DFX Intelligence

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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 Jun 30, 2025

854 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C••• L••••••• H•••••••• I•••	term loan first lien	$0	$0 0c	S+500 bp
A•••••• I••••	term loan first lien	$0	$0 0c	S+475 bp
A••••••••• I•••	term loan first lien	$0	$0 0c	S+475 bp
C••• C••••••••• H••••••• L••	term loan first lien	$0	$0 0c	S+550 bp
G•• M••••• S••• L••	term loan first lien	$0	$0 0c	S+525 bp
C•••• H•••••••• L••	term loan first lien	$0	$0 0c	S+525 bp
G• W•••• H•••••••• I•••	term loan first lien	$0	$0 0c	S+475 bp
Z•••• I••••••••• L••	term loan first lien	$0	$0	S+650 bp
E••• P••••••••• I•••	term loan first lien	$0	$0 0c	S+550 bp
E•••••• B••••• I•••	term loan first lien	$0	$0 0c	S+475 bp
E••• P••••••••• I•••	term loan first lien	$0	$0 0c	S+550 bp
E•••••••• T••••••••• C••••	term loan first lien	$0	-$1,000 100c	S+525 bp
S••••••• S••••• H••••••••• S•••••••• L••	term loan first lien	$0	-$1,000 33c	S+500 bp
E•••••• W••• A••••••••• C••••••• L••	term loan first lien	$0	-$1,000 50c	S+625 bp
E••••••• I•••	term loan first lien	$0	-$1,000 100c	S+425 bp
P•• P••••• H•••••••• L••	term loan first lien	$0	-$2,000 67c	S+550 bp
C•••• R••••• a•• I••••• C••••••• L••	term loan first lien	$0	-$2,000 22c	S+475 bp
C•• B••••• I•••	term loan first lien	$0	-$2,000 100c	S+500 bp
N•••••• C••••••••• A•• C•••••• S••••••••• I•••	term loan first lien	$0	-$2,000 100c	S+475 bp
V•••• B••••• I•••	term loan first lien	$0	-$2,000 33c	S+475 bp
E••••••• I•••	term loan first lien	$0	-$2,000 100c	S+425 bp
I•••••• 3••• L••	term loan first lien	$0	-$3,000 33c	S+500 bp
R••••• B••••• L••	term loan first lien	$0	-$3,000 25c	S+500 bp
O••••••••• N•••• A••••••• I•••	term loan first lien	$0	-$3,000 27c	S+500 bp
C••••• I••••••••• I•• L••	term loan first lien	$0	-$4,000 20c	S+450 bp
I•••••• 3••• L••	term loan first lien	$0	-$4,000 57c	S+500 bp
S••••• B••••• L••	term loan first lien	$0	-$4,000 50c	S+475 bp
Y•• L••	term loan first lien	$0	-$4,000 31c	S+575 bp
A••••••••• I•••	term loan first lien	$0	-$4,000 100c	S+625 bp
A•••• U• F••••• I•••	term loan first lien	$0	-$5,000 100c	S+500 bp
V•••• B••••• I•••	term loan first lien	$0	-$5,000 45c	S+475 bp
D• B•••••• C••••	term loan first lien	$0	-$6,000 60c	S+475 bp
I• I••••••••• H•••••••• L••	term loan first lien	$0	-$6,000 60c	S+500 bp
H••••••••• I•••	term loan first lien	$0	-$6,000 19c	S+550 bp
N•• G••••• H••••••• I•••	term loan first lien	$0	-$7,000 100c	S+450 bp
R••••• B••••• L••	term loan first lien	$0	-$7,000 58c	S+500 bp
C•• C••••••••• P•••••• L••	term loan first lien	$0	-$7,000 37c	S+475 bp
N•• G••••• H••••••• I•••	term loan first lien	$0	-$7,000 100c	S+450 bp
D••••••• C•••••••••	term loan first lien	$0	-$8,000 32c	S+500 bp
C••••••••• L••	term loan first lien	$0	-$8,000 100c	S+500 bp
R••• C•••••••• I••••••••• I••• I•••	term loan first lien	$0	-$9,000 100c	S+450 bp
A•••• I••••••••• H•••••••• I•••	term loan first lien	$0	-$9,000 100c	S+450 bp
I••••••••• I•••	term loan first lien	$0	-$9,000 64c	S+450 bp
K••• A••••••••• I•••	term loan first lien	$0	-$9,000 60c	S+500 bp
F••••••• A••••••••• C•••• I•••	term loan first lien	$0	-$10,000 200c	S+500 bp PIK 2.75%
R••• C•••••••• I••••••••• I••• I•••	term loan first lien	$0	-$10,000 100c	S+450 bp
N•• H•••••••• I•••	term loan first lien	$0	-$10,000 200c	S+475 bp
A•••••••• P•••••••• L••	term loan first lien	$0	-$12,000 43c	S+525 bp
A••••• A••••••••• I•••	term loan first lien	$0	-$12,000 46c	S+500 bp
L••••••••• I•••	term loan first lien	$0	-$13,000 100c	S+525 bp
I••••••••• I•••	term loan first lien	$0	-$14,000 117c	S+450 bp
M•••••• C••••••••• B••••• L••	term loan first lien	$0	-$16,000 47c	S+600 bp PIK 2.58%
O•••• I•••	term loan first lien	$0	-$16,000 73c	S+475 bp
L••••••••• I•••	term loan first lien	$0	-$18,000 82c	S+750 bp
R••••••• P•••••• L••	term loan first lien	$0	-$20,000 100c	S+450 bp
E•••••••• T••••••••• C••••	term loan first lien	$0	-$20,000 167c	S+525 bp
R••••••• P•••••• L••	term loan first lien	$0	-$20,000 100c	S+450 bp
S••••••• B•••• C••••	term loan first lien	$0	-$21,000 210c	S+575 bp
S•••• B••••• L••	term loan first lien	$0	-$22,000 367c	S+525 bp
A••••• S••••••• C••••	term loan first lien	$0	-$23,000 100c	S+475 bp
E••••••• B••••• I•••	term loan first lien	$0	-$33,000 103c	S+525 bp PIK 3.13%
S••••• B•••••••• I•••	term loan first lien	$0	-$41,000 146c	S+600 bp
T••• H•••••• C••••	term loan first lien	$0	-$42,000 600c	S+600 bp
O•••• I•••	term loan first lien	$0	-$49,000 148c	S+475 bp
A••••• H••••••• C••••	term loan first lien	$0	-$66,000 213c	S+550 bp
E••••••• B••••• I•••	term loan first lien	$0	-$74,000 206c	S+525 bp PIK 3.13%
G• D• C•••••••• A••••••••• L••	term loan first lien	$0	-$110,000 131c	S+450 bp
T••••• L•••• I•••	term loan first lien	$0	-$178,000 539c	S+575 bp
S••••••••• I•••	term loan first lien	$85,000	-$424,000 -771c	S+775 bp PIK 3.75%
S••••••• P•••••••• I••• I•••	unstated lien unstated	Not disclosed	Not disclosed
V••••• S•••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••• S•••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
G••••• B•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• T••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
T••• L••••• P•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• B•••• C••••	unstated lien unstated	Not disclosed	Not disclosed
B••••• S••••••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• C••••••••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
U•• A•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
G•••••• U• H•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed		Sep 22, 2026
R••••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••• H•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
V•••• B••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••• A••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
A••••• P•••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••••• P•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F••••• S•••••••• G••••• L••	unstated lien unstated	Not disclosed	Not disclosed
F•••••••• O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G•••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
H••••••••• I•••••••• A•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
O•• P••••••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
M•• C•••••• M••••••••• I••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
N••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
M•••••• I••••••••• C•	unstated lien unstated	Not disclosed	Not disclosed

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