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M••••• S•••••• D••••• L•••••• F•••

Business development companymanaged by M• C•••••• P••••••• A•••••• I•••Listed: MSDL· NEW YORK, NY

A business development company traded as MSDL, managed by M• C•••••• P••••••• A•••••• I•••, holding $3.9B across 248 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $3.9B
Borrowers: 248
Mark on cost: 97.0¢
First lien: 94%

Schedule of investments (1,040)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$97.9M
on non-accrual, 5 borrowers
5 borrowers on non-accrual, $97.9M principal; the largest is S•••••••• L•• ($49.2M).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen S•••••••• L•• →
$80M
newly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $80M principal: S•••••••• L•• ($49.2M), U• I•••• S••• B••••• L•• ($18.6M), B•• H••••••• I• C••• ($12.2M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open S•••••••• L•• →
26 below 80¢
$183M principal
26 positions across 20 borrowers marked below 80¢ on cost, $183M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
67 → 79
loans paying in kind
Loans paying in kind rose from 67 to 79 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
243 → 248
borrowers
Added a net 5 borrowers in the quarter to Jun 30, 2026, to 248.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1782524 · file 814-01332Show

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, debt pieces

Unfunded

$402M

commitments not yet drawn

Positions

1,040

248 borrowers

First lien

94%

96% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

564

37 sponsors financed

Portfolio through time

Fair value by quarter end$4.0B as of Jun 30, 2026

Dec 31, 2022$2.9B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$4.0B	248	97c	79	519 bp
Mar 31, 2026	$4.1B	243	98c	67	506 bp
Dec 31, 2025	$3.8B	246	98c	52	515 bp
Sep 30, 2025	$3.8B	230	98c	49	522 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$3.8B	231	99c	57	533 bp
Mar 31, 2025	$11B	224	99c	51	540 bp
Dec 31, 2024	$13B	228	99c	96	543 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

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V•• C••••••••• L•• first lien term loan
13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••
$66.8M 100c
G• A••••••••• I•• first lien term loan
26 BDCs hold it · matures May 25, 2028 · possible sponsor G•••••• C••••••
$61.6M 94c
F••••••••• R••• P••••••• C••• first lien term loan
13 BDCs hold it · matures Oct 29, 2030 · possible sponsor W•••••• P••••• L••
$54.2M 101c
W•••• I•••••••• A••••••••• L•• first lien term loan
21 BDCs hold it · matures Apr 30, 2030 · possible sponsor C••••••••• C•••••• P•••••••• L••
$51.0M 101c
P••••• H••••• I••••••••• H•••••••• I•• first lien term loan
14 BDCs hold it · matures Jun 3, 2030
$50.4M 100c
P•••••• G••••• I•••••••• S•••••••• L•• first lien term loan
14 BDCs hold it · matures Oct 31, 2028 · possible sponsor G• P•••••••
$49.9M 98c
R•••••• S••••••• G••••• L•• first lien term loan
15 BDCs hold it · matures Jun 16, 2032
$49.6M 100c
S•••••••• L•• first lien term loan
2 BDCs hold it · matures Dec 9, 2026 · possible sponsor F•••••• I••••••••• P•••••••
$49.2M 71c
A••• P•• H•••••••• I•• first lien term loan
3 BDCs hold it · matures Jan 4, 2028
$48.0M 56c
C•••••• I••••••••• I•• first lien term loan
9 BDCs hold it · matures Aug 4, 2027
$47.0M 100c
G• D• C•••••••• A••••••••• L•• first lien term loan
6 BDCs hold it · matures Mar 9, 2029
$45.8M 100c
S•••••• E••••••••• L•• first lien term loan
10 BDCs hold it · matures Aug 5, 2028
$45.0M 98c

Schedule of investments at Sep 30, 2023

480 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
W•••• I•••••••• A••••••••• L••	unstated lien unstated	$0	-$64,000 492c	S+575 bp
G••••• B•••••••• L••	unstated lien unstated	$0	-$68,000 252c	S+525 bp
P•• I••••••••• H••••••• L••	unstated lien unstated	$0	-$75,000 100c	S+575 bp
G•• A••••••••• C•••• ••• O••••••••	unstated lien unstated	$0	-$91,000 284c	S+500 bp
C•••• I••••••••• L••	unstated lien unstated	$0	-$104,000 100c	S+525 bp
S••••••••• I•••	unstated lien unstated	$0	-$112,000 224c	S+650 bp
G• W•••• H•••••••• I•••	unstated lien unstated	$14,000	-$148,000 100c	S+600 bp
H••••• S•••••• P•••••••• L••	unstated lien unstated	$0	-$155,000 100c	S+625 bp
S••••• S•••••• L••	term loan first lien	$0	-$204,000 300c	S+575 bp
C••• C••••••••• H••••••• L••	unstated lien unstated	$0	-$230,000 299c	S+650 bp
F••••••••• R••• P••••••• C••••	unstated lien unstated	$0	-$246,000 523c	S+675 bp
T••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F•• S•••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
E••••• L••• H••••••• C••••	unstated lien unstated	Not disclosed	Not disclosed
R•••••• S••••••• G••••• L••	unstated lien unstated	Not disclosed	Not disclosed		Jun 15, 2029
I••••••••• O••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C••••• C•••••••• A•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••• M••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
M•• I••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
L••••••••• S•••••••• L••	term loan first lien	Not disclosed	Not disclosed
P•••••• S•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• T••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
H•••••••• V••••••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••• C••••••••• H••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••••	unstated lien unstated	Not disclosed	Not disclosed
G••••• P••••••••• R•••• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H••••• S•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
H••••••••• I•••••••• A•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
G••••• O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R•• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
D•• I••••••••• H•••••••• L••	term loan first lien	Not disclosed	Not disclosed
P•••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
R••••••••• P•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
Z•••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
K•••• A••••••••• I•••	term loan first lien	Not disclosed	Not disclosed
A•• N•••••• S•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T••••• B••••• I••• •••••• N••••••••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• G•••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed		Feb 10, 2027
F••••••••• R••• P••••••• C••••	unstated lien unstated	Not disclosed	Not disclosed
3•• R••••• M•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••• M••••• S•• D•••• L••	unstated lien unstated	Not disclosed	Not disclosed
P•••••• G••••• I•••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H••• S••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed		Apr 14, 2028
M•••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
4•••••• S••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G•• A••••••••• C•••• ••• O••••••••	unstated lien unstated	Not disclosed	Not disclosed
G••••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
G• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T•••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••• U• F••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
P•••••• S••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• I••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
W•••• I•••••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I•••••••• M•••••• S•••••• I•••••••••	term loan first lien	Not disclosed	Not disclosed
T••••• L•••• I•••	unstated lien unstated	Not disclosed	Not disclosed
M••••••• W••• H•••••••	unstated lien unstated	Not disclosed	Not disclosed
B•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• B•••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P••••••••• I••••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
E••••••••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P••••• H••••• I••••••••• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
T••	unstated lien unstated	Not disclosed	Not disclosed
A••• P•• H•••••••• I••• •••••••••	term loan first lien	Not disclosed	Not disclosed
V••••• M•••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F•• H••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
M••••••	unstated lien unstated	Not disclosed	Not disclosed
C••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T••••	unstated lien unstated	Not disclosed	Not disclosed
B••••••••• T••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••• A••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
V• G••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed

Page 5 of 5Previous

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: M••••• S•••••• D••••• L•••••• F••• LLC; M••••• S•••••• BDC LLCreported
Latest schedule: 0001193125-26-337915reported