0001782524FALSEQ2202412/31http://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesUnrealizedGainLosshttp://fasb.org/us-gaap/2024#DebtAndEquitySecuritiesRealizedGainLossxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureiso4217:EURmsdlf:investmentiso4217:CAD00017825242024-01-012024-06-3000017825242024-08-0800017825242024-06-3000017825242023-12-3100017825242024-04-012024-06-3000017825242023-04-012023-06-3000017825242023-01-012023-06-3000017825242024-03-3100017825242023-03-3100017825242022-12-3100017825242023-06-300001782524Jonathan Acquisition Company, First Lien Debt2024-06-300001782524Mantech International CP, First Lien Debt 12024-06-300001782524Mantech International CP, First Lien Debt 22024-06-300001782524Mantech International CP, First Lien Debt 32024-06-300001782524PCX Holding Corp., First Lien Debt 12024-06-300001782524PCX Holding Corp., First Lien Debt 22024-06-300001782524PCX Holding Corp., First Lien Debt 32024-06-300001782524Two Six Labs, LLC, First Lien Debt 12024-06-300001782524Two Six Labs, LLC, First Lien Debt 22024-06-300001782524Two Six Labs, LLC, First Lien Debt 32024-06-300001782524us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524AGI-CFI Holdings, Inc., First Lien Debt2024-06-300001782524RoadOne IntermodaLogistics, First Lien Debt 12024-06-300001782524RoadOne IntermodaLogistics, First Lien Debt 22024-06-300001782524RoadOne IntermodaLogistics, First Lien Debt 32024-06-300001782524msdlf:AirFreightAndLogisticsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Continental Battery Company, First Lien Debt2024-06-300001782524PAI Holdco, Inc., Second Lien Debt2024-06-300001782524Randy's Holdings, Inc., First Lien Debt 12024-06-300001782524Randy's Holdings, Inc., First Lien Debt 22024-06-300001782524Randy's Holdings, Inc., First Lien Debt 32024-06-300001782524Spectrum Automotive Holdings Corp., First Lien Debt 12024-06-300001782524Sonny's Enterprises, LLC, First Lien Debt 12024-06-300001782524Sonny's Enterprises, LLC, First Lien Debt 22024-06-300001782524Spectrum Automotive Holdings Corp., First Lien Debt 22024-06-300001782524Spectrum Automotive Holdings Corp., First Lien Debt 32024-06-300001782524Spectrum Automotive Holdings Corp., First Lien Debt 42024-06-300001782524msdlf:AutoComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524ARI Network Services, Inc., First Lien Debt 12024-06-300001782524ARI Network Services, Inc., First Lien Debt 22024-06-300001782524ARI Network Services, Inc., First Lien Debt 32024-06-300001782524COP Collisionright Parent, LLC, First Lien Debt 12024-06-300001782524COP Collisionright Parent, LLC, First Lien Debt 22024-06-300001782524COP Collisionright Parent, LLC, First Lien Debt 32024-06-300001782524ARI Network Services, Inc., First Lien Debt 42024-06-300001782524Turbo Buyer, Inc., First Lien Debt 12024-06-300001782524Turbo Buyer, Inc., First Lien Debt 22024-06-300001782524Vehlo Purchaser, LLC, First Lien Debt 12024-06-300001782524Vehlo Purchaser, LLC, First Lien Debt 22024-06-300001782524Vehlo Purchaser, LLC, First Lien Debt 32024-06-300001782524msdlf:AutomobilesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524GraphPad Software, LLC, First Lien Debt 12024-06-300001782524GraphPad Software, LLC, First Lien Debt 22024-06-300001782524GraphPad Software, LLC, First Lien Debt 32024-06-300001782524msdlf:BiotechnologySectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Project Potter Buyer, LLC, First Lien Debt 12024-06-300001782524Project Potter Buyer, LLC, First Lien Debt 22024-06-300001782524msdlf:BuildingProductsMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Tank Holding Corp., First Lien Debt 12024-06-300001782524Tank Holding Corp., First Lien Debt 22024-06-300001782524Tank Holding Corp., First Lien Debt 32024-06-300001782524V Global Holdings, LLC, First Lien Debt 12024-06-300001782524V Global Holdings, LLC, First Lien Debt 22024-06-300001782524us-gaap:ChemicalsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524365 Retail Markets, LLC, First Lien Debt 12024-06-300001782524365 Retail Markets, LLC, First Lien Debt 22024-06-300001782524365 Retail Markets, LLC, First Lien Debt 32024-06-300001782524Atlas Us Finco, Inc., First Lien Debt 12024-06-300001782524Atlas Us Finco, Inc., First Lien Debt 22024-06-300001782524BPG Holdings IV Corp., First Lien Debt2024-06-300001782524Consor Intermediate II, LLC, First Lien Debt 12024-06-300001782524Consor Intermediate II, LLC, First Lien Debt 22024-06-300001782524Consor Intermediate II, LLC, First Lien Debt 32024-06-300001782524Encore Holdings, LLC, First Lien Debt 12024-06-300001782524Encore Holdings, LLC, First Lien Debt 22024-06-300001782524Encore Holdings, LLC, First Lien Debt 32024-06-300001782524Energy Labs Holdings Corp., First Lien Debt 12024-06-300001782524Energy Labs Holdings Corp., First Lien Debt 22024-06-300001782524Energy Labs Holdings Corp., First Lien Debt 32024-06-300001782524FLS Holding, Inc., First Lien Debt 12024-06-300001782524FLS Holding, Inc., First Lien Debt 22024-06-300001782524FLS Holding, Inc., First Lien Debt 32024-06-300001782524Helios Service Partners, LLC, First Lien Debt 12024-06-300001782524Helios Service Partners, LLC, First Lien Debt 22024-06-300001782524Helios Service Partners, LLC, First Lien Debt 32024-06-300001782524Hercules Borrower LLC, First Lien Debt2024-06-300001782524HSI Halo Acquisition, Inc, First Lien Debt 12024-06-300001782524HSI Halo Acquisition, Inc, First Lien Debt 22024-06-300001782524HSI Halo Acquisition, Inc, First Lien Debt 32024-06-300001782524Iris Buyer, LLC, First Lien Debt 12024-06-300001782524Iris Buyer, LLC, First Lien Debt 22024-06-300001782524Iris Buyer, LLC, First Lien Debt 32024-06-300001782524Helios Service Partners, LLC, First Lien Debt2024-06-300001782524PDFTron Systems, Inc., First Lien Debt 12024-06-300001782524PDFTron Systems, Inc., First Lien Debt 22024-06-300001782524PDFTron Systems, Inc., First Lien Debt 32024-06-300001782524Procure Acquireco, Inc. (Procure Analytics), First Lien Debt 12024-06-300001782524Procure Acquireco, Inc. (Procure Analytics), First Lien Debt 22024-06-300001782524Procure Acquireco, Inc. (Procure Analytics), First Lien Debt 32024-06-300001782524Pye-Barker Fire & Safety, LLC, First Lien Debt 12024-06-300001782524Pye-Barker Fire & Safety, LLC, First Lien Debt 22024-06-300001782524Pye-Barker Fire & Safety, LLC, First Lien Debt 32024-06-300001782524Sherlock Buyer Corp., First Lien Debt 12024-06-300001782524Sherlock Buyer Corp., First Lien Debt 22024-06-300001782524Surewerx Purchaser III, Inc., First Lien Debt 12024-06-300001782524Surewerx Purchaser III, Inc., First Lien Debt 22024-06-300001782524Surewerx Purchaser III, Inc., First Lien Debt 32024-06-300001782524Surewerx Purchaser III, Inc., First Lien Debt 42024-06-300001782524Sweep Midco, LLC, Second Lien Debt 12024-06-300001782524Sweep Midco, LLC, Second Lien Debt 22024-06-300001782524Sweep Purchaser, LLC, First Lien Debt 12024-06-300001782524Sweep Purchaser, LLC, First Lien Debt 22024-06-300001782524Sweep Purchaser, LLC, First Lien Debt 32024-06-300001782524Tamarack Intermediate, LLC, First Lien Debt 12024-06-300001782524Tamarack Intermediate, LLC, First Lien Debt 22024-06-300001782524Tamarack Intermediate, LLC, First Lien Debt 32024-06-300001782524United Flow Technologies Intermediate Holdco II, LLC, First Lien Debt 12024-06-300001782524United Flow Technologies Intermediate Holdco II, LLC, First Lien Debt 22024-06-300001782524United Flow Technologies Intermediate Holdco II, LLC, First Lien Debt 32024-06-300001782524US Infra Svcs Buyer, LLC, First Lien Debt 12024-06-300001782524US Infra Svcs Buyer, LLC, First Lien Debt 22024-06-300001782524US Infra Svcs Buyer, LLC, First Lien Debt 32024-06-300001782524Vensure Employer Services, Inc., First Lien Debt2024-06-300001782524VRC Companies, LLC, First Lien Debt 12024-06-300001782524VRC Companies, LLC, First Lien Debt 22024-06-300001782524VRC Companies, LLC, First Lien Debt 32024-06-300001782524msdlf:CommercialServicesAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Arcoro Holdings Corp., First Lien Debt 12024-06-300001782524Arcoro Holdings Corp., First Lien Debt 22024-06-300001782524KPSKY Acquisition, Inc., First Lien Debt 12024-06-300001782524KPSKY Acquisition, Inc., First Lien Debt 22024-06-300001782524LJ Avalon Holdings, LLC, First Lien Debt 12024-06-300001782524LJ Avalon Holdings, LLC, First Lien Debt 22024-06-300001782524LJ Avalon Holdings, LLC, First Lien Debt 32024-06-300001782524Superman Holdings, LLC, First Lien Debt 12024-06-300001782524Superman Holdings, LLC, First Lien Debt 22024-06-300001782524msdlf:ConstructionAndEngineeringSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524PDI TA Holdings, Inc., First Lien Debt 12024-06-300001782524PDI TA Holdings, Inc., First Lien Debt 22024-06-300001782524PDI TA Holdings, Inc., First Lien Debt 32024-06-300001782524msdlf:ConsumerStaplesDistributionAndRetailMemberus-gaap:DebtSecuritiesMember2024-06-300001782524BP Purchaser, LLC, First Lien Debt2024-06-300001782524FORTIS Solutions Group, LLC, First Lien Debt 12024-06-300001782524FORTIS Solutions Group, LLC, First Lien Debt 22024-06-300001782524FORTIS Solutions Group, LLC, First Lien Debt 32024-06-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2024-06-30000178252448Forty Solutions, LLC, First Lien Debt 12024-06-30000178252448Forty Solutions, LLC, First Lien Debt 22024-06-300001782524ABB Concise Optical Group, LLC, First Lien Debt2024-06-300001782524Avalara, Inc., First Lien Debt 12024-06-300001782524Avalara, Inc., First Lien Debt 22024-06-300001782524Bradyifs Holdings, LLC, First Lien Debt 12024-06-300001782524Bradyifs Holdings, LLC, First Lien Debt 22024-06-300001782524Bradyifs Holdings, LLC, First Lien Debt 32024-06-300001782524PT Intermediate Holdings III, LLC, First Lien Debt 12024-06-300001782524PT Intermediate Holdings III, LLC, First Lien Debt 22024-06-300001782524msdlf:DistributorsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Any Hour, LLC, First Lien Debt 12024-06-300001782524Any Hour, LLC, First Lien Debt 22024-06-300001782524Any Hour, LLC, First Lien Debt 32024-06-300001782524Any Hour, LLC, Other Debt2024-06-300001782524Apex Service Partners, LLC, First Lien Debt 12024-06-300001782524Apex Service Partners, LLC, First Lien Debt 22024-06-300001782524Apex Service Partners, LLC, First Lien Debt 32024-06-300001782524Assembly Intermediate, LLC, First Lien Debt 12024-06-300001782524Assembly Intermediate, LLC, First Lien Debt 22024-06-300001782524Assembly Intermediate, LLC, First Lien Debt 32024-06-300001782524Essential Services Holding Corporation, First Lien Debt 12024-06-300001782524Essential Services Holding Corporation, First Lien Debt 22024-06-300001782524Essential Services Holding Corporation, First Lien Debt 32024-06-300001782524EVDR Purchaser, Inc., First Lien Debt 12024-06-300001782524EVDR Purchaser, Inc., First Lien Debt 22024-06-300001782524EVDR Purchaser, Inc., First Lien Debt 32024-06-300001782524FPG Intermediate Holdco, LLC, First Lien Debt2024-06-300001782524Heartland Home Services, First Lien Debt2024-06-300001782524Lightspeed Solution, LLC, First Lien Debt 12024-06-300001782524Lightspeed Solution, LLC, First Lien Debt 22024-06-300001782524LUV Car Wash Group, LLC, First Lien Debt2024-06-300001782524Magnolia Wash Holdings, First Lien Debt 12024-06-300001782524Magnolia Wash Holdings, First Lien Debt 22024-06-300001782524Magnolia Wash Holdings, First Lien Debt 32024-06-300001782524Project Accelerate Parent, LLC, First Lien Debt 12024-06-300001782524Project Accelerate Parent, LLC, First Lien Debt 22024-06-300001782524Spotless Brands, LLC, First Lien Debt 12024-06-300001782524Spotless Brands, LLC, First Lien Debt 22024-06-300001782524Spotless Brands, LLC, First Lien Debt 32024-06-300001782524Vertex Service Partners, LLC, First Lien Debt 12024-06-300001782524Vertex Service Partners, LLC, First Lien Debt 22024-06-300001782524Vertex Service Partners, LLC, First Lien Debt 32024-06-300001782524us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Abracon Group Holdings, LLC, First Lien Debt 12024-06-300001782524Abracon Group Holdings, LLC, First Lien Debt 22024-06-300001782524Abracon Group Holdings, LLC, First Lien Debt 32024-06-300001782524Dwyer Instruments, Inc., First Lien Debt 12024-06-300001782524Dwyer Instruments, Inc., First Lien Debt 22024-06-300001782524Dwyer Instruments, Inc., First Lien Debt 32024-06-300001782524Infinite Bidco, LLC, First Lien Debt2024-06-300001782524Infinite Bidco, LLC, Second Lien Debt2024-06-300001782524Magneto Components Buyco, LLC, First Lien Debt 12024-06-300001782524Magneto Components Buyco, LLC, First Lien Debt 22024-06-300001782524Magneto Components Buyco, LLC, First Lien Debt 32024-06-300001782524msdlf:ElectronicEquipmentInstrumentsAndComponentsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524QBS Parent, Inc., Second Lien Debt2024-06-300001782524us-gaap:EnergySectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Applitools, Inc., First Lien Debt 12024-06-300001782524Applitools, Inc., First Lien Debt 22024-06-300001782524Cerity Partners, LLC, First Lien Debt 12024-06-300001782524Cerity Partners, LLC, First Lien Debt 22024-06-300001782524Cerity Partners, LLC, First Lien Debt 32024-06-300001782524GC Waves Holdings, Inc., First Lien Debt 12024-06-300001782524GC Waves Holdings, Inc., First Lien Debt 22024-06-300001782524GC Waves Holdings, Inc., First Lien Debt 32024-06-300001782524RFS Opco LLC, First Lien Debt 12024-06-300001782524RFS Opco LLC, First Lien Debt 22024-06-300001782524SitusAMC Holdings Corp., First Lien Debt2024-06-300001782524Smarsh, Inc., First Lien Debt 12024-06-300001782524Smarsh, Inc., First Lien Debt 22024-06-300001782524Smarsh, Inc., First Lien Debt 32024-06-300001782524Trintech, Inc., First Lien Debt 12024-06-300001782524Trintech, Inc., First Lien Debt 22024-06-300001782524us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524AMCP Pet Holdings, Inc. (Brightpet), First Lien Debt 12024-06-300001782524AMCP Pet Holdings, Inc. (Brightpet), First Lien Debt 22024-06-300001782524Familia Intermediate Holdings I Corp. (Teasdale Latin Foods), Other Debt2024-06-300001782524Pareto Health Intermediate Holdings, Inc. 22024-06-300001782524Nellson Nutraceutical, Inc., First Lien Debt2024-06-300001782524Teasdale Foods, Inc. (Teasdale Latin Foods), First Lien Debt2024-06-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524SV Newco 2 Inc, First Lien Debt 12024-06-300001782524SV Newco 2 Inc, First Lien Debt 22024-06-300001782524SV Newco 2 Inc, First Lien Debt 32024-06-300001782524msdlf:GroundTransportationMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Performance Health & Wellness, First Lien Debt2024-06-300001782524PerkinElmer U.S., LLC, First Lien Debt 12024-06-300001782524PerkinElmer U.S., LLC, First Lien Debt 22024-06-300001782524Tidi Legacy Products, Inc., First Lien Debt 12024-06-300001782524Tidi Legacy Products, Inc., First Lien Debt 22024-06-300001782524Tidi Legacy Products, Inc., First Lien Debt 32024-06-300001782524YI, LLC, First Lien Debt 12024-06-300001782524YI, LLC, First Lien Debt 22024-06-300001782524YI, LLC, First Lien Debt 32024-06-300001782524msdlf:HealthCareEquipmentAndSuppliesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Advarra Holdings, Inc., First Lien Debt 12024-06-300001782524Advarra Holdings, Inc., First Lien Debt 22024-06-300001782524DCA Investment Holdings, LLC, First Lien Debt 12024-06-300001782524DCA Investment Holdings, LLC, First Lien Debt 22024-06-300001782524Gateway US Holdings, Inc., First Lien Debt 12024-06-300001782524Gateway US Holdings, Inc., First Lien Debt 22024-06-300001782524Gateway US Holdings, Inc., First Lien Debt 32024-06-300001782524Heartland Veterinary Partners, LLC, First Lien Debt 12024-06-300001782524Heartland Veterinary Partners, LLC, First Lien Debt 22024-06-300001782524Heartland Veterinary Partners, LLC, First Lien Debt 32024-06-300001782524Heartland Veterinary Partners, LLC, Second Lien Debt 12024-06-300001782524Heartland Veterinary Partners, LLC, Second Lien Debt 22024-06-300001782524iCIMS, Inc., First Lien Debt 12024-06-300001782524iCIMS, Inc., First Lien Debt 22024-06-300001782524iCIMS, Inc., First Lien Debt 32024-06-300001782524Intelerad Medical Systems Incorporated, First Lien Debt 12024-06-300001782524Intelerad Medical Systems Incorporated, First Lien Debt 22024-06-300001782524Invictus Buyer, LLC, First Lien Debt 12024-06-300001782524Invictus Buyer, LLC, First Lien Debt 22024-06-300001782524Invictus Buyer, LLC, First Lien Debt 32024-06-300001782524mPulse Mobile, Inc., First Lien Debt 12024-06-300001782524mPulse Mobile, Inc., First Lien Debt 22024-06-300001782524mPulse Mobile, Inc., First Lien Debt 32024-06-300001782524Pareto Health Intermediate Holdings, Inc., First Lien Debt 12024-06-300001782524Pareto Health Intermediate Holdings, Inc., First Lien Debt 22024-06-300001782524PPV Intermediate Holdings, LLC, First Lien Debt 12024-06-300001782524PPV Intermediate Holdings, LLC, First Lien Debt 22024-06-300001782524Promptcare Infusion Buyer, Inc, First Lien Debt2024-06-300001782524Promptcare Infusion Buyer, Inc., First Lien Debt 12024-06-300001782524Promptcare Infusion Buyer, Inc., First Lien Debt 22024-06-300001782524Stepping Stones Healthcare Services, LLC, First Lien Debt 12024-06-300001782524Stepping Stones Healthcare Services, LLC, First Lien Debt 22024-06-300001782524Stepping Stones Healthcare Services, LLC, First Lien Debt 32024-06-300001782524Suveto, First Lien Debt 12024-06-300001782524Suveto, First Lien Debt 22024-06-300001782524Tivity Health, Inc., First Lien Debt2024-06-300001782524Vardiman Black Holdings, LLC, First Lien Debt 12024-06-300001782524Vardiman Black Holdings, LLC, First Lien Debt 22024-06-300001782524Vermont Aus Pty Ltd., First Lien Debt2024-06-300001782524msdlf:HealthCareProvidersServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Hyland Software, Inc., First Lien Debt 12024-06-300001782524Hyland Software, Inc., First Lien Debt 22024-06-300001782524Lightspeed Buyer, Inc., First Lien Debt 12024-06-300001782524Lightspeed Buyer, Inc., First Lien Debt 22024-06-300001782524msdlf:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Aptean, Inc., First Lien Debt 12024-06-300001782524Aptean, Inc., First Lien Debt 22024-06-300001782524Aptean, Inc., First Lien Debt 32024-06-300001782524Excelitas Technologies Corp., First Lien Debt 12024-06-300001782524Excelitas Technologies Corp., First Lien Debt 22024-06-300001782524Excelitas Technologies Corp., First Lien Debt 32024-06-300001782524Excelitas Technologies Corp., First Lien Debt 42024-06-300001782524Raptor Merger Sub Debt, LLC, First Lien Debt 12024-06-300001782524Raptor Merger Sub Debt, LLC, First Lien Debt 22024-06-300001782524msdlf:IndustrialConglomeratesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Amerilife Holdings, LLC, First Lien Debt 12024-06-300001782524Amerilife Holdings, LLC, First Lien Debt 22024-06-300001782524Amerilife Holdings, LLC, First Lien Debt 32024-06-300001782524Fetch Insurance Services, LLC, Other Debt2024-06-300001782524Foundation Risk Partners Corp., First Lien Debt 12024-06-300001782524Foundation Risk Partners Corp., First Lien Debt 22024-06-300001782524Foundation Risk Partners Corp., First Lien Debt 32024-06-300001782524Galway Borrower, LLC, First Lien Debt 12024-06-300001782524Galway Borrower, LLC, First Lien Debt 22024-06-300001782524Galway Borrower, LLC, First Lien Debt 32024-06-300001782524Higginbotham Insurance Agency, Inc., First Lien Debt 12024-06-300001782524Higginbotham Insurance Agency, Inc., First Lien Debt 22024-06-300001782524High Street Buyer, Inc., First Lien Debt 12024-06-300001782524High Street Buyer, Inc., First Lien Debt 22024-06-300001782524High Street Buyer, Inc., First Lien Debt 32024-06-300001782524Long Term Care Group, Inc, First Lien Debt2024-06-300001782524Inszone Mid, LLC, First Lien Debt 12024-06-300001782524Inszone Mid, LLC, First Lien Debt 22024-06-300001782524Inszone Mid, LLC, First Lien Debt 32024-06-300001782524Integrity Marketing Acquisition, LLC, First Lien Debt 12024-06-300001782524Integrity Marketing Acquisition, LLC, First Lien Debt 22024-06-300001782524Integrity Marketing Acquisition, LLC, First Lien Debt 32024-06-300001782524Keystone Agency Investors, First Lien Debt 12024-06-300001782524Keystone Agency Investors, First Lien Debt 22024-06-300001782524Majesco, First Lien Debt 12024-06-300001782524Majesco, First Lien Debt 22024-06-300001782524Patriot Growth Insurance Services, LLC, First Lien Debt 12024-06-300001782524Patriot Growth Insurance Services, LLC, First Lien Debt 22024-06-300001782524Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 12024-06-300001782524Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 22024-06-300001782524Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 32024-06-300001782524RSC Acquisition, Inc., First Lien Debt 12024-06-300001782524RSC Acquisition, Inc., First Lien Debt 22024-06-300001782524Summit Acquisition, Inc., First Lien Debt 12024-06-300001782524Summit Acquisition, Inc., First Lien Debt 22024-06-300001782524Summit Acquisition, Inc., First Lien Debt 32024-06-300001782524World Insurance Associates, LLC, First Lien Debt 12024-06-300001782524World Insurance Associates, LLC, First Lien Debt 22024-06-300001782524us-gaap:InsuranceSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524FMG Suite Holdings, LLC, First Lien Debt 12024-06-300001782524FMG Suite Holdings, LLC, First Lien Debt 22024-06-300001782524FMG Suite Holdings, LLC, First Lien Debt 32024-06-300001782524Spectrio, LLC, First Lien Debt 12024-06-300001782524Spectrio, LLC, First Lien Debt 22024-06-300001782524Spectrio, LLC, First Lien Debt 32024-06-300001782524Triple Lift, Inc., First Lien Debt 12024-06-300001782524Triple Lift, Inc., First Lien Debt 22024-06-300001782524msdlf:InteractiveMediaAndServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Atlas Purchaser, Inc., First Lien Debt 12024-06-300001782524Atlas Purchaser, Inc., First Lien Debt 22024-06-300001782524Catalis Intermediate, Inc., First Lien Debt 12024-06-300001782524Catalis Intermediate, Inc., First Lien Debt 22024-06-300001782524Catalis Intermediate, Inc., First Lien Debt 32024-06-300001782524Donuts, Inc., First Lien Debt2024-06-300001782524GI DI Cornfield Acquisition LLC, First Lien Debt 12024-06-300001782524GI DI Cornfield Acquisition LLC, First Lien Debt 22024-06-300001782524Help/Systems Holdings, Inc., Second Lien Debt2024-06-300001782524Idera, Inc., Second Lien Debt2024-06-300001782524Recovery Point Systems, Inc., First Lien Debt 12024-06-300001782524Recovery Point Systems, Inc., First Lien Debt 22024-06-300001782524Red Dawn SEI Buyer, Inc., Second Lien Debt2024-06-300001782524Redwood Services Group, LLC, First Lien Debt 12024-06-300001782524Redwood Services Group, LLC, First Lien Debt 22024-06-300001782524Syntax Systems, Ltd., First Lien Debt2024-06-300001782524Thrive Buyer, Inc. (Thrive Networks), First Lien Debt 12024-06-300001782524Thrive Buyer, Inc. (Thrive Networks), First Lien Debt 22024-06-300001782524Thrive Buyer, Inc. (Thrive Networks), First Lien Debt 32024-06-300001782524UpStack, Inc., First Lien Debt 12024-06-300001782524UpStack, Inc., First Lien Debt 22024-06-300001782524UpStack, Inc., First Lien Debt 32024-06-300001782524us-gaap:TechnologySectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524GSM Acquisition Corp. (GSM Outdoors), First Lien Debt 12024-06-300001782524GSM Acquisition Corp. (GSM Outdoors), First Lien Debt 22024-06-300001782524GSM Acquisition Corp. (GSM Outdoors), First Lien Debt 32024-06-300001782524msdlf:LeisureProductsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Model N, Inc., First Lien Debt 12024-06-300001782524Model N, Inc., First Lien Debt 22024-06-300001782524Model N, Inc., First Lien Debt 32024-06-300001782524msdlf:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Answer Acquisition, LLC, First Lien Debt 12024-06-300001782524Answer Acquisition, LLC, First Lien Debt 22024-06-300001782524Answer Acquisition, LLC, First Lien Debt 32024-06-300001782524Chase Intermediate, LLC, First Lien Debt 12024-06-300001782524Chase Intermediate, LLC, First Lien Debt 22024-06-300001782524Komline Sanderson Engineering Corp., First Lien Debt 12024-06-300001782524Komline Sanderson Engineering Corp., First Lien Debt 22024-06-300001782524Komline Sanderson Engineering Corp., First Lien Debt 32024-06-300001782524MHE Intermediate Holdings, LLC, First Lien Debt 12024-06-300001782524MHE Intermediate Holdings, LLC, First Lien Debt 22024-06-300001782524MHE Intermediate Holdings, LLC, First Lien Debt 32024-06-300001782524msdlf:MachinerySectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524AWP Group Holdings, Inc., First Lien Debt 12024-06-300001782524AWP Group Holdings, Inc., First Lien Debt 22024-06-300001782524AWP Group Holdings, Inc., First Lien Debt 32024-06-300001782524Ground Penetrating Radar Systems, LLC,, First Lien Debt 12024-06-300001782524Ground Penetrating Radar Systems, LLC,, First Lien Debt 22024-06-300001782524Ground Penetrating Radar Systems, LLC,, First Lien Debt 32024-06-300001782524Vessco Midco Holdings, LLC, First Lien Debt 12024-06-300001782524Vessco Midco Holdings, LLC, First Lien Debt 22024-06-300001782524Vessco Midco Holdings, LLC, First Lien Debt 32024-06-300001782524msdlf:UtilitiesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Caerus US 1, Inc., First Lien Debt 12024-06-300001782524Caerus US 1, Inc., First Lien Debt 22024-06-300001782524Caerus US 1, Inc., First Lien Debt 32024-06-300001782524msdlf:PharmaceuticalsSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Abacus Data Holdings, Inc. (AbacusNext), First Lien Debt 12024-06-300001782524Abacus Data Holdings, Inc. (AbacusNext), First Lien Debt 22024-06-300001782524Bridgepointe Technologies, LLC, First Lien Debt 12024-06-300001782524Bridgepointe Technologies, LLC, First Lien Debt 22024-06-300001782524Bullhorn, Inc., First Lien Debt 12024-06-300001782524Bullhorn, Inc., First Lien Debt 22024-06-300001782524Bullhorn, Inc., First Lien Debt 32024-06-300001782524Citrin Cooperman Advisors, LLC, First Lien Debt 12024-06-300001782524Citrin Cooperman Advisors, LLC, First Lien Debt 22024-06-300001782524GPS Merger Sub, LLC, First Lien Debt 12024-06-300001782524GPS Merger Sub, LLC, First Lien Debt 22024-06-300001782524GPS Merger Sub, LLC, First Lien Debt 32024-06-300001782524KENG Acquisition, Inc., First Lien Debt 12024-06-300001782524KENG Acquisition, Inc., First Lien Debt 22024-06-300001782524KENG Acquisition, Inc., First Lien Debt 32024-06-300001782524KWOR Acquisition, Inc., First Lien Debt 12024-06-300001782524KWOR Acquisition, Inc., First Lien Debt 22024-06-300001782524KWOR Acquisition, Inc., First Lien Debt 32024-06-300001782524Project Boost Purchaser, LLC, First Lien Debt 12024-06-300001782524Project Boost Purchaser, LLC, First Lien Debt 22024-06-300001782524Verdantas LLC, First Lien Debt 12024-06-300001782524Verdantas LLC, First Lien Debt 22024-06-300001782524Verdantas LLC, First Lien Debt 32024-06-300001782524msdlf:ProfessionalServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Associations, Inc. 12024-06-300001782524Associations, Inc., First Lien Debt 12024-06-300001782524Associations, Inc. 22024-06-300001782524Associations, Inc., First Lien Debt 22024-06-300001782524Associations, Inc. 32024-06-300001782524Associations, Inc., First Lien Debt 32024-06-300001782524MRI Software, LLC, First Lien Debt 12024-06-300001782524MRI Software, LLC, First Lien Debt 22024-06-300001782524MRI Software, LLC, First Lien Debt 32024-06-300001782524Pritchard Industries, LLC, First Lien Debt 12024-06-300001782524Pritchard Industries, LLC, First Lien Debt 22024-06-300001782524Zarya Intermediate, LLC, First Lien Debt 12024-06-300001782524Zarya Intermediate, LLC, First Lien Debt 22024-06-300001782524us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Alert Media, Inc., First Lien Debt 12024-06-300001782524Alert Media, Inc., First Lien Debt 22024-06-300001782524Anaplan, Inc., First Lien Debt2024-06-300001782524Appfire Technologies, LLC, First Lien Debt 12024-06-300001782524Appfire Technologies, LLC, First Lien Debt 22024-06-300001782524Appfire Technologies, LLC, First Lien Debt 32024-06-300001782524Artifact Bidco, Inc, First Lien Debt 12024-06-300001782524Artifact Bidco, Inc, First Lien Debt 22024-06-300001782524Artifact Bidco, Inc, First Lien Debt 32024-06-300001782524Bottomline Technologies, Inc., First Lien Debt 12024-06-300001782524Bottomline Technologies, Inc., First Lien Debt 22024-06-300001782524CLEO Communications Holding, LLC, First Lien Debt 12024-06-300001782524CLEO Communications Holding, LLC, First Lien Debt 22024-06-300001782524Coupa Holdings, LLC, First Lien Debt 12024-06-300001782524Coupa Holdings, LLC, First Lien Debt 22024-06-300001782524Coupa Holdings, LLC, First Lien Debt 32024-06-300001782524Cyara AcquisitionCo, LLC, First Lien Debt 12024-06-300001782524Cyara AcquisitionCo, LLC, First Lien Debt 22024-06-300001782524Cyara AcquisitionCo,LLC, First Lien Debt2024-06-300001782524Diligent Corporation, First Lien Debt 12024-06-300001782524Diligent Corporation, First Lien Debt 22024-06-300001782524Diligent Corporation, First Lien Debt 32024-06-300001782524E-Discovery AcquireCo, LLC, First Lien Debt 12024-06-300001782524E-Discovery AcquireCo, LLC, First Lien Debt 22024-06-300001782524Formstack Acquisition Co, First Lien Debt 12024-06-300001782524Formstack Acquisition Co, First Lien Debt 22024-06-300001782524Formstack Acquisition Co, First Lien Debt 32024-06-300001782524Fullsteam Operations, LLC, First Lien Debt 12024-06-300001782524Fullsteam Operations, LLC, First Lien Debt 22024-06-300001782524Fullsteam Operations, LLC, First Lien Debt 32024-06-300001782524Granicus, Inc., First Lien Debt 12024-06-300001782524Granicus, Inc., First Lien Debt 22024-06-300001782524Granicus, Inc., First Lien Debt 32024-06-300001782524GS AcquisitionCo, Inc., First Lien Debt 12024-06-300001782524GS AcquisitionCo, Inc., First Lien Debt 22024-06-300001782524GS AcquisitionCo, Inc., First Lien Debt 32024-06-300001782524Hootsuite Inc., First Lien Debt 12024-06-300001782524Hootsuite Inc., First Lien Debt 22024-06-300001782524Icefall Parent, Inc., First Lien Debt 12024-06-300001782524Icefall Parent, Inc., First Lien Debt 22024-06-300001782524Kaseya, Inc., First Lien Debt 12024-06-300001782524Kaseya, Inc., First Lien Debt 22024-06-300001782524Kaseya, Inc., First Lien Debt 32024-06-300001782524LegitScript, LLC, First Lien Debt 12024-06-300001782524LegitScript, LLC, First Lien Debt 22024-06-300001782524LegitScript, LLC, First Lien Debt 32024-06-300001782524Matrix Parent, Inc., First Lien Debt2024-06-300001782524Matrix Parent, Inc., Second Lien Debt2024-06-300001782524Montana Buyer, Inc., First Lien Debt 12024-06-300001782524Montana Buyer, Inc., First Lien Debt 22024-06-300001782524Netwrix Corporation And Concept Searching, Inc., First Lien Debt 12024-06-300001782524Netwrix Corporation And Concept Searching, Inc., First Lien Debt 22024-06-300001782524Oak Purchaser, Inc., First Lien Debt 12024-06-300001782524Oak Purchaser, Inc., First Lien Debt 22024-06-300001782524Oak Purchaser, Inc., First Lien Debt 32024-06-300001782524Pound Bidco, Inc., First Lien Debt 12024-06-300001782524Pound Bidco, Inc., First Lien Debt 22024-06-300001782524Pound Bidco, Inc., First Lien Debt 32024-06-300001782524Project Leopard Holdings, Inc., First Lien Debt2024-06-300001782524Revalize, Inc., First Lien Debt 12024-06-300001782524Revalize, Inc., First Lien Debt 22024-06-300001782524Riskonnect Parent, LLC, First Lien Debt 12024-06-300001782524Riskonnect Parent, LLC, First Lien Debt 22024-06-300001782524Riskonnect Parent, LLC, First Lien Debt 32024-06-300001782524Securonix, Inc., First Lien Debt 12024-06-300001782524Securonix, Inc., First Lien Debt 22024-06-300001782524Skykick, Inc., First Lien Debt 12024-06-300001782524Skykick, Inc., First Lien Debt 22024-06-300001782524Trunk Acquisition, Inc., First Lien Debt 12024-06-300001782524Trunk Acquisition, Inc., First Lien Debt 22024-06-300001782524User Zoom Technologies, Inc., First Lien Debt2024-06-300001782524msdlf:SoftwareSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524Mobile Communications America, Inc., First Lien Debt 12024-06-300001782524Mobile Communications America, Inc., First Lien Debt 22024-06-300001782524Mobile Communications America, Inc., First Lien Debt 32024-06-300001782524msdlf:WirelessTelecommunicationServicesSectorMemberus-gaap:DebtSecuritiesMember2024-06-300001782524us-gaap:DebtSecuritiesMember2024-06-300001782524PCX Holding Corp., Common Equity2024-06-300001782524us-gaap:AerospaceSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Shelby Co-invest, LP (Spectrum Automotive), Common Equity2024-06-300001782524msdlf:AutoComponentsSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Encore Holdings, LLC, Common Equity2024-06-300001782524Procure Acquiom Financial, LLC (Procure Analytics), Common Equity2024-06-300001782524Surewerx Topco, LP, Common Equity2024-06-300001782524msdlf:CommercialServicesAndSuppliesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524BP Purchaser, LLC, Common Equity2024-06-300001782524BP Purchaser, LLC Rights, Common Equity2024-06-300001782524FORTIS Solutions Group, LLC, Preferred Equity2024-06-300001782524us-gaap:ContainerAndPackagingSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524LUV Car Wash, Common Equity2024-06-300001782524us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Pet Holdings, Inc. (Brightpet), Common Equity2024-06-300001782524us-gaap:FoodAndBeverageSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524mPulse Mobile, Inc., Common Equity2024-06-300001782524SDB Holdco, LLC, Common Equity2024-06-300001782524Suveto Buyer, LLC, Common Equity2024-06-300001782524Vardiman Black Holdings, LLC, Preferred Equity2024-06-300001782524msdlf:HealthCareProvidersServicesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Amerilife Holdings, LLC, Common Equity2024-06-300001782524Frisbee Holdings, LP (Fetch), Common Equity2024-06-300001782524Integrity Marketing Acquisition, LLC, Preferred Equity2024-06-300001782524us-gaap:InsuranceSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524CSC Thrive Holdings, LP (Thrive Networks), Common Equity2024-06-300001782524Help HP SCF Investor, LP (Help/Systems), Common Equity2024-06-300001782524Recovery Point Systems, Inc., Common Equity2024-06-300001782524us-gaap:TechnologySectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524GSM Equity Investors, LP (GSM Outdoors), Common Equity2024-06-300001782524msdlf:LeisureProductsSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Abacus Data Holdings, Inc. (AbacusNext), Common Equity2024-06-300001782524Verdantas LLC, Preferred Equity2024-06-300001782524Verdantas LLC, Common Equity2024-06-300001782524msdlf:ProfessionalServicesSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Pritchard Industries, LLC, Common Equity2024-06-300001782524us-gaap:RealEstateSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524Diligent Corporation, Preferred Equity2024-06-300001782524Fullsteam Operations, LLC, Common Equity2024-06-300001782524Knockout Intermediate Holdings I, Inc., Preferred Equity2024-06-300001782524Revalize, Inc., Preferred Equity2024-06-300001782524Reveal Data Solutions, Common Equity2024-06-300001782524RSK Holdings, Inc. (Riskonnect), Preferred Equity2024-06-300001782524Skykick, Inc., Preferred Equity2024-06-300001782524msdlf:SoftwareSectorMemberus-gaap:EquitySecuritiesMember2024-06-300001782524us-gaap:EquitySecuritiesMember2024-06-300001782524msdlf:TotalPortfolioInvestmentsMember2024-06-300001782524J.P. Morgan US Government Money Market Fund, Common Equity2024-06-300001782524Cash, Common Equity2024-06-300001782524us-gaap:CashAndCashEquivalentsMember2024-06-300001782524msdlf:TotalPortfolioInvestmentsCashAndCashEquivalentsMember2024-06-300001782524msdlf:InterestRateSwapSeries2029NotesMemberus-gaap:LongMember2024-06-300001782524msdlf:InterestRateSwapSeries2029NotesMember2024-06-300001782524msdlf:InterestRateSwapSeries2029NotesMember2024-01-012024-06-300001782524msdlf:EuroInterbankOfferedRateEURIBORMember2024-06-300001782524msdlf:InterestRatePeriodOneMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-06-300001782524msdlf:InterestRatePeriodTwoMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-06-300001782524msdlf:InterestRatePeriodThreeMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-06-300001782524us-gaap:PrimeRateMember2024-06-300001782524Investment One2024-06-300001782524Investment Two2024-06-300001782524Investment Three2024-06-300001782524msdlf:NonQualifyingAssetsMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AssetsTotalMember2024-01-012024-06-300001782524msdlf:RestrictedSecuritiesMember2024-06-300001782524365 Retail Markets, LLC, Revolver2024-06-30000178252448Forty Solutions, LLC, Revolver2024-06-300001782524ARI Network Services, Inc., Revolver2024-06-300001782524AWP Group Holdings, Inc., Delayed Draw Term Loan2024-06-300001782524AWP Group Holdings, Inc., Revolver2024-06-300001782524Abacus Data Holdings, Inc. (AbacusNext), Revolver2024-06-300001782524Abracon Group Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Advarra Holdings, Inc., Delayed Draw Term Loan2024-06-300001782524Alert Media, Inc., Revolver2024-06-300001782524Amerilife Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Amerilife Holdings, LLC, Revolver2024-06-300001782524Answer Acquisition, LLC, Revolver2024-06-300001782524Any Hour, LLC, Delayed Draw Term Loan2024-06-300001782524Any Hour, LLC, Revolver2024-06-300001782524Apex Service Partners, LLC, Delayed Draw Term Loan2024-06-300001782524Apex Service Partners, LLC, Revolver2024-06-300001782524Appfire Technologies, LLC, Delayed Draw Term Loan2024-06-300001782524Appfire Technologies, LLC, Revolver2024-06-300001782524Applitools, Inc., Revolver2024-06-300001782524Aptean, Inc., Delayed Draw Term Loan2024-06-300001782524Aptean, Inc., Revolver2024-06-300001782524Arcoro Holdings Corp., Revolver2024-06-300001782524Artifact Bidco, Inc, Delayed Draw Term Loan2024-06-300001782524Artifact Bidco, Inc, Revolver2024-06-300001782524Assembly Intermediate, LLC, Delayed Draw Term Loan2024-06-300001782524Assembly Intermediate, LLC, Revolver2024-06-300001782524Associations, Inc., Delayed Draw Term Loan2024-06-300001782524Associations, Inc., Revolver2024-06-300001782524Atlas Us Finco, Inc., Revolver2024-06-300001782524Avalara, Inc., Revolver2024-06-300001782524Bottomline Technologies, Inc., Revolver2024-06-300001782524Bradyifs Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Bradyifs Holdings, LLC, Revolver2024-06-300001782524Bridgepointe Technologies, LLC, Delayed Draw Term Loan2024-06-300001782524Bullhorn, Inc., Delayed Draw Term Loan2024-06-300001782524Bullhorn, Inc., Revolver2024-06-300001782524CLEO Communications Holding, LLC, Revolver2024-06-300001782524COP Collisionright Parent, LLC, Delayed Draw Term Loan2024-06-300001782524COP Collisionright Parent, LLC, Revolver2024-06-300001782524Caerus US 1, Inc., Delayed Draw Term Loan2024-06-300001782524Caerus US 1, Inc., Revolver2024-06-300001782524Catalis Intermediate, Inc., Revolver2024-06-300001782524Cerity Partners, LLC, Delayed Draw Term Loan2024-06-300001782524Cerity Partners, LLC, Revolver2024-06-300001782524Chase Intermediate, LLC, Delayed Draw Term Loan2024-06-300001782524Chase Intermediate, LLC, Revolver2024-06-300001782524Citrin Cooperman Advisors, LLC, Delayed Draw Term Loan2024-06-300001782524Consor Intermediate II, LLC, Delayed Draw Term Loan2024-06-300001782524Consor Intermediate II, LLC, Revolver2024-06-300001782524Coupa Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Coupa Holdings, LLC, Revolver2024-06-300001782524Cyara AcquisitionCo, LLC, Revolver2024-06-300001782524Diligent Corporation, Delayed Draw Term Loan2024-06-300001782524Diligent Corporation, Revolver2024-06-300001782524Dwyer Instruments, Inc., Delayed Draw Term Loan2024-06-300001782524Dwyer Instruments, Inc., Revolver2024-06-300001782524E-Discovery AcquireCo, LLC, Revolver2024-06-300001782524EVDR Purchaser, Inc., Delayed Draw Term Loan2024-06-300001782524EVDR Purchaser, Inc., Revolver2024-06-300001782524Encore Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Encore Holdings, LLC, Revolver2024-06-300001782524Energy Labs Holdings Corp., Delayed Draw Term Loan2024-06-300001782524Energy Labs Holdings Corp., Revolver2024-06-300001782524Essential Services Holding Corporation, Delayed Draw Term Loan2024-06-300001782524Essential Services Holding Corporation, Revolver2024-06-300001782524Excelitas Technologies Corp., Delayed Draw Term Loan2024-06-300001782524Excelitas Technologies Corp., Revolver2024-06-300001782524FLS Holding, Inc., Revolver2024-06-300001782524FMG Suite Holdings, LLC, Revolver2024-06-300001782524FORTIS Solutions Group, LLC, Delayed Draw Term Loan2024-06-300001782524FORTIS Solutions Group, LLC, Revolver2024-06-300001782524Formstack Acquisition Co, Delayed Draw Term Loan2024-06-300001782524Formstack Acquisition Co, Revolver2024-06-300001782524Foundation Risk Partners Corp., Delayed Draw Term Loan2024-06-300001782524Foundation Risk Partners Corp., Revolver2024-06-300001782524Fullsteam Operations, LLC, Delayed Draw Term Loan2024-06-300001782524Fullsteam Operations, LLC, Revolver2024-06-300001782524GC Waves Holdings, Inc., Delayed Draw Term Loan2024-06-300001782524GC Waves Holdings, Inc., Revolver2024-06-300001782524GI DI Cornfield Acquisition LLC, Delayed Draw Term Loan2024-06-300001782524GPS Merger Sub, LLC, Delayed Draw Term Loan2024-06-300001782524GPS Merger Sub, LLC, Revolver2024-06-300001782524GS AcquisitionCo, Inc., Delayed Draw Term Loan2024-06-300001782524GS AcquisitionCo, Inc., Revolver2024-06-300001782524GSM Acquisition Corp. (GSM Outdoors), Revolver2024-06-300001782524Galway Borrower, LLC, Delayed Draw Term Loan2024-06-300001782524Galway Borrower, LLC, Revolver2024-06-300001782524Gateway US Holdings, Inc., Revolver2024-06-300001782524Granicus, Inc., Delayed Draw Term Loan2024-06-300001782524Granicus, Inc., Revolver2024-06-300001782524GraphPad Software, LLC, Delayed Draw Term Loan2024-06-300001782524GraphPad Software, LLC, Revolver2024-06-300001782524Ground Penetrating Radar Systems, LLC,, Delayed Draw Term Loan2024-06-300001782524Ground Penetrating Radar Systems, LLC,, Revolver2024-06-300001782524HSI Halo Acquisition, Inc, Delayed Draw Term Loan2024-06-300001782524HSI Halo Acquisition, Inc, Revolver2024-06-300001782524Heartland Veterinary Partners, LLC, Revolver2024-06-300001782524Helios Service Partners, LLC, Delayed Draw Term Loan2024-06-300001782524Helios Service Partners, LLC, Revolver2024-06-300001782524Hercules Borrower LLC, Delayed Draw Term Loan2024-06-300001782524Higginbotham Insurance Agency, Inc., Delayed Draw Term Loan2024-06-300001782524High Street Buyer, Inc., Delayed Draw Term Loan2024-06-300001782524High Street Buyer, Inc., Revolver2024-06-300001782524Hootsuite Inc., Revolver2024-06-300001782524Hyland Software, Inc., Revolver2024-06-300001782524Icefall Parent, Inc., Revolver2024-06-300001782524Inszone Mid, LLC, Delayed Draw Term Loan2024-06-300001782524Inszone Mid, LLC, Revolver2024-06-300001782524Integrity Marketing Acquisition, LLC, Revolver2024-06-300001782524Invictus Buyer, LLC, Delayed Draw Term Loan2024-06-300001782524Invictus Buyer, LLC, Revolver2024-06-300001782524Iris Buyer, LLC, Delayed Draw Term Loan2024-06-300001782524Iris Buyer, LLC, Revolver2024-06-300001782524KENG Acquisition, Inc., Delayed Draw Term Loan2024-06-300001782524KENG Acquisition, Inc., Revolver2024-06-300001782524KWOR Acquisition, Inc., Revolver2024-06-300001782524Kaseya, Inc., Delayed Draw Term Loan2024-06-300001782524Kaseya, Inc., Revolver2024-06-300001782524Komline Sanderson Engineering Corp., Revolver2024-06-300001782524LJ Avalon Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524LJ Avalon Holdings, LLC, Revolver2024-06-300001782524LUV Car Wash Group, LLC, Delayed Draw Term Loan2024-06-300001782524LegitScript, LLC, Revolver2024-06-300001782524MHE Intermediate Holdings, LLC, Revolver2024-06-300001782524MRI Software, LLC, Delayed Draw Term Loan2024-06-300001782524MRI Software, LLC, Revolver2024-06-300001782524Magneto Components Buyco, LLC, Delayed Draw Term Loan2024-06-300001782524Magneto Components Buyco, LLC, Revolver2024-06-300001782524Magnolia Wash Holdings, Revolver2024-06-300001782524Majesco, Revolver2024-06-300001782524Mantech International CP, Delayed Draw Term Loan2024-06-300001782524Mantech International CP, Revolver2024-06-300001782524Mobile Communications America, Inc., Delayed Draw Term Loan2024-06-300001782524Mobile Communications America, Inc., Revolver2024-06-300001782524Model N, Inc., Delayed Draw Term Loan2024-06-300001782524Model N, Inc., Revolver2024-06-300001782524Montana Buyer, Inc., Revolver2024-06-300001782524Netwrix Corporation And Concept Searching, Inc., Revolver2024-06-300001782524Oak Purchaser, Inc., Delayed Draw Term Loan2024-06-300001782524Oak Purchaser, Inc., Revolver2024-06-300001782524Orion Group Holdco, LLC, Delayed Draw Term Loan2024-06-300001782524PCX Holding Corp., Revolver2024-06-300001782524PDFTron Systems, Inc., Revolver2024-06-300001782524PDI TA Holdings, Inc., Delayed Draw Term Loan2024-06-300001782524PDI TA Holdings, Inc., Revolver2024-06-300001782524PPV Intermediate Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524PT Intermediate Holdings III, LLC, Delayed Draw Term Loan2024-06-300001782524Pareto Health Intermediate Holdings, Inc., Revolver2024-06-300001782524Patriot Growth Insurance Services, LLC, Revolver2024-06-300001782524PerkinElmer U.S., LLC, Delayed Draw Term Loan2024-06-300001782524Peter C. Foy & Associates Insurance Services, LLC, Delayed Draw Term Loan2024-06-300001782524Peter C. Foy & Associates Insurance Services, LLC, Revolver2024-06-300001782524Pound Bidco, Inc., Delayed Draw Term Loan2024-06-300001782524Pound Bidco, Inc., Revolver2024-06-300001782524Procure Acquireco, Inc. (Procure Analytics), Revolver2024-06-300001782524Project Accelerate Parent, LLC, Revolver2024-06-300001782524Project Boost Purchaser, LLC, Revolver2024-06-300001782524Project Potter Buyer, LLC, Revolver2024-06-300001782524Promptcare Infusion Buyer, Inc, Delayed Draw Term Loan2024-06-300001782524Pye-Barker Fire & Safety, LLC, Delayed Draw Term Loan2024-06-300001782524Pye-Barker Fire & Safety, LLC, Revolver2024-06-300001782524RFS Opco LLC, Revolver2024-06-300001782524RSC Acquisition, Inc., Delayed Draw Term Loan2024-06-300001782524Randy's Holdings, Inc., Delayed Draw Term Loan2024-06-300001782524Randy's Holdings, Inc., Revolver2024-06-300001782524Raptor Merger Sub Debt, LLC, Revolver2024-06-300001782524Recovery Point Systems, Inc., Revolver2024-06-300001782524Redwood Services Group, LLC, Delayed Draw Term Loan2024-06-300001782524Revalize, Inc., Revolver2024-06-300001782524Riskonnect Parent, LLC, Delayed Draw Term Loan2024-06-300001782524Riskonnect Parent, LLC, Revolver2024-06-300001782524RoadOne IntermodaLogistics, Delayed Draw Term Loan2024-06-300001782524RoadOne IntermodaLogistics, Revolver2024-06-300001782524SV Newco 2 Inc, Delayed Draw Term Loan2024-06-300001782524SV Newco 2 Inc, Revolver2024-06-300001782524Securonix, Inc., Revolver2024-06-300001782524Shelby 2021 Holdings Corp., Delayed Draw Term Loan2024-06-300001782524Sherlock Buyer Corp., Revolver2024-06-300001782524Smarsh, Inc., Delayed Draw Term Loan2024-06-300001782524Smarsh, Inc., Revolver2024-06-300001782524Sonny's Enterprises, LLC, Delayed Draw Term Loan2024-06-300001782524Spectrio, LLC, Revolver2024-06-300001782524Spectrum Automotive Holdings Corp., Delayed Draw Term Loan2024-06-300001782524Spectrum Automotive Holdings Corp., Revolver2024-06-300001782524Spotless Brands, LLC, Revolver2024-06-300001782524Stepping Stones Healthcare Services, LLC, Delayed Draw Term Loan2024-06-300001782524Stepping Stones Healthcare Services, LLC, Revolver2024-06-300001782524Summit Acquisition, Inc., Delayed Draw Term Loan2024-06-300001782524Summit Acquisition, Inc., Revolver2024-06-300001782524Superman Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Surewerx Purchaser III, Inc., Delayed Draw Term Loan2024-06-300001782524Surewerx Purchaser III, Inc., Revolver2024-06-300001782524Suveto, Revolver2024-06-300001782524Sweep Purchaser, LLC, Revolver2024-06-300001782524Tamarack Intermediate, LLC, Revolver2024-06-300001782524Tank Holding Corp., Delayed Draw Term Loan2024-06-300001782524Tank Holding Corp., Revolver2024-06-300001782524Thrive Buyer, Inc. (Thrive Networks), Revolver2024-06-300001782524Tidi Legacy Products, Inc., Delayed Draw Term Loan2024-06-300001782524Tidi Legacy Products, Inc., Revolver2024-06-300001782524Trintech, Inc., Revolver2024-06-300001782524Triple Lift, Inc., Revolver2024-06-300001782524Trunk Acquisition, Inc., Revolver2024-06-300001782524Two Six Labs, LLC, Delayed Draw Term Loan2024-06-300001782524Two Six Labs, LLC, Revolver2024-06-300001782524US Infra Svcs Buyer, LLC, Revolver2024-06-300001782524United Flow Technologies Intermediate Holdco II, LLC, Delayed Draw Term Loan2024-06-300001782524United Flow Technologies Intermediate Holdco II, LLC, Revolver2024-06-300001782524UpStack, Inc., Delayed Draw Term Loan2024-06-300001782524UpStack, Inc., Revolver2024-06-300001782524V Global Holdings, LLC, Revolver2024-06-300001782524VRC Companies, LLC, Delayed Draw Term Loan2024-06-300001782524VRC Companies, LLC, Revolver2024-06-300001782524Vardiman Black Holdings, LLC, Delayed Draw Term Loan2024-06-300001782524Vehlo Purchaser, LLC, Delayed Draw Term Loan2024-06-300001782524Vehlo Purchaser, LLC, Revolver2024-06-300001782524Vensure Employer Services, Inc., Delayed Draw Term Loan2024-06-300001782524Verdantas LLC, Delayed Draw Term Loan2024-06-300001782524Verdantas LLC, Revolver2024-06-300001782524Vertex Service Partners, LLC, Delayed Draw Term Loan2024-06-300001782524Vertex Service Partners, LLC, Revolver2024-06-300001782524Vessco Midco Holdings, LLC, Revolver2024-06-300001782524World Insurance Associates, LLC, Revolver2024-06-300001782524YI, LLC, Delayed Draw Term Loan2024-06-300001782524YI, LLC, Revolver2024-06-300001782524Zarya Intermediate, LLC, Revolver2024-06-300001782524iCIMS, Inc., Delayed Draw Term Loan2024-06-300001782524iCIMS, Inc., Revolver2024-06-300001782524mPulse Mobile, Inc., 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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 June 30, 2024
OR
        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 Broadway10036
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 classTrading 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
x 
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. ☐
1


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No
As of August 7, 2024, the Registrant had 89,366,279 shares of common stock, $0.001 par value, outstanding.
MORGAN STANLEY DIRECT LENDING FUND
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024
TABLE OF CONTENTS
Part I. Financial Information
Item 1.
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
SIGNATURES


2

Morgan Stanley Direct Lending Fund
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share amounts)






As of
June 30, 2024December 31, 2023
(Unaudited)(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,542,035 and $3,226,776)
$3,514,286 $3,193,561 
Cash and cash equivalents (restricted cash of $2,000 and $0)
94,966 69,705 
Deferred financing costs17,000 14,317 
Interest and dividend receivable from non-controlled/non-affiliated investments27,594 28,884 
Subscription receivable 41 
Receivable for investments sold/repaid136 173 
Prepaid expenses and other assets1,917 53 
Total assets3,655,899 3,306,734 
Liabilities
Debt (net of unamortized debt issuance costs of $8,331 and $5,564)
1,664,423 1,496,032 
Payable for investment purchased31,469 8 
Payable to affiliates (Note 3)1,508 2,870 
Dividends payable44,704 49,968 
Management fees payable6,479 2,012 
Income based incentive fees payable9,903 11,766 
Interest payable20,664 18,823 
Accrued expenses and other liabilities14,788 4,104 
Total liabilities1,793,938 1,585,583 
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 (100,000,000 shares authorized; 89,407,009 and 83,278,831 shares issued and outstanding)
89 83 
Paid-in capital in excess of par value1,831,835 1,712,609 
Total distributable earnings (loss)30,037 8,459 
Total net assets$1,861,961 $1,721,151 
Total liabilities and net assets$3,655,899 $3,306,734 
Net asset value per share$20.83 $20.67 
The accompanying notes are an integral part of these unaudited consolidated financial statements
3

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)
For the Three Months EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Investment Income:
From non-controlled/non-affiliated investments:
Interest income$99,072 $86,573 $193,703 $168,290 
Payment-in-kind 2,850 622 5,494 1,063 
Dividend income646 504 1,211 1,000 
Other income1,620 1,195 2,881 2,180 
Total investment income104,188 88,894 203,289 172,533 
Expenses:
Interest and other financing expenses29,302 27,907 56,562 54,574 
Management fees8,639 7,446 16,869 14,750 
Income based incentive fees11,554 10,138 22,890 19,519 
Professional fees1,687 847 2,904 2,088 
Directors’ fees128 88 274 168 
Administrative service fees17 60 42 114 
General and other expenses51 197 159 365 
Total expenses51,378 46,683 99,700 91,578 
Management fees waiver (Note 3)(2,160)(5,584)(5,257)(11,062)
Incentive fees waiver (Note 3)(1,651) (2,862) 
Net expenses47,567 41,099 91,581 80,516 
Net investment income (loss) before taxes56,621 47,795 111,708 92,017 
Excise tax expense500  936  
Net investment income (loss) after taxes56,121 47,795 110,772 92,017 
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments108  (5,517)122 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments2,816 8,647 5,474 8,080 
Net realized and unrealized gain (loss)2,924 8,647 (43)8,202 
Net increase (decrease) in net assets resulting from operations$59,045 $56,442 $110,729 $100,219 
Net investment income (loss) per share (basic and diluted)$0.63 $0.67 $1.25 $1.29 
Earnings per share (basic and diluted)$0.66 $0.79 $1.25 $1.41 
Weighted average shares outstanding89,271,839 71,337,323 88,315,183 71,101,563 
    
The accompanying notes are an integral part of these unaudited consolidated financial statements
4

Table of Contents
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 EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Net assets at the beginning of period$1,837,027 $1,414,596 $1,721,151 $1,397,305 
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)56,121 47,795 110,772 92,017 
Net realized gain (loss)108  (5,517)122 
Net change in unrealized appreciation (depreciation)2,816 8,647 5,474 8,080 
Net increase in net assets resulting from operations59,045 56,442 110,729 100,219 
Distributions to stockholders from:
Distributable earnings(44,704)(40,735)(89,151)(76,112)
Total distributions to stockholders(44,704)(40,735)(89,151)(76,112)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs  95,847  
Reinvestment of dividends10,593 9,698 23,385 18,589 
Net increase (decrease) in net assets resulting from capital transactions10,593 9,698 119,232 18,589 
Total increase (decrease) in net assets24,934 25,405 140,810 42,696 
Net assets at end of period$1,861,961 $1,440,001 $1,861,961 $1,440,001 
Dividends per share$0.50 $0.57 $1.00 $1.07 

The accompanying notes are an integral part of these unaudited consolidated financial statements
5

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)

For the Six Months Ended
June 30, 2024June 30, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$110,729 $100,219 
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(5,474)(8,080)
Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes(7) 
Net realized (gain) loss on investments5,517 (122)
Net accretion of discount and amortization of premium on investments(7,240)(5,146)
Payment-in-kind interest and dividend capitalized
(6,461)(2,060)
Amortization of deferred financing costs1,856 1,498 
Amortization of debt issuance costs and original issuance discount on unsecured notes1,532 1,264 
Purchases of investments and change in payable for investments purchased(636,580)(222,612)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid361,003 127,453 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable
1,290 (2,611)
(Increase) decrease in prepaid expenses and other assets(228)(345)
(Decrease) increase in payable to affiliates(1,362)(1,094)
(Decrease) increase in management fees payable4,467 79 
(Decrease) increase in incentive fees payable(1,863)2,020 
(Decrease) increase in interest payable1,841 1,925 
(Decrease) increase in accrued expenses and other liabilities10,659 174 
Net cash provided by (used in) operating activities(160,321)(7,438)
Cash flows from financing activities:
Borrowings on debt725,335 60,000 
Repayments on debt(556,000)(30,000)
Deferred financing costs paid(4,539)(3,939)
Debt issuance costs paid(4,097) 
Dividends paid in cash(71,005)(49,544)
Proceeds from issuance of common stock, net of underwriting & offering costs 95,888 2,556 
Net cash provided by (used in) financing activities185,582 (20,927)
Net increase (decrease) in cash, cash equivalents and restricted cash25,261 (28,365)
Cash, cash equivalents and restricted cash, beginning of period69,705 81,215 
Cash, cash equivalents and restricted cash, end of period$94,966 $52,850 
6

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Supplemental information and non-cash activities:
Excise tax paid$1,457 $361 
Interest expense paid$51,339 $49,887 
Reinvestment of dividends$23,385 $18,589 
Dividends payable$44,704 $41,037 
Non-cash purchases of investments$(24,636)$ 
Non-cash sales of investments$24,636 $ 


The accompanying notes are an integral part of these unaudited consolidated financial statements
7

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Debt Investments
Aerospace & Defense
Jonathan Acquisition Company(6) (8)First Lien DebtS +5.00%10.44%12/22/20263,405 $3,352 $3,395 0.18 %
Mantech International CP(6) (9)First Lien DebtS +5.00%10.33%9/14/20293,867 3,863 3,867 0.21 
Mantech International CP(6) (9) (16)First Lien DebtS +5.00%10.33%9/14/2029348 347 348 0.02 
Mantech International CP(6) (9) (16)First Lien DebtS +5.00%10.33%9/14/2028 (1)  
PCX Holding Corp.(6) (7) (8)First Lien DebtS +6.25%11.74%4/22/202717,954 17,858 16,654 0.89 
PCX Holding Corp.(6) (8)First Lien DebtS +6.25%11.74%4/22/202718,079 17,876 16,770 0.90 
PCX Holding Corp.(6) (8) (16)First Lien DebtS +6.25%11.74%4/22/20271,542 1,534 1,408 0.08 
Two Six Labs, LLC(6) (9)First Lien DebtS +5.25%10.59%8/20/202734,541 34,040 34,256 1.84 
Two Six Labs, LLC(6) (9) (16)First Lien DebtS +5.25%10.59%8/20/20274,220 4,149 4,142 0.22 
Two Six Labs, LLC(6) (9) (16)First Lien DebtS +5.25%10.59%8/20/2027 (22)(32) 
82,996 80,808 4.34 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(6) (9)First Lien DebtS +5.75%11.26%6/11/202714,191 14,003 14,191 0.76 
RoadOne IntermodaLogistics(6) (8)First Lien DebtS +6.25%11.59%12/29/20281,647 1,607 1,612 0.09 
RoadOne IntermodaLogistics(6) (8) (16)First Lien DebtS +6.25%11.59%12/29/2028151 144 142 0.01 
RoadOne IntermodaLogistics(6) (8) (16)First Lien DebtS +6.25%11.59%12/29/202820 13 13  
15,767 15,958 0.86 
Automobile Components
Continental Battery Company(6) (8) (14)First Lien DebtS +
7.00% (incl. 4.08% PIK)
12.49%1/20/20276,338 6,268 5,177 0.28 
PAI Holdco, Inc.(6) (8)Second Lien DebtS +
7.50% (incl. 2.00% PIK)
12.98%10/28/202826,835 26,364 24,261 1.30 
Randy's Holdings, Inc.(6) (8)First Lien DebtS +6.25%11.54%11/1/20286,642 6,486 6,642 0.36 
Randy's Holdings, Inc.(6) (8) (16)First Lien DebtS +6.25%11.54%11/1/2028413 383 413 0.02 
Randy's Holdings, Inc.(6) (8) (16)First Lien DebtS +6.25%11.54%11/1/2028169 149 169 0.01 
Spectrum Automotive Holdings Corp.(6) (16)First Lien DebtS +5.25%10.59%6/29/2028 (69)(69) 
Sonny's Enterprises, LLC(6) (7) (8)First Lien DebtS +5.25%10.73%8/5/202845,783 45,280 45,783 2.46 
Sonny's Enterprises, LLC(6) (8) (16)First Lien DebtS +5.25%10.73%8/5/2028 (11)(11) 
Spectrum Automotive Holdings Corp.(6) (7) (9)First Lien DebtS +5.25%10.59%6/29/202823,290 23,065 23,092 1.24 
Spectrum Automotive Holdings Corp.(6) (9) (16)First Lien DebtS +5.25%10.59%6/29/20285,672 5,611 5,617 0.30 
Spectrum Automotive Holdings Corp.(6) (9) (16)First Lien DebtS +5.25%10.59%6/29/2027 (7)(8) 
113,519 111,066 5.97 
Automobiles
ARI Network Services, Inc.(6) (7) (9)First Lien DebtS +5.25%10.69%2/28/202620,406 20,324 20,406 1.10 
8

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
ARI Network Services, Inc.(6) (7) (9)First Lien DebtS +5.25%10.69%2/28/20263,575 $3,561 $3,575 0.19 %
ARI Network Services, Inc.(6) (9) (16)First Lien DebtS +5.25%10.69%2/28/20261,454 1,443 1,454 0.08 
COP Collisionright Parent, LLC(6) (7) (8)First Lien DebtS +5.50%10.83%1/29/20306,396 6,275 6,294 0.34 
COP Collisionright Parent, LLC(6) (8) (16)First Lien DebtS +5.50%10.83%1/29/2030294 256 235 0.01 
COP Collisionright Parent, LLC(6) (8) (16)First Lien DebtS +5.50%10.83%1/29/2030154 135 138 0.01 
ARI Network Services, Inc.(6) (9)First Lien DebtS +5.25%10.69%2/28/2026314 309 314 0.02 
Turbo Buyer, Inc.(6) (8)First Lien DebtS +6.00%11.35%12/2/202537,363 37,093 35,611 1.91 
Turbo Buyer, Inc.(6) (8)First Lien DebtS +6.00%11.35%12/2/202537,546 37,221 35,785 1.92 
Vehlo Purchaser, LLC(6) (9)First Lien DebtS +5.25%10.58%5/24/20282,936 2,908 2,908 0.16 
Vehlo Purchaser, LLC(6) (9) (16)First Lien DebtS +5.25%10.58%5/24/2028713 621 621 0.03 
Vehlo Purchaser, LLC(6) (9) (16)First Lien DebtS +5.25%10.58%5/24/202843 41 41  
110,187 107,382 5.77 
Biotechnology
GraphPad Software, LLC(6) (9)First Lien DebtS +4.75%10.10%6/30/203126,891 26,757 26,757 1.44 
GraphPad Software, LLC(6) (9) (16)First Lien DebtS +4.75%10.10%6/30/2031 (40)(40) 
GraphPad Software, LLC(6) (8) (16)First Lien DebtS +4.75%10.10%6/30/2031 (15)(15) 
26,702 26,702 1.43 
Building Products
Project Potter Buyer, LLC(6) (8)First Lien DebtS +6.00%11.32%4/23/202713,688 13,688 13,688 0.74 
Project Potter Buyer, LLC(6) (8) (16)First Lien DebtS +6.00%11.32%4/23/2026440 440 440 0.02 
14,128 14,128 0.76 
Chemicals
Tank Holding Corp.(7) (9)First Lien DebtS +5.75%11.44%3/31/202815,633 15,399 15,324 0.82 
Tank Holding Corp.(9) (16)First Lien DebtS +5.75%11.44%3/31/2028333 320 319 0.02 
Tank Holding Corp.(9) (16)First Lien DebtS +5.75%11.44%3/31/2028 (10)(16) 
V Global Holdings, LLC(6) (7) (9)First Lien DebtS +5.75%11.22%12/22/20274,829 4,764 4,527 0.24 
V Global Holdings, LLC(6) (9) (16)First Lien DebtS +5.75%11.22%12/22/2025492 486 449 0.02 
20,959 20,603 1.11 
Commercial Services & Supplies
365 Retail Markets, LLC(6) (8)First Lien DebtS +4.75%10.20%12/23/202617,017 16,862 17,017 0.91 
365 Retail Markets, LLC(6) (8)First Lien DebtS +4.75%10.20%12/23/20265,460 5,421 5,460 0.29 
365 Retail Markets, LLC(6) (8) (16)First Lien DebtS +4.75%10.20%12/23/2026 (23)  
Atlas Us Finco, Inc.(6) (8) (11)First Lien DebtS +5.75%11.08%12/9/20298,993 8,811 8,959 0.48 
Atlas Us Finco, Inc.(6) (8) (11) (16)First Lien DebtS +5.75%11.08%12/9/2028 (4)  
BPG Holdings IV Corp.(6) (9)First Lien DebtS +6.00%11.34%7/29/202911,588 10,960 10,515 0.56 
Consor Intermediate II, LLC(6) (9)First Lien DebtS +4.75%10.09%5/12/20315,034 4,985 4,985 0.27 
9

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Consor Intermediate II, LLC(6) (9) (16)First Lien DebtS +4.75%10.09%5/12/2031 $(22)$(22) %
Consor Intermediate II, LLC(6) (9) (16)First Lien DebtS +4.75%10.09%5/12/2031 (12)(12) 
Encore Holdings, LLC(6) (9)First Lien DebtS +5.25%10.69%11/23/20281,822 1,799 1,810 0.10 
Encore Holdings, LLC(6) (9)First Lien DebtS +5.25%10.69%11/23/20288,545 8,384 8,392 0.45 
Encore Holdings, LLC(6) (16)First Lien DebtP +4.00%12.50%11/23/2027198 192 194 0.01 
Energy Labs Holdings Corp.(6) (8)First Lien DebtS +5.00%10.44%4/7/2028469 464 462 0.02 
Energy Labs Holdings Corp.(6) (8) (16)First Lien DebtS +5.00%10.44%4/7/202836 31 31  
Energy Labs Holdings Corp.(6) (8) (16)First Lien DebtS +5.00%10.44%4/7/2028 (3)(3) 
FLS Holding, Inc.(6) (8) (11)First Lien DebtS +5.25%10.74%12/15/202818,929 18,661 17,521 0.94 
FLS Holding, Inc.(6) (8) (11)First Lien DebtS +5.25%10.74%12/15/20284,438 4,373 4,108 0.22 
FLS Holding, Inc.(6) (8) (11) (16)First Lien DebtS +5.25%10.74%12/17/2027901 880 767 0.04 
Helios Service Partners, LLC(6) (8)First Lien DebtS +6.25%11.85%3/19/20276,824 6,690 6,824 0.37 
Helios Service Partners, LLC(6) (8) (16)First Lien DebtS +6.25%11.85%3/19/202710,473 10,238 10,473 0.56 
Helios Service Partners, LLC(6) (8) (16)First Lien DebtS +6.25%11.85%3/19/2027 (24)  
Hercules Borrower LLC(6) (9) (16)First Lien DebtS +5.25%10.69%12/15/2026480 455 455 0.02 
HSI Halo Acquisition, Inc(6) (9)First Lien DebtS +5.00%10.35%6/30/203113,587 13,451 13,451 0.72 
HSI Halo Acquisition, Inc(6) (9) (16)First Lien DebtS +5.00%10.35%6/30/2031 (16)(16) 
HSI Halo Acquisition, Inc(6) (9) (16)First Lien DebtS +5.00%10.35%6/28/2030 (22)(22) 
Iris Buyer, LLC(6) (8)First Lien DebtS +6.25%11.59%10/2/20306,973 6,795 6,910 0.37 
Iris Buyer, LLC(6) (8) (16)First Lien DebtS +6.25%11.59%10/2/2030657 636 648 0.03 
Iris Buyer, LLC(6) (8) (16)First Lien DebtS +6.25%11.59%10/2/2029 (24)(9) 
Helios Service Partners, LLC(6) (8) (16)First Lien DebtS +6.25%11.85%3/19/2027 (37)(31) 
PDFTron Systems, Inc.(6) (7) (8) (11)First Lien DebtS +5.50%10.83%7/15/202729,876 29,582 29,876 1.60 
PDFTron Systems, Inc.(6) (8) (11)First Lien DebtS +5.50%10.83%7/15/20279,678 9,562 9,678 0.52 
PDFTron Systems, Inc.(6) (8) (11) (16)First Lien DebtS +5.50%10.83%7/15/2026 (63)  
Procure Acquireco, Inc. (Procure Analytics)(6) (9)First Lien DebtS +5.00%10.50%12/20/20283,869 3,814 3,869 0.21 
Procure Acquireco, Inc. (Procure Analytics)(6) (9)First Lien DebtS +5.00%10.50%12/20/2028191 188 191 0.01 
Procure Acquireco, Inc. (Procure Analytics)(6) (9) (16)First Lien DebtS +5.00%10.50%12/20/2028 (3)  
Pye-Barker Fire & Safety, LLC(6) (9)First Lien DebtS +4.50%9.85%5/26/203126,325 26,325 26,325 1.41 
Pye-Barker Fire & Safety, LLC(6) (9) (16)First Lien DebtS +4.50%9.85%5/26/2031 (52)(52) 
Pye-Barker Fire & Safety, LLC(6) (9) (16)First Lien DebtS +4.50%9.85%5/24/2030456 420 420 0.02 
Sherlock Buyer Corp.(6) (8)First Lien DebtS +5.75%11.19%12/8/202810,894 10,740 10,894 0.59 
Sherlock Buyer Corp.(6) (8) (16)First Lien DebtS +5.75%11.19%12/8/2027 (15)  
Surewerx Purchaser III, Inc.(6) (9) (11)First Lien DebtS +5.25%10.59%12/28/20295,420 5,282 5,420 0.29 
Surewerx Purchaser III, Inc.(6) (9) (11)First Lien DebtS +5.25%10.59%12/28/2029C$256 186 186 0.01 
Surewerx Purchaser III, Inc.(6) (9) (11) (16)First Lien DebtS +5.25%10.59%12/28/2029 (18)  
10

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Surewerx Purchaser III, Inc.(6) (9) (11) (16)First Lien DebtS +5.25%10.59%12/28/2028469 $445 $445 0.02 %
Sweep Midco, LLC(6) (13)Second Lien Debt3/12/20364,872    
Sweep Midco, LLC(6) (13)Second Lien Debt3/12/20341,674 836 837 0.04 
Sweep Purchaser, LLC(6) (8)First Lien DebtS +
5.75% PIK
11.19%6/30/20275,835 5,835 5,835 0.31 
Sweep Purchaser, LLC(6) (8)First Lien DebtS +5.75%11.19%6/30/20273,179 3,179 3,179 0.17 
Sweep Purchaser, LLC(6) (8) (16)First Lien DebtS +5.75%11.19%6/30/2027    
Tamarack Intermediate, LLC(6) (9)First Lien DebtS +5.50%11.00%3/13/20287,055 6,964 6,932 0.37 
Tamarack Intermediate, LLC(6) (9)First Lien DebtS +5.50%11.00%3/13/2028598 585 587 0.03 
Tamarack Intermediate, LLC(6) (9) (16)First Lien DebtS +5.50%11.00%3/13/2028 (11)(18) 
United Flow Technologies Intermediate Holdco II, LLC(6) (8)First Lien DebtS +5.25%10.60%6/23/20318,910 8,777 8,777 0.47 
United Flow Technologies Intermediate Holdco II, LLC(6) (8) (16)First Lien DebtS +5.25%10.60%6/23/2031 (37)(37) 
United Flow Technologies Intermediate Holdco II, LLC(6) (8) (16)First Lien DebtS +5.25%10.60%6/21/203040 25 25  
US Infra Svcs Buyer, LLC(6) (7) (8)First Lien DebtS +
7.25% (incl. 4.75% PIK)
12.57%4/13/202713,497 13,373 12,248 0.66 
US Infra Svcs Buyer, LLC(6) (7) (8)First Lien DebtS +
7.25% (incl. 4.75% PIK)
12.57%4/13/20271,904 1,892 1,729 0.09 
US Infra Svcs Buyer, LLC(6) (8) (16)First Lien DebtS +
7.25% (incl. 4.75% PIK)
12.57%4/13/2027975 962 767 0.04 
Vensure Employer Services, Inc.(6) (9) (16)First Lien DebtS +5.25%10.58%4/1/20271,818 1,788 1,818 0.10 
VRC Companies, LLC(6) (8)First Lien DebtS +5.75%11.08%6/29/202772,629 71,996 72,629 3.90 
VRC Companies, LLC(6) (8) (16)First Lien DebtS +5.75%11.08%6/29/2027177 171 177 0.01 
VRC Companies, LLC(6) (8) (16)First Lien DebtS +5.75%11.08%6/29/2027 (12)  
322,617 321,604 17.27 
Construction & Engineering
Arcoro Holdings Corp.(6) (8)First Lien DebtS +5.50%10.84%3/28/203013,043 12,791 12,897 0.69 
Arcoro Holdings Corp.(6) (8) (16)First Lien DebtS +5.50%10.84%3/28/2030 (37)(22) 
KPSKY Acquisition, Inc.(6) (9)First Lien DebtS +5.50%10.93%10/19/202833,691 33,229 31,673 1.70 
KPSKY Acquisition, Inc.(6) (9)First Lien DebtS +5.50%10.93%10/19/20287,715 7,601 7,253 0.39 
LJ Avalon Holdings, LLC(6) (8)First Lien DebtS +5.25%10.74%2/1/20304,111 4,005 4,098 0.22 
LJ Avalon Holdings, LLC(6) (8) (16)First Lien DebtS +5.25%10.74%2/1/2030654 618 642 0.03 
LJ Avalon Holdings, LLC(6) (8) (16)First Lien DebtS +5.25%10.74%2/1/2029 (16)(2) 
Superman Holdings, LLC(6) (8)First Lien DebtS +5.75%11.09%8/31/20271,593 1,562 1,590 0.09 
Superman Holdings, LLC(6) (8) (16)First Lien DebtS +5.75%11.09%8/31/2027 (3)(1) 
59,750 58,128 3.12 
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.(6) (9)First Lien DebtS +5.25%10.83%2/3/203120,100 19,907 20,090 1.08 
11

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
PDI TA Holdings, Inc.(6) (9) (16)First Lien DebtS +5.25%10.83%2/3/20312,408 $2,360 $2,404 0.13 %
PDI TA Holdings, Inc.(6) (9) (16)First Lien DebtS +5.25%10.83%2/3/2031 (21)(1) 
22,246 22,493 1.21 
Containers & Packaging
BP Purchaser, LLC(6) (9)First Lien DebtS +5.50%11.11%12/11/202817,074 16,833 16,003 0.86 
FORTIS Solutions Group, LLC(6) (9)First Lien DebtS +5.50%10.94%10/13/202826,636 26,269 26,636 1.43 
FORTIS Solutions Group, LLC(6) (9)First Lien DebtS +5.50%10.94%10/13/2028253 247 253 0.01 
FORTIS Solutions Group, LLC(6) (9) (16)First Lien DebtS +5.50%10.94%10/15/2027540 510 540 0.03 
43,859 43,432 2.33 
Distributors
48Forty Solutions, LLC(6) (8)First Lien DebtS +6.00%11.43%11/30/202617,632 17,407 15,436 0.83 
48Forty Solutions, LLC(6) (8) (16)First Lien DebtS +6.00%11.43%11/30/20262,172 2,143 1,834 0.10 
ABB Concise Optical Group, LLC(6) (9)First Lien DebtS +7.50%12.99%2/23/202817,008 16,716 15,227 0.82 
Avalara, Inc.(6) (9)First Lien DebtS +7.25%12.59%10/19/202810,402 10,206 10,402 0.56 
Avalara, Inc.(6) (9) (16)First Lien DebtS +7.25%12.59%10/19/2028 (18)  
Bradyifs Holdings, LLC(6) (7) (8)First Lien DebtS +6.00%11.33%10/31/20297,406 7,270 7,392 0.40 
Bradyifs Holdings, LLC(6) (8) (16)First Lien DebtS +6.00%11.33%10/31/2029507 495 505 0.03 
Bradyifs Holdings, LLC(6) (8) (16)First Lien DebtS +6.00%11.33%10/31/2029 (11)(1) 
PT Intermediate Holdings III, LLC(6) (9)First Lien DebtS +
5.00% (incl. 1.75% PIK)
10.33%4/9/203040,872 40,490 40,490 2.17 
PT Intermediate Holdings III, LLC(6) (9) (16)First Lien DebtS +
5.00% (incl. 1.75% PIK)
10.33%4/9/2030 (5)(5) 
94,693 91,280 4.90 
Diversified Consumer Services
Any Hour, LLC(6) (7)First Lien DebtS +5.00%10.33%5/23/203023,723 23,372 23,372 1.26 
Any Hour, LLC(6) (16)First Lien DebtS +5.00%10.33%5/23/2030 (51)(51) 
Any Hour, LLC(6) (16)First Lien DebtS +5.00%10.33%5/23/2030450 399 399 0.02 
Any Hour, LLC(6)Other Debt
13.00% PIK
13.00%5/23/20315,964 5,847 5,847 0.31 
Apex Service Partners, LLC(6) (7) (8)First Lien DebtS +
7.00% (incl. 2.00% PIK)
12.33%10/24/203032,130 31,565 31,944 1.72 
Apex Service Partners, LLC(6) (8) (16)First Lien DebtS +
7.00% (incl. 2.00% PIK)
12.33%10/24/20306,852 6,702 6,808 0.37 
Apex Service Partners, LLC(6) (8) (16)First Lien DebtS +
7.00% (incl. 2.00% PIK)
12.33%10/24/20291,134 1,091 1,119 0.06 
Assembly Intermediate, LLC(6) (8)First Lien DebtS +5.25%10.59%10/19/202720,741 20,483 19,756 1.06 
Assembly Intermediate, LLC(6) (8) (16)First Lien DebtS +5.25%10.59%10/19/20273,630 3,575 3,383 0.18 
Assembly Intermediate, LLC(6) (8) (16)First Lien DebtS +5.25%10.59%10/19/2027 (23)(98)(0.01)
Essential Services Holding Corporation(6) (9)First Lien DebtS +5.00%10.33%6/17/203117,245 17,073 17,073 0.92 
12

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Essential Services Holding Corporation(6) (9) (16)First Lien DebtS +5.00%10.33%6/17/2031 $(24)$(24) %
Essential Services Holding Corporation(6) (9) (16)First Lien DebtS +5.00%10.33%6/17/2031 (30)(30) 
EVDR Purchaser, Inc.(6) (9)First Lien DebtS +5.50%10.84%2/14/203120,531 20,136 20,478 1.10 
EVDR Purchaser, Inc.(6) (9) (16)First Lien DebtS +5.50%10.84%2/14/2031 (56)(15) 
EVDR Purchaser, Inc.(6) (9) (16)First Lien DebtS +5.50%10.84%2/14/2030412 345 403 0.02 
FPG Intermediate Holdco, LLC(6) (8) (14)First Lien DebtS +
6.75% (incl. 4.00% PIK)
12.10%3/5/2027428 422 391 0.02 
Heartland Home Services(6) (9)First Lien DebtS +5.75%11.18%12/15/20261,936 1,927 1,819 0.10 
Lightspeed Solution, LLC(6) (9)First Lien DebtS +
6.50% (incl. 2.17% PIK)
11.85%3/1/20288,040 7,937 8,040 0.43 
Lightspeed Solution, LLC(6) (9)First Lien DebtS +
6.50% (incl. 2.17% PIK)
11.85%3/1/2028530 523 530 0.03 
LUV Car Wash Group, LLC(6) (8)First Lien DebtS +7.00%12.45%12/9/2026890 886 890 0.05 
Magnolia Wash Holdings(6) (8)First Lien DebtS +6.50%12.06%7/14/20283,263 3,214 2,970 0.16 
Magnolia Wash Holdings(6) (8)First Lien DebtS +6.50%12.06%7/14/2028695 685 633 0.03 
Magnolia Wash Holdings(6) (8) (16)First Lien DebtS +6.50%12.06%7/14/202887 85 73  
Project Accelerate Parent, LLC(6) (9)First Lien DebtS +5.25%10.54%2/24/20318,750 8,666 8,679 0.47 
Project Accelerate Parent, LLC(6) (9) (16)First Lien DebtS +5.25%10.54%2/24/2031 (12)(10) 
Spotless Brands, LLC(6) (8)First Lien DebtS +6.50%11.97%7/25/20284,480 4,413 4,480 0.24 
Spotless Brands, LLC(6) (8)First Lien DebtS +6.50%11.98%7/25/2028848 836 848 0.05 
Spotless Brands, LLC(6) (8) (16)First Lien DebtS +6.50%11.98%7/25/202858 56 58  
Vertex Service Partners, LLC(6) (7) (9)First Lien DebtS +5.50%10.82%11/8/20301,769 1,728 1,747 0.09 
Vertex Service Partners, LLC(6) (9) (16)First Lien DebtS +5.50%10.82%11/8/20302,451 2,383 2,408 0.13 
Vertex Service Partners, LLC(6) (9) (16)First Lien DebtS +5.50%10.82%11/8/203066 55 60  
164,208 163,980 8.81 
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC(6) (9)First Lien DebtS +6.00%11.48%7/6/20286,006 5,921 4,547 0.24 
Abracon Group Holdings, LLC(6) (9) (16)First Lien DebtS +6.00%11.48%7/6/2028 (7)(107)(0.01)
Abracon Group Holdings, LLC(6) (9)First Lien DebtS +6.00%11.48%7/6/2028401 396 304 0.02 
Dwyer Instruments, Inc.(6) (9)First Lien DebtS +5.75%11.19%7/21/202710,471 10,322 10,430 0.56 
Dwyer Instruments, Inc.(6) (9) (16)First Lien DebtS +5.75%11.19%7/21/20272,012 1,958 1,989 0.11 
Dwyer Instruments, Inc.(6) (9) (16)First Lien DebtS +5.75%11.19%7/21/2027 (12)(3) 
Infinite Bidco, LLC(6) (10)First Lien DebtS +6.25%11.84%3/2/202812,298 12,012 12,298 0.66 
Infinite Bidco, LLC(10)Second Lien DebtS +7.00%12.59%3/2/202925,500 25,450 21,377 1.15 
Magneto Components Buyco, LLC(6) (7) (9)First Lien DebtS +6.00%11.34%12/5/203015,264 15,000 15,157 0.81 
Magneto Components Buyco, LLC(6) (9) (16)First Lien DebtS +6.00%11.34%12/5/2030 (25)(21) 
Magneto Components Buyco, LLC(6) (9) (16)First Lien DebtS +6.00%11.34%12/5/2029 (42)(18) 
13

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
$70,973 $65,953 3.54 %
Energy Equipment & Services
QBS Parent, Inc.(6)Second Lien DebtS +8.50%13.99%9/21/202615,000 14,876 15,000 0.81 
14,876 15,000 0.81 
Financial Services
Applitools, Inc.(6) (9) (11)First Lien DebtS +
6.25% PIK
11.59%5/25/20293,799 3,759 3,754 0.20 
Applitools, Inc.(6) (9) (11) (16)First Lien DebtS +6.25%11.58%5/25/2028 (6)(5) 
Cerity Partners, LLC(6) (9)First Lien DebtS +5.25%10.60%7/30/20294,731 4,612 4,731 0.25 
Cerity Partners, LLC(6) (9) (16)First Lien DebtS +5.25%10.60%7/30/20296,680 6,506 6,660 0.36 
Cerity Partners, LLC(6) (9) (16)First Lien DebtS +5.25%10.60%7/30/2029 (2)(2) 
GC Waves Holdings, Inc.(6) (9)First Lien DebtS +5.25%10.69%8/10/20292,290 2,250 2,279 0.12 
GC Waves Holdings, Inc.(6) (9)First Lien DebtS +5.25%10.69%8/10/20292,172 2,031 2,139 0.11 
GC Waves Holdings, Inc.(6) (9) (16)First Lien DebtS +5.25%10.69%8/10/2029 (6)(2) 
RFS Opco LLC(6) (10)First Lien DebtS +5.00%10.34%4/4/203114,500 14,359 14,358 0.77 
RFS Opco LLC(6) (10) (16)First Lien DebtS +4.00%9.34%4/4/2029 (5)(5) 
SitusAMC Holdings Corp.(6) (9)First Lien DebtS +5.50%10.94%12/22/20273,346 3,323 3,346 0.18 
Smarsh, Inc.(6) (9)First Lien DebtS +5.75%11.09%2/16/20294,286 4,223 4,286 0.23 
Smarsh, Inc.(6) (9) (16)First Lien DebtS +5.75%11.09%2/16/2029536 524 536 0.03 
Smarsh, Inc.(6) (9) (16)First Lien DebtS +5.75%11.09%2/16/2029128 125 128 0.01 
Trintech, Inc.(6) (7) (8)First Lien DebtS +5.50%10.84%7/25/202933,915 33,316 33,196 1.78 
Trintech, Inc.(6) (8) (16)First Lien DebtS +5.50%10.84%7/25/2029837 787 775 0.04 
75,796 76,174 4.09 
Food Products
AMCP Pet Holdings, Inc. (Brightpet)(6) (8)First Lien DebtS +
7.00% (incl. 0.75% PIK)
12.33%10/5/202641,708 41,078 41,141 2.21 
AMCP Pet Holdings, Inc. (Brightpet)(6) (8)First Lien DebtS +
7.00% (incl. 0.75% PIK)
12.33%10/5/20265,855 5,787 5,775 0.31 
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(6) (15)Other Debt
16.25% PIK
16.25%6/18/20261,500 1,500 689 0.04 
Nellson Nutraceutical, Inc.(6) (7) (8)First Lien DebtS +5.75%11.20%12/23/202518,353 18,236 18,353 0.99 
Teasdale Foods, Inc. (Teasdale Latin Foods)(6) (8)First Lien DebtS +
7.25% (incl. 1.00% PIK)
12.69%12/18/202510,835 10,763 10,300 0.55 
77,364 76,258 4.10 
Ground Transportation
SV Newco 2 Inc(6) (9) (11)First Lien DebtS +4.75%10.10%6/2/203122,910 22,569 22,569 1.21 
SV Newco 2 Inc(6) (9) (11) (16)First Lien DebtS +4.75%10.10%6/2/2031 (106)(106)(0.01)
SV Newco 2 Inc(6) (9) (11) (16)First Lien DebtS +4.75%10.10%6/2/2031 (127)(127)(0.01)
22,336 22,336 1.20 
14

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Health Care Equipment & Supplies
Performance Health & Wellness(6) (7) (8)First Lien DebtS +5.75%11.11%7/12/20279,397 $9,290 $9,397 0.50 %
PerkinElmer U.S., LLC(6) (7) (8)First Lien DebtS +5.00%10.34%3/13/20294,363 4,256 4,297 0.23 
PerkinElmer U.S., LLC(6) (8) (16)First Lien DebtS +5.00%10.34%3/13/2029 (20)(20) 
Tidi Legacy Products, Inc.(6) (8)First Lien DebtS +5.50%10.84%12/19/20291,867 1,832 1,859 0.10 
Tidi Legacy Products, Inc.(6) (8) (16)First Lien DebtS +5.50%10.84%12/19/2029 (5)(2) 
Tidi Legacy Products, Inc.(6) (8) (16)First Lien DebtS +5.50%10.84%12/19/2029 (6)(1) 
YI, LLC(6) (7) (8)First Lien DebtS +5.75%11.08%12/3/20295,625 5,521 5,618 0.30 
YI, LLC(6) (8) (16)First Lien DebtS +5.75%11.08%12/3/2029 (11)(2) 
YI, LLC(6) (8) (16)First Lien DebtS +5.75%11.08%12/3/2029 (16)(1) 
20,841 21,145 1.14 
Health Care Providers & Services
Advarra Holdings, Inc.(6) (10)First Lien DebtS +5.25%10.60%8/24/2029452 445 452 0.02 
Advarra Holdings, Inc.(6) (10) (16)First Lien DebtS +5.25%10.60%8/24/2029    
DCA Investment Holdings, LLC(6) (9)First Lien DebtS +6.50%11.80%4/3/202820,392 20,102 20,189 1.08 
DCA Investment Holdings, LLC(6) (9)First Lien DebtS +6.50%11.80%4/3/20281,793 1,753 1,775 0.10 
Gateway US Holdings, Inc.(6) (9) (11)First Lien DebtS +5.50%10.99%9/22/2026746 742 746 0.04 
Gateway US Holdings, Inc.(6) (9) (11)First Lien DebtS +5.50%10.99%9/22/2026210 210 210 0.01 
Gateway US Holdings, Inc.(6) (9) (11) (16)First Lien DebtS +5.50%10.99%9/22/2026    
Heartland Veterinary Partners, LLC(6) (8)First Lien DebtS +4.75%10.19%12/10/20261,838 1,828 1,838 0.10 
Heartland Veterinary Partners, LLC(6) (8)First Lien DebtS +4.75%10.19%12/10/20264,161 4,141 4,161 0.22 
Heartland Veterinary Partners, LLC(6) (8) (16)First Lien DebtS +4.75%10.19%12/10/2026 (2)  
Heartland Veterinary Partners, LLC(6) (8)Second Lien Debt
14.50% (incl. 7.00% PIK)
14.50%12/10/20274,030 3,978 4,018 0.22 
Heartland Veterinary Partners, LLC(6) (8)Second Lien Debt
14.50% (incl. 7.00% PIK)
14.50%12/10/20271,567 1,546 1,563 0.08 
iCIMS, Inc.(6) (9)First Lien DebtS +
7.25% (incl. 3.38% PIK)
12.58%8/18/20287,073 6,981 7,073 0.38 
iCIMS, Inc.(6) (9) (16)First Lien DebtS +
7.25% (incl. 3.38% PIK)
12.58%8/18/2028 (1)  
iCIMS, Inc.(6) (9) (16)First Lien DebtS +
7.25% (incl. 3.38% PIK)
12.58%8/18/20284 4 4  
Intelerad Medical Systems Incorporated(6) (8) (11)First Lien DebtS +6.50%11.98%8/21/2026493 484 468 0.03 
Intelerad Medical Systems Incorporated(6) (8) (11)First Lien DebtS +6.50%11.98%8/21/202634 33 32  
Invictus Buyer, LLC(6) (9)First Lien DebtS +5.00%10.34%6/3/20314,050 4,010 4,010 0.22 
Invictus Buyer, LLC(6) (9) (16)First Lien DebtS +5.00%10.34%6/3/2031 (8)(8) 
Invictus Buyer, LLC(6) (9) (16)First Lien DebtS +5.00%10.34%6/3/2031 (6)(6) 
15

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
mPulse Mobile, Inc.(6) (9)First Lien DebtS +6.50%11.94%12/17/202712,050 $11,895 $11,997 0.64 %
mPulse Mobile, Inc.(6) (9)First Lien DebtS +6.50%11.94%12/17/202720,029 19,596 19,721 1.06 
mPulse Mobile, Inc.(6) (9) (16)First Lien DebtS +6.50%11.94%12/17/2027934 881 897 0.05 
Pareto Health Intermediate Holdings, Inc.(6) (8)First Lien DebtS +6.25%11.59%5/31/20306,712 6,592 6,712 0.36 
Pareto Health Intermediate Holdings, Inc.(6) (8) (16)First Lien DebtS +6.25%11.59%5/31/2029 (13)  
PPV Intermediate Holdings, LLC(6) (9)First Lien DebtS +5.75%11.10%8/31/20294,357 4,209 4,344 0.23 
PPV Intermediate Holdings, LLC(6) (9) (16)First Lien DebtS +5.75%11.10%8/31/20297,545 7,443 7,545 0.41 
Promptcare Infusion Buyer, Inc(6) (8) (16)First Lien DebtS +6.00%11.44%9/1/20271,389 1,349 1,349 0.07 
Promptcare Infusion Buyer, Inc.(6) (8)First Lien DebtS +6.00%11.44%9/1/20278,935 8,829 8,888 0.48 
Promptcare Infusion Buyer, Inc.(6) (8)First Lien DebtS +6.00%11.44%9/1/20271,392 1,380 1,384 0.07 
Stepping Stones Healthcare Services, LLC(6) (9)First Lien DebtS +5.00%10.34%1/2/20294,277 4,231 4,277 0.23 
Stepping Stones Healthcare Services, LLC(6) (9) (16)First Lien DebtS +5.00%10.34%1/2/2029960 940 951 0.05 
Stepping Stones Healthcare Services, LLC(6) (9) (16)First Lien DebtS +5.00%10.34%12/30/2026 (5)  
Suveto(6) (9)First Lien DebtS +4.25%9.69%9/9/202711,776 11,702 11,429 0.61 
Suveto(6) (9) (16)First Lien DebtS +4.25%9.69%9/9/2027681 669 642 0.03 
Tivity Health, Inc.(6) (9)First Lien DebtS +6.00%11.34%6/28/20293,655 3,612 3,655 0.20 
Vardiman Black Holdings, LLC(6) (10)First Lien DebtS +
7.00% (incl. 2.00% PIK)
12.43%3/18/20275,560 5,560 5,560 0.30 
Vardiman Black Holdings, LLC(6) (10) (14) (16)First Lien DebtS +
7.00% (incl. 2.00% PIK)
12.43%3/18/2027465 447 445 0.02 
Vermont Aus Pty Ltd.(6) (9) (11)First Lien DebtS +5.50%10.99%3/23/20288,309 8,163 8,260 0.44 
143,720 144,581 7.76 
Health Care Technology
Hyland Software, Inc.(6) (7) (9)First Lien DebtS +6.00%11.34%9/19/203039,457 38,912 39,457 2.12 
Hyland Software, Inc.(6) (9) (16)First Lien DebtS +6.00%11.34%9/19/2029 (24)  
Lightspeed Buyer, Inc.(6) (8)First Lien DebtS +5.25%10.70%2/3/202611,837 11,719 11,837 0.64 
Lightspeed Buyer, Inc.(6) (8)First Lien DebtS +5.25%10.70%2/3/20269,860 9,754 9,860 0.53 
60,361 61,154 3.28 
Industrial Conglomerates
Aptean, Inc.(6) (7) (9)First Lien DebtS +5.25%10.59%01/30/203110,611 10,509 10,566 0.57 
Aptean, Inc.(6) (9) (16)First Lien DebtS +5.25%10.59%01/30/203193 84 85  
Aptean, Inc.(6) (9) (16)First Lien DebtS +5.25%10.59%01/30/2031 (9)(4) 
Excelitas Technologies Corp.(6) (9)First Lien DebtS +5.25%10.59%8/13/20291,298 1,277 1,281 0.07 
Excelitas Technologies Corp.(6) (9)First Lien DebtE +5.25%8.97%8/13/2029238 243 252 0.01 
Excelitas Technologies Corp.(6) (9) (16)First Lien DebtS +5.25%10.59%8/13/2029 (15)(16) 
Excelitas Technologies Corp.(6) (9) (16)First Lien DebtS +5.25%10.59%8/14/2028 (2)(2) 
Raptor Merger Sub Debt, LLC(6) (7) (9)First Lien DebtS +5.50%10.84%4/1/202932,070 31,300 32,070 1.72 
16

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Raptor Merger Sub Debt, LLC(6) (9) (16)First Lien DebtS +5.50%10.84%4/1/2029570 $510 $570 0.03 %
43,897 44,802 2.41 
Insurance Services
Amerilife Holdings, LLC(6) (9)First Lien DebtS +5.75%11.08%8/31/20292,014 1,982 2,014 0.11 
Amerilife Holdings, LLC(6) (9) (16)First Lien DebtS +5.75%11.08%8/31/2029866 846 860 0.05 
Amerilife Holdings, LLC(6) (9) (16)First Lien DebtS +5.75%11.08%8/31/2028 (6)  
Fetch Insurance Services, LLC(6)Other Debt
12.75% (incl. 3.75% PIK)
12.75%10/31/20271,990 1,951 1,931 0.10 
Foundation Risk Partners Corp.(6) (9)First Lien DebtS +5.25%10.59%10/29/203042,317 41,819 42,317 2.27 
Foundation Risk Partners Corp.(6) (9) (16)First Lien DebtS +5.25%10.59%10/29/20309,203 9,068 9,175 0.49 
Foundation Risk Partners Corp.(6) (9) (16)First Lien DebtS +5.25%10.59%10/29/2029 (67)  
Galway Borrower, LLC(6) (9)First Lien DebtS +5.25%10.78%9/29/202833,207 32,753 32,742 1.76 
Galway Borrower, LLC(6) (9) (16)First Lien DebtS +5.25%10.78%9/29/2028 (19)(42) 
Galway Borrower, LLC(6) (9) (16)First Lien DebtS +5.25%10.78%9/29/2028304 275 273 0.01 
Higginbotham Insurance Agency, Inc.(6) (7) (8)First Lien DebtS +5.50%10.94%11/24/202818,202 18,039 18,202 0.98 
Higginbotham Insurance Agency, Inc.(6) (8) (16)First Lien DebtS +5.50%10.94%11/24/20284,616 4,541 4,580 0.25 
High Street Buyer, Inc.(6) (7) (9)First Lien DebtS +5.25%10.59%4/14/20289,840 9,718 9,832 0.53 
High Street Buyer, Inc.(6) (9) (16)First Lien DebtS +5.25%10.59%4/14/202839,516 38,925 39,436 2.12 
High Street Buyer, Inc.(6) (9) (16)First Lien DebtS +5.25%10.59%4/16/2027 (20)(2) 
Long Term Care Group, Inc(6) (9) (14)First Lien DebtS +
7.00% (incl. 5.00% PIK)
11.59%9/8/20275,262 5,199 4,453 0.24 
Inszone Mid, LLC(6) (8)First Lien DebtS +5.75%11.10%11/12/20294,449 4,366 4,410 0.24 
Inszone Mid, LLC(6) (8) (16)First Lien DebtS +5.75%11.10%11/12/20292,324 2,243 2,267 0.12 
Inszone Mid, LLC(6) (8) (16)First Lien DebtS +5.75%11.10%11/12/2029 (15)(7) 
Integrity Marketing Acquisition, LLC(6) (7) (9)First Lien DebtS +6.00%11.35%8/27/2026390 384 388 0.02 
Integrity Marketing Acquisition, LLC(6) (9)First Lien DebtS +6.00%11.35%8/27/202684,915 84,369 84,517 4.54 
Integrity Marketing Acquisition, LLC(6) (9) (16)First Lien DebtS +6.00%11.35%8/27/2026 (2)  
Keystone Agency Investors(6) (8)First Lien DebtS +5.50%10.99%5/3/20273,462 3,429 3,448 0.19 
Keystone Agency Investors(6) (8)First Lien DebtS +5.50%10.99%5/3/20273,986 3,951 3,970 0.21 
Majesco(6) (7) (8)First Lien DebtS +4.75%10.09%9/21/202833,730 33,195 33,318 1.79 
Majesco(6) (8) (16)First Lien DebtS +4.75%10.09%9/21/2027 (17)(19) 
Patriot Growth Insurance Services, LLC(6) (7) (9)First Lien DebtS +5.50%10.99%10/16/202862,040 61,184 62,040 3.33 
Patriot Growth Insurance Services, LLC(6) (9) (16)First Lien DebtS +5.50%10.99%10/16/2028 (55)  
Peter C. Foy & Associates Insurance Services, LLC(6) (9)First Lien DebtS +5.50%10.99%11/1/202820,101 19,941 20,097 1.08 
Peter C. Foy & Associates Insurance Services, LLC(6) (9) (16)First Lien DebtS +5.50%10.99%11/1/20287,450 7,379 7,438 0.40 
Peter C. Foy & Associates Insurance Services, LLC(6) (9) (16)First Lien DebtS +5.50%10.99%11/1/2027 (5)  
17

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
RSC Acquisition, Inc.(6) (9)First Lien DebtS +5.50%10.98%11/1/202932,296 $31,917 $32,296 1.73 %
RSC Acquisition, Inc.(6) (9) (16)First Lien DebtS +5.50%10.98%11/1/20293,693 3,668 3,693 0.20 
Summit Acquisition, Inc.(6) (7) (9)First Lien DebtS +6.75%12.09%5/1/20307,334 7,139 7,334 0.39 
Summit Acquisition, Inc.(6) (9) (16)First Lien DebtS +6.75%12.09%5/1/2030 (20)  
Summit Acquisition, Inc.(6) (9) (16)First Lien DebtS +6.75%12.09%5/1/2029 (20)  
World Insurance Associates, LLC(6) (7) (8)First Lien DebtS +6.00%11.36%4/3/202867,008 65,687 66,792 3.59 
World Insurance Associates, LLC(6) (8) (16)First Lien DebtS +6.00%11.36%4/3/2028 (9)(23) 
493,713 497,730 26.73 
Interactive Media & Services
FMG Suite Holdings, LLC(6) (8)First Lien DebtS +5.50%10.79%10/30/202623,564 23,307 23,327 1.25 
FMG Suite Holdings, LLC(6) (8)First Lien DebtS +5.50%10.79%10/30/20264,557 4,518 4,506 0.24 
FMG Suite Holdings, LLC(6) (8) (16)First Lien DebtS +5.50%10.79%10/30/2026 (20)(26) 
Spectrio, LLC(6) (7) (8)First Lien DebtS +6.00%11.35%12/9/202631,885 31,630 30,278 1.63 
Spectrio, LLC(6) (8)First Lien DebtS +6.00%11.35%12/9/202612,862 12,828 12,214 0.66 
Spectrio, LLC(6) (8) (16)First Lien DebtS +6.00%11.35%12/9/20263,543 3,511 3,339 0.18 
Triple Lift, Inc.(6) (7) (9)First Lien DebtS +5.75%11.24%5/5/202827,160 26,822 25,289 1.36 
Triple Lift, Inc.(6) (9) (16)First Lien DebtS +5.75%11.24%5/5/20281,533 1,489 1,258 0.07 
104,085 100,185 5.38 
IT Services
Atlas Purchaser, Inc. (7) (9)First Lien DebtS +
7.50% (incl. 6.50% PIK)
12.96%5/5/20282,426 2,426 1,941 0.10 
Atlas Purchaser, Inc. (7) (9)First Lien DebtS +
7.50% (incl. 5.50% PIK)
12.96%5/5/20285,646 5,646 3,388 0.18 
Catalis Intermediate, Inc.(6) (7) (9)First Lien DebtS +5.50%10.99%8/4/202739,155 38,587 37,902 2.04 
Catalis Intermediate, Inc.(6) (9)First Lien DebtS +5.50%10.99%8/4/20278,810 8,694 8,528 0.46 
Catalis Intermediate, Inc.(6) (9) (16)First Lien DebtS +5.50%10.99%8/4/20271,460 1,405 1,324 0.07 
Donuts, Inc.(6) (8)First Lien DebtS +5.25%10.78%12/29/202724,727 24,515 24,631 1.32 
GI DI Cornfield Acquisition LLC(6)First Lien DebtS +4.50%9.94%3/9/202830,393 29,946 29,946 1.61 
GI DI Cornfield Acquisition LLC(6) (16)First Lien DebtS +4.50%9.94%3/9/2028 (115)(115)(0.01)
Help/Systems Holdings, Inc.(9)Second Lien DebtS +6.75%12.20%11/19/202717,500 17,500 14,481 0.78 
Idera, Inc.(6) (9)Second Lien DebtS +6.75%12.23%3/2/20292,607 2,594 2,607 0.14 
Recovery Point Systems, Inc.(6) (7) (8)First Lien DebtS +5.75%11.20%8/12/202640,425 40,090 40,425 2.17 
Recovery Point Systems, Inc.(6) (8) (16)First Lien DebtS +5.75%11.20%8/12/2026 (28)  
Red Dawn SEI Buyer, Inc.(6) (8)Second Lien DebtS +8.50%13.94%11/20/202619,000 18,767 19,000 1.02 
Redwood Services Group, LLC(6) (9)First Lien DebtS +6.25%11.69%6/15/202910,774 10,673 10,774 0.58 
Redwood Services Group, LLC(6) (9) (16)First Lien DebtS +6.25%11.69%6/15/20296,389 6,283 6,364 0.34 
18

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Syntax Systems, Ltd.(6) (9) (11)First Lien DebtS +5.00%10.44%10/29/202837,591 $37,338 $37,452 2.01 %
Thrive Buyer, Inc. (Thrive Networks)(6) (8)First Lien DebtS +6.00%11.54%1/22/202722,819 22,561 22,639 1.22 
Thrive Buyer, Inc. (Thrive Networks)(6) (8)First Lien DebtS +6.00%11.54%1/22/202716,826 16,649 16,676 0.90 
Thrive Buyer, Inc. (Thrive Networks)(6) (8) (16)First Lien DebtP +6.00%14.50%1/22/2027661 643 643 0.03 
UpStack, Inc.(6) (8)First Lien DebtS +6.00%11.28%8/20/20278,208 8,089 8,126 0.44 
UpStack, Inc.(6) (8)First Lien DebtS +6.00%11.28%8/20/202711,372 11,124 11,243 0.60 
UpStack, Inc.(6) (8) (16)First Lien DebtS +6.00%11.28%8/20/2027569 556 560 0.03 
303,943 298,535 16.03 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(6) (7) (8)First Lien DebtS +5.00%10.46%11/16/202617,180 17,097 17,180 0.92 
GSM Acquisition Corp. (GSM Outdoors)(6) (8)First Lien DebtS +5.00%10.46%11/16/20264,421 4,394 4,421 0.24 
GSM Acquisition Corp. (GSM Outdoors)(6) (8) (16)First Lien DebtS +5.00%10.46%11/16/2026 (24)  
21,467 21,601 1.16 
Life Sciences Tools & Services
Model N, Inc.(6) (9)First Lien DebtS +5.00%10.34%6/27/203114,017 13,877 13,877 0.75 
Model N, Inc.(6) (9) (16)First Lien DebtS +5.00%10.34%6/27/2031 (18)(18) 
Model N, Inc.(6) (9) (16)First Lien DebtS +5.00%10.34%6/27/2031 (20)(20) 
13,839 13,839 0.74 
Machinery
Answer Acquisition, LLC(6) (8)First Lien DebtS +6.00%11.49%12/30/20262,326 2,281 2,281 0.12 
Answer Acquisition, LLC(6) (8)First Lien DebtS +6.00%11.49%12/30/202611,136 11,012 11,082 0.60 
Answer Acquisition, LLC(6) (8) (16)First Lien DebtS +6.00%11.49%12/30/2026 (14)(6) 
Chase Intermediate, LLC(6) (16)First Lien DebtS +5.25%10.07%10/30/2028159 69 21  
Chase Intermediate, LLC(6) (16)First Lien DebtS +5.25%10.07%10/30/2028 (9)(5) 
Komline Sanderson Engineering Corp.(6) (7) (10)First Lien DebtS +6.00%11.60%3/17/202616,705 16,632 16,705 0.90 
Komline Sanderson Engineering Corp.(6) (10)First Lien DebtS +6.00%11.60%3/17/202618,913 18,820 18,913 1.02 
Komline Sanderson Engineering Corp.(6) (16)First Lien DebtP +5.00%13.50%3/17/20261,993 1,977 1,993 0.11 
MHE Intermediate Holdings, LLC(6) (7) (8)First Lien DebtS +6.00%11.54%7/21/202718,149 17,931 18,149 0.97 
MHE Intermediate Holdings, LLC(6) (8)First Lien DebtS +6.00%11.54%7/21/20273,655 3,611 3,655 0.20 
MHE Intermediate Holdings, LLC(6) (8) (16)First Lien DebtS +6.00%11.54%7/21/2027 (25)  
72,285 72,788 3.91 
Multi-Utilities
AWP Group Holdings, Inc.(6) (7) (8)First Lien DebtS +5.50%10.94%12/24/20296,121 5,901 6,121 0.33 
AWP Group Holdings, Inc.(6) (8) (16)First Lien DebtS +5.50%10.94%12/24/2029821 806 821 0.04 
AWP Group Holdings, Inc.(6) (8) (16)First Lien DebtS +5.50%10.94%12/24/2029371 357 371 0.02 
Ground Penetrating Radar Systems, LLC,(6) (7) (8)First Lien DebtS +5.75%11.05%4/2/203120,512 20,211 20,211 1.09 
19

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Ground Penetrating Radar Systems, LLC,(6) (8) (16)First Lien DebtS +5.75%11.05%4/2/2031 $(56)$(56) %
Ground Penetrating Radar Systems, LLC,(6) (8) (16)First Lien DebtS +5.75%11.05%4/2/2031 (38)(38) 
Vessco Midco Holdings, LLC(6) (7) (8)First Lien DebtS +4.50%9.94%11/2/20262,673 2,662 2,673 0.14 
Vessco Midco Holdings, LLC(6) (8)First Lien DebtS +4.50%9.94%11/2/20261,742 1,734 1,742 0.09 
Vessco Midco Holdings, LLC(6) (16)First Lien DebtP +3.50%12.00%10/18/2026 (2)  
31,575 31,845 1.71 
Pharmaceuticals
Caerus US 1, Inc.(6) (9) (11)First Lien DebtS +5.00%10.34%5/25/202910,982 10,805 10,491 0.56 
Caerus US 1, Inc.(6) (9) (11) (16)First Lien DebtS +5.00%10.34%5/25/2029709 691 638 0.03 
Caerus US 1, Inc.(6) (9) (11) (16)First Lien DebtS +5.00%10.34%5/25/2029234 217 182 0.01 
11,713 11,311 0.61 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(6) (7) (8)First Lien DebtS +6.25%11.17%3/10/20279,130 9,024 8,730 0.47 
Abacus Data Holdings, Inc. (AbacusNext)(6) (8) (16)First Lien DebtS +6.25%11.17%3/10/2027 (15)(61) 
Bridgepointe Technologies, LLC(6) (8)First Lien DebtS +6.50%11.99%12/31/202717,143 16,692 17,143 0.92 
Bridgepointe Technologies, LLC(6) (8) (16)First Lien DebtS +6.50%11.99%12/31/202712,014 11,563 12,014 0.65 
Bullhorn, Inc.(6) (8)First Lien DebtS +5.00%10.34%10/1/202915,407 15,305 15,403 0.83 
Bullhorn, Inc.(6) (8)First Lien DebtS +5.00%10.34%10/1/20291,832 1,821 1,822 0.10 
Bullhorn, Inc.(6) (8) (16)First Lien DebtS +5.00%10.34%10/1/2029 (6)  
Citrin Cooperman Advisors, LLC(6) (9)First Lien DebtS +5.00%10.31%10/1/202724,384 24,045 24,214 1.30 
Citrin Cooperman Advisors, LLC(6) (9)First Lien DebtS +5.00%10.31%10/1/202711,560 11,349 11,432 0.61 
GPS Merger Sub, LLC(6) (7) (8)First Lien DebtS +6.00%11.33%10/2/20294,902 4,813 4,875 0.26 
GPS Merger Sub, LLC(6) (8) (16)First Lien DebtS +6.00%11.33%10/2/2029 (11)(7) 
GPS Merger Sub, LLC(6) (8) (16)First Lien DebtS +6.00%11.33%10/2/2029 (18)(6) 
KENG Acquisition, Inc.(6) (8)First Lien DebtS +6.00%11.34%8/1/20293,205 3,133 3,196 0.17 
KENG Acquisition, Inc.(6) (8) (16)First Lien DebtS +6.00%11.34%8/1/2029576 543 569 0.03 
KENG Acquisition, Inc.(6) (8) (16)First Lien DebtS +6.00%11.34%8/1/2029 (19)(2) 
KWOR Acquisition, Inc.(6) (8)First Lien DebtS +5.25%10.75%12/22/20285,306 5,230 5,210 0.28 
KWOR Acquisition, Inc.(6) (8)First Lien DebtS +5.25%10.75%12/22/20281,295 1,275 1,271 0.07 
KWOR Acquisition, Inc.(6) (16)First Lien DebtP +4.25%12.75%12/22/202794 93 92  
Project Boost Purchaser, LLC(6) (9)First Lien DebtS +5.25%10.60%5/2/20295,639 5,598 5,639 0.30 
Project Boost Purchaser, LLC(6) (9) (16)First Lien DebtS +5.25%10.60%5/2/202952 50 52  
Verdantas LLC(6) (9)First Lien DebtS +5.25%10.58%5/6/203116,491 16,248 16,248 0.87 
Verdantas LLC(6) (9) (16)First Lien DebtS +5.25%10.58%5/6/2031 (86)(86) 
Verdantas LLC(6) (9) (16)First Lien DebtS +5.25%10.58%5/6/2030 (26)(26) 
126,601 127,722 6.86 
20

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Real Estate Management & Development
Associations, Inc.(6) (8)First Lien DebtS +6.50%12.09%7/3/202810,948 $10,938 $10,937 0.59 %
Associations, Inc.(6) (8) (16)First Lien DebtS +6.50%12.09%7/3/2028 (1)(1) 
Associations, Inc.(6) (8) (16)First Lien DebtS +6.50%12.09%7/3/2028 (1)(1) 
MRI Software, LLC(6) (7) (8)First Lien DebtS +5.50%10.94%2/10/202758,955 58,594 58,955 3.17 
MRI Software, LLC(6) (8) (16)First Lien DebtS +5.50%10.94%2/10/202714 13 14  
MRI Software, LLC(6) (8) (16)First Lien DebtS +5.50%10.94%2/10/2027 (9)  
Pritchard Industries, LLC(6) (9)First Lien DebtS +5.50%11.01%10/13/202725,145 24,837 24,765 1.33 
Pritchard Industries, LLC(6) (9)First Lien DebtS +5.50%11.01%10/13/20276,012 5,935 5,921 0.32 
Zarya Intermediate, LLC(6) (8) (11)First Lien DebtS +6.50%11.85%7/1/202735,319 35,319 35,316 1.90 
Zarya Intermediate, LLC(6) (8) (11) (16)First Lien DebtS +6.50%11.85%7/1/2027    
135,625 135,906 7.30 
Software
Alert Media, Inc.(6) (8)First Lien DebtS +
6.75% (incl. 5.75% PIK)
12.05%4/12/202719,594 19,391 19,274 1.04 
Alert Media, Inc.(6) (8) (16)First Lien DebtS +
6.75% (incl. 5.75% PIK)
12.05%4/12/2027 (29)(65) 
Anaplan, Inc.(6) (9)First Lien DebtS +5.75%11.09%6/21/202933,040 32,581 32,875 1.77 
Appfire Technologies, LLC(6) (8)First Lien DebtS +4.75%10.74%3/9/202820,115 20,037 20,063 1.08 
Appfire Technologies, LLC(6) (8) (16)First Lien DebtS +4.75%10.74%3/9/2028 (28)(23) 
Appfire Technologies, LLC(6) (16)First Lien DebtP +3.75%12.25%3/9/202838 37 38  
Artifact Bidco, Inc(6) (17)First Lien DebtS +4.50%9.85%5/22/203131,700 31,382 31,382 1.69 
Artifact Bidco, Inc(6) (16) (17)First Lien DebtS +4.50%9.85%5/22/2031 (39)(39) 
Artifact Bidco, Inc(6) (16) (17)First Lien DebtS +4.50%9.85%5/22/2030 (55)(55) 
Bottomline Technologies, Inc.(6) (9)First Lien DebtS +5.75%11.09%5/14/20293,675 3,617 3,673 0.20 
Bottomline Technologies, Inc.(6) (9) (16)First Lien DebtS +5.75%11.09%5/15/2028 (3)  
CLEO Communications Holding, LLC(6) (7) (8)First Lien DebtS +5.50%10.94%6/9/202739,898 39,675 39,583 2.13 
CLEO Communications Holding, LLC(6) (8) (16)First Lien DebtS +5.50%10.94%6/9/2027 (61)(99)(0.01)
Coupa Holdings, LLC(6) (9)First Lien DebtS +5.50%10.83%2/27/20302,264 2,215 2,248 0.12 
Coupa Holdings, LLC(6) (9) (16)First Lien DebtS +5.50%10.83%2/27/2030 (11)(8) 
Coupa Holdings, LLC(6) (9) (16)First Lien DebtS +5.50%10.83%2/27/2029 (16)(6) 
Cyara AcquisitionCo, LLC(6) (8)First Lien DebtS +
7.25% (incl. 2.75% PIK)
12.58%6/28/20294,729 4,618 4,692 0.25 
Cyara AcquisitionCo, LLC(6) (8) (16)First Lien DebtS +
7.25% (incl. 2.75% PIK)
12.58%6/28/2029 (7)(2) 
21

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Cyara AcquisitionCo,LLC(6) (8)First Lien DebtS +
7.25% (incl. 2.75% PIK)
12.58%6/28/20291,032 $1,022 $1,022 0.05 %
Diligent Corporation(6) (9)First Lien DebtS +5.00%10.34%8/2/203028,138 27,930 27,930 1.50 
Diligent Corporation(6) (9) (16)First Lien DebtS +5.00%10.34%8/4/2030 (30)(30) 
Diligent Corporation(6) (9) (16)First Lien DebtS +5.00%10.34%8/4/2030 (20)(20) 
E-Discovery AcquireCo, LLC(6) (8)First Lien DebtS +6.50%11.85%8/29/202919,505 19,088 19,360 1.04 
E-Discovery AcquireCo, LLC(6) (8) (16)First Lien DebtS +6.50%11.85%8/29/2029 (35)(12) 
Formstack Acquisition Co(6) (8)First Lien DebtS +5.25%10.59%3/28/203010,938 10,779 10,825 0.58 
Formstack Acquisition Co(6) (8) (16)First Lien DebtS +5.25%10.59%3/28/20301,103 1,063 1,057 0.06 
Formstack Acquisition Co(6) (8) (16)First Lien DebtS +5.25%10.59%3/28/2030 (31)(23) 
Fullsteam Operations, LLC(6) (8)First Lien DebtS +8.25%13.74%11/27/202910,860 10,556 10,697 0.57 
Fullsteam Operations, LLC(6) (8) (16)First Lien DebtS +8.25%13.74%11/27/20293,470 3,313 3,311 0.18 
Fullsteam Operations, LLC(6) (8) (16)First Lien DebtS +8.25%13.74%11/27/2029 (16)(9) 
Granicus, Inc.(6) (9)First Lien DebtS +
5.25% (incl. 2.25% PIK)
11.08%1/17/203112,790 12,670 12,767 0.69 
Granicus, Inc.(6) (9) (16)First Lien DebtS +
5.25% (incl. 2.25% PIK)
11.08%1/17/2031 (10)(3) 
Granicus, Inc.(6) (16)First Lien DebtP +4.25%11.75%1/17/203129 12 26  
GS AcquisitionCo, Inc.(6) (7) (8)First Lien DebtS +5.25%10.59%5/25/202874,805 74,388 74,805 4.02 
GS AcquisitionCo, Inc.(6) (9) (16)First Lien DebtS +5.25%10.59%5/25/202811 10 11  
GS AcquisitionCo, Inc.(6) (8) (16)First Lien DebtS +5.25%10.59%5/25/2028329 314 329 0.02 
Hootsuite Inc.(6) (11)First Lien DebtS +5.50%10.85%5/22/203022,500 22,167 22,167 1.19 
Hootsuite Inc.(6) (11) (16)First Lien DebtS +5.50%10.85%5/22/2030 (37)(37) 
Icefall Parent, Inc.(6) (8)First Lien DebtS +6.50%11.84%1/25/20305,323 5,222 5,224 0.28 
Icefall Parent, Inc.(6) (8) (16)First Lien DebtS +6.50%11.84%1/25/2030 (9)(9) 
Kaseya, Inc.(6) (9)First Lien DebtS +
6.00% (incl. 2.50% PIK)
10.83%6/25/202914,400 14,236 14,400 0.77 
Kaseya, Inc.(6) (9) (16)First Lien DebtS +
6.00% (incl. 2.50% PIK)
10.83%6/25/202996 90 96 0.01 
Kaseya, Inc.(6) (9) (16)First Lien DebtS +
6.00% (incl. 2.50% PIK)
10.83%6/25/2029216 207 216 0.01 
LegitScript, LLC(6) (9)First Lien DebtS +5.75%11.09%6/24/202926,434 26,026 26,434 1.42 
LegitScript, LLC(6) (9)First Lien DebtS +5.75%11.09%6/24/2029699 688 699 0.04 
LegitScript, LLC(6) (9) (16)First Lien DebtS +5.75%11.09%6/24/20281,000 945 1,000 0.05 
Matrix Parent, Inc.(6) (9) (15)First Lien DebtS +5.00%10.26%3/1/2029507 368 172 0.01 
Matrix Parent, Inc.(6) (10) (15)Second Lien DebtS +8.00%13.26%3/1/203010,880 10,505   
Montana Buyer, Inc.(6) (9)First Lien DebtS +5.75%11.09%7/22/20294,069 4,004 4,069 0.22 
22

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(4)
Cost(5)
Fair ValuePercentage of Net Assets
Montana Buyer, Inc.(6) (16)First Lien DebtP +4.75%13.25%7/22/202827 $20 $27  %
Netwrix Corporation And Concept Searching, Inc.(6) (9)First Lien DebtS +5.00%10.35%6/11/20296,936 6,884 6,936 0.37 
Netwrix Corporation And Concept Searching, Inc.(6) (9) (16)First Lien DebtS +5.00%10.35%6/11/2029 (3)  
Oak Purchaser, Inc.(6) (9)First Lien DebtS +5.50%10.84%4/28/20283,336 3,306 3,295 0.18 
Oak Purchaser, Inc.(6) (9) (16)First Lien DebtS +5.50%10.84%4/28/20281,861 1,840 1,827 0.10 
Oak Purchaser, Inc.(6) (9) (16)First Lien DebtS +5.50%10.84%4/28/2028 (2)(5) 
Pound Bidco, Inc.(6) (7) (8) (11)First Lien DebtS +6.00%11.34%2/1/202721,398 21,191 21,398 1.15 
Pound Bidco, Inc.(6) (8) (11) (16)First Lien DebtS +6.00%11.34%2/1/2027135 135 135 0.01 
Pound Bidco, Inc.(6) (7) (8) (11) (16)First Lien DebtS +6.00%11.34%2/1/2027 (10)  
Project Leopard Holdings, Inc.(10) (11)First Lien DebtS +5.25%10.68%7/20/20296,186 5,844 5,735 0.31 
Revalize, Inc.(6) (8)First Lien DebtS +5.75%11.23%4/15/202719,356 19,292 18,070 0.97 
Revalize, Inc.(6) (8) (16)First Lien DebtS +5.75%11.23%4/15/202727 26 22  
Riskonnect Parent, LLC(6) (9)First Lien DebtS +5.50%10.84%12/7/20285,708 5,605 5,650 0.30 
Riskonnect Parent, LLC(6) (9) (16)First Lien DebtS +5.50%10.84%12/7/20284,208 4,114 4,152 0.22 
Riskonnect Parent, LLC(6) (9) (16)First Lien DebtS +5.50%10.84%12/7/2028 (17)(9) 
Securonix, Inc.(6) (9)First Lien DebtS +7.00%12.31%4/5/202821,010 20,754 19,667 1.06 
Securonix, Inc.(6) (9) (16)First Lien DebtS +7.00%12.31%4/5/202885 44 (157)(0.01)
Skykick, Inc.(6) (8)First Lien DebtS +
10.25% (incl. 7.00% PIK)
15.82%9/1/20278,592 8,497 8,162 0.44 
Skykick, Inc.(6) (8)First Lien DebtS +
10.25% (incl. 7.00% PIK)
15.82%9/1/20272,568 2,529 2,440 0.13 
Trunk Acquisition, Inc.(6) (8)First Lien DebtS +5.75%11.24%2/19/20278,937 8,886 8,871 0.48 
Trunk Acquisition, Inc.(6) (8) (16)First Lien DebtS +5.75%11.24%2/19/2026 (3)(6) 
User Zoom Technologies, Inc.(6) (9)First Lien DebtS +7.00%12.31%4/5/202938,689 38,094 38,689 2.08 
545,745 534,904 28.73 
Wireless Telecommunication Services
Mobile Communications America, Inc.(6) (7) (8)First Lien DebtS +5.50%10.84%10/16/20295,925 5,844 5,925 0.32 
Mobile Communications America, Inc.(6) (8) (16)First Lien DebtS +5.50%10.84%10/16/202996 83 96 0.01 
Mobile Communications America, Inc.(6) (8) (16)First Lien DebtS +5.50%10.84%10/16/2029 (13)  
5,914 6,021 0.32 
Total Debt Investments$3,488,300 $3,457,354 185.68 %



23

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and SpreadAcquisition Date
Par Amount/ Shares(4)
Cost(4)
Fair ValuePercentage of Net Assets
Equity Investments
Aerospace & Defense
PCX Holding Corp.(6) (12) (13)Common Equity4/22/20216,538 $654 $522 0.03 %
654 522 0.03 
Automobile Components
Shelby Co-invest, LP (Spectrum Automotive)(6) (12) (13)Common Equity6/29/20218,500 850 1,290 0.07 
850 1,290 0.07 
Commercial Services & Supplies
Encore Holdings, LLC(6) (12) (13)Common Equity11/21/20212,796 348 923 0.05 
Procure Acquiom Financial, LLC (Procure Analytics)(6) (12) (13)Common Equity12/20/20211,000,000 1,000 1,250 0.07 
Surewerx Topco, LP(6) (11) (12) (13)Common Equity12/28/2022512 512 590 0.03 
1,860 2,763 0.15 
Containers & Packaging
BP Purchaser, LLC(6) (12) (13)Common Equity12/10/20211,383,156 1,379 878 0.05 
BP Purchaser, LLC Rights(6) (12) (13)Common Equity3/12/20241,666,989 75 76 0.00 
FORTIS Solutions Group, LLC(6) (12)Preferred Equity12.25%6/24/20221,000,000 1,255 973 0.05 
2,709 1,927 0.10 
Diversified Consumer Services
LUV Car Wash(6) (12) (13)Common Equity4/6/2022123 123 71 0.00 
123 71 0.00 
Food Products
Pet Holdings, Inc. (Brightpet)(6) (12) (13)Common Equity3/22/202117,543 2,013 1,840 0.10 
2,013 1,840 0.10 
Health Care Providers & Services
mPulse Mobile, Inc.(6) (12) (13)Common Equity12/17/2021165,761 1,220 1,372 0.07 
SDB Holdco, LLC(6) (12) (13)Common Equity3/29/20245,460,555   0.00 
Suveto Buyer, LLC(6) (11) (12) (13)Common Equity11/19/202119,257 1,926 1,737 0.09 
Vardiman Black Holdings, LLC(6) (12)Preferred Equity
6.00% PIK
3/29/20242,649,446 1,728 1,688 0.09 
4,874 4,797 0.26 
Insurance Services
Amerilife Holdings, LLC(6) (12) (13)Common Equity9/1/2022908 25 40 0.00 
Frisbee Holdings, LP (Fetch)(6) (12) (13)Common Equity10/31/202221,744 277 277 0.01 
Integrity Marketing Acquisition, LLC(6) (12)Preferred Equity10.50%12/21/20213,250,000 4,172 4,160 0.22 
4,474 4,477 0.24 
IT Services
CSC Thrive Holdings, LP (Thrive Networks)(6) (12) (13)Common Equity3/1/2021162,309 421 846 0.05 
Help HP SCF Investor, LP (Help/Systems)(11) (12) (13)Common Equity5/12/20219,619,564 12,460 15,427 0.83 
24

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesInvestmentReference Rate and SpreadAcquisition Date
Par Amount/ Shares(4)
Cost(4)
Fair ValuePercentage of Net Assets
Recovery Point Systems, Inc.(6) (12) (13)Common Equity3/5/20211,000,000 $1,000 $720 0.04 %
13,881 16,993 0.91 
Leisure Products
GSM Equity Investors, LP (GSM Outdoors)(6) (12) (13)Common Equity12/31/20214,500 450 1,168 0.06 
450 1,168 0.06 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(6) (12) (13)Common Equity2/9/202467,388 2,981 1,832 0.10 
Verdantas LLC(6) (12)Preferred Equity10.00%5/3/2024473,220 473 473 0.03 
Verdantas LLC(6) (12) (13)Common Equity5/3/20244,7805 5 0.00 
3,459 2,310 0.12 
Real Estate Management & Development
Pritchard Industries, LLC(6) (12) (13)Common Equity10/13/20211,882,739 1,937 1,996 0.11 
1,937 1,996 0.11 
Software
Diligent Corporation(6) (12)Preferred Equity10.50%4/5/20215,000 6,674 6,901 0.37 
Fullsteam Operations, LLC(6) (12) (13)Common Equity11/27/20232,966 100 100 0.01 
Knockout Intermediate Holdings I, Inc.(6) (12)Preferred Equity11.75%6/25/20222,790 3,465 3,525 0.19 
Revalize, Inc.(6) (12)Preferred EquityS +10.00%12/14/20212,255 2,992 2,892 0.16 
Reveal Data Solutions(6) (12) (13)Common Equity8/29/2023477,846 621 688 0.04 
RSK Holdings, Inc. (Riskonnect)(6) (12)Preferred EquityS +10.50%7/7/20221,012,200 1,324 1,397 0.08 
Skykick, Inc.(6) (12) (13)Preferred Equity8/31/2021134,101 1,275 1,275 0.07 
16,451 16,778 0.90 
Total Equity Investments$53,735 $56,932 3.06 %
Total Portfolio Investments$3,542,035 $3,514,286 188.74 %
Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund21,107 21,107 1.13 
Cash73,859 73,859 3.97 
Total Cash and Cash Equivalents$94,966 $94,966 5.10 %
Total Portfolio Investments, Cash and Cash Equivalents$3,637,001 $3,609,252 193.84 %

Interest Rate Swaps(a)(b)(c)
CounterpartyHedged InstrumentCompany ReceivesCompany PaysMaturity DateNotional AmountFair ValueUpfront Payments/ReceiptsChange in Unrealized Appreciation/(Depreciation)
BNP Paribas2029 Notes6.41%
S + 2.37%
5/17/2029$350,000 $1,636 $ $1,636 
25

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
(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.
(c)For further details, see Note 6 “Debt” to our consolidated financial statements included in this report.
(1)
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 June 30, 2024 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 June 30, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
(2)
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”.
(3)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E") or SOFR ("S") 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 June 30, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2024. As of June 30, 2024, the reference rates for our variable rate loans were the 3-month E at 3.71%, 1-month S at 5.34%, 3-month S at 5.32%, 6-month S at 5.25% and the P at 8.50%.
(4)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").
(5)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(6)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.
(7)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(8)
Loan includes interest rate floor of 1.00%.
(9)
Loan includes interest rate floor of 0.75%.
(10)
Loan includes interest rate floor of 0.50%.
(11)
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 June 30, 2024, non-qualifying assets represented 7.22% of total assets as calculated in accordance with regulatory requirements.
(12)
Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of June 30, 2024, the aggregate fair value of these securities is $56,932 or 3.06% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13)Non-income producing security.
(14)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".
(15)
Investment was on non-accrual status as of June 30, 2024.
(16) 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 June 30, 2024:
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLCRevolver12/23/2026$2,800 $ 
48Forty Solutions, LLCRevolver11/30/2026543 (68)
ARI Network Services, Inc.Revolver2/28/20251,576  
AWP Group Holdings, Inc.Delayed Draw Term Loan8/1/2025837  
AWP Group Holdings, Inc.Revolver12/24/2029419  
26

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Abacus Data Holdings, Inc. (AbacusNext)Revolver3/10/2027$1,400 $(61)
Abracon Group Holdings, LLCDelayed Draw Term Loan7/6/2024441 (107)
Advarra Holdings, Inc.Delayed Draw Term Loan8/26/202441  
Alert Media, Inc.Revolver4/10/20263,043 (65)
Amerilife Holdings, LLCDelayed Draw Term Loan6/17/20262,596 (6)
Amerilife Holdings, LLCRevolver8/31/2028437  
Answer Acquisition, LLCRevolver12/30/20261,249 (6)
Any Hour, LLCDelayed Draw Term Loan5/23/20266,926 (51)
Any Hour, LLCRevolver5/23/20303,013 (44)
Apex Service Partners, LLCDelayed Draw Term Loan10/24/2025792 (5)
Apex Service Partners, LLCRevolver10/24/20291,404 (8)
Appfire Technologies, LLCDelayed Draw Term Loan6/28/20265,036 (23)
Appfire Technologies, LLCRevolver3/9/2028129  
Applitools, Inc.Revolver5/25/2028433 (5)
Aptean, Inc.Delayed Draw Term Loan1/30/20261,824 (8)
Aptean, Inc.Revolver1/30/2031984 (4)
Arcoro Holdings Corp.Revolver3/28/20301,957 (22)
Artifact Bidco, IncDelayed Draw Term Loan5/22/20277,759 (39)
Artifact Bidco, IncRevolver5/22/20305,542 (55)
Assembly Intermediate, LLCDelayed Draw Term Loan10/19/20251,556 (74)
Assembly Intermediate, LLCRevolver10/19/20272,074 (99)
Associations, Inc.Delayed Draw Term Loan7/3/2028846 (1)
Associations, Inc.Revolver7/3/2028678 (1)
Atlas Us Finco, Inc.Revolver12/9/2028186  
Avalara, Inc.Revolver10/19/20281,040  
Bottomline Technologies, Inc.Revolver5/15/2028267  
Bradyifs Holdings, LLCDelayed Draw Term Loan10/31/2025311 (1)
Bradyifs Holdings, LLCRevolver10/31/2029631 (1)
Bridgepointe Technologies, LLCDelayed Draw Term Loan4/1/20252,453  
Bullhorn, Inc.Delayed Draw Term Loan9/30/2026474 (2)
Bullhorn, Inc.Revolver10/1/2029717  
CLEO Communications Holding, LLCRevolver6/9/202712,502 (99)
COP Collisionright Parent, LLCDelayed Draw Term Loan1/29/20263,416 (54)
COP Collisionright Parent, LLCRevolver1/29/2030884 (14)
Caerus US 1, Inc.Delayed Draw Term Loan10/28/2024893 (40)
Caerus US 1, Inc.Revolver5/25/2029937 (42)
Catalis Intermediate, Inc.Revolver8/4/20272,778 (89)
Cerity Partners, LLCDelayed Draw Term Loan6/7/20262,062 (20)
27

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Cerity Partners, LLCRevolver7/30/2029$236 $(2)
Chase Intermediate, LLCDelayed Draw Term Loan8/31/202510,442 (136)
Chase Intermediate, LLCRevolver10/30/2028530 (5)
Citrin Cooperman Advisors, LLCDelayed Draw Term Loan12/13/20254,992 (41)
Consor Intermediate II, LLCDelayed Draw Term Loan5/10/20264,577 (22)
Consor Intermediate II, LLCRevolver5/12/20311,220 (12)
Coupa Holdings, LLCDelayed Draw Term Loan8/27/20251,085 (8)
Coupa Holdings, LLCRevolver2/27/2029831 (6)
Cyara AcquisitionCo, LLCRevolver6/28/2029313 (2)
Diligent CorporationDelayed Draw Term Loan4/30/20264,118 (30)
Diligent CorporationRevolver8/4/20302,745 (20)
Dwyer Instruments, Inc.Delayed Draw Term Loan12/22/20252,954 (17)
Dwyer Instruments, Inc.Revolver7/21/20271,014 (3)
E-Discovery AcquireCo, LLCRevolver8/29/20291,618 (12)
EVDR Purchaser, Inc.Delayed Draw Term Loan10/2/20245,881 (15)
EVDR Purchaser, Inc.Revolver2/14/20313,117 (8)
Encore Holdings, LLCDelayed Draw Term Loan3/28/20263,774 (57)
Encore Holdings, LLCRevolver11/23/2027341 (2)
Energy Labs Holdings Corp.Delayed Draw Term Loan5/24/2026636 (5)
Energy Labs Holdings Corp.Revolver4/7/2028222 (3)
Essential Services Holding CorporationDelayed Draw Term Loan6/17/20264,773 (24)
Essential Services Holding CorporationRevolver6/3/20302,983 (30)
Excelitas Technologies Corp.Delayed Draw Term Loan5/1/20262,044 (15)
Excelitas Technologies Corp.Revolver8/14/2028131 (2)
FLS Holding, Inc.Revolver12/17/2027901 (67)
FMG Suite Holdings, LLCRevolver10/30/20262,319 (26)
FORTIS Solutions Group, LLCDelayed Draw Term Loan6/24/2025758  
FORTIS Solutions Group, LLCRevolver10/15/20272,159  
Formstack Acquisition CoDelayed Draw Term Loan3/30/20263,273 (34)
Formstack Acquisition CoRevolver3/28/20302,188 (23)
Foundation Risk Partners Corp.Delayed Draw Term Loan5/21/20265,702 (28)
Foundation Risk Partners Corp.Revolver10/29/20296,709  
Fullsteam Operations, LLCDelayed Draw Term Loan5/27/20257,091 (107)
Fullsteam Operations, LLCRevolver11/27/2029608 (9)
GC Waves Holdings, Inc.Delayed Draw Term Loan12/31/20244,543 (22)
GC Waves Holdings, Inc.Revolver8/10/2029331 (2)
GI DI Cornfield Acquisition LLCDelayed Draw Term Loan5/31/202615,667 (115)
GPS Merger Sub, LLCDelayed Draw Term Loan10/2/20251,274 (7)
28

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
GPS Merger Sub, LLCRevolver10/2/2029$1,019 $(6)
GS AcquisitionCo, Inc.Delayed Draw Term Loan3/26/2026189  
GS AcquisitionCo, Inc.Revolver5/25/20282,140  
GSM Acquisition Corp. (GSM Outdoors)Revolver11/16/20264,280  
Galway Borrower, LLCDelayed Draw Term Loan2/6/20262,992 (42)
Galway Borrower, LLCRevolver9/29/20281,910 (27)
Gateway US Holdings, Inc.Revolver9/22/202630  
Granicus, Inc.Delayed Draw Term Loan1/17/20261,900 (3)
Granicus, Inc.Revolver1/17/20311,772 (3)
GraphPad Software, LLCDelayed Draw Term Loan6/28/20267,982 (40)
GraphPad Software, LLCRevolver6/30/20312,993 (15)
Ground Penetrating Radar Systems, LLC,Delayed Draw Term Loan4/5/20277,733 (56)
Ground Penetrating Radar Systems, LLC,Revolver4/2/20312,605 (38)
HSI Halo Acquisition, IncDelayed Draw Term Loan6/28/20263,248 (16)
HSI Halo Acquisition, IncRevolver6/28/20302,165 (22)
Heartland Veterinary Partners, LLCRevolver12/10/2026375  
Helios Service Partners, LLCDelayed Draw Term Loan2/7/20252,408  
Helios Service Partners, LLCRevolver3/19/20271,290  
Hercules Borrower LLCDelayed Draw Term Loan4/5/20264,519 (23)
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan3/27/20267,081 (32)
High Street Buyer, Inc.Delayed Draw Term Loan3/11/20268,711 (48)
High Street Buyer, Inc.Revolver4/16/20272,136 (2)
Hootsuite Inc.Revolver5/22/20302,500 (37)
Hyland Software, Inc.Revolver9/19/20291,879  
Icefall Parent, Inc.Revolver1/25/2030507 (9)
Inszone Mid, LLCDelayed Draw Term Loan11/10/20254,207 (37)
Inszone Mid, LLCRevolver11/12/2029817 (7)
Integrity Marketing Acquisition, LLCRevolver8/27/202652  
Invictus Buyer, LLCDelayed Draw Term Loan6/3/20261,688 (8)
Invictus Buyer, LLCRevolver6/3/2031625 (6)
Iris Buyer, LLCDelayed Draw Term Loan10/2/2030340 (3)
Iris Buyer, LLCRevolver10/2/20291,001 (9)
KENG Acquisition, Inc.Delayed Draw Term Loan8/1/20251,862 (5)
KENG Acquisition, Inc.Revolver8/1/2029878 (2)
KWOR Acquisition, Inc.Revolver12/22/202728 (1)
Kaseya, Inc.Delayed Draw Term Loan6/23/2025761  
Kaseya, Inc.Revolver6/25/2029642  
Komline Sanderson Engineering Corp.Revolver3/17/20262,753  
29

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
LJ Avalon Holdings, LLCDelayed Draw Term Loan10/1/2025$2,366 $(10)
LJ Avalon Holdings, LLCRevolver2/1/2029675 (2)
LUV Car Wash Group, LLCDelayed Draw Term Loan7/4/202493  
LegitScript, LLCRevolver6/24/20283,167  
MHE Intermediate Holdings, LLCRevolver7/21/20272,500  
MRI Software, LLCDelayed Draw Term Loan12/19/202561  
MRI Software, LLCRevolver2/10/20272,252  
Magneto Components Buyco, LLCDelayed Draw Term Loan6/5/20253,035 (21)
Magneto Components Buyco, LLCRevolver12/5/20292,529 (18)
Magnolia Wash HoldingsRevolver7/14/202871 (6)
MajescoRevolver9/21/20271,575 (19)
Mantech International CPDelayed Draw Term Loan6/14/2025636  
Mantech International CPRevolver9/14/2028507  
Mobile Communications America, Inc.Delayed Draw Term Loan10/16/20251,825  
Mobile Communications America, Inc.Revolver10/16/2029960  
Model N, Inc.Delayed Draw Term Loan6/27/20263,683 (18)
Model N, Inc.Revolver6/27/20311,964 (20)
Montana Buyer, Inc.Revolver7/22/2028440  
Netwrix Corporation And Concept Searching, Inc.Revolver6/11/2029431  
Oak Purchaser, Inc.Delayed Draw Term Loan2/2/20251,010 (12)
Oak Purchaser, Inc.Revolver4/28/2028372 (5)
Orion Group Holdco, LLCDelayed Draw Term Loan7/24/20253,473 (31)
PCX Holding Corp.Revolver4/22/2027308 (22)
PDFTron Systems, Inc.Revolver7/15/20267,700  
PDI TA Holdings, Inc.Delayed Draw Term Loan2/1/20265,212 (3)
PDI TA Holdings, Inc.Revolver2/3/20312,280 (1)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/20257,545  
PT Intermediate Holdings III, LLCDelayed Draw Term Loan4/8/20263,287 (5)
Pareto Health Intermediate Holdings, Inc.Revolver6/1/2029792  
Patriot Growth Insurance Services, LLCRevolver10/16/20284,485  
PerkinElmer U.S., LLCDelayed Draw Term Loan5/10/20262,803 (20)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan4/23/20261,722 (10)
Peter C. Foy & Associates Insurance Services, LLCRevolver11/1/2027832  
Pound Bidco, Inc.Delayed Draw Term Loan2/1/20272,023  
Pound Bidco, Inc.Revolver2/1/20271,163  
Procure Acquireco, Inc. (Procure Analytics)Revolver12/20/2028238  
Project Accelerate Parent, LLCRevolver2/24/20311,250 (10)
Project Boost Purchaser, LLCRevolver5/2/2028397  
30

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Project Potter Buyer, LLCRevolver4/23/2026$733 $ 
Promptcare Infusion Buyer, IncDelayed Draw Term Loan10/19/20251,389 (20)
Pye-Barker Fire & Safety, LLCDelayed Draw Term Loan5/24/202610,530 (52)
Pye-Barker Fire & Safety, LLCRevolver5/24/20303,189 (31)
RFS Opco LLCRevolver4/4/2029500 (5)
RSC Acquisition, Inc.Delayed Draw Term Loan2/14/2025107  
Randy's Holdings, Inc.Delayed Draw Term Loan11/1/20241,834  
Randy's Holdings, Inc.Revolver11/1/2028731  
Raptor Merger Sub Debt, LLCRevolver4/1/20291,872  
Recovery Point Systems, Inc.Revolver8/12/20264,000  
Redwood Services Group, LLCDelayed Draw Term Loan2/5/20262,638 (23)
Revalize, Inc.Revolver4/15/202744 (3)
Riskonnect Parent, LLCDelayed Draw Term Loan3/1/20251,264 (13)
Riskonnect Parent, LLCRevolver12/7/2028915 (9)
RoadOne IntermodaLogisticsDelayed Draw Term Loan6/30/2025273 (6)
RoadOne IntermodaLogisticsRevolver12/29/2028309 (6)
SV Newco 2 IncDelayed Draw Term Loan5/31/202514,319 (106)
SV Newco 2 IncRevolver6/2/20318,591 (127)
Securonix, Inc.Revolver4/5/20283,697 (236)
Spectrum Automotive Holdings Corp.Delayed Draw Term Loan3/24/20269,424 (69)
Sherlock Buyer Corp.Revolver12/8/20271,286  
Smarsh, Inc.Delayed Draw Term Loan2/18/2025536  
Smarsh, Inc.Revolver2/16/2029139  
Sonny's Enterprises, LLCDelayed Draw Term Loan6/5/20261,415 (10)
Spectrio, LLCRevolver12/9/2026493 (25)
Spectrum Automotive Holdings Corp.Delayed Draw Term Loan12/30/2024820 (7)
Spectrum Automotive Holdings Corp.Revolver6/29/2027881 (7)
Spotless Brands, LLCRevolver7/25/202887  
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan4/25/20261,250 (9)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026625  
Summit Acquisition, Inc.Delayed Draw Term Loan11/1/20241,638  
Summit Acquisition, Inc.Revolver5/1/2029819  
Superman Holdings, LLCDelayed Draw Term Loan5/1/2025380 (1)
Surewerx Purchaser III, Inc.Delayed Draw Term Loan7/9/20241,128  
Surewerx Purchaser III, Inc.Revolver12/28/2028648 (14)
SuvetoRevolver9/9/2027616 (18)
Sweep Purchaser, LLCRevolver6/30/20271,406  
Tamarack Intermediate, LLCRevolver3/13/2028900 (18)
31

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
June 30, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Tank Holding Corp.Delayed Draw Term Loan9/30/2024$410 $(8)
Tank Holding Corp.Revolver3/31/2028800 (16)
Thrive Buyer, Inc. (Thrive Networks)Revolver1/22/20271,321 (12)
Tidi Legacy Products, Inc.Delayed Draw Term Loan6/19/2025494 (2)
Tidi Legacy Products, Inc.Revolver12/19/2029356 (1)
Trintech, Inc.Revolver7/25/20292,092 (44)
Triple Lift, Inc.Revolver5/5/20282,467 (170)
Trunk Acquisition, Inc.Revolver2/19/2026857 (6)
Two Six Labs, LLCDelayed Draw Term Loan10/9/20252,200 (15)
Two Six Labs, LLCRevolver8/20/20272,134 (32)
US Infra Svcs Buyer, LLCRevolver4/13/20271,275 (118)
United Flow Technologies Intermediate Holdco II, LLCDelayed Draw Term Loan6/21/20264,950 (37)
United Flow Technologies Intermediate Holdco II, LLCRevolver6/21/2030950 (14)
UpStack, Inc.Delayed Draw Term Loan6/30/20251,556 (16)
UpStack, Inc.Revolver8/20/2027306 (3)
V Global Holdings, LLCRevolver12/22/2025180 (11)
VRC Companies, LLCDelayed Draw Term Loan8/15/2025320  
VRC Companies, LLCRevolver6/29/20271,653  
Vardiman Black Holdings, LLCDelayed Draw Term Loan3/29/2026201 (6)
Vehlo Purchaser, LLCDelayed Draw Term Loan5/24/202514,495 (85)
Vehlo Purchaser, LLCRevolver5/24/2028100 (1)
Vensure Employer Services, Inc.Delayed Draw Term Loan6/15/2025867  
Verdantas LLCDelayed Draw Term Loan5/6/202611,754 (86)
Verdantas LLCRevolver5/6/20301,754 (26)
Vertex Service Partners, LLCDelayed Draw Term Loan11/8/2025959 (12)
Vertex Service Partners, LLCRevolver11/8/2030394 (5)
Vessco Midco Holdings, LLCRevolver10/18/2026447  
World Insurance Associates, LLCRevolver4/3/20281,269 (23)
YI, LLCDelayed Draw Term Loan6/6/20251,178 (2)
YI, LLCRevolver12/3/2029883 (1)
Zarya Intermediate, LLCRevolver7/1/20273,649  
iCIMS, Inc.Delayed Draw Term Loan8/18/202592  
iCIMS, Inc.Revolver8/18/202841  
mPulse Mobile, Inc.Revolver12/17/20271,734 (22)
Total First Lien Debt Unfunded Commitments$511,230 $(4,350)
Total Unfunded Commitments$511,230 $(4,350)
(17)Position was unsettled as of June 30th, 2024.
32

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company(5) (7)S +5.00%10.45%12/22/20262,684 $2,641 $2,659 0.15 %
Mantech International CP(5) (8)S +5.75%11.13%9/14/2029355 349 355 0.02 
Mantech International CP(5) (8) (13)S +5.75%11.13%9/14/202931 30 31  
Mantech International CP(5) (8) (13)S +5.75%11.13%9/14/2028 (1)  
PCX Holding Corp.(5) (6) (7)S +6.25%11.75%4/22/202718,047 17,936 17,944 1.04 
PCX Holding Corp.(5) (7)S +6.25%11.75%4/22/202718,172 17,937 18,068 1.05 
PCX Holding Corp.(5) (7) (13)S +6.25%11.75%4/22/2027864 854 853 0.05 
Two Six Labs, LLC(5) (6) (8)S +5.50%10.85%8/20/202725,894 25,465 25,366 1.47 
Two Six Labs, LLC(5) (8)S +5.50%10.85%8/20/20274,231 4,169 4,136 0.24 
Two Six Labs, LLC(5) (8) (13)S +5.50%10.85%8/20/2027 (26)(48) 
69,354 69,364 4.03 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(5) (8)S +5.75%11.18%6/11/202714,263 14,048 14,159 0.82 
Omni Intermediate Holdings, LLC(5) (7)S +5.00%10.54%12/30/202612,410 12,324 11,824 0.69 
Omni Intermediate Holdings, LLC(5) (7) (13)S +5.00%10.54%12/30/20261,263 1,247 1,196 0.07 
Omni Intermediate Holdings, LLC(5) (7) (13)P +4.00%12.50%12/30/2025832 826 781 0.05 
RoadOne IntermodaLogistics(5) (7)S +6.25%11.61%12/29/20281,655 1,612 1,626 0.09 
RoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.61%12/29/2028152 144 144 0.01 
RoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.61%12/29/202820 12 14  
30,213 29,744 1.73 
Automobile Components
Continental Battery Company(5) (7)S +
6.75% (incl. 4.08% PIK)
12.34%1/20/20276,204 6,121 5,165 0.30 
Randy's Holdings, Inc.(5) (7)S +6.50%11.87%11/1/20286,676 6,505 6,653 0.39 
Randy's Holdings, Inc.(5) (7) (13)S +6.50%11.87%11/1/2028 (27)(8) 
Randy's Holdings, Inc.(5) (7) (13)S +6.50%11.87%11/1/2028260 238 257 0.01 
Sonny's Enterprises, LLC(5) (6) (7)S +6.75%12.28%8/5/202846,018 45,462 46,018 2.67 
Spectrum Automotive Holdings Corp.(5) (6) (8)S +5.75%11.22%6/29/202823,410 23,162 22,888 1.33 
Spectrum Automotive Holdings Corp.(5) (8) (13)S +5.75%11.22%6/29/20285,366 5,301 5,220 0.30 
Spectrum Automotive Holdings Corp.(5) (8) (13)S +5.75%11.22%6/29/2027 (8)(20) 
86,754 86,173 5.01 
Automobiles
ARI Network Services, Inc.(5) (6) (8)S +5.25%10.60%2/28/202520,512 20,369 20,315 1.18 
ARI Network Services, Inc.(5) (6) (8)S +5.25%10.60%2/28/20253,594 3,569 3,559 0.21 
ARI Network Services, Inc.(5) (8) (13)S +5.25%10.60%2/28/2025 (19)(29) 
33

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Summit Buyer, LLC(5) (7)S +5.75%11.26%1/14/202621,896 $21,670 $21,370 1.24 %
Summit Buyer, LLC(5) (7) (13)S +5.75%11.26%1/14/202632,011 31,671 31,239 1.82 
Summit Buyer, LLC(5) (13)P +4.75%13.25%1/14/2026 (22)(59) 
Turbo Buyer, Inc.(5) (7)S +6.00%11.50%12/2/202537,555 37,197 37,202 2.16 
Turbo Buyer, Inc.(5) (7)S +6.00%11.50%12/2/202537,738 37,306 37,383 2.17 
151,741 150,980 8.77 
Biotechnology
GraphPad Software, LLC(5) (6) (7)S +5.50%11.20%4/27/202714,807 14,714 14,751 0.86 
GraphPad Software, LLC(5) (6) (13)P +5.00%13.50%4/27/2027875 866 868 0.05 
15,580 15,619 0.91 
Chemicals
Tank Holding Corp.(5) (6) (8)S +5.75%11.21%3/31/202815,713 15,452 15,050 0.87 
Tank Holding Corp.(5) (8) (13)S +5.75%11.21%3/31/2028250 237 236 0.01 
Tank Holding Corp.(8) (13)S +5.75%11.21%3/31/2028213 202 177 0.01 
V Global Holdings, LLC(5) (6) (8)S +5.75%11.21%12/22/20274,854 4,780 4,756 0.28 
V Global Holdings, LLC(5) (8) (13)S +5.75%11.21%12/22/2025276 269 262 0.02 
20,940 20,481 1.19 
Commercial Services & Supplies
365 Retail Markets, LLC(5) (7)S +4.75%10.30%12/23/202617,105 16,922 17,105 0.99 
365 Retail Markets, LLC(5) (7)S +4.75%10.30%12/23/20265,488 5,442 5,488 0.32 
365 Retail Markets, LLC(5) (7) (13)S +4.75%10.30%12/23/2026 (27)  
Atlas Us Finco, Inc.(5) (7) (10)S +7.25%12.51%12/9/20292,009 1,955 2,009 0.12 
Atlas Us Finco, Inc.(5) (7) (10) (13)S +7.25%12.51%12/9/2028 (5)  
BPG Holdings IV Corp.(5) (8)S +6.00%11.36%7/29/202911,647 10,972 11,374 0.66 
Encore Holdings, LLC(5) (8)S +4.50%10.45%11/23/20281,831 1,807 1,831 0.11 
Encore Holdings, LLC(5) (8)S +4.50%10.45%11/23/20283,561 3,511 3,561 0.21 
Encore Holdings, LLC(5) (8) (13)S +4.50%10.45%11/23/2027 (6)  
Energy Labs Holdings Corp.(5) (7)S +5.25%10.71%4/7/2028384 379 379 0.02 
Energy Labs Holdings Corp.(5) (7)S +5.25%10.71%4/7/202836 36 36  
Energy Labs Holdings Corp.(5) (7) (13)S +5.25%10.71%4/7/202824 23 23  
FLS Holding, Inc.(5) (7) (10)S +5.25%10.77%12/15/202819,025 18,733 18,911 1.10 
FLS Holding, Inc.(5) (7) (10)S +5.25%10.77%12/15/20284,461 4,390 4,434 0.26 
FLS Holding, Inc.(5) (7) (10) (13)S +5.25%10.77%12/17/2027 (24)(11) 
Helios Service Partners, LLC(5) (7)S +6.25%11.88%3/19/20276,859 6,703 6,790 0.39 
Helios Service Partners, LLC(5) (7) (13)S +6.25%11.88%3/19/20276,965 6,737 6,836 0.40 
Helios Service Partners, LLC(5) (7) (13)S +6.00%11.62%3/19/2027748 719 735 0.04 
Iris Buyer, LLC(5) (7)S +6.25%11.60%10/2/20307,008 6,820 6,820 0.40 
34

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Iris Buyer, LLC(5) (7) (13)S +6.25%11.60%10/2/2030145 $130 $130 0.01 %
Iris Buyer, LLC(5) (7) (13)S +6.25%11.60%10/2/2029 (26)(26) 
Atlas Us Finco, Inc.(5) (10)S +7.25%12.51%12/9/20296,984 6,845 6,845 0.40 
PDFTron Systems, Inc.(5) (6) (7) (10)S +5.50%10.86%7/15/202730,030 29,694 29,550 1.72 
PDFTron Systems, Inc.(5) (7) (10)S +5.50%10.86%7/15/20279,727 9,595 9,571 0.56 
PDFTron Systems, Inc.(5) (7) (10) (13)S +5.50%10.86%7/15/20263,850 3,772 3,727 0.22 
Procure Acquireco, Inc. (Procure Analytics)(5) (8)S +5.00%10.54%12/20/20283,889 3,829 3,773 0.22 
Procure Acquireco, Inc. (Procure Analytics)(5) (8)S +5.00%10.54%12/20/2028192 189 186 0.01 
Procure Acquireco, Inc. (Procure Analytics)(5) (8) (13)S +5.00%10.54%12/20/2028 (3)(7) 
Sherlock Buyer Corp.(5) (7)S +5.75%11.20%12/8/202810,950 10,782 10,943 0.64 
Sherlock Buyer Corp.(5) (7) (13)S +5.75%11.20%12/8/2028 (23)(2) 
Sherlock Buyer Corp.(5) (7) (13)S +5.75%11.20%12/8/2027 (17)(1) 
Surewerx Purchaser III, Inc.(5) (8) (10)S +6.75%12.10%12/28/20295,447 5,300 5,447 0.32 
Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%12.10%12/28/2029 (19)  
Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%12.10%12/28/2028574 547 574 0.03 
Sweep Purchaser, LLC(5) (7)S +5.75%11.23%11/30/20268,616 8,522 6,878 0.40 
Sweep Purchaser, LLC(5) (7) (13)S +5.75%11.23%11/30/20265,873 5,803 4,634 0.27 
Sweep Purchaser, LLC(5) (7) (13)S +5.75%11.23%11/30/20261,378 1,364 1,094 0.06 
Tamarack Intermediate, LLC(5) (8)S +5.75%11.28%3/13/20285,548 5,462 5,415 0.31 
Tamarack Intermediate, LLC(5) (8) (13)S +5.75%11.28%3/13/2028202 192 192 0.01 
Tamarack Intermediate, LLC(5) (8) (13)S +5.75%11.28%3/13/2028 (13)(22) 
United Flow Technologies Intermediate Holdco II, LLC(5) (7)S +5.75%11.28%10/29/202716,801 16,566 16,577 0.96 
United Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)S +5.75%11.28%10/29/202719,651 19,349 19,390 1.13 
United Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)S +5.75%11.28%10/29/20261,845 1,811 1,805 0.10 
US Infra Svcs Buyer, LLC(5) (6) (7)S +
7.25% (incl. 0.50% PIK)
12.33%4/13/202614,973 14,842 14,193 0.82 
US Infra Svcs Buyer, LLC(5) (6) (7)S +
7.25% (incl. 0.50% PIK)
12.33%4/13/20262,113 2,095 2,003 0.12 
US Infra Svcs Buyer, LLC(5) (7)S +
7.25% (incl. 0.50% PIK)
12.33%4/13/20262,250 2,233 2,133 0.12 
Vensure Employer Services, Inc.(5) (8) (13)S +5.25%10.63%4/1/2027328 306 306 0.02 
VRC Companies, LLC(5) (6) (7)S +5.75%11.12%6/29/202763,939 63,310 63,856 3.71 
VRC Companies, LLC(5) (7)S +5.75%11.12%6/29/20279,063 8,966 9,051 0.53 
VRC Companies, LLC(5) (7) (13)S +5.75%11.12%6/29/2027 (15)(2) 
306,475 304,534 17.69 
Construction & Engineering
KPSKY Acquisition, Inc.(5) (8)S +5.25%10.74%10/19/202833,864 33,358 33,085 1.92 
35

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
KPSKY Acquisition, Inc.(5) (8)S +5.25%10.74%10/19/20287,754 $7,630 $7,576 0.44 %
LJ Avalon Holdings, LLC(5) (7)S +6.50%12.04%2/1/20304,131 4,019 4,036 0.23 
LJ Avalon Holdings, LLC(5) (7) (13)S +6.50%12.04%2/1/2030658 626 619 0.04 
LJ Avalon Holdings, LLC(5) (7) (13)S +6.50%12.04%2/1/2029 (17)(15) 
Superman Holdings, LLC(5) (7)S +6.13%11.47%8/31/20271,601 1,566 1,581 0.09 
Superman Holdings, LLC(5) (7) (13)S +6.13%11.47%8/31/2027 (4)(5) 
47,178 46,877 2.72 
Containers & Packaging
BP Purchaser, LLC(5) (8)S +5.50%10.95%12/11/202817,161 16,898 16,677 0.97 
FORTIS Solutions Group, LLC(5) (8)S +5.50%10.95%10/15/202826,772 26,371 26,772 1.56 
FORTIS Solutions Group, LLC(5) (8) (13)S +5.50%10.95%10/15/2028104 96 104 0.01 
FORTIS Solutions Group, LLC(5) (8) (13)S +5.50%10.95%10/15/2027135 101 135 0.01 
43,466 43,688 2.54 
Distributors
48Forty Solutions, LLC(5) (6) (7)S +6.00%11.44%11/30/202617,722 17,455 16,618 0.97 
48Forty Solutions, LLC(5) (13)P +5.00%13.50%11/30/20261,629 1,594 1,459 0.08 
ABB Concise Optical Group, LLC(5) (8)S +7.50%13.01%2/23/202817,008 16,685 14,653 0.85 
Avalara, Inc.(5) (8)S +7.25%12.60%10/19/202811,302 11,070 11,302 0.66 
Avalara, Inc.(5) (8) (13)S +7.25%12.60%10/19/2028 (22)  
Bradyifs Holdings, LLC(5) (6) (7)S +6.00%11.38%10/31/20297,444 7,298 7,298 0.42 
Bradyifs Holdings, LLC(5) (7) (13)S +6.00%11.38%10/31/2029201 191 191 0.01 
Bradyifs Holdings, LLC(5) (7) (13)S +6.00%11.38%10/31/2029 (12)(12) 
PT Intermediate Holdings III, LLC(5) (8)S +5.98%11.47%11/1/202828,342 28,128 27,257 1.58 
PT Intermediate Holdings III, LLC(5) (8)S +5.98%11.47%11/1/202815,768 15,646 15,164 0.88 
98,033 93,930 5.46 
Diversified Consumer Services
Apex Service Partners, LLC(5) (6) (7)S +
7.00% (incl. 2.00% PIK)
12.38%10/24/203031,834 31,235 31,235 1.81 
Apex Service Partners, LLC(5) (7) (13)S +
7.00% (incl. 2.00% PIK)
12.38%10/24/20301,692 1,598 1,598 0.09 
Apex Service Partners, LLC(5) (7) (13)S +
7.00% (incl. 2.00% PIK)
12.38%10/24/2029203 156 156 0.01 
Assembly Intermediate, LLC(5) (7)S +6.00%11.45%10/19/202720,741 20,451 19,961 1.16 
Assembly Intermediate, LLC(5) (7) (13)S +6.00%11.45%10/19/20273,630 3,568 3,435 0.20 
Assembly Intermediate, LLC(5) (7) (13)S +6.00%11.45%10/19/2027 (26)(78) 
FPG Intermediate Holdco, LLC(5) (7)S +6.50%12.04%3/5/2027418 412 385 0.02 
Groundworks, LLC(5) (6) (7)S +6.50%11.90%3/14/20301,164 1,134 1,157 0.07 
Groundworks, LLC(5) (7) (13)S +6.50%11.90%3/14/203028 25 28  
36

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Groundworks, LLC(5) (7) (13)S +6.50%11.90%3/14/2029 $(2)$  %
Heartland Home Services, Inc.(5) (8)S +5.75%11.11%12/15/20261,946 1,936 1,942 0.11 
Lightspeed Solution, LLC(5) (8)S +
6.50% (incl. 2.17% PIK)
11.86%3/1/20287,881 7,768 7,741 0.45 
Lightspeed Solution, LLC(5) (8) (13)S +
6.50% (incl. 2.17% PIK)
11.86%3/1/2028423 402 379 0.02 
LUV Car Wash Group, LLC(5) (7) (13)S +7.00%12.55%12/9/2026714 708 711 0.04 
Magnolia Wash Holdings(5) (7)S +6.50%12.16%7/14/20283,263 3,210 2,947 0.17 
Magnolia Wash Holdings(5) (7)S +6.50%12.16%7/14/2028699 687 631 0.04 
Magnolia Wash Holdings(5) (7) (13)S +6.50%12.16%7/14/202887 85 72  
Spotless Brands, LLC(5) (7)S +6.50%12.03%7/25/20284,503 4,429 4,463 0.26 
Spotless Brands, LLC(5) (7)S +6.50%12.03%7/25/2028852 838 845 0.05 
Spotless Brands, LLC(5) (7) (13)S +6.50%12.03%7/25/202831 29 30  
Vertex Service Partners, LLC(5) (6) (8)S +5.50%10.90%11/8/20301,774 1,730 1,730 0.10 
Vertex Service Partners, LLC(5) (8) (13)S +5.50%10.90%11/8/2030854 802 802 0.05 
Vertex Service Partners, LLC(5) (8) (13)S +5.50%10.90%11/8/2030 (11)(11) 
81,164 80,159 4.66 
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC(5) (8)S +6.00%11.54%7/6/20286,037 5,943 4,986 0.29 
Abracon Group Holdings, LLC(5) (8) (13)S +6.00%11.54%7/6/2028 (8)(77) 
Abracon Group Holdings, LLC(5) (8)S +6.00%11.54%7/6/2028401 395 331 0.02 
Dwyer Instruments, Inc.(5) (8)S +5.75%11.17%7/21/202710,512 10,342 10,303 0.60 
Dwyer Instruments, Inc.(5) (8) (13)S +5.75%11.17%7/21/20272,023 1,960 1,953 0.11 
Dwyer Instruments, Inc.(5) (8) (13)S +5.75%11.17%7/21/2027 (14)(20) 
Infinite Bidco, LLC(5) (9)S +6.25%11.88%3/2/202812,360 12,043 12,285 0.71 
Magneto Components Buyco, LLC(5) (6) (8)S +6.00%11.36%12/5/203015,302 15,024 15,024 0.87 
Magneto Components Buyco, LLC(5) (8) (13)S +6.00%11.36%12/5/2030 (28)(28) 
Magneto Components Buyco, LLC(5) (8) (13)S +6.00%11.36%12/5/2029 (46)(46) 
45,611 44,711 2.60 
Financial Services
Applitools, Inc.(5) (8) (10)S +
6.25% PIK
11.61%5/25/20293,584 3,541 3,498 0.20 
Applitools, Inc.(5) (8) (10) (13)S +6.25%11.61%5/25/2028 (6)(10) 
Cerity Partners, LLC(5) (8)S +6.75%12.11%7/30/20294,767 4,639 4,767 0.28 
Cerity Partners, LLC(5) (8)S +6.75%12.11%7/30/20296,698 6,528 6,698 0.39 
GC Waves Holdings, Inc.(5) (8)S +6.00%11.46%8/11/20282,302 2,259 2,259 0.13 
GC Waves Holdings, Inc.(5) (8) (13)S +6.00%11.46%8/11/2028628 476 503 0.03 
37

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
GC Waves Holdings, Inc.(5) (8) (13)S +6.00%11.46%8/11/2028 $(6)$(6) %
SitusAMC Holdings Corp.(5) (8)S +5.50%10.95%12/22/20273,337 3,312 3,330 0.19 
Smarsh, Inc.(5) (8)S +5.75%11.10%2/16/20294,286 4,217 4,213 0.24 
Smarsh, Inc.(5) (8) (13)S +5.75%11.10%2/16/2029536 523 518 0.03 
Smarsh, Inc.(5) (8) (13)S +5.75%11.10%2/16/2029 (4)(5) 
Trintech, Inc.(5) (6) (7)S +6.50%11.86%7/25/202934,086 33,440 33,445 1.94 
Trintech, Inc.(5) (7) (13)S +6.50%11.86%7/25/2029837 782 782 0.05 
59,701 59,992 3.49 
Food Products
AMCP Pet Holdings, Inc. (Brightpet)(5) (6) (7)S +
7.00% (incl. 0.75% PIK)
12.50%10/5/202641,763 41,011 40,856 2.37 
AMCP Pet Holdings, Inc. (Brightpet)(5) (7) (13)S +
7.00% (incl. 0.75% PIK)
12.50%10/5/20263,798 3,715 3,671 0.21 
Nellson Nutraceutical, Inc.(5) (6) (7)S +5.75%11.30%12/23/202518,419 18,265 18,329 1.06 
Teasdale Foods, Inc. (Teasdale Latin Foods)(5) (7)S +
7.25% (incl. 1.00% PIK)
12.68%12/18/202510,837 10,742 9,928 0.58 
73,733 72,784 4.23 
Health Care Equipment & Supplies
Performance Health Holdings, Inc.(5) (6) (7)S +5.75%11.32%7/12/20279,398 9,275 9,350 0.54 
PerkinElmer U.S., LLC(5) (6) (7)S +6.75%12.00%3/13/20294,383 4,268 4,373 0.25 
Tidi Legacy Products, Inc.(5) (7)S +5.50%10.86%12/19/20293,470 3,400 3,400 0.20 
Tidi Legacy Products, Inc.(5) (7) (13)S +5.50%10.86%12/19/2029 (9)(9) 
Tidi Legacy Products, Inc.(5) (7) (13)S +5.50%10.86%12/19/2029 (13)(13) 
YI, LLC(5) (6) (7)S +5.75%11.09%12/3/20295,654 5,542 5,542 0.32 
YI, LLC(5) (7) (13)S +5.75%11.09%12/1/2029 (12)(12) 
YI, LLC(5) (7) (13)S +5.75%11.09%12/3/2029 (17)(17) 
22,434 22,614 1.31 
Health Care Providers & Services
Advarra Holdings, Inc.(5) (9)S +5.25%10.61%8/24/2029454 447 447 0.03 
Advarra Holdings, Inc.(5) (9) (13)S +5.25%10.61%8/24/2029  (1) 
DCA Investment Holdings, LLC(5) (6) (8)S +6.50%11.85%4/3/202818,680 18,377 18,247 1.06 
DCA Investment Holdings, LLC(5) (8)S +6.50%11.85%4/3/20283,625 3,564 3,541 0.21 
Gateway US Holdings, Inc.(5) (8) (10)S +6.50%11.85%9/22/2026750 745 750 0.04 
Gateway US Holdings, Inc.(5) (8) (10)S +6.50%11.85%9/22/2026211 210 211 0.01 
Gateway US Holdings, Inc.(5) (8) (10) (13)S +6.50%11.85%9/22/2026    
Heartland Veterinary Partners, LLC(5) (7)S +4.75%10.21%12/10/20261,847 1,835 1,830 0.11 
Heartland Veterinary Partners, LLC(5) (7)S +4.75%10.21%12/10/20264,182 4,158 4,143 0.24 
Heartland Veterinary Partners, LLC(5) (7) (13)S +4.75%10.21%12/10/2026 (2)(3) 
38

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
iCIMS, Inc.(5) (8)S +
7.25% (incl. 3.88% PIK)
12.62%8/18/20287,064 $6,963 $7,064 0.41 %
iCIMS, Inc.(5) (8) (13)S +
7.25% (incl. 3.88% PIK)
12.62%8/18/2028 (1)  
iCIMS, Inc.(5) (8) (13)S +
7.25% (incl. 3.88% PIK)
12.62%8/18/20288 7 8  
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%12.03%8/21/2026495 484 466 0.03 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%12.03%8/21/202634 33 32  
mPulse Mobile, Inc.(5) (8)S +6.50%11.83%12/17/202740,740 39,916 39,947 2.32 
mPulse Mobile, Inc.(5) (8)S +6.50%11.98%12/17/20275,417 5,300 5,308 0.31 
mPulse Mobile, Inc.(5) (8) (13)S +6.50%11.83%12/17/2027 (60)(59) 
Pareto Health Intermediate Holdings, Inc.(5)(7)S +6.50%11.97%5/31/20306,745 6,619 6,695 0.39 
Pareto Health Intermediate Holdings, Inc.(5) (7)(13)S +6.50%11.97%5/31/2029 (14)(6) 
PPV Intermediate Holdings, LLC(5) (8)S +5.75%11.14%8/31/20294,357 4,198 4,275 0.25 
PPV Intermediate Holdings, LLC(5) (8) (13)S +5.75%11.14%8/31/2029 (71)(124)(0.01)
Promptcare Infusion Buyer, Inc.(5) (7)S +6.00%11.46%9/1/20278,981 8,860 8,865 0.52 
Promptcare Infusion Buyer, Inc.(5) (7)S +6.00%11.46%9/1/20271,399 1,385 1,381 0.08 
Stepping Stones Healthcare Services, LLC(5) (8)S +5.75%11.20%1/2/20294,288 4,237 4,227 0.25 
Stepping Stones Healthcare Services, LLC(5) (8) (13)S +5.75%11.20%1/2/2029965 952 947 0.06 
Stepping Stones Healthcare Services, LLC(5) (8) (13)S +5.75%11.20%12/30/2026 (6)(9) 
Suveto(5) (8)S +4.25%9.71%9/9/202711,837 11,753 11,597 0.67 
Suveto(5) (8) (13)S +4.25%9.71%9/9/2027366 352 340 0.02 
Tivity Health, Inc.(5) (8)S +6.00%11.35%6/28/20293,674 3,627 3,668 0.21 
Vardiman Black Holdings, LLC(5) (9) (11)S +
9.00% (incl. 2.00% PIK)
14.40%3/18/20273,386 3,360 2,815 0.16 
Vardiman Black Holdings, LLC(5) (9) (11)S +
9.00% (incl. 2.00% PIK)
14.40%3/18/20274,020 3,988 3,342 0.19 
Vermont Aus Pty Ltd(5) (8) (10)S +5.50%11.00%3/23/20288,351 8,190 8,194 0.48 
139,406 138,138 8.03 
Health Care Technology
Hyland Software, Inc.(5) (6) (8)S +6.00%11.36%9/19/203039,656 39,077 39,212 2.28 
Hyland Software, Inc.(5) (8) (13)S +6.00%11.36%9/19/2029 (27)(21) 
Lightspeed Buyer, Inc.(5) (6) (7)S +5.25%10.71%2/3/202612,540 12,381 12,429 0.72 
Lightspeed Buyer, Inc.(5) (7)S +5.25%10.71%2/3/20269,911 9,774 9,823 0.57 
61,205 61,443 3.57 
Industrial Conglomerates
Excelitas Technologies Corp.(5) (8)S +5.75%11.23%8/13/20291,455 1,431 1,442 0.08 
Excelitas Technologies Corp.(5) (8)E +5.75%9.74%8/13/2029239 244 262 0.02 
39

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Excelitas Technologies Corp.(5) (8) (13)S +5.75%11.23%8/13/2029126 $124 $125 0.01 %
Excelitas Technologies Corp.(5) (8) (13)S +5.75%11.23%8/14/202880 78 79  
Raptor Merger Sub Debt, LLC(5) (6) (8)S +6.75%12.10%4/1/202932,233 31,399 32,201 1.87 
Raptor Merger Sub Debt, LLC(5) (8) (13)S +6.75%12.10%4/1/2028488 431 486 0.03 
33,707 34,595 2.01 
Insurance Services
Amerilife Holdings, LLC(5) (8)S +5.75%11.15%8/31/20292,024 1,989 1,997 0.12 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%11.15%8/31/2029722 708 710 0.04 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%11.15%8/31/2028 (7)(6) 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.45%10/29/202842,533 42,053 42,533 2.47 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.45%10/29/20289,251 9,146 9,251 0.54 
Foundation Risk Partners Corp.(5) (8) (13)S +6.00%11.45%10/29/2027 (44)  
Galway Borrower, LLC(5) (8)S +5.25%10.71%9/29/202833,377 32,879 32,430 1.88 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.71%9/29/2028 (15)(18) 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.71%9/30/2027 (26)(59) 
Higginbotham Insurance Agency, Inc.(5) (6) (7)S +5.50%10.96%11/24/202818,295 18,118 18,290 1.06 
Higginbotham Insurance Agency, Inc.(5) (7) (13)S +5.50%10.96%11/24/20282,494 2,464 2,493 0.14 
High Street Buyer, Inc.(5) (6) (8)S +5.75%11.25%4/14/20289,890 9,756 9,890 0.57 
High Street Buyer, Inc.(5) (6) (8)S +5.75%11.25%4/14/202839,719 39,156 39,719 2.31 
High Street Buyer, Inc.(5) (8) (13)S +5.75%11.25%4/16/2027 (23)  
Long Term Care Group, Inc.(5) (8)S +
7.00% (incl. 6.00% PIK)
12.66%9/8/20275,115 5,043 4,235 0.25 
Inszone Mid, LLC(5) (7)S +5.75%11.11%11/12/20294,460 4,372 4,372 0.25 
Inszone Mid, LLC(5) (7) (13)S +5.75%11.11%11/12/2029533 463 464 0.03 
Inszone Mid, LLC(5) (7) (13)S +5.75%11.11%11/12/2029 (16)(16) 
Integrity Marketing Acquisition, LLC(5) (6) (8)S +6.00%11.39%8/27/2026392 385 384 0.02 
Integrity Marketing Acquisition, LLC(5) (6) (8)S +6.00%11.54%8/27/202685,345 84,685 83,705 4.86 
Integrity Marketing Acquisition, LLC(5) (8) (13)S +6.00%11.39%8/27/2026 (2)(1) 
Keystone Agency Investors(5) (7)S +5.50%11.00%5/3/20273,480 3,442 3,429 0.20 
Keystone Agency Investors(5) (7)S +5.50%11.00%5/3/20274,007 3,964 3,948 0.23 
Majesco(5) (6) (7)S +7.25%12.60%9/21/202723,182 22,792 22,920 1.33 
Majesco(5) (7) (13)S +7.25%12.60%9/21/2026 (21)(18) 
Patriot Growth Insurance Services, LLC(5) (6) (8)S +5.50%11.00%10/16/202862,358 61,419 61,747 3.59 
Patriot Growth Insurance Services, LLC(5) (8) (13)S +5.50%11.00%10/16/2028 (61)(44) 
Peter C. Foy & Associates Insurance Services, LLC(5) (6) (8)S +6.00%11.47%11/1/202820,205 20,029 19,938 1.16 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.47%11/1/20287,140 7,060 7,033 0.41 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.47%11/1/2027 (5)(12) 
40

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
RSC Acquisition, Inc.(5) (6) (8)S +5.50%11.02%11/1/202932,400 $31,989 $32,125 1.87 %
RSC Acquisition, Inc.(5) (8) (13)S +6.00%11.39%11/1/2029135 124 128 0.01 
Summit Acquisition, Inc.(5) (6) (8)S +6.75%12.10%5/1/20307,353 7,146 7,242 0.42 
Summit Acquisition, Inc.(5) (8) (13)S +6.75%12.10%5/1/2030 (22)(25) 
Summit Acquisition, Inc.(5) (8) (13)S +6.75%12.10%5/1/2029 (22)(12) 
World Insurance Associates, LLC(5) (6) (7)S +6.00%11.36%4/3/202864,847 63,382 62,776 3.65 
World Insurance Associates, LLC(5) (7) (13)S +6.00%11.36%4/3/2028 (11)(41) 
472,289 471,507 27.39 
Interactive Media & Services
FMG Suite Holdings, LLC(5) (7)S +5.50%10.78%10/30/202623,574 23,267 23,392 1.36 
FMG Suite Holdings, LLC(5) (7)S +5.50%10.78%10/30/20264,568 4,521 4,538 0.26 
FMG Suite Holdings, LLC(5) (13)P +4.25%12.75%10/30/2026777 753 762 0.04 
Spectrio, LLC(5) (6) (7)S +
6.00% (incl. 5.00% PIK)
11.38%12/9/202631,645 31,343 30,028 1.74 
Spectrio, LLC(5) (7)S +
6.00% (incl. 5.00% PIK)
11.38%12/9/202612,765 12,725 12,113 0.70 
Spectrio, LLC(5) (7) (13)S +
6.00% (incl. 5.00% PIK)
11.38%12/9/20263,498 3,460 3,294 0.19 
Triple Lift, Inc.(5) (6) (8)S +5.75%11.17%5/5/202827,300 26,926 25,400 1.48 
Triple Lift, Inc.(5) (8) (13)S +5.75%11.17%5/5/20281,533 1,484 1,255 0.07 
104,479 100,782 5.86 
IT Services
Atlas Purchaser, Inc.(6) (8)S +5.25%10.88%5/8/20288,831 8,710 5,210 0.30 
Catalis Intermediate, Inc.(5) (6) (8)S +5.50%11.00%8/4/202739,357 38,709 37,192 2.16 
Catalis Intermediate, Inc.(5) (8)S +5.50%11.00%8/4/20278,855 8,723 8,368 0.49 
Catalis Intermediate, Inc.(5) (8) (13)S +5.50%11.00%8/4/20271,460 1,396 1,227 0.07 
Donuts, Inc.(5) (6) (7)S +6.00%11.59%12/29/202724,855 24,618 24,838 1.44 
Recovery Point Systems, Inc.(5) (6) (7)S +6.50%11.07%8/12/202640,635 40,229 40,635 2.36 
Recovery Point Systems, Inc.(5) (7) (13)S +6.50%11.07%8/12/2026 (35)  
Redwood Services Group, LLC(5) (8)S +6.25%11.70%6/15/202910,829 10,648 10,563 0.61 
Redwood Services Group, LLC(5) (8) (13)S +6.25%11.70%6/15/20295,706 5,645 5,553 0.32 
Syntax Systems Ltd(5) (8) (10)S +5.50%10.96%10/29/202835,093 34,830 34,469 2.00 
Syntax Systems Ltd(5) (8) (10) (13)S +5.50%10.96%10/29/20262,295 2,274 2,229 0.13 
Thrive Buyer, Inc. (Thrive Networks)(5) (6) (7)S +6.00%11.55%1/22/202722,937 22,634 22,516 1.31 
Thrive Buyer, Inc. (Thrive Networks)(5) (7)S +6.00%11.50%1/22/202716,912 16,705 16,577 0.96 
Thrive Buyer, Inc. (Thrive Networks)(5) (13)P +5.00%13.50%1/22/2027661 639 621 0.04 
UpStack, Inc.(5) (7)S +5.75%11.60%8/20/20278,250 8,115 8,044 0.47 
UpStack, Inc.(5) (7) (13)S +6.25%11.60%8/20/20276,767 6,548 6,442 0.37 
41

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
UpStack, Inc.(5) (7) (13)S +6.25%11.60%8/20/2027263 $248 $241 0.01 %
230,636 224,725 13.06 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(5) (6) (7)S +5.00%10.47%11/16/202617,269 17,170 17,096 0.99 
GSM Acquisition Corp. (GSM Outdoors)(5) (7)S +5.00%10.47%11/16/20264,445 4,411 4,400 0.26 
GSM Acquisition Corp. (GSM Outdoors)(5) (7) (13)S +5.00%10.47%11/16/2026 (29)(43) 
21,552 21,453 1.25 
Machinery
Answer Acquisition, LLC(5) (7)S +5.75%11.25%12/30/202610,611 10,472 10,454 0.61 
Answer Acquisition, LLC(5) (7) (13)S +5.75%11.25%12/30/2026641 631 629 0.04 
Chase Intermediate, LLC(5) (13)S +5.25%11.00%10/30/2028 (99)(196)(0.01)
Chase Intermediate, LLC(5) (13)S +5.25%11.00%10/30/2028 (10)(10) 
Komline Sanderson Engineering Corp.(5) (6) (9)S +6.00%11.78%3/17/202617,218 17,124 16,681 0.97 
Komline Sanderson Engineering Corp.(5) (9) (13)S +6.00%11.78%3/17/202617,776 17,634 16,955 0.99 
Komline Sanderson Engineering Corp.(5) (13)P +5.00%13.50%3/17/2026 (21)(148)(0.01)
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.00%11.60%7/21/202719,165 18,905 18,990 1.10 
MHE Intermediate Holdings, LLC(5) (7)S +6.00%11.60%7/21/20273,674 3,624 3,636 0.21 
MHE Intermediate Holdings, LLC(5) (7) (13)S +6.00%11.60%7/21/2027 (30)(25) 
68,230 66,966 3.89 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6) (7)S +5.50%10.95%12/24/20296,152 5,917 6,058 0.35 
AWP Group Holdings, Inc.(5) (7) (13)S +5.50%10.95%12/24/202979 63 54  
AWP Group Holdings, Inc.(5) (7) (13)S +5.50%10.95%12/24/2029170 154 158 0.01 
Ground Penetrating Radar Systems, LLC(5) (6) (7)S +4.50%10.03%6/26/202610,202 10,098 10,114 0.59 
Ground Penetrating Radar Systems, LLC(5) (7) (13)S +4.50%10.03%6/26/2025 (11)(14) 
Vessco Midco Holdings, LLC(5) (6) (7)S +4.50%9.97%11/2/20262,687 2,673 2,687 0.16 
Vessco Midco Holdings, LLC(5) (7)S +4.50%9.97%11/2/20261,751 1,742 1,751 0.10 
Vessco Midco Holdings, LLC(5) (13)P +3.50%12.00%10/18/202620 18 20  
20,654 20,828 1.21 
Pharmaceuticals
Caerus US 1, Inc.(5) (8) (10)S +5.75%11.11%5/25/202911,038 10,846 11,038 0.64 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%11.11%5/25/2029713 693 713 0.04 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%11.11%5/25/2029878 859 878 0.05 
12,398 12,629 0.73 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(5) (6) (7)S +6.25%11.71%3/10/202718,427 18,180 18,427 1.07 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7)S +6.25%11.71%3/10/20271,931 1,919 1,931 0.11 
42

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Abacus Data Holdings, Inc. (AbacusNext)(5) (7) (13)S +6.25%11.71%3/10/20271,050 $1,032 $1,050 0.06 %
Bridgepointe Technologies, LLC(5) (7)S +6.50%12.00%12/31/202717,230 16,726 16,944 0.98 
Bridgepointe Technologies, LLC(5) (7) (13)S +6.50%12.00%12/31/202710,091 9,582 9,850 0.57 
Bullhorn, Inc.(5) (6) (7)S +5.50%10.96%9/30/202615,447 15,364 15,399 0.89 
Bullhorn, Inc.(5) (7)S +5.50%10.96%9/30/202663 61 62  
Bullhorn, Inc.(5) (7) (13)S +5.50%10.96%9/30/2026 (4)(2) 
Citrin Cooperman Advisors, LLC(5) (8)S +5.75%11.37%10/1/202724,505 24,123 24,486 1.42 
Citrin Cooperman Advisors, LLC(5) (8) (13)S +5.75%11.37%10/1/20279,330 9,115 9,260 0.54 
GPS Merger Sub, LLC(5) (6) (7)S +6.00%11.38%10/2/20294,927 4,831 4,831 0.28 
GPS Merger Sub, LLC(5) (7) (13)S +6.00%11.38%10/2/2029 (12)(12) 
GPS Merger Sub, LLC(5) (7) (13)S +6.00%11.38%10/2/2029 (20)(20) 
KENG Acquisition, Inc.(5) (7)S +6.25%11.60%8/1/20293,221 3,144 3,180 0.18 
KENG Acquisition, Inc.(5) (7) (13)S +6.25%11.60%8/1/2029400 367 369 0.02 
KENG Acquisition, Inc.(5) (7) (13)S +6.25%11.60%8/1/202998 77 86  
KWOR Acquisition, Inc.(5) (7)S +5.25%10.71%12/22/20285,333 5,250 5,257 0.31 
KWOR Acquisition, Inc.(5) (7) (13)S +5.25%10.71%12/22/20281,301 1,253 1,233 0.07 
KWOR Acquisition, Inc.(5) (13)P +4.25%12.75%12/22/202752 51 51  
Project Boost Purchaser, LLC(5) (8)S +5.25%10.64%5/2/20295,668 5,623 5,662 0.33 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.64%5/2/2029 (4)(1) 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.64%5/2/2028 (3)  
116,655 118,043 6.86 
Real Estate Management & Development
Associations, Inc.(5) (6) (7)S +
6.50% (incl. 2.50% PIK)
12.17%7/2/202717,780 17,669 17,610 1.02 
Associations, Inc.(5) (7) (13)S +
6.50% (incl. 2.50% PIK)
12.17%7/2/202721,896 21,757 21,687 1.26 
Associations, Inc.(5) (7) (13)S +
6.50% (incl. 2.50% PIK)
12.17%7/2/2027657 646 640 0.04 
MRI Software, LLC(5) (6) (7)S +5.50%10.90%2/10/202759,262 58,975 58,936 3.42 
MRI Software, LLC(5) (7) (13)S +5.50%10.90%2/10/2027    
MRI Software, LLC(5) (7) (13)S +5.50%10.90%2/10/2027 (8)(12) 
Pritchard Industries, LLC(5) (8)S +5.50%10.94%10/13/202725,274 24,925 24,771 1.44 
Pritchard Industries, LLC(5) (8)S +5.50%10.94%10/13/20276,043 5,956 5,922 0.34 
Zarya Intermediate, LLC(5) (7) (10)S +6.50%11.89%7/1/202735,408 35,408 35,408 2.06 
Zarya Intermediate, LLC(5) (7) (10) (13)S +6.50%11.89%7/1/20273,128 3,128 3,128 0.18 
168,456 168,090 9.77 
43

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Software
Alert Media, Inc.(5) (6) (7)S +6.25%13.08%4/12/202719,283 $19,048 $18,983 1.10 %
Alert Media, Inc.(5) (7) (13)S +6.25%13.08%4/12/2027 (37)(53) 
Anaplan, Inc.(5) (8)S +6.50%11.85%6/21/202924,000 23,597 24,000 1.39 
Appfire Technologies, LLC(5) (7)S +5.65%11.03%3/9/202718,667 18,576 18,426 1.07 
Appfire Technologies, LLC(5) (7) (13)S +5.65%11.03%3/9/2027 (9)(14) 
Appfire Technologies, LLC(5) (13)P +4.50%13.00%3/9/202738 36 36  
Bottomline Technologies, Inc.(5) (8)S +5.25%10.68%5/14/20293,692 3,630 3,682 0.21 
Bottomline Technologies, Inc.(5) (8) (13)S +5.25%10.68%5/15/2028 (4)  
CLEO Communications Holding, LLC(5) (6) (7)S +6.50%11.96%6/9/202739,998 39,743 39,370 2.29 
CLEO Communications Holding, LLC(5) (7) (13)S +6.50%11.96%6/9/2027 (72)(196)(0.01)
Coupa Holdings, LLC(5) (8)S +7.50%12.86%2/27/20302,264 2,212 2,239 0.13 
Coupa Holdings, LLC(5) (8) (13)S +7.50%12.86%2/27/2030 (12)(12) 
Coupa Holdings, LLC(5) (8) (13)S +7.50%12.86%2/27/2029 (18)(9) 
Cyara AcquisitionCo, LLC(5) (7)S +
6.75% (incl. 2.75% PIK)
12.08%6/28/20294,664 4,545 4,580 0.27 
Cyara AcquisitionCo, LLC(5) (7) (13)S +
6.75% (incl. 2.75% PIK)
12.08%6/28/2029 (8)(6) 
Diligent Corporation(5) (6) (7)S +5.75%11.28%8/4/202529,740 29,629 29,678 1.72 
Diligent Corporation(5) (6) (7)S +5.75%11.23%8/4/20252,179 2,170 2,174 0.13 
Diligent Corporation(5) (7) (13)S +5.75%11.23%8/4/20252,430 2,413 2,421 0.14 
E-Discovery AcquireCo, LLC(5) (7)S +6.50%11.89%8/29/202917,795 17,368 17,482 1.02 
E-Discovery AcquireCo, LLC(5) (7) (13)S +6.50%11.89%8/29/2029 (38)(29) 
Fullsteam Operations, LLC(5) (7)S +8.25%13.78%11/27/202910,860 10,538 10,538 0.61 
Fullsteam Operations, LLC(5) (7) (13)S +8.25%13.78%11/27/20291,034 947 946 0.05 
Fullsteam Operations, LLC(5) (7) (13)S +8.25%13.78%11/27/2029 (18)(18) 
GS AcquisitionCo, Inc.(5) (6) (7)S +5.50%11.00%5/22/202675,145 74,784 75,145 4.37 
GS AcquisitionCo, Inc.(5) (7) (13)S +5.50%11.00%5/22/2026 (13)  
Kaseya, Inc.(5) (8)S +
6.00% (incl. 2.50% PIK)
11.38%6/25/202914,219 14,043 14,155 0.82 
Kaseya, Inc.(5) (8) (13)S +
6.00% (incl. 2.50% PIK)
11.38%6/25/202953 47 49  
Kaseya, Inc.(5) (8) (13)S +
6.00% (incl. 2.50% PIK)
11.38%6/25/2029216 206 212 0.01 
LegitScript, LLC(5) (8)S +5.75%11.11%6/24/202926,569 26,128 26,332 1.53 
LegitScript, LLC(5) (8) (13)S +5.75%11.11%6/24/2029702 641 637 0.04 
LegitScript, LLC(5) (8) (13)S +5.75%11.11%6/24/20281,000 938 963 0.06 
44

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Matrix Parent, Inc.(8)S +5.00%10.35%3/1/2029499 $370 $339 0.02 %
Montana Buyer, Inc.(5) (8)S +5.75%11.11%7/22/20294,089 4,020 4,056 0.24 
Montana Buyer, Inc.(5) (13)P +4.75%13.25%7/22/202867 60 63  
Netwrix Corporation And Concept Searching, Inc.(5) (8)S +5.00%10.39%6/11/20295,489 5,446 5,407 0.31 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%10.39%6/11/2029 (7)(23) 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%10.39%6/11/2029 (3)(6) 
Oak Purchaser, Inc.(5) (8)S +5.50%10.85%4/28/20282,792 2,770 2,732 0.16 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.85%4/28/20281,735 1,721 1,694 0.10 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.85%4/28/2028 (3)(8) 
Pound Bidco, Inc.(5) (6) (7) (10)S +6.50%11.96%1/30/202610,832 10,707 10,796 0.63 
Pound Bidco, Inc.(5) (7) (10) (13)S +6.50%11.96%1/30/2026    
Pound Bidco, Inc.(5) (6) (7) (10) (13)S +6.50%11.96%1/30/2026 (10)  
Project Leopard Holdings, Inc.(9) (10)S +5.25%10.73%7/20/20296,217 5,849 5,590 0.32 
Revalize, Inc.(5) (7)S +5.75%11.21%4/15/202719,455 19,376 19,053 1.11 
Revalize, Inc.(5) (7) (13)S +5.75%11.21%4/15/202718 17 16  
Riskonnect Parent, LLC(5) (8)S +5.50%11.00%12/7/2028519 511 518 0.03 
Riskonnect Parent, LLC(5) (8) (13)S +5.50%11.00%12/7/2028 (5)(1) 
Securonix, Inc.(5) (8)S +6.00%11.41%4/5/202821,010 20,727 19,846 1.15 
Securonix, Inc.(5) (8) (13)S +6.00%11.41%4/5/2028 (47)(210)(0.01)
Skykick, Inc.(5) (7)S +
10.25% (incl. 7.00% PIK)
15.91%9/1/20277,754 7,647 7,181 0.42 
Skykick, Inc.(5) (7)S +
10.25% (incl. 7.00% PIK)
15.91%9/1/20272,470 2,426 2,250 0.13 
Trunk Acquisition, Inc.(5) (7)S +5.75%11.25%2/19/20278,960 8,901 8,797 0.51 
Trunk Acquisition, Inc.(5) (7) (13)S +5.75%11.25%2/19/2026 (4)(16) 
User Zoom Technologies, Inc.(5) (8)S +7.00%12.49%4/5/202938,689 38,050 38,070 2.21 
419,529 417,855 24.28 
Wireless Telecommunication Services
Mobile Communications America, Inc.(5) (6) (7)S +6.00%11.35%10/16/20295,955 5,868 5,868 0.34 
Mobile Communications America, Inc.(5) (7) (13)S +6.00%11.35%10/16/2029 (14)(14) 
Mobile Communications America, Inc.(5) (7) (13)S +6.00%11.35%10/16/2029 (14)(14) 
5,840 5,840 0.34 
Total First Lien Debt$3,027,413 $3,004,544 174.57 %
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC(5) (7)S +9.15%14.53%12/30/20274,500 $4,393 $4,223 0.25 %
Automobile Components
45

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
PAI Holdco, Inc.(5) (7)S +
7.50% (incl. 2.00% PIK)
13.03%10/28/202826,565 $26,053 $24,823 1.44 %
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(9)S +7.00%12.65%3/2/202925,500 25,446 21,420 1.24 
Energy Equipment & Services
QBS Parent, Inc.(5)S +8.50%14.04%9/21/202615,000 14,853 14,400 0.84 
Health Care Providers & Services
Heartland Veterinary Partners, LLC(5) (7)S +8.00%13.46%12/10/20273,960 3,903 3,879 0.23 
Heartland Veterinary Partners, LLC(5) (7)S +8.00%13.46%12/10/20271,540 1,516 1,508 0.09 
5,419 5,387 0.31 
Industrial Conglomerates
Aptean, Inc.(5)(8)S +7.00%12.46%4/23/20275,950 5,950 5,950 0.35 
IT Services
Help/Systems Holdings, Inc.(8)S +6.75%12.35%11/19/202717,500 17,500 14,147 0.82 
Idera, Inc.(5) (8)S +6.75%12.28%3/2/20293,887 3,865 3,887 0.23 
Red Dawn SEI Buyer, Inc.(5) (7)S +8.50%13.86%11/20/202619,000 18,727 18,945 1.10 
40,092 36,979 2.15 
Software
Flexera Software, LLC(5) (7)S +7.00%12.47%3/3/202913,500 13,303 13,500 0.78 
Matrix Parent, Inc.(5) (9) (11)S +8.00%13.53%3/1/203010,667 10,505 5,733 0.33 
23,808 19,233 1.12 
Total Second Lien Debt$146,014 $132,415 7.69 %
Other Investments
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(5) (11)
16.25% PIK
6/18/20261,500 1,500 170 0.01 
Fetch Insurance Services, LLC(5)
12.75% (incl. 3.75% PIK)
10/31/20271,953 1,910 1,894 0.11 
Total Unsecured Debt$3,410 $2,064 0.12 %
46

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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and SpreadAcquisition DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Preferred Equity
Diligent Corporation(5) (12)10.50%4/5/20215,000 $6,329 $6,513 0.38 %
FORTIS Solutions Group, LLC(5) (12)12.25%6/24/20221,000,000 1,179 970 0.06 
Integrity Marketing Acquisition, LLC(5) (12)10.50%12/21/20213,250,000 3,956 3,900 0.23 
Knockout Intermediate Holdings I, Inc.(5) (12)11.75%6/25/20222,790 3,265 3,267 0.19 
Revalize, Inc.(5) (7) (12)S +10.00%12/14/20212,255 2,776 2,833 0.16 
RSK Holdings, Inc. (Riskonnect)(5) (8) (12)S +10.50%7/7/20221,012,200 1,137 1,275 0.07 
Skykick, Inc.(5) (12)8/31/2021134,101 1,275 1,275 0.07 
Total Preferred Equity$19,917 $20,033 1.16 %
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(5) (12)3/9/202129,441 $2,944 $2,586 0.15 %
Amerilife Holdings, LLC(5) (12)9/1/2022908 25 33 0.00 
BP Purchaser, LLC(5) (12)12/10/20211,383,156 1,378 1,297 0.08 
CSC Thrive Holdings, LP (Thrive Networks)(5) (12)3/1/2021162,309 421 855 0.05 
Encore Holdings, LLC(5) (12)11/23/20212,796 348 696 0.04 
Frisbee Holdings, LP (Fetch)(5) (12)10/31/202221,744 277 277 0.02 
Fullsteam Operations, LLC(5) (12)11/27/20233,043 100 100 0.01 
GSM Equity Investors, LP (GSM Outdoors)(5) (12)11/16/20204,500 450 884 0.05 
Help HP SCF Investor, LP (Help/Systems)(10) (12)5/12/20219,619,564 12,460 15,966 0.93 
LUV Car Wash(5) (12)4/6/2022123 123 68 0.00 
mPulse Mobile, Inc.(5) (12)12/17/2021165,761 1,220 1,218 0.07 
PCX Holding Corp.(5) (12)4/22/20216,538 654 675 0.04 
Pet Holdings, Inc. (Brightpet)(5) (12)10/6/202017,543 2,013 1,762 0.10 
Pritchard Industries, Inc.(5) (12)10/13/20211,700,000 1,700 1,785 0.10 
Procure Acquiom Financial, LLC (Procure Analytics)(5) (12)12/20/20211,000,000 1,000 1,290 0.07 
Recovery Point Systems, Inc.(5) (12)3/5/20211,000,000 1,000 810 0.05 
Reveal Data Solutions(5) (12)8/29/2023477,846 621 621 0.04 
Shelby Co-invest, LP. (Spectrum Automotive)(5) (12)6/29/20218,500 850 1,316 0.08 
Surewerx Topco, LP(5) (10) (12)12/28/2022512 512 565 0.03 
Suveto Buyer, LLC(5) (10) (12)11/19/202119,257 1,926 1,701 0.10 
Total Common Equity30,022 34,505 2.00 
Total Other Investments$53,349 $56,602 3.29 %
Total Portfolio Investments$3,226,776 $3,193,561 185.55 %

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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
(1)
Unless otherwise indicated, issuers of debt and equity investments held by the Company (where 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 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 December 31, 2023, 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, 2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)
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”.
(3)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR (“E”) or SOFR (“S”) 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, 2023. 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, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 3-month E at 3.91%, 1-month S at 5.35%, the 3-month S at 5.33%; the 6-month S at 5.16% and the P at 8.50% .
(4)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)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.
(6)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(7)
Loan includes interest rate floor of 1.00%.
(8)
Loan includes interest rate floor of 0.75%.
(9)
Loan includes interest rate floor of 0.50%.
(10)
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, 2023, non-qualifying assets represented 6.55% of total assets as calculated in accordance with regulatory requirements.
(11)
Investment was on non-accrual status as of December 31, 2023.
(12)
Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2023, the aggregate fair value of these securities is $54,538 or 3.17% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13) 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, 2023:

Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLCRevolver12/23/2026$2,800 $ 
48Forty Solutions, LLCRevolver11/30/20261,086 (68)
AMCP Pet Holdings, Inc. (Brightpet)Revolver10/5/20262,042 (44)
ARI Network Services, Inc.Revolver2/28/20253,030 (29)
AWP Group Holdings, Inc.Delayed Draw Term Loan8/1/20251,579 (24)
AWP Group Holdings, Inc.Revolver12/24/2029620 (9)
Abacus Data Holdings, Inc. (AbacusNext)Revolver3/10/2027350  
Abracon Group Holdings, LLCDelayed Draw Term Loan7/6/2024441 (77)
Advarra Holdings, Inc.Delayed Draw Term Loan8/26/202441 (1)
Alert Media, Inc.Revolver4/10/20263,043 (53)
Amerilife Holdings, LLCDelayed Draw Term Loan10/7/2025147 (2)
Amerilife Holdings, LLCRevolver8/31/2028437 (6)
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Answer Acquisition, LLCRevolver12/30/2026$192 $(3)
Apex Service Partners, LLCDelayed Draw Term Loan10/24/20255,922 (73)
Apex Service Partners, LLCRevolver10/24/20292,335 (43)
Appfire Technologies, LLCDelayed Draw Term Loan6/13/20241,083 (14)
Appfire Technologies, LLCRevolver3/9/2027129 (2)
Applitools, Inc.Revolver5/25/2028433 (10)
Assembly Intermediate, LLCDelayed Draw Term Loan1/1/20241,556 (58)
Assembly Intermediate, LLCRevolver10/19/20272,074 (78)
Associations, Inc.Delayed Draw Term Loan6/10/202460 (1)
Associations, Inc.Revolver7/2/20271,203 (11)
Atlas Us Finco, Inc.Revolver12/9/2028186  
Avalara, Inc.Revolver10/19/20281,130  
Bottomline Technologies, Inc.Revolver5/15/2028267  
Bradyifs Holdings, LLCDelayed Draw Term Loan10/31/2025619 (8)
Bradyifs Holdings, LLCRevolver10/31/2029631 (12)
Bridgepointe Technologies, LLCDelayed Draw Term Loan4/1/20254,426 (73)
Bullhorn, Inc.Revolver9/30/2026593 (2)
CLEO Communications Holding, LLCRevolver6/9/202712,502 (196)
Caerus US 1, Inc.Delayed Draw Term Loan10/28/2024893  
Caerus US 1, Inc.Revolver5/25/2029293  
Catalis Intermediate, Inc.Revolver8/4/20272,778 (153)
Chase Intermediate, LLCDelayed Draw Term Loan8/31/202510,601 (196)
Chase Intermediate, LLCRevolver10/30/2028530 (10)
Citrin Cooperman Advisors, LLCDelayed Draw Term Loan12/13/20257,275 (70)
Coupa Holdings, LLCDelayed Draw Term Loan8/27/20241,085 (12)
Coupa Holdings, LLCRevolver2/27/2029831 (9)
Cyara AcquisitionCo, LLCRevolver6/28/2029313 (6)
Diligent CorporationRevolver8/24/20252,070 (4)
Dwyer Instruments, Inc.Delayed Draw Term Loan12/22/20252,954 (29)
Dwyer Instruments, Inc.Revolver7/21/20271,014 (20)
E-Discovery AcquireCo, LLCRevolver8/29/20291,618 (28)
Encore Holdings, LLCRevolver11/23/2027539  
Energy Labs Holdings Corp.Revolver4/7/202839  
Excelitas Technologies Corp.Delayed Draw Term Loan8/12/202444  
Excelitas Technologies Corp.Revolver8/14/202851  
FLS Holding, Inc.Revolver12/17/20271,802 (11)
FMG Suite Holdings, LLCRevolver10/30/20261,542 (10)
FORTIS Solutions Group, LLCDelayed Draw Term Loan6/24/2024908  
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
FORTIS Solutions Group, LLCRevolver10/15/2027$2,564 $ 
Foundation Risk Partners Corp.Revolver10/29/20274,571  
Fullsteam Operations, LLCDelayed Draw Term Loan5/27/20253,902 (68)
Fullsteam Operations, LLCRevolver11/27/2029608 (18)
GC Waves Holdings, Inc.Delayed Draw Term Loan12/31/20246,095 (113)
GC Waves Holdings, Inc.Revolver8/11/2028331 (6)
GPS Merger Sub, LLCDelayed Draw Term Loan10/2/20251,274 (12)
GPS Merger Sub, LLCRevolver10/2/20291,019 (20)
GS AcquisitionCo, Inc.Revolver5/22/20262,420  
GSM Acquisition Corp. (GSM Outdoors)Revolver11/16/20264,280 (43)
Galway Borrower, LLCDelayed Draw Term Loan4/28/20241,712 (18)
Galway Borrower, LLCRevolver9/30/20272,053 (60)
Gateway US Holdings, Inc.Revolver9/22/202630  
GraphPad Software, LLCRevolver4/27/2027875 (3)
Ground Penetrating Radar Systems, LLCRevolver6/26/20251,641 (14)
Groundworks, LLCDelayed Draw Term Loan9/14/202454  
Groundworks, LLCRevolver3/14/202962  
Heartland Veterinary Partners, LLCRevolver12/10/2026375 (3)
Helios Service Partners, LLCDelayed Draw Term Loan2/7/20255,933 (59)
Helios Service Partners, LLCRevolver3/19/2027542 (5)
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan8/23/20251,254  
High Street Buyer, Inc.Revolver4/16/20272,136  
Hyland Software, Inc.Revolver9/19/20291,879 (21)
Inszone Mid, LLCDelayed Draw Term Loan11/10/20256,000 (64)
Inszone Mid, LLCRevolver11/12/2029817 (16)
Integrity Marketing Acquisition, LLCRevolver8/27/202652 (1)
Iris Buyer, LLCDelayed Draw Term Loan10/2/2030856 (13)
Iris Buyer, LLCRevolver10/2/20291,001 (26)
KENG Acquisition, Inc.Delayed Draw Term Loan8/1/20252,040 (26)
KENG Acquisition, Inc.Revolver8/1/2029781 (10)
KWOR Acquisition, Inc.Delayed Draw Term Loan6/22/20243,473 (50)
KWOR Acquisition, Inc.Revolver12/22/202770 (1)
Kaseya, Inc.Delayed Draw Term Loan6/23/2024803 (4)
Kaseya, Inc.Revolver6/25/2029642 (3)
Komline Sanderson Engineering Corp.Delayed Draw Term Loan5/27/20248,529 (266)
Komline Sanderson Engineering Corp.Revolver3/17/20264,746 (148)
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
LJ Avalon Holdings, LLCDelayed Draw Term Loan8/1/2024$1,028 $(24)
LJ Avalon Holdings, LLCRevolver2/1/2029675 (16)
LUV Car Wash Group, LLCDelayed Draw Term Loan3/14/2024274 (1)
LegitScript, LLCDelayed Draw Term Loan6/24/20246,612 (59)
LegitScript, LLCRevolver6/24/20283,167 (28)
Lightspeed Solution, LLCDelayed Draw Term Loan3/1/20242,024 (36)
MHE Intermediate Holdings, LLCRevolver7/21/20272,500 (25)
MRI Software, LLCDelayed Draw Term Loan12/19/202574  
MRI Software, LLCRevolver2/10/20262,252 (12)
Magneto Components Buyco, LLCDelayed Draw Term Loan6/5/20253,035 (28)
Magneto Components Buyco, LLCRevolver12/5/20292,529 (46)
Magnolia Wash HoldingsRevolver7/14/202871 (7)
MajescoRevolver9/21/20261,575 (18)
Mantech International CPDelayed Draw Term Loan9/14/202456  
Mantech International CPRevolver9/14/202853  
Mobile Communications America, Inc.Delayed Draw Term Loan10/16/20251,921 (14)
Mobile Communications America, Inc.Revolver10/16/2029960 (14)
Montana Buyer, Inc.Revolver7/22/2028400 (3)
Netwrix Corporation And Concept Searching, Inc.Delayed Draw Term Loan6/10/20241,528 (23)
Netwrix Corporation And Concept Searching, Inc.Revolver6/11/2029431 (6)
Oak Purchaser, Inc.Delayed Draw Term Loan4/28/2024127 (3)
Oak Purchaser, Inc.Revolver4/28/2028372 (8)
Omni Intermediate Holdings, LLCDelayed Draw Term Loan6/24/2024138 (7)
Omni Intermediate Holdings, LLCRevolver12/30/2025233 (11)
PCX Holding Corp.Revolver4/22/2027987 (6)
PDFTron Systems, Inc.Revolver7/15/20263,850 (62)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/202515,090 (124)
Pareto Health Intermediate Holdings, Inc.Revolver6/1/2029792 (6)
Patriot Growth Insurance Services, LLCRevolver10/16/20284,485 (44)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan10/19/20241,695 (8)
Peter C. Foy & Associates Insurance Services, LLCRevolver11/1/2027832 (12)
Pound Bidco, Inc.Delayed Draw Term Loan12/31/2024297  
Pound Bidco, Inc.Revolver1/30/20261,163 
Procure Acquireco, Inc. (Procure Analytics)Revolver12/20/2028238 (7)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2024589 (1)
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Project Boost Purchaser, LLCRevolver5/2/2028$449 $ 
RSC Acquisition, Inc.Delayed Draw Term Loan2/14/2025610 (5)
Randy's Holdings, Inc.Delayed Draw Term Loan11/1/20242,248 (8)
Randy's Holdings, Inc.Revolver11/1/2028639 (2)
Raptor Merger Sub Debt, LLCRevolver4/1/20281,953 (2)
Recovery Point Systems, Inc.Revolver8/12/20264,000  
Redwood Services Group, LLCDelayed Draw Term Loan1/31/2025505 (12)
Revalize, Inc.Revolver4/15/202753 (1)
Riskonnect Parent, LLCDelayed Draw Term Loan7/7/2024558 (1)
RoadOne IntermodaLogisticsDelayed Draw Term Loan6/30/2024273 (5)
RoadOne IntermodaLogisticsRevolver12/29/2028309 (6)
Securonix, Inc.Revolver4/5/20283,782 (210)
Sherlock Buyer Corp.Delayed Draw Term Loan9/6/20253,215 (2)
Sherlock Buyer Corp.Revolver12/8/20271,286 (1)
Smarsh, Inc.Delayed Draw Term Loan2/18/2024536 (9)
Smarsh, Inc.Revolver2/16/2029268 (5)
Spectrio, LLCRevolver12/9/2026493 (25)
Spectrum Automotive Holdings Corp.Delayed Draw Term Loan6/29/20241,154 (26)
Spectrum Automotive Holdings Corp.Revolver6/29/2027881 (20)
Spotless Brands, LLCRevolver7/25/2028114 (1)
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan1/1/2024276 (4)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026625 (9)
Summit Acquisition, Inc.Delayed Draw Term Loan11/1/20241,638 (25)
Summit Acquisition, Inc.Revolver5/1/2029819 (12)
Summit Buyer, LLCDelayed Draw Term Loan8/25/2025197 (5)
Summit Buyer, LLCRevolver1/14/20262,443 (59)
Superman Holdings, LLCDelayed Draw Term Loan5/1/2025380 (5)
Surewerx Purchaser III, Inc.Delayed Draw Term Loan6/28/20241,128  
Surewerx Purchaser III, Inc.Revolver12/28/2028494  
SuvetoRevolver9/9/2027930 (19)
Sweep Purchaser, LLCDelayed Draw Term Loan5/5/2024273 (55)
Sweep Purchaser, LLCRevolver11/30/202628 (6)
Syntax Systems LtdRevolver10/29/20261,447 (26)
Tamarack Intermediate, LLCDelayed Draw Term Loan10/6/2025398 (6)
Tamarack Intermediate, LLCRevolver3/13/2028900 (22)
Tank Holding Corp.Delayed Draw Term Loan5/22/2024494 (10)
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Tank Holding Corp.Revolver3/31/2028$587 $(26)
Thrive Buyer, Inc. (Thrive Networks)Revolver1/22/20271,321 (26)
Tidi Legacy Products, Inc.Delayed Draw Term Loan6/19/2025913 (9)
Tidi Legacy Products, Inc.Revolver12/19/2029657 (13)
Trintech, Inc.Revolver7/25/20292,092 (39)
Triple Lift, Inc.Revolver5/5/20282,467 (172)
Trunk Acquisition, Inc.Revolver2/19/2026857 (16)
Two Six Labs, LLCRevolver8/20/20272,134 (48)
United Flow Technologies Intermediate Holdco II, LLCDelayed Draw Term Loan1/1/202432  
United Flow Technologies Intermediate Holdco II, LLCRevolver10/29/20261,155 (15)
UpStack, Inc.Delayed Draw Term Loan6/30/20256,197 (155)
UpStack, Inc.Revolver8/20/2027613 (15)
V Global Holdings, LLCRevolver12/22/2025396 (8)
VRC Companies, LLCRevolver6/29/20271,653 (2)
Vensure Employer Services, Inc.Delayed Draw Term Loan6/15/20252,362 (20)
Vertex Service Partners, LLCDelayed Draw Term Loan11/8/20252,562 (39)
Vertex Service Partners, LLCRevolver11/8/2030460 (11)
Vessco Midco Holdings, LLCRevolver10/18/2026428  
World Insurance Associates, LLCRevolver4/3/20281,269 (41)
YI, LLCDelayed Draw Term Loan6/6/20251,178 (12)
YI, LLCRevolver12/3/2029883 (17)
Zarya Intermediate, LLCRevolver7/1/2027521  
iCIMS, Inc.Delayed Draw Term Loan8/18/2025101  
iCIMS, Inc.Revolver8/18/202838  
mPulse Mobile, Inc.Revolver12/18/20272,668 (59)
Total First Lien Debt Unfunded Commitments$294,950 $(4,552)
Total Unfunded Commitments$294,950 $(4,552)
53

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Morgan Stanley Direct Lending Fund
Notes to Consolidated Financial Statements (Unaudited)
June 30, 2024
(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 has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.
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.
The Company conducted private offerings of its common stock, par value $0.001 per share (the “Common Stock”), to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of each private offering, each investor made a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company. As of October 4, 2023, all Capital Commitments had been fully funded.
On January 26, 2024, the Company closed its initial public offering (“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 $97.1 million. The Company’s Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.

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Table of Contents
(2) SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). 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, 2024.
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”) and DLF Equity Holdings LLC (“Equity Holdings,” and collectively with CA SPV, DLF SPV and Financing SPV, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements.
Cash and Cash Equivalents
Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, 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.
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 is 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.
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The Company's Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors 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 recordkeeping 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 maintain its status 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
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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
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan 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 loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans 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 a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
As of both June 30, 2024 and December 31, 2023, the Company had certain investments in two portfolio companies that were on non-accrual status. The amortized cost of investments on non-accrual status as of June 30, 2024 and December 31, 2023 was $12,373 and $19,353, respectively.
Offering Costs
The Company records expenses related to public equity offerings as a reduction of capital upon completion of an offering of registered securities.
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 is presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Deferred debt issuance costs related to any notes 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 and six months ended June 30, 2024, the Company accrued $500 and $936 of U.S. federal excise tax, respectively. For the three and six months ended June 30, 2023, the Company accrued $0 and $0 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.
New Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual
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periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.
(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"). The Original Investment Advisory Agreement had an initial term of two years continued thereafter 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”).
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 incorporates (i) a cumulative three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized capital loss, if any, during the applicable three-year lookback period. The Investment Advisory Agreement will continue from year to year if approved annually the Board of Directors or the Company’s stockholders, including, in each case, a majority of 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 be 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 Original Investment Advisory Agreement, the Adviser agreed to irrevocably waive the portion of the Base Management Fee in excess of 0.25% of the Company’s average gross assets calculated in accordance with the Original Investment Advisory Agreement prior to a listing of the Common Stock on a national securities exchange.
Pursuant to the Investment Advisory Agreement, the Adviser has 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 are 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 and six months ended June 30, 2024, Base Management Fees were $6,479 and $11,612, net of waiver, respectively. For the three and six months ended June 30, 2023, Base Management Fees were $1,862 and $3,688, net of waiver, respectively. As of June 30, 2024 and December 31, 2023, $6,479 and $2,012, 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 Original Investment Advisory Agreement, the Company paid its Adviser an income-based incentive fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows:
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No income based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5% (6.0% annualized);
100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% (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”. This “catch-up” portion 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 the “catch up” is achieved; and
17.5% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.8182% (7.2728% annualized).
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 will be compared to a hurdle rate equal to 1.5% (6.0% annualized), and, if pre-incentive fee net investment income for the First Calendar Quarter exceeds the hurdle rate, the incentive fee will 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 will be compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.5% per quarter (6% 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 our 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 all pre-incentive fee net investment income is paid to the Adviser.

Commencing with the quarter ending June 30, 2024, each income incentive fee will be 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” (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.

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For the Waiver Period, the Adviser has irrevocably waived its right to receive each component of the income incentive fee in excess of amounts calculated as described above using (1) 15.0% 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 is 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 and six months ended June 30, 2024, income based incentive fees were $9,903 and $20,028, net of waiver respectively. For the three and six months ended June 30, 2023, income based incentive fees were $10,138 and $19,519, respectively. As of June 30, 2024 and December 31, 2023, $9,903 and $11,766, 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.

For the calendar years ended December 31, 2024 and December 31, 2025, 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 and six months ended June 30, 2024, the Investment Adviser accrued $0 and $0 capital gains incentive fees. For the three and six months ended June 30, 2023, 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 June 30, 2024 and December 31, 2023, $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 had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors.
For the three and six months ended June 30, 2024, the Company incurred $17 and $42, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three and six months ended June 30, 2023, the Company incurred $60 and $114, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.
Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of June 30, 2024 and December 31, 2023 were $128 and $178, respectively.
Sub-Administration Agreement
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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.
Placement Agent Agreement
On August 30, 2019, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates assisted in the placement of Common Stock in the Company’s private offerings. The Company was not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement. Payments were made by the Investment Adviser to the Placement Agent. To the extent the Paying Agent received any payments it would remit the payment to the Placement Agent. The Placement Agent Agreement terminated on January 24, 2024.
MS Credit Partners Holdings, Inc. Investment
MS Credit Partners Holdings, Inc., or 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 June 30, 2024 and December 31, 2023, MS Credit Partners Holdings held approximately 10.9% and 11.7% 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, an indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as an initial purchaser in connection with the private placement of the Company’s 2027 Notes (as defined below in Note 6. “Debt”) and received fees of $213 at closing on February 11, 2022, under the purchase agreement entered into by the Company in connection with such private placement.
Morgan Stanley & Co. LLC served as a co-agent in connection with the private placement of the Company’s 2025 Notes (as defined below in Note 6. “Debt”) and received fees of $138 at closing on September 13, 2022.
Morgan Stanley & Co. LLC served as a co-agent 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 the IPO and received $1,241 of underwriting fees at closing on January 26, 2024.
(4) INVESTMENTS
The composition of the Company’s investment portfolio at cost and fair value was as follows:
June 30, 2024
December 31, 2023(1)
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$3,356,586 $3,345,743 95.3 %$3,027,413 $3,004,544 94.1 %
Second Lien Debt122,416 103,144 2.9 146,014 132,415 4.1 
Other Debt Investments9,298 8,467 0.2 3,410 2,064 0.1 
Equity53,735 56,932 1.6 49,939 54,538 1.7 
Total$3,542,035 $3,514,286 100.0 %$3,226,776 $3,193,561 100.0 %
(1) The Company reclassified certain investment composition groupings by breaking out Other Securities into Other Debt Investments and Equity. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2023.
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The industry composition of investments at fair value was as follows:
June 30, 2024December 31, 2023
Aerospace & Defense2.3 %2.2 %
Air Freight & Logistics0.5 1.1 
Automobile Components3.2 3.5 
Automobiles3.1 4.7 
Biotechnology0.8 0.5 
Building Products0.4  
Chemicals0.6 0.6 
Commercial Services & Supplies9.2 9.6 
Construction & Engineering1.7 1.5 
Consumer Staples Distribution & Retail0.6  
Containers & Packaging1.3 1.4 
Distributors2.6 2.9 
Diversified Consumer Services4.7 2.5 
Electronic Equipment, Instruments & Components1.9 2.1 
Energy Equipment & Services0.4 0.5 
Financial Services2.2 1.9 
Food Products2.2 2.3 
Ground Transportation0.6  
Health Care Equipment & Supplies0.6 0.7 
Health Care Providers & Services4.3 4.6 
Health Care Technology1.7 1.9 
Industrial Conglomerates1.3 1.3 
Insurance Services14.3 14.9 
Interactive Media & Services2.9 3.2 
IT Services9.0 8.7 
Leisure Products0.5 0.7 
Life Sciences Tools & Services0.4  
Machinery2.1 2.1 
Multi-Utilities0.8 0.7 
Pharmaceuticals0.3 0.4 
Professional Services3.7 3.8 
Real Estate Management & Development3.9 5.3 
Software15.7 14.2 
Wireless Telecommunication Services0.2 0.2 
Total100.0 %100.0 %

The geographic composition of investments at cost and fair value was as follows:
June 30, 2024December 31, 2023
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
Australia$16,970 $17,219 0.5 %$16,985 $17,048 0.5 %
Canada150,077 151,102 4.3 98,674 98,387 3.1 
United Kingdom11,713 11,311 0.3 12,398 12,629 0.4 
United States3,363,275 3,334,654 94.9 3,098,719 3,065,497 96.0 
Total$3,542,035 $3,514,286 100.0 %$3,226,776 $3,193,561 100.0 %
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(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, 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 of the 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.
Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These 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 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:
1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;
2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;
3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment is reviewed by an independent valuation firm at least once on a rolling twelve-month basis) including review of management’s preliminary valuation and conclusion of fair value;
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4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and
5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.
The fair value is generally determined based on the assessment of the following factors, as relevant:
•     the nature and realizable value of any collateral;
•     call features, put features and other relevant terms of debt;
•     the portfolio company’s leverage and ability to make payments;
•     the portfolio company’s public or private letter credit ratings;
•     the portfolio company’s actual and expected earnings and discounted cash flow;
•     prevailing interest rates for like securities and expected volatility in future interest rates;
•     the markets in which the issuer does business and recent economic and/or market events; and
•     comparisons to publicly traded securities.
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:
June 30, 2024
December 31, 2023(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First Lien Debt$ $26,691 $3,319,052 $3,345,743 $ $24,674 $2,979,870 $3,004,544 
Second Lien Debt 35,858 67,286 103,144  35,567 96,848 132,415 
Other Debt Investments  8,467 8,467   2,064 2,064 
Equity  41,505 41,505   38,572 38,572 
Subtotal$ $62,549 $3,436,310 $3,498,859 $ $60,241 $3,117,354 $3,177,595 
Investment measured at net asset value(1)
15,427 15,966 
Total Investments$3,514,286 $3,193,561 
Cash equivalents$21,107 $— $— $21,107 $— $— $— $— 
(1) 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.
(2) The Company reclassified certain investment composition groupings by breaking out Other Securities into Other Debt Investments and Equity. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2023.
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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 June 30, 2024:
First Lien DebtSecond Lien DebtOther Debt Investments EquityTotal Investments
Fair value, beginning of period$3,093,759 $82,186 $2,163 $41,565 $3,219,673 
Purchases of investments(1)
493,351  5,770 497 499,618 
Proceeds from principal repayments and sales of investments(1)
(274,169)(14,780)  (288,949)
Accretion of discount/amortization of premium4,238 255 4  4,497 
Payment-in-kind2,207 230 95 701 3,233 
Net change in unrealized appreciation (depreciation)4,840 (605)435 (1,258)3,412 
Net realized gains (losses)     
Transfers into/(out) of Level 3(2)
(5,174)   (5,174)
Fair value, end of period$3,319,052 $67,286 $8,467 $41,505 $3,436,310 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024$3,387 $(414)$435 $(1,295)$2,113 
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 six months ended June 30, 2024:
First Lien DebtSecond Lien DebtOther Debt InvestmentsEquityTotal Investments
Fair value, beginning of period$2,979,870 $96,848 $2,064 $38,572 $3,117,354 
Purchases of investments(1)
660,813 836 5,770 2,516 669,935 
Proceeds from principal repayments and sales of investments(1)
(337,511)(25,230)  (362,741)
Accretion of discount/amortization of premium6,744 426 6  7,176 
Payment-in-kind4,700 365 114 1,281 6,460 
Net change in unrealized appreciation (depreciation)10,775 (5,959)513 (864)4,465 
Net realized gains (losses)(4,750)   (4,750)
Transfers into/(out) of Level 3(2)
(1,589)   (1,589)
Fair value, end of period$3,319,052 $67,286 8,467 $41,505 $3,436,310 
$— 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024$9,438 $(5,932)$513 $(864)$3,155 
(1)     Includes transactions relating to restructurings.
(2)     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.










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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 June 30, 2023:
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$2,713,691 $115,410 $37,053 $2,866,154 
Purchases of investments82,682 86 17 82,785 
Proceeds from principal repayments and sales of investments(37,683)  (37,683)
Accretion of discount/amortization of premium2,516 69 2 2,587 
Payment-in-kind425 126 506 1,057 
Net change in unrealized appreciation (depreciation)11,022 (2,607)1,524 9,939 
Net realized gains (losses)    
Transfers into/(out) of Level 3    
Fair value, end of period$2,772,653 $113,084 $39,102 $2,924,839 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023$11,184 $(2,607)$1,524 $10,101 
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 six months ended June 30, 2023:
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of period$2,668,749 $122,891 $36,395 $2,828,035 
Purchases of investments212,587 8,586 91 221,264 
Proceeds from principal repayments and sales of investments(126,765)  (126,765)
Accretion of discount/amortization of premium4,949 136 4 5,089 
Payment-in-kind806 260 994 2,060 
Net change in unrealized appreciation (depreciation)12,205 (2,600)1,618 11,223 
Net realized gains (losses)122   122 
Transfers into/(out) of Level 3(1)
 (16,189) (16,189)
Fair value, end of period$2,772,653 $113,084 $39,102 $2,924,839 
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2023$11,813 $(2,600)$1,618 $10,831 
(1)     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 captures the significant unobservable inputs relevant to the Company’s determination of fair value.
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June 30, 2024
Range(1)
Asset CategoryFair
Value
Valuation Technique (2)
Significant Unobservable
Input
LowHigh
Weighted
Average(3)
Investments in first lien debt$3,319,052 Yield AnalysisDiscount Rate8.84 %22.73 %11.18 %
Investments in second lien debt67,286 Yield AnalysisDiscount Rate10.65 %15.35 %13.77 %
  Unsecured debt7,778 Yield AnalysisDiscount Rate9.90 %16.60 %11.56 %
689 Market ApproachEBITDA Multiple9.00x
  Preferred equity20,321 Income ApproachDiscount Rate9.88 %14.90 %12.72 %
1,688 Market ApproachEBITDA Multiple8.50x
  Common equity16,060 Market ApproachEBITDA Multiple8.10x18.70x13.10x
3,436 Market ApproachRevenue Multiple7.50x9.93x8.11x
Total Investments$3,436,310 
(1) For an asset category that contains a single investment, the range is not included.
(2) During the six months ended June 30, 2024, one unsecured debt position with a fair value of $1.93 million transitioned from an income approach to a yield analysis valuation technique.
(3) 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, 2023
Range
Asset CategoryFair
Value
Valuation TechniqueSignificant Unobservable
Input
LowHigh
Weighted
Average(1)
Investments in first lien debt$2,979,870 Yield AnalysisDiscount Rate8.61 %25.09 %11.00 %
Investments in second lien debt96,848 Yield AnalysisDiscount Rate10.80 %31.13 %14.37 %
Investments in other securities
Unsecured debt1,894 Income ApproachDiscount Rate14.60 %14.60 %14.60 %
170 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Preferred equity18,758 Income ApproachDiscount Rate12.19 %15.68 %13.47 %
1,275 Market ApproachRevenue Multiple7.50x7.50x7.50x
Common equity16,600 Market ApproachEBITDA Multiple8.10x18.70x13.26x
1,939 Market ApproachRevenue Multiple7.60x9.80x8.47x
Total Investments$3,117,354 
(1) Weighted average is calculated by weighting the significant unobservable input by the relative 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 (as defined below in Note 6. “Debt”) are based on third party pricing received by the Company. The fair value of the Company’s credit facilities, 2025 Notes and 2029 Notes are estimated in accordance with the Company's valuation policy. The carrying value, fair value and level of the Company’s debt were as follows:
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June 30, 2024December 31, 2023
Level Carrying ValueFair ValueCarrying ValueFair Value
BNP Funding Facility3$194,000 $194,000 $282,000 $282,000 
Truist Credit Facility3431,474 431,474 520,263 520,263 
2027 Notes(1)
2421,500 409,573 420,834 407,617 
2025 Notes(1)
3273,539 275,000 272,935 275,000 
2029 Notes(1)
3343,909 351,628   
Total$1,664,423 $1,661,675 $1,496,032 $1,484,880 
(1)As of June 30, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,940, $1,461 and $3,930 and unamortized original issuance discount of $560, $0 and $3,789, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $3,499, $2,065 $0, and unamortized original issuance discount of $667, $0 and $0, respectively.
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.
June 30, 2024December 31, 2023
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
BNP Funding Facility$600,000 $194,000 $406,000 $600,000 $282,000 $318,000 
Truist Credit Facility(1)
1,300,000 431,474 864,364 1,120,000 520,263 599,484 
2027 Notes(2)
425,000 425,000  425,000 425,000  
2025 Notes(2)
275,000 275,000  275,000 275,000  
2029 Notes(2)
350,000 350,000     
Total$2,950,000 $1,675,474 $1,270,364 $2,420,000 $1,502,263 $917,484 
(1)As of June 30, 2024 and December 31, 2023, a letter of credit of $4,161 and $253, 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 June 30, 2024 and December 31, 2023, the Company had borrowings denominated in Euros (EUR) of 238 and 238, respectively and Canadian dollars (CAD) of 300 and 0, respectively.
(2)As of June 30, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,940, $1,461 and $3,930 and unamortized original issuance discount of $560, $0 and $3,789, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $3,499, $2,065 $0, and unamortized original issuance discount of $667, $0 and $0, respectively.
The Company's summary information of its debt obligations were as follows:
For the Three Months EndedFor the Six Months Ended
June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Combined weighted average interest rate (1)
6.57 %6.47 %6.63 %6.35 %
Combined weighted average effective interest rate (2)
7.03 %6.83 %7.07 %6.70 %
Combined weighted average debt outstanding$1,578,492$1,570,147$1,520,644$1,577,438
(1) Excludes unused fees and financing costs.
(2) Excludes unused fees.
As of June 30, 2024 and December 31, 2023, the Company was in compliance with all covenants and other requirements of each of the credit facilities, and each of the respective unsecured notes.
BNP Funding Facility
On October 14, 2020, DLF LLC entered into a Revolving Credit and Security Agreement (as amended, restated or otherwise modified from time to time, the “Credit and Security Agreement”) with DLF LLC, 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 June 30, 2024, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 2.85% and, after the reinvestment period, 3.35%. The obligations of DLF LLC under the BNP Funding Facility are secured by the assets held by DLF LLC. The BNP Funding Facility reinvestment period ends on September 22, 2026 and the facility has a final maturity date of September 22, 2028.
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The summary information of the BNP Funding Facility is as follows:
For the Three Months EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Borrowing interest expense$5,095 $7,053 $11,245 $13,958 
Facility unused commitment fees472 146 787 246 
Amortization of deferred financing costs413 283 827 543 
Total$5,980 $7,482 $12,859 $14,747 
Weighted average interest rate8.18 %7.38 %8.18 %7.14 %
Weighted average outstanding balance$246,527 $377,912 $271,846 $388,895 
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 $1,300,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of June 30, 2024, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $1,950,000. As of June 30, 2024, the availability period of the Truist Credit Facility will terminate on April 19, 2028. 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 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 1.875% per annum or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.375% 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. As of June 30, 2024, the Truist Credit Facility has a maturity date of April 19, 2029.
The summary information of the Truist Credit Facility is as follows:
For the Three Months EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Borrowing interest expense$8,531 $8,651 $17,158 $16,474 
Facility unused commitment fees781 651 1,416 1,190 
Amortization of deferred financing costs517 516 1,029 955 
Total$9,829 $9,818 $19,603 $18,619 
Weighted average interest rate7.35 %6.95 %7.34 %6.71 %
Weighted average outstanding balance$458,887 $492,235 $462,259 $488,543 
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. 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
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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 EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Borrowing interest expense$4,781 $4,781 $9,563 $9,563 
Accretion of original issuance discount53 53 106 106 
Amortization of debt issuance costs288 280 568 557 
Total$5,122 $5,114 $10,237 $10,226 
Stated interest rate4.50 %4.50 %4.50 %4.50 %
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 have a fixed interest rate of 7.55% per year. The 2025 Notes will mature on September 13, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes is due semiannually in February and August of each year. Subject to the terms of the Note Purchase Agreement, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 13, 2025, a make-whole premium. The Company’s obligations under the Note Purchase Agreement are 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 EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Borrowing interest expense$5,191 $5,191 $10,381 $10,381 
Amortization of debt issuance costs302 302 604 601 
Total$5,493 $5,493 $10,985 $10,982 
Stated interest rate7.55 %7.55 %7.55 %7.55 %
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. 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.

In connection with the 2029 Notes Offering, the Company entered into interest rate swaps. Under the interest rate swap agreement related to the 2029 Notes, 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. For the three and six months ended June 30, 2024, the Company paid no periodic payments. The interest expense related to the 2029 Notes is equally offset by the proceeds received from the interest rate swaps. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. As of June 30, 2024, the interest rate swaps had a fair value of $1,636. Based on the fair value measurement hierarchy, the
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swaps are classified as level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of accrued expenses and other liabilities or prepaid expenses and 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 expense on the 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 EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Borrowing interest expense$2,631 $ $2,631 $ 
Accretion of original issuance discount96  96  
Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items(7) (7) 
Amortization of debt issuance costs158  158  
Total$2,878 $ $2,878 $ 
Stated interest rate6.15 % %6.15 % %
(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 June 30, 2024 and December 31, 2023, the Company had $511,230 and $294,950 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.
(8) NET ASSETS
Equity
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.
The following table shows the components of total distributable earnings (loss) as shown on the Consolidated Statements of Assets and Liabilities:
As of
June 30, 2024December 31, 2023
Total distributable earnings (loss), beginning of period$8,459 $(54,779)
Net investment income (loss) after taxes110,772 198,061 
Net realized gain (loss)(5,517)118 
Net unrealized appreciation (depreciation)5,474 32,835 
Dividends declared(89,151)(169,291)
Tax reclassification of stockholders’ equity 1,515 
Total distributable earnings (loss), end of period$30,037 $8,459 
Distributions
Prior to January 26, 2024, the Company had an “opt in” dividend reinvestment plan, or the DRIP. As a result, the Company’s stockholders who elected to “opt in” to the DRIP had their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. The Company adopted an “opt out” DRIP on January 26, 2024. As a result, the Company’s stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. The shares of Common Stock distributed in the
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Company’s DRIP are either through (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 six months ended June 30, 2024, and June 30, 2023:

Date DeclaredRecord DatePayment DatePer Share Amount
Shares(1)
For the Six Months Ended June 30, 2024
February 29, 2024March 29, 2024April 25, 2024$0.50 512,519 
May 08, 2024June 28, 2024July 25, 20240.50 553,638 
(2)
$1.00 1,066,157 
For the Six Months Ended June 30, 2023
March 28, 2023March 28, 2023April 25, 2023$0.50 482,721 
June 27, 2023June 27, 2023July 25, 20230.57 
(3)
554,001 
$1.07 1,036,722 
(1) In connection with the distributions with payment dates on January 25, 2024 and January 25, 2023, 615,660 and 445,235 DRIP shares were issued, respectively.
(2) In accordance with the Company’s DRIP, shares were purchased in the open market.
(3) Includes a supplemental distribution of $0.07.
On January 11, 2024, the Board also declared the following special distributions
Record DatePayment DatePer Share Amount
August 5, 2024October 25, 2024$0.10 
November 4, 2024January 24, 20250.10 
Total$0.20 

Share Repurchase Plan
On January 25, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100 million in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan was approved by the Board of Directors on September 11, 2023. The Company 10b5-1 Plan requires Wells Fargo Securities, LLC, as the Company’s agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common Stock will be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced beginning 60 calendar days following the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) 12-months from the commencement date of the Company 10b5-1 Plan, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.
The “restricted period” under Regulation M ended upon the closing of the Company's IPO and, therefore, the Common Stock repurchases/purchases described above began on March 26, 2024.
For the six months ended June 30, 2024, no shares were repurchased under the 10b5-1 Plan.
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(9) EARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:
For the Three Months EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Numerator—net increase/(decrease) in net assets resulting from operations$59,045 $56,442 $110,729 $100,219 
Denominator—weighted average shares outstanding89,271,839 71,337,323 88,315,183 71,101,563 
Basic and diluted earnings (loss) per share$0.66 $0.79 $1.25 $1.41 
(10) CONSOLIDATED FINANCIAL HIGHLIGHTS
The following are the financial highlights (dollar amounts in thousands, except per share amounts):
For the Six Months Ended
 June 30, 2024June 30, 2023
Per Share Data(1):
Net asset value, beginning of period$20.67 $19.81 
Net investment income (loss)
1.25 1.29 
Net unrealized and realized gain (loss)(2)
(0.01)0.12 
Net increase (decrease) in net assets resulting from operations1.24 1.41 
Dividends declared(1.00)(1.07)
Issuance of common stock, net of underwriting and offering costs(0.08) 
Total increase (decrease) in net assets0.16 0.34 
Net asset value, end of period$20.83 $20.15 
Per share market value, end of period21.85 N/A
Shares outstanding, end of period89,407,009 71,464,634
Weighted average shares outstanding88,315,183 71,101,563
Total return based on net asset value(3)
5.86 %7.17 %
Total return based on market value(4)
11.04 %N/A
Ratio/Supplemental Data (all amounts in thousands except ratios):
Net assets, end of period$1,861,961$1,440,001
Ratio of net expenses to average net assets(5)
8.99 %9.91 %
Ratio of expenses before waivers to average net assets(5)
9.72 %11.47 %
Ratio of net investment income to average net assets(5)
13.18 %14.29 %
Asset coverage ratio(6)
211.02 %192.17 %
Portfolio turnover rate10.85 %4.33 %
(1)The per share data was derived by using the weighted average shares outstanding during the period, except otherwise noted.
(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)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.
(4)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. The beginning market value per share is based on the initial public offering price of $20.67 per share and not annualized.
(5)Amounts are annualized except for incentive fees, organization and offering costs and expense support amounts relating to organization and offering costs.
(6)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) 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.
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On August 6, 2024, the Board declared a distribution of $0.50 per share, which is payable on October 25, 2024 to shareholders of record as of September 30, 2024.

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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. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Furthermore, Morgan Stanley has no obligation, contractual or otherwise, to financially support us. Morgan Stanley has no history of financially supporting any business development company (“BDC”) on the MS Private Credit platform, even during periods of financial distress. 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;
uncertainty and changes in the general interest rate environment;
general economic, political and industry trends and other external factors, including 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;
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 use of borrowed money to finance a portion of our investments;
the adequacy of our financing sources and working capital;
the timing and amount of cash flows, if any, from the operations of our portfolio companies;
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 BDC, and as a regulated investment company (a “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 “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, 2023, or 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
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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 externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, 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 (as amended, the "Order"), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (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. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies.
We have applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.
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, or historically LIBOR. 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.
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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 our Administrator in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and MS Private Credit Administrative Services LLC (the “Administrator”); and (iii) other operating expenses as detailed below:

costs of any other offerings of our 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:
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June 30, 2024
December 31, 2023(1)
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$3,356,586 $3,345,743 95.3 %$3,027,413 $3,004,544 94.1 %
Second Lien Debt122,416 103,144 2.9 146,014 132,415 4.1 
Other Debt Investments9,298 8,467 0.2 3,410 2,064 0.1 
Equity53,735 56,932 1.6 49,939 54,538 1.7 
Total$3,542,035 $3,514,286 100.0 %$3,226,776 $3,193,561 100.0 %
(1) We reclassified certain investment composition groupings by breaking out Other Securities into Other Debt Investments and Equity. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2023.


Our debt portfolio displayed the following characteristics of each of our investments1,2 unless otherwise noted:
As of
June 30, 2024December 31, 2023
Number of portfolio companies192172
Percentage of performing debt bearing a floating rate, at fair value99.6 %99.9 %
Percentage of performing debt bearing a fixed rate, at fair value0.4 %0.1 %
Weighted average yield on debt and income producing investments, at cost(3)
11.6 %12.0 %
Weighted average yield on debt and income producing investments, at fair value(3)
11.7 %12.1 %
Weighted average 12-month EBITDA $150.4 $153.1 
Weighted average net leverage through tranche(4)
5.7x6.0x
Weighted average interest coverage(5)
1.5x1.5x
Weighted average loan to value(6)
40.4 %43.0 %
Percentage of debt investments with one or more financial covenants67.7 %74.6 %
Percentage of our debt investments that are sponsor backed99.4 %98.5 %
Percentage of loans and other debt in support of LBOs and acquisitions68.0 %76.3 %
Percentage of our debt portfolio subject to business cycle volatility5.7 %6.0 %
Percentage of our total portfolio on non-accrual, at cost0.3 %0.6 %
Average position size of our investments$18.3 $18.6 
1 Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender, interest coverage and loan to value exclude recurring revenue investments, which are investments in portfolio companies in 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 Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.
5 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 in 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.
6 Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

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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
June 30, 2024June 30, 2023
New investments committed
Gross principal balance(1)
$673,902 $63,371 
Less: Syndications— (1,108)
Net new investments committed$673,902 $62,263 
Investments, at cost
Investments, beginning of period$3,323,767 $2,992,717 
New investments purchased499,684 83,600 
Net accretion of discount on investments4,527 2,616 
Payment-in-kind3,234 1,057 
Net realized gain (loss) on investments108 — 
Investments sold or repaid(289,285)(38,290)
Investments, end of period$3,542,035 $3,041,700 
Amount of investments funded, at principal
First lien debt investments$494,153 $84,568 
Second lien debt investments— 88 
Other debt investments5,887 — 
Equity(2)
497 17 
Total$500,537 $84,673 
Amount of investments sold/fully repaid, at principal
First lien debt investments$244,164 $11,696 
Second lien debt investments13,500 — 
Total$257,664 $11,696 
Number of new investment commitments in portfolio companies22 
Number of investment commitments exited or fully repaid
(1)Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
(2)Represents dollar amount of equity investments funded.


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 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which 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 declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.
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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:
June 30, 2024December 31, 2023
Fair Value% of TotalFair Value% of Total
Risk rating 1$— — %$5,950 0.2 %
Risk rating 23,446,757 98.1 3,126,464 97.9 
Risk rating 367,357 1.9 49,257 1.5 
Risk rating 4172 0.0 11,890 0.4 
$3,514,286 100.0 %$3,193,561 100.0 %
CONSOLIDATED RESULTS OF OPERATIONS
The following table represents our operating results:
For the Three Months EndedFor the Six Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Total investment income$104,188 $88,894 $203,289 $172,533 
Less: Net expenses47,567 41,099 91,581 80,516 
Net investment income (loss) before taxes56,621 47,795 111,708 92,017 
Less: Excise tax expense500 — 936 — 
Net investment income (loss) after taxes56,121 47,795 110,772 92,017 
Net change in unrealized appreciation (depreciation)2,816 8,647 5,474 8,080 
Net realized gain (loss)108 — (5,517)122 
Net increase (decrease) in net assets resulting from operations$59,045 $56,442 $110,729 $100,219 
Investment Income
Investment income was as follows:
For the Three Months EndedFor the Six Months Ended

 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Investment income:
Interest income$99,072 $86,573 $193,703 $168,290 
Payment-in-kind interest income2,850 622 5,494 1,063 
Dividend income646 504 1,211 1,000 
Other income1,620 1,195 2,881 2,180 
Total investment income$104,188 $88,894 $203,289 $172,533 
In the table above, total investment income increased from $88,894 and $172,533 for the three and six months ended June 30, 2023 to $104,188 and $203,289 for the three and six months ended June 30, 2024, respectively. The increase was primarily driven by our deployment of capital. The size of our investment portfolio at amortized cost increased from $3,041,700 as of June 30, 2023 to $3,542,035 as of June 30, 2024.
Expenses
Expenses were as follows:
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For the Three Months EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Expenses:
Interest and other financing expenses$29,302 $27,907 $56,562 $54,574 
Management fees8,639 7,446 16,869 14,750 
Income based incentive fees11,554 10,138 22,890 19,519 
Professional fees1,687 847 2,904 2,088 
Directors’ fees128 88 274 168 
Administrative service fees17 60 42 114 
General and other expenses51 197 159 365 
Total expenses51,378 46,683 99,700 91,578 
Management fees waiver (Note 3)(2,160)(5,584)(5,257)(11,062)
Incentive fees waiver (Note 3)(1,651)— (2,862)— 
Net expenses$47,567 $41,099 $91,581 $80,516 
Excise tax expense$500 $— $936 $— 
Interest and Other Financing Expenses
In the table above, interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, increased from $27,907 and $54,574 for the three and six months ended June 30, 2023 to $29,302 and $56,562 for the three and six months ended June 30, 2024, respectively. The increase was primarily due to increased reference rates, as the combined weighted average interest rate was 6.57% and 6.63% for three and six months ended June 30, 2024 compared to 6.47% and 6.35% for the three and six months ended June 30, 2023.
Management Fees
Base management fees, net of waiver, were $6,479 and $1,862 for the three months ended June 30, 2024 and June 30, 2023, and $11,612 and $3,688 for the six months ended June 30, 2024 and June 30, 2023, respectively. The increases were primarily due to an increase in average gross assets. Refer to Note 3 “Related Party Transactions” for additional information about the management fee waiver.
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 $9,903 and $10,138 for the three months ended June 30, 2024 and June 30, 2023 and $20,028 and $19,519 for the six months ended June 30, 2024 and June 30, 2023. Refer to Note 3 “Related Party Transactions” for additional information about the incentive fees waiver.
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 Unrealized Gain (Loss) on Investments
For the Three Months EndedFor the Six Months Ended
 June 30, 2024June 30, 2023 June 30, 2024June 30, 2023
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments$108 $— $(5,517)$122 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments2,816 8,647 5,474 8,080 
Net realized and unrealized gains (losses)$2,924 $8,647 $(43)$8,202 
For the three and six months ended June 30, 2024 net realized losses on our investments was $108 and $(5,517), which was primarily due to the restructuring of three portfolio companies.
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For the three and six months ended June 30, 2024, net change in unrealized appreciation on our investments of $2,816 and $5,474, was primarily the result of the changes in spreads in the primary and secondary markets. For the three and six months ended June 30, 2023, net change in unrealized appreciation on our investments of $8,647 and $8,080, respectively, 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, and net proceeds of our unsecured debt issuances and through cash flows from operations, including investment sales and repayments as well as income earned on investments. Details of our credit facilities and unsecured debt issuance 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 June 30, 2024, we had approximately $93.0 million of unrestricted cash and cash equivalents, which taken together with our approximately $406.0 million and $864.4 million 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 June 30, 2024, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $511.2 million.
Equity
On January 26, 2024, we closed our Initial Public Offering ("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, 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.
During the six months ended June 30, 2023, we did not issue any capital calls to purchase Common Stock pursuant to such subscription agreements.
Distributions and Dividend Reinvestment
Prior to January 26, 2024, we had an “opt in” dividend reinvestment plan, or the DRIP. As a result, our stockholders who elected to “opt in” to the DRIP had their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. We adopted an “opt out” DRIP effective as of January 26, 2024. As a result, our stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving 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 summarize our distributions declared and payable for the six months ended June 30, 2024 and June 30, 2023, respectively:
Date DeclaredRecord DatePayment DatePer Share Amount
Shares(1)
For the Six Months Ended June 30, 2024
February 29, 2024March 29, 2024April 25, 2024$0.50 512,519 
May 08, 2024June 28, 2024July 25, 20240.50 553,638 
(2)
$1.00 1,066,157 
For the Six Months Ended June 30, 2023
March 28, 2023March 28, 2023April 25, 2023$0.50 482,721 
June 27, 2023June 27, 2023July 25, 20230.57 
(3)
554,001 
Total Distributions$1.07 1,036,722 
(1) In connection with the distributions with payment dates of January 25, 2024 and January 25, 2023, 615,660 and 445,235 DRIP shares were issued, respectively.
(2) In accordance with the Company’s DRIP, shares were purchased in the open market.
(3) Includes a supplemental distribution of $0.07.
On January 11, 2024, the Board also declared the following special distributions
Record DatePayment DatePer Share Amount
August 05, 2024October 25, 2024$0.10 
November 04, 2024January 24, 20250.10 
$0.20 
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Share Repurchase Plan
On January 25, 2024, we entered into a share repurchase plan, or the 10b5-1 Plan, 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 the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
For the six months ended June 30, 2024, no shares were repurchased under the 10b5-1 Plan.
Debt
Our outstanding debt obligations were as follows:
June 30, 2024December 31, 2023
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
BNP Funding Facility$600,000 $194,000 $406,000 $600,000 $282,000 $318,000 
Truist Credit Facility(1)
1,300,000 431,474 864,364 1,120,000 520,263 599,484 
2027 Notes(2)
425,000 425,000 — 425,000 425,000 — 
2025 Notes(2)
275,000 275,000 — 275,000 275,000 — 
2029 Notes(2)
350,000 350,000 — — — — 
Total$2,950,000 $1,675,474 $1,270,364 $2,420,000 $1,502,263 $917,484 
(1)As of June 30, 2024 and December 31, 2023, a letter of credit of $4,161 and $253, 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 June 30, 2024 and December 31, 2023, the Company had borrowings denominated in Euros (EUR) of 238 and 238, respectively and Canadian dollars (CAD) of $300 and 0, respectively.
(2)As of June 30, 2024, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $2,940, $1,461 and $3,930 and unamortized original issuance discount of $560, $0 and $3,789, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes, 2025 Notes and 2029 Notes were presented net of unamortized debt issuance costs of $3,499, $2,065 $0, and unamortized original issuance discount of $667, $0 and $0, respectively.
For additional information on our debt obligations, see Note 6. “Debt” to our consolidated financial statements included in this Report.
RECENT DEVELOPMENTS
On August 6, 2024, the Board declared a distribution of $0.50 per share, which is payable on October 25, 2024 to shareholders of record as of September 30, 2024.
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.
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 unaudited financial statements if not defined herein):
the Investment Advisory Agreement;
the Administration Agreement; and
the License 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.
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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 the 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, 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 disruption and economic uncertainty. The conditions 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.” of our Form 10-K and — "Part I, Item 1A. Risk Factors — General Risk Factors — Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our Form 10-K.
Interest Rate Risk
We are subject to financial market risks, 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 June 30, 2024, approximately 99.6% of our debt investments were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2024, 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 June 30, 2024) (dollar amounts in thousands):
InterestInterestNet
Basis Point Change - Interest RatesIncome
Expense(1)
Income
Up 300 basis points$105,256 $(29,250)$76,006 
Up 200 basis points$70,171 $(19,500)$50,671 
Up 100 basis points$35,085 $(9,750)$25,335 
Up 25 basis points$8,771 $(2,438)$6,333 
Down 25 basis points$(8,771)$2,438 $(6,333)
Down 100 basis points$(35,085)$9,750 $(25,335)
Down 200 basis points$(70,171)$19,500 $(50,671)
Down 300 basis points$(105,256)$29,250 $(76,006)
(1) 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. During the periods covered by this Report, we did not engage in interest rate hedging activities.
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Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
As of June 30, 2024 (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 Securities Exchange Act of 1934, as amended (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 quarter ended June 30, 2024 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 previously disclosed under Item 1A of the Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the 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 “Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this Report.
Issuer Purchases of Equity Securities
None.
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 June 30, 2024, 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:

(b) Exhibits
Exhibit
4.1
4.2
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Exhibit
4.3
10.1*
10.2
31.1*
31.2*
32.1**
32.2**
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 With Embedded Linkbase Documents
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Filed herewith
**Furnished herewith
(1)Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on May 17, 2024 (File No. 814-01332).
(2)Incorporated by reference to the Company’s Current Report on Form 8-K, filed by the Company on April 23, 2024 (File No. 814-01332).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Morgan Stanley Direct Lending Fund
Dated: August 8, 2024
By:
/s/ Jeffrey S. Levin
Jeffrey S. Levin
Director and Chief Executive Officer
(Principal Executive Officer)
Dated: August 8, 2024
By:
/s/ David Pessah
David Pessah
Chief Financial Officer
(Principal Financial Officer)

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