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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 Sep 30, 2025
872 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
T•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
C••••• I••••••••• I•• L••revolver first lienNot disclosedNot disclosedS+450 bp
T••• L••••• P•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
S••••••• P•••••••• I••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
B••••••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
R•••••• S••••••• G••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
A••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
M••••••• L•delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
L••••••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
A•••• U• F••••• I•••revolver first lienNot disclosedNot disclosed
A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
C••• L••••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
G• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+525 bp
I•••••• M••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
M••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
M••••••• L•revolver first lienNot disclosedNot disclosedS+475 bp
P• I••••••••• H••••••• I••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
M••••• C••••••••• A••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
P•••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
R••••••• P•••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
S• N•••• 2• I•••revolver first lienNot disclosedNot disclosedS+475 bp
T••••• B••••• I••• •••••• N••••••••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
U••••• F••• T••••••••• I••••••••• H••••• I•• L••revolver first lienNot disclosedNot disclosedS+525 bp
G•• M••••• S••• L••revolver first lienNot disclosedNot disclosedS+525 bp
E••••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
E••••••• I•••revolver first lienNot disclosedNot disclosedS+425 bp
C•• B••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
D••••revolver first lienNot disclosedNot disclosedS+475 bp
F•• S•••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
E•••••• B••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
L••• H••••••• C••••
E•••••
delayed draw term loan first lienNot disclosedNot disclosed
B••••••••• T••••••••• I•••revolver first lienNot disclosedNot disclosedS+450 bp
A••••• H••••••• C••••revolver first lienNot disclosedNot disclosedS+550 bp
K••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
M•• I••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
M•• S•••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
M•••• N• I•••revolver first lienNot disclosedNot disclosedS+475 bp
R••••••• P•••• S••••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
A••••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A•• H•••• L••revolver first lienNot disclosedNot disclosedS+525 bp
A•••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A•••••••• P•••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A•••••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
A•• H•••• L••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
A••••• P•••••• S•••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
D• B•••••• C••••revolver first lienNot disclosedNot disclosedS+475 bp
K••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+625 bp
C•••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+625 bp
A••••• P•••••• S•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
A••••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
A•••• M••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
V•••••• P••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
V•••••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
T••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
S•••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
A••••• S••••••• C••••revolver first lienNot disclosedNot disclosedS+475 bp
R•••••• I•••••••••revolver first lienNot disclosedNot disclosedS+625 bp
R••••••••• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
G••••••• I••••••••• I•• L••revolver first lienNot disclosedNot disclosedS+425 bp
F••••••• A••••••••• C•••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
D••••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
A•••••• T••••••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
A••••• A••••••••• L••revolver first lienNot disclosedNot disclosed
A•• G•••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
T•••••••• I•••revolver first lienNot disclosedNot disclosedS+550 bp
T•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
S•••• B••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
S•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
P••••••••• F••• • S•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
P•••••• P••••• B••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
L•• B•••••••• L••revolver first lienNot disclosedNot disclosedS+525 bp
I••••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
Page 9 of 9Previous
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