UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31,

2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _ to _

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)

Delaware	84-2009506
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1585 Broadway	10036
New York, NY	(Zip Code)
(Address of principal executive offices)

1 (212) 761-4000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	MSDL	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value, outstanding at May 6, 2026 was 84,764,712.

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED March 31, 2026

Part I. Financial Information
Item 1.	Consolidated Financial Statements (unaudited)
	Consolidated Statements of Assets and Liabilities	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Net Assets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	71
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	99
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	109
Item 4.	Controls and Procedures	110
Part II. Other Information
Item 1.	Legal Proceedings	110
Item 1A.	Risk Factors	110
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	110
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
SIGNATURES

Part I. Financial Statements

Item 1. Consolidated Financial Statements (unaudited)

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)


			December 31, 2025
			(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of 3,662,649 and 3,833,800)	3,565,757		$	3,766,757
Non-controlled/affiliated investments, at fair value (amortized cost of 11,242 and 5,239)	10,121			4,789
Controlled/affiliated investments, at fair value (amortized cost of 94,532 and 0)	93,072			—
Total investments, at fair value (cost of 3,768,423 and 3,839,039)	3,668,950			3,771,546
Cash and cash equivalents (restricted cash of 3,820 and 3,820)	80,657			81,434
Investments in unaffiliated money market fund (cost of 19,856 and 12,976)	19,856			12,976
Deferred financing costs	15,917			16,874
Interest and dividend receivable from non-controlled/non-affiliated investments	28,410			26,332
Interest receivable from non-controlled/affiliated investments	142			89
Interest receivable from controlled/affiliated investments	1,165			—
Receivable for investments sold/repaid	4,543			455
Other assets	5,163			10,390
Total assets	3,824,803			3,920,096
Liabilities
Debt (net of unamortized debt issuance costs of 10,110 and 10,545)	2,053,053			2,086,672
Payable for investment purchased	7			—
Payable to affiliates (Note 3)	83			91
Distributions payable	38,485			43,222
Management fees payable	9,430			9,596
Income based incentive fees payable	5,800			7,281
Interest payable	24,847			20,945
Accrued expenses and other liabilities	2,631			4,200
Total liabilities	2,134,336			2,172,007
Commitments and contingencies (Note 7)
Net assets
Preferred stock, 0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)	—			—
Common stock, par value 0.001 (500,000,000 shares authorized; 85,335,813 and 86,276,305 shares issued and outstanding)	85			86
Paid-in capital in excess of par value	1,752,913			1,767,623
Distributable earnings (loss)	(62,531	)		(19,620	)
Total net assets	1,690,467		$	1,748,089
Total liabilities and net assets	3,824,803		$	3,920,096
Net asset value per share	19.81		$	20.26

All values are in US Dollars.

The accompanying notes are an integral part of these consolidated financial statements

Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share amounts)

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	81,640		$	94,941
Payment-in-kind income		4,051			4,188
Dividend income		932			594
Other income		1,123			1,695
From non-controlled/affiliated investments:
Interest income		100			26
Payment-in-kind income		53			14
From controlled/affiliated investments:
Dividend income		1,165			—
Total investment income		89,064			101,458
Expenses:
Interest and other financing expenses		30,665			34,179
Management fees		9,430			9,618
Income based incentive fees		5,800			9,843
Professional fees		1,474			1,608
Directors’ fees		129			129
Administrative service fees		61			60
General and other expenses		161			182
Total expenses		47,720			55,619
Management fees waiver (Note 3)		—			(641	)
Incentive fees waiver (Note 3)		—			(375	)
Net expenses		47,720			54,603
Net investment income (loss) before taxes		41,344			46,855
Excise tax expense		834			627
Net investment income (loss) after taxes		40,510			46,228
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments		(13,173	)		562
Foreign currency and other transactions		2			(13	)
Net realized gain (loss)		(13,171	)		549
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments		(29,707	)		(17,148	)
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments		(672	)		42
Net change in unrealized appreciation (depreciation) on controlled/affiliated investments		(1,459	)		—
Translation of assets and liabilities in foreign currencies		(11	)		(1	)
Net unrealized appreciation (depreciation)		(31,849	)		(17,107	)
Net realized and unrealized gain (loss)		(45,020	)		(16,558	)
Net increase (decrease) in net assets resulting from operations	$	(4,510	)	$	29,670
Earnings per share (basic and diluted)	$	(0.05	)	$	0.34
Weighted average shares outstanding (basic and diluted)		85,775,149			88,413,652

The accompanying notes are an integral part of these unaudited consolidated financial statements

Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

(In thousands, except share and per share amount)

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Net assets at the beginning of period	$	1,748,089		$	1,842,156
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		40,510			46,228
Net realized gain (loss)		(13,171	)		549
Net change in unrealized appreciation (depreciation)		(31,849	)		(17,107	)
Net increase in net assets resulting from operations		(4,510	)		29,670
Distributions to stockholders from:
Distributable earnings		(38,401	)		(44,010	)
Total distributions to stockholders		(38,401	)		(44,010	)
Capital transactions:
Repurchase of common stock		(14,711	)		(10,009	)
Net increase (decrease) in net assets resulting from capital transactions		(14,711	)		(10,009	)
Total increase (decrease) in net assets		(57,622	)		(24,349	)
Net assets at end of period	$	1,690,467		$	1,817,807
Distributions per share	$	0.45		$	0.50

The accompanying notes are an integral part of these unaudited consolidated financial statements

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	(4,510	)	$	29,670
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments		31,838			17,106
Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies		11			1
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes		(109	)		(24	)
Net realized (gain) loss on investments		13,173			(562	)
Net realized (gain) loss on foreign currency and other transactions		(2	)		13
Investments in unaffiliated money market fund, net		(6,880	)		—
Net accretion of discount and amortization of premium on investments		(3,517	)		(4,297	)
Payment-in-kind interest and dividend capitalized		(4,884	)		(4,936	)
Amortization of deferred financing costs		1,016			960
Amortization of debt issuance costs and original issuance discount on unsecured notes		1,070			1,138
Purchases of investments and change in payable for investments purchased		(173,960	)		(203,744	)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid		235,719			201,944
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments		(2,078	)		3,579
(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments		(53	)		41
(Increase) decrease in interest and dividend receivable from controlled/affiliated investments		(1,165	)		—
(Increase) decrease in other assets		5,227			(2,651	)
(Decrease) increase in payable to affiliates		(8	)		(18	)
(Decrease) increase in management fees payable		(166	)		1,935
(Decrease) increase in income based incentive fees payable		(1,481	)		512
(Decrease) increase in interest payable		3,902			(4,839	)
(Decrease) increase in accrued expenses and other liabilities		(6,796	)		(1,724	)
Net cash provided by (used in) operating activities		86,347			34,104
Cash flows from financing activities:
Borrowings on debt		196,000			193,000
Repayments on debt		(225,000	)		(163,000	)
Deferred financing costs paid		(59	)		(4,309	)
Debt issuance costs paid		(206	)		—
Distributions paid in cash		(43,138	)		(53,137	)
Repurchases of common stock		(14,711	)		(9,616	)
Net cash provided by (used in) financing activities		(87,114	)		(37,062	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(767	)		(2,958	)
Effect of foreign exchange rate changes on cash		(10	)		(14	)
Cash, cash equivalents and restricted cash, beginning of period		81,434			72,372
Cash, cash equivalents and restricted cash, end of period	$	80,657		$	69,400

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

Supplemental information and non-cash activities:
Excise tax paid	$	2,792		$	2,567
Interest expense paid	$	25,060		$	36,946
Distributions payable	$	38,485		$	44,103
Non-cash purchases of investments	$	(8,127	)	$	(5,010	)
Non-cash sales of investments	$	8,127		$	5,010

The accompanying notes are an integral part of these unaudited consolidated financial statements

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date		Cost(5)			Fair Value
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
AA&D Midco, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.40%	11/29/2030	10,569	$	10,469		$	10,463		0.62	%
AA&D Midco, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.40%	11/29/2030	1,664		1,648			1,648		0.10
AA&D Midco, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.40%	11/29/2030	581		566			565		0.03
Jonathan Acquisition Company	(6) (9)	First Lien Debt	S +	4.50%	8.20%	11/12/2029	2,666		2,630			2,619		0.15
Jonathan Acquisition Company	(6) (9) (17)	First Lien Debt	P +	3.50%	10.25%	05/11/2029	33		28			27		0.00
ManTech International CP	(6) (8) (10)	First Lien Debt	S +	4.50%	8.17%	09/14/2029	4,122		4,119			4,122		0.24
ManTech International CP	(6) (10)	First Lien Debt	S +	4.50%	8.17%	09/14/2029	59		58			59		0.00
ManTech International CP	(6) (10) (17)	First Lien Debt	P +	3.50%	10.25%	09/14/2028	—		—			—		0.00
Two Six Labs, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	8.95%	08/20/2027	36,658		36,412			36,585		2.16
Two Six Labs, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.95%	08/20/2027	6,372		6,326			6,359		0.38
Two Six Labs, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.95%	08/20/2027	—		(10	)		(4	)	0.00
Zenith Acquisitionco, LLC	(6) (7) (11)	First Lien Debt	S +	4.50%	8.18%	01/13/2033	1,379		1,373			1,373		0.08
Zenith Acquisitionco, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	01/13/2033	32		30			30		0.00
Zenith Acquisitionco, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	01/13/2033	—		(1	)		(1	)	0.00
									63,648			63,845		3.78
Air Freight & Logistics
RoadOne IntermodaLogistics	(6) (9)	First Lien Debt	S +	6.75%	10.45%	12/29/2028	1,618		1,592			1,537		0.09
RoadOne IntermodaLogistics	(6) (9)	First Lien Debt	S +	6.75%	10.45%	12/29/2028	148		146			141		0.01
RoadOne IntermodaLogistics	(6) (9) (17)	First Lien Debt	S +	6.75%	10.45%	12/29/2028	295		290			278		0.02
									2,028			1,956		0.12
Automobile Components
Continental Acquisition Holdings, Inc.	(6) (9) (12)	First Lien Debt	S +	7.00% PIK	10.85%	07/20/2028	6,473		6,415			2,806		0.17
OEConnection, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.18%	12/23/2032	1,493		1,486			1,459		0.09
OEConnection, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/23/2032	—		(2	)		(20	)	0.00
OEConnection, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/23/2032	—		(1	)		(5	)	0.00
PAI Holdco, Inc.	(6) (9)	Second Lien Debt	S +	7.50% (incl. 2.00% PIK)	11.32%	10/30/2028	27,847		27,596			23,222		1.37
Randy's Holdings, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	5.00%	8.67%	11/01/2029	7,208		7,084			7,117		0.42
Randy's Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	11/01/2029	2,149		2,092			2,087		0.12
Randy's Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	11/01/2029	45		31			34		0.00
Sonny's Enterprises, LLC	(6) (7) (9)	First Lien Debt	S +	5.50%	9.31%	08/05/2028	44,960		44,654			43,725		2.59
Sonny's Enterprises, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.31%	08/05/2028	112		110			108		0.01
Spectrum Automotive Holdings Corp.	(6) (7) (8) (10)	First Lien Debt	S +	5.25%	8.92%	06/29/2028	22,870		22,737			22,870		1.35

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Spectrum Automotive Holdings Corp.	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	06/29/2028	15,816	15,686		15,816		0.94
Spectrum Automotive Holdings Corp.	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	06/29/2027	—	(3	)	—		0.00
								127,885		119,219		7.05
Automobiles
COP Collisionright Parent, LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.42%	01/29/2030	8,971	8,860		8,903		0.53
COP Collisionright Parent, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.42%	01/29/2030	5,953	5,839		5,837		0.35
COP Collisionright Parent, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.42%	01/29/2030	202	186		191		0.01
Drivecentric Holdings, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.19%	08/15/2031	26,596	26,378		26,596		1.57
Drivecentric Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.19%	08/15/2031	—	(1	)	—		0.00
Drivecentric Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.19%	08/15/2031	—	(27	)	—		0.00
LeadVenture, Inc.	(6) (7) (10)	First Lien Debt	S +	5.00%	8.70%	06/23/2032	8,787	8,666		8,618		0.51
LeadVenture, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	06/23/2032	685	669		653		0.04
LeadVenture, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	06/23/2032	38	27		22		0.00
Vehlo Purchaser, LLC	(6) (8) (10)	First Lien Debt	S +	5.50%	9.17%	05/24/2028	4,065	4,041		3,994		0.24
Vehlo Purchaser, LLC	(6) (10)	First Lien Debt	S +	5.50%	9.17%	05/24/2028	15,474	15,352		15,203		0.90
Vehlo Purchaser, LLC	(6) (10) (17)	First Lien Debt	S +	5.50%	9.17%	05/24/2028	—	(3	)	(9	)	0.00
								69,987		70,008		4.14
Banks
Computer Services, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.20%	11/17/2031	2,251	2,240		2,222		0.13
Computer Services, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.20%	11/17/2031	—	(2	)	(13	)	0.00
								2,238		2,209		0.13
Beverages
Vamos Bidco, Inc.	(6) (8) (11)	First Lien Debt	S +	4.75%	8.45%	01/30/2032	5,359	5,312		5,225		0.31
Vamos Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/30/2032	—	(9	)	(56	)	0.00
Vamos Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/30/2032	—	(6	)	(17	)	0.00
								5,297		5,152		0.30
Building Products
Project Potter Buyer, LLC	(6) (8) (9)	First Lien Debt	S +	5.25%	8.95%	04/23/2027	14,924	14,920		14,907		0.88
Project Potter Buyer, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	04/23/2027	—	—		(1	)	0.00
								14,920		14,906		0.88
Chemicals
Tank Holding Corp.	(7) (8) (10)	First Lien Debt	S +	5.75%	9.55%	03/31/2028	15,355	15,222		13,660		0.81
Tank Holding Corp.	(10)	First Lien Debt	S +	5.75%	9.55%	03/31/2028	481	473		429		0.03
Tank Holding Corp.	(10) (17)	First Lien Debt	S +	5.75%	9.55%	03/31/2028	—	(5	)	(88	)	(0.01	)
V Global Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	6.25% (incl. 3.70% PIK)	10.05%	01/02/2029	4,799	4,762		4,348		0.26
V Global Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	6.25% (incl. 3.70% PIK)	9.53%	01/02/2029	246	243		183		0.01

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/Shares(4)
								20,695		18,532		1.10
Commercial Services & Supplies
365 Retail Markets, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.16%	12/26/2028		16,599		16,710		0.99
365 Retail Markets, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.16%	12/26/2028		5,336		5,363		0.32
Astra Service Partners, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	11/26/2032		4,467		4,500		0.27
Astra Service Partners, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	11/26/2032		290		296		0.02
Atlas US Finco, Inc.	(6) (9) (13)	First Lien Debt	S +	4.75%	8.42%	12/10/2029		12,932		12,949		0.77
Atlas US Finco, Inc.	(6) (9) (13) (17)	First Lien Debt	S +	4.75%	8.42%	12/11/2028		(4	)	(6	)	0.00
AWP Group Holdings, Inc.	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	12/23/2030		7,151		7,330		0.43
AWP Group Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	12/23/2030		1,511		1,530		0.09
AWP Group Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	12/23/2030		503		513		0.03
BPG Holdings IV Corp.	(6) (10)	First Lien Debt	S +	7.00% (incl. 5.00% PIK)	10.70%	07/30/2029		11,384		9,693		0.57
Consor Intermediate II, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.20%	05/12/2031		6,771		6,817		0.40
Consor Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	05/12/2031		(18	)	—		0.00
Consor Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	05/12/2031		296		305		0.02
CRCI Longhorn Holdings, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.42%	08/27/2031		9,679		9,721		0.58
CRCI Longhorn Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/27/2031		(10	)	(10	)	0.00
CRCI Longhorn Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/27/2031		(13	)	(6	)	0.00
Energy Labs Holdings Corp.	(6) (9)	First Lien Debt	S +	5.00%	8.77%	04/07/2028		458		452		0.03
Energy Labs Holdings Corp.	(6) (9)	First Lien Debt	S +	5.00%	8.77%	04/07/2028		463		457		0.03
Energy Labs Holdings Corp.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.77%	04/07/2028		102		100		0.01
Firebird Acquisition Corp, Inc.	(6) (10)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67%	02/02/2032		5,759		5,783		0.34
Firebird Acquisition Corp, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67%	02/02/2032		1,842		1,853		0.11
Firebird Acquisition Corp, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67%	02/02/2032		(4	)	—		0.00
FLS Holding, Inc.	(6) (9) (13)	First Lien Debt	S +	5.25%	9.10%	12/15/2028		18,468		15,916		0.94
FLS Holding, Inc.	(6) (9) (13)	First Lien Debt	S +	5.25%	9.10%	12/15/2028		4,329		3,732		0.22
FLS Holding, Inc.	(6) (9) (13) (17)	First Lien Debt	S +	5.25%	9.10%	12/17/2027		1,769		1,516		0.09
Hercules Borrower, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	12/15/2028		4,921		4,897		0.29
Hercules Borrower, LLC	(6) (10)	First Lien Debt	C +	4.75%	7.06%	12/15/2028	C 2,985	2,086		2,118		0.13
HSI Halo Acquisition, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	06/30/2031		13,309		13,363		0.79
HSI Halo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	06/30/2031		1,592		1,599		0.09
HSI Halo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	06/28/2030		(15	)	(9	)	0.00
Iris Buyer, LLC	(6) (8) (9) (13)	First Lien Debt	S +	5.25%	8.92%	10/02/2030		6,891		6,976		0.41
Iris Buyer, LLC	(6) (9) (13)	First Lien Debt	S +	5.25%	8.92%	10/02/2030		633		641		0.04

All values are in US Dollars.

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/Shares(4)
Iris Buyer, LLC	(6) (9) (13) (17)	First Lien Debt	S +	5.25%	8.92%	10/02/2029		(16	)	(8	)	0.00
Procure Acquireco, Inc. (Procure Analytics)	(6) (10)	First Lien Debt	S +	4.75%	8.45%	12/20/2028		3,764		3,800		0.22
Procure Acquireco, Inc. (Procure Analytics)	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	12/20/2028		303		308		0.02
Procure Acquireco, Inc. (Procure Analytics)	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	12/20/2028		(2	)	—		0.00
Railpros Parent, LLC	(6) (10)	First Lien Debt	S +	4.25%	7.92%	05/24/2032		11,131		11,149		0.66
Railpros Parent, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.92%	05/24/2032		1,022		1,016		0.06
Railpros Parent, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.92%	05/24/2032		(15	)	(13	)	0.00
Routeware, Inc.	(6) (9)	First Lien Debt	S +	5.25%	8.94%	09/18/2031		3,155		3,142		0.19
Routeware, Inc.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.94%	09/18/2031		339		328		0.02
Routeware, Inc.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.94%	09/18/2031		65		64		0.00
Sherlock Buyer Corp.	(6) (8) (9)	First Lien Debt	S +	5.75%	9.45%	12/06/2030		10,593		10,124		0.60
Sherlock Buyer Corp.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.45%	12/07/2029		(8	)	(69	)	0.00
Surewerx Purchaser III, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	5.25%	8.94%	12/28/2029		5,740		5,844		0.35
Surewerx Purchaser III, Inc.	(6) (10) (13)	First Lien Debt	C +	5.25%	7.51%	12/28/2029	C 252	184		181		0.01
Surewerx Purchaser III, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.25%	8.94%	12/28/2029		(11	)	—		0.00
Surewerx Purchaser III, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.25%	8.94%	12/28/2028		277		290		0.02
Sweep Midco, LLC	(6) (16)	Second Lien Debt				03/12/2034		836		1,071		0.06
Sweep Midco, LLC	(6) (16)	Second Lien Debt				03/12/2036		—		1		0.00
Sweep Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.75% PIK	9.53%	06/30/2027		6,847		6,847		0.41
Sweep Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.75%	9.53%	06/30/2027		3,124		3,124		0.18
Sweep Purchaser, LLC	(6) (9) (17)	First Lien Debt	S +	5.75%	9.53%	06/30/2027		281		281		0.02
Tamarack Intermediate, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	03/12/2029		9,882		9,903		0.59
Tamarack Intermediate, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.67%	03/12/2029		1,573		1,579		0.09
Tamarack Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	03/12/2029		(10	)	(9	)	0.00
Transit Technologies, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.59%	08/20/2031		10,317		10,247		0.61
Transit Technologies, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.59%	08/20/2031		976		943		0.06
Transit Technologies, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.59%	08/20/2030		(12	)	(26	)	0.00
US Infra Svcs Buyer, LLC	(6) (7) (9)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	10.64%	06/13/2028		14,006		9,833		0.58
US Infra Svcs Buyer, LLC	(6) (7) (9)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	10.64%	06/13/2028		1,982		1,388		0.08

All values are in US Dollars.

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
US Infra Svcs Buyer, LLC	(6) (9) (17)	First Lien Debt	S +	6.75% (incl 5.75% PIK)	10.64%	06/13/2028	2,100	2,100		1,424		0.08
Vensure Employer Services, Inc.	(6) (11)	First Lien Debt	S +	5.00%	8.70%	09/29/2031	10,113	10,030		10,010		0.59
Vensure Employer Services, Inc.	(6) (11) (17)	First Lien Debt	S +	5.00%	8.70%	09/29/2031	—	(3	)	(3	)	0.00
VRC Companies, LLC	(6) (9)	First Lien Debt	S +	5.50%	8.98%	06/29/2027	71,325	71,047		71,325		4.22
VRC Companies, LLC	(6) (9)	First Lien Debt	S +	5.50%	8.98%	06/29/2027	490	487		490		0.03
VRC Companies, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	8.98%	06/29/2027	—	(5	)	—		0.00
								309,456		299,683		17.73
Construction & Engineering
Arcoro Holdings Corp.	(6) (8) (9)	First Lien Debt	S +	5.50%	9.20%	03/28/2030	12,815	12,629		12,529		0.74
Arcoro Holdings Corp.	(6) (9) (17)	First Lien Debt	S +	5.50%	9.20%	03/28/2030	—	(26	)	(44	)	0.00
KPSKY Acquisition, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.27%	10/19/2028	33,085	32,794		30,167		1.78
KPSKY Acquisition, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.27%	10/19/2028	7,577	7,506		6,909		0.41
LJ Avalon Holdings, LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.50%	8.15%	02/01/2030	6,201	6,124		6,201		0.37
LJ Avalon Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	4.50%	8.15%	02/01/2030	6,605	6,534		6,597		0.39
LJ Avalon Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	4.50%	8.15%	02/01/2029	—	(13	)	—		0.00
Superman Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	08/29/2031	19,797	19,716		19,649		1.16
Superman Holdings, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	08/29/2031	6,488	6,441		6,439		0.38
Superman Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	08/29/2031	—	(11	)	(22	)	0.00
								91,694		88,425		5.23
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (10)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	9.67%	02/03/2031	27,386	27,179		26,773		1.58
PDI TA Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	6.00% (incl. 2.50% PIK)	9.67%	02/03/2031	2,128	2,112		2,077		0.12
								29,291		28,850		1.71
Containers & Packaging
BP Purchaser, LLC	(6) (10)	First Lien Debt	S +	7.50% (incl. 1.00% PIK)	11.44%	12/11/2028	17,708	17,552		13,877		0.82
FORTIS Solutions Group, LLC	(6) (8) (10)	First Lien Debt	S +	5.50%	9.30%	10/13/2028	26,402	26,172		26,402		1.56
FORTIS Solutions Group, LLC	(6) (10)	First Lien Debt	S +	5.50%	9.30%	10/13/2028	273	271		273		0.02
FORTIS Solutions Group, LLC	(6) (10) (17)	First Lien Debt	S +	5.50%	9.30%	10/15/2027	1,214	1,201		1,214		0.07
								45,196		41,766		2.47
Distributors
ABB Concise Optical Group, LLC	(6) (10)	First Lien Debt	S +	7.50%	11.36%	02/23/2028	17,008	16,842		16,370		0.97
PT Intermediate Holdings III, LLC	(6) (10)	First Lien Debt	S +	4.75% (incl. 1.00% PIK)	8.45%	04/09/2030	42,966	42,683		42,966		2.54
PT Intermediate Holdings III, LLC	(6) (10) (17)	First Lien Debt	S +	4.75% (incl. 1.00% PIK)	8.45%	04/09/2030	—	(3	)	—		0.00
								59,522		59,336		3.51

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Diversified Consumer Services
Any Hour, LLC	(6) (11)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.45%	05/23/2030	23,542	23,281		21,118		1.25
Any Hour, LLC	(6) (11)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.45%	05/23/2030	667	660		598		0.04
Any Hour, LLC	(6) (11) (17)	First Lien Debt	S +	5.75% (incl. 3.25% PIK)	9.45%	05/23/2030	3,178	3,142		2,819		0.17
Any Hour, LLC	(6) (11)	Unsecured Debt		13.00% PIK	13.00%	05/23/2031	7,489	7,393		6,668		0.39
Apex Service Partners, LLC	(6) (7) (8) (9)	First Lien Debt	S +	5.00%	8.67%	10/24/2030	30,168	29,779		30,168		1.78
Apex Service Partners, LLC	(6) (9)	First Lien Debt	S +	5.00%	8.67%	10/24/2030	7,184	7,081		7,184		0.42
Apex Service Partners, LLC	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	10/24/2029	1,107	1,081		1,107		0.07
Assembly Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.25%	8.95%	10/19/2027	19,907	19,783		19,907		1.18
Assembly Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.25%	8.95%	10/19/2027	4,148	4,125		4,148		0.25
Assembly Intermediate, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	10/19/2027	—	(11	)	—		0.00
DA Blocker Corp.	(6) (8) (10) (13)	First Lien Debt	S +	4.75%	8.45%	02/10/2032	7,054	6,992		6,913		0.41
DA Blocker Corp.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	02/10/2032	—	(9	)	(44	)	0.00
DA Blocker Corp.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	02/10/2032	29	23		15		0.00
Eclipse Buyer, Inc.	(6) (8) (11)	First Lien Debt	S +	4.50%	8.18%	09/08/2031	4,244	4,209		4,212		0.25
Eclipse Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	09/08/2031	—	(3	)	(5	)	0.00
Eclipse Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	09/08/2031	—	(3	)	(3	)	0.00
Essential Services Holding Corporation	(6) (10)	First Lien Debt	S +	5.50% (incl. 2.75% PIK)	9.17%	06/17/2031	17,245	17,107		16,918		1.00
Essential Services Holding Corporation	(6) (10) (17)	First Lien Debt	S +	5.50% (incl. 2.75% PIK)	9.17%	06/17/2031	—	(18	)	(90	)	(0.01	)
Essential Services Holding Corporation	(6) (10) (17)	First Lien Debt	S +	5.50% (incl. 2.75% PIK)	9.17%	06/17/2030	1,193	1,172		1,137		0.07
EVDR Purchaser, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	02/14/2031	20,223	19,915		20,167		1.19
EVDR Purchaser, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	02/14/2031	—	(41	)	(16	)	0.00
EVDR Purchaser, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	02/14/2031	1,117	1,068		1,107		0.07
Express Wash Acquisition Company, LLC	(6) (9)	First Lien Debt	S +	6.25%	9.90%	04/10/2031	1,881	1,844		1,857		0.11
Express Wash Acquisition Company, LLC	(6) (9) (17)	First Lien Debt	S +	6.25%	9.90%	04/10/2031	—	(2	)	(1	)	0.00
FPG Intermediate Holdco, LLC	(6) (9) (14)	First Lien Debt	S +	5.00% PIK	8.70%	07/02/2029	136	134		112		0.01
FPG Intermediate Holdco, LLC	(6) (9)	First Lien Debt	S +	5.00% PIK	8.70%	07/02/2029	47	47		47		0.00
GarageCo Intermediate II, LLC	(6) (10)	First Lien Debt	S +	4.25%	7.91%	08/02/2032	2,061	2,042		2,030		0.12
GarageCo Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.91%	08/02/2032	—	(14	)	(46	)	0.00
GarageCo Intermediate II, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.91%	08/02/2032	—	(8	)	(14	)	0.00

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Heartland Home Services	(6) (10)	First Lien Debt	S +	5.75%	9.55%	12/15/2026	1,901	1,899		1,864		0.11
Kodiak Buyer, LLC	(6) (10)	First Lien Debt	S +	4.25%	7.95%	07/26/2032	1,534	1,520		1,531		0.09
Kodiak Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	07/26/2032	—	(2	)	(1	)	0.00
Kodiak Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	07/23/2032	—	(4	)	(1	)	0.00
LHS Borrower, LLC	(6) (7) (10)	First Lien Debt	S +	5.25%	8.92%	09/04/2031	6,948	6,851		6,826		0.40
LHS Borrower, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	09/04/2031	139	131		129		0.01
Lightspeed Solution, LLC	(6) (10)	First Lien Debt	S +	6.00%	9.67%	03/01/2028	9,281	9,214		9,077		0.54
Lightspeed Solution, LLC	(6) (10)	First Lien Debt	S +	6.00%	9.67%	03/01/2028	551	547		539		0.03
Project Accelerate Parent, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.92%	02/24/2031	8,597	8,531		8,597		0.51
Project Accelerate Parent, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	02/24/2031	—	(9	)	—		0.00
Vertex Service Partners, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	9.70%	11/08/2030	1,775	1,743		1,738		0.10
Vertex Service Partners, LLC	(6) (10) (17)	First Lien Debt	S +	6.00%	9.70%	11/08/2030	3,570	3,504		3,482		0.21
Vertex Service Partners, LLC	(6) (10) (17)	First Lien Debt	S +	6.00%	9.70%	11/08/2030	353	345		343		0.02
								185,039		182,137		10.77
Electrical Equipment
Accel International Holdings, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.17%	04/26/2032	10,892	10,843		10,892		0.64
Accel International Holdings, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.17%	04/26/2032	—	(8	)	—		0.00
Spark Buyer, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.90%	10/15/2031	2,160	2,133		1,976		0.12
Spark Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.90%	10/15/2031	—	(5	)	(74	)	0.00
Spark Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.90%	10/15/2031	197	191		160		0.01
								13,154		12,954		0.77
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.32%	07/06/2028	6,424	6,369		3,083		0.18
Abracon Group Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.32%	07/06/2028	430	426		206		0.01
Dwyer Instruments, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	07/20/2029	12,005	11,889		11,915		0.70
Dwyer Instruments, Inc.	(6) (10)	First Lien Debt	S +	4.75%	8.45%	07/20/2029	4,586	4,534		4,553		0.27
Dwyer Instruments, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	07/20/2029	612	601		602		0.04
Infinite Bidco, LLC	(6) (11)	First Lien Debt	S +	6.25%	9.91%	03/02/2028	12,079	11,921		12,023		0.71
Infinite Bidco, LLC	(11)	Second Lien Debt	S +	7.00%	10.93%	03/02/2029	25,500	25,466		23,205		1.37
Magneto Components Buyco, LLC	(6) (7) (10)	First Lien Debt	S +	6.00%	9.70%	12/05/2030	15,391	15,189		15,391		0.91
Magneto Components Buyco, LLC	(6) (10) (17)	First Lien Debt	S +	6.00%	9.70%	12/05/2029	—	(28	)	—		0.00
NDT Global Holding, Inc.	(6) (11) (13)	First Lien Debt	S +	4.50%	8.17%	06/04/2032	2,743	2,718		2,702		0.16
NDT Global Holding, Inc.	(6) (11) (13) (17)	First Lien Debt	S +	4.50%	8.17%	06/04/2032	538	529		519		0.03
NDT Global Holding, Inc.	(6) (11) (13) (17)	First Lien Debt	S +	4.50%	8.17%	06/04/2032	31	25		22		0.00
NSI Holdings, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	11/17/2031	6,207	6,155		6,207		0.37

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
NSI Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	11/17/2031	—	(4	)	—		0.00
NSI Holdings, Inc.	(6) (10) (17)	First Lien Debt	P +	3.75%	10.50%	11/17/2031	—	(11	)	—		0.00
Pamlico Avant Holdings, LP	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	12/31/2032	1,542	1,526		1,518		0.09
Pamlico Avant Holdings, LP	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/31/2032	—	(2	)	(3	)	0.00
								87,303		81,943		4.85
Financial Services
Applitools, Inc.	(6) (10) (13)	First Lien Debt	S +	6.25% PIK	9.92%	05/25/2029	3,931	3,907		3,420		0.20
Applitools, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	6.25%	9.92%	05/25/2028	—	(3	)	(56	)	0.00
BCTO Bluebill Midco, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	07/30/2032	15,778	15,631		15,462		0.91
BCTO Bluebill Midco, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	07/30/2032	—	(18	)	(40	)	0.00
Cerity Partners, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	07/28/2031	16,566	16,339		16,566		0.98
Cerity Partners, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	07/28/2031	—	(5	)	—		0.00
Cerity Partners, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	07/28/2031	150	148		150		0.01
Cliffwater, LLC	(6) (7) (10)	First Lien Debt	S +	4.75%	8.42%	04/22/2032	8,590	8,513		8,461		0.50
Cliffwater, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	04/22/2032	—	(7	)	(12	)	0.00
GC Waves Holdings, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.17%	10/04/2030	7,194	7,130		7,175		0.42
GC Waves Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	10/04/2030	4,356	4,270		4,337		0.26
GC Waves Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	10/04/2030	—	(3	)	(1	)	0.00
MAI Capital Management Intermediate, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.45%	08/29/2031	4,609	4,571		4,517		0.27
MAI Capital Management Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	08/29/2031	4,205	4,165		4,106		0.24
MAI Capital Management Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	08/29/2031	450	441		426		0.03
PMA Parent Holdings, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.45%	01/31/2031	4,374	4,325		4,320		0.26
PMA Parent Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	01/31/2031	—	(4	)	(4	)	0.00
SitusAMC Holdings Corporation	(6) (8) (10)	First Lien Debt	S +	5.50%	9.20%	05/14/2031	10,605	10,561		10,605		0.63
Smarsh, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	02/16/2029	5,625	5,576		5,550		0.33
Smarsh, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/16/2029	119	113		105		0.01
Smarsh, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/16/2029	171	166		161		0.01
Trintech, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.42%	01/28/2033	13,703	13,569		13,569		0.80
Trintech, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/28/2033	—	(11	)	(11	)	0.00
Trintech, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/28/2033	—	(17	)	(17	)	0.00
								99,357		98,789		5.84
Food Products
AMCP Pet Holdings, Inc. (Brightpet)	(6) (9)	First Lien Debt	S +	7.00% (incl. 3.00% PIK)	10.82%	01/04/2028	41,502	41,286		26,989		1.60
AMCP Pet Holdings, Inc. (Brightpet)	(6) (9)	First Lien Debt	S +	7.00% (incl. 3.00% PIK)	10.82%	01/04/2028	6,145	6,122		3,996		0.24

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (9) (12)	First Lien Debt	S +	6.25% PIK	11.47%	03/30/2029	10,929	10,908		7,266		0.43
								58,316		38,251		2.26
Ground Transportation
eShipping, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.20%	12/23/2032	2,848	2,834		2,819		0.17
eShipping, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/23/2032	—	(3	)	(11	)	0.00
eShipping, LLC	(6) (10) (17)	First Lien Debt	P +	3.50%	10.25%	12/23/2032	34	31		28		0.00
SV Newco 2, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	4.75%	8.45%	06/02/2031	19,592	19,358		19,557		1.16
SV Newco 2, Inc.	(6) (10) (13)	First Lien Debt	S +	4.75%	8.45%	06/02/2031	12,326	12,172		12,304		0.73
SV Newco 2, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	06/02/2031	792	710		779		0.05
								35,102		35,476		2.10
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.43%	03/13/2029	5,194	5,120		5,156		0.31
PerkinElmer U.S., LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.43%	03/13/2029	—	(4	)	(12	)	0.00
Tidi Legacy Products, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	12/19/2029	1,834	1,809		1,834		0.11
Tidi Legacy Products, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	12/19/2029	491	484		491		0.03
Tidi Legacy Products, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	12/19/2029	—	(4	)	—		0.00
YI, LLC	(6) (7) (8) (9)	First Lien Debt	S +	5.75%	9.43%	12/03/2029	5,527	5,451		5,521		0.33
YI, LLC	(6) (9) (17)	First Lien Debt	S +	5.75%	9.43%	12/03/2029	—	(11	)	(1	)	0.00
								12,845		12,989		0.77
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	09/15/2031	518	511		510		0.03
Advarra Holdings, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	09/15/2031	—	—		(1	)	0.00
Blue River PetCare, LLC	(6) (7)	First Lien Debt	S +	5.00%	8.67%	08/01/2029	271	271		271		0.02
Blue River PetCare, LLC	(6) (17)	First Lien Debt	S +	5.00%	8.67%	08/01/2029	—	(2	)	(2	)	0.00
Blue River PetCare, LLC	(6) (17)	First Lien Debt	S +	5.00%	8.67%	08/01/2029	13	12		12		0.00
DCA Investment Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.50%	12.08%	04/03/2028	20,062	19,859		16,179		0.96
DCA Investment Holdings, LLC	(6) (10) (12)	First Lien Debt	S +	6.50%	12.08%	04/03/2028	1,765	1,737		1,423		0.08
Gateway US Holdings, Inc.	(6) (10) (13)	First Lien Debt	S +	4.75%	8.45%	09/22/2028	741	738		737		0.04
Gateway US Holdings, Inc.	(6) (10) (13)	First Lien Debt	S +	4.75%	8.45%	09/22/2028	209	208		208		0.01
Gateway US Holdings, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.75%	8.45%	09/22/2028	—	—		—		0.00
Heartland Veterinary Partners, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.51%	06/12/2028	1,805	1,800		1,805		0.11
Heartland Veterinary Partners, LLC	(6) (9)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028	4,552	4,517		4,552		0.27
Heartland Veterinary Partners, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.51%	06/12/2028	4,400	4,375		4,400		0.26
Heartland Veterinary Partners, LLC	(6) (9)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028	1,770	1,756		1,770		0.10

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Heartland Veterinary Partners, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.51%	06/12/2028	—	(1	)	—		0.00
iCIMS, Inc.	(6) (10)	First Lien Debt	S +	5.75%	9.42%	08/18/2028	7,081	7,023		6,897		0.41
iCIMS, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75%	9.42%	08/18/2028	6	6		5		0.00
Imagine 360, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	10/02/2028	12,004	11,925		12,004		0.71
Imagine 360, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/02/2028	—	(5	)	—		0.00
Imagine 360, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/02/2028	—	(7	)	—		0.00
Invictus Buyer, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	06/03/2031	3,989	3,958		3,979		0.24
Invictus Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	06/03/2031	—	(6	)	(4	)	0.00
Invictus Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	06/03/2031	—	(5	)	(2	)	0.00
Merative, LP	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	09/30/2032	18,072	17,987		17,982		1.06
Merative, LP	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/30/2032	—	(5	)	(10	)	0.00
Merative, LP	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/30/2032	—	(8	)	(9	)	0.00
mPulse Mobile, Inc.	(6) (7) (10)	First Lien Debt	S +	4.75%	8.45%	02/25/2033	18,128	17,960		17,629		1.04
mPulse Mobile, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/25/2033	—	(8	)	(48	)	0.00
mPulse Mobile, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	02/25/2033	—	(24	)	(71	)	0.00
Pareto Health Intermediate Holdings, Inc.	(6) (8) (9)	First Lien Debt	S +	5.00%	8.71%	06/03/2030	35,642	35,313		35,540		2.10
Pareto Health Intermediate Holdings, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.71%	06/01/2029	—	(10	)	(2	)	0.00
PPV Intermediate Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.67%	08/31/2029	4,281	4,176		4,206		0.25
PPV Intermediate Holdings, LLC	(6) (10)	First Lien Debt	S +	5.75%	9.42%	08/31/2029	14,859	14,760		14,599		0.86
Promptcare Infusion Buyer, Inc.	(6) (8) (9)	First Lien Debt	S +	6.00%	9.95%	09/01/2027	8,774	8,724		8,774		0.52
Promptcare Infusion Buyer, Inc.	(6) (9)	First Lien Debt	S +	6.00%	9.95%	09/01/2027	2,732	2,713		2,732		0.16
Stepping Stones Healthcare Services, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	01/05/2033	5,496	5,454		5,454		0.32
Stepping Stones Healthcare Services, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	01/05/2033	—	(2	)	(2	)	0.00
Suveto Buyer, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	09/09/2027	11,720	11,684		11,720		0.69
Suveto Buyer, LLC	(6) (10) (17)	First Lien Debt	P +	3.50%	10.25%	09/09/2027	97	92		97		0.01
TA Polaris Buyer, Inc.	(6) (7) (11)	First Lien Debt	S +	4.50%	8.18%	12/12/2032	10,378	10,328		10,226		0.60
TA Polaris Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/12/2032	1,341	1,327		1,277		0.08
TA Polaris Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.18%	12/12/2032	—	(6	)	(19	)	0.00
Tivity Health, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	06/28/2029	8,503	8,474		8,461		0.50
Vardiman Black Holdings, LLC	(6) (11) (12)	First Lien Debt	S +	7.00% PIK	10.77%	03/18/2027	6,340	6,340		4,533		0.27
Vardiman Black Holdings, LLC	(6) (11) (12) (14)	First Lien Debt	S +	7.00% PIK	10.77%	03/18/2027	712	705		559		0.03
								204,644		198,371		11.73
Health Care Technology
Hyland Software, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.70%	09/19/2030	35,909	35,525		35,873		2.12
Hyland Software, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	09/19/2029	—	(15	)	(2	)	0.00

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
								35,510		35,871		2.12
Industrial Conglomerates
Aptean, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.42%	01/30/2031	25,183	25,053		25,183		1.49
Aptean, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/30/2031	—	(14	)	—		0.00
Aptean, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	01/30/2031	361	353		361		0.02
Goose Borrower, LP	(6) (10)	First Lien Debt	S +	4.75%	8.42%	03/02/2033	1,855	1,837		1,837		0.11
Goose Borrower, LP	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	03/02/2033	—	(3	)	(3	)	0.00
Raptor Merger Sub Debt, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.50%	9.20%	04/01/2030	31,500	30,983		31,500		1.86
Raptor Merger Sub Debt, LLC	(6) (10) (17)	First Lien Debt	S +	5.50%	9.20%	04/01/2030	570	532		570		0.03
								58,741		59,448		3.52
Insurance Services
Amerilife Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	08/31/2029	12,824	12,752		12,695		0.75
Amerilife Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/31/2029	2,452	2,436		2,392		0.14
Amerilife Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/31/2028	354	345		333		0.02
Foundation Risk Partners Corp.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	10/29/2030	41,559	41,180		41,559		2.46
Foundation Risk Partners Corp.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/29/2030	9,109	9,026		9,109		0.54
Foundation Risk Partners Corp.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	10/29/2029	1,258	1,213		1,258		0.07
Galway Borrower, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	09/29/2028	30,015	29,760		29,583		1.75
Galway Borrower, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/29/2028	1,972	1,952		1,942		0.11
Galway Borrower, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	09/29/2028	842	825		810		0.05
Higginbotham Insurance Agency, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	4.50%	8.17%	06/11/2031	29,135	28,969		29,135		1.72
Higginbotham Insurance Agency, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	06/11/2031	—	(18	)	—		0.00
High Street Buyer, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.50%	8.20%	04/14/2028	9,662	9,593		9,624		0.57
High Street Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	04/14/2028	46,340	45,955		46,155		2.73
High Street Buyer, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	04/16/2027	—	(7	)	(8	)	0.00
Inszone Mid, LLC	(6) (8) (9)	First Lien Debt	S +	5.25%	8.95%	11/30/2029	4,359	4,301		4,327		0.26
Inszone Mid, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	11/30/2029	16,632	16,448		16,484		0.98
Inszone Mid, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	11/30/2029	—	(17	)	(13	)	0.00
Integrity Marketing Acquisition, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.67%	08/25/2028	35,707	35,707		35,707		2.11
Integrity Marketing Acquisition, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/25/2028	—	—		—		0.00
Iris Specialty Acquisiton, LLC	(6) (11)	First Lien Debt	S +	4.50%	8.20%	11/22/2032	7,366	7,331		7,311		0.43
Iris Specialty Acquisiton, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	11/22/2032	—	(3	)	(9	)	0.00
Iris Specialty Acquisiton, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	11/22/2032	248	243		240		0.01
Long Term Care Group, Inc.	(6) (10)	First Lien Debt	S +	6.00%	9.93%	09/08/2027	5,414	5,384		4,886		0.29

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Majesco, Inc.	(6) (7) (8) (11)	First Lien Debt	S +	4.50%	8.20%	01/07/2033	7,217	7,200		7,200		0.43
Majesco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	01/07/2033	—	(1	)	(1	)	0.00
One, Inc. Software Corporation	(6) (7) (10)	First Lien Debt	S +	4.50%	8.20%	12/06/2032	5,105	5,056		5,029		0.30
One, Inc. Software Corporation	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/06/2032	—	(5	)	(15	)	0.00
One, Inc. Software Corporation	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	12/06/2032	—	(4	)	(6	)	0.00
Patriot Growth Insurance Services, LLC	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.85%	10/16/2028	48,580	48,151		48,575		2.87
Patriot Growth Insurance Services, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.85%	10/16/2028	—	(26	)	—		0.00
World Insurance Associates, LLC	(6) (7) (8) (9)	First Lien Debt	S +	5.00%	8.70%	04/03/2030	51,153	50,382		51,001		3.02
World Insurance Associates, LLC	(6) (9) (17)	First Lien Debt	S +	5.00%	8.70%	04/03/2030	—	(5	)	(4	)	0.00
								364,123		365,299		21.61
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.42%	09/09/2032	11,490	11,382		11,318		0.67
FMG Suite Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	09/09/2032	—	(14	)	(47	)	0.00
FMG Suite Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	09/09/2032	—	(17	)	(28	)	0.00
Spectrio, LLC	(6) (7) (9)	First Lien Debt	S +	6.00%	9.67%	12/09/2026	32,132	32,055		24,041		1.42
Spectrio, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.67%	12/09/2026	12,961	12,951		9,698		0.57
Spectrio, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.67%	12/09/2026	4,132	4,123		3,092		0.18
Triple Lift, Inc.	(6) (7) (10)	First Lien Debt	S +	5.75%	9.59%	05/05/2028	26,670	26,475		24,889		1.47
Triple Lift, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75%	9.59%	05/05/2028	—	(24	)	(267	)	(0.02	)
								86,931		72,696		4.30
IT Services
Apollo Acquisition, Inc.	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	12/30/2031	21,599	21,412		21,299		1.26
Apollo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	12/30/2031	14	5		(13	)	0.00
Apollo Acquisition, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	12/30/2030	—	(20	)	(35	)	0.00
Bridgepointe Technologies, LLC	(6) (8) (9)	First Lien Debt	S +	5.00%	8.70%	12/31/2027	16,839	16,600		16,839		1.00
Bridgepointe Technologies, LLC	(6) (9) (17)	First Lien Debt	S +	5.00%	8.70%	12/31/2027	16,828	16,578		16,828		1.00
Catalis Intermediate, Inc.	(6) (7) (10)	First Lien Debt	S +	5.50%	9.35%	08/04/2027	38,451	38,189		37,964		2.25
Catalis Intermediate, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.35%	08/04/2027	8,651	8,598		8,542		0.51
Catalis Intermediate, Inc.	(6) (10) (17)	First Lien Debt	S +	5.50%	9.35%	08/04/2027	518	494		464		0.03
Cyber US Bidco, LLC	(6) (7) (10)	First Lien Debt	S +	5.00%	8.70%	12/30/2032	4,044	4,005		3,974		0.24
Cyber US Bidco, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	12/30/2032	—	(4	)	(14	)	0.00
Cyber US Bidco, LLC	(6) (10) (13) (17)	First Lien Debt	S +	5.00%	8.70%	12/30/2032	—	(3	)	(6	)	0.00
GI DI Cornfield Acquisition, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.27%	03/09/2029	30,393	30,112		30,300		1.79
GI DI Cornfield Acquisition, LLC	(6) (7)	First Lien Debt	S +	4.50%	8.27%	03/09/2029	15,667	15,601		15,619		0.92
Help/Systems Holdings, Inc.	(6) (10)	Second Lien Debt	S +	9.00% PIK	12.76%	05/21/2029	18,225	18,225		15,673		0.93

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Idera, Inc.	(6) (10)	Second Lien Debt	S +	6.75%	10.56%	03/02/2029	2,607	2,598		1,802		0.11
Recovery Point Systems, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	5.75%	9.79%	02/14/2028	39,690	39,571		39,690		2.35
Recovery Point Systems, Inc.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.79%	02/14/2028	—	(9	)	—		0.00
Redwood Services Group, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.70%	06/15/2029	17,321	17,192		17,191		1.02
Redwood Services Group, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.70%	06/15/2029	15,963	15,807		15,832		0.94
Ridge Trail US Bidco, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	4.50%	8.20%	09/30/2031	23,677	23,381		23,677		1.40
Ridge Trail US Bidco, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.50%	8.20%	09/30/2031	281	230		281		0.02
Ridge Trail US Bidco, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	4.50%	8.20%	03/31/2031	744	712		744		0.04
Syntax Systems, Ltd.	(6) (8) (10) (13)	First Lien Debt	S +	5.00%	8.77%	10/27/2028	36,843	36,687		36,474		2.16
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (8) (10)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70%	02/02/2032	19,303	19,136		19,158		1.13
Thrive Buyer, Inc. (Thrive Networks)	(6) (10) (17)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70%	02/02/2032	4,431	4,378		4,381		0.26
Thrive Buyer, Inc. (Thrive Networks)	(6) (10) (17)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70%	02/02/2032	801	780		782		0.05
UpStack, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	5.00%	8.63%	08/25/2031	9,750	9,670		9,628		0.57
UpStack, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.63%	08/25/2031	1,373	1,352		1,326		0.08
UpStack, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.63%	08/25/2031	375	363		356		0.02
Victors Purchaser, LLC	(6) (8) (11)	First Lien Debt	S +	4.50%	8.20%	12/23/2032	6,358	6,312		6,358		0.38
Victors Purchaser, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	12/23/2032	—	(4	)	—		0.00
Victors Purchaser, LLC	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	12/23/2032	—	(5	)	—		0.00
								347,943		345,114		20.46
Life Sciences Tools & Services
Model N, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	06/27/2031	11,785	11,690		11,678		0.69
Model N, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	06/27/2031	—	(12	)	(30	)	0.00
Model N, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	06/27/2031	—	(13	)	(16	)	0.00
								11,665		11,632		0.69
Machinery
Answer Acquisition, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.69%	06/30/2028	13,222	13,150		12,087		0.72
Answer Acquisition, LLC	(6) (9) (17)	First Lien Debt	S +	6.00%	9.69%	06/30/2028	500	494		392		0.02
Chase Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	10/30/2028	10,621	10,495		10,383		0.61
Chase Intermediate, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	10/30/2028	200	195		190		0.01
MHE Intermediate Holdings, LLC	(6) (7) (8) (9)	First Lien Debt	S +	6.00%	9.82%	07/21/2027	11,731	11,667		11,673		0.69
MHE Intermediate Holdings, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.82%	07/21/2027	3,589	3,570		3,571		0.21
MHE Intermediate Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	6.00%	9.82%	07/21/2027	1,000	989		988		0.06

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
								40,560		39,284		2.32
Multi-Utilities
Vessco Midco Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.23%	07/24/2031	9,404	9,331		9,315		0.55
Vessco Midco Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.23%	07/24/2031	2,548	2,522		2,512		0.15
Vessco Midco Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.23%	07/24/2031	—	(7	)	(9	)	0.00
								11,846		11,818		0.70
Pharmaceuticals
Caerus US 1, Inc.	(6) (10) (13)	First Lien Debt	S +	5.00%	8.70%	05/25/2029	10,788	10,667		10,747		0.64
Caerus US 1, Inc.	(6) (10) (13)	First Lien Debt	S +	5.00%	8.70%	05/25/2029	1,579	1,560		1,573		0.09
Caerus US 1, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.00%	8.70%	05/25/2029	929	918		925		0.05
Real Chemistry Intermediate III, Inc.	(6) (11)	First Lien Debt	S +	4.50%	8.20%	04/12/2032	8,775	8,736		8,643		0.51
Real Chemistry Intermediate III, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	04/12/2032	2,613	2,598		2,554		0.15
Real Chemistry Intermediate III, Inc.	(6) (11) (17)	First Lien Debt	S +	4.50%	8.20%	04/12/2032	—	(8	)	(29	)	0.00
Specialty Pharma III, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	8.44%	12/23/2032	3,706	3,688		3,669		0.22
Specialty Pharma III, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.44%	12/23/2032	60	58		55		0.00
								28,217		28,137		1.66
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (7) (8) (9)	First Lien Debt	S +	6.00%	9.55%	03/10/2027	3,256	3,241		3,207		0.19
Abacus Data Holdings, Inc. (AbacusNext)	(6) (9) (17)	First Lien Debt	S +	6.00%	9.55%	03/10/2027	—	(5	)	(21	)	0.00
Accordion Partners, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.68%	11/17/2031	27,254	27,023		27,147		1.61
Accordion Partners, LLC	(6) (10)	First Lien Debt	S +	5.00%	8.68%	11/17/2031	4,561	4,524		4,543		0.27
Accordion Partners, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.68%	11/17/2031	—	(24	)	(12	)	0.00
Aprio Advisory Group, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/01/2031	—	(6	)	(7	)	0.00
Aprio Advisory Group, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	08/01/2031	39	38		38		0.00
Ascend Partner Services, LLC	(6) (8) (10)	First Lien Debt	S +	4.50%	8.13%	08/11/2031	4,838	4,798		4,765		0.28
Ascend Partner Services, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.13%	08/11/2031	8,632	8,557		8,498		0.50
Ascend Partner Services, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.13%	08/11/2031	673	661		648		0.04
Bullhorn, Inc.	(6) (8) (9)	First Lien Debt	S +	5.00%	8.67%	10/01/2029	15,407	15,334		15,338		0.91
Bullhorn, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	10/01/2029	2,133	2,125		2,123		0.13
Bullhorn, Inc.	(6) (9) (17)	First Lien Debt	S +	5.00%	8.67%	10/01/2029	96	92		92		0.01
Carr, Riggs and Ingram Capital, LLC	(6) (8) (11)	First Lien Debt	S +	4.25%	7.94%	11/18/2031	4,269	4,233		4,237		0.25
Carr, Riggs and Ingram Capital, LLC	(6) (11) (17)	First Lien Debt	S +	4.25%	7.94%	11/18/2031	708	696		692		0.04
Carr, Riggs and Ingram Capital, LLC	(6) (11) (17)	First Lien Debt	S +	4.25%	7.94%	11/18/2031	663	655		655		0.04
ComPsych Investment Corp.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	07/22/2031	12,973	12,921		12,909		0.76
ComPsych Investment Corp.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	07/22/2031	—	(8	)	(20	)	0.00

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Deerfield Dakota Holding, LLC	(6) (7) (10)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.45%	09/13/2032	27,772	27,516		27,472		1.63
Deerfield Dakota Holding, LLC	(6) (10) (17)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.45%	09/13/2032	514	491		487		0.03
GPS Merger Sub, LLC	(6) (8) (9)	First Lien Debt	S +	5.25%	8.92%	10/02/2029	9,428	9,318		9,349		0.55
GPS Merger Sub, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.92%	10/02/2029	319	306		308		0.02
GPS Merger Sub, LLC	(6) (9) (17)	First Lien Debt	S +	5.25%	8.92%	10/02/2029	—	(18	)	(14	)	0.00
IG Investment Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.67%	09/22/2028	10,653	10,581		10,626		0.63
IG Investment Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	09/22/2028	—	(8	)	(3	)	0.00
KENG Acquisition, Inc.	(6) (8) (9)	First Lien Debt	S +	4.50%	8.17%	08/01/2029	3,148	3,099		3,101		0.18
KENG Acquisition, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	08/01/2029	3,866	3,808		3,808		0.23
KENG Acquisition, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.17%	08/01/2029	—	(13	)	(18	)	0.00
UHY Advisors, Inc.	(6) (10)	First Lien Debt	S +	4.75%	8.42%	11/21/2031	2,186	2,167		2,180		0.13
UHY Advisors, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	11/21/2031	342	332		337		0.02
UHY Advisors, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	11/21/2031	299	294		297		0.02
Verdantas, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.45%	05/06/2031	16,203	16,011		16,057		0.95
Verdantas, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.45%	05/06/2031	2,555	2,517		2,527		0.15
Verdantas, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	05/06/2030	421	403		405		0.02
WIPFLI Advisory, LLC	(6) (7) (10)	First Lien Debt	S +	4.50%	8.16%	10/01/2032	5,846	5,819		5,788		0.34
WIPFLI Advisory, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.16%	10/01/2032	—	(5	)	(22	)	0.00
WIPFLI Advisory, LLC	(6) (10) (17)	First Lien Debt	S +	4.50%	8.16%	10/01/2032	—	(7	)	(15	)	0.00
								167,466		167,502		9.91
Real Estate Management & Development
Associations, Inc.	(6) (9)	First Lien Debt	S +	6.50%	10.43%	07/03/2028	10,756	10,750		10,756		0.64
Associations, Inc.	(6) (9) (17)	First Lien Debt	S +	6.50%	10.43%	07/03/2028	403	402		403		0.02
Associations, Inc.	(6) (9) (17)	First Lien Debt	S +	6.50%	10.43%	07/03/2028	—	—		—		0.00
Inhabitiq, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	01/12/2032	17,778	17,702		17,778		1.05
Inhabitiq, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	01/12/2032	—	(10	)	—		0.00
Inhabitiq, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	01/12/2032	—	(13	)	—		0.00
MRI Software, LLC	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.45%	02/10/2028	43,658	43,551		43,466		2.57
MRI Software, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.45%	02/10/2028	28	28		28		0.00
MRI Software, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.45%	02/10/2028	433	430		426		0.03
Pritchard Industries, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.60%	10/13/2027	24,693	24,541		23,772		1.41
Pritchard Industries, LLC	(6) (10)	First Lien Debt	S +	5.75%	9.60%	10/13/2027	5,904	5,866		5,684		0.34
Zarya Intermediate, LLC	(6) (8) (9) (13)	First Lien Debt	S +	6.50%	10.17%	07/01/2027	34,700	34,700		34,159		2.02
Zarya Intermediate, LLC	(6) (9) (13) (17)	First Lien Debt	S +	6.50%	10.17%	07/01/2027	521	521		465		0.03
								138,468		136,937		8.10
Software

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Alert Media, Inc.	(6) (9)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	8.92%	04/12/2027	23,481	23,390		23,144		1.37
Alert Media, Inc.	(6) (9) (17)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	8.92%	04/12/2027	—	(18	)	(61	)	0.00
Anaplan, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	06/21/2029	32,628	32,314		32,384		1.92
Appfire Technologies, LLC	(6) (8) (9)	First Lien Debt	S +	4.75%	8.45%	03/09/2028	20,388	20,355		20,388		1.21
Appfire Technologies, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.45%	03/09/2028	40	30		40		0.00
Appfire Technologies, LLC	(6) (9) (17)	First Lien Debt	S +	4.75%	8.45%	03/09/2028	—	(1	)	—		0.00
Apryse Software Corp.	(6) (7) (8) (11)	First Lien Debt	S +	4.75%	8.46%	06/28/2032	27,704	27,450		27,192		1.61
Apryse Software Corp.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.46%	06/28/2032	—	(20	)	(42	)	0.00
Archduke Buyer, Inc.	(6) (11)	First Lien Debt	S +	5.50%	9.17%	12/03/2032	3,776	3,740		3,711		0.22
Archduke Buyer, Inc.	(6) (11) (17)	First Lien Debt	S +	5.50%	9.17%	12/03/2032	—	(3	)	(5	)	0.00
Artifact Bidco, Inc.	(6) (8) (11)	First Lien Debt	S +	4.25%	7.85%	07/28/2031	31,700	31,443		31,700		1.88
Artifact Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.25%	7.85%	07/28/2031	—	(29	)	—		0.00
Artifact Bidco, Inc.	(6) (11) (17)	First Lien Debt	S +	4.25%	7.85%	07/26/2030	—	(39	)	—		0.00
AuditBoard, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.20%	07/14/2031	22,200	22,022		21,891		1.29
AuditBoard, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.20%	07/14/2031	10,571	10,481		10,424		0.62
AuditBoard, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	07/14/2031	—	(32	)	(59	)	0.00
Banyan Software Holdings, LLC	(6) (8) (9)	First Lien Debt	S +	5.50%	9.17%	01/02/2031	12,052	11,952		11,962		0.71
Banyan Software Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	9.17%	01/02/2031	10,019	9,902		9,894		0.59
Banyan Software Holdings, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	9.17%	01/02/2031	174	164		164		0.01
Bottomline Technologies, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.20%	05/14/2029	3,610	3,571		3,608		0.21
Bottomline Technologies, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.20%	05/15/2028	—	(2	)	—		0.00
CLEO Communications Holding, LLC	(6) (7) (9)	First Lien Debt	S +	5.50%	9.27%	06/09/2027	38,373	38,280		38,373		2.27
CLEO Communications Holding, LLC	(6) (9) (17)	First Lien Debt	S +	5.50%	9.27%	06/09/2027	—	(25	)	—		0.00
Coupa Holdings, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.92%	02/27/2030	2,224	2,189		2,224		0.13
Coupa Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	02/27/2030	—	(8	)	—		0.00
Coupa Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.92%	02/27/2029	—	(10	)	—		0.00
Cyara AcquisitionCo, LLC	(6) (9)	First Lien Debt	S +	5.75%	9.45%	06/28/2029	5,895	5,812		5,777		0.34
Cyara AcquisitionCo, LLC	(6) (9) (17)	First Lien Debt	S +	5.75%	9.45%	06/28/2029	—	(5	)	(6	)	0.00
Diligent Corporation	(6) (10)	First Lien Debt	S +	5.00%	8.67%	08/02/2030	28,138	27,978		27,680		1.64
Diligent Corporation	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/02/2030	—	(21	)	(67	)	0.00
Diligent Corporation	(6) (10) (17)	First Lien Debt	S +	5.00%	8.67%	08/02/2030	604	590		559		0.03
E-Discovery AcquireCo, LLC	(6) (9)	First Lien Debt	S +	6.25%	9.86%	08/29/2029	19,456	19,158		19,049		1.13
E-Discovery AcquireCo, LLC	(6) (9) (17)	First Lien Debt	S +	6.25%	9.86%	08/29/2029	1,272	1,243		1,222		0.07
Emburse, Inc.	(6) (7) (10)	First Lien Debt	S +	4.25%	7.95%	05/28/2032	3,684	3,676		3,657		0.22
Emburse, Inc.	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	05/28/2032	—	(1	)	(5	)	0.00
Emburse, Inc.	(6) (10) (17)	First Lien Debt	S +	4.25%	7.95%	05/28/2032	—	(1	)	(5	)	0.00

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date
Espresso Bidco, Inc.	(6) (10)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45%	03/25/2032	18,439	18,202		18,070		1.07
Espresso Bidco, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45%	03/25/2032	4,562	4,497		4,463		0.26
Espresso Bidco, Inc.	(6) (10) (17)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45%	03/25/2032	—	(28	)	(44	)	0.00
Everbridge Holdings, LLC	(6) (8) (10)	First Lien Debt	S +	5.00%	8.66%	07/02/2031	23,777	23,682		23,777		1.41
Everbridge Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.66%	07/02/2031	3,236	3,212		3,236		0.19
Everbridge Holdings, LLC	(6) (10) (17)	First Lien Debt	S +	5.00%	8.66%	07/02/2031	—	(13	)	—		0.00
Formstack Acquisition, Co.	(6) (8) (9)	First Lien Debt	S +	5.25%	8.95%	03/28/2030	10,794	10,676		10,607		0.63
Formstack Acquisition, Co.	(6) (9)	First Lien Debt	S +	5.25%	8.95%	03/28/2030	1,055	1,044		1,036		0.06
Formstack Acquisition, Co.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	03/28/2030	459	438		422		0.02
Fullsteam Operations, LLC	(6) (10)	First Lien Debt	S +	5.25%	8.89%	08/08/2031	13,761	13,635		13,421		0.79
Fullsteam Operations, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.89%	08/08/2031	—	(20	)	(113	)	(0.01	)
Fullsteam Operations, LLC	(6) (10) (17)	First Lien Debt	S +	5.25%	8.89%	08/08/2031	—	(14	)	(38	)	0.00
Granicus, Inc.	(6) (10)	First Lien Debt	S +	5.50% (incl. 2.00% PIK)	9.17%	01/17/2031	13,078	12,986		13,078		0.77
Granicus, Inc.	(6) (10) (17)	First Lien Debt	S +	5.50% (incl. 2.00% PIK)	9.17%	01/17/2031	8,109	8,050		8,109		0.48
Granicus, Inc.	(6) (10) (17)	First Lien Debt	P +	4.25%	11.00%	01/17/2031	—	(12	)	—		0.00
GS AcquisitionCo, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	5.25%	8.95%	05/25/2028	59,259	59,043		58,660		3.47
GS AcquisitionCo, Inc.	(6) (10)	First Lien Debt	S +	5.25%	8.95%	05/25/2028	24	24		24		0.00
GS AcquisitionCo, Inc.	(6) (9) (17)	First Lien Debt	S +	5.25%	8.95%	05/25/2028	1,295	1,287		1,270		0.08
Hootsuite, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	5.50%	9.18%	05/22/2030	22,106	21,858		21,609		1.28
Hootsuite, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.50%	9.18%	05/22/2030	300	274		244		0.01
Icefall Parent, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.20%	01/25/2030	5,156	5,083		5,156		0.31
Icefall Parent, Inc.	(6) (9) (17)	First Lien Debt	S +	4.50%	8.20%	01/25/2030	—	(6	)	—		0.00
IQN Holding Corp.	(6) (10)	First Lien Debt	S +	5.75% (incl. 3.125% PIK)	9.45%	05/02/2029	5,688	5,660		5,688		0.34
IQN Holding Corp.	(6) (10)	First Lien Debt	S +	5.75% (incl. 3.125% PIK)	9.45%	05/02/2029	1,865	1,850		1,865		0.11
IQN Holding Corp.	(6) (10) (17)	First Lien Debt	S +	5.25%	8.95%	05/02/2028	262	260		262		0.02
Jawbreaker Parent, Inc.	(6) (7) (11)	First Lien Debt	S +	4.75%	8.45%	01/31/2033	3,426	3,392		3,392		0.20
Jawbreaker Parent, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/31/2033	—	(19	)	(19	)	0.00
Jawbreaker Parent, Inc.	(6) (11) (17)	First Lien Debt	S +	4.75%	8.45%	01/31/2033	—	(6	)	(6	)	0.00
LegitScript, LLC	(6) (8) (10)	First Lien Debt	S +	5.75%	9.42%	06/24/2029	25,964	25,683		25,639		1.52
LegitScript, LLC	(6) (10)	First Lien Debt	S +	5.75%	9.42%	06/24/2029	687	679		678		0.04
LegitScript, LLC	(6) (10) (17)	First Lien Debt	S +	5.75%	9.42%	06/24/2028	1,833	1,802		1,781		0.11
LogRhythm, Inc.	(6) (9)	First Lien Debt	S +	7.50%	11.17%	07/02/2029	9,091	8,896		8,545		0.51

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
LogRhythm, Inc.	(6) (9) (17)	First Lien Debt	S +	7.50%	11.17%	07/02/2029		—	(18	)	(55	)	0.00
Montana Buyer, Inc.	(6) (8) (10)	First Lien Debt	S +	4.75%	8.42%	07/22/2029		8,402	8,359		8,402		0.50
Montana Buyer, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.42%	07/22/2028		—	(4	)	—		0.00
Nasuni Corporation	(6) (10)	First Lien Debt	S +	5.00%	8.70%	09/10/2030		14,483	14,311		14,250		0.84
Nasuni Corporation	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	09/10/2030		—	(34	)	(48	)	0.00
Netwrix Corporation And Concept Searching, Inc.	(6) (8) (10)	First Lien Debt	S +	4.50%	8.17%	06/11/2029		6,814	6,778		6,711		0.40
Netwrix Corporation And Concept Searching, Inc.	(6) (10) (17)	First Lien Debt	S +	4.50%	8.17%	06/11/2029		—	(2	)	(6	)	0.00
Oak Purchaser, Inc.	(6) (7) (10)	First Lien Debt	S +	5.50%	9.25%	05/31/2028		3,560	3,541		3,489		0.21
Oak Purchaser, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.25%	05/31/2028		2,779	2,761		2,706		0.16
Oak Purchaser, Inc.	(6) (10) (17)	First Lien Debt	P +	4.50%	11.25%	05/31/2028		37	35		26		0.00
Onit, Inc.	(6) (7) (8) (10)	First Lien Debt	S +	4.75%	8.38%	01/27/2032		18,241	18,092		18,241		1.08
Onit, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.38%	01/27/2032		—	(29	)	—		0.00
Onit, Inc.	(6) (10) (17)	First Lien Debt	S +	4.75%	8.38%	01/27/2032		—	(19	)	—		0.00
Optimizely North America, Inc.	(6) (8) (10) (13)	First Lien Debt	S +	5.00%	8.67%	10/30/2031		8,310	8,240		8,061		0.48
Optimizely North America, Inc.	(6) (10) (13)	First Lien Debt	E +	5.25%	7.16%	10/30/2031	€	3,059	3,296		3,419		0.20
Optimizely North America, Inc.	(6) (10) (13)	First Lien Debt	SA +	5.50%	9.23%	10/30/2031	£	1,020	1,315		1,304		0.08
Optimizely North America, Inc.	(6) (10) (13) (17)	First Lien Debt	S +	5.00%	8.67%	10/30/2031		—	(10	)	(37	)	0.00
Pound Bidco, Inc.	(6) (7) (9) (13)	First Lien Debt	S +	6.00%	10.17%	02/01/2027		22,181	22,108		22,029		1.30
Pound Bidco, Inc.	(6) (9) (13) (17)	First Lien Debt	S +	6.00%	10.17%	02/01/2027		1,553	1,553		1,538		0.09
Pound Bidco, Inc.	(6) (7) (9) (13) (17)	First Lien Debt	S +	6.00%	10.17%	02/01/2027		788	784		780		0.05
Project Leopard Holdings, Inc.	(11) (13)	First Lien Debt	S +	5.25%	9.02%	07/20/2029		6,076	5,837		3,731		0.22
Revalize, Inc.	(6) (9)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.35%	04/16/2029		19,384	19,352		17,646		1.04
Revalize, Inc.	(6) (9) (17)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.35%	04/16/2029		25	25		19		0.00
Riskonnect Parent, LLC	(6) (8) (10)	First Lien Debt	S +	4.75%	8.50%	12/07/2028		5,607	5,541		5,579		0.33
Riskonnect Parent, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.50%	12/07/2028		4,134	4,081		4,114		0.24
Riskonnect Parent, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.50%	12/07/2028		31	21		26		0.00
Runway Bidco, LLC	(6) (8) (11)	First Lien Debt	S +	5.00%	8.70%	12/17/2031		10,818	10,725		10,548		0.62
Runway Bidco, LLC	(6) (11) (17)	First Lien Debt	S +	5.00%	8.70%	12/17/2031		—	(11	)	(68	)	0.00
Runway Bidco, LLC	(6) (11) (17)	First Lien Debt	S +	5.00%	8.70%	12/17/2031		—	(11	)	(34	)	0.00
Saturn Borrower, Inc.	(6) (8) (9)	First Lien Debt	S +	6.00%	9.70%	11/10/2028		11,344	11,220		11,101		0.66
Saturn Borrower, Inc.	(6) (9) (17)	First Lien Debt	S +	6.00%	9.70%	11/10/2028		—	(22	)	(89	)	(0.01	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date		Cost(5)			Fair Value
Saturn Borrower, Inc.	(6) (9) (17)	First Lien Debt	S +	6.00%	9.70%	11/10/2028	488		468			447		0.03
Securonix, Inc.	(6) (10)	First Lien Debt	S +	7.25% (incl. 3.75% PIK)	10.90%	04/05/2029	22,029		21,865			18,654		1.10
Securonix, Inc.	(6) (10) (17)	First Lien Debt	S +	7.25% (incl. 3.75% PIK)	10.90%	04/05/2029	—		(24	)		(579	)	(0.03	)
Trunk Acquisition, Inc.	(6) (8) (9)	First Lien Debt	S +	5.75%	9.52%	02/19/2030	9,487		9,450			9,438		0.56
Trunk Acquisition, Inc.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.52%	02/19/2030	636		631			632		0.04
Trunk Acquisition, Inc.	(6) (9) (17)	First Lien Debt	S +	5.75%	9.52%	02/19/2030	—		(2	)		(4	)	0.00
User Zoom Technologies, Inc.	(6) (10)	First Lien Debt	S +	7.50% (incl. 0.25% PIK)	11.42%	04/05/2029	41,887		41,420			40,859		2.42
Vanco Payment Solutions, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.45%	12/01/2031	3,715		3,680			3,641		0.22
Vanco Payment Solutions, LLC	(6) (10) (17)	First Lien Debt	S +	4.75%	8.45%	12/01/2031	—		(2	)		(4	)	0.00
									752,921			742,072		43.96
Transportation Infrastructure
Jeppesen Holdings, LLC	(6) (11)	First Lien Debt	S +	4.75%	8.42%	11/01/2032	13,057		12,995			12,927		0.76
Jeppesen Holdings, LLC	(6) (11) (17)	First Lien Debt	S +	4.75%	8.42%	11/01/2032	—		(3	)		(7	)	0.00
									12,992			12,920		0.76
Wireless Telecommunication Services
CCI Buyer, Inc.	(6) (10)	First Lien Debt	S +	5.00%	8.70%	05/13/2032	2,820		2,795			2,777		0.16
CCI Buyer, Inc.	(6) (10) (17)	First Lien Debt	S +	5.00%	8.70%	05/13/2032	—		(1	)		(3	)	0.00
Mobile Communications America, Inc.	(6) (7) (8) (9)	First Lien Debt	S +	4.75%	8.40%	10/16/2029	5,821		5,763			5,821		0.34
Mobile Communications America, Inc.	(6) (9) (17)	First Lien Debt	S +	4.75%	8.40%	10/16/2029	1,469		1,451			1,469		0.09
Mobile Communications America, Inc.	(6) (9) (17)	First Lien Debt	S +	4.75%	8.40%	10/16/2029	—		(9	)		—		0.00
									9,999			10,064		0.60
Total Debt Investments - non-controlled/non-affiliated								$	3,604,999		$	3,513,591		207.85	%
Debt Investments - non-controlled/affiliated
Distributors
Alpine Acquisition Corp. II	(6) (9) (18)	First Lien Debt	S +	5.25%	8.81%	01/14/2031	3,766		3,766			3,766		0.22
Alpine Acquisition Corp. II	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.81%	01/14/2031	—		(2	)		(2	)	0.00
Alpine Acquisition Corp. II	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.81%	01/14/2031	—		(31	)		(31	)	0.00
									3,733			3,733		0.22
Professional Services

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)		Cost(5)			Fair Value
KWOR Acquisition, Inc.	(6) (9) (18)	Second Lien Debt	S +	6.25% (incl. 5.25% PIK)	9.92%	02/28/2030		1,101		1,101			1,101	0.07
KWOR Acquisition, Inc.	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.92%	02/28/2030		—		(13	)		—	0.00
KWOR Acquisition, Inc.	(6) (9) (17) (18)	First Lien Debt	S +	5.25%	8.92%	02/28/2030		—		(19	)		—	0.00
KWOR Acquisition, Inc.	(6) (9) (18)	Unsecured Debt	S +	8.00% PIK	11.67%	02/28/2030		1,153		1,153			925	0.05
										2,222			2,026	0.12
Total Debt Investments - non-controlled/affiliated									$	5,955		$	5,759	0.34	%
Total Debt Investments									$	3,610,954		$	3,519,350	208.19	%
Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/<br>Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
AASC Holdings, LP	(6) (15) (16)	Common Equity			11/14/2025		508		687		663		0.04
									687		663		0.04
Automobile Components
Continental Group Holdings, LP	(6) (15) (16)	Common Equity			07/16/2025		7,758		—		—		0.00
Shelby Co-invest, LP (Spectrum Automotive)	(6) (15) (16)	Common Equity			06/29/2021		8,500		850		1,884		0.11
									850		1,884		0.11
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	(6) (15) (16)	Common Equity			01/17/2025		240,000		228		330		0.02
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (15) (16)	Common Equity			12/20/2021		1,000,000		1,000		1,716		0.10
Surewerx Topco, LP	(6) (13) (15) (16)	Common Equity			12/28/2022		512		512		612		0.04
									1,740		2,658		0.16
Containers & Packaging
BP Purchaser, LLC	(6) (15) (16)	Common Equity			12/10/2021		1,383,156		1,379		—		0.00
BP Purchaser, LLC Rights	(6) (15) (16)	Common Equity			03/12/2024		1,666,989		75		—		0.00
FORTIS Solutions Group, LLC	(6) (15)	Preferred Equity		12.25% PIK	06/24/2022		1,000,000		1,561		998		0.06
									3,015		998		0.06
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (15)	Preferred Equity		12.50% PIK	09/05/2024		120		1,429		1,208		0.07
FPG Parent, LLC	(6) (15) (16)	Common Equity			07/25/2025		341		—		—		0.00
Leaf Home, LLC	(6) (15)	Preferred Equity		14.00% PIK	09/05/2025		500,000		506		645		0.04

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments(1) (2)	Footnotes	Investment		Acquisition Date
LUV Car Wash	(6) (15) (16)	Common Equity		04/06/2022	123	123	83	0.00
						2,058	1,936	0.11
Electrical Equipment
Sparkstone Electrical Group	(6) (15) (16)	Common Equity		10/15/2024	1,500	150	62	0.00
						150	62	—
Financial Services
Applitools, Inc.	(6) (13) (15) (16)	Common Equity		07/18/2025	1,050,864	601	375	0.02
						601	375	0.02
Food Products
Pet Holdings, Inc. (Brightpet)	(6) (15) (16)	Common Equity		03/22/2021	17,543	2,013	—	0.00
						2,013	—	0.00
Health Care Providers & Services
mPulse Mobile, Inc.	(6) (15) (16)	Common Equity		12/17/2021	165,761	1,220	1,049	0.06
SDB Holdco, LLC	(6) (15) (16)	Common Equity		03/29/2024	5,460,555	—	—	0.00
Suveto Buyer, LLC	(6) (13) (15) (16)	Common Equity		11/19/2021	19,257	1,926	2,313	0.14
Vardiman Black Holdings, LLC	(6) (12) (15)	Preferred Equity	6.00% PIK	03/29/2024	2,649,446	1,977	—	0.00
						5,123	3,362	0.20
Insurance Services
Amerilife Holdings, LLC	(6) (15) (16)	Common Equity		09/01/2022	908	25	46	0.00
Frisbee Holdings, LP (Fetch)	(6) (15) (16)	Common Equity		10/31/2022	21,744	277	794	0.05
Integrity Marketing Acquisition, LLC	(6) (15)	Preferred Equity	10.50% PIK	12/21/2021	3,250,000	5,027	3,217	0.19
						5,329	4,057	0.24
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (15) (16)	Common Equity		09/09/2025	500,000	—	—	0.00
FMG Suite Holdings, LLC	(6) (15)	Preferred Equity	8.00% PIK	09/09/2025	500,000	523	513	0.03
						523	513	0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)	(13) (15)	Preferred Equity		05/12/2021	9,619,564	12,461	16,295	0.96
Recovery Point Systems, Inc.	(6) (15) (16)	Common Equity		03/05/2021	1,000,000	1,000	538	0.03
						13,461	16,833	1.00
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (15) (16)	Common Equity		03/09/2021	29,441	2,944	1,447	0.09
Verdantas, LLC	(6) (15) (16)	Common Equity		05/03/2024	4,780	5	7	0.00
Verdantas, LLC	(6) (15)	Preferred Equity	10.00% PIK	05/03/2024	473,220	573	703	0.04

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date		Cost(5)		Fair Value
								3,522		2,157	0.13
Real Estate Management & Development
Pritchard Industries, LLC	(6) (15) (16)	Common Equity			10/13/2021	1,882,739		1,938		960	0.06
Software
Diligent Corporation	(6) (15)	Preferred Equity		10.50% PIK	04/05/2021	5,000		8,241		7,950	0.47
Fullsteam Operations, LLC	(6) (15) (16)	Common Equity			11/27/2023	2,966		100		248	0.01
Knockout Intermediate Holdings I, Inc.	(6) (15)	Preferred Equity		10.75% PIK	06/25/2022	1,531		2,352		2,134	0.13
Revalize, Inc.	(6) (15)	Preferred Equity		10.00% PIK	12/14/2021	2,255		3,674		3,228	0.19
Reveal Data Solutions	(6) (15) (16)	Common Equity			08/29/2023	477,846		621		472	0.03
RSK Holdings, Inc. (Riskonnect)	(6) (15)	Preferred Equity		10.50% PIK	07/07/2022	1,012,200		1,652		1,676	0.10
								16,640		15,708	0.93
Total Equity Investments - non-controlled/non-affiliated							$	57,650	$	52,166	3.09	%
Equity Investments - non-controlled/affiliated
Distributors
48Forty TopCo, LLC	(6) (15) (16) (18)	Common Equity			01/14/2026	1,076		—		—	0.00
48Forty TopCo, LLC	(6) (15) (18)	Preferred Equity			01/14/2026	1,076		4,362		4,362	0.26
								4,362		4,362	0.26
Professional Services
KWOR Intermediate I, Inc.	(6) (15) (16) (18)	Common Equity			02/28/2025	637		244		—	0.00
KWOR Intermediate I, Inc.	(6) (12) (15) (18)	Preferred Equity	S +	8.00% PIK	02/28/2025	680,778		681		—	0.00
								925		—	0.00
Total Equity Investments - non-controlled/affiliated							$	5,287	$	4,362	0.26	%
Equity Investments - controlled/affiliated
Investments in Joint Ventures
Capstone Lending, LLC	(13) (15) (19)	LLC Interest			02/19/2026	94,531,615		94,532		93,072	5.51
Total Equity Investments - controlled/affiliated							$	94,532	$	93,072	5.51	%
Total Equity Investments							$	157,469	$	149,600	8.85	%
Total Portfolio Investments							$	3,768,423	$	3,668,950	217.04	%

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments(1) (2)		Cost(5)		Fair Value
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares	3.50%		19,856		19,856	1.17
Cash and Cash Equivalents			80,657		80,657	4.77
Total Cash and Cash Equivalents and Short Term Investments		$	100,513	$	100,513	5.95	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments		$	3,868,936	$	3,769,463	222.98	%

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of March 31, 2026, the Company “controls” one of its portfolio companies, as indicated below. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of March 31, 2026, the Company is an “affiliated person” of two of its portfolio companies, as indicated below.
Unless otherwise indicated, the Company’s investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 “Debt” for further information.
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at March 31, 2026. As of March 31, 2026, the reference rates for our variable rate loans were the C at 2.27%, 1-month E at 1.89%, 1-month S at 3.66%, 3-month S at 3.68%, 6-month S at 3.70%, SA at 3.73% and the P at 6.75%.
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“£”), or Canadian dollar ("CAD").
The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt” for further information.
Assets or a portion thereof are pledged as collateral for the CLO 2025-1 Debt (as defined below). See Note 6 “Debt” for further information.
Loan includes interest rate floor of 1.00%.
Loan includes interest rate floor of 0.75%.
Loan includes interest rate floor of 0.50%.
Investment was on non-accrual status as of March 31, 2026.
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2026, non-qualifying assets represented 9.92% of total assets as calculated in accordance with regulatory requirements.
The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies" for further information
Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of March 31, 2026, the aggregate fair value of these securities is $149,600 or 8.85% of the Company’s net assets. The initial acquisition dates have been included for such securities.
Non-income producing security
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of March 31, 2026:

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/non-affiliated
AA&D Midco, Inc.	Revolver	11/29/2030	$	994	$	(10	)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/23/2026		1,284		—
AWP Group Holdings, Inc.	Revolver	12/23/2030		276		—
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	03/10/2027		1,400		(21	)
Accel International Holdings, Inc.	Revolver	04/26/2032		1,874		—
Accordion Partners, LLC	Revolver	11/17/2031		3,043		(12	)
Advarra Holdings, Inc.	Delayed Draw Term Loan	09/14/2026		41		(1	)
Alert Media, Inc.	Revolver	04/12/2027		4,266		(61	)
Amerilife Holdings, LLC	Delayed Draw Term Loan	06/17/2026		113		(1	)
Amerilife Holdings, LLC	Delayed Draw Term Loan	02/28/2027		3,375		(34	)
Amerilife Holdings, LLC	Revolver	08/31/2028		1,770		(18	)
Answer Acquisition, LLC	Revolver	06/30/2028		750		(64	)
Any Hour, LLC	Revolver	05/23/2030		308		(32	)
Apex Service Partners, LLC	Revolver	10/24/2029		1,304		—
Apollo Acquisition, Inc.	Delayed Draw Term Loan	06/04/2027		1,977		(27	)
Apollo Acquisition, Inc.	Revolver	12/30/2030		2,498		(35	)
Appfire Technologies, LLC	Delayed Draw Term Loan	06/28/2026		3,965		—
Appfire Technologies, LLC	Revolver	03/09/2028		167		—
Applitools, Inc.	Revolver	05/25/2028		433		(56	)
Aprio Advisory Group, LLC	Delayed Draw Term Loan	12/23/2027		1,342		(7	)
Aprio Advisory Group, LLC	Revolver	08/01/2031		78		—
Apryse Software Corp.	Revolver	06/28/2032		2,296		(42	)
Aptean, Inc.	Delayed Draw Term Loan	02/14/2027		3,446		—
Aptean, Inc.	Revolver	01/30/2031		1,220		—
Archduke Buyer, Inc.	Revolver	12/03/2032		274		(5	)
Arcoro Holdings Corp.	Revolver	03/28/2030		1,957		(44	)
Artifact Bidco, Inc.	Delayed Draw Term Loan	05/22/2027		7,759		—
Artifact Bidco, Inc.	Revolver	07/26/2030		5,542		—
Ascend Partner Services, LLC	Delayed Draw Term Loan	08/09/2027		249		(4	)
Ascend Partner Services, LLC	Revolver	08/11/2031		1,010		(15	)
Assembly Intermediate, LLC	Revolver	10/19/2027		2,074		—
Associations, Inc.	Delayed Draw Term Loan	07/03/2028		439		—
Associations, Inc.	Revolver	07/03/2028		678		—
Astra Service Partners, LLC	Delayed Draw Term Loan	11/26/2027		1,184		—
Atlas US Finco, Inc.	Revolver	12/11/2028		632		(6	)
AuditBoard, Inc.	Revolver	07/14/2031		4,229		(59	)
BCTO Bluebill Midco, Inc.	Revolver	07/30/2032		1,972		(39	)
Banyan Software Holdings, LLC	Delayed Draw Term Loan	10/08/2027		6,689		(50	)
Banyan Software Holdings, LLC	Revolver	01/02/2031		1,130		(8	)
Blue River PetCare, LLC	Delayed Draw Term Loan	02/11/2028		701		(2	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Blue River PetCare, LLC	Revolver	08/01/2029	115	(1	)
Bottomline Technologies, Inc.	Revolver	05/15/2028	267	—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	07/03/2026	100	—
Bullhorn, Inc.	Delayed Draw Term Loan	05/11/2026	172	(1	)
Bullhorn, Inc.	Revolver	10/01/2029	622	(3	)
CCI Buyer, Inc.	Revolver	05/13/2032	166	(3	)
CLEO Communications Holding, LLC	Revolver	06/09/2027	12,502	—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	04/04/2027	9,601	(72	)
COP Collisionright Parent, LLC	Revolver	01/29/2030	1,212	(9	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	08/27/2026	2,471	(10	)
CRCI Longhorn Holdings, Inc.	Revolver	08/27/2031	1,647	(6	)
Caerus US 1, Inc.	Revolver	05/25/2029	241	(1	)
Carr, Riggs and Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026	1,474	(11	)
Carr, Riggs and Ingram Capital, LLC	Revolver	11/18/2031	337	(3	)
Catalis Intermediate, Inc.	Revolver	08/04/2027	3,720	(47	)
Cerity Partners, LLC	Delayed Draw Term Loan	12/20/2027	1,539	—
Cerity Partners, LLC	Delayed Draw Term Loan	01/21/2027	191	—
Cerity Partners, LLC	Revolver	07/28/2031	224	—
Chase Intermediate, LLC	Delayed Draw Term Loan	04/10/2027	2,256	(42	)
Chase Intermediate, LLC	Revolver	10/30/2028	330	(6	)
Cliffwater, LLC	Revolver	04/22/2032	823	(12	)
ComPsych Investment Corp.	Delayed Draw Term Loan	07/23/2027	4,000	(20	)
Computer Services, Inc.	Delayed Draw Term Loan	11/15/2027	1,033	(13	)
Consor Intermediate II, LLC	Delayed Draw Term Loan	11/10/2026	2,700	—
Consor Intermediate II, LLC	Revolver	05/12/2031	915	—
Coupa Holdings, LLC	Delayed Draw Term Loan	06/03/2027	1,085	—
Coupa Holdings, LLC	Revolver	02/27/2029	831	—
Cyara AcquisitionCo, LLC	Revolver	06/28/2029	313	(6	)
Cyber US Bidco, LLC	Delayed Draw Term Loan	01/02/2029	795	(14	)
Cyber US Bidco, LLC	Revolver	12/30/2032	349	(6	)
DA Blocker Corp.	Delayed Draw Term Loan	02/10/2027	2,204	(44	)
DA Blocker Corp.	Revolver	02/10/2032	705	(14	)
Deerfield Dakota Holding, LLC	Revolver	09/13/2032	2,057	(22	)
Diligent Corporation	Delayed Draw Term Loan	04/30/2026	4,118	(67	)
Diligent Corporation	Revolver	08/02/2030	2,141	(35	)
Drivecentric Holdings, LLC	Delayed Draw Term Loan	07/22/2027	125	—
Drivecentric Holdings, LLC	Revolver	08/15/2031	3,529	—
Dwyer Instruments, Inc.	Revolver	07/20/2029	764	(6	)
E-Discovery AcquireCo, LLC	Revolver	08/29/2029	1,113	(23	)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	08/14/2026	5,881	(16	)
EVDR Purchaser, Inc.	Revolver	02/14/2031	2,411	(7	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Eclipse Buyer, Inc.	Delayed Draw Term Loan	09/06/2026	719	(5	)
Eclipse Buyer, Inc.	Revolver	09/08/2031	365	(3	)
Emburse, Inc.	Delayed Draw Term Loan	05/28/2027	658	(5	)
Emburse, Inc.	Revolver	05/28/2032	658	(5	)
Energy Labs Holdings Corp.	Delayed Draw Term Loan	05/24/2026	199	(3	)
Energy Labs Holdings Corp.	Revolver	04/07/2028	118	(2	)
Espresso Bidco, Inc.	Delayed Draw Term Loan	03/25/2027	398	(8	)
Espresso Bidco, Inc.	Revolver	03/25/2032	2,198	(44	)
Essential Services Holding Corporation	Delayed Draw Term Loan	06/17/2026	4,773	(90	)
Essential Services Holding Corporation	Revolver	06/17/2030	1,790	(34	)
Everbridge Holdings, LLC	Delayed Draw Term Loan	07/02/2026	5,083	—
Everbridge Holdings, LLC	Revolver	07/02/2031	3,344	—
Express Wash Acquisition Company, LLC	Revolver	04/10/2031	112	(1	)
FLS Holding, Inc.	Revolver	12/17/2027	23	(3	)
FMG Suite Holdings, LLC	Delayed Draw Term Loan	09/09/2027	3,113	(47	)
FMG Suite Holdings, LLC	Revolver	09/09/2032	1,868	(28	)
FORTIS Solutions Group, LLC	Revolver	10/15/2027	1,484	—
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	07/26/2027	25	—
Firebird Acquisition Corp, Inc.	Delayed Draw Term Loan	01/31/2027	1,471	—
Firebird Acquisition Corp, Inc.	Revolver	02/02/2032	1,000	—
Formstack Acquisition, Co.	Revolver	03/28/2030	1,728	(30	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan	02/26/2027	30	—
Foundation Risk Partners Corp.	Revolver	10/29/2029	5,451	—
Fullsteam Operations, LLC	Delayed Draw Term Loan	08/09/2027	4,587	(113	)
Fullsteam Operations, LLC	Revolver	08/08/2031	1,529	(38	)
GC Waves Holdings, Inc.	Delayed Draw Term Loan	10/06/2027	2,603	(7	)
GC Waves Holdings, Inc.	Revolver	10/04/2030	271	(1	)
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/04/2027	956	(8	)
GPS Merger Sub, LLC	Revolver	10/02/2029	1,713	(14	)
GS AcquisitionCo, Inc.	Revolver	05/25/2028	1,174	(12	)
Galway Borrower, LLC	Delayed Draw Term Loan	02/07/2028	958	(2	)
Galway Borrower, LLC	Revolver	09/29/2028	1,372	(20	)
GarageCo Intermediate II, LLC	Delayed Draw Term Loan	08/02/2027	3,030	(45	)
GarageCo Intermediate II, LLC	Revolver	08/02/2032	909	(14	)
Gateway US Holdings, Inc.	Revolver	09/22/2028	30	—
Goose Borrower, LP	Revolver	03/02/2033	329	(3	)
Granicus, Inc.	Delayed Draw Term Loan	07/31/2026	929	—
Granicus, Inc.	Revolver	01/17/2031	1,800	—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	06/28/2026	1,624	(6	)
HSI Halo Acquisition, Inc.	Revolver	06/28/2030	2,165	(9	)
Heartland Veterinary Partners, LLC	Delayed Draw Term Loan	11/08/2027	2,498	—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Heartland Veterinary Partners, LLC	Revolver	06/12/2028	375	—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	12/10/2027	2,366	—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	09/30/2026	2,131	—
High Street Buyer, Inc.	Revolver	04/16/2027	2,136	(9	)
Hootsuite, Inc.	Revolver	05/22/2030	2,200	(50	)
Hyland Software, Inc.	Revolver	09/19/2029	1,741	(2	)
IG Investment Holdings, LLC	Revolver	09/22/2028	1,211	(3	)
IQN Holding Corp.	Revolver	05/02/2028	187	—
Icefall Parent, Inc.	Revolver	01/25/2030	507	—
Imagine 360, LLC	Delayed Draw Term Loan	09/20/2026	1,718	—
Imagine 360, LLC	Revolver	10/02/2028	1,064	—
Inhabitiq, Inc.	Delayed Draw Term Loan	01/11/2027	4,976	—
Inhabitiq, Inc.	Revolver	01/12/2032	3,110	—
Inszone Mid, LLC	Delayed Draw Term Loan	10/18/2027	3,070	(23	)
Inszone Mid, LLC	Revolver	11/30/2029	1,787	(13	)
Integrity Marketing Acquisition, LLC	Revolver	08/25/2028	353	—
Invictus Buyer, LLC	Delayed Draw Term Loan	06/03/2026	1,688	(4	)
Invictus Buyer, LLC	Revolver	06/03/2031	625	(2	)
Iris Buyer, LLC	Revolver	10/02/2029	1,001	(8	)
Iris Specialty Acquisiton, LLC	Delayed Draw Term Loan	11/20/2028	1,241	(9	)
Iris Specialty Acquisiton, LLC	Revolver	11/22/2032	844	(6	)
Jawbreaker Parent, Inc.	Delayed Draw Term Loan	04/20/2026	1,638	(16	)
Jawbreaker Parent, Inc.	Delayed Draw Term Loan	01/30/2029	660	(3	)
Jawbreaker Parent, Inc.	Revolver	01/31/2033	660	(7	)
Jeppesen Holdings, LLC	Revolver	11/01/2032	653	(7	)
Jonathan Acquisition Company	Revolver	05/11/2029	294	(5	)
KENG Acquisition, Inc.	Revolver	08/01/2029	1,171	(18	)
Kodiak Buyer, LLC	Delayed Draw Term Loan	07/26/2027	536	(1	)
Kodiak Buyer, LLC	Revolver	07/23/2032	429	(1	)
LHS Borrower, LLC	Revolver	09/04/2031	395	(7	)
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	02/17/2028	618	(5	)
LJ Avalon Holdings, LLC	Revolver	02/01/2029	1,435	—
LeadVenture, Inc.	Delayed Draw Term Loan	06/23/2027	994	(19	)
LeadVenture, Inc.	Revolver	06/23/2032	803	(15	)
LegitScript, LLC	Revolver	06/24/2028	2,333	(29	)
LogRhythm, Inc.	Revolver	07/02/2029	909	(55	)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	06/11/2027	726	(15	)
MAI Capital Management Intermediate, LLC	Revolver	08/29/2031	766	(15	)
MHE Intermediate Holdings, LLC	Revolver	07/21/2027	1,500	(8	)
MRI Software, LLC	Revolver	02/10/2028	1,300	(6	)
Magneto Components Buyco, LLC	Revolver	12/05/2029	2,529	—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Majesco, Inc.	Revolver	01/07/2033	628	(2	)
ManTech International CP	Revolver	09/14/2028	507	—
Merative, LP	Delayed Draw Term Loan	09/30/2027	2,071	(10	)
Merative, LP	Revolver	09/30/2032	1,812	(9	)
Mobile Communications America, Inc.	Delayed Draw Term Loan	06/23/2027	683	—
Mobile Communications America, Inc.	Revolver	10/16/2029	960	—
Model N, Inc.	Delayed Draw Term Loan	06/26/2026	3,265	(30	)
Model N, Inc.	Revolver	06/27/2031	1,741	(16	)
Montana Buyer, Inc.	Revolver	07/22/2028	981	—
NDT Global Holding, Inc.	Delayed Draw Term Loan	06/04/2027	686	(10	)
NDT Global Holding, Inc.	Revolver	06/04/2032	582	(9	)
NSI Holdings, Inc.	Delayed Draw Term Loan	11/15/2026	1,316	—
NSI Holdings, Inc.	Revolver	11/17/2031	1,316	—
Nasuni Corporation	Revolver	09/10/2030	3,017	(48	)
Netwrix Corporation And Concept Searching, Inc.	Revolver	06/11/2029	431	(6	)
OEConnection, LLC	Delayed Draw Term Loan	12/26/2028	876	(20	)
OEConnection, LLC	Revolver	12/23/2032	231	(5	)
Oak Purchaser, Inc.	Delayed Draw Term Loan	08/30/2027	860	(17	)
Oak Purchaser, Inc.	Revolver	05/31/2028	522	(10	)
One, Inc. Software Corporation	Delayed Draw Term Loan	12/06/2027	982	(15	)
One, Inc. Software Corporation	Revolver	12/06/2032	393	(6	)
Onit, Inc.	Delayed Draw Term Loan	01/27/2027	6,944	—
Onit, Inc.	Revolver	01/27/2032	2,315	—
Optimizely North America, Inc.	Revolver	10/30/2031	1,236	(37	)
PDI TA Holdings, Inc.	Revolver	02/03/2031	152	(3	)
PMA Parent Holdings, LLC	Revolver	01/31/2031	354	(4	)
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	04/08/2026	2,497	—
Pamlico Avant Holdings, LP	Revolver	12/31/2032	208	(3	)
Pareto Health Intermediate Holdings, Inc.	Revolver	06/01/2029	939	(2	)
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028	3,577	—
PerkinElmer U.S., LLC	Delayed Draw Term Loan	10/25/2027	1,613	(12	)
Pound Bidco, Inc.	Delayed Draw Term Loan	04/24/2027	665	(5	)
Pound Bidco, Inc.	Revolver	02/01/2027	375	(3	)
Procure Acquireco, Inc. (Procure Analytics)	Delayed Draw Term Loan	10/31/2026	579	—
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	238	—
Project Accelerate Parent, LLC	Revolver	02/24/2031	1,250	—
Project Potter Buyer, LLC	Revolver	04/23/2027	1,173	(1	)
Railpros Parent, LLC	Delayed Draw Term Loan	05/24/2027	2,432	(18	)
Railpros Parent, LLC	Revolver	05/24/2032	1,737	(13	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	06/30/2026	78	(1	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	12/20/2027	2,742	(34	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Randy's Holdings, Inc.	Revolver	11/01/2029	854	(11	)
Raptor Merger Sub Debt, LLC	Revolver	04/01/2030	1,872	—
Real Chemistry Intermediate III, Inc.	Delayed Draw Term Loan	10/11/2027	1,287	(19	)
Real Chemistry Intermediate III, Inc.	Revolver	04/12/2032	1,950	(29	)
Recovery Point Systems, Inc.	Revolver	02/14/2028	4,000	—
Redwood Services Group, LLC	Delayed Draw Term Loan	01/03/2027	1,589	(12	)
Revalize, Inc.	Revolver	04/16/2029	46	(4	)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	03/30/2027	7,987	—
Ridge Trail US Bidco, Inc.	Revolver	03/31/2031	2,012	—
Riskonnect Parent, LLC	Revolver	12/07/2028	885	(4	)
RoadOne IntermodaLogistics	Revolver	12/29/2028	35	(2	)
Routeware, Inc.	Delayed Draw Term Loan	09/18/2026	1,131	(14	)
Routeware, Inc.	Revolver	09/18/2031	273	(3	)
Runway Bidco, LLC	Delayed Draw Term Loan	12/17/2026	2,715	(68	)
Runway Bidco, LLC	Revolver	12/17/2031	1,357	(34	)
SV Newco 2, Inc.	Revolver	06/02/2031	6,670	(12	)
Saturn Borrower, Inc.	Delayed Draw Term Loan	01/24/2027	4,167	(89	)
Saturn Borrower, Inc.	Revolver	11/10/2028	1,388	(30	)
Securonix, Inc.	Revolver	04/05/2029	3,782	(579	)
Sherlock Buyer Corp.	Revolver	12/07/2029	1,286	(69	)
Smarsh, Inc.	Delayed Draw Term Loan	01/31/2027	953	(13	)
Smarsh, Inc.	Revolver	02/16/2029	632	(8	)
Spark Buyer, LLC	Delayed Draw Term Loan	10/15/2026	875	(74	)
Spark Buyer, LLC	Revolver	10/15/2031	241	(20	)
Specialty Pharma III, Inc.	Revolver	12/23/2032	418	(4	)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	04/28/2027	117	—
Spectrum Automotive Holdings Corp.	Revolver	06/29/2027	881	—
Stepping Stones Healthcare Services, LLC	Revolver	01/05/2033	625	(2	)
Superman Holdings, LLC	Revolver	08/29/2031	2,901	(22	)
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	06/29/2026	601	—
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	827	—
Suveto Buyer, LLC	Delayed Draw Term Loan	11/15/2026	146	—
Suveto Buyer, LLC	Revolver	09/09/2027	1,199	—
Sweep Purchaser, LLC	Revolver	06/30/2027	1,125	—
TA Polaris Buyer, Inc.	Delayed Draw Term Loan	12/12/2028	2,984	(44	)
TA Polaris Buyer, Inc.	Revolver	12/12/2032	1,297	(19	)
Tamarack Intermediate, LLC	Delayed Draw Term Loan	07/01/2027	2,440	(12	)
Tamarack Intermediate, LLC	Revolver	03/12/2029	1,853	(9	)
Tank Holding Corp.	Revolver	03/31/2028	800	(88	)
Thrive Buyer, Inc. (Thrive Networks)	Delayed Draw Term Loan	01/31/2027	2,268	(17	)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	02/02/2032	1,701	(13	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Tidi Legacy Products, Inc.	Revolver	12/19/2029	356	—
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2026	1,835	(28	)
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2027	550	(8	)
Transit Technologies, LLC	Revolver	08/20/2030	1,705	(26	)
Trintech, Inc.	Delayed Draw Term Loan	01/28/2028	2,284	(11	)
Trintech, Inc.	Revolver	01/28/2033	1,713	(17	)
Triple Lift, Inc.	Revolver	05/05/2028	4,000	(267	)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	112	(1	)
Trunk Acquisition, Inc.	Revolver	02/19/2030	857	(4	)
Two Six Labs, LLC	Revolver	08/20/2027	2,134	(4	)
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026	1,865	(5	)
UHY Advisors, Inc.	Revolver	11/21/2031	286	(1	)
US Infra Svcs Buyer, LLC	Revolver	06/13/2028	150	(45	)
UpStack, Inc.	Delayed Draw Term Loan	08/23/2026	2,378	(30	)
UpStack, Inc.	Revolver	08/25/2031	1,125	(14	)
V Global Holdings, LLC	Revolver	01/02/2029	427	(40	)
VRC Companies, LLC	Revolver	06/29/2027	1,653	—
Vamos Bidco, Inc.	Delayed Draw Term Loan	01/30/2027	2,250	(56	)
Vamos Bidco, Inc.	Revolver	01/30/2032	675	(17	)
Vanco Payment Solutions, LLC	Revolver	12/01/2031	175	(4	)
Vehlo Purchaser, LLC	Revolver	05/24/2028	503	(9	)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	03/06/2028	679	(4	)
Verdantas, LLC	Delayed Draw Term Loan	11/08/2026	622	(6	)
Verdantas, LLC	Revolver	05/06/2030	1,333	(12	)
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026	603	(13	)
Vertex Service Partners, LLC	Revolver	11/08/2030	107	(2	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	07/24/2026	212	(2	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	05/03/2028	1,093	(10	)
Vessco Midco Holdings, LLC	Revolver	07/24/2031	920	(9	)
Victors Purchaser, LLC	Delayed Draw Term Loan	12/23/2027	1,030	—
Victors Purchaser, LLC	Revolver	12/23/2032	846	—
WIPFLI Advisory, LLC	Delayed Draw Term Loan	04/01/2028	2,192	(22	)
WIPFLI Advisory, LLC	Revolver	10/01/2032	1,462	(15	)
World Insurance Associates, LLC	Revolver	04/03/2030	1,269	(4	)
YI, LLC	Revolver	12/03/2029	883	(1	)
Zarya Intermediate, LLC	Revolver	07/01/2027	3,128	(49	)
Zenith Acquisitionco, LLC	Delayed Draw Term Loan	01/13/2033	658	(2	)
Zenith Acquisitionco, LLC	Revolver	01/13/2033	259	(1	)
eShipping, LLC	Delayed Draw Term Loan	12/23/2027	1,075	(11	)
eShipping, LLC	Revolver	12/23/2032	504	(5	)
iCIMS, Inc.	Revolver	08/18/2028	39	(1	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
mPulse Mobile, Inc.	Delayed Draw Term Loan	08/26/2027		1,731		(48	)
mPulse Mobile, Inc.	Revolver	02/25/2033		2,596		(71	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated			$	446,991	$	(4,682	)
First Lien Debt — non-controlled/affiliated
Alpine Acquisition Corp. II	Delayed Draw Term Loan	01/14/2028		161		(2	)
Alpine Acquisition Corp. II	Revolver	01/14/2031		645		(31	)
KWOR Acquisition, Inc.	Delayed Draw Term Loan	02/28/2027		690		—
KWOR Acquisition, Inc.	Revolver	02/28/2030		506		—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated			$	2,002	$	(33	)
Total Unfunded Commitments			$	448,993	$	(4,715	)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for three months ended March 31, 2026 were as follows:

	Fair Value as of December 31, 2025		Gross Additions (c)		Gross Reductions (d)			Net Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Interest, Dividend and Other Income
KWOR Acquisition, Inc.(a)	$	4,789	$	68	$	(2,159	)	$	(672	)	$	—	$	2,026	$	78
Alpine Acquisition Corp. II(b)		—		8,095		—			—			—		8,095		75
Total	$	4,789	$	8,163	$	(2,159	)	$	(672	)	$	—	$	10,121	$	153

(a) Inclusive of positions titled KWOR Intermediate I, Inc.

(b) Inclusive of positions titled 48Forty TopCo, LLC.

(c) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(d) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(19) As defined in the 1940 Act, the Company is deemed to be a “control person” of the portfolio company as the Company owns, either directly or indirectly, 25% or more of the portfolio company’s voting securities (“controlled affiliate”). Transactions related to investments in controlled affiliates for three months ended March 31, 2026 were as follows:

	Fair Value as of December 31, 2025		Gross Additions (a)		Gross Reductions (b)		Net Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair Value as of March 31, 2026		Interest, Dividend and Other Income
Capstone Lending LLC	$	—	$	94,532	$	—	$	(1,459	)	$	—	$	93,072	$	1,165
Total	$	—	$	94,532	$	—	$	(1,459	)	$	—	$	93,072	$	1,165

Although the Company owns more than 25% of the voting securities of Capstone Lending LLC, the Company does not believe that it has control over Capstone Lending LLC (other than for purposes of 1940 Act). See Note 4 “Investments”.

(a) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

(In thousands, except share amounts)

(b) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Additional Information

Interest Rate Swaps(a)(b(c)(d)
Counterparty	Hedged<br>Instrument	Company<br>Receives	Company<br>Pays	Maturity Date	Notional<br>Amount		Fair Value		Upfront<br>Payments/<br>Receipts		Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)
BNP Paribas	2029 Notes	6.41%	S + 2.37%	05/17/2029	$	350,000	$	4,134		—	$	(2,703	)
BNP Paribas	2030 Notes	6.25%	S + 2.54%	05/19/2030		350,000		789		—		(2,528	)
					$	700,000	$	4,923	$	—	$	(5,231	)

(a) Contains a variable rate structure. Bears interest at a rate determined by SOFR.

(b) Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.

(d) The Company's interest rate swaps are cleared over-the-counter.

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)		Cost(5)			Fair Value
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
GB Eagle Buyer, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.35%	11/29/2030		7,138	$	7,069		$	7,069		0.40	%
GB Eagle Buyer, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.35%	11/29/2030		—		(8	)		(8	)	0.00
GB Eagle Buyer, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.35%	11/29/2030		—		(11	)		(11	)	0.00
Jonathan Acquisition Company	(6) (8)	First Lien Debt	S +	4.50%	8.34%	11/12/2029		2,673		2,634			2,634		0.15
Jonathan Acquisition Company	(6) (8) (16)	First Lien Debt	S +	4.50%	8.34%	05/11/2029		—		(5	)		(5	)	0.00
ManTech International CP	(6) (9) (18)	First Lien Debt	S +	4.50%	8.29%	09/14/2029		4,132		4,129			4,132		0.24
ManTech International CP	(6) (9) (16)	First Lien Debt	S +	4.50%	8.29%	09/14/2029		—		—			—		—
ManTech International CP	(6) (16)	First Lien Debt	P +	3.50%	10.25%	09/14/2028		—		—			—		—
Two Six Labs, LLC	(6) (7) (9) (18)	First Lien Debt	S +	5.25%	9.22%	08/20/2027		36,753		36,465			36,741		2.10
Two Six Labs, LLC	(6) (9)	First Lien Debt	S +	5.25%	9.22%	08/20/2027		6,382		6,329			6,382		0.37
Two Six Labs, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.22%	08/20/2027		—		(12	)		—		—
										56,590			56,934		3.26
Air Freight & Logistics
AGI-CFI Holdings, Inc.	(6) (9)	First Lien Debt	S +	4.75%	8.57%	06/11/2027		14,850		14,751			14,776		0.85
RoadOne IntermodaLogistics	(6) (8)	First Lien Debt	S +	6.25%	9.95%	12/29/2028		1,622		1,594			1,557		0.09
RoadOne IntermodaLogistics	(6) (8)	First Lien Debt	S +	6.25%	9.95%	12/29/2028		149		146			143		0.01
RoadOne IntermodaLogistics	(6) (8) (16)	First Lien Debt	S +	6.25%	9.95%	12/29/2028		295		290			281		0.02
										16,781			16,757		0.96
Automobile Components
Continental Battery Company	(6) (8) (11)	First Lien Debt	S +	7.00% PIK	11.29%	07/20/2028		6,473		6,415			2,740		0.16
OEConnection, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.23%	12/23/2032		1,493		1,486			1,486		0.09
OEConnection, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.23%	12/23/2032	—			(2	)		(2	)	0.00
OEConnection, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.23%	12/23/2032	—			(1	)		(1	)	0.00
PAI Holdco, Inc.	(6) (8)	Second Lien Debt	S +	7.50% (incl. 2.00% PIK)	11.47%	10/28/2028		27,707		27,377			22,923		1.31
Randy's Holdings, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	5.00%	8.71%	11/01/2029		7,226		7,095			7,154		0.41
Randy's Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	8.71%	11/01/2029		1,817		1,762			1,781		0.10
Randy's Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	8.71%	11/01/2029	—			(15	)		(9	)	0.00
Sonny's Enterprises, LLC	(6) (7) (8)	First Lien Debt	S +	5.50%	9.52%	08/05/2028		45,077		44,742			43,805		2.51
Sonny's Enterprises, LLC	(6) (8)	First Lien Debt	S +	5.50%	9.52%	08/05/2028		112		111			109		0.01
Spectrum Automotive Holdings Corp.	(6) (7) (9) (18)	First Lien Debt	S +	5.25%	8.97%	06/29/2028		22,930		22,783			22,930		1.31
Spectrum Automotive Holdings Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.97%	06/29/2028		15,836		15,691			15,836		0.91
Spectrum Automotive Holdings Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.97%	06/29/2027		—		(3	)		—		—
										127,441			118,752		6.79
Automobiles
COP Collisionright Parent, LLC	(6) (7) (8) (18)	First Lien Debt	S +	4.75%	8.59%	01/29/2030		8,994		8,877			8,970		0.51

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
COP Collisionright Parent, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.59%	01/29/2030		5,968	5,848		5,929		0.34
COP Collisionright Parent, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.59%	01/29/2030		202	185		198		0.01
Drivecentric Holdings, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.19%	08/15/2031		26,595	26,370		26,595		1.52
Drivecentric Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.19%	08/15/2031		—	(1	)	—		—
Drivecentric Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.19%	08/15/2031		—	(28	)	—		—
LeadVenture, Inc.	(6) (7) (9)	First Lien Debt	S +	5.25%	8.92%	06/23/2032		8,809	8,684		8,809		0.50
LeadVenture, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.92%	06/23/2032		554	538		554		0.03
LeadVenture, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.92%	06/23/2032		168	157		168		0.01
Turbo Buyer, Inc.	(6) (8)	First Lien Debt	S +	6.00%	9.82%	06/02/2026		36,896	36,836		36,896		2.11
Turbo Buyer, Inc.	(6) (8)	First Lien Debt	S +	6.00%	9.82%	06/02/2026		37,080	37,016		37,080		2.12
Vehlo Purchaser, LLC	(6) (9) (18)	First Lien Debt	S +	5.50%	9.22%	05/24/2028		4,075	4,048		4,067		0.23
Vehlo Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.22%	05/24/2028		15,513	15,377		15,513		0.89
Vehlo Purchaser, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	9.22%	05/24/2028		—	(4	)	—		—
									143,903		144,779		8.28
Banks
Computer Services, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.17%	11/17/2031		2,257	2,246		2,246		0.13
Computer Services, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.17%	11/17/2031	—		(3	)	(3	)	0.00
									2,243		2,243		0.13
Beverages
Vamos Bidco, Inc.	(6) (10) (18)	First Lien Debt	S +	4.75%	8.42%	01/30/2032		5,373	5,324		5,332		0.31
Vamos Bidco, Inc.	(6) (10) (16)	First Lien Debt	S +	4.75%	8.42%	01/30/2032	—		(10	)	(17	)	0.00
Vamos Bidco, Inc.	(6) (10) (16)	First Lien Debt	S +	4.75%	8.42%	01/30/2032	—		(6	)	(5	)	0.00
									5,308		5,310		0.30
Building Products
Project Potter Buyer, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	8.92%	04/23/2027		14,964	14,958		14,964		0.86
Project Potter Buyer, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	8.92%	04/23/2027		—	—		—		—
									14,958		14,964		0.86
Chemicals
Tank Holding Corp.	(7) (9) (18)	First Lien Debt	S +	6.00%	9.59%	03/31/2028		15,394	15,247		14,066		0.80
Tank Holding Corp.	(9)	First Lien Debt	S +	6.00%	9.59%	03/31/2028		483	473		441		0.03
Tank Holding Corp.	(9) (16)	First Lien Debt	S +	6.00%	9.59%	03/31/2028	—		(6	)	(69	)	0.00
V Global Holdings, LLC	(6) (7) (9)	First Lien Debt	S +	6.25% (incl. 3.70% PIK)	9.27%	01/02/2029		4,761	4,721		4,384		0.25
V Global Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	6.25% (incl. 3.70% PIK)	9.27%	01/02/2029		280	277		227		0.01
									20,712		19,049		1.09
Commercial Services & Supplies
365 Retail Markets, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.49%	12/26/2028		16,754	16,633		16,754		0.96
365 Retail Markets, LLC	(6) (8)	First Lien Debt	S +	4.50%	8.49%	12/26/2028		5,377	5,347		5,377		0.31
Astra Service Partners, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.34%	11/26/2032		4,500	4,467		4,467		0.26

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/Shares(4)
Astra Service Partners, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.34%	11/26/2032	—	(5	)	(5	)	0.00
Atlas US Finco, Inc.	(6) (8) (12)	First Lien Debt	S +	4.75%	8.61%	12/09/2029		8,742		8,881		0.51
Atlas US Finco, Inc.	(6) (8) (12)	First Lien Debt	S +	4.75%	8.61%	12/10/2029		4,214		4,233		0.24
Atlas US Finco, Inc.	(6) (8) (12) (16)	First Lien Debt	S +	4.75%	8.61%	12/09/2028		(5	)	—		—
BPG Holdings IV Corp.	(6) (9)	First Lien Debt	S +	7.00% (incl. 5.00% PIK)	10.67%	07/30/2029		11,390		9,325		0.53
Consor Intermediate II, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.17%	05/12/2031		6,786		6,826		0.39
Consor Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	05/12/2031	—	(19	)	(3	)	0.00
Consor Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	05/12/2031		235		243		0.01
CRCI Longhorn Holdings, Inc.	(6) (7) (9)	First Lien Debt	S +	4.75%	8.47%	08/27/2031		9,700		9,784		0.56
CRCI Longhorn Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.47%	08/27/2031		(10	)	—		—
CRCI Longhorn Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.47%	08/27/2031		(13	)	—		—
Energy Labs Holdings Corp.	(6) (8)	First Lien Debt	S +	5.00%	8.82%	04/07/2028		458		452		0.03
Energy Labs Holdings Corp.	(6) (8)	First Lien Debt	S +	5.00%	8.82%	04/07/2028		464		456		0.03
Energy Labs Holdings Corp.	(6) (8) (16)	First Lien Debt	S +	5.00%	8.82%	04/07/2028		65		62		0.00
Firebird Acquisition Corp, Inc.	(6) (9)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.84%	02/02/2032		5,732		5,757		0.33
Firebird Acquisition Corp, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.84%	02/02/2032		1,339		1,350		0.08
Firebird Acquisition Corp, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.84%	02/02/2032		(4	)	—		—
FLS Holding, Inc.	(6) (8) (12)	First Lien Debt	S +	5.25%	9.07%	12/15/2028		18,454		15,886		0.91
FLS Holding, Inc.	(6) (8) (12)	First Lien Debt	S +	5.25%	9.07%	12/15/2028		4,325		3,725		0.21
FLS Holding, Inc.	(6) (8) (12) (16)	First Lien Debt	S +	5.25%	9.07%	12/17/2027		1,768		1,513		0.09
Hercules Borrower, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.42%	12/15/2028		4,931		4,909		0.28
Hercules Borrower, LLC	(6) (9)	First Lien Debt	C +	4.75%	7.01%	12/15/2028	C 2,993	2,090		2,161		0.12
HSI Halo Acquisition, Inc.	(6) (9) (18)	First Lien Debt	S +	5.00%	8.84%	06/30/2031		13,339		13,397		0.77
HSI Halo Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	8.84%	06/30/2031		1,596		1,603		0.09
HSI Halo Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	8.84%	06/28/2030	—	(16	)	(9	)	0.00
Iris Buyer, LLC	(6) (8) (12) (18)	First Lien Debt	S +	5.25%	9.09%	10/02/2030		6,903		7,028		0.40
Iris Buyer, LLC	(6) (8) (12)	First Lien Debt	S +	5.25%	9.09%	10/02/2030		634		646		0.04
Iris Buyer, LLC	(6) (8) (12) (16)	First Lien Debt	S +	5.25%	9.09%	10/02/2029	—	(17	)	(2	)	0.00
Procure Acquireco, Inc. (Procure Analytics)	(6) (9)	First Lien Debt	S +	4.75%	8.42%	12/20/2028		3,772		3,810		0.22
Procure Acquireco, Inc. (Procure Analytics)	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	12/20/2028		303		308		0.02

All values are in US Dollars.

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/Shares(4)
Procure Acquireco, Inc. (Procure Analytics)	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	12/20/2028		(2	)	—		—
Railpros Parent, LLC	(6) (9)	First Lien Debt	S +	4.25%	8.13%	05/24/2032		11,156		11,149		0.64
Railpros Parent, LLC	(6) (9) (16)	First Lien Debt	S +	4.25%	8.13%	05/24/2032	—	(16	)	(35	)	0.00
Railpros Parent, LLC	(6) (9) (16)	First Lien Debt	S +	4.25%	8.13%	05/24/2032	—	(16	)	(17	)	0.00
Routeware, Inc.	(6) (8)	First Lien Debt	S +	5.25%	8.95%	09/18/2031		3,154		3,171		0.18
Routeware, Inc.	(6) (8) (16)	First Lien Debt	S +	5.25%	8.95%	09/18/2031		186		188		0.01
Routeware, Inc.	(6) (8) (16)	First Lien Debt	S +	5.25%	8.95%	09/18/2031		65		67		0.00
Sherlock Buyer Corp.	(6) (8) (18)	First Lien Debt	S +	5.75%	9.42%	12/06/2030		10,618		10,389		0.59
Sherlock Buyer Corp.	(6) (8) (16)	First Lien Debt	S +	5.75%	9.42%	12/07/2029	—	(9	)	(41	)	0.00
Surewerx Purchaser III, Inc.	(6) (9) (12) (18)	First Lien Debt	S +	5.25%	8.92%	12/28/2029		5,749		5,849		0.33
Surewerx Purchaser III, Inc.	(6) (9) (12)	First Lien Debt	C +	5.25%	7.51%	12/28/2029	C 253	184		184		0.01
Surewerx Purchaser III, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	5.25%	8.92%	12/28/2029	—	(11	)	(1	)	0.00
Surewerx Purchaser III, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	5.25%	8.92%	12/28/2028	—	(14	)	(2	)	0.00
Sweep Midco, LLC	(6) (15)	Second Lien Debt				03/12/2034		836		1,125		0.06
Sweep Midco, LLC	(6) (15)	Second Lien Debt				03/12/2036		—		—		—
Sweep Purchaser, LLC	(6) (8)	First Lien Debt	S +	5.75% PIK	9.58%	06/30/2027		6,706		6,706		0.38
Sweep Purchaser, LLC	(6) (8)	First Lien Debt	S +	5.75%	9.58%	06/30/2027		3,132		3,132		0.18
Sweep Purchaser, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	9.58%	06/30/2027		281		281		0.02
Tamarack Intermediate, LLC	(6) (9) (18)	First Lien Debt	S +	5.00%	8.90%	03/12/2029		9,902		9,954		0.57
Tamarack Intermediate, LLC	(6) (9)	First Lien Debt	S +	5.00%	8.90%	03/12/2029		1,577		1,596		0.09
Tamarack Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.90%	03/12/2029	—	(10	)	(5	)	0.00
Transit Technologies, LLC	(6) (7) (9) (18)	First Lien Debt	S +	5.00%	8.59%	08/20/2031		10,314		10,383		0.59
Transit Technologies, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.59%	08/20/2031		978		991		0.06
Transit Technologies, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.59%	08/20/2030		(13	)	—		—
US Infra Svcs Buyer, LLC	(6) (7) (8)	First Lien Debt	S +	7.25% (incl. 4.75% PIK)	11.24%	04/13/2027		14,566		10,343		0.59
US Infra Svcs Buyer, LLC	(6) (7) (8)	First Lien Debt	S +	7.25% (incl. 4.75% PIK)	11.24%	04/13/2027		2,062		1,460		0.08
US Infra Svcs Buyer, LLC	(6) (8)	First Lien Debt	S +	7.25% (incl. 4.75% PIK)	11.24%	04/13/2027		2,248		1,591		0.09
Vensure Employer Services, Inc.	(6) (10)	First Lien Debt	S +	5.00%	8.70%	09/29/2031		9,670		9,752		0.56
Vensure Employer Services, Inc.	(6) (10) (16)	First Lien Debt	S +	5.00%	8.70%	09/29/2031		(3	)	—		—
VRC Companies, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.31%	06/29/2027		71,180		71,511		4.09
VRC Companies, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.31%	06/29/2027		488		491		0.03
VRC Companies, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	9.31%	06/29/2027		(6	)	—		—
								298,550		289,146		16.54
Construction & Engineering

All values are in US Dollars.

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Arcoro Holdings Corp.	(6) (8) (18)	First Lien Debt	S +	5.50%	9.17%	03/28/2030		12,848	12,652		12,627		0.72
Arcoro Holdings Corp.	(6) (8) (16)	First Lien Debt	S +	5.50%	9.17%	03/28/2030	—		(28	)	(34	)	0.00
KPSKY Acquisition, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.44%	10/19/2028		33,171	32,855		30,157		1.73
KPSKY Acquisition, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.44%	10/19/2028		7,596	7,519		6,906		0.40
LJ Avalon Holdings, LLC	(6) (7) (8) (18)	First Lien Debt	S +	4.50%	8.46%	02/01/2030		6,217	6,136		6,217		0.36
LJ Avalon Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	4.50%	8.46%	02/01/2030		4,312	4,254		4,312		0.25
LJ Avalon Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	4.50%	8.46%	02/01/2029		—	(14	)	—		—
Superman Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.17%	08/29/2031		19,847	19,763		19,847		1.14
Superman Holdings, LLC	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	08/29/2031		6,504	6,455		6,504		0.37
Superman Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	08/29/2031		—	(12	)	—		—
									89,580		86,536		4.95
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.34%	02/03/2031		27,342	27,125		26,928		1.54
PDI TA Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50%	9.34%	02/03/2031		1,672	1,655		1,637		0.09
									28,780		28,565		1.63
Containers & Packaging
BP Purchaser, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.48%	12/11/2028		17,715	17,547		13,849		0.79
FORTIS Solutions Group, LLC	(6) (9) (18)	First Lien Debt	S +	5.50%	9.27%	10/13/2028		26,471	26,220		26,471		1.51
FORTIS Solutions Group, LLC	(6) (9)	First Lien Debt	S +	5.50%	9.27%	10/13/2028		273	272		273		0.02
FORTIS Solutions Group, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	9.27%	10/15/2027		787	771		787		0.05
									44,810		41,380		2.37
Distributors
48Forty Solutions, LLC	(6) (11)	First Lien Debt	S +	6.00%	10.48%	11/30/2029		18,067	17,873		7,408		0.42
48Forty Solutions, LLC	(6) (11) (16)	First Lien Debt	S +	6.00%	10.48%	11/30/2029		2,168	2,103		566		0.03
ABB Concise Optical Group, LLC	(6) (9)	First Lien Debt	S +	7.50%	11.34%	02/23/2028		17,008	16,822		16,370		0.94
PT Intermediate Holdings III, LLC	(6) (9)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	8.67%	04/09/2030		42,779	42,481		42,779		2.45
PT Intermediate Holdings III, LLC	(6) (9) (16)	First Lien Debt	S +	5.00% (incl. 1.75% PIK)	8.67%	04/09/2030		—	(3	)	—		—
									79,276		67,123		3.84
Diversified Consumer Services
Any Hour, LLC	(6) (7) (10) (18)	First Lien Debt	S +	5.25%	8.92%	05/23/2030		23,367	23,092		22,323		1.28
Any Hour, LLC	(6) (10) (16)	First Lien Debt	S +	5.25%	8.92%	05/23/2030		662	620		353		0.02
Any Hour, LLC	(6) (10) (16)	First Lien Debt	S +	5.25%	8.92%	05/23/2030		2,909	2,871		2,754		0.16
Any Hour, LLC	(6) (10)	Other Debt		13.00% PIK	13.00%	05/23/2031		7,253	7,154		6,888		0.39
Apex Service Partners, LLC	(6) (7) (8) (18)	First Lien Debt	S +	5.00%	8.82%	10/24/2030		30,244	29,838		30,225		1.73
Apex Service Partners, LLC	(6) (8)	First Lien Debt	S +	5.00%	8.82%	10/24/2030		7,202	7,093		7,197		0.41
Apex Service Partners, LLC	(6) (8) (16)	First Lien Debt	S +	5.00%	8.82%	10/24/2029		632	605		631		0.04
Assembly Intermediate, LLC	(6) (8)	First Lien Debt	S +	5.25%	8.92%	10/19/2027		19,907	19,765		19,907		1.14
Assembly Intermediate, LLC	(6) (8)	First Lien Debt	S +	5.25%	8.92%	10/19/2027		4,148	4,121		4,148		0.24

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Assembly Intermediate, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	8.92%	10/19/2027		—	(12	)	—		—
DA Blocker Corp.	(6) (9) (12) (18)	First Lien Debt	S +	4.75%	8.42%	02/10/2032		7,054	6,990		7,036		0.40
DA Blocker Corp.	(6) (9) (12) (16)	First Lien Debt	S +	4.75%	8.42%	02/10/2032	—		(10	)	(5	)	0.00
DA Blocker Corp.	(6) (9) (12) (16)	First Lien Debt	S +	4.75%	8.42%	02/10/2032	—		(6	)	(2	)	0.00
Eclipse Buyer, Inc.	(6) (10) (18)	First Lien Debt	S +	4.50%	8.25%	09/08/2031		4,244	4,208		4,244		0.24
Eclipse Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.25%	09/08/2031		—	(3	)	—		—
Eclipse Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.25%	09/08/2031		—	(3	)	—		—
Essential Services Holding Corporation	(6) (9) (18)	First Lien Debt	S +	5.00%	8.88%	06/17/2031		17,245	17,101		17,197		0.98
Essential Services Holding Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	8.88%	06/17/2031	—		(19	)	(13	)	0.00
Essential Services Holding Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	8.88%	06/17/2030		1,193	1,171		1,185		0.07
EVDR Purchaser, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.23%	02/14/2031		20,274	19,952		20,242		1.16
EVDR Purchaser, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.23%	02/14/2031	—		(43	)	(9	)	0.00
EVDR Purchaser, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.23%	02/14/2031		706	654		700		0.04
Express Wash Acquisition Company, LLC	(6) (8)	First Lien Debt	S +	6.25%	10.18%	04/10/2031		1,886	1,847		1,867		0.11
Express Wash Acquisition Company, LLC	(6) (8) (16)	First Lien Debt	S +	6.25%	10.18%	04/10/2031	—		(2	)	(1	)	0.00
FPG Intermediate Holdco, LLC	(6) (8) (13)	First Lien Debt	S +	5.00% PIK	8.84%	07/02/2029		133	131		127		0.01
FPG Intermediate Holdco, LLC	(6) (8) (16)	First Lien Debt	S +	5.00% PIK	8.84%	07/02/2029		27	27		27		0.00
FPG Intermediate Holdco, LLC	(6) (8)	First Lien Debt	S +	5.00% PIK	8.84%	06/29/2029		18	18		18		0.00
GarageCo Intermediate II, LLC	(6) (9)	First Lien Debt	S +	4.25%	8.10%	08/02/2032		2,061	2,041		2,040		0.12
GarageCo Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.25%	8.10%	08/02/2032	—		(14	)	(30	)	0.00
GarageCo Intermediate II, LLC	(6) (9) (16)	First Lien Debt	S +	4.25%	8.10%	07/30/2032	—		(9	)	(9	)	0.00
Heartland Home Services	(6) (9)	First Lien Debt	S +	5.75%	9.52%	12/15/2026		1,906	1,903		1,861		0.11
Kodiak Buyer, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.17%	07/26/2032		1,534	1,520		1,534		0.09
Kodiak Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	07/26/2032		—	(3	)	—		—
Kodiak Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	07/23/2032		—	(4	)	—		—
LHS Borrower, LLC	(6) (7) (9)	First Lien Debt	S +	5.25%	8.97%	09/04/2031		6,974	6,874		6,869		0.39
LHS Borrower, LLC	(6) (9) (16)	First Lien Debt	P +	4.25%	11.00%	09/04/2031		64	56		56		0.00
Lightspeed Solution, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.72%	03/01/2028		9,281	9,206		9,220		0.53
Lightspeed Solution, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.72%	03/01/2028		551	546		547		0.03
Project Accelerate Parent, LLC	(6) (9)	First Lien Debt	S +	5.25%	8.97%	02/24/2031		8,619	8,550		8,619		0.49
Project Accelerate Parent, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	8.97%	02/24/2031		—	(9	)	—		—
Vertex Service Partners, LLC	(6) (7) (9)	First Lien Debt	S +	6.00% (incl. 4.25% PIK)	9.67%	11/08/2030		1,761	1,728		1,728		0.10
Vertex Service Partners, LLC	(6) (9) (16)	First Lien Debt	S +	6.00% (incl. 4.25% PIK)	9.67%	11/08/2030		3,543	3,474		3,443		0.20
Vertex Service Partners, LLC	(6) (9) (16)	First Lien Debt	S +	6.00%	9.67%	11/08/2030		152	144		143		0.01
									183,163		183,060		10.47
Electrical Equipment

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Accel International Holdings, Inc.	(6) (7) (10)	First Lien Debt	S +	4.50%	8.22%	04/26/2032		10,892	10,841		10,892		0.62
Accel International Holdings, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.22%	04/26/2032		—	(8	)	—		—
Spark Buyer, LLC	(6) (9)	First Lien Debt	S +	5.25%	9.13%	10/15/2031		2,166	2,137		2,003		0.11
Spark Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.13%	10/15/2031	—		(5	)	(66	)	0.00
Spark Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.13%	10/15/2031		149	143		116		0.01
									13,108		12,945		0.74
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC	(6) (9)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.54%	07/06/2028		6,349	6,293		4,444		0.25
Abracon Group Holdings, LLC	(6) (9)	First Lien Debt	S +	6.60% (incl. 4.60% PIK)	10.54%	07/06/2028		425	421		297		0.02
Dwyer Instruments, Inc.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.42%	07/20/2029		14,162	14,017		14,092		0.81
Dwyer Instruments, Inc.	(6) (9)	First Lien Debt	S +	4.75%	8.42%	07/20/2029		5,411	5,343		5,383		0.31
Dwyer Instruments, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	07/20/2029		580	566		572		0.03
Infinite Bidco, LLC	(6) (10)	First Lien Debt	S +	6.25%	10.14%	03/02/2028		12,110	11,934		12,110		0.69
Infinite Bidco, LLC	(10)	Second Lien Debt	S +	7.00%	10.89%	03/02/2029		25,500	25,463		24,113		1.38
Magneto Components Buyco, LLC	(6) (7) (9)	First Lien Debt	S +	6.00%	9.67%	12/05/2030		15,429	15,218		15,429		0.88
Magneto Components Buyco, LLC	(6) (9) (16)	First Lien Debt	S +	6.00%	9.67%	12/05/2029		—	(30	)	—		—
NDT Global Holding, Inc.	(6) (10) (12)	First Lien Debt	S +	4.50%	8.22%	06/04/2032		3,292	3,261		3,259		0.19
NDT Global Holding, Inc.	(6) (10) (12) (16)	First Lien Debt	S +	4.50%	8.22%	06/04/2032		645	636		631		0.04
NDT Global Holding, Inc.	(6) (10) (12) (16)	First Lien Debt	S +	4.50%	8.22%	06/04/2032	—		(7	)	(7	)	0.00
NSI Holdings, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.32%	11/17/2031		6,223	6,168		6,223		0.36
NSI Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.32%	11/17/2031		—	(4	)	—		—
NSI Holdings, Inc.	(6) (16)	First Lien Debt	P +	3.75%	10.50%	11/17/2031		—	(11	)	—		—
Pamlico Avant Holdings, LP	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	12/31/2032		1,542	1,526		1,526		0.09
Pamlico Avant Holdings, LP	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	12/31/2032		21	19		19		0.00
									90,813		88,091		5.04
Financial Services
Applitools, Inc.	(6) (9) (12)	First Lien Debt	S +	6.25% PIK	9.92%	05/25/2029		3,836	3,810		3,768		0.22
Applitools, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	6.25%	9.92%	05/25/2028	—		(3	)	(8	)	0.00
BCTO Bluebill Midco, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.34%	07/30/2032		15,778	15,627		15,620		0.89
BCTO Bluebill Midco, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.34%	07/30/2032	—		(18	)	(20	)	0.00
Cerity Partners, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.20%	07/28/2031		13,565	13,353		13,532		0.77
Cerity Partners, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.20%	07/28/2031	—		(30	)	(12	)	0.00
Cerity Partners, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.20%	07/28/2031		60	58		59		0.00
Cliffwater, LLC	(6) (7) (9)	First Lien Debt	S +	4.75%	8.47%	04/22/2032		8,612	8,532		8,547		0.49
Cliffwater, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.47%	04/22/2032	—		(7	)	(6	)	0.00

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
GC Waves Holdings, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.22%	10/04/2030		8,820	8,753		8,820		0.50
GC Waves Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.22%	10/04/2030		4,075	3,969		4,064		0.23
GC Waves Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.22%	10/04/2030		—	(4	)	—		—
MAI Capital Management Intermediate, LLC	(6) (7) (9) (18)	First Lien Debt	S +	4.75%	8.42%	08/29/2031		4,620	4,581		4,574		0.26
MAI Capital Management Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	08/29/2031		3,916	3,876		3,867		0.22
MAI Capital Management Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	08/29/2031		225	215		213		0.01
PMA Parent Holdings, LLC	(6) (7) (9) (18)	First Lien Debt	S +	4.75%	8.42%	01/31/2031		4,374	4,323		4,331		0.25
PMA Parent Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	01/31/2031	—		(4	)	(4	)	0.00
SitusAMC Holdings Corporation	(6) (9) (18)	First Lien Debt	S +	5.50%	9.17%	05/14/2031		10,632	10,586		10,632		0.61
Smarsh, Inc.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.42%	02/16/2029		5,625	5,572		5,625		0.32
Smarsh, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	02/16/2029		—	(7	)	—		—
Smarsh, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	02/16/2029		311	305		311		0.02
Trintech, Inc.	(6) (7) (8)	First Lien Debt	S +	5.50%	9.22%	07/25/2029		33,404	32,961		33,237		1.90
Trintech, Inc.	(6) (8) (16)	First Lien Debt	S +	5.50%	9.22%	07/25/2029		837	802		822		0.05
									117,250		117,972		6.75
Food Products
AMCP Pet Holdings, Inc. (Brightpet)	(6) (8)	First Lien Debt	S +	7.00% (incl. 3.00% PIK)	10.99%	01/04/2028		41,189	40,944		33,796		1.93
AMCP Pet Holdings, Inc. (Brightpet)	(6) (8)	First Lien Debt	S +	7.00% (incl. 3.00% PIK)	10.99%	01/04/2028		6,099	6,073		5,004		0.29
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)	(6) (11)	Other Debt		16.25% PIK	16.25%	06/18/2028		1,500	1,500		—		—
Teasdale Foods, Inc. (Teasdale Latin Foods)	(6) (8) (11)	First Lien Debt	S +	7.65% (incl. 3.40% PIK)	12.11%	12/20/2027		10,929	10,905		8,096		0.46
									59,422		46,896		2.68
Ground Transportation
eShipping, LLC	(6) (9)	First Lien Debt	S +	4.50%	8.19%	12/23/2032		2,848	2,834		2,834		0.16
eShipping, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.19%	12/23/2032	—		(3	)	(3	)	0.00
eShipping, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.19%	12/23/2032		67	65		65		0.00
SV Newco 2, Inc.	(6) (9) (12) (18)	First Lien Debt	S +	4.75%	8.42%	06/02/2031		19,641	19,398		19,615		1.12
SV Newco 2, Inc.	(6) (9) (12)	First Lien Debt	S +	4.75%	8.42%	06/02/2031		12,357	12,197		12,340		0.71
SV Newco 2, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	4.75%	8.42%	06/02/2031	—		(86	)	(10	)	0.00
									34,405		34,841		1.99
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(6) (7) (8) (18)	First Lien Debt	S +	4.75%	8.48%	03/13/2029		5,194	5,115		5,169		0.30
PerkinElmer U.S., LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.48%	03/13/2029	—		(4	)	(4	)	0.00

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Tidi Legacy Products, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.22%	12/19/2029		1,839	1,812		1,839		0.11
Tidi Legacy Products, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.22%	12/19/2029		492	484		492		0.03
Tidi Legacy Products, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.22%	12/19/2029		—	(5	)	—		—
YI, LLC	(6) (7) (8) (18)	First Lien Debt	S +	5.75%	9.49%	12/03/2029		5,541	5,461		5,541		0.32
YI, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	9.49%	12/03/2029		—	(11	)	—		—
									12,852		13,037		0.75
Health Care Providers & Services
Advarra Holdings, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.22%	09/15/2031		520	512		517		0.03
Advarra Holdings, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.22%	09/15/2031		—	—		—		—
DCA Investment Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	6.50%	12.08%	04/03/2028		20,062	19,859		16,341		0.93
DCA Investment Holdings, LLC	(6) (9) (11)	First Lien Debt	S +	6.50%	12.08%	04/03/2028		1,765	1,737		1,437		0.08
Gateway US Holdings, Inc.	(6) (9) (12)	First Lien Debt	S +	4.75%	8.42%	09/22/2028		742	739		739		0.04
Gateway US Holdings, Inc.	(6) (9) (12)	First Lien Debt	S +	4.75%	8.42%	09/22/2028		210	209		209		0.01
Gateway US Holdings, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	4.75%	8.42%	09/22/2028		—	—		—		—
Heartland Veterinary Partners, LLC	(6) (8)	First Lien Debt	S +	4.75%	8.42%	06/12/2028		1,809	1,804		1,809		0.10
Heartland Veterinary Partners, LLC	(6) (8)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028		4,474	4,437		4,474		0.26
Heartland Veterinary Partners, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	06/12/2028		4,115	4,088		4,098		0.23
Heartland Veterinary Partners, LLC	(6) (8)	Second Lien Debt		14.50% (incl. 7.00% PIK)	14.50%	09/11/2028		1,740	1,725		1,740		0.10
Heartland Veterinary Partners, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	06/12/2028		—	(1	)	—		—
iCIMS, Inc.	(6) (9)	First Lien Debt	S +	5.75%	9.61%	08/18/2028		7,081	7,018		7,077		0.40
iCIMS, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	9.61%	08/18/2028		12	12		12		0.00
Imagine 360, LLC	(6) (9) (18)	First Lien Debt	S +	4.75%	8.42%	10/02/2028		12,035	11,949		12,035		0.69
Imagine 360, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	10/02/2028		—	(6	)	—		—
Imagine 360, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	10/02/2028		—	(7	)	—		—
Intelerad Medical Systems Incorporated	(6) (8) (12)	First Lien Debt	S +	6.50%	10.49%	08/21/2026		485	482		479		0.03
Intelerad Medical Systems Incorporated	(6) (8) (12)	First Lien Debt	S +	6.50%	10.49%	08/21/2026		34	34		33		0.00
Invictus Buyer, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.17%	06/03/2031		3,999	3,966		3,999		0.23
Invictus Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	06/03/2031		—	(7	)	—		—
Invictus Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	06/03/2031		—	(5	)	—		—
Merative, LP	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	09/30/2032		18,118	18,029		18,027		1.03
Merative, LP	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	09/30/2032	—		(5	)	(10	)	0.00
Merative, LP	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	09/30/2032	—		(9	)	(9	)	0.00
mPulse Mobile, Inc.	(6) (7) (9)	First Lien Debt	S +	4.75%	8.42%	08/26/2032		18,173	17,998		17,991		1.03
mPulse Mobile, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	08/26/2032	—		(8	)	(17	)	0.00
mPulse Mobile, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	08/26/2032	—		(25	)	(26	)	0.00
Pareto Health Intermediate Holdings, Inc.	(6) (8) (18)	First Lien Debt	S +	4.75%	8.35%	06/03/2030		28,307	28,031		28,307		1.62
Pareto Health Intermediate Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	8.35%	06/03/2030		—	(23	)	—		—
Pareto Health Intermediate Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	8.35%	06/01/2029		—	(9	)	—		—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
PPV Intermediate Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	5.75%	9.57%	08/31/2029		4,292	4,181		4,281		0.24
PPV Intermediate Holdings, LLC	(6) (9)	First Lien Debt	S +	6.00%	9.57%	08/31/2029		14,897	14,791		14,859		0.85
Promptcare Infusion Buyer, Inc.	(6) (8) (18)	First Lien Debt	S +	6.00%	9.95%	09/01/2027		8,797	8,738		8,797		0.50
Promptcare Infusion Buyer, Inc.	(6) (8)	First Lien Debt	S +	6.00%	9.95%	09/01/2027		2,738	2,718		2,738		0.16
Stepping Stones Healthcare Services, LLC	(6) (9) (18)	First Lien Debt	S +	5.00%	8.67%	01/02/2029		4,211	4,179		4,211		0.24
Stepping Stones Healthcare Services, LLC	(6) (8) (16)	First Lien Debt	S +	5.00%	8.67%	01/02/2029		1,285	1,269		1,285		0.07
Stepping Stones Healthcare Services, LLC	(6) (16)	First Lien Debt	P +	4.00%	10.75%	12/30/2026		375	373		375		0.02
Suveto Buyer, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.22%	09/09/2027		11,699	11,658		11,688		0.67
Suveto Buyer, LLC	(6) (9) (16)	First Lien Debt	P +	3.50%	10.25%	09/09/2027		65	59		64		0.00
TA Polaris Buyer, Inc.	(6) (7) (10)	First Lien Debt	S +	4.50%	8.23%	12/13/2032		10,378	10,327		10,327		0.59
TA Polaris Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.23%	12/13/2032	—		(11	)	(11	)	0.00
TA Polaris Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.23%	12/13/2032	—		(6	)	(6	)	0.00
Tivity Health, Inc.	(6) (9) (18)	First Lien Debt	S +	5.00%	8.72%	06/28/2029		8,525	8,493		8,525		0.49
Vardiman Black Holdings, LLC	(6) (10)	First Lien Debt	S +	7.00% PIK	10.77%	03/18/2027		6,280	6,280		5,181		0.30
Vardiman Black Holdings, LLC	(6) (10) (13) (16)	First Lien Debt	S +	7.00% PIK	10.77%	03/18/2027		710	702		640		0.04
									196,275		192,216		11.00
Health Care Technology
Hyland Software, Inc.	(6) (7) (9) (18)	First Lien Debt	S +	5.00%	8.67%	09/19/2030		38,862	38,429		38,862		2.22
Hyland Software, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	8.67%	09/19/2029		—	(17	)	—		—
Lightspeed Buyer, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	4.75%	8.42%	02/03/2027		22,925	22,831		22,925		1.31
Lightspeed Buyer, Inc.	(6) (8)	First Lien Debt	S +	4.75%	8.42%	02/03/2027		340	338		340		0.02
Lightspeed Buyer, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	02/03/2027		—	(1	)	—		—
									61,580		62,127		3.55
Industrial Conglomerates
Aptean, Inc.	(6) (7) (9) (18)	First Lien Debt	S +	4.75%	8.57%	01/30/2031		24,994	24,859		24,962		1.43
Aptean, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.57%	01/30/2031	—		(15	)	(4	)	0.00
Aptean, Inc.	(6) (9) (16)	First Lien Debt	P +	3.75%	10.50%	01/30/2031		452	443		450		0.03
Excelitas Technologies Corp.	(6) (9)	First Lien Debt	S +	5.25%	8.97%	08/13/2029		1,298	1,282		1,291		0.07
Excelitas Technologies Corp.	(6) (9)	First Lien Debt	E +	5.25%	7.15%	08/13/2029	€	235	240		274		0.02
Excelitas Technologies Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.97%	08/13/2029	—		(10	)	(10	)	0.00
Excelitas Technologies Corp.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.97%	08/14/2028	—		(1	)	(1	)	0.00
Raptor Merger Sub Debt, LLC	(6) (7) (9) (18)	First Lien Debt	S +	5.50%	9.17%	04/01/2029		31,582	31,027		31,582		1.81
Raptor Merger Sub Debt, LLC	(6) (9) (16)	First Lien Debt	S +	5.50%	9.17%	04/01/2029		407	366		407		0.02
									58,191		58,951		3.37
Insurance Services
Amerilife Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	5.00%	8.79%	08/31/2029		12,856	12,780		12,760		0.73
Amerilife Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.79%	08/31/2029		2,458	2,441		2,414		0.14
Amerilife Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.79%	08/31/2028		354	344		338		0.02

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Fetch Insurance Services, LLC	(6) (8)	Other Debt		12.75% (incl. 3.75% PIK)	12.75%	10/31/2027		2,107	2,084		2,107		0.12
Foundation Risk Partners Corp.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.42%	10/29/2030		41,667	41,270		41,667		2.38
Foundation Risk Partners Corp.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	10/29/2030		9,120	9,035		9,120		0.52
Foundation Risk Partners Corp.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	10/29/2029		1,677	1,630		1,677		0.10
Galway Borrower, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.17%	09/29/2028		30,090	29,812		30,090		1.72
Galway Borrower, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	09/29/2028		1,918	1,896		1,918		0.11
Galway Borrower, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	09/29/2028		387	369		387		0.02
Higginbotham Insurance Agency, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	4.50%	8.22%	06/11/2031		29,208	29,035		29,208		1.67
Higginbotham Insurance Agency, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.22%	06/11/2031	—		(25	)	(12	)	0.00
High Street Buyer, Inc.	(6) (7) (9) (18)	First Lien Debt	S +	4.50%	8.17%	04/14/2028		9,688	9,611		9,664		0.55
High Street Buyer, Inc.	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	04/14/2028		46,461	46,032		46,347		2.65
High Street Buyer, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	04/16/2027	—		(9	)	(5	)	0.00
Inszone Mid, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	8.92%	11/30/2029		4,371	4,309		4,360		0.25
Inszone Mid, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	8.92%	11/30/2029		14,622	14,437		14,565		0.83
Inszone Mid, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	8.92%	11/30/2029	—		(18	)	(4	)	0.00
Integrity Marketing Acquisition, LLC	(6) (7) (9) (18)	First Lien Debt	S +	5.00%	8.82%	08/25/2028		35,798	35,798		35,798		2.05
Integrity Marketing Acquisition, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.82%	08/25/2028		—	—		—		—
Iris Specialty Acquisiton, LLC	(6) (10)	First Lien Debt	S +	4.50%	8.17%	11/22/2032		7,366	7,330		7,330		0.42
Iris Specialty Acquisiton, LLC	(6) (10) (16)	First Lien Debt	S +	4.50%	8.17%	11/22/2032	—		(3	)	(3	)	0.00
Iris Specialty Acquisiton, LLC	(6) (10) (16)	First Lien Debt	S +	4.50%	8.17%	11/22/2032	—		(5	)	(5	)	0.00
Long Term Care Group, Inc.	(6) (9)	First Lien Debt	S +	6.00%	10.13%	09/08/2027		5,426	5,391		4,965		0.28
Majesco, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	4.75%	8.47%	09/21/2028		33,206	32,846		33,206		1.90
Majesco, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	8.47%	09/21/2027		—	(6	)	—		—
One, Inc. Software Corporation	(6) (7) (9)	First Lien Debt	S +	4.50%	8.17%	12/06/2032		5,105	5,055		5,055		0.29
One, Inc. Software Corporation	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	12/06/2032	—		(5	)	(5	)	0.00
One, Inc. Software Corporation	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	12/06/2032	—		(4	)	(4	)	0.00
Patriot Growth Insurance Services, LLC	(6) (7) (9) (18)	First Lien Debt	S +	5.00%	8.82%	10/16/2028		53,364	52,852		53,364		3.05
Patriot Growth Insurance Services, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.82%	10/16/2028		—	(31	)	—		—
World Insurance Associates, LLC	(6) (7) (8) (18)	First Lien Debt	S +	5.00%	8.67%	04/03/2030		51,283	50,469		51,283		2.93
World Insurance Associates, LLC	(6) (8) (16)	First Lien Debt	S +	5.00%	8.67%	04/03/2030		—	(5	)	—		—
									394,715		397,585		22.74
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	4.75%	8.57%	09/09/2032		11,519	11,408		11,404		0.65
FMG Suite Holdings, LLC	(6) (16)	First Lien Debt	S +	4.75%	8.57%	09/09/2032	—		(15	)	(31	)	0.00
FMG Suite Holdings, LLC	(6) (16)	First Lien Debt	S +	4.75%	8.57%	09/09/2032	—		(18	)	(19	)	0.00
Spectrio, LLC	(6) (7) (8)	First Lien Debt	S +	6.00%	9.82%	12/09/2026		32,212	32,109		26,258		1.50
Spectrio, LLC	(6) (8)	First Lien Debt	S +	6.00%	9.82%	12/09/2026		12,994	12,980		10,592		0.61
Spectrio, LLC	(6) (8)	First Lien Debt	S +	6.00%	9.82%	12/09/2026		4,132	4,120		3,368		0.19
Triple Lift, Inc.	(6) (7) (9)	First Lien Debt	S +	5.75%	9.59%	05/05/2028		26,740	26,523		25,089		1.44

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Triple Lift, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75%	9.59%	05/05/2028	—		(27	)	(247	)	-0.01
									87,080		76,414		4.37
IT Services
Apollo Acquisition, Inc.	(6) (9) (18)	First Lien Debt	S +	5.00%	8.72%	12/30/2031		24,001	23,786		24,001		1.37
Apollo Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	8.72%	12/30/2031		16	6		16		0.00
Apollo Acquisition, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	8.72%	12/30/2030		—	(23	)	—		—
Catalis Intermediate, Inc.	(6) (7) (9)	First Lien Debt	S +	5.50%	9.32%	08/04/2027		38,551	38,244		38,067		2.18
Catalis Intermediate, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.32%	08/04/2027		8,674	8,611		8,565		0.49
Catalis Intermediate, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50%	9.32%	08/04/2027		518	490		465		0.03
Cyber US Bidco, LLC	(6) (7) (9)	First Lien Debt	S +	5.00%	8.67%	12/30/2032		4,055	4,014		4,014		0.23
Cyber US Bidco, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.67%	12/30/2032	—		(4	)	(4	)	0.00
Cyber US Bidco, LLC	(6) (9) (12) (16)	First Lien Debt	S +	5.00%	8.67%	12/30/2032	—		(3	)	(3	)	0.00
GI DI Cornfield Acquisition, LLC	(6) (18)	First Lien Debt	S +	4.50%	8.32%	03/09/2028		30,393	30,112		30,393		1.74
GI DI Cornfield Acquisition, LLC	(6) (7)	First Lien Debt	S +	4.50%	8.32%	03/09/2028		15,667	15,599		15,667		0.90
Help/Systems Holdings, Inc.	(6) (9)	Second Lien Debt	S +	9.00% PIK	12.81%	05/21/2029		17,806	17,806		15,224		0.87
Idera, Inc.	(6) (9)	Second Lien Debt	S +	6.75%	10.75%	03/02/2029		2,607	2,597		2,424		0.14
Recovery Point Systems, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	5.75%	9.79%	02/14/2028		39,795	39,661		39,795		2.28
Recovery Point Systems, Inc.	(6) (8) (16)	First Lien Debt	S +	5.75%	9.79%	02/14/2028		—	(11	)	—		—
Redwood Services Group, LLC	(6) (9) (18)	First Lien Debt	S +	5.25%	8.93%	06/15/2029		17,365	17,227		17,278		0.99
Redwood Services Group, LLC	(6) (9)	First Lien Debt	S +	5.25%	8.93%	06/15/2029		15,993	15,827		15,905		0.91
Ridge Trail US Bidco, Inc.	(6) (9) (12) (18)	First Lien Debt	S +	4.50%	8.10%	09/30/2031		23,737	23,430		23,737		1.36
Ridge Trail US Bidco, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	4.50%	8.10%	09/30/2031		—	(51	)	—		—
Ridge Trail US Bidco, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	4.50%	8.10%	03/31/2031		744	711		744		0.04
Syntax Systems, Ltd.	(6) (9) (12) (18)	First Lien Debt	S +	5.00%	8.82%	10/27/2028		36,950	36,780		36,729		2.10
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (9) (18)	First Lien Debt	S +	4.50%	8.12%	02/02/2032		23,676	23,463		23,499		1.34
Thrive Buyer, Inc. (Thrive Networks)	(6) (7) (9)	First Lien Debt	S +	4.50%	8.12%	02/02/2032		5,435	5,373		5,374		0.31
Thrive Buyer, Inc. (Thrive Networks)	(6) (9) (16)	First Lien Debt	S +	4.50%	8.12%	02/02/2032		494	467		471		0.03
UpStack, Inc.	(6) (7) (9) (18)	First Lien Debt	S +	5.00%	9.04%	08/25/2031		9,750	9,667		9,677		0.55
UpStack, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.04%	08/25/2031		1,373	1,351		1,344		0.08
UpStack, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	9.04%	08/25/2031		375	363		364		0.02
Victors Purchaser, LLC	(6) (10) (18)	First Lien Debt	S +	4.50%	8.19%	12/23/2032		6,358	6,311		6,356		0.36
Victors Purchaser, LLC	(6) (10) (16)	First Lien Debt	S +	4.50%	8.19%	12/23/2032		—	(4	)	—		—
Victors Purchaser, LLC	(6) (10) (16)	First Lien Debt	S +	4.50%	8.19%	12/23/2032		72	67		72		0.00
									321,867		320,174		18.32
Life Sciences Tools & Services
Model N, Inc.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.42%	06/27/2031		11,815	11,716		11,815		0.68

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Model N, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	06/27/2031		—	(13	)	—		—
Model N, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	06/27/2031		—	(14	)	—		—
									11,689		11,815		0.68
Machinery
Answer Acquisition, LLC	(6) (8)	First Lien Debt	S +	6.00%	9.82%	06/30/2028		13,256	13,177		11,961		0.68
Answer Acquisition, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	9.82%	06/30/2028		375	369		253		0.01
Chase Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.59%	10/30/2028		10,647	10,512		10,531		0.60
Chase Intermediate, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.59%	10/30/2028		200	194		195		0.01
MHE Intermediate Holdings, LLC	(6) (7) (8) (18)	First Lien Debt	S +	6.00%	9.99%	07/21/2027		11,731	11,655		11,731		0.67
MHE Intermediate Holdings, LLC	(6) (8)	First Lien Debt	S +	6.00%	9.99%	07/21/2027		3,599	3,575		3,599		0.21
MHE Intermediate Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	6.00%	9.99%	07/21/2027		1,000	987		1,000		0.06
									40,469		39,270		2.25
Multi-Utilities
AWP Group Holdings, Inc.	(6) (7) (8)	First Lien Debt	S +	4.50%	8.22%	12/23/2030		7,349	7,162		7,349		0.42
AWP Group Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.22%	12/23/2030		1,534	1,513		1,534		0.09
AWP Group Holdings, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.22%	12/23/2030		375	364		375		0.02
Vessco Midco Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.49%	07/24/2031		12,720	12,619		12,662		0.72
Vessco Midco Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.49%	07/24/2031		3,086	3,053		3,065		0.18
Vessco Midco Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.49%	07/24/2031	—		(10	)	(6	)	0.00
									24,701		24,979		1.43
Pharmaceuticals
Caerus US 1, Inc.	(6) (9) (12)	First Lien Debt	S +	5.00%	8.67%	05/25/2029		10,815	10,687		10,799		0.62
Caerus US 1, Inc.	(6) (9) (12)	First Lien Debt	S +	5.00%	8.67%	05/25/2029		1,583	1,563		1,580		0.09
Caerus US 1, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	5.00%	8.67%	05/25/2029		922	910		920		0.05
Real Chemistry Intermediate III, Inc.	(6) (10)	First Lien Debt	S +	4.50%	8.17%	04/12/2032		8,775	8,734		8,731		0.50
Real Chemistry Intermediate III, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.17%	04/12/2032		2,126	2,112		2,106		0.12
Real Chemistry Intermediate III, Inc.	(6) (10) (16)	First Lien Debt	S +	4.50%	8.17%	04/12/2032	—		(9	)	(10	)	0.00
Specialty Pharma III, Inc.	(6) (7) (10)	First Lien Debt	P +	4.75%	11.50%	12/23/2032		3,706	3,687		3,688		0.21
Specialty Pharma III, Inc.	(6) (10) (16)	First Lien Debt	P +	4.75%	11.50%	12/23/2032	—		(2	)	(2	)	0.00
									27,682		27,812		1.59
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (8) (18)	First Lien Debt	S +	6.00%	10.29%	03/10/2027		3,256	3,238		3,256		0.19
Abacus Data Holdings, Inc. (AbacusNext)	(6) (16)	First Lien Debt	S +	6.00%	10.29%	03/10/2027		—	(7	)	—		—
Accordion Partners, LLC	(6) (9) (18)	First Lien Debt	S +	5.00%	8.70%	11/17/2031		27,254	27,015		27,254		1.56
Accordion Partners, LLC	(6) (9)	First Lien Debt	S +	5.00%	8.70%	11/17/2031		4,562	4,524		4,562		0.26
Accordion Partners, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.70%	11/17/2031		—	(26	)	—		—
Aprio Advisory Group, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.70%	08/01/2031	—		(6	)	(7	)	0.00
Aprio Advisory Group, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.70%	08/01/2031	—		(1	)	(1	)	0.00
Ascend Partner Services, LLC	(6) (9) (18)	First Lien Debt	S +	4.50%	8.54%	08/11/2031		4,850	4,809		4,802		0.27

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Ascend Partner Services, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.54%	08/11/2031		8,331	8,255		8,242		0.47
Ascend Partner Services, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.54%	08/11/2031	—		(13	)	(17	)	0.00
Bridgepointe Technologies, LLC	(6) (8) (18)	First Lien Debt	S +	5.00%	8.67%	12/31/2027		16,882	16,612		16,882		0.97
Bridgepointe Technologies, LLC	(6) (8) (16)	First Lien Debt	S +	5.00%	8.67%	12/31/2027		16,844	16,558		16,844		0.96
Bullhorn, Inc.	(6) (8) (18)	First Lien Debt	S +	5.00%	8.72%	10/01/2029		15,407	15,330		15,407		0.88
Bullhorn, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	8.72%	10/01/2029		2,134	2,124		2,134		0.12
Bullhorn, Inc.	(6) (8) (16)	First Lien Debt	S +	5.00%	8.72%	10/01/2029		96	92		96		0.01
Carr, Riggs and Ingram Capital, LLC	(6) (10) (18)	First Lien Debt	S +	4.25%	7.92%	11/18/2031		4,280	4,243		4,269		0.24
Carr, Riggs and Ingram Capital, LLC	(6) (10) (16)	First Lien Debt	S +	4.25%	7.92%	11/18/2031		586	574		581		0.03
Carr, Riggs and Ingram Capital, LLC	(6) (10) (16)	First Lien Debt	S +	4.25%	7.92%	11/18/2031	—		(8	)	(2	)	0.00
ComPsych Investment Corp.	(6) (9)	First Lien Debt	S +	4.75%	8.61%	07/22/2031		13,006	12,952		13,006		0.74
ComPsych Investment Corp.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.61%	07/22/2031		—	(8	)	—		—
Deerfield Dakota Holding, LLC	(6) (7) (9)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.42%	09/13/2032		27,656	27,392		27,420		1.57
Deerfield Dakota Holding, LLC	(6) (9) (16)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.42%	09/13/2032	—		(25	)	(22	)	0.00
GPS Merger Sub, LLC	(6) (8) (18)	First Lien Debt	S +	5.25%	8.97%	10/02/2029		6,718	6,627		6,659		0.38
GPS Merger Sub, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	8.97%	10/02/2029	—		(8	)	(11	)	0.00
GPS Merger Sub, LLC	(6) (8) (16)	First Lien Debt	S +	5.25%	8.97%	10/02/2029	—		(19	)	(15	)	0.00
GPS Merger Sub, LLC	(6) (7) (8)	First Lien Debt	S +	5.25%	8.97%	10/02/2029		2,733	2,707		2,707		0.15
IG Investment Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	5.00%	8.84%	09/22/2028		10,680	10,601		10,680		0.61
IG Investment Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.84%	09/22/2028		—	(8	)	—		—
IQN Holding Corp.	(6) (9)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.42%	05/02/2029		5,658	5,628		5,658		0.32
IQN Holding Corp.	(6) (9)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.42%	05/02/2029		1,851	1,835		1,851		0.11
IQN Holding Corp.	(6) (9) (16)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.42%	05/02/2028		292	290		292		0.02
KENG Acquisition, Inc.	(6) (8) (18)	First Lien Debt	S +	4.50%	8.34%	08/01/2029		3,156	3,104		3,141		0.18
KENG Acquisition, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.34%	08/01/2029		3,876	3,814		3,856		0.22
KENG Acquisition, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.34%	08/01/2029	—		(14	)	(6	)	0.00
UHY Advisors, Inc.	(6) (9)	First Lien Debt	S +	4.75%	8.57%	11/21/2031		2,191	2,172		2,191		0.13
UHY Advisors, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.57%	11/21/2031		263	253		263		0.02
UHY Advisors, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.57%	11/21/2031		169	164		169		0.01
Verdantas, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.42%	05/06/2031		16,244	16,044		16,244		0.93
Verdantas, LLC	(6) (8)	First Lien Debt	S +	4.75%	8.42%	05/06/2031		2,562	2,523		2,562		0.15
Verdantas, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	05/06/2030		561	542		561		0.03
WIPFLI Advisory, LLC	(6) (7) (9)	First Lien Debt	S +	4.50%	8.49%	10/01/2032		5,846	5,818		5,818		0.33
WIPFLI Advisory, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.49%	10/01/2032	—		(5	)	(5	)	0.00
WIPFLI Advisory, LLC	(6) (9) (16)	First Lien Debt	S +	4.50%	8.49%	10/01/2032	—		(7	)	(7	)	0.00
									205,685		207,314		11.86

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Real Estate Management & Development
Associations, Inc.	(6) (8)	First Lien Debt	S +	6.50%	10.66%	07/03/2028		10,784	10,776		10,784		0.62
Associations, Inc.	(6) (8) (16)	First Lien Debt	S +	6.50%	10.66%	07/03/2028		361	361		361		0.02
Associations, Inc.	(6) (8) (16)	First Lien Debt	S +	6.50%	10.66%	07/03/2028		—	—		—		—
Inhabitiq, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.22%	01/12/2032		17,823	17,744		17,823		1.02
Inhabitiq, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.22%	01/12/2032		—	(11	)	—		—
Inhabitiq, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.22%	01/12/2032		—	(13	)	—		—
MRI Software, LLC	(6) (7) (8) (18)	First Lien Debt	S +	4.75%	8.42%	02/10/2028		43,774	43,654		43,659		2.50
MRI Software, LLC	(6) (8)	First Lien Debt	S +	4.75%	8.42%	02/10/2028		28	28		28		0.00
MRI Software, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	02/10/2028		347	343		342		0.02
Pritchard Industries, LLC	(6) (9) (18)	First Lien Debt	S +	5.75%	9.57%	10/13/2027		24,758	24,582		24,016		1.37
Pritchard Industries, LLC	(6) (9)	First Lien Debt	S +	5.75%	9.57%	10/13/2027		5,920	5,876		5,742		0.33
Zarya Intermediate, LLC	(6) (8) (12) (18)	First Lien Debt	S +	6.50%	10.32%	07/01/2027		34,788	34,788		34,788		1.99
Zarya Intermediate, LLC	(6) (8) (12) (16)	First Lien Debt	S +	6.50%	10.32%	07/01/2027		—	—		—		—
									138,128		137,543		7.87
Software
Alert Media, Inc.	(6) (8)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	9.92%	04/12/2027		23,267	23,156		23,115		1.32
Alert Media, Inc.	(6) (8) (16)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	9.92%	04/12/2027	—		(22	)	(28	)	0.00
Anaplan, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.32%	06/21/2029		32,710	32,374		32,710		1.87
Appfire Technologies, LLC	(6) (8) (18)	First Lien Debt	S +	4.75%	8.42%	03/09/2028		20,391	20,352		20,391		1.17
Appfire Technologies, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	03/09/2028		50	37		50		0.00
Appfire Technologies, LLC	(6) (8) (16)	First Lien Debt	S +	4.75%	8.42%	03/09/2028		36	35		36		0.00
Apryse Software Corp.	(6) (7) (10) (18)	First Lien Debt	S +	4.75%	8.44%	06/28/2032		27,704	27,442		27,486		1.57
Apryse Software Corp.	(6) (10) (16)	First Lien Debt	S +	4.75%	8.44%	06/28/2032	—		(21	)	(18	)	0.00
Archduke Buyer, Inc.	(6) (10)	First Lien Debt	S +	5.50%	9.27%	12/03/2032		3,776	3,739		3,739		0.21
Archduke Buyer, Inc.	(6) (10) (16)	First Lien Debt	S +	5.50%	9.27%	12/03/2032	—		(3	)	(3	)	0.00
Artifact Bidco, Inc.	(6) (10) (18)	First Lien Debt	S +	4.25%	7.82%	07/28/2031		31,700	31,433		31,700		1.81
Artifact Bidco, Inc.	(6) (10) (16)	First Lien Debt	S +	4.25%	7.82%	07/28/2031		—	(31	)	—		—
Artifact Bidco, Inc.	(6) (10) (16)	First Lien Debt	S +	4.25%	7.82%	07/26/2030		—	(42	)	—		—
AuditBoard, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	07/14/2031		22,200	22,015		22,042		1.26
AuditBoard, Inc.	(6) (9)	First Lien Debt	S +	4.50%	8.17%	07/14/2031		10,571	10,477		10,496		0.60
AuditBoard, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	07/14/2031	—		(33	)	(30	)	0.00
Banyan Software Holdings, LLC	(6) (8) (18)	First Lien Debt	S +	5.50%	9.22%	01/02/2031		12,083	11,978		12,083		0.69
Banyan Software Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	5.50%	9.22%	01/02/2031		9,681	9,560		9,638		0.55
Banyan Software Holdings, LLC	(6) (8) (16)	First Lien Debt	S +	5.50%	9.22%	01/02/2031		—	(11	)	—		—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Bottomline Technologies, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.17%	05/14/2029		3,619	3,578		3,619		0.21
Bottomline Technologies, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.17%	05/15/2028		—	(2	)	—		—
CLEO Communications Holding, LLC	(6) (7) (8)	First Lien Debt	S +	5.50%	9.32%	06/09/2027		38,471	38,360		38,471		2.20
CLEO Communications Holding, LLC	(6) (8) (16)	First Lien Debt	S +	5.50%	9.32%	06/09/2027		—	(30	)	—		—
Coupa Holdings, LLC	(6) (9)	First Lien Debt	S +	5.25%	9.09%	02/27/2030		2,230	2,192		2,230		0.13
Coupa Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.09%	02/27/2030		—	(8	)	—		—
Coupa Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.09%	02/27/2029		—	(11	)	—		—
Cyara AcquisitionCo, LLC	(6) (8)	First Lien Debt	S +	5.75%	9.42%	06/28/2029		5,895	5,806		5,895		0.34
Cyara AcquisitionCo, LLC	(6) (8) (16)	First Lien Debt	S +	5.75%	9.42%	06/28/2029		—	(5	)	—		—
Diligent Corporation	(6) (9)	First Lien Debt	S +	5.00%	8.82%	08/02/2030		28,138	27,971		28,118		1.61
Diligent Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	8.82%	08/02/2030	—		(23	)	(3	)	0.00
Diligent Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	8.82%	08/02/2030		645	630		643		0.04
E-Discovery AcquireCo, LLC	(6) (8)	First Lien Debt	S +	6.25%	10.07%	08/29/2029		19,505	19,188		19,493		1.12
E-Discovery AcquireCo, LLC	(6) (8) (16)	First Lien Debt	S +	6.25%	10.07%	08/29/2029		1,272	1,241		1,270		0.07
Emburse, Inc.	(6) (7) (9)	First Lien Debt	S +	4.25%	7.92%	05/28/2032		3,684	3,676		3,675		0.21
Emburse, Inc.	(6) (9) (16)	First Lien Debt	S +	4.25%	7.92%	05/28/2032	—		(1	)	(2	)	0.00
Emburse, Inc.	(6) (9) (16)	First Lien Debt	S +	4.25%	7.92%	05/28/2032	—		(1	)	(2	)	0.00
Espresso Bidco, Inc.	(6) (9)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.42%	03/25/2032		18,296	18,051		18,022		1.03
Espresso Bidco, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.42%	03/25/2032	—		(33	)	(74	)	0.00
Espresso Bidco, Inc.	(6) (9) (16)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.42%	03/25/2032	—		(29	)	(33	)	0.00
Everbridge Holdings, LLC	(6) (9) (18)	First Lien Debt	S +	5.00%	8.98%	07/02/2031		31,809	31,676		31,809		1.82
Everbridge Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.98%	07/02/2031		4,330	4,299		4,330		0.25
Everbridge Holdings, LLC	(6) (9) (16)	First Lien Debt	S +	5.00%	8.98%	07/02/2031		—	(17	)	—		—
Formstack Acquisition, Co.	(6) (8) (18)	First Lien Debt	S +	5.50%	9.17%	03/28/2030		10,814	10,691		10,738		0.61
Formstack Acquisition, Co.	(6) (8) (16)	First Lien Debt	S +	5.50%	9.17%	03/28/2030		1,061	1,032		1,031		0.06
Formstack Acquisition, Co.	(6) (8) (16)	First Lien Debt	S +	5.50%	9.17%	03/28/2030		350	327		334		0.02
Fullsteam Operations, LLC	(6) (9)	First Lien Debt	S +	5.25%	9.12%	08/08/2031		16,962	16,801		16,784		0.96
Fullsteam Operations, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.12%	08/08/2031	—		(26	)	(59	)	0.00
Fullsteam Operations, LLC	(6) (9) (16)	First Lien Debt	S +	5.25%	9.12%	08/08/2031	—		(18	)	(20	)	0.00
Granicus, Inc.	(6) (9)	First Lien Debt	S +	5.50% (incl. 2.00% PIK)	9.34%	01/17/2031		13,042	12,946		13,042		0.75
Granicus, Inc.	(6) (9) (16)	First Lien Debt	S +	5.50% (incl. 2.00% PIK)	9.34%	01/17/2031		8,087	8,025		8,087		0.46
Granicus, Inc.	(6) (16)	First Lien Debt	P +	4.25%	11.00%	01/17/2031		—	(13	)	—		—
GS AcquisitionCo, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	5.25%	8.92%	05/25/2028		59,417	59,177		59,417		3.40
GS AcquisitionCo, Inc.	(6) (9) (16)	First Lien Debt	S +	5.25%	8.92%	05/25/2028		24	24		24		0.00
GS AcquisitionCo, Inc.	(6) (8) (16)	First Lien Debt	S +	5.25%	8.92%	05/25/2028		915	905		915		0.05
Hootsuite, Inc.	(6) (12) (18)	First Lien Debt	S +	5.50%	9.23%	05/22/2030		22,163	21,902		21,885		1.25

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Hootsuite, Inc.	(6) (12) (16)	First Lien Debt	S +	5.50%	9.23%	05/22/2030		1,500	1,473		1,469		0.08
Icefall Parent, Inc.	(6) (8)	First Lien Debt	S +	4.50%	8.17%	01/25/2030		5,156	5,079		5,156		0.29
Icefall Parent, Inc.	(6) (8) (16)	First Lien Debt	S +	4.50%	8.17%	01/25/2030		—	(7	)	—		—
LegitScript, LLC	(6) (9) (18)	First Lien Debt	S +	5.75%	9.47%	06/24/2029		26,031	25,731		26,031		1.49
LegitScript, LLC	(6) (9)	First Lien Debt	S +	5.75%	9.47%	06/24/2029		688	681		688		0.04
LegitScript, LLC	(6) (9) (16)	First Lien Debt	S +	5.75%	9.47%	06/24/2028		1,500	1,466		1,500		0.09
LogRhythm, Inc.	(6) (8)	First Lien Debt	S +	7.50%	11.34%	07/02/2029		9,091	8,884		8,727		0.50
LogRhythm, Inc.	(6) (8) (16)	First Lien Debt	S +	7.50%	11.34%	07/02/2029	—		(19	)	(36	)	0.00
Montana Buyer, Inc.	(6) (9) (18)	First Lien Debt	S +	4.75%	8.47%	07/22/2029		8,424	8,378		8,424		0.48
Montana Buyer, Inc.	(6) (16)	First Lien Debt	P +	4.75%	11.50%	07/22/2028		—	(4	)	—		—
Nasuni Corporation	(6) (9)	First Lien Debt	S +	5.00%	8.67%	09/10/2030		14,483	14,303		14,483		0.83
Nasuni Corporation	(6) (9) (16)	First Lien Debt	S +	5.00%	8.67%	09/10/2030		—	(35	)	—		—
Netwrix Corporation And Concept Searching, Inc.	(6) (9) (18)	First Lien Debt	S +	4.50%	8.32%	06/11/2029		6,831	6,793		6,797		0.39
Netwrix Corporation And Concept Searching, Inc.	(6) (9) (16)	First Lien Debt	S +	4.50%	8.32%	06/11/2029	—		(2	)	(2	)	0.00
Oak Purchaser, Inc.	(6) (7) (9)	First Lien Debt	S +	5.50%	9.37%	05/31/2028		3,560	3,538		3,534		0.20
Oak Purchaser, Inc.	(6) (9)	First Lien Debt	S +	5.50%	9.37%	05/31/2028		2,779	2,758		2,751		0.16
Oak Purchaser, Inc.	(6) (16)	First Lien Debt	P +	4.50%	11.25%	05/31/2028		37	34		33		0.00
Onit, Inc.	(6) (7) (9) (18)	First Lien Debt	S +	4.75%	8.56%	01/27/2032		18,241	18,087		18,241		1.04
Onit, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.56%	01/27/2032		—	(30	)	—		—
Onit, Inc.	(6) (9) (16)	First Lien Debt	S +	4.75%	8.56%	01/27/2032		—	(20	)	—		—
Optimizely North America, Inc.	(6) (9) (12) (18)	First Lien Debt	S +	5.00%	8.72%	10/30/2031		8,331	8,259		8,165		0.47
Optimizely North America, Inc.	(6) (9) (12)	First Lien Debt	E +	5.25%	7.15%	10/30/2031	€	3,067	3,303		3,530		0.20
Optimizely North America, Inc.	(6) (9) (12)	First Lien Debt	SA +	5.50%	9.22%	10/30/2031	£	1,022	1,318		1,347		0.08
Optimizely North America, Inc.	(6) (9) (12) (16)	First Lien Debt	S +	5.00%	8.72%	10/30/2031	—		(10	)	(25	)	0.00
Pound Bidco, Inc.	(6) (7) (8) (12)	First Lien Debt	S +	6.00%	10.22%	02/01/2027		22,181	22,087		22,181		1.27
Pound Bidco, Inc.	(6) (8) (12) (16)	First Lien Debt	S +	6.00%	10.22%	02/01/2027		1,347	1,347		1,347		0.08
Pound Bidco, Inc.	(6) (7) (8) (12) (16)	First Lien Debt	S +	6.00%	10.22%	02/01/2027		787	783		787		0.05
Project Leopard Holdings, Inc.	(10) (12)	First Lien Debt	S +	5.25%	9.19%	07/20/2029		6,092	5,837		5,231		0.30
Revalize, Inc.	(6) (8)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.32%	04/16/2029		19,299	19,265		18,283		1.05
Revalize, Inc.	(6) (8) (16)	First Lien Debt	S +	6.50% (incl. 1.75% PIK)	10.32%	04/16/2029		50	49		46		0.00
Riskonnect Parent, LLC	(6) (9) (18)	First Lien Debt	S +	4.75%	8.62%	12/07/2028		5,622	5,550		5,622		0.32
Riskonnect Parent, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.62%	12/07/2028		4,145	4,080		4,145		0.24
Riskonnect Parent, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.62%	12/07/2028		168	157		168		0.01

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)
Runway Bidco, LLC	(6) (10) (18)	First Lien Debt	S +	5.00%	8.67%	12/17/2031		10,846	10,749		10,819		0.62
Runway Bidco, LLC	(6) (10) (16)	First Lien Debt	S +	5.00%	8.67%	12/17/2031	—		(12	)	(7	)	0.00
Runway Bidco, LLC	(6) (10) (16)	First Lien Debt	S +	5.00%	8.67%	12/17/2031	—		(12	)	(3	)	0.00
Saturn Borrower, Inc.	(6) (8) (18)	First Lien Debt	S +	6.00%	9.67%	11/10/2028		11,372	11,238		11,281		0.65
Saturn Borrower, Inc.	(6) (8) (16)	First Lien Debt	S +	6.00%	9.67%	11/10/2028	—		(24	)	(34	)	0.00
Saturn Borrower, Inc.	(6) (8) (16)	First Lien Debt	S +	6.00%	9.67%	11/10/2028		475	454		460		0.03
Securonix, Inc.	(6) (9)	First Lien Debt	S +	7.75% (incl. 3.75% PIK)	11.19%	04/05/2029		21,820	21,644		18,701		1.07
Securonix, Inc.	(6) (9) (16)	First Lien Debt	S +	7.75% (incl. 3.75% PIK)	11.19%	04/05/2029	—		(26	)	(541	)	-0.03
Trunk Acquisition, Inc.	(6) (8) (18)	First Lien Debt	S +	5.75%	9.57%	02/19/2030		9,512	9,473		9,512		0.54
Trunk Acquisition, Inc.	(6) (8) (16)	First Lien Debt	S +	5.75%	9.57%	02/19/2030		637	632		637		0.04
Trunk Acquisition, Inc.	(6) (8) (16)	First Lien Debt	S +	5.75%	9.57%	02/19/2030		—	(2	)	—		—
User Zoom Technologies, Inc.	(6) (9)	First Lien Debt	S +	7.00%	11.13%	04/05/2029		38,689	38,252		38,399		2.20
Vanco Payment Solutions, LLC	(6) (9)	First Lien Debt	S +	4.75%	8.42%	12/01/2031		3,725	3,688		3,688		0.21
Vanco Payment Solutions, LLC	(6) (9) (16)	First Lien Debt	S +	4.75%	8.42%	12/01/2031	—		(2	)	(2	)	0.00
									745,881		744,579		42.59
Transportation Infrastructure
Jeppesen Holdings, LLC	(6) (10)	First Lien Debt	S +	4.75%	8.59%	11/01/2032		13,057	12,993		12,993		0.74
Jeppesen Holdings, LLC	(6) (10) (16)	First Lien Debt	S +	4.75%	8.59%	11/01/2032	—		(3	)	(3	)	0.00
									12,990		12,990		0.74
Wireless Telecommunication Services
CCI Buyer, Inc.	(6) (9)	First Lien Debt	S +	5.00%	8.67%	05/13/2032		2,827	2,801		2,823		0.16
CCI Buyer, Inc.	(6) (9) (16)	First Lien Debt	S +	5.00%	8.67%	05/13/2032		—	(2	)	—		—
Mobile Communications America, Inc.	(6) (7) (8) (18)	First Lien Debt	S +	4.75%	8.69%	10/16/2029		5,836	5,775		5,836		0.33
Mobile Communications America, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	8.69%	10/16/2029		1,473	1,454		1,473		0.08
Mobile Communications America, Inc.	(6) (8) (16)	First Lien Debt	S +	4.75%	8.69%	10/16/2029		192	183		192		0.01
									10,211		10,324		0.59

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments (1) (2)	Footnotes	Investment	Reference Rate and Spread		Interest<br>Rate(3)	Maturity<br>Date	Par Amount/<br>Shares(4)		Cost(5)		Fair Value		Percentage of<br>Net Assets
Total Debt Investments - non-controlled/non-affiliated									$	3,777,089	$	3,712,473		212.37	%
Debt Investments - non-controlled/affiliated
Professional Services
KWOR Acquisition, Inc.	(6) (8) (17)	Second Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.07%	02/28/2030		3,187		3,187		3,187		0.18
KWOR Acquisition, Inc.	(6) (8) (16) (17)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.07%	02/28/2030		17		3		17		0.00
KWOR Acquisition, Inc.	(6) (8) (16) (17)	First Lien Debt	S +	6.25% (incl. 5.25% PIK)	10.07%	02/28/2030		26		5		26		0.00
KWOR Acquisition, Inc.	(6) (17)	Other Debt	S +	8.00% PIK	12.20%	02/28/2030		1,119		1,119		1,119		0.06
										4,314		4,349		0.25
Total Debt Investments - non-controlled/affiliated									$	4,314	$	4,349		0.25	%
Total Debt Investments									$	3,781,403	$	3,716,822		212.62	%
Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/<br>Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Equity Investments - non-controlled/non-affiliated
Aerospace & Defense
AASC Holdings, LP	(6) (14) (15)	Common Equity			11/14/2025		501	$	654	$	654		0.04	%
									654		654		0.04
Automobile Components
Continental Battery Company	(6) (14) (15)	Common Equity			07/16/2025		7,758		—		—		—
Shelby Co-invest, LP (Spectrum Automotive)	(6) (14) (15)	Common Equity			06/29/2021		8,500		850		1,884		0.11
									850		1,884		0.11
Commercial Services & Supplies
Firebird Acquisition Corp, Inc.	(6) (14) (15)	Common Equity			02/03/2025		240,000		228		277		0.02
Procure Acquiom Financial, LLC (Procure Analytics)	(6) (14) (15)	Common Equity			12/20/2021		1,000,000		1,000		1,734		0.10
Surewerx Topco, LP	(6) (12) (14) (15)	Common Equity			12/28/2022		512		512		578		0.03
									1,740		2,589		0.15
Containers & Packaging
BP Purchaser, LLC	(6) (14) (15)	Common Equity			12/10/2021		1,383,156		1,379		—		—
BP Purchaser, LLC Rights	(6) (14) (15)	Common Equity			03/12/2024		1,666,989		75		—		—
FORTIS Solutions Group, LLC	(6) (14)	Preferred Equity		12.25%	06/24/2022		1,000,000		1,514		996		0.06
									2,968		996		0.06

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments(1) (2)	Footnotes	Investment		Acquisition Date
Distributors
48Forty Solutions, LLC	(6) (14) (15)	Common Equity		11/01/2024	2,748	—	—	—
Diversified Consumer Services
Eclipse Topco, Inc.	(6) (14)	Preferred Equity	12.50% PIK	09/05/2024	120	1,343	1,208	0.07
FPG Parent, LLC	(6) (14) (15)	Common Equity		07/18/2025	341	—	—	—
Leaf Home, LLC	(6) (14)	Preferred Equity	14.00% PIK	09/04/2025	500,000	505	645	0.04
LUV Car Wash	(6) (14) (15)	Common Equity		04/06/2022	123	123	86	0.00
						1,971	1,939	0.11
Electrical Equipment
Sparkstone Electrical Group	(6) (14) (15)	Common Equity		10/15/2024	1,500	150	65	0.00
Financial Services
Applitools, Inc.	(6) (12) (14) (15)	Common Equity		07/18/2025	1,050,864	601	510	0.03
						601	510	0.03
Food Products
Pet Holdings, Inc. (Brightpet)	(6) (14) (15)	Common Equity		03/22/2021	17,543	2,013	—	—
						2,013	—	0.00
Health Care Providers & Services
mPulse Mobile, Inc.	(6) (14) (15)	Common Equity		12/17/2021	165,761	1,220	1,244	0.07
SDB Holdco, LLC	(6) (14) (15)	Common Equity		03/29/2024	5,460,555	—	—	—
Suveto Buyer, LLC	(6) (12) (14) (15)	Common Equity		11/19/2021	19,257	1,926	2,229	0.13
Vardiman Black Holdings, LLC	(6) (14)	Preferred Equity	6.00% PIK	03/29/2024	2,649,446	1,977	—	—
						5,123	3,473	0.20
Insurance Services
Amerilife Holdings, LLC	(6) (14) (15)	Common Equity		09/01/2022	908	25	54	0.00
Frisbee Holdings, LP (Fetch)	(6) (14) (15)	Common Equity		10/31/2022	21,744	277	780	0.04
Integrity Marketing Acquisition, LLC	(6) (14)	Preferred Equity	10.50%	12/21/2021	3,250,000	4,897	4,455	0.25
						5,199	5,289	0.30
Interactive Media & Services
FMG Suite Holdings, LLC	(6) (14) (15)	Common Equity		09/09/2025	500,000	—	—	—
FMG Suite Holdings, LLC	(6) (14)	Preferred Equity	8.00% PIK	09/09/2025	500,000	513	513	0.03
						513	513	0.03
IT Services
Help HP SCF Investor, LP (Help/Systems)	(12) (14) (15)	Preferred Equity		05/12/2021	9,619,564	12,461	16,311	0.93
Recovery Point Systems, Inc.	(6) (14) (15)	Common Equity		03/05/2021	1,000,000	1,000	594	0.03
						13,461	16,905	0.97
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)	(6) (14) (15)	Common Equity		03/09/2021	29,441	2,944	1,447	0.08
Verdantas, LLC	(6) (14) (15)	Common Equity		05/03/2024	4,780	5	7	0.00
Verdantas, LLC	(6) (14)	Preferred Equity	10.00%	05/03/2024	473,220	559	698	0.04

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/<br>Shares(4)		Cost(5)		Fair Value		Percentage of Net Assets
									3,508		2,152		0.12
Real Estate Management & Development
Pritchard Industries, LLC	(6) (14) (15)	Common Equity			10/13/2021		1,882,739		1,937		1,412		0.08
Software
Diligent Corporation	(6) (14)	Preferred Equity		10.50% PIK	04/05/2021		5,000		7,820		7,950		0.45
Fullsteam Operations, LLC	(6) (14) (15)	Common Equity			11/27/2023		2,966		100		248		0.01
Knockout Intermediate Holdings I, Inc.	(6) (14)	Preferred Equity	S +	10.75%	06/25/2022		1,531		2,156		2,216		0.13
Revalize, Inc.	(6) (14)	Preferred Equity	S +	10.00%	12/14/2021		2,255		3,674		3,227		0.18
Reveal Data Solutions	(6) (14) (15)	Common Equity			08/29/2023		477,846		621		579		0.03
RSK Holdings, Inc. (Riskonnect)	(6) (14)	Preferred Equity	S +	10.50%	07/07/2022		1,012,200		1,652		1,683		0.10
									16,023		15,903		0.91
Total Equity Investments - non-controlled/non-affiliated								$	56,711	$	54,284		3.11	%
Equity Investments - non-controlled/affiliated
Professional Services
KWOR Intermediate I, Inc.	(6) (14) (15) (17)	Common Equity			02/28/2025		637	$	244	$	-		—
KWOR Intermediate I, Inc.	(6) (14) (17)	Preferred Equity	S +	8.00% PIK	02/28/2025		680,778		681		440		0.03
									925		440		0.03
Total Equity Investments - non-controlled/affiliated								$	925	$	440		0.03	%
Total Equity Investments								$	57,636	$	54,724		3.13	%
Total Portfolio Investments								$	3,839,039	$	3,771,546		215.75	%
Investments(1) (2)	Footnotes	Investment	Reference Rate and Spread		Acquisition Date	Par Amount/<br>Shares(4)	Cost(5)		Fair Value		Percentage of Net Assets
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Cash and Cash Equivalents and Short Term Investments
J.P. Morgan US Government Money Market Fund - Institutional Shares				3.62%				12,976		12,976		0.74
Cash								81,434		81,434		4.66
Total Cash and Cash Equivalents and Short Term Investments							$	94,410	$	94,410		5.40	%
Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments							$	3,933,449	$	3,865,956		221.15	%

Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

company investments are subject to contractual restrictions on sales. Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2025, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2025, the Company is an “affiliated person” of one of its portfolio companies, as indicated below.
Unless otherwise indicated, the Company’s investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 “Debt”.
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025. As of December 31, 2025, the reference rates for our variable rate loans were the C at 2.26%, 1-month E at 1.94%, 1-month S at 3.69%, 3-month S at 3.65%, 6-month S at 3.57%, SA at 3.73% and the P at 6.75%.
Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound (“GBP”), or Canadian dollar ("CAD").
The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
Loan includes interest rate floor of 1.00%.
Loan includes interest rate floor of 0.75%.
Loan includes interest rate floor of 0.50%.
Investment was on non-accrual status as of December 31, 2025
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2025 , non-qualifying assets represented 7.42% of total assets as calculated in accordance with regulatory requirements.
This investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 “Significant Accounting Policies.”
Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $54,724 or 3.13% of the Company’s net assets. The initial acquisition dates have been included for such securities.
Non-income producing security.
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2025:

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt — non-controlled/non-affiliated
48Forty Solutions, LLC	Revolver	11/30/2029	$	547	$	(323	)
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/23/2026		1,284		—
AWP Group Holdings, Inc.	Revolver	12/23/2030		415		—
Abacus Data Holdings, Inc. (AbacusNext)	Revolver	03/10/2027		1,400		—
Accel International Holdings, Inc.	Revolver	04/26/2032		1,874		—
Accordion Partners, LLC	Revolver	11/17/2031		3,043		—
Advarra Holdings, Inc.	Delayed Draw Term Loan	09/14/2026		41		—
Alert Media, Inc.	Revolver	04/12/2027		4,266		(28	)
Amerilife Holdings, LLC	Delayed Draw Term Loan	06/17/2026		113		(1	)
Amerilife Holdings, LLC	Delayed Draw Term Loan	02/28/2027		3,375		(25	)
Amerilife Holdings, LLC	Revolver	08/31/2028		1,770		(13	)
Answer Acquisition, LLC	Revolver	06/30/2028		875		(86	)
Any Hour, LLC	Delayed Draw Term Loan	05/23/2026		6,255		(279	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Any Hour, LLC	Revolver	05/23/2030	554	(25	)
Apex Service Partners, LLC	Revolver	10/24/2029	1,779	(1	)
Apollo Acquisition, Inc.	Delayed Draw Term Loan	06/04/2027	2,191	—
Apollo Acquisition, Inc.	Revolver	12/30/2030	2,768	—
Appfire Technologies, LLC	Delayed Draw Term Loan	06/28/2026	4,005	—
Appfire Technologies, LLC	Revolver	03/09/2028	131	—
Applitools, Inc.	Revolver	05/25/2028	433	(8	)
Aprio Advisory Group, LLC	Delayed Draw Term Loan	12/23/2027	1,342	(7	)
Aprio Advisory Group, LLC	Revolver	08/01/2031	117	(1	)
Apryse Software Corp.	Revolver	06/28/2032	2,296	(18	)
Aptean, Inc.	Delayed Draw Term Loan	02/14/2027	3,698	(5	)
Aptean, Inc.	Revolver	01/30/2031	1,129	(1	)
Archduke Buyer, Inc.	Revolver	12/03/2032	274	(3	)
Arcoro Holdings Corp.	Revolver	03/28/2030	1,957	(34	)
Artifact Bidco, Inc.	Delayed Draw Term Loan	05/22/2027	7,759	—
Artifact Bidco, Inc.	Revolver	07/26/2030	5,542	—
Ascend Partner Services, LLC	Delayed Draw Term Loan	08/09/2026	253	(3	)
Ascend Partner Services, LLC	Delayed Draw Term Loan	08/09/2027	298	(3	)
Ascend Partner Services, LLC	Revolver	11/08/2031	1,684	(17	)
Assembly Intermediate, LLC	Revolver	10/19/2027	2,074	—
Associations, Inc.	Delayed Draw Term Loan	07/03/2028	482	—
Associations, Inc.	Revolver	07/03/2028	678	—
Astra Service Partners, LLC	Delayed Draw Term Loan	11/26/2027	1,480	(5	)
Atlas US Finco, Inc.	Revolver	12/09/2028	632	—
AuditBoard, Inc.	Revolver	07/14/2031	4,229	(30	)
BCTO Bluebill Midco, Inc.	Revolver	07/30/2032	1,972	(20	)
Banyan Software Holdings, LLC	Delayed Draw Term Loan	10/08/2027	7,052	(38	)
Banyan Software Holdings, LLC	Revolver	01/02/2031	1,304	—
Bottomline Technologies, Inc.	Revolver	05/15/2028	267	—
Bridgepointe Technologies, LLC	Delayed Draw Term Loan	07/03/2026	126	—
Bullhorn, Inc.	Delayed Draw Term Loan	05/11/2026	172	—
Bullhorn, Inc.	Revolver	10/01/2029	622	—
CCI Buyer, Inc.	Revolver	05/13/2032	165	—
CLEO Communications Holding, LLC	Revolver	06/09/2027	12,502	—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	04/04/2027	9,601	(24	)
COP Collisionright Parent, LLC	Revolver	01/29/2030	1,212	(3	)
CRCI Longhorn Holdings, Inc.	Delayed Draw Term Loan	08/27/2026	2,471	—
CRCI Longhorn Holdings, Inc.	Revolver	08/27/2031	1,647	—
Caerus US 1, Inc.	Revolver	05/25/2029	249	—
Carr, Riggs and Ingram Capital, LLC	Delayed Draw Term Loan	11/18/2026	1,598	(4	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Carr, Riggs and Ingram Capital, LLC	Revolver	11/18/2031	1,000	(2	)
Catalis Intermediate, Inc.	Revolver	08/04/2027	3,720	(47	)
Cerity Partners, LLC	Delayed Draw Term Loan	01/21/2027	4,772	(12	)
Cerity Partners, LLC	Revolver	07/28/2031	314	(1	)
Chase Intermediate, LLC	Delayed Draw Term Loan	04/10/2027	2,256	(20	)
Chase Intermediate, LLC	Revolver	10/30/2028	330	(3	)
Cliffwater, LLC	Revolver	04/22/2032	823	(6	)
ComPsych Investment Corp.	Delayed Draw Term Loan	07/23/2027	4,000	—
Computer Services, Inc.	Delayed Draw Term Loan	11/15/2027	1,033	(3	)
Consor Intermediate II, LLC	Delayed Draw Term Loan	05/10/2026	2,700	(3	)
Consor Intermediate II, LLC	Revolver	05/12/2031	976	(1	)
Coupa Holdings, LLC	Delayed Draw Term Loan	06/03/2027	1,085	—
Coupa Holdings, LLC	Revolver	02/27/2029	831	—
Cyara AcquisitionCo, LLC	Revolver	06/28/2029	313	—
Cyber US Bidco, LLC	Delayed Draw Term Loan	01/02/2029	795	(4	)
Cyber US Bidco, LLC	Revolver	12/30/2032	349	(3	)
DA Blocker Corp.	Delayed Draw Term Loan	02/10/2027	2,204	(6	)
DA Blocker Corp.	Revolver	02/10/2032	735	(2	)
Deerfield Dakota Holding, LLC	Revolver	09/13/2032	2,571	(22	)
Diligent Corporation	Delayed Draw Term Loan	04/30/2026	4,118	(3	)
Diligent Corporation	Revolver	08/02/2030	2,100	(1	)
Drivecentric Holdings, LLC	Delayed Draw Term Loan	07/22/2027	125	—
Drivecentric Holdings, LLC	Revolver	08/15/2031	3,529	—
Dwyer Instruments, Inc.	Revolver	07/20/2029	1,040	(5	)
E-Discovery AcquireCo, LLC	Revolver	08/29/2029	1,113	(1	)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	08/14/2026	5,881	(9	)
EVDR Purchaser, Inc.	Revolver	02/14/2031	2,823	(5	)
Eclipse Buyer, Inc.	Delayed Draw Term Loan	09/06/2026	719	—
Eclipse Buyer, Inc.	Revolver	09/08/2031	365	—
Emburse, Inc.	Delayed Draw Term Loan	05/28/2027	658	(2	)
Emburse, Inc.	Revolver	05/28/2032	658	(2	)
Energy Labs Holdings Corp.	Delayed Draw Term Loan	05/24/2026	199	(4	)
Energy Labs Holdings Corp.	Revolver	04/07/2028	155	(3	)
Espresso Bidco, Inc.	Delayed Draw Term Loan	03/25/2027	4,945	(74	)
Espresso Bidco, Inc.	Revolver	03/25/2032	2,198	(33	)
Essential Services Holding Corporation	Delayed Draw Term Loan	06/17/2026	4,773	(13	)
Essential Services Holding Corporation	Revolver	06/17/2030	1,790	(5	)
Everbridge Holdings, LLC	Delayed Draw Term Loan	07/02/2026	6,783	—
Everbridge Holdings, LLC	Revolver	07/02/2031	4,463	—
Excelitas Technologies Corp.	Delayed Draw Term Loan	05/01/2026	2,000	(10	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Excelitas Technologies Corp.	Revolver	08/14/2028	131	(1	)
Express Wash Acquisition Company, LLC	Revolver	04/10/2031	111	(1	)
FLS Holding, Inc.	Revolver	12/17/2027	23	(3	)
FMG Suite Holdings, LLC	Delayed Draw Term Loan	09/09/2027	3,113	(31	)
FMG Suite Holdings, LLC	Revolver	09/09/2032	1,868	(19	)
FORTIS Solutions Group, LLC	Revolver	10/15/2027	1,912	—
FPG Intermediate Holdco, LLC	Delayed Draw Term Loan	07/26/2027	25	—
Firebird Acquisition Corp, Inc.	Delayed Draw Term Loan	01/31/2027	1,979	—
Firebird Acquisition Corp, Inc.	Revolver	02/02/2032	1,000	—
Formstack Acquisition, Co.	Delayed Draw Term Loan	03/30/2026	3,272	(23	)
Formstack Acquisition, Co.	Revolver	03/28/2030	1,838	(13	)
Foundation Risk Partners Corp.	Delayed Draw Term Loan	02/26/2027	42	—
Foundation Risk Partners Corp.	Revolver	10/29/2029	5,032	—
Fullsteam Operations, LLC	Delayed Draw Term Loan	08/09/2027	5,654	(59	)
Fullsteam Operations, LLC	Revolver	08/08/2031	1,885	(20	)
GB Eagle Buyer, Inc.	Delayed Draw Term Loan	11/12/2027	1,664	(8	)
GB Eagle Buyer, Inc.	Revolver	11/29/2030	1,109	(11	)
GC Waves Holdings, Inc.	Delayed Draw Term Loan	10/06/2027	4,446	(11	)
GC Waves Holdings, Inc.	Revolver	10/04/2030	331	—
GPS Merger Sub, LLC	Delayed Draw Term Loan	10/04/2027	1,274	(11	)
GPS Merger Sub, LLC	Revolver	10/02/2029	1,713	(15	)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	03/26/2026	41	—
GS AcquisitionCo, Inc.	Revolver	05/25/2028	1,555	—
Galway Borrower, LLC	Delayed Draw Term Loan	02/06/2026	1,017	—
Galway Borrower, LLC	Revolver	09/29/2028	1,827	—
GarageCo Intermediate II, LLC	Delayed Draw Term Loan	08/02/2027	3,030	(30	)
GarageCo Intermediate II, LLC	Revolver	07/30/2032	909	(9	)
Gateway US Holdings, Inc.	Revolver	09/22/2028	30	—
Granicus, Inc.	Delayed Draw Term Loan	07/31/2026	929	—
Granicus, Inc.	Revolver	01/17/2031	1,800	—
HSI Halo Acquisition, Inc.	Delayed Draw Term Loan	06/28/2026	1,624	(6	)
HSI Halo Acquisition, Inc.	Revolver	06/28/2030	2,165	(9	)
Heartland Veterinary Partners, LLC	Delayed Draw Term Loan	11/08/2027	2,795	(17	)
Heartland Veterinary Partners, LLC	Revolver	06/12/2028	375	—
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	12/10/2027	2,366	(12	)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	09/30/2026	2,131	—
High Street Buyer, Inc.	Revolver	04/16/2027	2,136	(5	)
Hootsuite, Inc.	Revolver	05/22/2030	1,000	(13	)
Hyland Software, Inc.	Revolver	09/19/2029	1,879	—
IG Investment Holdings, LLC	Revolver	09/22/2028	1,211	—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
IQN Holding Corp.	Revolver	05/02/2028	157	—
Icefall Parent, Inc.	Revolver	01/25/2030	507	—
Imagine 360, LLC	Delayed Draw Term Loan	09/20/2026	1,718	—
Imagine 360, LLC	Revolver	10/02/2028	1,064	—
Inhabitiq, Inc.	Delayed Draw Term Loan	01/11/2027	4,976	—
Inhabitiq, Inc.	Revolver	01/12/2032	3,110	—
Inszone Mid, LLC	Delayed Draw Term Loan	07/24/2026	1,836	(5	)
Inszone Mid, LLC	Delayed Draw Term Loan	10/18/2027	3,281	(16	)
Inszone Mid, LLC	Revolver	11/30/2029	1,787	(4	)
Integrity Marketing Acquisition, LLC	Revolver	08/25/2028	353	—
Invictus Buyer, LLC	Delayed Draw Term Loan	06/03/2026	1,688	—
Invictus Buyer, LLC	Revolver	06/03/2031	625	—
Iris Buyer, LLC	Revolver	10/02/2029	1,001	(3	)
Iris Specialty Acquisiton, LLC	Delayed Draw Term Loan	11/20/2028	1,241	(3	)
Iris Specialty Acquisiton, LLC	Revolver	11/22/2032	1,092	(5	)
Jeppesen Holdings, LLC	Revolver	11/01/2032	653	(3	)
Jonathan Acquisition Company	Revolver	05/11/2029	327	(5	)
KENG Acquisition, Inc.	Revolver	08/01/2029	1,171	(6	)
Kodiak Buyer, LLC	Delayed Draw Term Loan	07/26/2027	536	—
Kodiak Buyer, LLC	Revolver	07/23/2032	429	—
LHS Borrower, LLC	Revolver	09/04/2031	469	(7	)
LJ Avalon Holdings, LLC	Delayed Draw Term Loan	02/12/2027	1,731	—
LJ Avalon Holdings, LLC	Revolver	02/01/2029	1,435	—
LeadVenture, Inc.	Delayed Draw Term Loan	06/23/2027	1,127	—
LeadVenture, Inc.	Revolver	06/23/2032	673	—
LegitScript, LLC	Revolver	06/24/2028	2,667	—
Lightspeed Buyer, Inc.	Revolver	02/03/2027	146	—
LogRhythm, Inc.	Revolver	07/02/2029	909	(36	)
MAI Capital Management Intermediate, LLC	Delayed Draw Term Loan	06/11/2027	1,025	(10	)
MAI Capital Management Intermediate, LLC	Revolver	08/29/2031	992	(10	)
MHE Intermediate Holdings, LLC	Revolver	07/21/2027	1,500	—
MRI Software, LLC	Revolver	02/10/2028	1,387	(4	)
Magneto Components Buyco, LLC	Revolver	12/05/2029	2,529	—
Majesco, Inc.	Revolver	09/21/2027	1,575	—
ManTech International CP	Delayed Draw Term Loan	02/17/2026	118	—
ManTech International CP	Revolver	09/14/2028	507	—
Merative, LP	Delayed Draw Term Loan	09/30/2027	2,070	(10	)
Merative, LP	Revolver	09/30/2032	1,812	(9	)
Mobile Communications America, Inc.	Delayed Draw Term Loan	06/23/2027	683	—
Mobile Communications America, Inc.	Revolver	10/16/2029	768	—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Model N, Inc.	Delayed Draw Term Loan	06/26/2026	3,265	—
Model N, Inc.	Revolver	06/27/2031	1,741	—
Montana Buyer, Inc.	Revolver	07/22/2028	981	—
NDT Global Holding, Inc.	Delayed Draw Term Loan	06/04/2027	821	(8	)
NDT Global Holding, Inc.	Revolver	06/04/2032	733	(7	)
NSI Holdings, Inc.	Delayed Draw Term Loan	11/15/2026	1,316	—
NSI Holdings, Inc.	Revolver	11/17/2031	1,316	—
Nasuni Corporation	Revolver	09/10/2030	3,017	—
Netwrix Corporation And Concept Searching, Inc.	Revolver	06/11/2029	431	(2	)
OEConnection, LLC	Delayed Draw Term Loan	12/26/2028	876	(2	)
OEConnection, LLC	Revolver	12/23/2032	231	(1	)
Oak Purchaser, Inc.	Delayed Draw Term Loan	08/30/2027	860	(6	)
Oak Purchaser, Inc.	Revolver	05/31/2028	522	(4	)
One, Inc. Software Corporation	Delayed Draw Term Loan	12/06/2027	982	(5	)
One, Inc. Software Corporation	Revolver	12/06/2032	393	(4	)
Onit, Inc.	Delayed Draw Term Loan	01/27/2027	6,944	—
Onit, Inc.	Revolver	01/27/2032	2,315	—
Optimizely North America, Inc.	Revolver	10/30/2031	1,236	(25	)
PDI TA Holdings, Inc.	Revolver	02/03/2031	608	(9	)
PMA Parent Holdings, LLC	Revolver	01/31/2031	354	(4	)
PT Intermediate Holdings III, LLC	Delayed Draw Term Loan	04/08/2026	2,497	—
Pamlico Avant Holdings, LP	Revolver	12/31/2032	188	(2	)
Pareto Health Intermediate Holdings, Inc.	Delayed Draw Term Loan	06/20/2026	5,602	—
Pareto Health Intermediate Holdings, Inc.	Revolver	06/01/2029	792	—
Patriot Growth Insurance Services, LLC	Revolver	10/16/2028	3,919	—
PerkinElmer U.S., LLC	Delayed Draw Term Loan	10/25/2027	1,613	(4	)
Pound Bidco, Inc.	Delayed Draw Term Loan	04/24/2027	871	—
Pound Bidco, Inc.	Revolver	02/01/2027	375	—
Procure Acquireco, Inc. (Procure Analytics)	Delayed Draw Term Loan	10/31/2026	579	—
Procure Acquireco, Inc. (Procure Analytics)	Revolver	12/20/2028	238	—
Project Accelerate Parent, LLC	Revolver	02/24/2031	1,250	—
Project Potter Buyer, LLC	Revolver	04/23/2027	1,173	—
Railpros Parent, LLC	Delayed Draw Term Loan	05/24/2027	3,474	(35	)
Railpros Parent, LLC	Revolver	05/24/2032	1,737	(17	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	06/30/2026	415	(4	)
Randy's Holdings, Inc.	Delayed Draw Term Loan	12/20/2027	2,741	(13	)
Randy's Holdings, Inc.	Revolver	11/01/2029	899	(9	)
Raptor Merger Sub Debt, LLC	Revolver	04/01/2029	2,035	—
Real Chemistry Intermediate III, Inc.	Delayed Draw Term Loan	10/11/2027	1,775	(9	)
Real Chemistry Intermediate III, Inc.	Revolver	04/12/2032	1,950	(10	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Recovery Point Systems, Inc.	Revolver	02/14/2028	4,000	—
Redwood Services Group, LLC	Delayed Draw Term Loan	01/03/2027	1,589	(8	)
Revalize, Inc.	Revolver	04/16/2029	21	(1	)
Ridge Trail US Bidco, Inc.	Delayed Draw Term Loan	03/30/2027	8,268	—
Ridge Trail US Bidco, Inc.	Revolver	03/31/2031	2,012	—
Riskonnect Parent, LLC	Delayed Draw Term Loan	03/01/2026	1,264	—
Riskonnect Parent, LLC	Revolver	12/07/2028	748	—
RoadOne IntermodaLogistics	Revolver	12/29/2028	35	(1	)
Routeware, Inc.	Delayed Draw Term Loan	09/18/2026	1,284	(4	)
Routeware, Inc.	Revolver	09/18/2031	273	(1	)
Runway Bidco, LLC	Delayed Draw Term Loan	12/17/2026	2,715	(7	)
Runway Bidco, LLC	Revolver	12/17/2031	1,357	(3	)
SV Newco 2, Inc.	Revolver	06/02/2031	7,462	(10	)
Saturn Borrower, Inc.	Delayed Draw Term Loan	01/24/2027	4,167	(34	)
Saturn Borrower, Inc.	Revolver	11/10/2028	1,400	(11	)
Securonix, Inc.	Revolver	04/05/2029	3,782	(541	)
Sherlock Buyer Corp.	Revolver	12/07/2029	1,286	(41	)
Smarsh, Inc.	Delayed Draw Term Loan	01/31/2027	1,072	—
Smarsh, Inc.	Revolver	02/16/2029	493	—
Spark Buyer, LLC	Delayed Draw Term Loan	10/15/2026	875	(66	)
Spark Buyer, LLC	Revolver	10/15/2031	289	(22	)
Specialty Pharma III, Inc.	Revolver	12/23/2032	478	(2	)
Spectrum Automotive Holdings Corp.	Delayed Draw Term Loan	04/28/2027	137	—
Spectrum Automotive Holdings Corp.	Revolver	06/29/2027	881	—
Stepping Stones Healthcare Services, LLC	Delayed Draw Term Loan	04/25/2026	906	—
Stepping Stones Healthcare Services, LLC	Revolver	12/30/2026	250	—
Superman Holdings, LLC	Revolver	08/29/2031	2,901	—
Surewerx Purchaser III, Inc.	Delayed Draw Term Loan	06/29/2026	601	(1	)
Surewerx Purchaser III, Inc.	Revolver	12/28/2028	1,117	(2	)
Suveto Buyer, LLC	Delayed Draw Term Loan	11/15/2026	198	—
Suveto Buyer, LLC	Revolver	09/09/2027	1,231	(1	)
Sweep Purchaser, LLC	Revolver	06/30/2027	1,125	—
TA Polaris Buyer, Inc.	Delayed Draw Term Loan	12/12/2028	4,324	(11	)
TA Polaris Buyer, Inc.	Revolver	12/13/2032	1,297	(6	)
Tamarack Intermediate, LLC	Delayed Draw Term Loan	07/01/2027	2,440	(6	)
Tamarack Intermediate, LLC	Revolver	03/12/2029	1,853	(5	)
Tank Holding Corp.	Revolver	03/31/2028	800	(69	)
Thrive Buyer, Inc. (Thrive Networks)	Delayed Draw Term Loan	01/31/2027	2,800	(21	)
Thrive Buyer, Inc. (Thrive Networks)	Revolver	02/02/2032	2,594	(19	)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	356	—

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2026	1,835	—
Transit Technologies, LLC	Delayed Draw Term Loan	08/20/2027	549	(5	)
Transit Technologies, LLC	Revolver	08/20/2030	1,705	—
Trintech, Inc.	Revolver	07/25/2029	2,092	(10	)
Triple Lift, Inc.	Revolver	05/05/2028	4,000	(247	)
Trunk Acquisition, Inc.	Delayed Draw Term Loan	12/20/2026	112	—
Trunk Acquisition, Inc.	Revolver	02/19/2030	857	—
Two Six Labs, LLC	Revolver	08/20/2027	2,134	—
UHY Advisors, Inc.	Delayed Draw Term Loan	11/22/2026	1,944	—
UHY Advisors, Inc.	Revolver	11/21/2031	416	—
UpStack, Inc.	Delayed Draw Term Loan	08/23/2026	2,378	(18	)
UpStack, Inc.	Revolver	08/25/2031	1,125	(8	)
V Global Holdings, LLC	Revolver	01/02/2029	393	(31	)
VRC Companies, LLC	Revolver	06/29/2027	1,653	—
Vamos Bidco, Inc.	Delayed Draw Term Loan	01/30/2027	2,250	(17	)
Vamos Bidco, Inc.	Revolver	01/30/2032	675	(5	)
Vanco Payment Solutions, LLC	Revolver	12/01/2031	175	(2	)
Vardiman Black Holdings, LLC	Delayed Draw Term Loan	03/29/2026	25	(2	)
Vehlo Purchaser, LLC	Revolver	05/24/2028	503	—
Vensure Employer Services, Inc.	Delayed Draw Term Loan	09/27/2026	156	—
Verdantas, LLC	Delayed Draw Term Loan	11/08/2026	622	—
Verdantas, LLC	Revolver	05/06/2030	1,193	—
Vertex Service Partners, LLC	Delayed Draw Term Loan	10/01/2026	603	(29	)
Vertex Service Partners, LLC	Revolver	11/08/2030	308	(6	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	07/24/2026	647	(3	)
Vessco Midco Holdings, LLC	Delayed Draw Term Loan	05/03/2028	1,479	(4	)
Vessco Midco Holdings, LLC	Revolver	07/24/2031	1,244	(6	)
Victors Purchaser, LLC	Delayed Draw Term Loan	12/23/2027	1,030	—
Victors Purchaser, LLC	Revolver	12/23/2032	774	—
WIPFLI Advisory, LLC	Delayed Draw Term Loan	04/01/2028	2,192	(5	)
WIPFLI Advisory, LLC	Revolver	10/01/2032	1,461	(7	)

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Investments	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
World Insurance Associates, LLC	Revolver	04/03/2030		1,269		—
YI, LLC	Revolver	12/03/2029		883		—
Zarya Intermediate, LLC	Revolver	07/01/2027		3,649		—
eShipping, LLC	Delayed Draw Term Loan	12/23/2027		1,075		(3	)
eShipping, LLC	Revolver	12/23/2032		470		(2	)
iCIMS, Inc.	Revolver	08/18/2028		33		—
mPulse Mobile, Inc.	Delayed Draw Term Loan	08/26/2027		1,731		(17	)
mPulse Mobile, Inc.	Revolver	08/26/2032		2,596		(26	)
Total First Lien Debt Unfunded Commitments — non-controlled/non-affiliated			$	496,144	$	(3,299	)
First Lien Debt — non-controlled/affiliated
KWOR Acquisition, Inc.	Delayed Draw Term Loan	02/28/2027		690		—
KWOR Acquisition, Inc.	Revolver	02/28/2030		506		—
Total First Lien Debt Unfunded Commitments — non-controlled/affiliated			$	1,196	$	—
Total Unfunded Commitments			$	497,340	$	(3,299	)

As defined in the 1940 Act, the Company is deemed to be an “affiliated person” of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities (“non-controlled affiliate”). Transactions related to investments in non-controlled affiliates for the year ended December 31, 2025 were as follows:

	Fair Value as of December 31, 2024		Gross Additions (2)		Gross Reductions (3)		Net Change in Unrealized Gains (Losses)			Net Realized Gain (Loss)		Fair Value as of December 31,2025		Interest, Dividend and Other Income
KWOR Acquisition, Inc.(1)	$	—	$	5,239	$	—	$	(450	)	$	—	$	4,789	$	446
Total	$	—	$	5,239	$	—	$	(450	)	$	—	$	4,789	$	446

Inclusive of positions titled KWOR Intermediate I, Inc.
Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, payment-in-kind, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(18) Assets or a portion thereof are pledged as collateral for the CLO 2025-1 Debt (as defined below). See Note 6 “Debt.”

Additional Information

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (continued)

December 31, 2025

(In thousands, except share amounts)

Interest Rate Swaps(a)(b)(c)(d)
Counterparty	Hedged Instrument	Company Receives	Company Pays	Maturity Date	Notional Amount		Fair Value		Upfront Payments/Receipts		Change in Unrealized Appreciation/(Depreciation)
BNP Paribas	2029 Notes	6.41%	S + 2.37%	05/17/2029	$	350,000	$	6,837		—	$	6,392
BNP Paribas	2030 Notes	6.25%	S + 2.54%	05/19/2030		350,000		3,317		—		3,317
					$	700,000	$	10,154	$	—	$	9,709

Contains a variable rate structure. Bears interest at a rate determined by SOFR.
Instrument is used in a hedge accounting relationship. The associated change in fair value is recorded along with the change in fair value of the hedging item within interest expense.
For further details, see Note 6 “Debt” to our consolidated financial statements included in this report.
The Company's interest rate swaps are cleared over-the-counter.

Morgan Stanley Direct Lending Fund

Notes to the Consolidated Financial Statements (Unaudited)

March 31, 2026

(In thousands, except shares and per share amounts)

(1) ORGANIZATION

Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investment operations in January 2020. The Company is externally managed by MS Capital Partners Adviser Inc., an indirect wholly owned subsidiary of Morgan Stanley (the “Adviser” or “Investment Adviser”).

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

On January 26, 2024, the Company closed its initial public offering (“IPO”), issuing 5,000,000 shares of its Common Stock, par value $0.001 per share (the “Common Stock”) at a public offering price of $20.67 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of $97.1 million. The Company’s Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

(2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company's functional currency is U.S. Dollars ("USD"), and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to Regulation S-X. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2026.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

The Company has formed wholly owned subsidiaries, which are structured as Delaware limited liability companies, for the purpose of holding certain investments in portfolio companies made by the Company. The Company’s wholly owned subsidiaries include: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“Financing SPV”), North Haven Private Credit CLO 1 LLC ("CLO 2025-1 Issuer") and DLF Equity Holdings LLC (“Equity Holdings,” and collectively with CA SPV, DLF SPV, Financing SPV and CLO 2025-1 Issuer, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements.

The Company does not consolidate its investment in Capstone Lending LLC (“Capstone Lending”), which was formed as a joint venture (“JV”) between the Company and a large institutional investor (the “JV Partner”). See Note 4 “Investments” for more information.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents consist of demand deposits and highly liquid investments with original maturities of three months or less and restricted cash pledged as collateral. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Money Market Funds

Investments in money market funds are valued at net asset value per share and are included in “Investments in unaffiliated money market fund” in the Consolidated Statements of Assets and Liabilities.

Foreign Currency Translation

The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation are recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company applies fair value to its investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Company's Board of Directors (the “Board of Directors” or the “Board”) has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company’s framework for determining fair value, fair value hierarchies, and the composition of the Company’s portfolio.

Derivative Instruments

Pursuant to ASC 815 Derivatives and Hedging, all derivative instruments entered into by the Company are designated as hedging instruments. For all derivative instruments designated as a hedge, the entire change in the fair value of the hedging instrument shall be recorded in the same line item of the Consolidated Statements of Operations as the hedged item. The Company’s derivative instruments are used to hedge certain of the Company’s fixed rate debt, and therefore both the periodic payment and the change in fair value for the effective hedge, if applicable, will be recognized as components of interest expense in the Consolidated Statements of Operations. Fair value is estimated by discounting remaining payments using applicable current market rates, or market quotes, if available. Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain record-keeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to stockholders in the form of distributions in order for the Company to continue to qualify as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies. Dividend income is presented net of withholding tax, if any.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual investments are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

As of March 31, 2026 and December 31, 2025, the Company had certain investments in six and four portfolio companies, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of March 31, 2026 and December 31, 2025 was $55,417 and $60,392, respectively.

Offering Costs

Offering costs consist of fees and expenses incurred in connection with equity offerings. Offering costs are charged against the proceeds from equity offerings when proceeds are received.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes or installment debt are presented net against the outstanding debt balance on the Consolidated Statements of Assets and Liabilities.

Income Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes, at least annually, to its stockholders as distributions.

In order to continue to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its stockholders at least 90 % of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98 % of its ordinary income for each calendar year, (2) 98.2 % of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three months ended March 31, 2026 and March 31, 2025, the Company accrued $834 and $627 of U.S. federal excise tax, respectively.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. All penalties and interest associated with income taxes, if any, are included in income tax expense.

Segment Reporting

The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation, primarily from directly originated senior secured term loans. The Company’s chief operating decision maker (the “CODM”) includes the Chief Executive Officer, Co-Presidents, Chief Financial Officer, and Chief Operating Officer. The CODM uses the net increase (decrease) in net assets resulting from operations to assess the performance and makes operating decisions of the Company. The evaluation of this metric is used in determining the Company’s distribution policy, portfolio construction and deployment, and strategic initiatives. Segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statement disclosures.

(3) SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On November 25, 2019, the Company entered into an investment advisory agreement with our Adviser (the "Original Investment Advisory Agreement").

On January 24, 2024, the Company entered into the Amended and Restated Investment Advisory Agreement with the Adviser (as amended and restated, the “Investment Advisory Agreement”). The Investment Advisory Agreement was most recently re-approved by the Board in August 2025 and will continue from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors").

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately borne by the stockholders.

Base Management Fee

The Base Management Fee is calculated at an annual rate of 1.0 % of the Company's average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents.

Pursuant to the Investment Advisory Agreement, the Adviser agreed to irrevocably waive any portion of the Base Management Fee in excess of 0.75 % of the Company's average gross assets calculated in accordance with the Investment Advisory Agreement for the period from January 24, 2024 to January 24, 2025 (the “Waiver Period”).

Base Management Fees waived during the Waiver Period were not subject to recoupment by the Adviser. For services rendered under the Investment Advisory Agreement, the Base Management Fee is payable quarterly in arrears. Base Management Fees for any partial month or quarter will be appropriately pro-rated.

For the three months ended March 31, 2026 and March 31, 2025, Base Management Fees were $9,430 and $8,977, net of waiver, respectively. As of March 31, 2026 and December 31, 2025, $9,430 and $9,596, respectively, were payable to the Investment Adviser relating to Base Management Fees.

Incentive Fee

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

i.Incentive Fee Based on Income

The first part is determined and paid quarterly based on the Company's pre-incentive fee net investment income and is subject to an Incentive Fee Cap (as defined below) pursuant to the Investment Advisory Agreement. Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below), any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays its Adviser an incentive fee on its aggregate pre-incentive fee net investment income in respect of (1) for the quarter ending March 31, 2024 (the “First Calendar Quarter”), the First Calendar Quarter, and (2) commencing with the quarter ending June 30, 2024, the current calendar quarter and eleven preceding calendar quarters beginning with the calendar quarter commencing on April 1, 2024 (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commence on or after April 1, 2024) (in either case, the “Trailing Twelve Quarters”).

Pre-incentive fee net investment income in respect of the First Calendar Quarter was compared to a hurdle rate equal to 1.5% (6% annualized), and, if pre-incentive fee net investment income for the First Calendar Quarter exceeded the hurdle rate, the incentive fee would be 100% of pre-incentive fee net investment income until the Adviser has received a “catch up” equal to 17.5%, plus 17.5% of pre-incentive fee net investment income above the catch up.

Commencing with the quarter ending June 30, 2024, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.5% per quarter (6.0% annualized) and (ii) the sum of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The incentive fee based on income for each calendar quarter will be determined as follows:

No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;
100% of pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.8182% in any calendar quarter (7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.8182%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 17.5% of the Company's pre-incentive fee net investment income as if a Hurdle Rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter; and
17.5% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds 1.8182% in any calendar quarter (7.2728% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 17.5% of the Company's pre-incentive fee net investment income that exceeds the catch-up amount is paid to the Adviser.

Commencing with the quarter ending June 30, 2024, each income incentive fee is subject to an incentive fee cap (the “Incentive Fee Cap”) that in respect of any calendar quarter is an amount equal to 17.5% of the Cumulative Pre-Incentive Fee Net Return (as defined herein) during the Trailing Twelve Quarters less the aggregate incentive fees based on income that were paid to the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. In the event the Incentive Fee Cap is zero or a negative value then no income incentive fee shall be payable and if the Incentive Fee Cap is less than the amount of incentive fee based on income that would otherwise be payable, the amount of incentive fee based on income shall be reduced to an amount equal to the Incentive Fee Cap.

“Cumulative Pre-Incentive Fee Net Return” means (A) during the First Calendar Quarter, the sum of pre-incentive fee net investment income in the First Calendar Quarter and (B) during the relevant Trailing Twelve Quarters, the sum of (x) pre-incentive fee net investment income in respect of the Trailing Twelve Quarters and (y) Adjusted Capital Returns (as defined below) in respect of the Trailing Twelve Quarters. If, in any calendar quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no income incentive fee to the Adviser in respect of that quarter. If, in any calendar quarter, the Incentive Fee Cap is a positive value but is less than the incentive fee calculated as described above, the Company shall pay the Adviser the Income Incentive Fee Cap in respect of such quarter. If, in any calendar quarter, the Incentive Fee Cap is equal to or greater than the incentive fee calculated as described above, the Company shall pay the Adviser the incentive fee in respect of such quarter. “Adjusted Capital Returns” in respect of a particular period means the sum of aggregate realized losses and aggregate realized capital gains in respect of such period.

For the Waiver Period, the Adviser irrevocably waived its right to receive each component of the income incentive fee in excess of amounts calculated as described above using (1) 15% instead of 17.5% and (2) a catch-up amount (as applicable) calculated using 1.7647% in place of 1.8182%. For periods in which the waiver described in this paragraph was in effect for less than a full quarter or calendar year, as applicable, the applicable incentive fee shall be calculated at a weighted rate during the applicable days in such period during the Waiver Period.

For the three months ended March 31, 2026 and March 31, 2025, income based incentive fees were $5,800 and $9,468, net of waiver respectively. As of March 31, 2026 and December 31, 2025, $5,800 and $7,281, respectively, were payable to the Investment Adviser relating to income based incentive fees.

ii.Incentive Fee Based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of realized capital gains, if any, on a cumulative basis from the date of the Company's election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). For the purpose of computing the incentive fee on capital gains, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the capital gains incentive fee.

For the calendar years ended December 31, 2025 and December 31, 2024, the Adviser has irrevocably waived any capital gains incentive fee in excess of amounts calculated as described above using 15.0% instead of 17.5% in the calculation of any such capital gains incentive fee solely with respect to the Waiver Period, such that the capital gains incentive fee shall be calculated at a weighted rate calculated based on this waiver being applicable only during the applicable days in such calendar year during the Waiver Period, based, in each case, on the number of days in the applicable year.

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 17.5% (or 15% during the Waiver Period) of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three months ended March 31, 2026 and March 31, 2025, the Investment Adviser accrued $0 and $0 capital gains incentive fees. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

As of March 31, 2026 and December 31, 2025, $0 and $0, respectively, were payable to the Investment Adviser relating to capital gains incentive fees payable.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to an administration agreement (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration

Agreement, including the Company’s allocable portion of the compensation paid to its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement will continue from year to year if approved annually by the Board, including a majority of the Independent Directors. The Administration Agreement was most recently re-approved in August 2025.

For the three months ended March 31, 2026 and March 31, 2025, the Company incurred $61 and $60, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

As of March 31, 2026 and December 31, 2025, $61 and $69, respectively, were payable to affiliates.

Sub-Administration Agreement

The Company has entered into sub-administration agreement with State Street Bank and Trust Company (the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and administrative services to the Company. The Sub-Administrator also serves as the Company’s custodian, transfer agent, distribution paying agent and registrar.

MS Credit Partners Holdings, Inc. Investment

MS Credit Partners Holdings, Inc. ("MS Credit Partners Holdings"), a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200,000 to the Company pursuant to a subscription agreement entered into in December 2019, which had been fully funded as of October 4, 2023. As of March 31, 2026 and December 31, 2025, MS Credit Partners Holdings held approximately 11.4% and 11.3% of the Company’s outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

Morgan Stanley & Co. Related Transactions

Morgan Stanley & Co. LLC served as an underwriter in the IPO and received $1,241 of underwriting fees at closing on January 26, 2024.

Morgan Stanley & Co. LLC served as an initial purchaser in connection with the private placement of the Company’s 2029 Notes (as defined below in Note 6. “Debt”) and received fees of $210 at closing on May 27, 2024.

Morgan Stanley & Co. LLC served as an underwriter in connection with the public offering of the Company’s 2030 Notes (as defined below in Note 6. “Debt”) and received fees of $210 at closing on May 19, 2025.

(4) INVESTMENTS

The information in the tables below is presented on an aggregate portfolio basis, without regard to whether the investments are non-controlled/ non-affiliated, non-controlled/affiliated or controlled/affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled, affiliated investments is contained in the accompanying consolidated financial statements, including the Consolidated Schedules of Investments.

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	March 31, 2026							December 31, 2025
	Cost		Fair Value		% of Total<br>Investments<br>at Fair Value			Cost		Fair Value		% of Total<br>Investments<br>at Fair Value
First Lien Debt	$	3,520,313	$	3,439,360		93.8	%	$	3,686,118	$	3,631,498		96.2	%
Second Lien Debt		82,095		72,397		2.0			83,428		75,210		2.0
Other Debt Investments		8,546		7,593		0.2			11,857		10,114		0.3
Equity		62,937		56,528		1.5			57,636		54,724		1.5
Investments in Joint Venture		94,532		93,072		2.5			—		—		0.0
Total	$	3,768,423	$	3,668,950		100.0	%	$	3,839,039	$	3,771,546		100.0	%

The industry composition of investments at fair value was as follows:


Aerospace & Defense	1.7	%	1.5	%
Air Freight & Logistics	0.1		0.4
Automobile Components	3.3		3.2
Automobiles	1.9		3.8
Banks	0.1		0.1
Beverages	0.1		0.1
Building Products	0.4		0.4
Chemicals	0.5		0.5
Commercial Services & Supplies	8.2		7.7
Construction & Engineering	2.4		2.3
Consumer Staples Distribution & Retail	0.8		0.8
Containers & Packaging	1.2		1.1
Distributors	1.8		1.8
Diversified Consumer Services	5.0		4.9
Electrical Equipment	0.3		0.4
Electronic Equipment, Instruments & Components	2.2		2.3
Financial Services	2.7		3.1
Food Products	1.0		1.2
Ground Transportation	1.0		0.9
Health Care Equipment & Supplies	0.3		0.4
Health Care Providers & Services	5.5		5.2
Health Care Technology	1.0		1.6
Industrial Conglomerates	1.6		1.6
Insurance Services	10.1		10.7
Interactive Media & Services	2.0		2.0
Investments in Joint Ventures	2.5		—
IT Services	9.9		8.9
Life Sciences Tools & Services	0.3		0.4
Machinery	1.1		1.0
Multi-Utilities	0.3		0.7
Pharmaceuticals	0.8		0.7
Professional Services	4.7		5.7
Real Estate Management & Development	3.8		3.7
Software	20.7		20.2
Transportation Infrastructure	0.4		0.3
Wireless Telecommunication Services	0.3		0.4
Total	100.0	%	100.0	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2026										December 31, 2025
	Cost		Fair Value		% of Total <br>Investments at <br>Fair Value			% of Total <br>Net Assets at <br>Fair Value			Cost		Fair Value		% of Total <br>Investments at <br>Fair Value			% of Total <br>Net Assets at <br>Fair Value
Australia	$	12,928	$	12,943		0.3	%		0.8	%	$	12,951	$	13,114		0.3	%		0.8	%
Canada		123,152		123,186		3.4			7.3			123,765		124,411		3.3			7.1
United Kingdom		13,145		13,245		0.4			0.8			13,160		13,299		0.4			0.8
United States		3,619,198		3,519,576		95.9			208.2			3,689,163		3,620,722		96.0			207.1
Total	$	3,768,423	$	3,668,950		100.0	%		217.0	%	$	3,839,039	$	3,771,546		100.0	%		215.8	%

Capstone Lending LLC

Capstone Lending, a Delaware limited liability company, was formed as a joint venture between the Company and the JV Partner, commenced operations on January 2, 2026 and operates under a limited liability company agreement. Capstone Lending’s principal purpose is to make investments, primarily in senior loans issued by middle-market companies. The Company and the JV Partner each agreed to contribute up to $

200,000

and $

50,000

, respectively, to Capstone Lending. The Company and the JV Partner have equal control of Capstone Lending’s investment decisions and generally all other decisions in respect of Capstone Lending must be approved by Capstone Lending’s investment committee or board of directors, each of which consists of an equal number of representatives of the Company and the JV Partner. As of March 31, 2026, the Company and the JV Partner made equity contributions of $94,532 and $23,633, respectively, to Capstone Lending.

On February 19, 2026, Capstone Lending entered into a senior secured revolving credit facility (the “JV Credit Facility”) with a third party lender, providing for total commitments of up to $500,000. The JV Credit Facility is secured by substantially all the assets of Capstone Lending.

The following table presents the selected consolidated statement of assets and liabilities information of Capstone Lending as of March 31, 2026:

	As of
	March 31, 2026
Assets
Investments, at fair value (cost of $285,044)	$	283,219
Cash		11,709
Other Assets		4,174
Total assets		299,102
Liabilities
Debt		180,000
Other liabilities		2,761
Total liabilities	$	182,761
Total Members' Equity	$	116,341

The following table presents the selected consolidated statements of operations information of Capstone Lending for the period from January 2, 2026 (commencement of operations of Capstone Lending) to March 31, 2026:

	For the period ended
	March 31, 2026
Income
Investment income	$	2,819
Expenses
Net operating expenses		1,362
Net investment income (loss)	$	1,457
Total net realized and change in unrealized gain (loss)		(1,825	)
Net increase (decrease) in members' equity resulting from operations	$	(368	)

Below is a summary of Capstone Lending’s portfolio as of March 31, 2026:

	As of
	March 31, 2026
Investment Commitments	$	382,863
Total investments, at fair value	$	283,219
Number of portfolio companies		52
Number of industries		23
Weighted average yield on total portfolio, at cost(1)		8.7	%
Weighted average yield on total portfolio, at fair value(1)		8.8	%
Average position size of investments		5,447

(1) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of Capstone Lending divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

Consolidated Schedule of Investments as of March 31, 2026

Investments	Footnotes	Investment	Reference Rate and Spread				Maturity<br>Date		Cost (7)			Fair Value
Debt Investments - non-controlled/non-affiliated
Aerospace & Defense
Jonathan Acquisition Company	(2) (5)	First Lien Debt	S +	4.50%	8.20	%	11/12/2029	4,444	$	4,384		$	4,366		3.75	%
Jonathan Acquisition Company	(2) (6)	First Lien Debt	P +	3.50%	10.25	%	05/11/2029	55		47			45		0.04
										4,431			4,411		3.79
Automobiles
COP Collisionright Parent, LLC	(2) (5)	First Lien Debt	S +	4.75%	8.42	%	01/29/2030	358		357			355		0.31
COP Collisionright Parent, LLC	(2) (6)	First Lien Debt	S +	4.75%	8.42	%	01/29/2030	304		300			293		0.25
COP Collisionright Parent, LLC	(2) (6)	First Lien Debt	S +	4.75%	8.42	%	01/29/2030	7		7			7		0.01
Drivecentric Holdings, LLC	(3) (5)	First Lien Debt	S +	4.50%	8.19	%	08/15/2031	6,750		6,708			6,750		5.80
Drivecentric Holdings, LLC	(3) (6)	First Lien Debt	S +	4.50%	8.19	%	08/15/2031	—		(15	)		—		—
Vehlo Purchaser, LLC	(3) (5)	First Lien Debt	S +	5.50%	9.17	%	05/24/2028	3,038		3,025			2,985		2.57
										10,382			10,390		8.93
Banks
Computer Services, Inc.	(2) (5)	First Lien Debt	S +	4.50%	8.20	%	11/17/2031	2,703		2,689			2,668		2.29
Computer Services, Inc.	(2) (6)	First Lien Debt	S +	4.50%	8.20	%	11/17/2031	—		(6	)		(16	)	(0.01	)
										2,683			2,652		2.28
Beverages
Vamos Bidco, Inc.	(4) (5)	First Lien Debt	S +	4.75%	8.45	%	01/30/2032	2,680		2,667			2,612		2.25
Vamos Bidco, Inc.	(4) (6)	First Lien Debt	S +	4.75%	8.45	%	01/30/2032	—		(2	)		(28	)	(0.02	)
Vamos Bidco, Inc.	(4) (6)	First Lien Debt	S +	4.75%	8.45	%	01/30/2032	—		(2	)		(8	)	(0.01	)
										2,663			2,576		2.21
Commercial Services & Supplies
Astra Service Partners, LLC	(3) (5)	First Lien Debt	S +	4.50%	8.20	%	11/26/2032	5,644		5,602			5,644		4.85
Astra Service Partners, LLC	(3) (6)	First Lien Debt	S +	4.50%	8.20	%	11/26/2032	371		356			371		0.32
Firebird Acquisition Corp, Inc.	(3) (5)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67	%	02/02/2032	5,783		5,775			5,783		4.97
Firebird Acquisition Corp, Inc.	(3) (5) (6)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67	%	02/02/2032	1,853		1,851			1,853		1.59
Firebird Acquisition Corp, Inc.	(3) (6)	First Lien Debt	S +	5.00% (incl. 2.75% PIK)	8.67	%	02/02/2032	—		(1	)		—		—
Railpros Parent, LLC	(3) (5)	First Lien Debt	S +	4.25%	7.92	%	05/24/2032	5,446		5,415			5,405		4.65
Railpros Parent, LLC	(3) (5) (6)	First Lien Debt	S +	4.25%	7.92	%	05/24/2032	505		500			493		0.42
Railpros Parent, LLC	(3) (6)	First Lien Debt	S +	4.25%	7.92	%	05/24/2032	—		(5	)		(6	)	(0.01	)
										19,493			19,543		16.80
Construction & Engineering
LJ Avalon Holdings, LLC	(2) (5)	First Lien Debt	S +	4.50%	8.15	%	02/01/2030	1,622		1,625			1,622		1.39
LJ Avalon Holdings, LLC	(2) (5)	First Lien Debt	S +	4.50%	8.15	%	02/01/2030	2,285		2,275			2,285		1.96
LJ Avalon Holdings, LLC	(2) (6)	First Lien Debt	S +	4.50%	8.15	%	02/01/2029	—		(2	)		—		—
										3,898			3,907		3.36
Diversified Consumer Services
DA Blocker Corp.	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	02/10/2032	5,643		5,616			5,530		4.75
DA Blocker Corp.	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	02/10/2032	—		(3	)		(35	)	(0.03	)
DA Blocker Corp.	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	02/10/2032	24		21			12		0.01
EVDR Purchaser, Inc.	(3) (5)	First Lien Debt	S +	4.75%	8.42	%	02/14/2031	4,988		4,967			4,974		4.28
GarageCo Intermediate II, LLC	(3) (5)	First Lien Debt	S +	4.25%	7.91	%	08/02/2032	2,404		2,385			2,368		2.04
GarageCo Intermediate II, LLC	(3) (6)	First Lien Debt	S +	4.25%	7.91	%	08/02/2032	—		(22	)		(53	)	(0.05	)

Consolidated Schedule of Investments as of March 31, 2026

Investments	Footnotes	Investment	Reference Rate and Spread				Maturity<br>Date
GarageCo Intermediate II, LLC	(3) (6)	First Lien Debt	S +	4.25%	7.91	%	08/02/2032	—	(9	)	(16	)	(0.01	)
Kodiak Buyer, LLC	(3) (5)	First Lien Debt	S +	4.25%	7.95	%	07/26/2032	2,302	2,282		2,296		1.97
Kodiak Buyer, LLC	(3) (6)	First Lien Debt	S +	4.25%	7.95	%	07/26/2032	—	(5	)	(2	)	—
Kodiak Buyer, LLC	(3) (6)	First Lien Debt	S +	4.25%	7.95	%	07/23/2032	—	(5	)	(1	)	—
LHS Borrower, LLC	(3) (5)	First Lien Debt	S +	5.25%	8.92	%	09/04/2031	2,432	2,405		2,389		2.05
LHS Borrower, LLC	(3) (6)	First Lien Debt	S +	5.25%	8.92	%	09/04/2031	49	47		45		0.04
									17,679		17,507		15.05
Electrical Equipment
Accel International Holdings, Inc.	(4) (5)	First Lien Debt	S +	4.50%	8.17	%	04/26/2032	4,608	4,600		4,608		3.96
Accel International Holdings, Inc.	(4) (6)	First Lien Debt	S +	4.50%	8.17	%	04/26/2032	—	(1	)	—		—
									4,599		4,608		3.96
Electronic Equipment, Instruments & Components
Magneto Components Buyco, LLC	(3) (5)	First Lien Debt	S +	6.00%	9.70	%	12/05/2030	5,500	5,494		5,500		4.73
Magneto Components Buyco, LLC	(3) (6)	First Lien Debt	S +	6.00%	9.70	%	12/05/2029	—	(1	)	—		—
NDT Global Holding, Inc.	(4) (5)	First Lien Debt	S +	4.50%	8.17	%	06/04/2032	6,866	6,826		6,762		5.81
NDT Global Holding, Inc.	(4) (5) (6)	First Lien Debt	S +	4.50%	8.17	%	06/04/2032	1,346	1,335		1,300		1.12
NDT Global Holding, Inc.	(4) (6)	First Lien Debt	S +	4.50%	8.17	%	06/04/2032	77	68		54		0.05
									13,722		13,616		11.70
Financial Services
BCTO Bluebill Midco, Inc.	(3) (5)	First Lien Debt	S +	4.50%	8.17	%	07/30/2032	7,556	7,508		7,404		6.36
BCTO Bluebill Midco, Inc.	(3) (6)	First Lien Debt	S +	4.50%	8.17	%	07/30/2032	—	(6	)	(19	)	(0.02	)
SitusAMC Holdings Corporation	(3) (5)	First Lien Debt	S +	5.50%	9.20	%	05/14/2031	1,985	1,981		1,985		1.71
									9,483		9,370		8.05
Ground Transportation
SV Newco 2, Inc.	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	06/02/2031	2,453	2,447		2,448		2.10
SV Newco 2, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	06/02/2031	1,547	1,541		1,534		1.32
									3,988		3,982		3.42
Health Care Equipment & Supplies
PerkinElmer U.S., LLC	(2) (5)	First Lien Debt	S +	4.75%	8.43	%	03/13/2029	532	531		528		0.45
PerkinElmer U.S., LLC	(2) (6)	First Lien Debt	S +	4.75%	8.43	%	03/13/2029	—	—		(7	)	(0.01	)
Tidi Legacy Products, Inc.	(2) (5)	First Lien Debt	S +	4.50%	8.17	%	12/19/2029	4,328	4,324		4,328		3.72
Tidi Legacy Products, Inc.	(2) (5)	First Lien Debt	S +	4.50%	8.17	%	12/19/2029	1,831	1,829		1,831		1.57
Tidi Legacy Products, Inc.	(2) (6)	First Lien Debt	S +	4.50%	8.17	%	12/19/2029	—	(1	)	—		—
									6,683		6,680		5.74
Health Care Providers & Services
Merative, LP	(3) (5)	First Lien Debt	S +	4.50%	8.20	%	09/30/2032	5,750	5,736		5,721		4.92
Merative, LP	(3) (6)	First Lien Debt	S +	4.50%	8.20	%	09/30/2032	—	—		(3	)	—
Merative, LP	(3) (6)	First Lien Debt	S +	4.50%	8.20	%	09/30/2032	—	(1	)	(3	)	—
mPulse Mobile, Inc.	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	02/25/2033	8,862	8,804		8,619		7.41
mPulse Mobile, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	02/25/2033	—	(2	)	(23	)	(0.02	)
mPulse Mobile, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	02/25/2033	—	(8	)	(35	)	(0.03	)
Pareto Health Intermediate Holdings, Inc.	(2) (5)	First Lien Debt	S +	5.00%	8.71	%	06/03/2030	14,881	14,811		14,843		12.76
									29,340		29,119		25.03
Industrial Conglomerates
Aptean, Inc.	(3) (5)	First Lien Debt	S +	4.75%	8.42	%	01/30/2031	8,311	8,302		8,311		7.14
Aptean, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.42	%	01/30/2031	—	4		—		—

Consolidated Schedule of Investments as of March 31, 2026

Investments	Footnotes	Investment	Reference Rate and Spread				Maturity<br>Date
Aptean, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.42	%	01/30/2031	88	88		88		0.08
									8,394		8,399		7.22
Insurance Services
Fetch, Inc	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	03/31/2033	6,800	6,732		6,732		5.79
Fetch, Inc	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	03/31/2033	—	(10	)	(10	)	(0.01	)
Fetch, Inc	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	03/31/2033	—	(12	)	(12	)	(0.01	)
Foundation Risk Partners Corp.	(3) (5) (6)	First Lien Debt	S +	4.75%	8.45	%	10/29/2030	1,397	1,394		1,397		1.20
High Street Buyer, Inc.	(3) (6)	First Lien Debt	S +	4.50%	8.20	%	04/14/2028	301	297		293		0.25
Inszone Mid, LLC	(2) (6)	First Lien Debt	S +	5.25%	8.95	%	11/30/2029	572	546		505		0.43
Inszone Mid, LLC	(2) (6)	First Lien Debt	S +	5.25%	8.95	%	11/30/2029	—	(4	)	(4	)	—
Iris Specialty Acquisiton, LLC	(4) (5)	First Lien Debt	S +	4.50%	8.20	%	11/22/2032	5,695	5,667		5,653		4.86
Iris Specialty Acquisiton, LLC	(4) (6)	First Lien Debt	S +	4.50%	8.20	%	11/22/2032	—	(5	)	(7	)	(0.01	)
Iris Specialty Acquisiton, LLC	(4) (6)	First Lien Debt	S +	4.50%	8.20	%	11/22/2032	192	188		186		0.16
Patriot Growth Insurance Services, LLC	(3) (5)	First Lien Debt	S +	5.00%	8.85	%	10/16/2028	1,485	1,482		1,484		1.28
									16,275		16,217		13.94
Interactive Media & Services
FMG Suite Holdings, LLC	(3) (5)	First Lien Debt	S +	4.75%	8.42	%	09/09/2032	4,526	4,496		4,458		3.83
FMG Suite Holdings, LLC	(3) (6)	First Lien Debt	S +	4.75%	8.42	%	09/09/2032	—	(3	)	(18	)	(0.02	)
FMG Suite Holdings, LLC	(3) (6)	First Lien Debt	S +	4.75%	8.42	%	09/09/2032	—	(5	)	(11	)	(0.01	)
									4,488		4,429		3.81
IT Services
Apollo Acquisition, Inc.	(3) (5)	First Lien Debt	S +	5.00%	8.67	%	12/30/2031	924	916		911		0.78
Apollo Acquisition, Inc.	(3) (6)	First Lien Debt	S +	5.00%	8.67	%	12/30/2031	22	1		(21	)	(0.02	)
Apollo Acquisition, Inc.	(3) (6)	First Lien Debt	S +	5.00%	8.67	%	12/30/2030	—	(4	)	(7	)	(0	)
Redwood Services Group, LLC	(3) (5)	First Lien Debt	S +	5.00%	8.70	%	06/15/2029	6,520	6,491		6,471		5.56
Redwood Services Group, LLC	(3) (5) (6)	First Lien Debt	S +	5.00%	8.70	%	06/15/2029	6,845	6,813		6,782		5.83
Thrive Buyer, Inc. (Thrive Networks)	(3) (5)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70	%	02/02/2032	5,106	5,082		5,067		4.36
Thrive Buyer, Inc. (Thrive Networks)	(3) (5) (6)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70	%	02/02/2032	1,172	1,166		1,159		1.00
Thrive Buyer, Inc. (Thrive Networks)	(3) (6)	First Lien Debt	S +	5.00% (incl 2.50% PIK)	8.70	%	02/02/2032	212	209		207		0.18
UpStack, Inc.	(3) (5)	First Lien Debt	S +	5.00%	8.63	%	08/25/2031	4,875	4,834		4,814		4.14
UpStack, Inc.	(3) (5) (6)	First Lien Debt	S +	5.00%	8.63	%	08/25/2031	686	670		663		0.57
UpStack, Inc.	(3) (6)	First Lien Debt	S +	5.00%	8.63	%	08/25/2031	188	181		178		0.15
									26,359		26,224		22.54
Multi-Utilities
Vessco Midco Holdings, LLC	(3) (5)	First Lien Debt	S +	4.50%	8.23	%	07/24/2031	3,549	3,536		3,516		3.02
Vessco Midco Holdings, LLC	(3) (6)	First Lien Debt	S +	4.50%	8.23	%	07/24/2031	—	(9	)	(32	)	(0.03	)
									3,527		3,484		2.99
Pharmaceuticals
Real Chemistry Intermediate III, Inc.	(4) (5)	First Lien Debt	S +	4.50%	8.20	%	04/12/2032	4,410	4,402		4,344		3.73
Real Chemistry Intermediate III, Inc.	(4) (5) (6)	First Lien Debt	S +	4.50%	8.20	%	04/12/2032	1,313	1,311		1,284		1.10
Real Chemistry Intermediate III, Inc.	(4) (6)	First Lien Debt	S +	4.50%	8.20	%	04/12/2032	—	(2	)	(15	)	(0.01	)
									5,711		5,613		4.82
Professional Services
Deerfield Dakota Holding, LLC	(3) (5)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.45	%	09/13/2032	12,960	12,874		12,820		11.02

Consolidated Schedule of Investments as of March 31, 2026

Investments	Footnotes	Investment	Reference Rate and Spread				Maturity<br>Date		Cost (7)			Fair Value
Deerfield Dakota Holding, LLC	(3) (6)	First Lien Debt	S +	5.75% (incl. 2.75% PIK)	9.45	%	09/13/2032	240		232			227		0.20
Verdantas, LLC	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	05/06/2031	3,071		3,041			3,044		2.62
Verdantas, LLC	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	05/06/2031	3,455		3,416			3,419		2.94
Verdantas, LLC	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	05/06/2030	88		84			85		0.07
WIPFLI Advisory, LLC	(3) (5)	First Lien Debt	S +	4.50%	8.16	%	10/01/2032	1,846		1,841			1,828		1.57
WIPFLI Advisory, LLC	(3) (6)	First Lien Debt	S +	4.50%	8.16	%	10/01/2032	—		—			(7	)	(0.01	)
WIPFLI Advisory, LLC	(3) (6)	First Lien Debt	S +	4.50%	8.16	%	10/01/2032	—		(1	)		(5	)	—
										21,487			21,411		18.40
Software
Apryse Software Corp.	(4) (5)	First Lien Debt	S +	4.75%	8.46	%	06/28/2032	11,082		11,015			10,877		9.35
Apryse Software Corp.	(4) (6)	First Lien Debt	S +	4.75%	8.46	%	06/28/2032	—		(5	)		(17	)	(0.01	)
Coupa Holdings, LLC	(3) (5)	First Lien Debt	S +	5.25%	8.92	%	02/27/2030	6,449		6,442			6,449		5.54
Coupa Holdings, LLC	(3) (6)	First Lien Debt	S +	5.25%	8.92	%	02/27/2030	—		(1	)		—		—
Coupa Holdings, LLC	(3) (6)	First Lien Debt	S +	5.25%	8.92	%	02/27/2029	—		—			—		—
Emburse, Inc.	(3) (5)	First Lien Debt	S +	4.25%	7.95	%	05/28/2032	7,000		6,999			6,947		5.97
Emburse, Inc.	(3) (6)	First Lien Debt	S +	4.25%	7.95	%	05/28/2032	—		1			(9	)	(0.01	)
Emburse, Inc.	(3) (6)	First Lien Debt	S +	4.25%	7.95	%	05/28/2032	—		—			(9	)	(0.01	)
Espresso Bidco, Inc.	(3) (5)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45	%	03/25/2032	3,688		3,656			3,614		3.11
Espresso Bidco, Inc.	(3) (5) (6)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45	%	03/25/2032	912		904			893		0.77
Espresso Bidco, Inc.	(3) (6)	First Lien Debt	S +	5.75% (incl. 3.13% PIK)	9.45	%	03/25/2032	—		(4	)		(9	)	(0.01	)
Fullsteam Operations, LLC	(3) (5)	First Lien Debt	S +	5.25%	8.89	%	08/08/2031	8,654		8,599			8,440		7.25
Fullsteam Operations, LLC	(3) (6)	First Lien Debt	S +	5.25%	8.89	%	08/08/2031	—		(7	)		(71	)	(0.06	)
Fullsteam Operations, LLC	(3) (6)	First Lien Debt	S +	5.25%	8.89	%	08/08/2031	—		(6	)		(24	)	(0.02	)
Onit, Inc.	(3) (5)	First Lien Debt	S +	4.75%	8.38	%	01/27/2032	9,444		9,401			9,444		8.12
Onit, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.38	%	01/27/2032	—		(6	)		—		—
Onit, Inc.	(3) (6)	First Lien Debt	S +	4.75%	8.38	%	01/27/2032	—		(6	)		—		—
Vanco Payment Solutions, LLC	(3) (5)	First Lien Debt	S +	4.75%	8.45	%	12/01/2031	5,573		5,518			5,462		4.69
Vanco Payment Solutions, LLC	(3) (6)	First Lien Debt	S +	4.75%	8.45	%	12/01/2031	—		(3	)		(5	)	(0.00	)
										52,497			51,982		44.68
Transportation Infrastructure
Jeppesen Holdings, LLC	(4) (5)	First Lien Debt	S +	4.75%	8.42	%	11/01/2032	6,533		6,516			6,468		5.56
Jeppesen Holdings, LLC	(4) (6)	First Lien Debt	S +	4.75%	8.42	%	11/01/2032	—		(1	)		(3	)	(0.00	)
										6,515			6,465		5.56
Wireless Telecommunication Services
CCI Buyer, Inc.	(3) (5)	First Lien Debt	S +	5.00%	8.70	%	05/13/2032	10,811		10,751			10,644		9.15
CCI Buyer, Inc.	(3) (6)	First Lien Debt	S +	5.00%	8.70	%	05/13/2032	—		(4	)		(10	)	(0.01	)
										10,747			10,634		9.14
Total First Lien Debt									$	285,044		$	283,219		243.44	%
Total Portfolio Investments									$	285,044		$	283,219		243.44	%

(1) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA (“C”) or EURIBOR (“E”) or SOFR (“S”) or SONIA (“SA”) or an alternative base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026. For investments with multiple reference rates or alternate base rates, the interest rate shown

Consolidated Schedule of Investments as of March 31, 2026

is the weighted average interest rate in effect at March 31, 2026, the reference rates for our variable loans were the C at 2.27%, 1-month E at 1.89%, 1-month S at 3.66%, 3-month S at 3.68%, 6-month S at 3.70%, SA at 3.73%, and the P at 6.75%. (2) Loan includes interest rate floor of 1.00%

(3) Loan includes interest rate floor of 0.75%

(4) Loan includes interest rate floor of 0.50%

(5) Assets or a portion thereof are pledged as collateral for the JV Credit Facility.

(6) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated.

(7) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5) FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurements is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, first and second lien debt, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

The valuation of investments which are illiquid or for which the pricing source, agent, service, and/or broker (as applicable) does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board, does not represent fair value, will each be valued as determined in good faith by the Valuation Designee, based on, among other things, the input of the Valuation Firms (as defined below).

As part of the valuation process, the Valuation Designee takes into account relevant factors and appropriate techniques in determining the fair value of the Company’s investments with the assistance of the independent valuation firms ("Valuation Firms"). The valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses.

Non-controlled debt investments are generally fair valued using the discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors, undertakes a multi-step valuation process each quarter, as described below:

With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;
With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser’s valuation policy;
The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;
The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser’s senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

Each quarter, the Company's audit committee (the "Audit Committee") reviews the valuation assessments provided by the Valuation Designee and provides the Board with a report of the results of such review; and
The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of investments:

	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	17,732	$	3,421,628	$	3,439,360	$	—	$	19,669	$	3,611,829	$	3,631,498
Second Lien Debt		—		23,205		49,192		72,397		—		24,113		51,097		75,210
Other Debt Investments		—		—		7,593		7,593		—		—		10,114		10,114
Equity		—		—		40,233		40,233		—		—		38,413		38,413
Subtotal	$	—	$	40,937	$	3,518,646	$	3,559,583	$	—	$	43,782	$	3,711,453	$	3,755,235
Investment measured at net asset value(1)(2)								109,367								16,311
Total Investments							$	3,668,950							$	3,771,546
Cash and cash equivalents	$	80,657	$	—	$	—	$	80,657	$	81,434	$	—	$	—	$	81,434
Unaffiliated money market fund	$	19,856	$	—	$	—	$	19,856	$	12,976	$	—	$	—	$	12,976

The Company, as a practical expedient, estimates the fair value of its investment in Help HP SCF Investor, LP using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.
The Company, as a practical expedient, estimates the fair value of its investment in Capstone Lending using the net asset value of the Company’s members’ interest in the entity. As such, the fair value has not been classified within the fair value hierarchy.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026:

	First Lien<br>Debt			Second Lien<br>Debt			Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	3,611,829		$	51,097		$	10,114		$	38,413		$	3,711,453
Purchases of investments(1)		79,399			—			—			4,396			83,795
Proceeds from principal repayments and sales of investments(2)		(239,870	)		(2,116	)		(2,127	)		—			(244,113	)
Accretion of discount/amortization of premium		3,372			84			26			—			3,482
Payment-in-kind		2,992			697			289			906			4,884
Net change in unrealized appreciation (depreciation)		(24,421	)		(570	)		791			(3,482	)		(27,682	)
Net realized gains (losses)		(11,673	)		—			(1,500	)		—			(13,173	)
Fair value, end of period	$	3,421,628		$	49,192		$	7,593		$	40,233		$	3,518,646
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2026	$	(24,136	)	$	(570	)	$	(687	)	$	(3,482	)	$	(28,875	)

Purchases may include investments received in corporate action and restructurings.
Sales may include investments received in corporate action and restructurings.
Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025:

	First Lien Debt			Second Lien Debt			Other Debt Investments			Equity			Total Investments
Fair value, beginning of period	$	3,603,209		$	33,351		$	9,198		$	41,198		$	3,686,956
Purchases of investments(1)		205,347			3,064			1,021			1,153			210,585
Proceeds from principal repayments and sales of investments(2)		(202,642	)		—			—			(4,150	)		(206,792	)
Accretion of discount/amortization of premium		4,232			29			5			—			4,266
Payment-in-kind		3,926			239			226			545			4,936
Net change in unrealized appreciation (depreciation)		(11,190	)		(1,048	)		(847	)		(2,807	)		(15,892	)
Net realized gains (losses)		(1,371	)		—			—			1,933			562
Transfers into/(out) of Level 3(3)		30,168			13,577			—			—			43,745
Fair value, end of period	$	3,631,679		$	49,212		$	9,603		$	37,872		$	3,728,366
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2025	$	(9,928	)	$	(1,046	)	$	(847	)	$	(1,438	)	$	(13,259	)

Purchases may include investments received in corporate action and restructurings.
Sales may include investments received in corporate action and restructurings.
Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2026
					Range(2)
Asset Category	Fair <br>Value		Valuation Technique(1)	Significant Unobservable <br>Input	Low			High			Weighted <br>Average(3)
Investments in first lien debt	$	3,276,380	Yield Analysis	Discount Rate		7.64	%		46.61	%		9.66	%
		132,602	Market Approach	EBITDA Multiple	6.05x			11.25x			8.51x
		12,645	Market Approach	Revenue Multiple							0.96x
Investments in second lien debt		47,019	Yield Analysis	Discount Rate		13.02	%		20.93	%		18.64	%
		2,173	Market Approach	EBITDA Multiple	8.00x			10.00x			8.99x
Investments in other securities:
Other debt investments		6,668	Yield Analysis	Discount Rate								16.45	%
		925	Market Approach	EBITDA Multiple							8.00x
Preferred equity		18,278	Income Approach	Discount Rate		9.98	%		15.00	%		12.65	%
		8,356	Market Approach	EBITDA Multiple	8.00x			18.00x			13.55x
Common equity		10,008	Market Approach	EBITDA Multiple	8.00x			17.25x			13.95x
		3,592	Market Approach	Revenue Multiple	1.00x			21.00x			9.45x
Total Investments	$	3,518,646

During the three months ended March 31, 2026, three debt investments with a combined fair value of $34.8 million transitioned from a yield analysis to a market approach using an EBITDA multiple. One debt investment with a fair value of $12.6 million transitioned from market approach using an EBITDA multiple to a market approach using a revenue multiple. One equity investment with a fair value of $1.4 million transitioned from market approach using an EBITDA multiple to market approach using a revenue multiple.
For an asset category that contains a single investment, the range is not included.
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

	December 31, 2025
					Range(2)
Asset Category	Fair <br>Value		Valuation Technique(1)	Significant Unobservable <br>Input	Low			High			Weighted <br>Average(3)
Investments in first lien debt	$	3,489,094	Yield Analysis	Discount Rate		7.48	%		39.21	%		9.30	%
		122,735	Market Approach	EBITDA Multiple	6.25x			10.00x			8.11x
Investments in second lien debt		46,786	Yield Analysis	Discount Rate		12.27	%		20.37	%		18.69	%
		4,311	Market Approach	EBITDA Multiple	7.75x			10.00x			8.34x
Investments in other securities
Other debt investments		8,995	Yield Analysis	Discount Rate		13.70	%		14.95	%		14.65	%
		1,119	Market Approach	EBITDA Multiple	6.25x			7.75x			7.75x
Preferred equity		19,519	Income Approach	Discount Rate		11.59	%		15.66	%		12.71	%
		4,511	Market Approach	EBITDA Multiple	7.75x			15.43x			13.23x
Common equity		11,802	Market Approach	EBITDA Multiple	1.20x			24.60x			11.51x
		2,581	Market Approach	Revenue Multiple	5.00x			22.25x			15.80x
Total Investments	$	3,711,453

During the year ended December 31, 2025, two preferred equity positions with a combined fair value of $2.9 million transitioned from an income approach to a market approach valuation technique and eight debt investments with a combined fair value of $123.8 million transitioned from yield analysis to market approach valuation technique.
For an asset category that contains a single investment, the range is not included.
Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value. The significant unobservable inputs used in the income approach are the comparative yield or discount rate. The comparative yield and discount rate are used to discount the estimated future cash flows expected to be received from the underlying investment. An increase/decrease in the comparative yield or discount rate would result in a decrease/increase, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt is presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is based on third party pricing received by the Company. The fair value of the Company’s credit facilities, CLO 2025-1 Issued Debt (as defined below), 2029 Notes and 2030 Notes (each as defined in Note 6) is estimated in accordance with the Company's valuation policy. The carrying value, fair value and level of the Company’s debt were as follows:

		March 31, 2026				December 31, 2025
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
BNP Funding Facility	3	$	351,000		351,000	$	351,000	$	351,000
Truist Credit Facility	3		279,010		279,010		308,153		308,153
CLO 2025-1 Issued Debt(1)	3		306,103		309,000		306,131		309,000
2027 Notes(2)	2		423,790		422,365		423,510		424,703
2029 Notes(2)(3)	3		349,200		354,063		351,603		356,850
2030 Notes(2)(3)	3		343,950		350,807		346,275		353,359
Total		$	2,053,053	$	2,066,245	$	2,086,672	$	2,103,065

As of March 31, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,897 and $2,869, respectively.
As of March 31, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,024, $2,433 and $3,756 and unamortized original issuance discount of $185, $2,430 and $3,101, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.
Inclusive of change in fair market value of effective hedge.

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.

(6) DEBT

The Company’s debt obligations were as follows.

	March 31, 2026						December 31, 2025
	Aggregate<br>Principal<br>Committed		Outstanding<br>Principal		Unused<br>Portion		Aggregate<br>Principal<br>Committed		Outstanding<br>Principal		Unused<br>Portion
BNP Funding Facility	$	600,000	$	351,000	$	249,000	$	600,000	$	351,000	$	249,000
Truist Credit Facility(1)		1,450,000		279,010		1,160,215		1,450,000		308,153		1,132,072
CLO 2025-1 Issued Debt(2)		309,000		309,000		—		309,000		309,000		—
2027 Notes(3)		425,000		425,000		—		425,000		425,000		—
2029 Notes(3)		350,000		350,000		—		350,000		350,000		—
2030 Notes(3)		350,000		350,000		—		350,000		350,000		—
Total	$	3,484,000	$	2,064,010	$	1,409,215	$	3,484,000	$	2,093,153	$	1,381,072

As of March 31, 2026 and December 31, 2025, a letter of credit of $10,775 and $9,775, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 3,298 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 3,300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.
As of March 31, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,897 and $2,869, respectively.
As of March 31, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,024, $2,433 and $3,756 and unamortized original issuance discount of $185, $2,430 and $3,101, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.

The Company's summary information of its debt obligations was as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Combined weighted average interest rate (1)		5.48	%		6.11	%
Combined weighted average effective interest rate (2)		5.90	%		6.52	%
Combined weighted average debt outstanding	$	2,032,220		$	2,030,967

Excludes unused commitment fees, amortization of financing costs, accretion of original issue discount and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.
Excludes unused commitment fees and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

As of March 31, 2026 and December 31, 2025, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes.

BNP Funding Facility

On October 14, 2020, Financing SPV entered into a Revolving Credit and Security Agreement (as amended, restated or otherwise modified from time to time, the “Credit and Security Agreement”) with Financing SPV, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of March 31, 2026, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 1.95% and, after the reinvestment period, 2.45%. The obligations of Financing SPV under the BNP Funding Facility are secured by the assets held by Financing SPV. The BNP Funding Facility reinvestment period ends on August 21, 2027, and the facility has a final maturity date of August 21, 2029.

The summary information of the BNP Funding Facility is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	5,037		$	5,195
Facility unused commitment fees		30			465
Amortization of deferred financing costs		414			400
Total	$	5,481		$	6,060
Weighted average interest rate		5.74	%		6.58	%
Weighted average effective interest rate		6.21	%		7.08	%
Weighted average outstanding balance	$	351,000		$	316,000

Truist Credit Facility

On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (as amended, restated or otherwise modified from time to time, the “Truist Credit Facility”). The maximum principal amount of the Truist Credit Facility is $1,450,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of March 31, 2026, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $2,175,000. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the “Guarantors”). The Company’s obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions.

The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Borrowings under the Truist Credit Facility bear interest at a per annum rate equal to (x) for loans for which the Company elects the base rate option, the “alternate base rate” (which is the highest of (a) the prime rate as publicly announced by Truist Bank, (b) the sum of (i) the weighted average of the rates on overnight federal funds transactions, as published by the Federal Reserve Bank of New York plus (ii) 0.5%, and (c) Term SOFR (as defined in the Truist Credit Facility agreement) on such day plus 1% per annum) plus either (A) 0.65% or (B) 0.775%, based on certain borrowing base conditions and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus (A) 1.65% or (B) 1.775% per annum, based on certain borrowing base conditions, or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.350% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. The availability period of the Truist Credit Facility will terminate on February 23, 2029 and has a final maturity date of February 25, 2030.

The summary information of the Truist Credit Facility is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	3,460		$	10,453
Facility unused commitment fees		1,096			638
Amortization of deferred financing costs		601			560
Total	$	5,157		$	11,651
Weighted average interest rate		5.60	%		6.29	%
Weighted average effective interest rate		6.57	%		6.62	%
Weighted average outstanding balance	$	247,220		$	664,967

Unsecured Notes

2027 Notes

On February 11, 2022, the Company issued $425,000 in aggregate principal amount of 4.50% notes due 2027 (the restricted securities initially issued on February 11, 2022 together with the unrestricted securities issued pursuant to the exchange offer described below, the “2027 Notes”) pursuant to the First Supplemental Indenture dated February 11, 2022 (the “First Supplemental Indenture”), which supplements a base indenture, dated as of February 11, 2022 (as may be further amended, supplemented or otherwise modified from time to time, the “Base Indenture” and together with the First Supplemental Indenture, the “February 2027 Notes Indenture”).

The 2027 Notes will mature on February 11, 2027 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the February 2027 Notes Indenture. Interest on the 2027 Notes is due semiannually in February and August of each year. The 2027 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2027 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-264774), filed on July 20, 2022, the Company closed an exchange offer in which holders of the 2027 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 85.87% of the outstanding principal of the then restricted 2027 Notes obtained registered unrestricted 2027 Notes.

The summary information of 2027 Notes is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	4,781		$	4,781
Accretion of original issuance discount		53			54
Amortization of debt issuance cost		228			277
Total	$	5,062		$	5,112
Stated interest rate		4.50	%		4.50	%
Weighted average effective interest rate		4.76	%		4.81	%

2025 Notes

On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes had a fixed interest rate of 7.55% per year. The 2025 Notes were redeemed on June 16, 2025 in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes was due semiannually in February and August of each year. The Company’s obligations under the Note Purchase Agreement were general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The summary information of 2025 Notes is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	—		$	5,191
Amortization of debt issuance costs		—			301
Total	$	—		$	5,492
Stated interest rate		—	%		7.55	%
Weighted average effective interest rate		—	%		7.99	%

2029 Notes

On May 17, 2024, the Company issued $350,000 in aggregate principal amount of 6.150% notes due 2029 (the “2029 Notes”), pursuant to the Second Supplemental Indenture dated May 17, 2024 (the “Second Supplemental Indenture”), which supplements the Base Indenture (together with the Second Supplemental Indenture, the “March 2029 Notes Indenture”).

The 2029 Notes will mature on May 17, 2029 and may be redeemed in whole or in part at the Company’s option at any time prior to April 17, 2029 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the March 2029 Notes Indenture and at par value on April 17, 2029 or thereafter. Interest on the 2029 Notes is due semiannually in May and November of each year. The 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

Pursuant to a Registration Statement on Form N-14 (File No. 333-283653), which went effective on January 14, 2025, the Company closed an exchange offer in which holders of the 2029 Notes that were restricted because they were issued in a private placement were offered the opportunity to exchange such notes for new, registered notes with substantially identical terms. Through this exchange offer, holders representing 99.32% of the outstanding principal of the then restricted 2029 Notes obtained registered, unrestricted 2029 Notes.

In connection with the offering of the 2029 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.413% per annum and pays a floating interest rate of SOFR + 2.37% per annum on $350,000 of the 2029 Notes on a quarterly basis, commencing with the quarter ended December 31, 2025. For the three months ended March 31, 2026 and March 31, 2025, the Company made payments of $5,566 and $0, respectively. The swap adjusted interest expense is included as a component of “interest and other financing expenses” on the Company's Consolidated Statements of Operations. As of March 31, 2026, the interest rate swaps had a fair value of $4,134. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair values of the interest rate swaps are either included as a component of “accrued expenses and other liabilities” or “other assets” on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2029 Notes, with the remaining difference included as a component of interest and other “financing expenses” on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of 2029 Notes is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	5,631		$	5,381
Accretion of original issuance discount		191			191
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(84	)		(24	)
Amortization of debt issuance costs		193			316
Total	$	5,931		$	5,864
Stated interest rate		6.15	%		6.15	%
Weighted average effective interest rate		6.87	%		6.73	%

2030 Notes

On May 19, 2025, the Company issued $350,000 in aggregate principal amount of 6.000% notes due 2030 (the “2030 Notes”), pursuant to the Third Supplemental Indenture dated May 19, 2025 (the “Third Supplemental Indenture”), which supplements the Base Indenture (together with the Third Supplemental Indenture, the “2030 Notes Indenture”).

The 2030 Notes will mature on May 19, 2030 and may be redeemed in whole or in part at the Company’s option at any time prior to April 19, 2030 at par value plus a “make-whole” premium calculated in accordance with the terms under “optional redemption” in the 2030 Notes Indenture and at par value on April 19, 2030 or thereafter. The 2030 Notes bear interest at a rate of 6.000% per year payable semi-annually on May 19 and November 19 of each year, commencing on November 19, 2025. The 2030 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2030 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the offering of the 2030 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of SOFR + 2.54% per annum on $350,000 of the 2030 Notes on a quarterly basis, commencing with the quarter ending June 30, 2026. For the three months ended March 31, 2026, the Company made no periodic payments. The swap adjusted interest expense is included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. As of March 31, 2026, the interest rate swaps had a fair value of $789. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair values of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "other assets" on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2030 Notes, with the remaining difference included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of 2030 Notes is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	5,335		$	—
Accretion of original issuance discount		185			—
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items		(24	)		—
Amortization of debt issuance costs		220			—
Total	$	5,716		$	—
Stated interest rate		6.00	%		—	%
Weighted average effective interest rate		6.56	%		—	%

Debt Securitization

The Company has determined that the securitization vehicles noted below operate as an extension of the Company and therefore, will be consolidated by the Company.

CLO 2025-1 Notes

On September 17, 2025 (the "Closing Date"), CLO 2025-1 Issuer completed a $401.2 million term debt securitization (the “2025-1 Debt Securitization”). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage requirement. The notes and loans offered in the 2025-1 Debt Securitization (collectively, the “CLO 2025-1 Notes”) were issued by CLO 2025-1 Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company.

The 2025-1 Debt Securitization is backed by a diversified portfolio of senior secured loans. Through October 20, 2029, all principal collections received on the underlying collateral may be used by 2025-1 CLO Issuer to purchase new collateral under the direction of the Company, in its capacity as collateral servicer of 2025-1 CLO Issuer, in accordance with the Company’s investment strategy and subject to customary conditions set forth in the documents governing the 2025-1 Debt Securitization. The Class A-1, Class A-2. Class B, Class C and Class D Notes (together, the "Secured Notes") and Class A-1 Loan (the "Secured Loan") are due, or mature on, October 20, 2037. The subordinated notes are due in October 2125.

As of March 31, 2026, there were 103 portfolio companies with a total fair value of $395,976 securing the CLO 2025-1 Debt. The pool of loans in the 2025-1 Debt Securitization must meet certain requirements, set forth in the documents governing the 2025-1 Debt Securitization.

Under the terms of the loan sale agreement entered into upon the Closing Date (the “Master Loan Sale Agreement”) that provided for the sale of assets on the Closing Date, the Company sold and/or contributed to CLO 2025-1 the remainder of its ownership interest in the portfolio company investments securing the 2025-1 Debt Securitization for the purchase price and other consideration set forth in the Master Loan Sale Agreement. Following this transfer, CLO 2025-1, and not the Company, holds all of the ownership interest in such portfolio company investments. The Company made customary representations, warranties and covenants in these loan sale agreements.

The following table presents information on the CLO 2025-1 Debt incurred in the 2025-1 Debt Securitization:

		March 31, 2026
Description	Type	Principal Outstanding		Interest Rate	Credit Rating
Class A-1	Senior Secured Floating Rate	$	182,000	S + 1.54%	AAA
Class A-1 Loan	Senior Secured Floating Rate		50,000	S + 1.54%	AAA
Class A-2	Senior Secured Floating Rate		16,000	S + 1.70%	AAA
Class B	Senior Secured Floating Rate		24,000	S + 1.90%	AA
Class C	Secured Deferrable Floating Rate		32,000	S + 2.40%	A
Class D(1)	Secured Deferrable Floating Rate		24,000	S + 3.55%	BBB-
Total CLO 2025-1 Senior Secured Debt			328,000
Subordinated Notes(2)			73,200	None	Not Rated
Total CLO 2025-1 Debt			401,200

The Company retained $19.0 million of the Class D Notes.
The Company retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation.

The summary information of the CLO 2025-1 Issued Debt is as follows:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Borrowing interest expense	$	4,022		$	—
Amortization of debt issuance costs		61			—
Total	$	4,083		$	—
Stated interest rate		5.21	%		—	%
Weighted average effective interest rate		5.29	%		—	%

(7) COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2026 and December 31, 2025, the Company had $448,993 and $497,340 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

(8) NET ASSETS

Equity

The following table shows the components of total distributable earnings (loss) as shown on the Consolidated Statements of Assets and Liabilities:

	As of
	March 31, 2026			December 31, 2025
Total distributable earnings (loss), beginning of period	$	(19,620	)	$	29,624
Net investment income (loss) after taxes		40,510			176,026
Net realized gain (loss)		(13,171	)		(7,422	)
Net change in unrealized appreciation (depreciation)		(31,849	)		(46,510	)
Dividends declared		(38,401	)		(174,035	)
Tax reclassification of stockholders’ equity		—			2,697
Total distributable earnings (loss), end of period	$	(62,531	)	$	(19,620	)

On January 26, 2024, the Company closed its IPO, issuing 5,000,000 shares of its Common Stock at a public offering price of $20.67 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of approximately $97.1 million. The Company’s Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

In connection with the IPO, the Company redeemed any fractional shares of Common Stock outstanding for cash in an amount equal to the pro rata portion of $20.67 per share of Common Stock, which was the initial public offering price in the IPO.

At-the-market (“ATM”) Offering

The Company may, from time to time, issue and sell shares of its common stock through public or ATM offerings.

On March 28, 2025, the Company entered into equity distribution agreements (the “Equity Distribution Agreements”) by and among the Company, the Adviser and each of Truist Securities, Inc., Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, Raymond James & Associates, Inc. and Regions Securities LLC (collectively, the “Sales Agents”).

The Equity Distribution Agreements provided that the Company could, from time to time, issue and sell shares of its Common Stock having an aggregate offering price of up to $300,000 through the Sales Agents, or to them as principal for their own respective accounts. Sales of the shares, if any, will be made in negotiated transactions or transactions that are deemed to be an ATM offering as defined in Rule 415(a)(4) under the Securities Act, including sales made directly on or through The New York Stock Exchange or a similar securities exchange, sales made to or through a market maker other than on an exchange, at market prices related to prevailing market prices or negotiated prices. The Sales Agents are entitled to receive a commission from the Company of up to 1.5% of the gross sales price of any shares sold through or to the Sales Agents under the Equity Distribution Agreements.

For the three months ended March 31, 2026 and March 31, 2025, there were no shares issued through ATM offerings.

Distributions

The Company adopted an “opt out” DRIP on January 26, 2024, as further amended and restated effective December 7, 2024 (the "DRIP"). As a result, the Company’s stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions (net of applicable withholding tax) automatically reinvested in additional shares of Common Stock rather than received in cash. The shares of Common Stock distributed in the Company’s DRIP are either (i) newly issued shares of Common Stock or (ii) acquired by the plan administrator through the purchase of outstanding shares of Common Stock on the open market. If, on the payment date for any distribution, the most recently computed net asset value per share as of the DRIP is equal to or less than the closing market price plus estimated per share fees, the plan administrator will invest the distribution amount in newly issued shares of Common Stock. Otherwise, the plan administrator will invest the dividend amount in shares acquired by purchasing shares of Common Stock on the open market. The following table summarizes the distributions declared on shares of the Company’s Common Stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP.

The following table summarizes the Company’s distributions declared as well as the DRIP shares issued for the three months ended March 31, 2026 and March 31, 2025:

Date<br>Declared	Record<br>Date	Payment<br>Date	Per Share<br>Amount
For the three months ended March 31, 2026
February 26, 2026	March 31, 2026	April 24, 2026	$	0.45	393,833	(1)
			$	0.45	393,833
For the three months ended March 31, 2025
February 27, 2025	March 31, 2025	April 25, 2025	$	0.50	438,274	(1)
			$	0.50	438,274

In accordance with the Company’s DRIP, shares were purchased in the open market.

Share Repurchase Program

In January 2024, the Board approved a share repurchase program to acquire up to $100 million in the aggregate of its Common Stock at prices below its net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

In February 2025, the Board approved an amended share repurchase program to acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

On February 26, 2026, the Board approved a share repurchase program (the “February 2026 Share Repurchase Program”), under which the Company can repurchase up to $100 million in the aggregate of its Common Stock at prices below its net asset value per share over a 24-month period, in accordance with all applicable securities laws and regulations. The February 2026 Share Repurchase Program is discretionary and whether purchases will be made under the February 2026 Share Repurchase Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which the Company cannot predict.

The following table summarizes the shares repurchased under the share repurchase program during the three months ended March 31, 2026:

Period		Average Price<br>Paid per<br>Share			Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)
January 1 - January 31, 2026	376,000	$	16.47	376,000	$	52.1
February 1 - February 27, 2026	291,200		15.52	291,200		47.6
March 1 - March 31, 2026	273,292		14.64	273,292		96.0
Total Repurchases	940,492			940,492

The following table summarizes the shares repurchased under the share repurchase plan during the three months ended March 31, 2025:

Period		Average Price<br>Paid per<br>Share			Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)
January 1 - January 31, 2025	11,401	$	20.31	11,401	$	81.9
February 1 - February 27, 2025	—		—	—		81.9
February 28, 2025	20,789		20.24	20,789		99.6
March 1 - March 31, 2025	459,142		20.38	459,142		90.2
Total Repurchases	491,332			491,332

(9) EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings (loss) per share:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Numerator—net increase/(decrease) in net assets resulting<br> from operations	$	(4,510	)	$	29,670
Denominator—weighted average shares outstanding		85,775,149			88,413,652
Basic and diluted earnings (loss) per share	$	(0.05	)	$	0.34

(10) CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights (dollar amounts in thousands, except per share amounts):

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Per Share Data:(1)
Net asset value, beginning of period	$	20.26		$	20.81
Net investment income (loss)		0.47			0.52
Net unrealized and realized gain (loss)(2)		(0.52	)		(0.18	)
Net increase (decrease) in net assets resulting from operations		(0.05	)		0.34
Dividends declared		(0.45	)		(0.50	)
Repurchase of common stock		0.05			—
Issuance of common stock, net of underwriting and offering costs		—			—
Total increase (decrease) in net assets		(0.45	)		(0.16	)
Net asset value, end of period	$	19.81		$	20.65
Per share market value, end of period		13.96			19.96
Shares outstanding, end of period		85,335,813			88,019,757
Weighted average shares outstanding		85,775,149			88,413,652
Total return based on net asset value(3)		0.68	%		1.78	%
Total return based on market value(4)		(12.78	)%		(0.90	)%
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Net assets, end of period(5)	$	1,690,467		$	1,817,807
Ratio of net expenses to average net assets(5)		10.31	%		10.52	%
Ratio of expenses before waivers to average net assets(5)		10.31	%		10.68	%
Ratio of net investment income to average net assets(5)		10.48	%		11.67	%
Asset coverage ratio(6)		182.00	%		190.00	%
Portfolio turnover rate		4.69	%		5.46	%

The per share data was derived by using the weighted average shares outstanding during the period, except otherwise noted.
The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Company’s DRIP.

Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP.
Amounts are annualized except for incentive fees and offering costs, as applicable.
Effective December 17, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to December 17, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

(11) SENIOR SECURITIES

The following is information about the Company's senior securities as of dates indicated in the table below:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities(1)	Asset Coverage per Unit(2)		Average Market Value per Unit
	( in thousands)	( in thousands)
CLO 2025-1 Notes
March 31, 2026 (unaudited)			—	N/A(4)
December 31, 2025			—	N/A(4)
2025 Notes
December 31, 2024			—	N/A(4)
December 31, 2023			—	N/A(4)
December 31, 2022			—	N/A(4)
2027 Notes
March 31, 2026 (unaudited)			—	N/A(4)
December 31, 2025			—	N/A(4)
December 31, 2024			—	N/A(4)
December 31, 2023			—	N/A(4)
December 31, 2022			—	N/A(4)
2029 Notes
March 31, 2026 (unaudited)			—	N/A(4)
December 31, 2025			—	N/A(4)
December 31, 2024			—	N/A(4)
2030 Notes
March 31, 2026 (unaudited)			—	N/A(4)
December 31, 2025			—	N/A(4)
Truist Credit Facility
March 31, 2026 (unaudited)			—	N/A(4)
December 31, 2025			—	N/A(4)
December 31, 2024			—	N/A(4)
December 31, 2023			—	N/A(4)
December 31, 2022			—	N/A(4)
December 31, 2021			—	N/A(4)
BNP Funding Facility
March 31, 2026 (unaudited)			—	N/A(4)
December 31, 2025			—	N/A(4)
December 31, 2024			—	N/A(4)
December 31, 2023			—	N/A(4)
December 31, 2022			—	N/A(4)
December 31, 2021			—	N/A(4)
CIBC Subscription Facility
December 31, 2021			—	N/A(4)
December 31, 2020			—	N/A(4)
December 31, 2019			—	N/A(4)

All values are in US Dollars.

Total amount of each class of senior securities outstanding at the end of the period presented.
Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “ - ” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
Not applicable because the senior securities are not registered for public trading on a stock exchange.

(12) SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

On April 23, 2026, the Company entered into an amendment to the Truist Credit Facility (the “First Amendment”). The First Amendment, among other things, (i) extended the commitment termination date from February 23, 2029 to April 23, 2030 and (ii) extended the maturity date from February 25, 2030 to April 23, 2031.

On May 5, 2026, the Board declared a distribution of $0.45 per share, which is payable on or around July 24, 2026 to shareholders of record as of June 30, 2026.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per share amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to Morgan Stanley Direct Lending Fund and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

our future operating results;
our business prospects and the prospects of our portfolio companies;
risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;
uncertainty and changes in the general interest rate environment;
general economic, political and industry trends and other external factors, including government shutdowns and uncertainty surrounding the financial and political stability of the United States and other countries;
the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;
the impact of interruptions in the supply chain on our portfolio companies;
disruptions related to tariffs and other trade or sanctions issues;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”) and its affiliates;
the dependence of our future success on the general economy and its effect on the industries in which we invest;
the ability of our portfolio companies to achieve their objectives;
the timing and amount of cash flows, distributions and dividends, if any, from the operations of our portfolio companies;
the use of borrowed money to finance a portion of our investments;
the adequacy of our financing sources and working capital;
the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;
the ability of our Adviser and its affiliates to attract and retain highly talented professionals;
our ability to maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);
the impact on our business of U.S. and international financial reform legislation, rules and regulations;
currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;
the effect of changes in tax laws and regulations and interpretations thereof; and
the risks, uncertainties and other factors we identify under “Part I, Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K") and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

OVERVIEW

We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For the purposes of this Report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans) and second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle-market senior loans may be issued by middle-market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark (such as the Secured Overnight Financing Rate, or SOFR).

We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Pursuant to the exemptive relief granted by the SEC to us and our Adviser on June 3, 2025 (the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Entities (each as defined in the Order), in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of ours is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.

We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by MS Private Credit Administrative Services LLC (the “Administrator”) in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and the Administrator; and (iii) other operating expenses as detailed below:

costs of any other offerings of our common stock, par value $0.001 (“Common Stock”) and other securities;
calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);
out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;
base management fee and any incentive fees payable under the Investment Advisory Agreement;
certain costs and expenses relating to distributions paid by us;
administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;
arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;
the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;
amounts payable to third parties relating to, or associated with, making or holding investments;
the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;
transfer agent and custodial fees;
costs of derivatives and hedging;
commissions and other compensation payable to brokers or dealers;
any stock exchange listing fees and fees payable to rating agencies;
cost of effecting any sales and repurchases of our Common Stock and other securities;
federal and state registration fees;
U.S. federal, state and local taxes, including any excise taxes;
independent director fees and expenses;
costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing;
the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;
the costs of specialty and custom software for monitoring risk, compliance and overall investments;
fees and expenses associated with marketing efforts;
any fidelity bond required by applicable law;
any necessary insurance premiums;
any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);
direct fees and expenses associated with independent audits, agency, consulting and legal costs;
cost of winding up; and
all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

PORTFOLIO AND INVESTMENT ACTIVITY

The composition of our portfolio is presented below:

	March 31, 2026							December 31, 2025
	Cost		Fair Value		% of Total<br>Investments<br>at Fair Value			Cost		Fair Value		% of Total<br>Investments<br>at Fair Value
First Lien Debt	$	3,520,313	$	3,439,360		93.8	%	$	3,686,118	$	3,631,498		96.2	%
Second Lien Debt		82,095		72,397		2.0			83,428		75,210		2.0
Other Debt Investments		8,546		7,593		0.2			11,857		10,114		0.3
Equity		62,937		56,528		1.5			57,636		54,724		1.5
Investments in Joint Venture		94,532		93,072		2.5			—		—		0.0
Total	$	3,768,423	$	3,668,950		100.0	%	$	3,839,039	$	3,771,546		100.0	%

Our debt portfolio displayed the following characteristics of each of our investments(1)(2) unless otherwise noted:

	As of
	March 31, 2026			December 31, 2025
Number of portfolio companies		227			227
Number of industries		36			35
Number of new investment commitments in portfolio companies		7			44
Number of portfolio companies exited or fully repaid		7			25
Percentage of performing debt bearing a floating rate, at fair value		99.6	%		99.6	%
Percentage of performing debt bearing a fixed rate, at fair value		0.4	%		0.4	%
Weighted average yield on debt and income producing investments, at cost(3)		9.3	%		9.3	%
Weighted average yield on debt and income producing investments, at fair value(3)		9.5	%		9.5	%
Weighted average yield on total portfolio, at cost(4)		9.2	%		9.2	%
Weighted average yield on total portfolio, at fair value(4)		9.4	%		9.4	%
Weighted average 12-month EBITDA	$	159.8		$	155.3
Median 12-month EBITDA		91.1			90.3
Weighted average net leverage through tranche(5)	5.9x			5.9x
Weighted average interest coverage(6)	1.7x			1.7x
Weighted average loan to value(7)		38.9	%		39.9	%
Percentage of debt investments with one or more financial covenants		53.9	%		54.1	%
Percentage of our debt investments that are sponsor backed		98.9	%		98.9	%
Percentage of loans and other debt in support of LBOs and acquisitions		65.0	%		69.9	%
Percentage of our debt portfolio subject to business cycle volatility		4.9	%		4.7	%
Average position size of our investments, at fair value (in millions)	$	16.2		$	16.6

(1) Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche in which the Company is a lender, weighted average interest coverage and weighted average loan to value exclude recurring revenue investments, which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.

(2) Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.

(3) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(4) Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on all investments of the Company, excluding the Company’s investment in Capstone Lending (as defined below), divided by (b) total investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(5) Net leverage is calculated as the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche in which the Company is a lender, excluding recurring revenue investments.

(6) Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies to which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

(7) Calculated using total outstanding debt through the tranche in which the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

Investment Activity

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

	As of and For the Three Months Ended
	March 31, 2026			March 31, 2025
New investments committed
Gross principal balance(1)	$	184,889		$	233,368
Less: Syndications		(40,000	)		—
Net new investments committed	$	144,889		$	233,368
Investments, at cost
Investments, beginning of period	$	3,839,038		$	3,813,127
New investments purchased		173,964			205,647
Net accretion of discount on investments		3,517			4,297
Payment-in-kind		4,884			4,936
Net realized gain (loss) on investments		(13,173	)		562
Investments sold or repaid		(239,807	)		(201,838	)
Investments, end of period	$	3,768,423		$	3,826,731
Amount of investments funded, at principal
First lien debt investments	$	111,004		$	207,586
Equity(2)		—			228
Investment in Joint Venture(3)		94,532			—
Total	$	205,536		$	207,814
Amount of investments sold/fully repaid, at principal
First lien debt investments	$	231,089		$	175,123
Equity(2)		—			4,106
Total	$	231,089		$	179,229

Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
Represents dollar amount of equity investments funded, excluding investments in Capstone Lending.
Represents dollar amount of equity investments funded in Capstone Lending.

Capstone Lending LLC

Capstone Lending LLC, a Delaware limited liability company, was formed as a joint venture (“Capstone Lending”) between us and a large institutional investor (the “JV Partner”), commenced operations on January 2, 2026 and operates under a limited liability company agreement. Capstone Lending’s principal purpose is to make investments, primarily in senior loans issued by middle-market companies. We and the JV Partner each agreed to contribute up to $200,000 and $50,000, respectively, to Capstone Lending. We and the JV Partner have equal control of Capstone Lending’s investment decisions and generally all other decisions in respect of Capstone Lending must be approved by Capstone Lending’s investment committee or board of directors, each of which consists of an equal number of representatives of us and the JV Partner.

As of March 31, 2026, we and the JV Partner made equity contributions of $94,532 and $23,633, respectively, to Capstone Lending.

	As of
	March 31, 2026
Investment Commitments	$	382,863
Total investments, at fair value	$	283,219
Number of portfolio companies		52
Number of industries		23
Weighted average yield on total portfolio, at cost(1)		8.7	%
Weighted average yield on total portfolio, at fair value(1)		8.8	%
Average position size of investments		5,447

For more information on Capstone Lending, see “Note 4. Investments—Capstone Lending LLC.”

Investment Performance Rating

As part of the monitoring process, our Investment Adviser has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. Our Investment Adviser has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. Our Investment Adviser’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Investment Adviser’s Internal Risk Rating system:

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investment performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which trends or factors may include the performance of the portfolio company, or the likelihood of a potential exit.

Risk Rating 2 — In the opinion of our Investment Adviser, investments in Risk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 2 investments are generally performing in line with our initial underwriting expectations, and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Risk Rating 2.

Risk Rating 3 — In the opinion of our Investment Adviser, investments in Risk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as due to declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Risk Rating 4 — In the opinion of our Investment Adviser, investments in Risk Rating 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance, and payments are substantially delinquent. For Risk Rating 4 investments, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:

	March 31, 2026					December 31, 2025
	Fair Value		% of Total			Fair Value		% of Total
Risk rating 1	$	—		—	%	$	73,976		2.0	%
Risk rating 2		3,466,859		94.5			3,535,074		93.7
Risk rating 3		166,036		4.5			125,908		3.3
Risk rating 4		36,055		1.0			36,588		1.0
Total	$	3,668,950		100.0	%	$	3,771,546		100.0	%

The table below presents the amortized cost of our performing and non-accrual investments as of the following periods:

	March 31, 2026					December 31, 2025
	Amortized Cost		% of Total			Amortized Cost		% of Total
Performing	$	3,713,006		98.5	%	$	3,778,647		98.4	%
Non-accrual(1)		55,417		1.5			60,392		1.6
Total	$	3,768,423		100.0	%	$	3,839,039		100.0	%

(1) As of March 31, 2026 and December 31, 2025, the Company had certain investments in six and four portfolio companies, respectively, that were on non-accrual status.

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Total investment income	$	89,064		$	101,458
Less: Net expenses		47,720			54,603
Net investment income (loss) before taxes		41,344			46,855
Less: Excise tax expense		834			627
Net investment income (loss) after taxes		40,510			46,228
Net realized gain (loss)		(13,171	)		549
Net change in unrealized appreciation (depreciation)		(31,849	)		(17,107	)
Net increase (decrease) in net assets resulting from operations	$	(4,510	)	$	29,670

Investment Income

Investment income was as follows:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
Investment income:
Interest income	$	81,740	$	94,967
Payment-in-kind income		4,104		4,202
Dividend income		2,097		594
Other income		1,123		1,695
Total investment income	$	89,064	$	101,458

In the table above, total investment income decreased from $101,458 for the three months ended March 31, 2025 to $89,064 for the three months ended March 31, 2026. The decrease was primarily driven by declining base rates and repricings on our existing portfolio, which impacted our weighted average yield. Our weighted average yield at cost decreased to 9.3% as of March 31, 2026 from 10.2% as of March 31, 2025. For three months ended March 31, 2026 and March 31, 2025, 4.6% and 4.1% of our total investment income was comprised of PIK interest.

Additionally, for the three months ended March 31, 2026, we recorded $1,297 of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $1,667 for the same period in the prior year, primarily as a result of prepayments.

Expenses

Expenses were as follows:

	For the Three Months Ended
	March 31, 2026		March 31, 2025
Expenses:
Interest and other financing expenses	$	30,665	$	34,179
Management fees		9,430		9,618
Income based incentive fees		5,800		9,843
Professional fees		1,474		1,608
Directors’ fees		129		129
Administrative service fees		61		60
General and other expenses		161		182
Total expenses		47,720		55,619
Management fees waiver		—		(641	)
Incentive fees waiver		—		(375	)
Net expenses	$	47,720	$	54,603
Excise tax expense	$	834	$	627

Interest and Other Financing Expenses

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs, net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items and deferred financing costs, decreased to $30,665 for the three months ended March 31, 2026 from $34,179 for the three months ended March 31, 2025. The decrease was primarily due to the reduction of our

average interest rate which decreased from 6.11% to 5.48%, respectively, mainly driven by declining base rates and a shift in our funding mix toward lower costing debt.

Management Fees

Base management fees, net of waiver, were $9,430 for the three months ended March 31, 2026 and $8,977 for the three months ended March 31, 2025, respectively. The increase was due to the management fee waiver which expired on January 24, 2025.

Incentive Fee

The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive fees, net of waiver, were $5,800 for the three months ended March 31, 2026 and $9,468 for the three months ended March 31, 2025, respectively. The decrease was primarily a result of the incentive fee cap, which limits the amount of incentive fees payable to the adviser due to net realized losses. For the three months ended March 31, 2026, net realized losses were primarily driven by the restructuring of our first lien debt investments in 48Forty Solutions, LLC.

Professional Fees, Administrative Service Fee and Other Expenses

Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Administrative service fee represents fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.

Net Realized Gain (Loss) and Net Change in Unrealized Gain (Loss) on Investments

	For the Three Months Ended
	March 31, 2026			March 31, 2025
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Net realized gain (loss) on investments	$	(13,173	)	$	562
Foreign currency and other transactions		2			(13	)
Net realized gain (loss)		(13,171	)		549
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on investments		(31,838	)		(17,106	)
Foreign currency translations and other transactions		(11	)		(1	)
Net unrealized appreciation (depreciation)		(31,849	)		(17,107	)
Net realized and unrealized gains (losses)	$	(45,020	)	$	(16,558	)

For the three months ended March 31, 2026, net realized losses were $(13,171) which was primarily due to the restructuring of our first lien debt investments in 48Forty Solutions, LLC.

For the three months ended March 31, 2026, net change in unrealized depreciation on our investments of $31,838 was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies. For the three months ended March 31, 2025, net change in unrealized depreciation on our investments of $17,106 was primarily driven by changes in spreads in the primary and secondary markets.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Common Stock, net borrowings from our credit facilities, net proceeds of our unsecured debt issuances and debt securitization and through cash flows from operations, including investment sales and repayments as well as income earned on investments. Details of our credit facilities, unsecured debt issuances and debt securitizations are described in “—Debt” below. We may from time to time enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2026, we had approximately $96,693 of unrestricted cash, cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $249,000 and $1,160,215 of availability under the BNP Funding Facility and the Truist Credit Facility (subject to borrowing base availability) (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2026, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $448,993.

Equity

On January 26, 2024, we closed our IPO, issuing 5,000,000 shares of our Common Stock at a public offering price of $20.67 per share. Net of underwriting fees, we received net cash proceeds, before offering expenses, of approximately $97.1 million. Our Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

In connection with the IPO, we redeemed any fractional shares of Common Stock outstanding for cash in an amount equal to the pro rata portion of $20.67 per share of Common Stock, which was the initial public offering price in the IPO.

At-the-market (“ATM”) Offering

We may, from time to time, issue and sell shares of our common stock through public or at-the-market (“ATM”) offerings. On March 28, 2025, we entered into equity distribution agreements (the “Equity Distribution Agreements”) by and among us, the Adviser, and each of Truist Securities, Inc., Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, Raymond James & Associates, Inc. and Regions Securities LLC.

For further details regarding the Equity Distribution Agreements, see Note 8 “Net Assets” to our consolidated financial statements included in this Report.

For the three months ended March 31, 2026 and March 31, 2025, there were no shares issued through ATM offerings.

Distributions and Dividend Reinvestment

We adopted an “opt out” DRIP effective as of January 26, 2024, which was later amended effective as of December 7, 2024. As a result, our stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions (net of applicable withholding tax) automatically reinvested in additional shares of Common Stock rather than received in cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

The following table summarizes our distributions declared and payable for the three months ended March 31, 2026 and March 31, 2025, respectively:

Date<br>Declared	Record<br>Date	Payment<br>Date	Per Share<br>Amount
For the three months ended March 31, 2026
February 26, 2026	March 31, 2026	April 24, 2026	$	0.45	393,833	(1)
			$	0.45	393,833
For the three months ended March 31, 2025
February 27, 2025	March 31, 2025	April 25, 2025	$	0.50	438,274	(1)
			$	0.50	438,274

In accordance with the Company’s DRIP, shares were purchased in the open market.

Share Repurchase Program

In January 2024, our Board approved a share repurchase program to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with all applicable laws and regulations.

In February 2025, our Board approved an amended share repurchase program to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with all applicable securities laws and regulations.

On February 26, 2026, our Board approved our share repurchase program (the “February 2026 Share Repurchase Program”) under which we can repurchase up to $100 million in the aggregate of our Common Stock at prices below the net asset value per share over a 24-month period, in accordance with all applicable securities laws and regulations. The February 2026 Share Repurchase Program is discretionary and whether purchases will be made under the February 2026 Share Repurchase Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which the Company cannot predict.

The following table summarizes the shares repurchased under our share repurchase program during the three months ended March 31, 2026:

Period		Average Price<br>Paid per<br>Share			Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)
January 1 - January 31, 2026	376,000	$	16.47	376,000	$	52.1
February 1 - February 27, 2026	291,200		15.52	291,200		47.6
March 1 - March 31, 2026	273,292		14.64	273,292		96.0
Total Repurchases	940,492			940,492

The following table summarizes the shares repurchased under our share repurchase program during the three months ended March 31, 2025:

Period		Average Price<br>Paid per<br>Share			Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)
January 1 - January 31, 2025	11,401	$	20.31	11,401	$	81.9
February 1 - February 27, 2025	—		—	—		81.9
February 28, 2025	20,789		20.24	20,789		99.6
March 1 - March 31, 2025	459,142		20.38	459,142		90.2
Total Repurchases	491,332			491,332

Debt

Our outstanding debt obligations were as follows (each as defined in Note 6 "Debt" in the notes to the accompanying consolidated financial statements):

	March 31, 2026						December 31, 2025
	Aggregate<br>Principal<br>Committed		Outstanding<br>Principal		Unused<br>Portion		Aggregate<br>Principal<br>Committed		Outstanding<br>Principal		Unused<br>Portion
BNP Funding Facility	$	600,000	$	351,000	$	249,000	$	600,000	$	351,000	$	249,000
Truist Credit Facility(1)		1,450,000		279,010		1,160,215		1,450,000		308,153		1,132,072
CLO 2025-1 Issued Debt(2)		309,000		309,000		—		309,000		309,000		—
2027 Notes(3)		425,000		425,000		—		425,000		425,000		—
2029 Notes(3)		350,000		350,000		—		350,000		350,000		—
2030 Notes(3)		350,000		350,000		—		350,000		350,000		—
Total	$	3,484,000	$	2,064,010	$	1,409,215	$	3,484,000	$	2,093,153	$	1,381,072

As of March 31, 2026 and December 31, 2025, a letter of credit of $10,775 and $9,775, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2026 and December 31, 2025, the Company had borrowings denominated in Euros (EUR) of 3,298 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 3,300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.
As of March 31, 2026 and December 31, 2025, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,897 and $2,869, respectively.
As of March 31, 2026, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,024, $2,433 and $3,756 and unamortized original issuance discount of $185, $2,430 and $3,101, respectively. As of December 31, 2025, the carrying value of the Company’s 2027 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,252, $2,626 and $3,798 and unamortized original issuance discount of $238, $2,621 and $3,286, respectively.

For additional information on our debt obligations, see Note 6 “Debt” to our consolidated financial statements included in this Report.

RECENT DEVELOPMENTS

On May 5, 2026, our Board declared a distribution of $0.45 per share, which is payable on or around July 24, 2026 to shareholders of record as of June 30, 2026.

On April 23, 2026, we entered into an amendment to the Truist Credit Facility (the “First Amendment”). The First Amendment, among other things, (i) extended the commitment termination date from February 23, 2029 to April 23, 2030 and (ii) extended the maturity date from February 25, 2030 to April 23, 2031.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 "Fair Value Measurements" included in the notes to the consolidated financial statements included in Part I, Item I of this Report.

RELATED PARTY TRANSACTIONS

We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying consolidated financial statements if not defined herein):

the Investment Advisory Agreement; and
the Administration Agreement

See Note 3 “Related Party Transactions” to our consolidated financial statements included in this Report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk, market risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Board based on, among other things, the input of the Investment Adviser, including our Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, international conflicts, trade policies and tariffs, government shutdowns, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets volatility and economic uncertainty. These market conditions, when they occur, have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” and — "Part I, Item 1A. Risk Factors — General Risk Factors — Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our most recent Annual Report on Form 10-K.

Interest Rate Risk

We are subject to financial market risks and, most significantly, changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2026, approximately 99.6% of our debt investments were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of March 31, 2026, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2026) (dollar amounts in thousands):


Basis Point Change - Interest Rates
Up 300 basis points	107,253		(39,900	)	67,353
Up 200 basis points	71,502		(26,600	)	44,902
Up 100 basis points	35,751		(13,300	)	22,451
Up 25 basis points	8,938		(3,325	)	5,613
Down 25 basis points	(8,938	)	3,325		(5,613	)
Down 100 basis points	(35,751	)	13,300		(22,451	)
Down 200 basis points	(71,354	)	26,600		(44,753	)
Down 300 basis points	(102,372	)	39,900		(62,472	)

All values are in US Dollars.

Includes the impact of our interest rate swaps as a result of interest rate changes.

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of March 31, 2026 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act. Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

Item 1. Legal Proceedings

The Company, the Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Adviser and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company. See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. Risk Factors

In addition to the other information set forth in this Report, you should carefully consider the risk factors disclosed below and previously disclosed under Item 1A of our Annual Report on Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed below and in our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Sales of Unregistered Securities

Refer to “Part I, Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this Report.

Issuer Purchases of Equity Securities

On February 26, 2026, our Board approved the February 2026 Share Repurchase Program under which we can repurchase up to $100 million in the aggregate of our Common Stock at prices below the net asset value per share over a 24-month period, in accordance with all applicable securities laws and regulations. The February 2026 Share Repurchase Program is discretionary and whether purchases will be made under the February 2026 Share Repurchase Program and how much will be purchased at any time is uncertain and dependent on prevailing market prices and trading volumes, all of which we cannot predict.

The following table summarizes the shares repurchased under our share repurchase program during the three months ended March 31, 2026:

Period		Average Price<br>Paid per<br>Share			Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)
January 1 - January 31, 2026	376,000	$	16.47	376,000	$	52.1
February 1 - February 27, 2026	291,200		15.52	291,200		47.6
March 1 - March 31, 2026	273,292		14.64	273,292		96.0
Total Repurchases	940,492			940,492

*Shares repurchased under the February 2026 Share Repurchase Program

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2026, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Item 6. Exhibits

The following exhibits are filed as part of this Report or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit
10.1	First Amendment to the Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 23, 2026, among Morgan Stanley Direct Lending Fund, as Borrower, the Lenders and Issuing Banks party thereto, Truist Bank, as Administrative Agent, and Truist Securities, Inc., as Joint Lead Arranger and Sole Book Runner, and ING Capital LLC, MUFG Bank, Ltd., and Sumitomo Mitsui Banking Corporation, as additional Joint Lead Arrangers (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on April 27, 2026 (File No. 814-01332)).
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
---	---
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)
*	Filed herein.
**	Furnished herein.
---	---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: May 7, 2026	Morgan Stanley Direct Lending Fund
	By:	/s/ Michael Occi
		Michael Occi<br><br>Director and Chief Executive Officer<br><br>(Principal Executive Officer)
Dated: May 7, 2026	By:	/s/ David Pessah
---	---	---
		David Pessah<br><br>Chief Financial Officer<br><br>(Principal Financial Officer)

EX-31.1

Exhibit 31.1

CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Occi, certify that:

I have reviewed this quarterly report on Form 10-Q of MORGAN STANLEY DIRECT LENDING FUND;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:May 7, 2026

/s/ Michael Occi
Michael Occi<br><br>Director and Chief Executive Officer<br><br>(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Pessah, certify that:

I have reviewed this quarterly report on Form 10-Q of MORGAN STANLEY DIRECT LENDING FUND;
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the registrant and have:
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 7, 2026

/s/ David Pessah
David Pessah<br><br>Chief Financial Officer<br><br>(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, SECTION 906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Occi, the Chief Executive Officer (Principal Executive Officer) of MORGAN STANLEY DIRECT LENDING FUND (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

the Form 10-Q of the Company for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 7, 2026
/s/ Michael Occi
Michael Occi<br><br>Director and Chief Executive Officer<br><br>(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, SECTION 906

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David Pessah, the Chief Financial Officer (Principal Financial Officer) of MORGAN STANLEY DIRECT LENDING FUND (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

the Form 10-Q of the Company for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 7, 2026
/s/ David Pessah
David Pessah<br><br>Chief Financial Officer<br><br>(Principal Financial Officer)

10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

1 (212) 761-4000

Securities registered pursuant to Section 12(b) of the Act:

Table of Contents

MORGAN STANLEY DIRECT LENDING FUND

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED March 31, 2026

TABLE OF CONTENTS

Table of Contents

Part I. Financial Statements

Item 1. Consolidated Financial Statements (unaudited)

Morgan Stanley Direct Lending Fund

Consolidated Statements of Assets and Liabilities

The accompanying notes are an integral part of these consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Operations (Unaudited)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Changes in Net Assets (Unaudited)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Statements of Cash Flows (Unaudited)

The accompanying notes are an integral part of these unaudited consolidated financial statements

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

Table of Contents

Morgan Stanley Direct Lending Fund

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

For the transition period from _ to _