DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
BDC portfolio
Morgan Stanley Direct Lending Fund
Fair value
$3.9B
as of Jun 30, 2026
Principal held
$3.9B
debt pieces, the filer's figure
Cost
$4.0B
97c on cost
Unfunded
$402M
commitments not yet drawn
Positions
1,040
303 borrowers
First lien
94%
96% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
564
37 sponsors financed
Portfolio through time
Fair value by quarter end$3.9B as of Jun 30, 2026
Dec 31, 2022$2.9B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $3.9B | 303 | 97c | 79 | 509 bp |
| Mar 31, 2026 | $4.0B | 298 | 98c | 67 | 503 bp |
| Dec 31, 2025 | $3.8B | 299 | 98c | 52 | 512 bp |
| Sep 30, 2025 | $3.8B | 279 | 98c | 49 | 520 bp |
| Jun 30, 2025 | $3.8B | 231 | 99c | 57 | 533 bp |
| Mar 31, 2025 | $11B | 224 | 99c | 51 | 540 bp |
| Dec 31, 2024 | $13B | 286 | 99c | 96 | 540 bp |
| Sep 30, 2024 | $7.3B | 215 | 99c | 46 | 557 bp |
| Jun 30, 2024 | $3.6B | 207 | 99c | 43 | 573 bp |
| Mar 31, 2024 | $6.6B | 191 | 99c | 35 | 595 bp |
| Dec 31, 2023 | $6.4B | 184 | 99c | 35 | 598 bp |
| Sep 30, 2023 | $6.2B | 179 | 99c | 23 | 605 bp |
| Jun 30, 2023 | $3.0B | 169 | 98c | 14 | 606 bp |
| Mar 31, 2023 | $2.9B | 167 | 98c | 9 | 588 bp |
| Dec 31, 2022 | $2.9B | 162 | 98c | 11 | 585 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
- Warburg Pincus LLC carried4 borrowers $85.4M
- Genstar Capital carried3 borrowers $94.1M
- TJC LP carried3 borrowers $81.3M
- 3 borrowers $38.4M
- Francisco Partners inferred3 borrowers $31.5M
- Littlejohn & Co., LLC carried2 borrowers $99.6M
- 2 borrowers $76.9M
- Leonard Green & Partners, L.P. carried2 borrowers $74.5M
- Summit Partners, L.P. carried2 borrowers $70.2M
- Alpine Investors carried2 borrowers $44.1M
- Hg carried2 borrowers $41.4M
- GSV Equity Holdings, LLC inferred2 borrowers $35.1M
- Kohlberg & Company inferred1 borrower $82.1M
- Plexus Capital carried1 borrower $70.0M
- Windjammer Capital Investors carried1 borrower $66.8M
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- VRC Companies, LLC first lien term loan15 BDCs hold it · matures Jun 29, 2029 · Windjammer Capital Investors$66.8M 100c
- Software GS AcquisitionCo, Inc first lien term loan5 BDCs hold it · matures May 25, 2028$61.6M 94c
- Foundation Risk Partners Corp first lien term loan12 BDCs hold it · matures Oct 29, 2030 · Warburg Pincus LLC$54.2M 101c
- World Insurance Associates, LLC first lien term loan23 BDCs hold it · matures Apr 30, 2030 · Charlesbank Capital Partners, LLC$51.0M 101c
- Pareto Health Intermediate Holdings, Inc first lien term loan15 BDCs hold it · matures Jun 3, 2030$50.4M 100c
- Patriot Growth Insurance Services, LLC first lien term loan16 BDCs hold it · matures Oct 31, 2028 · Summit Partners, L.P.$49.9M 98c
- Redwood Services Group, LLC first lien term loan15 BDCs hold it · matures Jun 1, 2032$49.6M 100c
- Spectrio, LLC first lien term loan2 BDCs hold it · matures Dec 9, 2026 · TJC LP$49.2M 71c
- AMCP Pet Holdings, Inc first lien term loan3 BDCs hold it · matures Jan 4, 2028$48.0M 56c
- Catalis Intermediate, Inc first lien term loan10 BDCs hold it · matures Aug 4, 2027$47.0M 100c
- GI DI Cornfield Acquisition, LLC first lien term loan6 BDCs hold it · matures Mar 9, 2029$45.8M 100c
- Sonny's Enterprises, LLC first lien term loan11 BDCs hold it · matures Aug 5, 2028$45.0M 98c
Schedule of investments at Jun 30, 2026
1,040 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Capstone Lending, LLC | equity equity | n/a | $103M 98c | ||
| VRC Companies, LLC Commercial Services & Supplies | term loan first lien | $66.3M | $66.2M 100c | SOFR+550 bp | Jun 29, 2027 |
| Software GS AcquisitionCo, Inc. | term loan first lien | $59.1M | $55.5M 94c | SOFR+5 bp | May 25, 2028 |
| World Insurance Associates, LLC Insurance Services | term loan first lien | $51.0M | $50.8M 101c | SOFR+5 bp | Apr 3, 2030 |
| Patriot Growth Insurance Services, LLC Insurance Services | term loan first lien | $48.5M | $47.3M 98c | SOFR+5 bp | Oct 16, 2028 |
| Sonny's Enterprises, LLC Automobile Components | term loan first lien | $44.8M | $43.7M 98c | SOFR+550 bp | Aug 5, 2028 |
| MRI Software, LLC Real Estate Management & Development | term loan first lien | $43.5M | $43.4M 100c | SOFR+475 bp | Feb 10, 2028 |
| Distributors PT Intermediate Holdings III, LLC | term loan first lien | $43.0M | $43.0M 101c | SOFR+475 bp | Apr 9, 2030 |
| Foundation Risk Partners Corp. Insurance Services | term loan first lien | $41.5M | $41.5M 101c | SOFR+5 bp | Oct 29, 2030 |
| Software User Zoom Technologies, Inc. | term loan first lien | $42.0M | $40.0M 96c | SOFR+725 bp PIK 1.25% | Apr 5, 2029 |
| Recovery Point Systems, Inc. IT Services | term loan first lien | $39.6M | $39.6M 100c | SOFR+575 bp | Feb 14, 2028 |
| Software CLEO Communications Holding, LLC | term loan first lien | $38.3M | $38.3M 100c | SOFR+6 bp | Jun 9, 2027 |
| Catalis Intermediate, Inc. IT Services | term loan first lien | $38.4M | $38.1M 100c | SOFR+5 bp | Aug 4, 2027 |
| Syntax Systems, Ltd. IT Services | term loan first lien | $36.7M | $36.7M 100c | SOFR+475 bp | Oct 27, 2028 |
| Hyland Software, Inc. Health Care Technology | term loan first lien | $35.8M | $35.8M 101c | SOFR+5 bp | Sep 19, 2030 |
| Integrity Marketing Acquisition, LLC Insurance Services | term loan first lien | $35.6M | $35.6M 100c | SOFR+5 bp | Aug 25, 2028 |
| Pareto Health Intermediate Holdings, Inc. Health Care Providers & Services | term loan first lien | $35.6M | $35.2M 100c | SOFR+5 bp | Jun 3, 2030 |
| Zarya Intermediate, LLC Real Estate Management & Development | term loan first lien | $34.6M | $34.2M 99c | SOFR+7 bp | Jul 1, 2027 |
| Software Anaplan, Inc. | term loan first lien | $32.5M | $32.4M 100c | SOFR+5 bp | Jun 21, 2029 |
| Software Artifact Bidco, Inc. | term loan first lien | $31.7M | $31.7M 101c | SOFR+4 bp | Jul 28, 2031 |
| KPSKY Acquisition, Inc. Construction & Engineering | term loan first lien | $33.0M | $30.3M 93c | SOFR+550 bp | Oct 19, 2028 |
| GI DI Cornfield Acquisition, LLC IT Services | term loan first lien | $30.3M | $30.2M 100c | SOFR+5 bp | Mar 9, 2029 |
| Apex Service Partners, LLC Diversified Consumer Services | term loan first lien | $30.1M | $30.1M 101c | SOFR+500 bp | Oct 24, 2030 |
| Higginbotham Insurance Agency, Inc. Insurance Services | term loan first lien | $29.1M | $29.1M 101c | SOFR+5 bp | Jun 11, 2031 |
| Software Apryse Software Corp. | term loan first lien | $27.7M | $27.7M 101c | SOFR+5 bp | Jun 28, 2032 |
| Software Diligent Corporation | term loan first lien | $28.1M | $27.6M 99c | 12.09% PIK 0.08% | Aug 2, 2030 |
| Deerfield Dakota Holding, LLC Professional Services | term loan first lien | $27.9M | $27.4M 99c | SOFR+575 bp PIK 2.75% | Sep 13, 2032 |
| PAI Holdco, Inc. Automobile Components | term loan second lien | $28.0M | $27.2M 98c | SOFR+750 bp PIK 2.00% | Oct 30, 2028 |
| Accordion Partners, LLC Professional Services | term loan first lien | $27.2M | $27.0M 100c | SOFR+500 bp | Nov 17, 2031 |
| Automobiles Drivecentric Holdings, LLC | term loan first lien | $26.6M | $26.6M 101c | SOFR+450 bp | Aug 15, 2031 |
| Raptor Merger Sub Debt, LLC Industrial Conglomerates | term loan first lien | $26.5M | $26.3M 101c | SOFR+5 bp | Apr 1, 2030 |
| FORTIS Solutions Group, LLC Containers & Packaging | term loan first lien | $26.3M | $26.2M 100c | SOFR+550 bp | Oct 13, 2028 |
| PDI TA Holdings, Inc. Consumer Staples Distribution & Retail | term loan first lien | $27.4M | $26.0M 96c | SOFR+600 bp PIK 2.50% | Feb 3, 2031 |
| Software LegitScript, LLC | term loan first lien | $25.9M | $25.6M 100c | SOFR+5 bp | Jun 24, 2029 |
| High Street Buyer, Inc. Insurance Services | term loan first lien | $25.6M | $25.4M 100c | SOFR+4 bp | Apr 14, 2028 |
| Triple Lift, Inc. Interactive Media & Services | term loan first lien | $26.6M | $25.2M 95c | SOFR+6 bp | May 5, 2028 |
| Aptean, Inc. Industrial Conglomerates | term loan first lien | $25.3M | $24.8M 99c | SOFR+5 bp | Jan 30, 2031 |
| Galway Borrower, LLC Insurance Services | term loan first lien | $25.0M | $24.6M 99c | SOFR+5 bp | Sep 29, 2028 |
| Pritchard Industries, LLC Real Estate Management & Development | term loan first lien | $24.6M | $24.0M 98c | SOFR+575 bp | Oct 13, 2027 |
| Software Everbridge Holdings, LLC | term loan first lien | $23.7M | $23.7M 100c | SOFR+5 bp | Jul 2, 2031 |
| Ridge Trail US Bidco, Inc. IT Services | term loan first lien | $23.6M | $23.6M 101c | SOFR+450 bp | Sep 30, 2031 |
| Software Pound Bidco, Inc. | term loan first lien | $23.9M | $23.6M 99c | SOFR+5 bp | May 1, 2029 |
| Software Alert Media, Inc. | term loan first lien | $23.7M | $23.4M 99c | SOFR+625 bp PIK 5.25% | Apr 12, 2028 |
| AMCP Pet Holdings, Inc. (Brightpet) Food Products | term loan first lien | $41.8M | $23.4M 56c | SOFR+700 bp PIK 3.00% | Jan 4, 2028 |
| Spectrio, LLC Interactive Media & Services | term loan first lien | $32.1M | $22.9M 71c | SOFR+6 bp | Dec 9, 2026 |
| Software Hootsuite, Inc. | term loan first lien | $22.1M | $21.7M 100c | SOFR+6 bp | May 22, 2030 |
| Software AuditBoard, Inc. | term loan first lien | $22.2M | $21.5M 98c | SOFR+5 bp | Jul 14, 2031 |
| Any Hour, LLC Diversified Consumer Services | term loan first lien | $23.7M | $21.2M 90c | SOFR+575 bp PIK 3.25% | May 23, 2030 |
| Apollo Acquisition, Inc. IT Services | term loan first lien | $21.5M | $21.1M 99c | SOFR+5 bp | Dec 30, 2031 |
| Software Appfire Technologies, LLC | term loan first lien | $20.4M | $20.3M 100c | SOFR+5 bp | Mar 9, 2028 |
| Pacvue Intermediate, LLC Diversified Consumer Services | term loan first lien | $19.9M | $19.9M 101c | SOFR+525 bp | Oct 19, 2028 |
| Infinite Bidco, LLC Electronic Equipment, Instruments & Components | term loan second lien | $20.1M | $19.7M 98c | SOFR+700 bp | Mar 2, 2029 |
| Superman Holdings, LLC Construction & Engineering | term loan first lien | $19.7M | $19.6M 100c | SOFR+450 bp | Aug 29, 2031 |
| SV Newco 2, Inc. Ground Transportation | term loan first lien | $19.5M | $19.4M 101c | SOFR+500 bp | Jun 2, 2031 |
| Bridgepointe Technologies, LLC IT Services | term loan first lien | $19.1M | $18.9M 100c | SOFR+5 bp | Apr 18, 2033 |
| Spectrum Automotive Holdings Corp. Automobile Components | term loan first lien | $18.8M | $18.8M 101c | SOFR+525 bp | Jun 29, 2028 |
| Software E-Discovery AcquireCo, LLC | term loan first lien | $19.4M | $18.7M 98c | SOFR+625 bp | Aug 29, 2029 |
| EVDR Purchaser, Inc. Diversified Consumer Services | term loan first lien | $18.5M | $18.5M 101c | SOFR+450 bp | Feb 14, 2031 |
| Thrive Buyer, Inc. (Thrive Networks) IT Services | term loan first lien | $19.4M | $18.5M 96c | SOFR+500 bp PIK 2.50% | Feb 2, 2032 |
| Software Espresso Bidco, Inc. | term loan first lien | $18.6M | $18.2M 99c | SOFR+6 bp PIK 3.13% | Mar 25, 2032 |
| Software Onit, Inc. | term loan first lien | $18.2M | $18.2M 101c | SOFR+5 bp | Jan 27, 2032 |
| Merative, LP Health Care Providers & Services | term loan first lien | $18.0M | $18.0M 100c | SOFR+5 bp | Sep 30, 2032 |
| Software Securonix, Inc. | term loan first lien | $22.2M | $18.0M 81c | SOFR+775 bp PIK 3.75% | Apr 5, 2029 |
| Inhabitiq, Inc. Real Estate Management & Development | term loan first lien | $17.7M | $17.7M 100c | SOFR+450 bp | Jan 12, 2032 |
| Software Revalize, Inc. | term loan first lien | $19.5M | $17.6M 90c | SOFR+7 bp PIK 1.75% | Apr 16, 2029 |
| Redwood Services Group, LLC IT Services | term loan first lien | $17.5M | $17.5M 101c | SOFR+525 bp | Jun 15, 2029 |
| mPulse Mobile, Inc. Health Care Providers & Services | term loan first lien | $18.1M | $17.4M 97c | SOFR+5 bp | Feb 25, 2033 |
| Redwood Services Group, LLC IT Services | term loan first lien | $17.3M | $17.2M 100c | SOFR+525 bp | Jun 15, 2029 |
| Inszone Mid, LLC Insurance Services | term loan first lien | $17.4M | $17.2M 100c | SOFR+5 bp | Nov 30, 2029 |
| Two Six Labs, LLC Aerospace & Defense | term loan first lien | $17.1M | $17.0M 100c | SOFR+500 bp | Aug 20, 2030 |
| Distributors ABB Concise Optical Group, LLC | term loan first lien | $17.0M | $16.6M 98c | SOFR+750 bp | Feb 23, 2028 |
| Cerity Partners, LLC Financial Services | term loan first lien | $16.5M | $16.4M 101c | SOFR+450 bp | Jul 28, 2031 |
| FLS Holding, Inc. Commercial Services & Supplies | term loan first lien | $19.1M | $16.4M 86c | SOFR+575 bp PIK 0.50% | Dec 15, 2028 |
| Essential Services Holding Corporation Diversified Consumer Services | term loan first lien | $17.3M | $16.3M 95c | SOFR+575 bp PIK 2.88% | Jun 17, 2031 |
| Help/Systems Holdings, Inc. IT Services | term loan second lien | $18.6M | $15.9M 86c | 12.74% PIK 9.00% | May 21, 2029 |
| BCTO Bluebill Midco, Inc. Financial Services | term loan first lien | $15.8M | $15.5M 99c | SOFR+450 bp | Jul 30, 2032 |
| GI DI Cornfield Acquisition, LLC IT Services | term loan first lien | $15.5M | $15.4M 100c | SOFR+5 bp | Mar 9, 2029 |
| Magneto Components Buyco, LLC Electronic Equipment, Instruments & Components | term loan first lien | $15.4M | $15.4M 101c | SOFR+575 bp | Dec 5, 2030 |
| Bullhorn, Inc. Professional Services | term loan first lien | $15.4M | $15.3M 100c | SOFR+500 bp | Oct 1, 2029 |
| Automobiles Vehlo Purchaser, LLC | term loan first lien | $15.4M | $15.2M 99c | SOFR+525 bp | May 24, 2028 |
| Project Potter Buyer, LLC Building Products | term loan first lien | $14.9M | $14.9M 100c | SOFR+525 bp | Apr 23, 2027 |
| Pareto Health Intermediate Holdings, Inc. Health Care Providers & Services | term loan first lien | $14.8M | $14.7M 99c | SOFR+5 bp | Jun 3, 2030 |
| Chemicals Tank Holding Corp. | term loan first lien | $15.3M | $14.7M 96c | SOFR+575 bp | Mar 31, 2028 |
| PPV Intermediate Holdings, LLC Health Care Providers & Services | term loan first lien | $14.8M | $14.6M 99c | SOFR+6 bp | Aug 31, 2029 |
| Software Nasuni Corporation | term loan first lien | $14.5M | $14.2M 99c | SOFR+5 bp | Sep 10, 2030 |
| Trintech, Inc. Financial Services | term loan first lien | $13.7M | $13.4M 99c | SOFR+475 bp | Jan 28, 2033 |
| Software Fullsteam Operations, LLC | term loan first lien | $13.8M | $13.4M 98c | SOFR+5 bp | Aug 8, 2031 |
| HSI Halo Acquisition, Inc. Commercial Services & Supplies | term loan first lien | $13.4M | $13.4M 101c | SOFR+500 bp | Jun 30, 2031 |
| BP Purchaser, LLC Containers & Packaging | term loan first lien | $17.7M | $13.1M 75c | SOFR+750 bp PIK 1.00% | Dec 11, 2028 |
| Software Granicus, Inc. | term loan first lien | $13.1M | $13.1M 101c | SOFR+6 bp PIK 2.25% | Jan 17, 2031 |
| Spectrum Automotive Holdings Corp. Automobile Components | term loan first lien | $13.0M | $13.0M 101c | SOFR+525 bp | Jun 29, 2028 |
| Jeppesen Holdings, LLC Transportation Infrastructure | term loan first lien | $13.1M | $12.9M 99c | SOFR+475 bp | Nov 1, 2032 |
| Atlas US Finco, Inc. Commercial Services & Supplies | term loan first lien | $13.0M | $12.9M 100c | SOFR+450 bp | Dec 9, 2029 |
| ComPsych Investment Corp. Professional Services | term loan first lien | $12.9M | $12.9M 100c | SOFR+475 bp | Jul 22, 2031 |
| 365 Retail Market, LLC Financial Services | term loan first lien | $12.9M | $12.8M 100c | SOFR+475 bp | May 6, 2033 |
| Deerfield Dakota Holding, LLC Professional Services | term loan first lien | $13.0M | $12.8M 99c | SOFR+6 bp PIK 0.03% | Sep 13, 2032 |
| Amerilife Holdings, LLC Insurance Services | term loan first lien | $12.8M | $12.8M 100c | SOFR+5 bp | Aug 31, 2029 |
| Arcoro Holdings Corp. Construction & Engineering | term loan first lien | $12.8M | $12.4M 98c | SOFR+550 bp | Mar 28, 2030 |
| SV Newco 2, Inc. Ground Transportation | term loan first lien | $12.3M | $12.2M 101c | SOFR+500 bp | Jun 2, 2031 |
| Infinite Bidco, LLC Electronic Equipment, Instruments & Components | term loan first lien | $12.0M | $12.0M 101c | SOFR+625 bp | Mar 2, 2028 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2020 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- Morgan Stanley Direct Lending Fund LLC; Morgan Stanley BDC LLCreported
- Latest schedule
- 0001193125-26-337915reported