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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.

Fair value
$3.9B
Schedule of investments, 10-Q and 10-K
Borrowers
248
Schedule of investments, 10-Q and 10-K
Mark on cost
97.0¢
Schedule of investments, 10-Q and 10-K
First lien
94%
Schedule of investments, 10-Q and 10-K
Schedule of investments (1,040)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $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•• →
  2. $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•• →
  3. 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
  4. 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 →
  5. 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
15
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
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$4.0B24897c79519 bp
Mar 31, 2026$4.1B24398c67506 bp
Dec 31, 2025$3.8B24698c52515 bp
Sep 30, 2025$3.8B23098c49522 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$3.8B23199c57533 bp
Mar 31, 2025$11B22499c51540 bp
Dec 31, 2024$13B22899c96543 bp
Sep 30, 2024$7.3B21599c46557 bp
Jun 30, 2024$3.6B20799c43573 bp
Mar 31, 2024$6.6B19199c35595 bp
Dec 31, 2023$6.4B18499c35598 bp
Sep 30, 2023$6.2B17999c23605 bp
Jun 30, 2023$3.0B16998c14606 bp
Mar 31, 2023$2.9B16798c9588 bp
Dec 31, 2022$2.9B16298c11585 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Jun 30, 2024
738 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
M•••••• I••••••••• C•delayed draw term loan lien unstatedNot disclosedNot disclosed
P••••• H••••• I••••••••• H•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
P••••••••• F••• • S•••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
H•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
U••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
T••• H•••••• C••••revolver lien unstatedNot disclosedNot disclosed
V•• C••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
G••••• P••••••••• R•••• S••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
Z•••• I••••••••• L••revolver lien unstatedNot disclosedNot disclosed
H••• S••••• B••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
F•• S•••• H•••••••• L••revolver lien unstatedNot disclosedNot disclosed
F•••••••• A••••••••• C•delayed draw term loan lien unstatedNot disclosedNot disclosed
E••••• L••• H••••••• C••••delayed draw term loan lien unstatedNot disclosedNot disclosed
M•••••• C••••••••• B••••• L••revolver lien unstatedNot disclosedNot disclosed
V•• C••••••••• L••revolver lien unstatedNot disclosedNot disclosed
B•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
V••••• S•••••• P•••••••• L••revolver lien unstatedNot disclosedNot disclosed
R••••• M••••• S•• D•••• L••revolver lien unstatedNot disclosedNot disclosed
A•• H•••• L••revolver lien unstatedNot disclosedNot disclosed
A•••••• T••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
A•••••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
A••••••• B••••• I••revolver lien unstatedNot disclosedNot disclosed
T•• S•• L•••• L••revolver lien unstatedNot disclosedNot disclosed
C••••• P•••••••• L••revolver lien unstatedNot disclosedNot disclosed
D••••••• C•••••••••revolver lien unstatedNot disclosedNot disclosed
D••••delayed draw term loan lien unstatedNot disclosedNot disclosed
E••••• H•••••••• L••revolver lien unstatedNot disclosedNot disclosed
G• W•••• H•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
G•••••• U• H•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
T•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
P•• T• H•••••••• I•••revolver lien unstatedNot disclosedNot disclosed
M••••• C••••••••• A••••••• I•••revolver lien unstatedNot disclosedNot disclosed
M•••• N• I•••revolver lien unstatedNot disclosedNot disclosed
T•••• A••••••••• I•••revolver lien unstatedNot disclosedNot disclosed
C•••• I••••••••• L••delayed draw term loan lien unstatedNot disclosedNot disclosed
P••••••••• F••• • S•••••• L••revolver lien unstatedNot disclosedNot disclosed
T••• L••••• P•••••••• I•••delayed draw term loan lien unstatedNot disclosedNot disclosed
S••••••• B•••••• L••revolver lien unstatedNot disclosedNot disclosed
Page 8 of 8Previous
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