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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
Borrowers
248
Mark on cost
97.0¢
First lien
94%
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$3.9B as of Jun 30, 2026
Dec 31, 2022$2.9B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$3.9B24897c79519 bp
Mar 31, 2026$4.0B24398c67506 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, 2026
1,040 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
S••••• B••••• L••revolver first lienNot disclosedNot disclosed
T•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
U••••••• I•••revolver first lienNot disclosedNot disclosed
V••••• S•••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+600 bp
W•••• I•••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
Z••••• A••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
B••••• S••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+6 bp
R••••••• P•••••• L••revolver first lienNot disclosedNot disclosed
Z•••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+7 bp
3•• R••••• M•••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+650 bp
B••• R•••• P••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
C••• B••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
E••• P••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
E••••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
F•••••••• O••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
J••••••••• P•••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
J••••••••• P•••••• I•••revolver first lienNot disclosedNot disclosedS+5 bp
M••••••• I•••revolver first lienNot disclosedNot disclosedS+5 bp
M•••••• I••••••••• C•revolver first lienNot disclosedNot disclosed
O•••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
O•••• I•••revolver first lienNot disclosedNot disclosedS+5 bp
S••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosed
T••••••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
T•••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
U•• A•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
V•••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
V••••••••• L••delayed draw term loan first lienNot disclosedNot disclosed
V•••••• P••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
Y•• L••revolver first lienNot disclosedNot disclosedS+575 bp
E•••••••• S••••••• H•••••• C•••••••••revolver first lienNot disclosedNot disclosedS+575 bp
T••••• L•••• I•••revolver first lienNot disclosedNot disclosedS+6 bp
W••••• A•••••••• L••revolver first lienNot disclosedNot disclosed
V•• C••••••••• L••revolver first lienNot disclosedNot disclosedS+550 bp
T•••••• T••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
S••••••• A••••••••• H••••••• C••••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
R•••••••• I•••revolver first lienNot disclosedNot disclosedS+7 bp
R••••• M••••• S•• D•••• L••revolver first lienNot disclosedNot disclosed
P•••••• G••••• I•••••••• S•••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
O•• P••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+6 bp
N•• G••••• H••••••• I•••delayed draw term loan first lienNot disclosedNot disclosed
G••••• B•••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
F•••••••• A••••••••• C••revolver first lienNot disclosedNot disclosedS+5 bp
E•••••• W••• A••••••••• C••••••• L••revolver first lienNot disclosedNot disclosedS+625 bp
C•••• U• B••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
C••••••••• L••revolver first lienNot disclosedNot disclosedS+450 bp
C••••• P•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
H••••• S•••••••• I•••revolver first lienNot disclosedNot disclosedS+5 bp
I••• B••••• L••revolver first lienNot disclosedNot disclosedS+500 bp
I••• S•••••••• A••••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
K••••• B••••• L••delayed draw term loan first lienNot disclosedNot disclosed
M•• C•••••• M••••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
N••••• C•••••••••revolver first lienNot disclosedNot disclosedS+5 bp
R•••• B•••• L••••••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
V•••• P••••••••• L••revolver first lienNot disclosedNot disclosed
A••••••••• I•••revolver first lienNot disclosedNot disclosedS+650 bp
A••••••• I••••••••• L••revolver first lienNot disclosedNot disclosed
A••••••• B••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+4 bp
A••••••••• I•••revolver first lienNot disclosedNot disclosedS+625 bp
A•••••••• H•••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
C••••• I••••••••• I•• L••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
C•••• U• B••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
E••••••• I•••revolver first lienNot disclosedNot disclosedS+4 bp
G• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+5 bp
M•• I••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+600 bp
S••••••••• I•••revolver first lienNot disclosedNot disclosedS+775 bp
S••••••• A••••••••• H••••••• C••••revolver first lienNot disclosedNot disclosedS+525 bp
S••••••• P•••••••• I••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+525 bp
T••••••• I••••••••• L••revolver first lienNot disclosedNot disclosedS+475 bp
T••• H•••••• C••••revolver first lienNot disclosedNot disclosed
V• G••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+575 bp
A•••• I••••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosed
C••• B••••••• L••revolver first lienNot disclosedNot disclosed
R••••••• P•••• S••••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
S••••••• B•••• C••••revolver first lienNot disclosedNot disclosedS+575 bp
V•••• B••••• I•••revolver first lienNot disclosedNot disclosed
C••• L••••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+475 bp
G• W•••• H•••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+450 bp
I•• H•••••• C••••revolver first lienNot disclosedNot disclosedS+525 bp
L••••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
M•••••••• L•delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
R••••••• P•••••• L••delayed draw term loan first lienNot disclosedNot disclosed
T•••• A••••••••• I•••delayed draw term loan first lienNot disclosedNot disclosedS+575 bp
e••••••••• L••revolver first lienNot disclosedNot disclosed
C••• C••••••••• H••••••• L••revolver first lienNot disclosedNot disclosedS+6 bp
C•••• I••••••••• L••delayed draw term loan first lienNot disclosedNot disclosedS+475 bp
D• B•••••• C••••revolver first lienNot disclosedNot disclosed
D•••••••• D••••• H••••••• L••revolver first lienNot disclosedNot disclosed
E••••••••• H•••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
F•••••••• O••••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
G•• M••••• S••• L••delayed draw term loan first lienNot disclosedNot disclosedS+500 bp
L••••••••• L••revolver first lienNot disclosedNot disclosedS+5 bp
N•• G••••• H••••••• I•••revolver first lienNot disclosedNot disclosed
O••• I••• S••••••• C•••••••••delayed draw term loan first lienNot disclosedNot disclosedS+5 bp
R•••••• H•••••••• I•••revolver first lienNot disclosedNot disclosedS+500 bp
T•••• A••••••••• I•••revolver first lienNot disclosedNot disclosedS+575 bp
V•••• P•••••• S••••••••• L••revolver first lienNot disclosedNot disclosed
V••••••••• L••revolver first lienNot disclosedNot disclosed
m••••• M•••••• I•••revolver first lienNot disclosedNot disclosedS+5 bp
L••• H••••••• C••••
E•••••
delayed draw term loan first lienNot disclosedNot disclosed
Page 9 of 11PreviousNext
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
Across the graphs

M••••• S•••••• D••••• L•••••• F••• is the same institution as 1 record in Independent Sponsors.

Independent Sponsors1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

Checking your plan…

Capital chain

M••••• S•••••• D••••• L•••••• F••• sits on 76 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

3,658 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)