)		(4	)		0.00
										290,758			261,642			16.66
Construction & Engineering
Arcoro Holdings Corp.	(6) (7) (11)	First Lien Debt	S +	5.50%	9.57%	03/28/2030		12,750		12,584			12,140			0.77
Arcoro Holdings Corp.	(6) (7) (18)	First Lien Debt	S +	5.50%	9.57%	03/28/2030		—		(23	)		(94	)		-0.01
KPSKY Acquisition, Inc.	(6) (8)	First Lien Debt	S +	5.50%	9.42%	10/19/2028		32,911		32,675			30,561			1.95
KPSKY Acquisition, Inc.	(6) (8)	First Lien Debt	S +	5.50%	9.42%	10/19/2028		7,538		7,479			6,999			0.45
LJ Avalon Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	8.50%	02/01/2030		2,793		2,746			2,765			0.18
LJ Avalon Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.50%	02/01/2030		3,234		3,211			3,201			0.20

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
LJ Avalon Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.50%	02/01/2029		—		(3	)		(7	)		0.00
Superman Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.57%	08/29/2031		19,697		19,622			19,549			1.25
Superman Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.57%	08/29/2031		6,455		6,412			6,407			0.41
Superman Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	08/29/2031		—		(10	)		(22	)		0.00
										84,693			81,499			5.19
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6)	First Lien Debt	S +	5.50%	9.32%	02/03/2031		2,280		2,266			2,133			0.14
PDI TA Holdings, Inc.	(6) (8)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	9.82%	02/03/2031		27,480		27,291			25,711			1.64
										29,557			27,844			1.77
Containers & Packaging
BP Purchaser, LLC	(6) (8)	First Lien Debt	S +	7.50% (incl. 1.00% PIK)	11.71%	12/11/2028		17,697		17,568			14,059			0.90
FORTIS Solutions Group, LLC	(6) (8) (11)	First Lien Debt	S +	5.50%	9.67%	10/13/2028		26,265		26,077			26,226			1.67
FORTIS Solutions Group, LLC	(6) (8)	First Lien Debt	S +	5.50%	9.67%	10/13/2028		271		270			271			0.02
FORTIS Solutions Group, LLC	(6) (8) (18)	First Lien Debt	S +	5.50%	9.67%	10/13/2028		1,900		1,885			1,896			0.12
										45,800			42,452			2.70
Distributors
ABB Concise Optical Group, LLC	(6) (8)	First Lien Debt	S +	7.50%	11.72%	02/23/2028		17,008		16,883			16,710			1.06
Alpine Acquisition Corp. II	(6) (7)	First Lien Debt	S +	5.00%	8.69%	01/14/2031		1,612		1,612			1,612			0.10
Alpine Acquisition Corp. II	(6) (7)	First Lien Debt	S +	5.25%	8.94%	01/14/2031		2,151		2,151			2,151			0.14
Alpine Acquisition Corp. II	(6) (7) (18)	First Lien Debt	S +	4.75%	8.44%	01/14/2031		—		(2	)		—			0.00
Alpine Acquisition Corp. II	(6) (7) (18)	First Lien Debt	S +	4.75%	8.44%	01/14/2031		—		(28	)		—			0.00
PT Intermediate Holdings III, LLC	(6) (8)	First Lien Debt	S +	4.75%	8.82%	04/09/2030		37,966		37,745			37,966			2.42
										58,361			58,439			3.72
Diversified Consumer Services
Any Hour, LLC	(6) (9) (10)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.82%	05/23/2030		23,888		23,655			15,986			1.02
Any Hour, LLC	(6) (9)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.82%	05/23/2030		677		670			453			0.03
Any Hour, LLC	(6) (12)	Unsecured Debt		13.00% PIK		05/23/2031		7,735		7,643			—			0.00
Any Hour, LLC	(6) (9) (18)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.82%	05/23/2030		3,230		3,199			2,060			0.13
Apex Service Partners, LLC	(6) (7) (10) (11)	First Lien Debt	S +	5.00%	9.07%	10/24/2030		30,015		29,664			30,015			1.91
Apex Service Partners, LLC	(6) (7)	First Lien Debt	S +	5.00%	9.07%	10/24/2030		7,147		7,056			7,147			0.46
Apex Service Partners, LLC	(6) (7) (18)	First Lien Debt	S +	5.00%	9.07%	10/24/2029		—		(22	)		—			0.00
DA Blocker Corp.	(6) (8) (11) (14)	First Lien Debt	S +	4.75%	8.82%	02/10/2032		7,054		6,996			6,930			0.44
DA Blocker Corp.	(6) (8) (14) (18)	First Lien Debt	S +	4.75%	8.82%	02/10/2032		—		(8	)		(39	)		0.00
DA Blocker Corp.	(6) (8) (14) (18)	First Lien Debt	S +	4.75%	8.82%	02/10/2032		—		(6	)		(13	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Eclipse Buyer, Inc.	(6) (9) (11)	First Lien Debt	S +	4.25%	7.98%	09/08/2031		4,244		4,212			4,178			0.27
Eclipse Buyer, Inc.	(6) (9) (18)	First Lien Debt	S +	4.25%	7.98%	09/08/2031		—		(3	)		(6	)		0.00
Essential Services Holding Corporation	(6)	First Lien Debt	S +	5.25%	8.98%	06/17/2031		17,401		17,275			16,260			1.04
Essential Services Holding Corporation	(6) (18)	First Lien Debt	S +	5.25%	8.98%	06/17/2030		1,312		1,294			1,117			0.07
EVDR Purchaser, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.65%	02/14/2031		18,424		18,168			17,895			1.14
EVDR Purchaser, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	02/14/2031		2,046		2,006			1,953			0.12
Express Wash Acquisition Company, LLC	(6) (7)	First Lien Debt	S +	6.25%	10.01%	04/10/2031		1,871		1,838			1,778			0.11
Express Wash Acquisition Company, LLC	(6) (7) (18)	First Lien Debt	S +	6.25%	10.01%	04/10/2031		—		(2	)		(6	)		(0.00	)
FPG Intermediate Holdco, LLC	(6) (12)	First Lien Debt	S +	5.00% PIK		07/02/2029		143		141			18			0.00
FPG Intermediate Holdco, LLC	(6)	First Lien Debt	S +	5.00% PIK		07/02/2029		53		53			53			0.00
GarageCo Intermediate II, LLC	(6) (8)	First Lien Debt	S +	4.25%	8.00%	08/02/2032		2,061		2,043			2,035			0.13
GarageCo Intermediate II, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.00%	08/02/2032		—		(13	)		(38	)		0.00
GarageCo Intermediate II, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.00%	07/30/2032		121		114			110			0.01
Heartland Home Services, Inc.	(6) (8)	First Lien Debt	S +	5.75%	9.75%	12/15/2026		1,891		1,890			1,836			0.12
Kodiak Buyer, LLC	(6) (8)	First Lien Debt	S +	4.25%	8.32%	07/26/2032		1,534		1,521			1,527			0.10
Kodiak Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	07/26/2032		129		126			126			0.01
Kodiak Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	07/23/2032		—		(4	)		(2	)		0.00
LHS Borrower, LLC (Leaf Home)	(6) (8) (10)	First Lien Debt	S +	5.25%	9.15%	09/04/2031		4,056		4,004			3,883			0.25
LHS Borrower, LLC (Leaf Home)	(6) (8) (18)	First Lien Debt	S +	5.25%	9.15%	09/04/2031		139		132			116			0.01
Lightspeed Solution, LLC	(6) (8)	First Lien Debt	S +	5.75%	9.66%	03/01/2028		9,281		9,230			9,132			0.58
Lightspeed Solution, LLC	(6) (8)	First Lien Debt	S +	5.75%	9.66%	03/01/2028		551		548			542			0.03
Pacvue Intermediate, LLC	(6) (7)	First Lien Debt	S +	5.25%	9.32%	10/19/2028		19,907		19,816			19,907			1.27
Pacvue Intermediate, LLC	(6) (7)	First Lien Debt	S +	5.25%	9.32%	10/19/2028		4,148		4,131			4,148			0.26
Pacvue Intermediate, LLC	(6) (7) (18)	First Lien Debt	S +	5.25%	9.32%	10/19/2028		—		(8	)		—			0.00
Project Accelerate Parent, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.15%	02/24/2031		8,553		8,493			8,553			0.54
Project Accelerate Parent, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.15%	02/24/2031		—		(8	)		—			0.00
Vertex Service Partners, LLC	(6) (8) (10)	First Lien Debt	S +	6.00% (incl. 2.48% PIK)	10.07%	11/08/2030		1,803		1,774			1,656			0.11
Vertex Service Partners, LLC	(6) (8) (18)	First Lien Debt	S +	6.00% (incl. 2.48% PIK)	10.07%	11/08/2030		3,626		3,567			3,264			0.21
Vertex Service Partners, LLC	(6) (8) (18)	First Lien Debt	S +	6.00% (incl. 2.48% PIK)	10.07%	11/08/2030		418		412			381			0.02
										181,597			162,955			10.38
Diversified Telecommunication Services
Spectrotel MidCo II, LLC	(6)	First Lien Debt	S +	5.25%	9.32%	09/30/2033		1,273		1,257			1,257			0.08
Spectrotel MidCo II, LLC	(6) (18)	First Lien Debt	S +	5.25%	9.32%	09/30/2033		—		(1	)		(1	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Spectrotel MidCo II, LLC	(6) (18)	First Lien Debt	S +	5.25%	9.32%	09/30/2033		—		(3	)		(3	)		0.00
										1,253			1,253			0.08
Electrical Equipment
Accel International Holdings, Inc.	(6) (9) (10)	First Lien Debt	S +	4.25%	8.15%	04/26/2032		10,892		10,846			10,892			0.69
Accel International Holdings, Inc.	(6) (9) (18)	First Lien Debt	S +	4.25%	8.15%	04/26/2032		—		(7	)		—			0.00
Spark Buyer, LLC	(6) (8)	First Lien Debt	S +	5.25%	8.97%	10/15/2031		2,149		2,124			1,945			0.12
Spark Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	8.97%	10/15/2031		258		253			216			0.01
										13,216			13,053			0.83
Electronic Equipment, Instruments & Components
Abracon Borrower, LLC	(6) (17)	First Lien Debt	S +	5.50%	9.72%	06/10/2030		2,349		2,349			2,349			0.15
Abracon Borrower, LLC	(6) (17) (18)	First Lien Debt	S +	5.50%	9.72%	06/10/2030		10		1			10			0.00
Infinite Bidco, LLC	(6) (7) (11)	First Lien Debt	S +	6.25%	9.98%	03/02/2028		12,017		11,898			12,017			0.77
Infinite Bidco, LLC	(9)	Second Lien Debt	S +	7.00%	11.08%	03/02/2029		20,132		20,113			19,910			1.27
Magneto Components Buyco, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.65%	12/05/2030		15,314		15,131			15,314			0.98
Magneto Components Buyco, LLC	(6) (8) (18)	First Lien Debt	S +	5.75%	9.65%	12/05/2029		—		(25	)		—			0.00
NDT Global Holding, Inc.	(6) (9) (14)	First Lien Debt	S +	4.50%	8.40%	06/04/2032		2,729		2,706			2,709			0.17
NDT Global Holding, Inc.	(6) (9) (14) (18)	First Lien Debt	S +	4.50%	8.40%	06/04/2032		535		527			526			0.03
NDT Global Holding, Inc.	(6) (9) (14) (18)	First Lien Debt	S +	4.50%	8.40%	06/04/2032		—		(5	)		(5	)		0.00
Pamlico Avant Holdings, LP	(6) (8) (10)	First Lien Debt	S +	4.25%	8.32%	12/31/2032		1,534		1,520			1,522			0.10
Pamlico Avant Holdings, LP	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	12/31/2032		—		(2	)		(2	)		0.00
										54,213			54,350			3.46
Financial Services
365 Retail Market, LLC	(6) (8) (10) (11)	First Lien Debt	S +	4.75%	8.82%	05/06/2033		12,924		12,800			12,795			0.81
365 Retail Market, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	05/06/2033		—		(4	)		(9	)		0.00
365 Retail Market, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	05/06/2033		—		(15	)		(16	)		0.00
Applitools, Inc.	(6) (8) (14)	First Lien Debt	S +	6.25% PIK	9.98%	05/25/2029		4,132		4,112			2,872			0.18
Applitools, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	6.25% PIK	9.98%	05/25/2028		133		131			—			0.00
BCTO Bluebill Buyer, Inc.	(6) (8)	First Lien Debt	S +	4.25%	8.01%	07/30/2032		15,778		15,641			15,541			0.99
BCTO Bluebill Buyer, Inc.	(6) (8)	First Lien Debt	S +	4.25%	8.01%	07/30/2032		1,972		1,956			1,943			0.12
Cerity Partners, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.57%	07/28/2031		12,059		11,915			12,059			0.77
Cerity Partners, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.57%	07/28/2031		540		536			540			0.03
Cerity Partners, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	07/28/2031		126		125			126			0.01
Cliffwater, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.40%	04/22/2032		8,547		8,475			8,526			0.54
Cliffwater, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	04/22/2032		—		(7	)		(2	)		0.00
GC Waves Holdings, Inc.	(6) (8) (11)	First Lien Debt	S +	4.50%	8.40%	10/04/2030		7,158		7,100			7,158			0.46
GC Waves Holdings, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	10/04/2030		4,483		4,405			4,483			0.29
GC Waves Holdings, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	10/04/2030		—		(3	)		—			0.00
GTCR ABC Buyer, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.57%	04/14/2033		615		610			609			0.04

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
GTCR ABC Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	04/14/2033		—		(1	)		(3	)		0.00
GTCR ABC Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	04/14/2033		—		(1	)		(1	)		0.00
MAI Capital Management Intermediate, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.82%	08/29/2031		1,794		1,780			1,776			0.11
MAI Capital Management Intermediate, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	08/29/2031		1,663		1,640			1,629			0.10
MAI Capital Management Intermediate, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	08/29/2031		—		(5	)		(7	)		0.00
PMA Parent Holdings, LLC	(6) (8) (10) (11)	First Lien Debt	S +	4.75%	8.82%	01/31/2031		4,374		4,329			4,320			0.28
PMA Parent Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	01/31/2031		—		(3	)		(4	)		0.00
SitusAMC Holdings Corporation	(6) (8) (11)	First Lien Debt	S +	5.50%	9.58%	05/14/2031		10,552		10,511			10,552			0.67
Smarsh, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	9.07%	02/16/2029		5,625		5,584			5,318			0.34
Smarsh, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	02/16/2029		119		114			61			0.00
Smarsh, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	02/16/2029		396		392			352			0.02
Trintech, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.65%	01/28/2033		13,703		13,577			13,429			0.86
Trintech, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	01/28/2033		—		(10	)		(46	)		0.00
Trintech, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	01/28/2033		—		(16	)		(34	)		0.00
										105,668			103,967			6.62
Food Products
Envero Midco 2, LLC	(6)	First Lien Debt	S +	4.75%	8.82%	09/01/2033		506		501			501			0.03
Envero Midco 2, LLC	(6)	First Lien Debt	E +	4.75%	7.32%	09/01/2033	€	145		166			163			0.01
Envero Midco 2, LLC	(6) (18)	First Lien Debt	S +	4.75%	8.82%	09/01/2033		—		(1	)		(1	)		0.00
Envero Midco 2, LLC	(6) (18)	First Lien Debt	S +	4.75%	8.82%	09/01/2033		—		(1	)		(1	)		0.00
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (12)	First Lien Debt	S +	6.25% PIK		03/30/2029		10,844		10,826			3,619			0.23
										11,491			4,281			0.27
Ground Transportation
eShipping, LLC	(6) (8)	First Lien Debt	S +	4.25%	8.32%	12/23/2032		2,834		2,821			2,806			0.18
eShipping, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	12/23/2032		—		(3	)		(11	)		0.00
eShipping, LLC	(6) (18)	First Lien Debt	S +	4.25%	8.32%	12/23/2032		—		(2	)		(5	)		0.00
SV Newco 2, Inc.	(6) (8) (11) (14)	First Lien Debt	S +	5.00%	9.07%	06/02/2031		19,492		19,278			19,376			1.23
SV Newco 2, Inc.	(6) (8) (14)	First Lien Debt	S +	5.00%	9.07%	06/02/2031		12,264		12,123			12,191			0.78
SV Newco 2, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	5.00%	9.07%	06/02/2031		5,476		5,401			5,431			0.35
										39,618			39,788			2.53
Health Care Equipment & Supplies
CSHC Buyerco, LLC	(6) (8)	First Lien Debt	S +	5.00%	9.07%	04/29/2033		1,393		1,379			1,379			0.09
CSHC Buyerco, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	04/29/2033		121		119			118			0.01
CSHC Buyerco, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	04/29/2033		—		(3	)		(3	)		0.00
PerkinElmer U.S., LLC	(6) (7) (10) (11)	First Lien Debt	S +	4.50%	8.31%	03/13/2029		5,194		5,132			5,169			0.33

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
PerkinElmer U.S., LLC	(6) (7) (18)	First Lien Debt	S +	4.50%	8.31%	03/13/2029		290		287			282			0.02
Tidi Legacy Products, Inc.	(6) (7)	First Lien Debt	S +	4.50%	8.40%	12/19/2029		1,825		1,803			1,825			0.12
Tidi Legacy Products, Inc.	(6) (7)	First Lien Debt	S +	4.50%	8.40%	12/19/2029		489		482			489			0.03
Tidi Legacy Products, Inc.	(6) (7) (18)	First Lien Debt	S +	4.50%	8.40%	12/19/2029		49		46			49			0.00
YI, LLC	(6) (7) (10) (11)	First Lien Debt	S +	5.75%	9.65%	12/03/2029		5,498		5,432			5,490			0.35
YI, LLC	(6) (7) (18)	First Lien Debt	S +	5.75%	9.65%	12/03/2029		—		(9	)		(2	)		0.00
										14,668			14,796			0.94
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.40%	09/15/2031		516		509			509			0.03
Blue River PetCare, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.76%	08/01/2029		269		270			267			0.02
Blue River PetCare, LLC	(6) (18)	First Lien Debt	S +	5.00%	8.76%	08/01/2029		—		(1	)		(5	)		0.00
Blue River PetCare, LLC	(6) (18)	First Lien Debt	S +	5.00%	8.76%	08/01/2029		—		(1	)		(1	)		0.00
DCA Buyer, LLC	(6) (8)	First Lien Debt	S +	6.50% (incl. 2.25% PIK)	10.07%	06/02/2031		11,761		11,761			11,761			0.75
DCA Buyer, LLC	(6)	First Lien Debt	S +	5.00%	8.69%	06/02/2031		1,727		1,711			1,727			0.11
Gateway US Holdings, Inc.	(6) (8) (14)	First Lien Debt	S +	4.75%	8.65%	09/22/2028		737		734			733			0.05
Gateway US Holdings, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	09/22/2028		207		206			205			0.01
Gateway US Holdings, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	4.75%	8.65%	09/22/2028		—		—			—			0.00
Heartland Veterinary Partners, LLC	(6) (7)	First Lien Debt	S +	4.75%	8.70%	06/12/2028		1,795		1,792			1,795			0.11
Heartland Veterinary Partners, LLC	(6) (7)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028		4,713		4,685			4,713			0.30
Heartland Veterinary Partners, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.70%	06/12/2028		5,338		5,314			5,338			0.34
Heartland Veterinary Partners, LLC	(6) (7)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028		1,833		1,821			1,833			0.12
Heartland Veterinary Partners, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.70%	06/12/2028		—		(1	)		—			0.00
Imagine 360, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.82%	10/02/2028		11,943		11,879			11,939			0.76
Imagine 360, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	10/02/2028		—		(5	)		—			0.00
Invictus Buyer, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.57%	06/03/2031		3,969		3,940			3,969			0.25
Invictus Buyer, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.57%	06/03/2031		1,679		1,666			1,679			0.11
Invictus Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	06/03/2031		—		(4	)		—			0.00
Merative, LP	(6) (8) (10)	First Lien Debt	S +	4.50%	8.57%	09/30/2032		17,982		17,902			17,982			1.15
Merative, LP	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	09/30/2032		—		(4	)		—			0.00
Merative, LP	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	09/30/2032		—		(8	)		—			0.00
mPulse Mobile, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.82%	08/26/2032		18,037		17,879			17,090			1.09
mPulse Mobile, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	08/26/2032		—		(7	)		(91	)		-0.01
mPulse Mobile, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	08/26/2032		—		(22	)		(136	)		(0.01	)
Pareto Health Intermediate Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.07%	06/03/2030		35,463		35,170			35,197			2.24
Pareto Health Intermediate Holdings, Inc.	(6) (7) (18)	First Lien Debt	S +	5.00%	9.07%	06/01/2029		—		(8	)		(7	)		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
PPV Intermediate Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.75%	9.51%	08/31/2029		4,259		4,168			4,174			0.27
PPV Intermediate Holdings, LLC	(6) (8)	First Lien Debt	S +	5.75%	9.51%	08/31/2029		14,783		14,697			14,562			0.93
Promptcare Infusion Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	6.00%	10.00%	09/01/2027		8,728		8,695			8,728			0.56
Promptcare Infusion Buyer, Inc.	(6) (7)	First Lien Debt	S +	6.00%	10.00%	09/01/2027		2,718		2,706			2,718			0.17
Stepping Stones Healthcare Services, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.81%	01/05/2033		5,496		5,456			5,466			0.35
Stepping Stones Healthcare Services, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.81%	01/05/2033		100		98			97			0.01
Suveto Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	09/09/2027		11,683		11,659			11,683			0.74
Suveto Buyer, LLC	(6) (18)	First Lien Debt	S +	4.50%	8.40%	09/09/2027		—		(3	)		—			0.00
TA Polaris Buyer, Inc.	(6) (9) (10)	First Lien Debt	S +	4.50%	8.36%	12/13/2032		10,378		10,332			10,051			0.64
TA Polaris Buyer, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.36%	12/13/2032		1,341		1,328			1,204			0.08
TA Polaris Buyer, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.36%	12/13/2032		—		(6	)		(41	)		0.00
Tivity Health, Inc.	(6) (8) (11)	First Lien Debt	S +	5.00%	8.90%	06/28/2029		8,460		8,434			8,460			0.54
Vardiman Black Holdings, LLC	(6) (12)	First Lien Debt	S +	7.00% PIK		03/18/2027		6,340		6,340			1,934			0.12
Vardiman Black Holdings, LLC	(6) (12) (13)	First Lien Debt	S +	7.00% PIK		03/18/2027		705		697			705			0.04
										191,779			186,238			11.86
Health Care Technology
Hyland Software, Inc.	(6) (8) (10) (11)	First Lien Debt	S +	4.75%	8.82%	09/19/2030		35,725		35,380			35,725			2.28
Hyland Software, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	09/19/2029		—		(13	)		—			0.00
										35,367			35,725			2.28
Industrial Conglomerates
Aptean, Inc.	(6) (8) (10) (11)	First Lien Debt	S +	4.75%	8.52%	01/30/2031		27,292		27,161			26,882			1.71
Aptean, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.52%	01/30/2031		—		(5	)		(18	)		0.00
Aptean, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.52%	01/30/2031		678		670			654			0.04
Raptor Merger Sub Debt, LLC	(6) (8) (10) (11)	First Lien Debt	S +	4.75%	8.82%	04/01/2030		26,479		26,092			26,373			1.68
Raptor Merger Sub Debt, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	04/01/2030		47		44			44			0.00
Raptor Merger Sub Debt, LLC	(6) (8) (18)	First Lien Debt	P +	3.75%	10.75%	04/01/2030		244		211			234			0.01
Velotic Borrower, LP	(6) (8)	First Lien Debt	S +	4.75%	8.82%	03/02/2033		1,855		1,838			1,842			0.12
Velotic Borrower, LP	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	03/02/2033		—		(3	)		(2	)		0.00
										56,008			56,009			3.57
Insurance Services
Amerilife Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	8.80%	08/31/2029		9,698		9,647			9,674			0.62
Amerilife Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.80%	08/31/2029		2,476		2,464			2,465			0.16
Amerilife Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.80%	08/31/2028		404		399			400			0.03
Foundation Risk Partners Corp.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.82%	10/29/2030		41,343		41,000			41,343			2.63
Foundation Risk Partners Corp.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	10/29/2030		9,061		8,987			9,061			0.58
Foundation Risk Partners Corp.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	10/29/2029		2,516		2,477			2,516			0.16
Galway Borrower, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.57%	09/29/2028		20,754		20,611			20,643			1.31
Galway Borrower, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	09/29/2028		1,782		1,766			1,768			0.11

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Galway Borrower, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	09/29/2028		295		284			285			0.02
Higginbotham Insurance Agency, Inc.	(6) (7) (10) (11)	First Lien Debt	S +	4.50%	8.40%	06/11/2031		24,669		24,537			24,669			1.57
Higginbotham Insurance Agency, Inc.	(6) (7) (18)	First Lien Debt	S +	4.50%	8.40%	06/11/2031		2,495		2,471			2,495			0.16
High Street Buyer, Inc.	(6) (8) (10) (11)	First Lien Debt	S +	4.50%	8.57%	04/14/2028		5,321		5,292			5,278			0.34
High Street Buyer, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.57%	04/14/2028		25,521		25,339			25,312			1.61
High Street Buyer, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	04/14/2028		—		(9	)		(17	)		0.00
Inszone Mid, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.57%	11/30/2029		4,337		4,286			4,305			0.27
Inszone Mid, LLC	(6) (7) (18)	First Lien Debt	S +	5.50%	9.57%	11/30/2029		18,383		18,213			18,235			1.16
Inszone Mid, LLC	(6) (7) (18)	First Lien Debt	S +	5.50%	9.57%	11/30/2029		—		(15	)		(13	)		0.00
Integrity Marketing Acquisition, LLC	(6) (8) (10) (11)	First Lien Debt	S +	5.00%	8.76%	08/25/2028		35,526		35,526			35,526			2.26
Integrity Marketing Acquisition, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.76%	08/25/2028		—		—			—			0.00
Iris Specialty Acquisition, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.57%	11/22/2032		7,366		7,333			7,341			0.47
Iris Specialty Acquisition, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	11/22/2032		112		109			108			0.01
Iris Specialty Acquisition, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	11/22/2032		248		243			245			0.02
Long Term Care Group, Inc.	(6) (8)	First Lien Debt	S +	6.00%	10.00%	09/08/2027		5,389		5,369			4,985			0.32
Majesco, Inc.	(6) (9) (10) (11)	First Lien Debt	S +	4.25%	8.32%	01/07/2033		7,217		7,201			7,163			0.46
Majesco, Inc.	(6) (9) (18)	First Lien Debt	S +	4.25%	8.32%	01/07/2033		—		(2	)		(5	)		0.00
One, Inc. Software Corporation	(6) (8) (10)	First Lien Debt	S +	4.25%	8.51%	12/06/2032		5,105		5,059			5,029			0.32
One, Inc. Software Corporation	(6) (8) (18)	First Lien Debt	S +	4.25%	8.51%	12/06/2032		—		(4	)		(15	)		0.00
One, Inc. Software Corporation	(6) (8) (18)	First Lien Debt	S +	4.25%	8.51%	12/06/2032		—		(4	)		(6	)		0.00
Patriot Growth Insurance Services, LLC	(6) (8) (10) (11)	First Lien Debt	S +	5.00%	9.23%	10/16/2028		48,329		47,979			47,236			3.01
Patriot Growth Insurance Services, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	9.23%	10/16/2028		—		(21	)		(81	)		(0.01	)
World Insurance Associates, LLC	(6) (7) (10) (11)	First Lien Debt	S +	5.00%	9.07%	04/03/2030		50,895		50,210			49,726			3.17
World Insurance Associates, LLC	(6) (7) (18)	First Lien Debt	S +	5.00%	9.07%	04/03/2030		—		(4	)		(29	)		0.00
										326,743			325,642			20.74
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (8) (10) (11)	First Lien Debt	S +	4.50%	8.38%	09/09/2032		11,432		11,332			11,261			0.72
FMG Suite Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.38%	09/09/2032		—		(13	)		(47	)		0.00
FMG Suite Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.38%	09/09/2032		—		(16	)		(28	)		0.00
Spectrio, LLC	(6) (10) (12)	First Lien Debt	S +	6.00%		12/09/2026		32,132		32,055			15,163			0.97
Spectrio, LLC	(6) (12)	First Lien Debt	S +	6.00%		12/09/2026		12,961		12,951			6,116			0.39
Spectrio, LLC	(6) (12)	First Lien Debt	S +	6.00%		12/09/2026		4,132		4,123			1,950			0.12
Triple Lift, Inc.	(6) (8) (10)	First Lien Debt	S +	5.50%	9.65%	05/05/2028		26,530		26,379			25,747			1.64
Triple Lift, Inc.	(6) (8) (18)	First Lien Debt	S +	5.50%	9.65%	05/05/2028		—		(18	)		(118	)		(0.01	)
										86,793			60,044			3.82

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
IT Services
Apollo Acquisition, Inc.	(6) (11)	First Lien Debt	S +	5.00%	8.90%	12/30/2031		20,899		20,731			20,714			1.32
Apollo Acquisition, Inc.	(6) (8)	First Lien Debt	S +	5.00%	8.90%	12/30/2031		590		585			585			0.04
Apollo Acquisition, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	8.90%	12/30/2031		1,163		1,149			1,145			0.07
Apollo Acquisition, Inc.	(6) (18)	First Lien Debt	S +	5.00%	8.90%	12/30/2030		—		(18	)		(22	)		0.00
Bridgepointe Technologies, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.82%	04/18/2033		19,057		18,876			18,912			1.20
Bridgepointe Technologies, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	04/18/2033		1,340		1,299			1,283			0.08
Bridgepointe Technologies, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	04/18/2033		—		(23	)		(19	)		0.00
Catalis Intermediate, Inc.	(6) (8) (10)	First Lien Debt	S +	5.50%	9.72%	02/04/2028		38,249		38,043			38,111			2.43
Catalis Intermediate, Inc.	(6) (8)	First Lien Debt	S +	5.50%	9.72%	02/04/2028		8,606		8,561			8,575			0.55
Catalis Intermediate, Inc.	(6) (8) (18)	First Lien Debt	S +	5.50%	9.72%	02/04/2028		—		(15	)		(15	)		0.00
Cyber US Bidco, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.87%	12/30/2032		4,024		3,987			3,962			0.25
Cyber US Bidco, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.87%	12/30/2032		—		(3	)		(12	)		0.00
Cyber US Bidco, LLC	(6) (8) (14) (18)	First Lien Debt	S +	4.75%	8.87%	12/30/2032		—		(3	)		(5	)		0.00
GI DI Cornfield Acquisition, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.50%	03/09/2029		30,241		30,005			30,176			1.92
GI DI Cornfield Acquisition, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.50%	03/09/2029		15,353		15,300			15,320			0.98
Help/Systems Holdings, Inc.	(6) (8)	Second Lien Debt	S +	9.00% PIK	12.86%	05/21/2029		19,073		19,073			14,972			0.95
Idera, Inc.	(8)	Second Lien Debt	S +	6.75%	10.71%	03/02/2029		2,607		2,599			1,825			0.12
PPT Purchaser, LLC	(6) (11)	First Lien Debt	S +	4.25%	8.32%	12/23/2032		6,358		6,315			6,309			0.40
PPT Purchaser, LLC	(6) (18)	First Lien Debt	S +	4.25%	8.32%	12/23/2032		—		(4	)		(8	)		0.00
PPT Purchaser, LLC	(6) (18)	First Lien Debt	S +	4.25%	8.32%	12/23/2032		78		74			72			0.00
Redwood Services Group, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	9.08%	06/15/2029		17,232		17,122			17,103			1.09
Redwood Services Group, LLC	(6) (8)	First Lien Debt	S +	5.00%	9.08%	06/15/2029		17,472		17,332			17,340			1.10
Ridge Trail US Bidco, Inc.	(6) (8) (11) (14)	First Lien Debt	S +	4.50%	8.57%	09/30/2031		23,557		23,284			23,557			1.50
Ridge Trail US Bidco, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	4.50%	8.57%	09/30/2031		1,146		1,094			1,146			0.07
Ridge Trail US Bidco, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	4.50%	8.57%	03/31/2031		—		(29	)		—			0.00
Syntax Systems, Ltd.	(6) (8) (11) (14)	First Lien Debt	S +	4.75%	8.75%	10/27/2028		31,644		31,534			31,612			2.01
Thrive Buyer, Inc. (Thrive Networks)	(6) (8)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	9.07%	02/02/2032		19,549		19,394			18,425			1.17
Thrive Buyer, Inc. (Thrive Networks)	(6) (8)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	9.07%	02/02/2032		4,488		4,452			4,230			0.27
Thrive Buyer, Inc. (Thrive Networks)	(6) (8) (18)	First Lien Debt	S +	4.50%	8.23%	02/02/2032		1,234		1,215			1,090			0.07
UpStack, Inc.	(6) (11)	First Lien Debt	S +	5.00%	9.05%	08/25/2031		10,856		10,771			10,699			0.68
UpStack, Inc.	(6) (18)	First Lien Debt	S +	5.00%	9.05%	08/25/2031		1,841		1,815			1,780			0.11
UpStack, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	9.05%	08/25/2031		—		(10	)		(23	)		0.00
										294,505			288,839			18.40
Life Sciences Tools & Services
Model N, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.82%	06/27/2031		7,849		7,791			7,697			0.49

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Model N, Inc.	(6) (8)	First Lien Debt	S +	4.75%	8.82%	06/27/2031		1,087		1,078			1,066			0.07
Model N, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	06/27/2031		—		(8	)		(22	)		0.00
										8,861			8,741			0.56
Machinery
Answer Acquisition, LLC	(6) (7)	First Lien Debt	S +	6.00%	10.22%	06/30/2028		13,027		12,970			11,968			0.76
Answer Acquisition, LLC	(6) (7) (18)	First Lien Debt	S +	6.00%	10.22%	06/30/2028		666		662			565			0.04
Chase Intermediate, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.57%	10/30/2028		10,911		10,807			10,772			0.69
Chase Intermediate, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.57%	10/30/2028		200		196			194			0.01
MHE Intermediate Holdings, LLC	(6) (7) (10) (11)	First Lien Debt	S +	6.00%	10.05%	07/21/2027		11,731		11,691			11,652			0.74
MHE Intermediate Holdings, LLC	(6) (7)	First Lien Debt	S +	6.00%	10.05%	07/21/2027		3,570		3,558			3,544			0.23
MHE Intermediate Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	6.00%	10.05%	07/21/2027		1,500		1,493			1,481			0.09
										41,377			40,176			2.56
Media
Chrysler 3, Inc.	(6)	First Lien Debt	S +	5.50%	9.57%	09/28/2033		982		970			970			0.06
Chrysler 3, Inc.	(6) (18)	First Lien Debt	S +	5.50%	9.57%	09/28/2033		—		(2	)		(2	)		0.00
Chrysler 3, Inc.	(6) (18)	First Lien Debt	S +	5.50%	9.57%	09/28/2033		—		(2	)		(2	)		0.00
										966			966			0.06
Multi-Utilities
Vessco Midco Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	4.25%	8.11%	07/24/2031		9,404		9,337			9,314			0.59
Vessco Midco Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	8.11%	07/24/2031		2,944		2,918			2,907			0.19
Vessco Midco Holdings, LLC	(6) (18)	First Lien Debt	S +	4.25%	8.11%	07/24/2031		—		(6	)		(9	)		0.00
										12,249			12,212			0.78

Pharmaceuticals
Caerus US 1, Inc.	(6) (8) (14)	First Lien Debt	S +	5.00%	9.07%	05/27/2031		10,732		10,629			10,268			0.65
Caerus US 1, Inc.	(6) (8) (14)	First Lien Debt	S +	5.00%	9.07%	05/27/2031		1,571		1,555			1,503			0.10
Caerus US 1, Inc.	(6) (18)	First Lien Debt	S +	5.00%	9.07%	05/25/2031		—		—			—			0.00
Caerus US 1, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	5.00%	9.07%	05/27/2031		841		832			791			0.05
Real Chemistry Intermediate III, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.57%	04/12/2032		8,775		8,738			8,643			0.55
Real Chemistry Intermediate III, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	04/12/2032		3,003		2,989			2,944			0.19
Real Chemistry Intermediate III, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	04/12/2032		—		(8	)		(29	)		0.00
Specialty Pharma III, Inc.	(6) (9) (10)	First Lien Debt	S +	4.50%	8.23%	12/23/2032		3,706		3,689			3,669			0.23
Specialty Pharma III, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.23%	12/23/2032		—		(2	)		(5	)		0.00
										28,422			27,784			1.77
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7) (10) (11)	First Lien Debt	S +	6.00%	9.54%	09/10/2027		3,256		3,245			3,170			0.20

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7) (18)	First Lien Debt	S +	6.00%	9.54%	09/10/2027		—		(5	)		(37	)		0.00
Accordion Partners, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	8.98%	11/17/2031		27,118		26,904			26,819			1.71
Accordion Partners, LLC	(6) (8)	First Lien Debt	S +	5.00%	8.98%	11/17/2031		4,538		4,504			4,488			0.29
Accordion Partners, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.98%	11/17/2031		—		(22	)		(34	)		0.00
Aprio Advisory Group, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	08/01/2031		111		105			111			0.01
Aprio Advisory Group, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.82%	08/01/2031		—		(1	)		—			0.00
Ascend Partner Services, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.37%	08/11/2031		4,813		4,777			4,657			0.30
Ascend Partner Services, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.37%	08/11/2031		4,396		4,361			4,253			0.27
Ascend Partner Services, LLC	(6) (8) (18)	First Lien Debt	S +	4.50%	8.37%	08/11/2031		—		(8	)		(37	)		0.00
Bullhorn, Inc.	(6) (7) (11)	First Lien Debt	S +	5.00%	8.90%	10/01/2029		15,407		15,344			15,316			0.98
Bullhorn, Inc.	(6) (7)	First Lien Debt	S +	5.00%	8.90%	10/01/2029		2,133		2,126			2,120			0.14
Bullhorn, Inc.	(6) (7) (18)	First Lien Debt	S +	5.00%	8.90%	10/01/2029		96		93			91			0.01
Carr, Riggs and Ingram Capital, LLC	(6) (9) (11)	First Lien Debt	S +	4.25%	8.32%	11/18/2031		4,248		4,214			4,216			0.27
Carr, Riggs and Ingram Capital, LLC	(6) (9) (18)	First Lien Debt	S +	4.25%	8.32%	11/18/2031		976		964			960			0.06
Carr, Riggs and Ingram Capital, LLC	(6) (9) (18)	First Lien Debt	S +	4.25%	8.32%	11/18/2031		453		445			445			0.03
ComPsych Investment Corp.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.48%	07/22/2031		12,908		12,859			12,875			0.82
ComPsych Investment Corp.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.48%	07/22/2031		—		(7	)		(10	)		0.00
Consertus, Inc.	(6) (7) (10)	First Lien Debt	S +	5.75%	9.81%	08/01/2031		633		624			624			0.04
Consertus, Inc.	(6) (7) (18)	First Lien Debt	S +	5.75%	9.81%	08/01/2031		576		555			555			0.04
Crowe Advisory, LLC	(6) (8)	First Lien Debt	S +	5.50%	9.26%	08/08/2033		1,567		1,552			1,552			0.10
Crowe Advisory, LLC	(6) (8) (18)	First Lien Debt	S +	5.50%	9.26%	08/08/2033		—		(2	)		(2	)		0.00
Crowe Advisory, LLC	(6) (8) (18)	First Lien Debt	S +	5.50%	9.26%	08/09/2032		—		(2	)		(2	)		0.00
Deerfield Dakota Holding, LLC	(6) (8) (10)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.82%	09/13/2032		28,019		27,780			27,054			1.72
Deerfield Dakota Holding, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.32%	09/13/2032		900		878			811			0.05
Guidepoint Security Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	5.00%	8.90%	10/02/2029		9,379		9,284			9,376			0.60
Guidepoint Security Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	5.00%	8.90%	10/02/2029		317		307			316			0.02
Guidepoint Security Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	5.00%	8.90%	10/02/2029		—		(15	)		(1	)		0.00
iCIMS, Inc.	(6) (8)	First Lien Debt	S +	6.25%	9.88%	08/18/2028		7,081		7,035			6,924			0.44
iCIMS, Inc.	(6) (8) (18)	First Lien Debt	S +	6.25%	9.88%	08/18/2028		20		20			19			0.00
IG Investment Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	8.82%	09/22/2028		10,599		10,541			10,599			0.68
IG Investment Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.82%	09/22/2028		—		(6	)		—			0.00
IQN Holding Corp.	(6) (8)	First Lien Debt	S +	5.25%	9.32%	05/02/2029		5,689		5,665			5,689			0.36
IQN Holding Corp.	(6) (8)	First Lien Debt	S +	5.25%	9.32%	05/02/2029		1,875		1,862			1,875			0.12
IQN Holding Corp.	(6) (8) (18)	First Lien Debt	S +	5.25%	9.32%	05/02/2028		277		276			277			0.02
KENG Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.32%	08/01/2029		3,132		3,090			3,070			0.20
KENG Acquisition, Inc.	(6) (7)	First Lien Debt	S +	4.50%	8.32%	08/01/2029		3,846		3,797			3,769			0.24

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
KENG Acquisition, Inc.	(6) (7) (18)	First Lien Debt	S +	4.50%	8.32%	08/01/2029		—		(11	)		(23	)		0.00
UHY Advisors, Inc.	(6) (8)	First Lien Debt	S +	4.75%	8.51%	11/21/2031		2,175		2,158			2,158			0.14
UHY Advisors, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.51%	11/21/2031		1,961		1,944			1,945			0.12
UHY Advisors, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.51%	11/21/2031		123		119			119			0.01
Valkyrie Buyer, LLC	(6) (8) (11)	First Lien Debt	S +	5.50%	9.57%	05/06/2031		14,722		14,556			14,577			0.93
Valkyrie Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	5.50%	9.57%	05/06/2030		161		149			148			0.01
WIPFLI Advisory, LLC	(6) (8) (10)	First Lien Debt	S +	4.25%	7.98%	10/01/2032		5,846		5,820			5,788			0.37
WIPFLI Advisory, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	7.98%	10/01/2032		361		355			339			0.02
WIPFLI Advisory, LLC	(6) (8) (18)	First Lien Debt	S +	4.25%	7.98%	10/01/2032		—		(6	)		(15	)		0.00
										178,223			176,944			11.32
Real Estate Management & Development
Associations, Inc.	(6) (7)	First Lien Debt	S +	6.50%	10.52%	07/03/2028		10,701		10,696			10,701			0.68
Associations, Inc.	(6) (7) (18)	First Lien Debt	S +	6.50%	10.52%	07/03/2028		484		484			484			0.03
Associations, Inc.	(6) (7) (18)	First Lien Debt	S +	6.50%	10.52%	07/03/2028		—		—			—			0.00
Inhabitiq, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.40%	01/12/2032		14,263		14,206			13,950			0.89
Inhabitiq, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	01/12/2032		—		(8	)		(88	)		-0.01
Inhabitiq, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.40%	01/12/2032		—		(10	)		(55	)		0.00
MRI Software, LLC	(6) (7) (10) (11)	First Lien Debt	S +	4.75%	8.82%	02/10/2028		43,426		43,348			43,366			2.76
MRI Software, LLC	(6) (7)	First Lien Debt	S +	4.75%	8.82%	02/10/2028		28		28			28			0.00
MRI Software, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.82%	02/10/2028		433		431			431			0.03
Pritchard Industries, LLC	(6) (8) (11)	First Lien Debt	S +	5.75%	9.85%	10/13/2027		24,564		24,460			23,931			1.52
Pritchard Industries, LLC	(6) (8)	First Lien Debt	S +	5.75%	9.85%	10/13/2027		5,874		5,848			5,722			0.36
Vacation Rental Brands, LLC	(6)	First Lien Debt	S +	5.00%	9.07%	05/06/2032		648		636			636			0.04
Vacation Rental Brands, LLC	(6) (18)	First Lien Debt	S +	5.00%	9.07%	05/06/2032		—		(6	)		(6	)		0.00
Zarya Intermediate, LLC	(6) (7) (11) (14)	First Lien Debt	S +	6.50%	10.26%	07/01/2027		34,523		34,523			34,139			2.17
Zarya Intermediate, LLC	(6) (7) (14) (18)	First Lien Debt	S +	6.50%	10.26%	07/01/2027		1,564		1,564			1,523			0.10
										136,200			134,762			8.58
Software
Alert Media, Inc.	(6) (7)	First Lien Debt	S +	5.25%	8.99%	04/12/2028		20,860		20,812			20,579			1.31
Alert Media, Inc.	(6) (7)	First Lien Debt	S +	5.25% PIK	8.99%	04/12/2028		2,920		2,913			2,919			0.19
Alert Media, Inc.	(6) (7) (18)	First Lien Debt	S +	5.25%	8.99%	04/12/2028		747		736			684			0.04
Anaplan, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.26%	06/21/2029		27,464		27,236			27,327			1.74
Appfire Technologies, LLC	(6) (7) (11)	First Lien Debt	S +	4.75%	8.82%	03/09/2028		20,320		20,303			20,275			1.29
Appfire Technologies, LLC	(6) (7) (18)	First Lien Debt	S +	4.75%	8.82%	03/09/2028		—		(1	)		—			0.00
Apryse Software Corp.	(6) (9) (10) (11)	First Lien Debt	S +	4.50%	8.57%	06/28/2032		27,704		27,466			27,704			1.76
Apryse Software Corp.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	06/28/2032		1,347		1,328			1,347			0.09
Archduke Buyer, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.33%	12/03/2032		3,776		3,742			3,769			0.24
Archduke Buyer, Inc.	(6) (9) (18)	First Lien Debt	S +	5.50%	9.33%	12/03/2032		—		(2	)		(1	)		0.00
Artifact Bidco, Inc.	(6) (9) (11)	First Lien Debt	S +	4.15%	8.22%	07/28/2031		31,699		31,463			31,699			2.02

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Artifact Bidco, Inc.	(6) (9) (18)	First Lien Debt	S +	4.15%	8.22%	07/28/2031		—		(27	)		—			0.00
Artifact Bidco, Inc.	(6) (9) (18)	First Lien Debt	S +	4.15%	8.22%	07/26/2030		—		(35	)		—			0.00
AuditBoard, Inc.	(6) (8)	First Lien Debt	S +	5.50% (incl. 3.00% PIK)	9.57%	07/14/2031		22,370		22,206			22,113			1.41
AuditBoard, Inc.	(6) (8)	First Lien Debt	S +	5.50% (incl. 3.00% PIK)	9.57%	07/14/2031		10,652		10,569			10,530			0.67
AuditBoard, Inc.	(6) (8) (18)	First Lien Debt	S +	5.50% (incl. 3.00% PIK)	9.57%	07/14/2031		—		(29	)		(49	)		(0.00	)
Banyan Software Holdings, LLC	(6) (7) (11)	First Lien Debt	S +	5.50%	9.40%	01/02/2031		11,991		11,900			11,841			0.75
Banyan Software Holdings, LLC	(6) (7)	First Lien Debt	S +	5.50%	9.40%	01/02/2031		11,944		11,830			11,672			0.74
Banyan Software Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	5.50%	9.40%	01/02/2031		—		(9	)		(16	)		0.00
Bottomline Technologies, Inc.	(6) (8) (11)	First Lien Debt	S +	4.50%	8.57%	05/14/2029		3,592		3,559			3,592			0.23
Bottomline Technologies, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.57%	05/15/2028		—		(1	)		—			0.00
CLEO Communications Holding, LLC	(6) (7) (10)	First Lien Debt	S +	5.50%	9.50%	06/09/2027		38,177		38,123			38,177			2.43
CLEO Communications Holding, LLC	(6) (7) (18)	First Lien Debt	S +	5.50%	9.50%	06/09/2027		—		(14	)		—			0.00
Coupa Holdings, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.07%	02/27/2030		2,213		2,181			2,213			0.14
Coupa Holdings, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.07%	02/27/2030		1,082		1,068			1,082			0.07
Coupa Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.07%	02/27/2029		554		546			554			0.04
Cyara AcquisitionCo, LLC	(6) (7)	First Lien Debt	S +	5.50%	9.57%	06/28/2029		5,895		5,823			5,808			0.37
Cyara AcquisitionCo, LLC	(6) (7) (18)	First Lien Debt	S +	5.50%	9.57%	06/28/2029		—		(4	)		(5	)		0.00
Diligent Corporation	(6) (8)	First Lien Debt	S +	5.00%	8.69%	08/02/2030		24,020		23,898			23,399			1.49
Diligent Corporation	(6) (8)	First Lien Debt	S+	8.42% PIK	12.18%	08/02/2030		4,248		4,227			4,138			0.26
Diligent Corporation	(6) (8) (18)	First Lien Debt	S +	5.00%	8.69%	08/02/2030		1,427		1,415			1,356			0.09
E-Discovery AcquireCo, LLC	(6) (7)	First Lien Debt	S +	6.25%	10.01%	08/29/2029		19,358		19,100			18,638			1.19
E-Discovery AcquireCo, LLC	(6) (7) (18)	First Lien Debt	S +	6.25%	10.01%	08/29/2029		1,748		1,724			1,663			0.11
Emburse, Inc.	(6) (8) (10)	First Lien Debt	S +	4.25%	8.32%	05/28/2032		3,684		3,676			3,684			0.23
Emburse, Inc.	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	05/28/2032		—		(1	)		—			0.00
Emburse, Inc.	(6) (8) (18)	First Lien Debt	S +	4.25%	8.32%	05/28/2032		—		(1	)		—			0.00
Espresso Bidco, Inc.	(6) (8)	First Lien Debt	S +	5.25%	8.98%	03/25/2032		18,585		18,363			18,213			1.16
Espresso Bidco, Inc.	(6) (8) (18)	First Lien Debt	S +	5.25%	8.98%	03/25/2032		4,598		4,537			4,498			0.29
Espresso Bidco, Inc.	(6) (8) (18)	First Lien Debt	S +	5.25%	8.98%	03/25/2032		—		(26	)		(44	)		0.00
Everbridge Holdings, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	8.73%	07/02/2031		23,657		23,569			23,657			1.51
Everbridge Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.73%	07/02/2031		3,220		3,198			3,220			0.21
Everbridge Holdings, LLC	(6) (7) (18)	First Lien Debt	S +	5.00%	8.73%	07/02/2031		—		(11	)		—			0.00
Formstack Acquisition, Co.	(6) (7) (11)	First Lien Debt	S +	5.00%	9.07%	03/28/2030		10,753		10,648			10,675			0.68
Formstack Acquisition, Co.	(6) (7)	First Lien Debt	S +	5.00%	9.07%	03/28/2030		1,041		1,031			1,033			0.07
Formstack Acquisition, Co.	(6) (7) (18)	First Lien Debt	S +	5.00%	9.07%	03/28/2030		459		440			444			0.03
Fullsteam Operations, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.01%	08/08/2031		13,761		13,645			13,532			0.86
Fullsteam Operations, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.01%	08/08/2031		833		810			756			0.05

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Fullsteam Operations, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.01%	08/08/2031		—		(12	)		(26	)		0.00
Granicus, Inc.	(6) (8)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	9.57%	01/17/2031		13,154		13,071			13,154			0.84
Granicus, Inc.	(6) (8)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	9.57%	01/17/2031		9,082		9,023			9,064			0.58
Granicus, Inc.	(6) (8) (18)	First Lien Debt	S +	5.75% (incl. 2.25% PIK)	9.57%	01/17/2031		—		(11	)		—			0.00
GS AcquisitionCo, Inc.	(6) (7) (10) (11)	First Lien Debt	S +	5.25%	9.32%	05/25/2028		58,944		58,776			52,116			3.32
GS AcquisitionCo, Inc.	(6) (8)	First Lien Debt	S +	5.25%	9.32%	05/25/2028		24		24			21			0.00
GS AcquisitionCo, Inc.	(6) (7) (18)	First Lien Debt	S +	5.25%	9.32%	05/25/2028		2,468		2,461			2,182			0.14
Hootsuite, Inc.	(6) (8) (11) (14)	First Lien Debt	S +	5.50%	9.31%	05/22/2030		21,994		21,772			21,719			1.38
Hootsuite, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	5.50%	9.31%	05/22/2030		300		277			269			0.02
Icefall Parent, Inc.	(6) (7)	First Lien Debt	S +	4.50%	8.57%	01/25/2030		5,156		5,092			5,156			0.33
Icefall Parent, Inc.	(6) (7) (18)	First Lien Debt	S +	4.50%	8.57%	01/25/2030		—		(6	)		—			0.00
Jawbreaker Parent, Inc.	(6) (9) (10)	First Lien Debt	S +	4.75%	8.82%	01/31/2033		5,051		5,004			4,975			0.32
Jawbreaker Parent, Inc.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.82%	01/31/2033		—		(3	)		(10	)		0.00
Jawbreaker Parent, Inc.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.82%	01/31/2033		—		(6	)		(10	)		0.00
LegitScript, LLC	(6) (8) (11)	First Lien Debt	S +	5.25%	9.15%	06/24/2029		25,829		25,588			25,506			1.62
LegitScript, LLC	(6) (8)	First Lien Debt	S +	5.25%	9.15%	06/24/2029		683		677			674			0.04
LegitScript, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	9.15%	06/24/2028		2,500		2,476			2,448			0.16
LogRhythm, Inc.	(6) (12)	First Lien Debt	S +	7.50% PIK		07/02/2029		9,585		9,412			7,548			0.48
LogRhythm, Inc.	(6) (7) (18)	First Lien Debt	S +	5.50%	9.23%	07/02/2029		159		144			(9	)		(0.00	)
Montana Buyer, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.65%	07/22/2029		8,359		8,322			8,359			0.53
Montana Buyer, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.65%	07/22/2028		—		(3	)		—			0.00
Nasuni Corporation	(6) (8)	First Lien Debt	S +	5.00%	9.07%	09/10/2030		14,483		14,327			14,319			0.91
Nasuni Corporation	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	09/10/2030		1,207		1,177			1,173			0.07
Netwrix Corporation And Concept Searching, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.51%	06/11/2029		6,779		6,748			6,677			0.43
Netwrix Corporation And Concept Searching, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.51%	06/11/2029		—		(2	)		(6	)		0.00
Oak Purchaser, Inc.	(6) (8) (10)	First Lien Debt	S +	5.50%	9.23%	05/31/2028		3,560		3,544			3,497			0.22
Oak Purchaser, Inc.	(6) (8)	First Lien Debt	S +	5.50%	9.23%	05/31/2028		2,779		2,765			2,716			0.17
Oak Purchaser, Inc.	(6) (8) (18)	First Lien Debt	S +	5.50%	9.23%	05/31/2028		112		110			102			0.01
Onit, Inc.	(6) (8) (10) (11)	First Lien Debt	S +	4.75%	8.57%	01/27/2032		18,149		18,012			18,149			1.16
Onit, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.57%	01/27/2032		—		(26	)		—			0.00
Onit, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.57%	01/27/2032		—		(18	)		—			0.00
Optimizely North America, Inc.	(6) (8) (11) (14)	First Lien Debt	S +	5.50% (incl. 2.5% PIK)	9.57%	10/30/2031		8,357		8,293			7,939			0.51
Optimizely North America, Inc.	(6) (8) (14)	First Lien Debt	E +	5.75% (incl. 2.5% PIK)	8.36%	10/30/2031	€	3,076		3,319			3,311			0.21

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
Optimizely North America, Inc.	(6) (8) (14)	First Lien Debt	SA +	6.00% (incl. 2.5% PIK)	9.73%	10/30/2031	£	1,025		1,324			1,294			0.08
Optimizely North America, Inc.	(6) (8) (14) (18)	First Lien Debt	S +	5.50% (incl. 2.5% PIK)	9.57%	10/30/2031		—		(9	)		(62	)		0.00
Pound Bidco, Inc.	(6) (7) (10) (14)	First Lien Debt	S +	5.25%	9.15%	05/01/2029		23,810		23,770			23,591			1.50
Pound Bidco, Inc.	(6) (7) (10) (14) (18)	First Lien Debt	S +	5.25%	9.15%	05/01/2029		788		786			777			0.05
Project Leopard Holdings, Inc.	(9) (14)	First Lien Debt	S +	5.25%	9.17%	07/20/2029		6,045		5,839			3,272			0.21
Revalize, Inc.	(6) (7)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.72%	04/16/2029		19,557		19,530			17,703			1.13
Revalize, Inc.	(6) (18)	First Lien Debt	S +	6.25%	10.47%	04/16/2029		32		32			25			0.00
Riskonnect Parent, LLC	(6) (8) (11)	First Lien Debt	S +	4.75%	8.49%	12/07/2028		5,578		5,524			5,551			0.35
Riskonnect Parent, LLC	(6) (8)	First Lien Debt	S +	4.75%	8.49%	12/07/2028		4,113		4,070			4,092			0.26
Riskonnect Parent, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.49%	12/07/2028		137		129			133			0.01
Rivet Bidco Limited	(6) (9) (14)	First Lien Debt	S +	4.50%	8.24%	04/08/2032		635		629			629			0.04
Rivet Bidco Limited	(6) (9) (14) (18)	First Lien Debt	S +	4.50%	8.24%	04/08/2032		—		(2	)		(5	)		0.00
Rivet Bidco Limited	(6) (9) (14) (18)	First Lien Debt	S +	4.50%	8.24%	04/08/2032		—		(1	)		(1	)		0.00
Runway Bidco, LLC	(6) (9) (11)	First Lien Debt	S +	4.50%	8.57%	12/17/2031		10,764		10,678			10,575			0.67
Runway Bidco, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	12/17/2031		—		(10	)		(48	)		0.00
Runway Bidco, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.57%	12/17/2031		—		(10	)		(24	)		0.00
Saturn Borrower, Inc.	(6) (7) (11)	First Lien Debt	S +	6.00%	10.07%	11/10/2028		11,286		11,185			10,905			0.69
Saturn Borrower, Inc.	(6) (7) (18)	First Lien Debt	S +	6.00%	10.07%	11/10/2028		600		584			537			0.03
Securonix, Inc.	(6)	First Lien Debt	S +	7.00%	10.75%	04/05/2029		22,447		22,307			10,723			0.68
Securonix, Inc.	(6) (18)	First Lien Debt	S +	7.00%	10.86%	04/05/2029		1,681		1,660			(294	)		-0.02
Trunk Acquisition, Inc.	(6) (7) (11)	First Lien Debt	S +	5.75%	9.75%	02/19/2030		9,438		9,405			9,438			0.60
Trunk Acquisition, Inc.	(6) (7) (18)	First Lien Debt	S +	5.75%	9.75%	02/19/2030		632		628			632			0.04
Trunk Acquisition, Inc.	(6) (7) (18)	First Lien Debt	S +	5.75%	9.75%	02/19/2030		—		(1	)		—			0.00
User Zoom Technologies, Inc.	(6) (8)	First Lien Debt	S +	7.25% (incl. 1.25% PIK)	11.06%	04/05/2029		39,019		38,671			36,580			2.33
User Zoom Technologies, Inc.	(6) (8)	First Lien Debt	S +	7.75% (incl. 1.75% PIK)	11.59%	04/05/2029		3,153		3,103			2,988			0.19
Vanco Payment Solutions, LLC	(6) (8)	First Lien Debt	S +	4.75%	9.01%	12/01/2031		3,293		3,264			3,235			0.21
Vanco Payment Solutions, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	9.01%	12/01/2031		—		(2	)		(3	)		0.00
										757,334			725,932			46.29
Transportation Infrastructure
Jeppesen Holdings, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.57%	11/01/2032		13,057		12,999			12,927			0.82
Jeppesen Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	4.75%	8.57%	11/01/2032		—		(3	)		(7	)		0.00
										12,996			12,920			0.82
Wireless Telecommunication Services
CCI Buyer, Inc.	(6) (8)	First Lien Debt	S +	5.00%	9.07%	05/13/2032		2,806		2,782			2,788			0.18

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(3)	Maturity Date	Par Amount/ Shares(4)		Cost(5)			Fair Value			Percentage of Net Assets
CCI Buyer, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	9.07%	05/13/2032		—		(1	)		(1	)		0.00
Mobile Communications America, Inc.	(6) (7) (10) (11)	First Lien Debt	S +	4.75%	8.50%	10/16/2029		5,791		5,741			5,791			0.37
Mobile Communications America, Inc.	(6) (7) (18)	First Lien Debt	S +	4.75%	8.50%	10/16/2029		1,572		1,555			1,572			0.10
Mobile Communications America, Inc.	(6) (7) (18)	First Lien Debt	S +	4.75%	8.50%	10/16/2029		77		70			77			0.00
										10,147			10,227			0.65
Total Debt Investments - non-controlled/non-affiliated									$	3,361,451		$	3,215,870			204.82	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.	(6) (19)	First Lien Debt	S +	5.25%	9.01%	02/28/2030		1,122		1,122			1,122			0.07
KWOR Acquisition, Inc.	(6) (18) (19)	First Lien Debt	S +	5.25%	9.01%	02/28/2030		—		(12	)		—			0.00
KWOR Intermediate I, Inc.	(6) (19)	Unsecured Debt	S +	8.00% PIK	11.67%	02/28/2030		1,223		1,223			746			0.05
KWOR Acquisition, Inc.	(6) (18) (19)	First Lien Debt	S +	5.25%	9.01%	02/28/2030		—		(17	)		—			0.00
										2,316			1,868			0.12
Total Debt Investments - non-controlled/affiliated									$	2,316		$	1,868		$	0
Debt Investments - controlled/affiliated
Food Products
AMCP Pet Holdings, Inc. (Brightpet)	(6) (20)	First Lien Debt	S +	7.00% (incl. 6.00% PIK)	10.94%	09/23/2031		15,316		15,316			15,316			0.98
AMCP Pet Holdings, Inc. (Brightpet)	(6) (12) (20)	First Lien Debt	S +	7.00% PIK		09/23/2031		35,740		—			—			0.00
AMCP Pet Holdings, Inc. (Brightpet)	(6) (18) (20)	First Lien Debt	S +	7.00% (incl. 6.00% PIK)	10.94%	09/23/2031		6,202		5,869			5,869			0.37
										21,185			21,185			1.35
Total Debt Investments- controlled/affiliated									$	21,185		$	21,185			1.35	%
Total Debt Investments									$	3,384,952		$	3,238,923			206.28	%

     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

AA&D Holdings, LP

(6) (15) (16)

Common Equity

11/14/2025

508

687

722

0.05

     Automobile Components

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Continental Group Holdings, LP	(6) (15) (16)	Common Equity			07/16/2025		7,758		—		—		0.00
Shelby Co-invest, LP (Spectrum Automotive)	(6) (15) (16)	Common Equity			06/29/2021		8,500		850		1,812		0.12
									850		1,812		0.12
Commercial Services & Supplies
Firebird Co-Invest, LP	(6) (15) (16)	Common Equity			01/17/2025		240,000		228		356		0.02
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (15) (16)	Common Equity			12/20/2021		1,000,000		1,000		1,889		0.12
Surewerx Topco, LP	(6) (14) (15) (16)	Common Equity			12/28/2022		512		512		747		0.05
									1,740		2,992		0.19
Containers & Packaging
BP Purchaser, LLC	(6) (15) (16)	Common Equity			12/10/2021		1,383,156		1,379		—		0.00
BP Purchaser, LLC Rights	(6) (15) (16)	Common Equity			03/12/2024		1,666,989		75		—		0.00
FORTIS Solutions Group, LLC	(6) (15)	Preferred Equity		12.25% PIK	06/24/2022		1,000,000		1,649		1,617		0.10
									3,103		1,617		0.10
Distributors
48Forty TopCo, LLC	(6) (15) (16)	Common Equity			01/14/2026		1,076		—		—		0.00
48Forty TopCo, LLC	(6) (15)	Preferred Equity			01/14/2026		1,076		4,361		4,115		0.26
									4,361		4,115		0.26
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (15)	Preferred Equity		12.25% PIK	09/05/2024		83		1,017		985		0.06
FPG Parent, LLC	(6) (15) (16)	Common Equity			07/25/2025		341		—		—		0.00
Leaf Home, LLC	(6) (15)	Preferred Equity		14.00% PIK	09/05/2025		500		562		671		0.04
Leaf Home, LLC	(6) (15) (16)	Warrants			09/05/2025		2		—		—		0.00
LUV Car Wash	(6) (15) (16)	Common Equity			04/06/2022		123		123		70		0.00
									1,702		1,726		0.10
Electrical Equipment
Sparkstone Electrical Group, LLC	(6) (15) (16)	Common Equity			10/15/2024		1,500		150		61		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Electronic Equipment, Instruments & Components
Abracon TopCo, LLC	(6) (15) (16)	Common Equity			06/08/2026		1,337		734		1,846		0.12
Financial Services
Applitools, Inc.	(6) (14) (15) (16)	Common Equity			07/18/2025		1,050,864		601		—		0.00
GTCR ABC Holdings, LLC	(6) (15) (16)	Common Equity			04/14/2026		99,900		—		—		0.00
GTCR ABC Holdings, LLC	(6) (15)	Preferred Equity		8.00% PIK	04/14/2026		100		104		100		0.01
									705		100		0.01
Health Care Providers & Services
DCA TopCo, LP	(6) (15) (16)	Common Equity			06/02/2026		753,466		6,391		6,894		0.44
mPulse Holdings, Inc.	(6) (15) (16)	Common Equity			12/17/2021		165,761		1,220		577		0.04
SDB Holdco, LLC	(6) (15) (16)	Common Equity			03/29/2024		5,460,555		—		—		0.00
Suveto Buyer, LLC	(6) (14) (15) (16)	Common Equity			11/19/2021		19,257		1,926		2,525		0.16
Vardiman Black Holdings, LLC	(6) (12) (15)	Preferred Equity		6.00% PIK	03/29/2024		2,649,446		1,974		—		0.00
									11,511		9,996		0.64
Insurance Services
Amerilife Holdings, LLC	(6) (15) (16)	Common Equity			09/01/2022		908		25		48		0.00
Frisbee Holdings, LP (Fetch)	(6) (15) (16)	Common Equity			10/31/2022		21,744		277		806		0.05
Integrity Marketing Group, LLC	(6) (15)	Preferred Equity		12.50% PIK	12/21/2021		2,203,184		3,577		3,567		0.23
									3,879		4,421		0.28
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (15) (16)	Common Equity			09/09/2025		500		—		—		0.00
FMG Suite Holdings, LLC	(6) (15)	Preferred Equity		8.00% PIK	09/09/2025		500		544		513		0.03
									544		513		0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)	(14) (15)	Preferred Equity		7.50% PIK	05/12/2021		5,607		5,468		10,027		0.64

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
Help HP SCF Investor, LP (Help/Systems)	(14) (15)	Common Equity			05/12/2021		70,459		6,993		6,344		0.40
Recovery Point Systems, Inc.	(6) (15) (16)	Common Equity			03/05/2021		1,000,000		1,000		50		0.00
									13,461		16,421		1.05
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (15) (16)	Common Equity			03/09/2021		29,441		2,944		595		0.04
National CPMA, LLC (Consertus)	(6) (15) (16)	Common Equity			09/01/2026		11,921		180		180		0.01
Valkyrie Topco, LLC	(6) (15) (16)	Common Equity			05/03/2024		4,780		5		6		0.00
Valkyrie Topco, LLC	(6) (15)	Preferred Equity		10.00% PIK	05/03/2024		473,220		600		600		0.04
									3,729		1,381		0.09
Real Estate Management & Development
LJ Pritchard Topco Holdings, LLC	(6) (15) (16)	Common Equity			10/13/2021		1,882,739		1,938		1,482		0.09
Software
AQ Software Corporation (Revalize)	(6) (15)	Preferred Equity		10.00% PIK	12/14/2021		2,255		3,951		3,050		0.19
Diligent Corporation	(6) (15)	Preferred Equity		10.50% PIK	04/05/2021		5,000		8,709		8,128		0.52
Fullsteam Operations, LLC	(6) (15) (16)	Common Equity			11/27/2023		2,966		100		248		0.02
Knockout Intermediate Holdings I, Inc.	(6) (15)	Preferred Equity		10.75% PIK	06/25/2022		1,531		3,291		2,402		0.15
Reveal Data Solutions	(6) (15) (16)	Common Equity			08/29/2023		477,846		621		375		0.02
RSK Holdings, Inc. (Riskonnect)	(6) (15)	Preferred Equity		10.50% PIK	07/07/2022		1,012,200		1,797		1,729		0.11
									18,469		15,932		1.01
Total Equity Investments - non-controlled/non-affiliated								$	67,563	$	65,137		4.15	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.	(6) (15) (16) (19)	Common Equity			02/28/2025		637		244		—		0.00

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
KWOR Intermediate I, Inc.	(6) (12) (15) (19)	Preferred Equity		S + 8.00% PIK	02/28/2025		680,778		754		—		0.00
									998		—		0.00
Total Equity Investments - non-controlled/affiliated								$	998	$	-		0.00	%
Equity Investments - controlled/affiliated
Food Products
BrightPet Topco, LLC	(6) (15) (16) (20)	Common Equity			9/23/2026		306,310	$	-	$	-		0.00
Investments in Joint Ventures
Capstone Lending, LLC	(15) (20)	Common Equity			2/19/2026		129,811,615		129,812		127,490		8.12
Total Equity Investments - controlled/affiliated								$	129,812	$	127,490		8.12	%
Total Equity Investments								$	198,373	$	192,627		12.27	%
Total Portfolio Investments								$	3,583,325	$	3,431,550		218.55	%


Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/ Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares				3.74%				11,216		11,216		0.71
Cash and Cash Equivalents								92,931		92,931		5.92
Total Cash and Cash Equivalents and Short Term Investments							$	104,147	$	104,147		6.63	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments							$	3,687,472	$	3,535,697		225.19	%

(1)

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2026, the Company “controls” two of its portfolio companies, as indicated below. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2026, the Company was 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” for further information.

(3)

Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)

September 30, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2026. As of September 30, 2026, the reference rates for our variable rate loans were the 1-month C at 2.31%, 3-month C at 2.43%,1-month E at 2.50%, 3-month E at 2.62%, 1-month S at 3.91%, 3-month S at 4.08%, 6-month S at 4.27%, SA at 3.73% and the P at 7.00%.

(4)

Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“£”), or Canadian dollar ("CAD").

(5)

The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(6)

These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee (the “Valuation Designee”) under the supervision of the Company’s Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(7)

Loan includes interest rate floor of 1.00%.

(8)

Loan includes interest rate floor of 0.75%.

(9)

Loan includes interest rate floor of 0.50%.

(10)

Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt” for further information.

(11)

Assets or a portion thereof are pledged as collateral for the CLO 2025-1 Issued Debt (as defined below). See Note 6 “Debt” for further information.

(12)

Investment was on non-accrual status as of September 30, 2026.

(13)

The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies" for further information.

(14)

The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2026, non-qualifying assets represented 7.97% of total assets as calculated in accordance with regulatory requirements.

(15)

Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities.” As of September 30, 2026, the aggregate fair value of these securities was $192,627 or 12.27% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(16)

Non-income producing security.

(17)

Loan includes interest rate floor of 2.00%.

(18)

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, 2026:

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/non-affiliated
365 Retail Market, LLC	Delayed Draw Term Loan	05/08/2028	$	937	$	(9	)
365 Retail Market, LLC	Revolver	05/06/2033		1,561		(16	)
AA&D Midco, Inc.	Revolver	11/29/2030		1,512		—
AWP Group Holdings, Inc.	Revolver	12/22/2032		847		(13	)
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	09/10/2027		1,400		(37	)
Abracon Borrower, LLC	Revolver	06/10/2030		201		—
Accel International Holdings, Inc.	Revolver	04/26/2032		1,874		—
Accordion Partners, LLC	Revolver	11/17/2031		3,043		(34	)
Alert Media, Inc.	Revolver	04/12/2028		3,520		(52	)
Alpine Acquisition Corp. II	Delayed Draw Term Loan	01/14/2028		161		—
Alpine Acquisition Corp. II	Revolver	01/14/2031		645		—
Amerilife Holdings, LLC	Delayed Draw Term Loan	02/28/2027		2,026		(5	)
Amerilife Holdings, LLC	Revolver	08/31/2028		1,211		(3	)
Answer Acquisition, LLC	Revolver	06/30/2028		583		(47	)
Any Hour, LLC	Revolver	05/23/2030		308		(102	)
Apex Service Partners, LLC	Revolver	10/24/2029		2,411		—
Apollo Acquisition, Inc.	Delayed Draw Term Loan	06/04/2027		828		(7	)
Apollo Acquisition, Inc.	Revolver	12/30/2030		2,498		(22	)
Appfire Technologies, LLC	Revolver	03/09/2028		167		—
Applitools, Inc.	Revolver	05/25/2028		303		(92	)
Aprio Advisory Group, LLC	Delayed Draw Term Loan	12/23/2027		1,230		—
Aprio Advisory Group, LLC	Revolver	08/01/2031		117		—
Apryse Software Corp.	Revolver	06/28/2032		949		—
Aptean, Inc.	Delayed Draw Term Loan	02/14/2027		1,208		(18	)
Aptean, Inc.	Revolver	01/30/2031		903		(14	)
Archduke Buyer, Inc.	Revolver	12/03/2032		274		(1	)
Arcoro Holdings Corp.	Revolver	03/28/2030		1,957		(94	)
Artifact Bidco, Inc.	Delayed Draw Term Loan	05/22/2027		7,759		—
Artifact Bidco, Inc.	Revolver	07/26/2030		5,542		—
Ascend Partner Services, LLC	Revolver	08/11/2031		1,136		(37	)
Associations, Inc.	Delayed Draw Term Loan	07/03/2028		355		—
Associations, Inc.	Revolver	07/03/2028		678		—
Atlas US Finco, Inc.	Revolver	12/09/2028		632		(7	)
AuditBoard, Inc.	Revolver	07/14/2031		4,229		(49	)
Banyan Software Holdings, LLC	Delayed Draw Term Loan	10/08/2027		4,704		(59	)
Banyan Software Holdings, LLC	Revolver	01/02/2031		1,304		(16	)
Blue River PetCare, LLC	Delayed Draw Term Loan	02/11/2028		701		(5	)
Blue River PetCare, LLC	Revolver	08/01/2029		127		(1	)
Bottomline Technologies, Inc.	Revolver	05/15/2028		267		—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	04/17/2028		6,117		(47	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Bridgepointe Technologies, LLC	Revolver	04/18/2033		2,486		(19	)
Bullhorn, Inc.	Revolver	10/01/2029		622		(4	)
CCI Buyer, Inc.	Revolver	05/13/2032		166		(1	)
CLEO Communications Holding, LLC	Revolver	06/09/2027		12,502		—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	04/04/2027		8,357		(84	)
COP Collisionright Parent, LLC	Revolver	01/29/2030		1,414		(14	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	08/27/2027		446		—
CRCI Longhorn Holdings, Inc.	Revolver	08/27/2031		1,647		—
CSHC Buyerco, LLC	Delayed Draw Term Loan	04/30/2029		176		(2	)
CSHC Buyerco, LLC	Revolver	04/29/2033		260		(3	)
Caerus US 1, Inc.	Delayed Draw Term Loan	09/22/2027		1,024		—
Caerus US 1, Inc.	Delayed Draw Term Loan	09/22/2027		321		—
Caerus US 1, Inc.	Delayed Draw Term Loan	09/22/2027		362		—
Caerus US 1, Inc.	Revolver	05/27/2031		329		(14	)
Carr, Riggs and Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026		1,202		(9	)
Carr, Riggs and Ingram Capital, LLC	Revolver	11/18/2031		547		(4	)
Catalis Intermediate, Inc.	Revolver	02/04/2028		4,237		(15	)
Cerity Partners, LLC	Delayed Draw Term Loan	12/20/2027		725		—
Cerity Partners, LLC	Revolver	07/28/2031		147		—
Chase Intermediate, LLC	Delayed Draw Term Loan	04/10/2027		1,910		(21	)
Chase Intermediate, LLC	Revolver	10/30/2028		330		(4	)
Chrysler 3, Inc.	Delayed Draw Term Loan	09/28/2033		298		(2	)
Chrysler 3, Inc.	Revolver	09/28/2033		149		(2	)
Cliffwater, LLC	Revolver	04/22/2032		823		(2	)
ComPsych Investment Corp.	Delayed Draw Term Loan	07/23/2027		4,000		(10	)
Computer Services, Inc.	Delayed Draw Term Loan	11/15/2027		1,033		(15	)
Consertus, Inc.	Delayed Draw Term Loan	02/01/2027		886		(9	)
Consertus, Inc.	Delayed Draw Term Loan	02/01/2028		855		(6	)
Consor Intermediate II, LLC	Delayed Draw Term Loan	11/10/2026		1,809		—
Consor Intermediate II, LLC	Revolver	05/12/2031		915		—
Coupa Holdings, LLC	Revolver	02/27/2029		277		—
Crowe Advisory, LLC	Delayed Draw Term Loan	08/07/2028		313		(2	)
Crowe Advisory, LLC	Revolver	08/09/2032		157		(2	)
Cyara AcquisitionCo, LLC	Revolver	06/28/2029		313		(5	)
Cyber US Bidco, LLC	Delayed Draw Term Loan	01/02/2029		795		(12	)
Cyber US Bidco, LLC	Revolver	12/30/2032		349		(5	)
DA Blocker Corp.	Delayed Draw Term Loan	02/10/2027		2,204		(39	)
DA Blocker Corp.	Revolver	02/10/2032		735		(13	)
Deerfield Dakota Holding, LLC	Revolver	09/13/2032		1,671		(58	)
Diligent Corporation	Revolver	08/02/2030		1,318		(34	)
Drivecentric Holdings, LLC	Delayed Draw Term Loan	07/22/2027		125		—

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Drivecentric Holdings, LLC	Revolver	08/15/2031		3,529		—
E-Discovery AcquireCo, LLC	Revolver	08/29/2029		636		(23	)
EVDR Purchaser, Inc.	Revolver	02/14/2031		1,185		(34	)
Eclipse Buyer, Inc.	Revolver	09/08/2031		365		(6	)
Emburse, Inc.	Delayed Draw Term Loan	05/28/2027		658		—
Emburse, Inc.	Revolver	05/28/2032		658		—
Energy Labs Holdings Corp.	Delayed Draw Term Loan	11/24/2027		199		(3	)
Energy Labs Holdings Corp.	Revolver	04/07/2028		74		(1	)
Envero Midco 2, LLC	Delayed Draw Term Loan	09/01/2028		233		(1	)
Envero Midco 2, LLC	Revolver	09/01/2033		93		(1	)
Espresso Bidco, Inc.	Delayed Draw Term Loan	03/25/2027		398		(8	)
Espresso Bidco, Inc.	Revolver	03/25/2032		2,198		(44	)
Essential Services Holding Corporation	Revolver	06/17/2030		1,670		(110	)
Everbridge Holdings, LLC	Delayed Draw Term Loan	07/02/2027		5,083		—
Everbridge Holdings, LLC	Revolver	07/02/2031		3,344		—
Express Wash Acquisition Company, LLC	Revolver	04/10/2031		112		(6	)
FLS Holding, Inc.	Revolver	12/15/2028		23		(4	)
FMG Suite Holdings, LLC	Delayed Draw Term Loan	09/09/2027		3,113		(47	)
FMG Suite Holdings, LLC	Revolver	09/09/2032		1,868		(28	)
FORTIS Solutions Group, LLC	Revolver	10/13/2028		798		(1	)
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	07/26/2027		21		—
Firebird Acquisition Corp, Inc.	Delayed Draw Term Loan	01/31/2027		1,057		—
Firebird Acquisition Corp, Inc.	Revolver	02/02/2032		1,000		—
Formstack Acquisition, Co.	Revolver	03/28/2030		1,728		(12	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan	02/26/2027		30		—
Foundation Risk Partners Corp.	Revolver	10/29/2029		4,193		—
Fullsteam Operations, LLC	Delayed Draw Term Loan	08/09/2027		3,754		(63	)
Fullsteam Operations, LLC	Revolver	08/08/2031		1,529		(25	)
GC Waves Holdings, Inc.	Delayed Draw Term Loan	10/06/2027		2,453		—
GC Waves Holdings, Inc.	Revolver	10/04/2030		271		—
GS AcquisitionCo, Inc.	Revolver	05/25/2028		2		—
GTCR ABC Buyer, LLC	Delayed Draw Term Loan	04/14/2028		256		(3	)
GTCR ABC Buyer, LLC	Revolver	04/14/2033		128		(1	)
Galway Borrower, LLC	Delayed Draw Term Loan	02/07/2028		654		(3	)
Galway Borrower, LLC	Revolver	09/29/2028		1,551		(8	)
GarageCo Intermediate II, LLC	Delayed Draw Term Loan	08/02/2027		3,030		(38	)
GarageCo Intermediate II, LLC	Revolver	07/30/2032		788		(10	)
Gateway US Holdings, Inc.	Delayed Draw Term Loan	08/21/2028		37		—
Gateway US Holdings, Inc.	Revolver	09/22/2028		30		—
Granicus, Inc.	Revolver	01/17/2031		1,800		—
Guidepoint Security Holdings, LLC	Delayed Draw Term Loan	10/04/2027		956		—

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Guidepoint Security Holdings, LLC	Revolver	10/02/2029		1,713		(1	)
HSI Halo Acquisition, Inc.	Revolver	06/28/2030		2,165		—
Heartland Veterinary Partners, LLC	Delayed Draw Term Loan	11/08/2027		832		—
Heartland Veterinary Partners, LLC	Delayed Draw Term Loan	11/08/2027		703		—
Heartland Veterinary Partners, LLC	Revolver	06/12/2028		375		—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	12/10/2027		1,319		—
High Street Buyer, Inc.	Revolver	04/14/2028		2,136		(17	)
Hootsuite, Inc.	Revolver	05/22/2030		2,200		(27	)
Hyland Software, Inc.	Revolver	09/19/2029		1,741		—
IG Investment Holdings, LLC	Revolver	09/22/2028		1,211		—
IQN Holding Corp.	Revolver	05/02/2028		172		—
Icefall Parent, Inc.	Revolver	01/25/2030		507		—
Imagine 360, LLC	Revolver	10/02/2028		1,064		—
Inhabitiq, Inc.	Delayed Draw Term Loan	01/11/2027		4,012		(88	)
Inhabitiq, Inc.	Revolver	01/12/2032		2,508		(55	)
Inszone Mid, LLC	Delayed Draw Term Loan	10/18/2027		1,233		(9	)
Inszone Mid, LLC	Revolver	11/30/2029		1,787		(13	)
Integrity Marketing Acquisition, LLC	Revolver	08/25/2028		353		—
Invictus Buyer, LLC	Revolver	06/03/2031		625		—
Iris Buyer, LLC	Delayed Draw Term Loan	07/17/2028		421		(2	)
Iris Buyer, LLC	Revolver	10/02/2030		1,085		(11	)
Iris Specialty Acquisition, LLC	Delayed Draw Term Loan	11/20/2028		1,130		(4	)
Iris Specialty Acquisition, LLC	Revolver	11/22/2032		844		(3	)
Jawbreaker Parent, Inc.	Delayed Draw Term Loan	01/30/2029		660		(10	)
Jawbreaker Parent, Inc.	Revolver	01/31/2033		660		(10	)
Jeppesen Holdings, LLC	Revolver	11/01/2032		653		(7	)
Jonathan Acquisition Company	Revolver	05/11/2029		327		(2	)
KENG Acquisition, Inc.	Revolver	08/01/2029		1,171		(23	)
Kodiak Buyer, LLC	Delayed Draw Term Loan	07/26/2027		408		(2	)
Kodiak Buyer, LLC	Revolver	07/23/2032		429		(2	)
LHS Borrower, LLC (Leaf Home)	Revolver	09/04/2031		395		(17	)
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	02/17/2028		22		—
LJ Avalon Holdings, LLC	Revolver	02/01/2029		650		(7	)
LeadVenture, Inc.	Delayed Draw Term Loan	06/23/2027		865		(36	)
LeadVenture, Inc.	Revolver	06/23/2032		645		(27	)
LegitScript, LLC	Revolver	06/24/2028		1,667		(21	)
LogRhythm, Inc.	Revolver	07/02/2029		750		(139	)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	06/11/2027		353		(4	)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	12/11/2028		1,284		(13	)
MAI Capital Management Intermediate, LLC	Revolver	08/29/2031		651		(6	)
MHE Intermediate Holdings, LLC	Revolver	07/21/2027		1,000		(7	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
MRI Software, LLC	Revolver	02/10/2028		1,300		(2	)
Magneto Components Buyco, LLC	Revolver	12/05/2029		2,529		—
Majesco, Inc.	Revolver	01/07/2033		628		(5	)
ManTech International CP	Revolver	09/14/2028		507		(3	)
Merative, LP	Delayed Draw Term Loan	09/30/2027		2,071		—
Merative, LP	Revolver	09/30/2032		1,812		—
Mobile Communications America, Inc.	Delayed Draw Term Loan	06/23/2027		572		—
Mobile Communications America, Inc.	Revolver	10/16/2029		884		—
Model N, Inc.	Revolver	06/27/2031		1,166		(22	)
Montana Buyer, Inc.	Revolver	07/22/2028		981		—
NDT Global Holding, Inc.	Delayed Draw Term Loan	06/04/2027		686		(5	)
NDT Global Holding, Inc.	Revolver	06/04/2032		613		(5	)
Nasuni Corporation	Revolver	09/10/2030		1,810		(20	)
Netwrix Corporation And Concept Searching, Inc.	Revolver	06/11/2029		430		(6	)
OEConnection, LLC	Delayed Draw Term Loan	12/26/2028		876		(17	)
OEConnection, LLC	Revolver	12/23/2032		231		(5	)
Oak Purchaser, Inc.	Delayed Draw Term Loan	08/30/2027		860		(15	)
Oak Purchaser, Inc.	Revolver	05/31/2028		447		(8	)
One, Inc. Software Corporation	Delayed Draw Term Loan	12/06/2027		982		(15	)
One, Inc. Software Corporation	Revolver	12/06/2032		393		(6	)
Onit, Inc.	Delayed Draw Term Loan	01/27/2027		6,944		—
Onit, Inc.	Revolver	01/27/2032		2,315		—
Optimizely North America, Inc.	Revolver	10/30/2031		1,236		(62	)
PMA Parent Holdings, LLC	Revolver	01/31/2031		354		(4	)
PPT Purchaser, LLC	Delayed Draw Term Loan	12/23/2027		1,030		(8	)
PPT Purchaser, LLC	Revolver	12/23/2032		768		(6	)
Pacvue Intermediate, LLC	Revolver	10/19/2028		2,074		—
Pamlico Avant Holdings, LP	Revolver	12/31/2032		208		(2	)
Pareto Health Intermediate Holdings, Inc.	Revolver	06/01/2029		939		(7	)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028		3,577		(81	)
PerkinElmer U.S., LLC	Delayed Draw Term Loan	10/25/2027		1,323		(7	)
Pound Bidco, Inc.	Revolver	05/01/2029		375		(3	)
Procure Acquireco, Inc. (Procure Analytics)	Delayed Draw Term Loan	10/31/2026		579		—
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028		238		—
Project Accelerate Parent, LLC	Revolver	02/24/2031		1,250		—
R1 Holdings, LLC	Revolver	12/29/2028		57		(5	)
Railpros Parent, LLC	Delayed Draw Term Loan	05/24/2027		2,432		(6	)
Railpros Parent, LLC	Revolver	05/24/2032		1,737		(4	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	12/20/2027		2,742		(27	)
Randy's Holdings, Inc.	Revolver	11/01/2029		607		(6	)
Raptor Merger Sub Debt, LLC	Delayed Draw Term Loan	03/10/2028		587		(2	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Raptor Merger Sub Debt, LLC	Revolver	04/01/2030		2,198		(9	)
Real Chemistry Intermediate III, Inc.	Delayed Draw Term Loan	10/11/2027		897		(13	)
Real Chemistry Intermediate III, Inc.	Revolver	04/12/2032		1,950		(29	)
Revalize, Inc.	Revolver	04/16/2029		39		(4	)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	03/30/2027		7,116		—
Ridge Trail US Bidco, Inc.	Revolver	03/31/2031		2,756		—
Riskonnect Parent, LLC	Revolver	12/07/2028		778		(4	)
Rivet Bidco Limited	Delayed Draw Term Loan	04/09/2029		501		(5	)
Rivet Bidco Limited	Revolver	04/08/2032		134		(1	)
Routeware, Inc.	Delayed Draw Term Loan	09/18/2031		1,056		(10	)
Routeware, Inc.	Revolver	09/18/2031		341		(3	)
Runway Bidco, LLC	Delayed Draw Term Loan	12/17/2026		2,715		(47	)
Runway Bidco, LLC	Revolver	12/17/2031		1,357		(24	)
SV Newco 2, Inc.	Revolver	06/02/2031		1,986		(12	)
Saturn Borrower, Inc.	Revolver	11/10/2028		1,275		(43	)
Securonix, Inc.	Revolver	04/05/2029		2,101		(1,097	)
Sherlock Buyer Corp.	Revolver	12/07/2029		1,286		(140	)
Smarsh, Inc.	Delayed Draw Term Loan	01/31/2027		417		(23	)
Smarsh, Inc.	Delayed Draw Term Loan	01/31/2027		536		(29	)
Smarsh, Inc.	Revolver	02/16/2029		407		(22	)
Spark Buyer, LLC	Revolver	10/15/2031		179		(17	)
Specialty Pharma III, Inc.	Revolver	12/23/2032		478		(5	)
Spectrotel MidCo II, LLC	Delayed Draw Term Loan	10/02/2028		163		(1	)
Spectrotel MidCo II, LLC	Revolver	09/30/2033		245		(3	)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	04/28/2027		96		—
Spectrum Automotive Holdings Corp.	Revolver	06/29/2027		726		—
Stepping Stones Healthcare Services, LLC	Revolver	01/05/2033		525		(3	)
Superman Holdings, LLC	Revolver	08/29/2031		2,901		(22	)
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	12/28/2026		301		—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028		1,117		—
Suveto Buyer, LLC	Delayed Draw Term Loan	11/15/2026		122		—
Suveto Buyer, LLC	Revolver	09/09/2027		1,296		—
Sweep Purchaser, LLC	Revolver	06/30/2028		844		(4	)
TA Polaris Buyer, Inc.	Delayed Draw Term Loan	12/12/2028		2,984		(94	)
TA Polaris Buyer, Inc.	Revolver	12/13/2032		1,297		(41	)
Tamarack Intermediate, LLC	Delayed Draw Term Loan	07/01/2027		1,789		(4	)
Tamarack Intermediate, LLC	Revolver	03/12/2029		1,853		(5	)
Tank Holding Corp.	Revolver	03/31/2028		720		(23	)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	02/02/2032		1,268		(73	)
Tidi Legacy Products, Inc.	Revolver	12/19/2029		306		—
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2027		1,835		(68	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2027		550		(30	)
Transit Technologies, LLC	Revolver	08/20/2030		1,705		(63	)
Trintech, Inc.	Delayed Draw Term Loan	01/28/2028		2,284		(46	)
Trintech, Inc.	Revolver	01/28/2033		1,713		(34	)
Triple Lift, Inc.	Revolver	05/05/2028		4,000		(118	)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026		112		—
Trunk Acquisition, Inc.	Revolver	02/19/2030		857		—
Two Six Labs, LLC	Revolver	08/20/2030		3,392		(14	)
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026		244		(2	)
UHY Advisors, Inc.	Revolver	11/21/2031		461		(3	)
UpStack, Inc.	Delayed Draw Term Loan	08/23/2027		1,909		(29	)
UpStack, Inc.	Delayed Draw Term Loan	09/04/2028		937		(5	)
UpStack, Inc.	Revolver	08/25/2031		1,500		(22	)
V Global Holdings, LLC	Revolver	01/02/2029		313		(24	)
VRC Companies, LLC	Revolver	06/29/2027		1,540		(4	)
Vacation Rental Brands, LLC	Delayed Draw Term Loan	09/04/2028		650		(6	)
Valkyrie Buyer, LLC	Revolver	05/06/2030		1,179		(12	)
Vamos Bidco, Inc.	Delayed Draw Term Loan	01/30/2027		1,575		(28	)
Vamos Bidco, Inc.	Revolver	01/30/2032		270		(5	)
Vanco Payment Solutions, LLC	Revolver	12/01/2031		175		(3	)
Vehlo Purchaser, LLC	Revolver	05/24/2028		503		(8	)
Velotic Borrower, LP	Revolver	03/02/2033		329		(2	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	03/06/2028		492		(3	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026		603		(63	)
Vertex Service Partners, LLC	Revolver	11/08/2030		41		(3	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	05/03/2028		909		(9	)
Vessco Midco Holdings, LLC	Revolver	07/24/2031		920		(9	)
WIPFLI Advisory, LLC	Delayed Draw Term Loan	04/01/2028		1,831		(18	)
WIPFLI Advisory, LLC	Revolver	10/01/2032		1,462		(15	)
World Insurance Associates, LLC	Revolver	04/03/2030		1,269		(29	)
YI, LLC	Revolver	12/03/2029		883		(1	)
Zarya Intermediate, LLC	Revolver	07/01/2027		2,085		(23	)
Zenith Acquisitionco, LLC	Delayed Draw Term Loan	01/15/2029		658		(7	)
Zenith Acquisitionco, LLC	Revolver	01/13/2033		259		(3	)
eShipping, LLC	Delayed Draw Term Loan	12/23/2027		1,075		(11	)
eShipping, LLC	Revolver	12/23/2032		537		(5	)
iCIMS, Inc.	Revolver	08/18/2028		25		(1	)
mPulse Mobile, Inc.	Delayed Draw Term Loan	08/26/2027		1,731		(91	)
mPulse Mobile, Inc.	Revolver	08/26/2032		2,596		(136	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated			$	364,306	$	(5,367	)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.	Delayed Draw Term Loan	02/28/2027		690		—
KWOR Acquisition, Inc.	Revolver	02/28/2030		506		—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated			$	1,196	$	—
First Lien Debt —controlled/affiliated
AMCP Pet Holdings, Inc. (Brightpet)	Delayed Draw Term Loan	03/23/2028		1,531		(66	)
Total First Lien Debt Unfunded Commitments —controlled/affiliated			$	1,531	$	(66	)
Total Unfunded Commitments			$	367,033	$	(5,433	)

(19) 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 nine months ended September 30, 2026 were as follows:


	Fair Value as of December 31, 2025		Gross Additions (b)		Gross Reductions (c)			Net Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair Value as of September 30, 2026		Interest, Dividend and Other Income
KWOR Acquisition, Inc.(a)	$	4,789	$	235	$	(2,158	)	$	(998	)	$	—	$	1,868	$	237
Total	$	4,789	$	235	$	(2,158	)	$	(998	)	$	—	$	1,868	$	237

(a) Inclusive of positions titled KWOR Intermediate I, Inc.

(b) 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.

(c) 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.

(20) As defined in the 1940 Act, the Company is deemed to be a “control person” of the portfolio company as the Company owns, either directly or indirectly, 25% or more of the portfolio company’s voting securities (“controlled affiliate”). Transactions related to investments in controlled affiliates for the nine months ended September 30, 2026 were as follows:


	Fair Value as of December 31, 2025		Gross Additions (a)		Gross Reductions (b)		Net Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair Value as of September 30, 2026		Interest, Dividend and Other Income
Capstone Lending LLC	$	—	$	129,811	$	—	$	(2,321	)	$	—	$	127,490	$	7,484
Brightpet		—		21,185		—		—			—		21,185		54
Total	$	—	$	150,996	$	—	$	(2,321	)	$	—	$	148,675	$	7,538

Although the Company owns more than 25% of the voting securities of Capstone Lending LLC, the Company does not believe that it has control over Capstone Lending LLC (other than for purposes of 1940 Act). See Note 4 “Investments”.

(a) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Additional Information

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

September 30, 2026

(In thousands, except share amounts)


Interest Rate Swaps(a)(b)(d)
Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value			Upfront Payments/ Receipts		Change in Unrealized Appreciation/ (Depreciation)
BNP Paribas(c)	2029 Notes	6.41%	S + 2.37%	05/17/2029	$	350,000	$	(6,635	)		—	$	(13,472	)
BNP Paribas(c)	2030 Notes	6.25%	S + 2.54%	05/19/2030		350,000		(13,048	)		—		( ⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 31.8 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 10-Q - Morgan Stanley Direct Lending Fund (MSDL) Accession Number: 0001193125-26-449886

Source: View Original Filing on SEC EDGAR

Morgan Stanley Direct Lending lists 9.32% loan

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