# EDGAR Filing Document

**Accession Number:** 0001849894
**File Stem:** 0001193125-26-222241
**Filing Date:** 2026-5
**Character Count:** 373083
**Document Hash:** 6081f1871701e2953782a77ac897cc30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-222241.hdr.sgml**: 20260514

**ACCESSION NUMBER**: 0001193125-26-222241

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260514

**DATE AS OF CHANGE**: 20260513

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MSD Investment Corp.
- **CENTRAL INDEX KEY:** 0001849894

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01481
- **FILM NUMBER:** 26975223

**BUSINESS ADDRESS:**
- **STREET 1:** 550 MADISON AVE, 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212.303.4758

**MAIL ADDRESS:**
- **STREET 1:** 550 MADISON AVE, 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSD Investment, LLC
- **DATE OF NAME CHANGE:** 20211117

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSD Investment Corp., LLC
- **DATE OF NAME CHANGE:** 20210308

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)

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

For the quarterly period ended March 31, 2026

OR

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

Commission File Number 814-01481

_______________________________________________________________________

MSD Investment Corp.

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

---

| | |
|:---|:---|
| Maryland | 87-4195402 |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| 550 Madison Ave, 20th Floor<br>New York, New York | 10022 |
| (Address of principal executive offices) | (Zip Code) |

---

212-303-4728

Registrant's telephone number, including area code:

_______________________________________________________________________

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |

---

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, smaller reporting company, or an emerging growth company. See the definition of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

---

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

---

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

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). YES ☐ NO ☒

The number of shares of Registrant's Common Stock, $0.001 par value per share, outstanding as of **May 13, 2026** was 138,831,332**.**

------

[**<u>**Table of Contents**</u>**](#toc_page)

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | Page |
| &nbsp;&nbsp;&nbsp;PART I | FINANCIAL INFORMATION |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Financial Statements</u>](#consolidated_sal) |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_sal) | <u>4</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#consolidated_statements_of_operations_1) | <u>5</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#consolidated_stats_changes_net_assets) | <u>6</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)</u>](#consolidated_scf) | <u>7</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025</u>](#consolidated_soi) | <u>8</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_consolidated_financial_statements) | <u>35</u> |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item2_mda) | <u>70</u> |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3_quantitativequalitative) | <u>77</u> |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item4_controls) | <u>78</u> |
| &nbsp;&nbsp;&nbsp;PART II | OTHER INFORMATION |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#item1_legal) | <u>78</u> |
| &nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item1a_riskfactors) | <u>78</u> |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2_unregistered) | <u>79</u> |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#item3_default) | <u>79</u> |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item4_mine_safety) | <u>79</u> |
| &nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#item5_other) | <u>79</u> |
| &nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#item6_exhibits) | <u>79</u> |
| &nbsp;&nbsp;&nbsp;[<u>Signatures</u>](#signatures) |  | <u>82</u> |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**CERTAIN DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the terms "we," "us," "our," and "Company" refer to MSD Investment, LLC prior to the Conversion (as defined below) and MSD Investment Corp. after the Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the terms "Adviser" and "MSD," prior to June 30, 2025, refer to MSD Partners, L.P., a Delaware limited partnership, and, subsequent to June 30, 2025, refer to BDT & MSD BDC Management, LLC, a Delaware limited liability company, each in their capacity as our investment adviser; and the term "Administrator," prior to August 11, 2025, refers to MSD Partners, L.P. and, subsequent to August 11, 2025, refers to BDT & MSD BDC Management, LLC, in its capacity as our administrator.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about MSD Investment Corp. (together, with its consolidated subsidiaries, the "**Company**," "**we**," "**us**" or "**our**"), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "outlook," "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 without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn or recession could impair our portfolio companies' ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn or recession could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an economic downturn or recession could also impact availability and pricing of our financing and our ability to access the debt capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interest rate volatility and an elevated interest rate environment could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our limited operating history as a business development company ("**BDC**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of elevated interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition with other entities and our affiliates for investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the loss of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risks related to the uncertainty of the value of our portfolio investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of geopolitical conditions, including the potential for increased tariffs and trade barriers, revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, ongoing conflict in the Middle East, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, China, and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact that environmental, social, and governance matters could have on our brand and reputation and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to qualify for and maintain our qualification, for U.S. Federal income tax purposes, as a regulated investment company ("**RIC**") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**"), and our ability to operate as a BDC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of legal, tax and regulatory changes on our business and our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (the "**SEC**").

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those 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. These forward-looking statements apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company. In addition to the other information set forth in this report, you should carefully consider the risk factors set forth in our most recent Annual Report on [<u>Form 10-K</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849894/000119312526124538/ck0001849894-20251231.htm) filed with the SEC on March 26, 2026, which is accessible on the SEC's website at sec.gov. These factors could materially affect our business, financial condition and/or operating results.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Statements of Assets and Liabilities**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value <sup>(1)</sup> | $6824822 | $6391054 |
| &nbsp;&nbsp;Cash and cash equivalents | 126668 | 128658 |
| &nbsp;&nbsp;Restricted cash | 16170 | 3160 |
| &nbsp;&nbsp;Interest and dividends receivable | 36183 | 28665 |
| &nbsp;&nbsp;Principal receivable | 2519 | 20809 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 5650 | 18104 |
| **Total assets** | $7012012 | $6590450 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;SPV I facility | $485000 | $474000 |
| &nbsp;&nbsp;SPV II facility | 712000 | 727000 |
| &nbsp;&nbsp;Collateralized loan obligations | 390000 | 390000 |
| &nbsp;&nbsp;Unsecured Notes | 1492633 | 1499425 |
| &nbsp;&nbsp;Revolving credit facility | 580000 | 160000 |
| &nbsp;&nbsp;Deferred financing costs net of accumulated amortization | (39488) | (41820) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, net of financing costs | 3620145 | 3208605 |
| &nbsp;&nbsp;Payable for investments purchased | 18172 | 12627 |
| &nbsp;&nbsp;Interest payable | 45331 | 34977 |
| &nbsp;&nbsp;Income based incentive fee payable | 13734 | 13369 |
| &nbsp;&nbsp;Management fees payable | 12495 | 11777 |
| &nbsp;&nbsp;Capital gains incentive fee payable | 1391 | 4386 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 13577 | 3261 |
| &nbsp;&nbsp;Accrued professional fees | 1006 | 840 |
| &nbsp;&nbsp;Due to affiliates | 3500 | 2625 |
| &nbsp;&nbsp;Financing costs payable | 771 | 771 |
| &nbsp;&nbsp;Unrealized depreciation on forward contracts | 7567 | 18860 |
| **Total liabilities** | $3737689 | $3312098 |
| Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Preferred Stock, par value $0.001 (0 and 250 shares authorized and outstanding, respectively) <sup>(2)</sup> | $— | $— |
| &nbsp;&nbsp;Paid-in capital in excess of par value of Preferred Stock |  |  |
| &nbsp;&nbsp;Common stock, par value $0.001 (200,000,000 shares authorized, 138,831,332 and 138,244,276 shares issued and outstanding, respectively) | 139 | 138 |
| &nbsp;&nbsp;Paid-in capital in excess of par value | 3315303 | 3301386 |
| &nbsp;&nbsp;Distributable earnings (accumulated losses) | (41119) | (23172) |
| **Total net assets** | $3274323 | $3278352 |
| Net asset value per common share | $23.58 | $23.71 |

---

(1)Non-controlled/non-affiliated investments at amortized cost $6,865,873 and $6,389,065 as of March 31, 2026 and December 31, 2025, respectively.

(2)Preferred Stock par value for December 31, 2025 is zero due to rounding.

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Statements of Operations (Unaudited)**

*(in thousands, except share and per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment income:** |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $159697 | $119989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | 338 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 3652 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind dividend income |  | 1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 875 | 3093 |
| **Total investment income** | 164562 | 133273 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 56854 | 44231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee | 13734 | 11432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 12495 | 8966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration expense | 1512 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee | (2995) | (443) |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1313 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody expense | 416 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 264 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of directors' fee | 120 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization and offering costs |  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 30 | 33 |
| **Total expenses** | 83743 | 68050 |
| Net investment income (loss) | 80819 | 65223 |
| **Realized and unrealized gain (loss):** |  |  |
| Net realized gains (losses): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 10591 | 406 |
| &nbsp;&nbsp;Foreign currency forward contracts | (316) | (1868) |
| &nbsp;&nbsp;Foreign currency transactions | 1572 | (377) |
| Net realized gain (loss) | 11847 | (1839) |
| Net change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | (43042) | 4195 |
| &nbsp;&nbsp;Foreign currency forward contracts | 11294 | (5328) |
| &nbsp;&nbsp;Foreign currency transactions | (66) | 20 |
| Net change in unrealized appreciation (depreciation) | (31814) | (1113) |
| Net realized and unrealized gain (loss) | (19967) | (2952) |
| **Net increase (decrease) in net assets resulting from operations** | $60852 | $62271 |
| Preferred Stock Dividends |  | (23) |
| **Net increase (decrease) in net assets resulting from operations applicable to common shareholders** | $60852 | $62248 |
| **Per share information - basic and diluted:** |  |  |
| Net investment income (loss) per share (basic and diluted) | $0.58 | $0.65 |
| Earnings per share (basic and diluted) | $0.44 | $0.62 |
| Distributions declared per common share | $0.57 | $0.65 |
| Weighted average shares outstanding (basic and diluted) | 138276532 | 100696962 |

---

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Statements of Changes in Net Assets (Unaudited)**

*(in thousands, except shares)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Accumulated Earnings** |  |
|  | **Preferred Shares** | **Preferred Shares** | **Common Shares** | **Common Shares** | **Paid-in-Capital in** | **(Loss), Net of** | **Total** |
|  | **Shares** | **Par Value** | **Shares** | **Par Value** | **Excess of Par Value** | **Distributions** | **Net Assets** |
| **Balance, December 31, 2025** |  | $**—** | **138244276** | $**138** | $**3301386** | $**(23172)** | $**3278352** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 80819 | 80819 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | 11847 | 11847 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (31814) | (31814) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 60852 | 60852 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  |  |  |  |  | (78799) | (78799) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (78799) | (78799) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 587056 | 1 | 13917 |  | 13918 |
| &nbsp;&nbsp;&nbsp;Issuance of shares |  |  |  |  |  |  |  |
| Net increase (decrease) for the period |  |  | 587056 | 1 | 13917 | (17947) | (4029) |
| **Balance, March 31, 2026** |  | $**—** | **138831332** | $**139** | $**3315303** | $**(41119)** | $**3274323** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **Accumulated Earnings** |  |
|  | **Preferred Shares** | **Preferred Shares** | **Common Shares** | **Common Shares** | **Paid-in-Capital in** | **(Loss), Net of** | **Total** |
|  | **Shares** | **Par Value** | **Shares** | **Par Value** | **Excess of Par Value** | **Distributions** | **Net Assets** |
| **Balance, December 31, 2024** | **250** | $**—** | **100611506** | $**101** | $**2409165** | $**(7332)** | $**2401934** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 65223 | 65223 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | (1839) | (1839) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (1113) | (1113) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 62271 | 62271 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  |  |  | (65420) | (65420) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (65420) | (65420) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 1555293 | 1 | 37124 |  | 37125 |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  |  |  |  |  |  |
| Net increase (decrease) for the period |  |  | 1555293 | 1 | 37124 | (3149) | 33976 |
| **Balance, March 31, 2025** | **250** | $**—** | **102166799** | $**102** | $**2446289** | $**(10481)** | $**2435910** |

---

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

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[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Statements of Cash Flows (Unaudited)**

*(in thousands, except shares)*

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flow from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $60852 | $62271 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;Accrued interest and dividends received in-kind | (3652) | (9176) |
| &nbsp;&nbsp;Net accretion of discount and amortization of premium | (7485) | (6366) |
| &nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 381912 | 196466 |
| &nbsp;&nbsp;Purchases of investments | (836993) | (590330) |
| &nbsp;&nbsp;Net realized (gains) losses on investments | (10591) | (406) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 43042 | (4195) |
| &nbsp;&nbsp;Net receipt of settlement of derivatives | (316) | (1868) |
| &nbsp;&nbsp;Net realized (gains) losses on derivatives | 316 | 1868 |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (11294) | 5328 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 2332 | 1396 |
| &nbsp;&nbsp;Amortization of discount on debt | 420 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends receivable | (7518) | 1770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal receivable | 18290 | (2954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 7745 | (1936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 875 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 5545 | (19113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 718 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee payable | 365 | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | (2995) | (443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 10354 | (1311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued professional fees | 166 | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 7813 | 2329 |
| Net cash provided by (used in) operating activities | (340099) | (363788) |
| **Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;Debt borrowings | 525000 | 427000 |
| &nbsp;&nbsp;Debt repayments | (109000) | (33000) |
| &nbsp;&nbsp;Distributions paid | (64881) | (28272) |
| &nbsp;&nbsp;Proceeds from repurchase obligations |  | 30000 |
| &nbsp;&nbsp;Repayment of repurchase obligations |  | (52043) |
| Net cash provided by (used in) financing activities | 351119 | 343685 |
| **Net increase in cash, cash equivalents, and restricted cash** | 11020 | (20103) |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 131818 | 109712 |
| **Cash, cash equivalents, and restricted cash, end of period** | $142838 | $89609 |
| **Reconciliation of cash, cash equivalents, and restricted cash** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $126668 | $89349 |
| &nbsp;&nbsp;Restricted cash | $16170 | $260 |
| **Total cash, cash equivalents, and restricted cash** | $142838 | $89609 |
| **Supplemental disclosure of cash flow information and non-cash financing activities** |  |  |
| &nbsp;&nbsp;Cash paid for interest | $43230 | $44143 |
| &nbsp;&nbsp;Reinvestment of shareholder distributions | $13918 | $37125 |
| &nbsp;&nbsp;Change in distributions payable | $— | $23 |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |  |
| Aerospace & Defense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan |  | S + 5.25% | 0.75% | 8.9% (Incl 1.50% PIK) | 1/9/2030 | 9633 | 9511 | 9414 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. |  | S + 5.25% | 0.75% | 8.9% (Incl 1.50% PIK) | 1/9/2030 | 59553 | 58683 | 58202 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan 2 |  | S + 5.25% | 0.75% | 8.9% (Incl 1.50% PIK) | 1/9/2030 | 5474 | 5430 | 5350 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan 3 |  | S + 5.00% | 0.75% | 8.65% | 1/9/2030 | 4363 | 4363 | 4232 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 8.66% | 1/9/2028 | 826 | 755 | 579 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC |  | S + 6.35% | 1.50% | 10.02% | 5/28/2029 | 105469 | 103650 | 103800 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Delayed Draw Term Loan | (11) | S + 6.35% | 1.50% | 10.04% | 5/28/2029 |  |  | 115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Revolving Credit Facility | (11) | S + 6.35% | 1.50% | 10.04% | 5/28/2029 |  | (395) | (396) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. |  | S + 4.75% | 1.00% | 8.45% | 8/16/2027 | 10467 | 10405 | 10401 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan |  | S + 4.75% | 1.00% | 8.45% | 8/16/2027 | 6538 | 6488 | 6497 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on | (6) | S + 4.75% | 1.00% | 8.43% | 8/16/2027 | 49846 | 49532 | 49531 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on 2 | (11) | S + 4.75% | 1.00% | 8.45% | 8/16/2027 | 19213 | 19081 | 19086 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.41% | 8/16/2027 |  | (28) | (37) |  |
|  |  |  |  |  |  |  | 267475 | 266774 | 8.15 |
| Banking, Finance, Insurance & Real Estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments | (10) | S + 9.00% | 1.00% | 12.70% PIK | 7/7/2028 | 48732 | 48028 | 47759 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments - Delayed Draw Term Loan | (10)(11) | S + 9.00% | 1.00% | 12.70% PIK | 7/7/2028 | 11648 | 11532 | 11416 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments - Delayed Draw Term Loan add on | (10) | S + 9.00% | 1.00% | 12.70% PIK | 7/7/2028 | 22238 | 21796 | 21794 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance | (10) | S + 6.00% | 1.00% | 9.70% | 12/10/2029 | 34813 | 34613 | 34535 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Delayed Draw Term Loan | (10) | S + 6.00% | 1.00% | 9.70% | 12/10/2029 | 38038 | 37758 | 37734 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Incremental Term Loan | (10) | S + 6.00% | 1.00% | 9.70% | 12/10/2029 | 15000 | 14866 | 14880 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners |  | S + 4.75% | 0.75% | 8.45% | 10/29/2030 | 19535 | 19504 | 19456 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 8.45% | 10/29/2030 | 44251 | 43638 | 44071 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Incremental |  | S + 4.75% | 0.75% | 8.45% | 10/29/2030 | 9890 | 9818 | 9850 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Second Incremental | (6)(11) | S + 4.75% | 0.75% | 8.45% | 10/29/2030 | 8167 | 8130 | 8129 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Revolving Credit Facility | (11) | S + 4.75% | 0.75% | 8.45% | 10/29/2029 | 1001 | 976 | 1001 | 0.03 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Banking, Finance, Insurance & Real Estate (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam |  | S + 5.25% | 0.75% | 8.89% | 8/8/2031 | 24231 | 24008 | 24014 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 8.94% | 8/8/2031 |  | (32) | (32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam - Revolving Credit Facility | (11) | S + 5.25% | 0.75% | 8.94% | 8/8/2031 |  | (24) | (24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD EUR | UK(9)(10) | E + 5.75% | 0.00% | 7.87% | 9/9/2032 | EUR 23,138 | 26613 | 26239 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD GBP | UK(9)(10) | SO + 5.75% | 0.00% | 9.48% | 9/9/2032 | GBP 5,000 | 6627 | 6492 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD - Delayed Draw Term Loan GBP | UK(9)(10)(11) | SO + 5.75% | 0.00% | 9.62% | 9/9/2032 | GBP — | (57) | (54) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JLL Partners Fund VII Secondary | (10) | S + 6.75% | 1.00% | 10.45% PIK | 4/29/2032 | 55479 | 54793 | 54755 | 1.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onbe Inc. |  | S + 5.50% | 1.00% | 9.17% | 7/25/2031 | 128375 | 126249 | 126419 | 3.86 |
|  |  |  |  |  |  |  | 488836 | 488434 | 14.91 |
| Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition EUR | UK(9)(10) | E + 5.50% | 0.75% | 7.62% | 6/30/2030 | EUR 42,500 | 48811 | 48416 | 1.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition EUR - Delayed Draw Term Loan | UK(9)(10) | E + 5.50% | 0.75% | 7.62% | 9/2/2032 | EUR 18,268 | 21141 | 20811 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition EUR - Delayed Draw Term Loan Add on | UK(9)(10) | E + 5.50% | 0.75% | 7.62% | 9/2/2032 | EUR 10,000 | 11571 | 11392 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition GBP | UK(9)(10) | SO + 5.50% | 0.75% | 9.22% | 9/2/2032 | GBP 77,500 | 102373 | 101097 | 3.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition - Delayed Draw Term Loan | UK(9)(10)(11) | SO + 5.50% | 0.75% | 9.22% | 9/2/2032 | GBP 2,529 | 3342 | 3275 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. |  | S + 5.65% | 1.00% | 9.32% | 10/31/2031 | 18878 | 18600 | 18690 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan | (6) | S + 5.65% | 1.00% | 9.36% | 10/31/2031 | 2427 | 2437 | 2449 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Add on | (11) | S + 5.65% | 1.00% | 9.34% | 10/31/2031 |  | (55) | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tequilas Premium - Mexico | MX(9)(10) | S + 1.00% | 1.00% | 4.67% | 3/6/2031 | 75000 | 73514 | 73521 | 2.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tequilas Premium - US |  | S + 9.50% | 1.00% | 13.17% | 3/6/2031 | 74063 | 72583 | 72602 | 2.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tequilas Premium - Revolving Credit Facility - Mexico | (10)(11) | S + 5.00% | 1.00% | 8.66% | 3/6/2031 |  | (493) | (493) | (0.02) |
|  |  |  |  |  |  |  | 353824 | 351705 | 10.75 |
| Capital Equipment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Hydraulics |  | S + 6.25% | 2.00% | 9.92% | 11/20/2030 | 88875 | 87417 | 87495 | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl | LU(9)(10) | S + 5.00% | 1.00% | 8.70% | 12/20/2029 | 18104 | 17900 | 18089 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Delayed Draw Term Loan | LU(9)(10)(11) | S + 5.00% | 1.00% | 8.69% | 12/20/2029 |  | (13) | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Revolving Credit Facility | LU(9)(10)(11) | S + 5.00% | 1.00% | 8.66% | 12/20/2029 |  | (34) | (3) |  |
|  |  |  |  |  |  |  | 105270 | 105605 | 3.22 |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agrofresh |  | S + 5.50% | 1.00% | 9.27% | 3/31/2030 | 65588 | 64825 | 64835 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agrofresh - Revolving Credit Facility | (11) | S + 5.50% | 1.00% | 9.27% | 3/31/2029 | 3306 | 3207 | 3207 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Group, Inc. |  | S + 5.75% | 0.00% | 9.39% | 11/24/2031 | 44550 | 44001 | 40696 | 1.24 |
|  |  |  |  |  |  |  | 112033 | 108738 | 3.32 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Construction & Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group |  | S + 6.00% | 1.00% | 9.70% | 3/4/2030 | 122500 | 120727 | 120485 | 3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group - Delayed Draw Term Loan | (6)(11) | S + 6.00% | 1.00% | 9.70% | 3/4/2030 | 51530 | 50368 | 50334 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. |  | S + 6.00% | 1.00% | 9.68% | 11/15/2029 | 135132 | 133049 | 133169 | 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. - Revolving Credit Facility | (11) | S + 6.00% | 1.00% | 9.69% | 11/15/2029 |  | (191) | (191) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC |  | S + 5.50% | 1.50% | 9.28% | 6/13/2030 | 84495 | 83209 | 83305 | 2.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC - Revolving Credit Facility | (11) | S + 5.50% | 1.50% | 9.17% | 6/13/2030 | 6300 | 6104 | 6103 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Michael Baker |  | S + 4.50% | 0.75% | 8.20% | 12/1/2028 | 99750 | 96543 | 96554 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Infrastructure Holdings, L.L.C. |  | S + 8.00% | 3.00% | 11.70% | 12/22/2027 | 31330 | 30790 | 30786 | 0.94 |
|  |  |  |  |  |  |  | 520599 | 520545 | 15.90 |
| Consumer Goods: Non-durable |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1440 Foods Topco LLC |  | S + 5.00% | 0.00% | 8.67% | 10/31/2031 | 19759 | 18823 | 16005 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSM Outdoors |  | S + 5.00% | 1.00% | 8.70% | 9/30/2031 | 12257 | 11536 | 12134 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. |  | S + 5.25% | 1.00% | 8.95% | 6/27/2030 | 92880 | 92186 | 92220 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. - Revolving Credit Facility | (11) | S + 5.25% | 1.00% | 8.94% | 6/27/2029 |  | (39) | (39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC |  | S + 5.50% | 0.00% | 9.23% | 10/18/2031 | 148125 | 145043 | 145007 | 4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC - Delayed Draw Term Loan |  | S + 5.50% | 0.00% | 9.23% | 10/18/2031 | 49425 | 48352 | 48385 | 1.48 |
|  |  |  |  |  |  |  | 315901 | 313712 | 9.59 |
| Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC |  | S + 7.00% | 2.00% | 10.70% | 3/28/2029 | 28789 | 28214 | 28095 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan |  | S + 7.00% | 2.00% | 10.70% | 3/28/2029 | 14394 | 14111 | 14048 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan Add On | (6)(11) | S + 7.00% | 2.00% | 10.70% | 3/28/2029 | 12119 | 11839 | 11842 | 0.36 |
|  |  |  |  |  |  |  | 54164 | 53985 | 1.65 |
| Environmental Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark |  | S + 5.25% | 0.75% | 8.92% (Incl 2.75% PIK) | 7/31/2031 | 18837 | 18690 | 18884 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 8.92% (Incl 2.75% PIK) | 7/31/2031 | 2310 | 2288 | 2325 | 0.07 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan A |  | S + 6.00% | 2.00% | 9.70% | 6/18/2029 | 112200 | 111681 | 111605 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan B |  | N/A | N/A | 14.75% (Incl 7.5% PIK) | 6/18/2029 | 11337 | 11139 | 11118 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan A | (6)(11) | S + 6.00% | 2.00% | 9.70% | 6/18/2029 | 14372 | 14117 | 14266 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan B | (11) | S + 6.00% | 2.00% | 9.70% | 6/18/2029 | 20922 | 20728 | 20988 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan D | (11) | S + 6.00% | 2.00% | 9.69% | 6/18/2029 |  | 16 | 162 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan E | (11) | N/A | N/A | 14.75% | 6/18/2029 |  | 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Revolving Credit Facility | (11) | S + 6.00% | 2.00% | 9.69% | 6/18/2029 |  | (42) | (43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp |  | S + 4.10% | 0.75% | 7.77% | 10/1/2027 | 979 | 956 | 949 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings Inc. |  | S + 4.50% | 0.00% | 8.20% | 2/23/2032 | 16858 | 16783 | 15762 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. |  | S + 4.50% | 1.00% | 8.17% | 11/29/2030 | 50198 | 49650 | 49778 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. - Revolving Credit Facility | (11) | S + 4.50% | 1.00% | 8.19% | 11/29/2030 |  | (74) | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers |  | S + 6.00% | 0.75% | 9.67% | 11/15/2030 | 52319 | 51539 | 44814 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers - Revolving Credit Facility | (6)(11) | S + 6.00% | 0.75% | 9.67% | 11/15/2029 | 1396 | 1312 | 395 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 8.67% | 6/21/2030 | 19653 | 19427 | 19455 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 8.67% | 6/21/2030 | CAD 73,688 | 53195 | 52397 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. - Delayed Draw Term Loan | (6)(11) | S + 5.00% | 1.00% | 8.67% | 6/21/2030 | 15114 | 14921 | 14935 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG | CH(9)(10) | SA + 5.50% | 0.75% | 6.25% | 2/27/2032 | CHF 130,680 | 142188 | 160015 | 4.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG - Revolving Credit Facility | CH(9)(10)(11) | SA + 5.50% | 0.75% | 6.25% | 2/27/2030 | CHF — | (377) | (441) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Croix |  | S + 4.50% | 0.50% | 8.17% | 10/24/2032 | 51435 | 50949 | 50952 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Croix - Revolving Credit Facility | (11) | S + 4.50% | 0.50% | 8.19% | 10/24/2032 |  | (80) | (80) |  |
|  |  |  |  |  |  |  | 558029 | 566972 | 17.33 |
| High Tech Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. |  | S + 6.00% | 0.75% | 9.67% | 3/19/2031 | 26125 | 25812 | 25183 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Delayed Draw Term Loan |  | S + 6.00% | 0.75% | 9.67% | 3/19/2031 | 59375 | 58684 | 57235 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Revolving Credit Facility | (11) | S + 6.00% | 0.75% | 9.69% | 3/19/2031 |  | (101) | (342) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave - Delayed Draw Term Loan | (6) | S + 6.00% | 0.00% | 9.66% | 8/26/2030 | 30742 | 30403 | 30742 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave - Delayed Draw Term Loan Add on | (6) | S + 4.25% | 0.00% | 7.93% | 9/29/2030 | 117802 | 116212 | 116212 | 3.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. | (6) | S + 4.50% | 0.00% | 8.17% | 10/30/2031 | 26060 | 25842 | 24904 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp |  | S + 5.00% | 1.00% | 8.70% | 12/23/2031 | 75525 | 71139 | 74770 | 2.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learnosity | IE(9)(10) | S + 5.25% | 1.00% | 8.95% | 1/15/2031 | 91575 | 90768 | 90657 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learnosity - Revolving Credit Facility | IE(9)(10)(11) | S + 5.25% | 1.00% | 8.94% | 1/15/2031 |  | (75) | (75) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MYOB Invest Co Pty Ltd and MYOB US Borrower LLC | AUS(9)(10) | B + 5.25% | 0.75% | 9.32% (Incl 2.75% PIK) | 6/6/2030 | AUD 76,652 | 49175 | 50218 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMX Group Intermediate Holdings LLC |  | S + 4.50% | 0.00% | 8.17% | 2/6/2032 | 2162 | 2145 | 2126 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. |  | S + 5.25% | 0.75% | 8.92% | 7/2/2029 | 49742 | 48157 | 45017 | 1.37 |
|  |  |  |  |  |  |  | 518161 | 516647 | 15.77 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Hotel, Gaming & Leisure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC |  | S + 4.75% | 3.00% | 8.45% | 8/15/2030 | 59004 | 58204 | 58229 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC - Delayed Draw Term Loan |  | S + 4.75% | 3.00% | 8.45% | 8/15/2030 | 173875 | 171552 | 171592 | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC - Delayed Draw Term Loan 2 | (11) | S + 4.75% | 3.00% | 8.45% | 8/15/2030 | 15600 | 15143 | 15145 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chuck E. Cheese |  | S + 6.00% | 2.00% | 9.70% | 9/26/2030 | 79500 | 78424 | 78429 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. | (6) | S + 4.75% | 1.00% | 8.42% | 7/10/2032 | 146464 | 144420 | 144492 | 4.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. - Delayed Draw Term Loan | (11) | S + 5.00% | 1.00% | 8.69% | 7/10/2032 |  | (57) | (57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. - Revolving Credit Facility | (11) | S + 5.00% | 1.00% | 8.69% | 7/10/2031 |  | (211) | (211) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. |  | S + 5.50% | 1.00% | 9.20% | 11/5/2029 | 97750 | 96496 | 95955 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. - Revolving Credit Facility | (11) | S + 5.50% | 1.00% | 9.20% | 11/3/2029 | 4250 | 4100 | 4021 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P.- Delayed Draw Term Loan | (11) | S + 5.50% | 1.00% | 9.19% | 11/3/2029 |  | (211) | (209) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC |  | S + 5.50% | 2.00% | 9.17% | 1/22/2029 | 29144 | 28844 | 28816 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC - Revolving Credit Facility | (6)(11) | S + 5.50% | 2.00% | 9.15% | 1/22/2029 | 6175 | 6063 | 6062 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC |  | S + 5.11% | 0.75% | 8.78% | 4/26/2028 | 132975 | 130651 | 132975 | 4.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC Add on |  | S + 5.00% | 0.75% | 8.67% | 4/26/2030 | 29925 | 29656 | 30224 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. |  | S + 6.25% | 1.00% | 9.91% | 1/2/2029 | 18214 | 17995 | 17864 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan | (6)(11) | S + 6.25% | 1.00% | 9.91% | 1/2/2029 | 3643 | 3570 | 3526 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan B |  | S + 6.25% | 1.00% | 9.95% | 1/2/2029 | 3643 | 3595 | 3573 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan C |  | S + 6.25% | 1.00% | 9.91% | 1/2/2029 | 1214 | 1191 | 1191 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Incremental |  | S + 6.25% | 1.00% | 9.91% | 1/2/2029 | 4250 | 4194 | 4168 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Second Incremental |  | S + 6.25% | 1.00% | 9.91% | 1/2/2029 | 1943 | 1919 | 1905 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. |  | S + 4.75% | 1.00% | 8.45% | 12/27/2030 | 65170 | 64218 | 64528 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan | (11) | S + 4.75% | 1.00% | 8.45% | 12/27/2030 | 42093 | 41783 | 41725 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan Incremental | (6)(11) | S + 4.75% | 1.00% | 8.45% | 12/27/2030 | 17955 | 17787 | 17783 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.44% | 12/27/2030 |  |  |  |  |
|  |  |  |  |  |  |  | 919326 | 921726 | 28.15 |
| Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Patientpoint |  | S + 5.00% | 0.00% | 8.70% | 10/15/2032 | 185000 | 176114 | 180723 | 5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raptive |  | S + 4.36% | 0.50% | 8.03% | 3/23/2028 | 6306 | 6188 | 6070 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raptive - Incremental Term Loan |  | S + 4.25% | 0.50% | 7.92% | 3/23/2028 | 149625 | 146204 | 144014 | 4.40 |
|  |  |  |  |  |  |  | 328506 | 330807 | 10.11 |
| Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gibson | UK(9)(10) | SO + 5.25% | 0.00% | 8.98% | 3/9/2030 | GBP 34,522 | 45464 | 44756 | 1.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nottingham Forest | UK(9)(10) | N/A | N/A | 12.94% PIK | 7/15/2028 | GBP 4,184 | 5568 | 5517 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sheffield United F.C. | UK(9)(10) | SO + 5.25% | 1.50% | 8.98% | 1/14/2030 | GBP 16,733 | 22291 | 22117 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sheffield United F.C. - Delayed Draw Term Loan | UK(9)(10)(11) | SO + 5.25% | 1.50% | 8.98% | 1/14/2030 | GBP — | (191) | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC | UK(9)(10) | SO + 6.00% | 0.00% | 9.74% | 9/20/2029 | GBP 40,695 | 53266 | 53358 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC - Revolving Credit Facility | UK(9)(10) | SO + 6.00% | 0.00% | 9.74% | 9/20/2029 | GBP 10,000 | 13084 | 13112 | 0.40 |
|  |  |  |  |  |  |  | 139482 | 138846 | 4.25 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Media: Diversified & Production |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation |  | S + 5.00% | 0.75% | 8.67% | 12/5/2031 | 58130 | 57132 | 57184 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation - Revolving Credit Facility | (6)(11) | S + 5.00% | 0.75% | 8.67% | 12/5/2029 | 1131 | 1039 | 1038 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd |  | S + 6.10% | 0.75% | 9.80% (Incl 3.50% PIK) | 6/18/2029 | 26931 | 26812 | 22935 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd - Delayed Draw Term Loan |  | S + 6.10% | 0.75% | 9.80% (Incl 3.50% PIK) | 6/18/2029 | 10960 | 10915 | 9334 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media Inc. |  | S + 5.00% | 0.50% | 8.59% | 2/13/2030 | 54437 | 51025 | 39263 | 1.20 |
|  |  |  |  |  |  |  | 146923 | 129754 | 3.97 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASC Engineered Solutions |  | S + 4.75% | 0.75% | 8.42% | 7/10/2031 | 49375 | 48983 | 49002 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. |  | S + 5.00% | 2.00% | 8.64% | 8/31/2028 | 64823 | 64130 | 64989 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC |  | S + 4.75% | 1.00% | 8.45% | 7/10/2031 | 51713 | 51190 | 51238 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Delayed Draw Term Loan | (6) | S + 4.75% | 1.00% | 8.44% | 7/10/2031 | 16170 | 16013 | 16022 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Incremental Delayed Draw Term Loan | (11) | S + 4.75% | 1.00% | 8.44% | 7/10/2031 |  | (105) | (105) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Incremental Term Loan |  | S + 4.75% | 1.00% | 8.45% | 7/10/2031 | 11297 | 11192 | 11194 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.45% | 7/10/2031 | 190 | 131 | 133 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brock Holdings III, LLC | (6) | S + 6.00% | 0.50% | 9.67% | 5/1/2030 | 51921 | 51513 | 51639 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Root Revolver | (6)(11) | S + 5.00% | 1.00% | 8.67% | 10/3/2030 | 10706 | 10232 | 10210 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Root Term Loan |  | S + 5.00% | 1.00% | 8.70% | 10/3/2030 | 175289 | 172861 | 172787 | 5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargotuff Buyer LLC |  | S + 5.50% | 0.75% | 9.20% | 1/29/2032 | 56389 | 55846 | 55841 | 1.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargotuff Buyer LLC - Delayed Draw Term Loan | (11) | S + 5.50% | 0.75% | 9.19% | 1/29/2032 |  | (110) | (110) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargotuff Buyer LLC - Revolving Credit Facility | (11) | S + 5.50% | 0.75% | 9.19% | 1/29/2032 |  | (76) | (76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 5.00% | 0.75% | 8.66% | 9/9/2028 | 16372 | 16234 | 16237 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan |  | S + 5.00% | 0.75% | 8.66% | 9/9/2028 | 12018 | 11921 | 11922 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 8.66% | 9/9/2028 | 1944 | 1910 | 1910 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos | (10) | S + 5.50% | 1.00% | 9.17% | 12/30/2029 | 117303 | 115498 | 117303 | 3.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC |  | S + 5.75% | 0.75% | 9.45% | 2/20/2030 | 14888 | 14645 | 14337 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC - Delayed Draw Term Loan | (11) | S + 5.75% | 0.75% | 9.44% | 2/20/2030 |  | (16) | (78) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC - Revolving Credit Facility | (11) | S + 5.75% | 0.75% | 9.44% | 2/20/2030 |  | (30) | (72) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company |  | S + 5.50% | 0.75% | 9.17% (Incl 2.75% PIK) | 8/22/2031 | 65555 | 64523 | 64542 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Delayed Draw Term Loan | (6) | S + 5.00% | 0.75% | 8.66% | 8/22/2031 | 3727 | 3669 | 3669 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Revolving Credit Facility | (6)(11) | S + 5.00% | 0.75% | 8.67% | 8/22/2030 | 3938 | 3828 | 3827 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation |  | S + 5.50% | 1.00% | 9.18% | 8/2/2030 | 67844 | 67067 | 67207 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation - Incremental Term Loan |  | S + 5.50% | 1.00% | 9.18% | 8/2/2030 | 12977 | 12858 | 12856 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation - Revolving Credit Facility | (11) | S + 5.50% | 1.00% | 9.16% | 8/2/2030 |  | (66) | (58) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Services: Business (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management |  | S + 4.75% | 2.00% | 8.41% | 11/24/2031 | 34913 | 34577 | 34583 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Delayed Draw Term Loan A | (11) | S + 4.75% | 2.00% | 8.44% | 11/24/2031 |  | 7 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Delayed Draw Term Loan B |  | S + 4.75% | 2.00% | 8.45% | 11/24/2031 | 20269 | 20080 | 20078 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Delayed Draw Term Loan C | (11) | S + 4.75% | 2.00% | 8.40% | 11/24/2031 | 12643 | 12525 | 12524 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Revolving Credit Facility | (11) | S + 4.75% | 2.00% | 8.44% | 11/24/2031 |  | (47) | (47) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. |  | S + 5.75% | 1.00% | 9.45% | 5/31/2030 | 124345 | 123027 | 121048 | 3.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. - Revolving Credit Facility | (11) | S + 5.75% | 1.00% | 9.44% | 5/31/2029 |  | (123) | (356) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend |  | S + 6.50% | 1.50% | 10.17% | 8/1/2030 | 11820 | 11549 | 11562 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend - Revolving Credit Facility | (11) | S + 6.50% | 1.50% | 10.19% | 8/1/2029 |  | (50) | (50) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelport Finance (Luxembourg) S.A.R.L | LU(9)(10) | S + 7.26% | 1.00% | 10.92% (Incl 0.92% PIK) | 9/30/2028 | 57630 | 57403 | 42891 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC |  | S + 5.25% | 0.75% | 8.92% | 4/30/2031 | 16354 | 16164 | 16195 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Delayed Draw Term Loan | (6)(11) | S + 5.25% | 0.75% | 8.92% | 4/30/2031 | 3899 | 3856 | 3863 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA DeBusk LLC - Incremental Term Loan |  | S + 5.25% | 0.75% | 8.94% | 4/30/2031 | 3418 | 3387 | 3385 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Revolving Credit Facility | (6)(11) | S + 5.25% | 0.75% | 8.92% | 4/30/2030 | 2252 | 2236 | 2230 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Revolving Credit Facility Add on | (6)(11) | S + 5.25% | 0.75% | 8.94% | 4/30/2030 | 305 | 304 | 292 | 0.01 |
|  |  |  |  |  |  |  | 1078736 | 1064571 | 32.52 |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance | (14) | S + 7.00% | 1.50% | 10.70% | 5/3/2029 | 32565 | 31921 | 31958 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance - Delayed Draw Term Loan | (14) | S + 7.00% | 1.50% | 10.70% | 5/3/2029 | 18973 | 18634 | 18619 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance Add on |  | S + 7.00% | 1.50% | 10.70% | 5/3/2029 | 46016 | 45164 | 45159 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate | (10) | S + 5.75% | 0.00% | 9.42% | 11/7/2031 | 110500 | 109136 | 109170 | 3.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Delayed Draw Term Loan | (10)(11) | S + 5.75% | 0.00% | 9.42% | 11/7/2031 | 5409 | 5094 | 5098 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Revolving Credit Facility | (6)(10)(11) | S + 5.75% | 0.00% | 9.42% | 11/7/2031 | 10000 | 9760 | 9759 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. |  | S + 4.75% | 1.00% | 8.42% | 5/10/2030 | 85775 | 84486 | 84593 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.44% | 5/10/2030 |  | (205) | (207) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios UK Bidco Limited | UK(9)(10) | SO + 5.50% | 1.00% | 9.23% | 3/2/2031 | GBP 26,235 | 34975 | 33860 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios UK Bidco Limited - Revolving Credit Facility | UK(9)(10)(11) | SO + 5.50% | 1.00% | 9.23% | 3/2/2031 | GBP — | (200) | (194) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Term Loan Add on |  | S + 5.25% | 0.00% | 8.98% | 11/3/2032 | 149625 | 147479 | 147568 | 4.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan College LLC |  | S + 8.00% | 1.50% | 11.70% | 3/25/2031 | 33277 | 32403 | 32445 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan College LLC - Delayed Draw Term Loan | (11) | S + 8.00% | 1.50% | 11.70% | 3/25/2031 | 3632 | 3588 | 3592 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower, LLC |  | S + 5.25% | 1.50% | 8.95% | 1/9/2033 | 67500 | 66198 | 66192 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower, LLC - Delayed Draw Term Loan | (11) | S + 5.25% | 1.50% | 8.94% | 1/9/2033 |  | (294) | (295) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;True Talent Advisory Borrower, LLC - Revolving Credit Facility | (11) | S + 5.25% | 1.50% | 8.94% | 1/9/2032 |  | (303) | (304) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. | (6) | S + 6.35% | 1.00% | 10.05% | 12/10/2026 | 35497 | 35234 | 34432 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Fourth Amended Term Loan | (6) | S + 6.35% | 1.00% | 10.05% | 12/10/2026 | 4176 | 4137 | 4051 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Incremental Term Loan | (6) | S + 6.35% | 1.00% | 10.05% | 12/10/2026 | 2465 | 2464 | 2391 | 0.07 |
|  |  |  |  |  |  |  | 629671 | 627887 | 19.16 |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Telecommunications |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovate Corp. | (10) | N/A | N/A | 10.50% | 2/1/2027 | 27849 | 27884 | 23340 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC | (12) | N/A | N/A | 15.50% PIK | 12/31/2026 | 16697 | 8763 | 5366 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Facility - Backstop Incremental | (11) | N/A | N/A | 17.50% PIK | 12/31/2027 | 318 | 318 | 93 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan |  | N/A | N/A | 17.50% PIK | 12/31/2026 | 1361 | 1361 | 1211 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Roll-up |  | N/A | N/A | 17.50% PIK | 12/31/2026 | 2738 | 2718 | 2368 | 0.07 |
|  |  |  |  |  |  |  | 41044 | 32378 | 0.98 |
| Transportation: Cargo |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 8.42% | 3/31/2028 | 7976 | 7868 | 7799 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Revolving Credit Facility | (11) | S + 4.75% | 0.75% | 8.44% | 3/31/2028 |  | (14) | (139) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global |  | S + 4.75% | 0.75% | 8.42% | 3/31/2028 | 57606 | 56854 | 56328 | 1.72 |
|  |  |  |  |  |  |  | 64708 | 63988 | 1.96 |
| Wholesale |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. - Delayed Draw Term Loan |  | S + 7.50% | 1.00% | 11.20% (Incl 5.00% PIK) | 1/31/2029 | 1623 | 1642 | 1531 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. |  | S + 7.50% | 1.00% | 11.20% (Incl 5.00% PIK) | 1/31/2029 | 22149 | 21801 | 20279 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kite UK Bidco Ltd | UK(9)(10) | SO + 5.75% | 1.00% | 9.48% | 9/20/2031 | GBP 102,088 | 134460 | 133031 | 4.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kite UK Bidco Ltd - Delayed Draw Term Loan | UK(9)(10)(11) | SO + 5.75% | 1.00% | 9.48% | 9/20/2031 | GBP — | (218) | (208) | (0.01) |
|  |  |  |  |  |  |  | 157685 | 154633 | 4.72 |
| **Total First Lien Debt** |  |  |  |  |  |  | **6821351** | **6778916** | **207.06%** |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexion Holdings Corporation |  | S + 7.54% | 0.50% | 11.21% | 3/15/2030 | 12353 | 12141 | 11457 | 0.35 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 8.50% | 2.50% | 12.17% (Incl 2.00% PIK) | 3/9/2029 | 15517 | 15257 | 15379 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan |  | S + 8.50% | 2.50% | 12.17% (Incl 2.00% PIK) | 3/9/2029 | 2909 | 2862 | 2884 | 0.09 |
|  |  |  |  |  |  |  | 18119 | 18263 | 0.56 |
| **Total Second Lien Debt** |  |  |  |  |  |  | **30260** | **29720** | **0.91%** |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments (Unaudited) - (Continued)**

**March 31, 2026**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Subordinated Debt** |  |  |  |  |  |  |  |  |  |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG - Holdco Note | CH(9)(10) | N/A | N/A | 12.50% PIK | 2/28/2033 | CHF 286 | 317 | 350 | 0.01 |
| **Total Subordinated Debt** |  |  |  |  |  |  | **317** | **350** | **0.01%** |
| **Preferred Equity** |  |  |  |  |  |  |  |  |  |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class B Preferred Stock |  |  |  | 17.5% PIK | 5/16/2034 | 8162 | 7924 | 8162 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class D Preferred Stock |  |  |  |  |  | 24 | 778 | 778 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Warrant |  |  |  |  | 5/16/2034 | 4 | 189 | 1896 | 0.06 |
|  |  |  |  |  |  |  | 8891 | 10836 | 0.33 |
| **Total Preferred Equity** |  |  |  |  |  |  | **8891** | **10836** | **0.33%** |
| **Common Equity** |  |  |  |  |  |  |  |  |  |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management Equity |  |  |  |  | 11/24/2031 | 5000 | 5054 | 5000 | 0.15 |
| **Total Common Equity** |  |  |  |  |  |  | **5054** | **5000** | **0.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**6865873** | $**6824822** | **208.46%** |
| **Cash and Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Cash and Cash Equivalents | (13) |  |  |  |  |  | $126668 | $126668 | 3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash and Cash Equivalents** |  |  |  |  |  |  | **126668** | **126668** | **3.87%** |
| **Total Portfolio Investments, Cash and Cash Equivalents** |  |  |  |  |  |  | $**6992541** | $**6951490** | **212.33%** |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Derivative Counterparty** | **Settlement Date** | **Amount Purchased** | **Amount Sold** | **Fair Value** | **% of Net Assets** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $127 | AUD 196 | $(8) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 11, 2027 | $848 | AUD 1,314 | $(51) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2027 | $124 | AUD 193 | $(8) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 11, 2026 | $856 | AUD 1,326 | $(58) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 11, 2027 | $51156 | AUD 79,323 | $(2970) | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 11, 2026 | $863 | AUD 1,336 | $(57) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2026 | $127 | AUD 196 | $(8) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 11, 2026 | $855 | AUD 1,325 | $(54) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $865 | GBP 641 | $20 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $2296 | GBP 1,725 | $19 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $153 | GBP 116 | $- | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2028 | $867 | GBP 645 | $22 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2028 | $2287 | GBP 1,730 | $18 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 8, 2028 | $35130 | GBP 26,148 | $882 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 17, 2028 | $44499 | GBP 33,832 | $194 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2027 | $848 | GBP 628 | $20 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2027 | $2253 | GBP 1,695 | $19 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2028 | $85797 | GBP 65,027 | $672 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | May 7, 2026 | $50214 | GBP 37,648 | $383 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 17, 2026 | $97125 | GBP 73,065 | $482 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $1163 | GBP 861 | $23 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $2844 | GBP 2,133 | $21 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $154 | GBP 115 | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $855 | GBP 634 | $21 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $2274 | GBP 1,714 | $19 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $151 | GBP 114 | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2026 | $871 | GBP 645 | $19 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2026 | $2290 | GBP 1,719 | $19 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2027 | $868 | GBP 644 | $22 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2027 | $2297 | GBP 1,734 | $18 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 8, 2027 | $3381 | GBP 2,558 | $21 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $4707 | GBP 3,507 | $78 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 8, 2027 | $155 | GBP 117 | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2026 | $162 | GBP 121 | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2027 | $159 | GBP 119 | $2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 17, 2026 | GBP 7,297 | $5453 | $(81) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $4712 | GBP 3,499 | $82 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $4608 | GBP 3,446 | $75 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 14, 2028 | $4655 | GBP 3,578 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 15, 2027 | $3341 | GBP 2,557 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2026 | $160 | GBP 120 | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2027 | $6782 | GBP 5,120 | $54 | 0.0% |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Derivative Counterparty** | **Settlement Date** | **Amount Purchased** | **Amount Sold** | **Fair Value** | **% of Net Assets** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 9, 2027 | $105132 | GBP 78,727 | $1679 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 8, 2026 | $158 | GBP 118 | $2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2026 | $1725 | CAD 2,395 | $3 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $56704 | CAD 76,721 | $1372 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1289 | EUR 1,083 | $24 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $1258 | EUR 1,064 | $23 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $1286 | EUR 1,075 | $24 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 8, 2027 | $34564 | EUR 28,828 | $635 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1918 | EUR 1,609 | $39 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 8, 2027 | $529 | EUR 444 | $9 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2026 | $535 | EUR 453 | $10 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2027 | $546 | EUR 457 | $10 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $1867 | EUR 1,576 | $37 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $1922 | EUR 1,605 | $38 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2026 | $535 | EUR 452 | $10 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2027 | $28244 | EUR 23,599 | $492 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 9, 2027 | $51680 | EUR 43,078 | $1019 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 8, 2026 | $531 | EUR 447 | $9 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | February 26, 2027 | $158188 | CHF 131,613 | $(12234) | (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 29, 2029 | $417 | CHF 323 | $(32) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2028 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2026 | $408 | CHF 325 | $1 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | May 27, 2026 | $2159 | CHF 1,845 | $(163) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $386 | CHF 329 | $(30) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2028 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | August 27, 2026 | $2250 | CHF 1,906 | $(171) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 29, 2028 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 30, 2026 | $394 | CHF 333 | $(30) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 30, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | November 27, 2026 | $2297 | CHF 1,928 | $(176) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 29, 2028 | $13 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2026 | $398 | CHF 333 | $(30) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
|  |  |  |  | $**(7567)** | **(0.2)%** |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest Rate Swaps as of March 31, 2026** | **Interest Rate Swaps as of March 31, 2026** | **Interest Rate Swaps as of March 31, 2026** | **Interest Rate Swaps as of March 31, 2026** | **Interest Rate Swaps as of March 31, 2026** | **Interest Rate Swaps as of March 31, 2026** | **Interest Rate Swaps as of March 31, 2026** |
|  | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Market Value** | **Upfront (Payments) / Receipts** | **Change in Unrealized Gains / (Losses)** |
| Interest rate swap | 7.11% | SOFR + 3.117% | 5/20/2030 | $165000 | $2060 | $— | $(1242) |
| Interest rate swap | 6.25% | SOFR + 2.4115% | 5/31/2030 | $500000 | $3478 | $— | $(3573) |
| Interest rate swap | 6.13% | SOFR + 2.715% | 2/5/2031 | $400000 | $(4795) | $— | $(2502) |
| Total Hedge Accounting Swaps |  |  |  | $1065000 | $743 | $— | $(7317) |
| Cash collateral |  |  |  | $— | $16170 | $— | $— |
| Total derivatives |  |  |  | $1065000 | $16913 | $— | $(7317) |

---

(1)Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)All debt and equity investments are income producing unless otherwise noted.

(3)All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when we own 25% or less of the portfolio company's voting securities and "controlled" when we own more than 25% of the portfolio company's voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when we own less than 5% of a portfolio company's voting securities and "affiliated" when we own 5% or more of a portfolio company's voting securities.

(4)All investments are pledged as collateral under the Company's Credit Facilities (as defined below) (see [<u>Note 7. Borrowings</u>](#note_7_borrowings)). A single investment may be divided into parts that are individually pledged as collateral to our Credit Facilities.

(5)Variable rate loans to the portfolio companies are indexed to the Secured Overnight Financing Rate ("**SOFR**") (denoted as "S"), Euro Interbank Offered Rate ("**EURIBOR**") (denoted as "E"), Swiss Average Rate Overnight ("**SARON**") (denoted as "SA"), Sterling Overnight Index Average ("**SONIA**") (denoted as "SO"), or Bank Bill Swap Rate ("**BBSW**") (denoted as "B") and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2026

(6)For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2026.

(7)Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned.

(8)Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("**PIK**"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

(9)The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Luxembourg (denoted as "LU"), the United Kingdom (denoted as "UK"), Switzerland (denoted as "CH"), Ireland (denoted as "IE"), Mexico (denoted as "MX"), and Australia (denoted as "AUS"). Portfolio companies domiciled in a foreign country are not "qualifying assets" under Section 55(a) of the 1940 Act.

(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 March 31, 2026, qualifying assets represented approximately 79.4% of total assets as calculated in accordance with regulatory requirements.

(11)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment. See below for more information on the Company's unfunded commitments (all commitments are first lien, unless otherwise noted).

(12)Investment was on non-accrual status as of March 31, 2026, meaning that the Company has ceased recognizing interest income on these investments. As of March 31, 2026, debt investments on non-accrual status represented 0.1% and 0.1% of total investments on an amortized cost basis and fair value basis, respectively.

(13)Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of March 31, 2026, $83,584 was held in FGTXX and had an average one year yield of 3.93%.

(14)Portfolio company formerly known as Cotulla Acquisition Co.

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| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| 7Ridge Investments | Delayed Draw | 7/7/2026 | $11119 | $— |
| Agrofresh | Revolver | 3/31/2029 | 5581 | (62) |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (342) |
| AmerSpirit FL LLC | Delayed Draw | 8/15/2027 | 19021 | (250) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 5152 | (76) |
| Best Trash LLC | Delayed Draw | 10/10/2026 | 25000 | (105) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (56) |
| Boasso Global | Revolver | 7/1/2026 | 6250 | (139) |
| Brown & Root | Revolver | 10/3/2030 | 24005 | (343) |
| Cadogan Tate | Delayed Draw | 10/31/2026 | 54091 | (246) |
| Cadogan Tate | Revolver | 10/31/2031 | 10000 | (120) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 5429 | (29) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 12078 | 177 |
| Carevet LLC | Delayed Draw | 6/18/2029 | 11000 | 162 |
| Carevet LLC | Delayed Draw | 6/18/2029 | 667 | - |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (43) |
| Cargotuff Buyer LLC | Delayed Draw | 1/29/2028 | 23333 | (110) |
| Cargotuff Buyer LLC | Revolver | 1/29/2032 | 7778 | (76) |
| Clubcorp Holdings Inc. | Delayed Draw | 7/10/2027 | 9600 | (57) |
| Clubcorp Holdings Inc. | Revolver | 7/10/2031 | 16000 | (211) |
| Confluent Holdings LLC | Delayed Draw | 7/2/2026 | 2571 | 15 |
| Red Fox CD Acquisition Corp. | Delayed Draw | 11/21/2026 | 21180 | (348) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 2222 | (18) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (191) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (207) |
| Foundation Risk Partners | Delayed Draw | 2/26/2027 | 3508 | (5) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 4337 | - |
| Four Winds Interactive LLC | Delayed Draw | 2/20/2027 | 2903 | (78) |
| Four Winds Interactive LLC | Revolver | 2/20/2030 | 1935 | (72) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 7437 | (222) |
| Fullsteam | Delayed Draw | 8/8/2027 | 8077 | (32) |
| Fullsteam | Revolver | 8/8/2031 | 2692 | (24) |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 7700 | (108) |
| Healthco Investment LTD | Delayed Draw | 2/19/2029 | 6614 | (54) |
| Helios UK Bidco Limited | Revolver | 3/2/2031 | 8008 | (194) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 8250 | (151) |
| Highgate Hotels, L.P. | Delayed Draw | 12/9/2027 | 25000 | (209) |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 3825 | (43) |
| Inframark | Delayed Draw | 7/31/2026 | 1234 | 9 |
| Inspired Pet Nutrition | Delayed Draw | 9/1/2028 | 3969 | 780 |
| K1 Speed Inc. | Delayed Draw | 1/2/2028 | 2428 | (47) |
| Kite UK Bidco Ltd | Delayed Draw | 1/9/2028 | 28730 | (208) |
| Learnosity | Revolver | 1/15/2031 | 7500 | (75) |
| Legends Hospitality | Revolver | 8/22/2030 | 3563 | (52) |
| Ligado Networks LLC | Delayed Draw | 12/31/2026 | 1726 | (190) |
| LJ Perimeter Buyer, Inc | Delayed Draw | 10/31/2031 | 5538 | (55) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| Natural Partners, Inc. | Revolver | 3/15/2028 | 6563 | (55) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (39) |
| PetVet Care Centers | Revolver | 11/15/2029 | 5585 | (801) |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2026 | 10101 | (26) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (58) |
| S.A.F.E. Management | Delayed Draw | 11/24/2028 | 12000 | 7 |
| S.A.F.E. Management | Delayed Draw | 5/24/2027 | 326 | - |
| S.A.F.E. Management | Revolver | 11/24/2031 | 5000 | (47) |
| Sandlot Baseball Borrower Co. | Delayed Draw | 6/5/2026 | 21933 | 47 |
| Sandlot Baseball Borrower Co. | Delayed Draw | 9/6/2027 | 32000 | 5 |
| Sandlot Baseball Borrower Co. | Revolver | 12/27/2030 | 10000 | - |
| Sheffield United F.C. | Delayed Draw | 5/14/2026 | 19841 | (14) |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2026 | 12500 | 115 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (395) |
| Solvias AG | Revolver | 2/27/2030 | 22514 | (441) |
| Spartan College LLC | Delayed Draw | 9/25/2026 | 10070 | 50 |
| St. Croix | Revolver | 10/24/2032 | 8573 | (80) |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (356) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 6/6/2027 | 4712 | (6) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 5827 | (37) |
| Tequilas Premium | Revolver | 3/6/2031 | 25000 | (493) |
| Townsend | Revolver | 8/1/2030 | 2500 | (50) |
| Trillium FlowControl | Delayed Draw | 6/20/2026 | 3667 | 24 |
| Trillium FlowControl | Revolver | 12/20/2029 | 3000 | (3) |
| True Talent Advisory Borrower, LLC | Delayed Draw | 1/9/2028 | 31500 | (295) |
| True Talent Advisory Borrower, LLC | Revolver | 1/9/2032 | 15750 | (304) |
| USA Debusk LLC | Delayed Draw | 4/30/2026 | 1527 | 2 |
| USA Debusk LLC | Revolver | 4/30/2030 | 38 | - |
| USA Debusk LLC | Revolver | 4/30/2030 | 1030 | (10) |
| Total Unfunded Commitments |  |  | $789488 | $(6965) |

---

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |
| **First Lien Debt** |  |  |  |  |  |  |  |  |  |
| Aerospace & Defense |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan |  | S + 5.25% | 0.75% | 9.13% (Incl 1.50% PIK) | 1/9/2030 | 9620 | 9490 | 9620 | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. |  | S + 5.25% | 0.75% | 9.13% (Incl 1.50% PIK) | 1/9/2030 | 59477 | 58544 | 59477 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan 2 |  | S + 5.25% | 0.75% | 9.12% (Incl 1.50% PIK) | 1/9/2030 | 5467 | 5419 | 5467 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan 3 |  | S + 5.00% | 0.75% | 8.94% | 1/9/2030 | 4374 | 4374 | 4374 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 8.85% | 1/9/2028 | 1239 | 1158 | 1239 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC |  | S + 6.60% | 1.50% | 10.42% | 5/28/2029 | 106875 | 104899 | 105053 | 3.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Delayed Draw Term Loan | (11) | S + 6.60% | 1.50% | 10.26% | 5/28/2029 |  |  | 99 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Revolving Credit Facility | (11) | S + 6.60% | 1.50% | 10.26% | 5/28/2029 |  | (425) | (426) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. |  | S + 4.75% | 1.00% | 8.42% | 8/16/2027 | 10495 | 10420 | 10417 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan |  | S + 4.75% | 1.00% | 8.42% | 8/16/2027 | 6555 | 6495 | 6507 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on | (6) | S + 4.75% | 1.00% | 8.44% | 8/16/2027 | 49865 | 49492 | 49495 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on 2 | (11) | S + 4.75% | 1.00% | 8.42% | 8/16/2027 | 19238 | 19076 | 19084 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Revolving Credit Facility | (6)(11) | S + 4.75% | 1.00% | 10.00% | 8/16/2027 | 2158 | 2125 | 2115 | 0.06 |
|  |  |  |  |  |  |  | 271067 | 272521 | 8.30 |
| Banking, Finance, Insurance & Real Estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments | (10) | S + 8.00% | 1.00% | 11.67% | 7/7/2028 | 47171 | 46382 | 46378 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments - Delayed Draw Term Loan | (10)(11) | S + 8.00% | 1.00% | 11.67% | 7/7/2028 | 11277 | 11123 | 11123 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance | (10) | S + 6.00% | 1.00% | 9.67% | 12/10/2029 | 28522 | 28321 | 28261 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Delayed Draw Term Loan | (10) | S + 6.00% | 1.00% | 9.67% | 12/10/2029 | 46191 | 45866 | 45768 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Incremental Term Loan | (10) | S + 6.00% | 1.00% | 9.67% | 12/10/2029 | 15267 | 15122 | 15127 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners |  | S + 4.75% | 0.75% | 8.42% | 10/29/2030 | 19586 | 19550 | 19502 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 8.42% | 10/29/2030 | 44363 | 43714 | 44174 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Incremental |  | S + 4.75% | 0.75% | 8.42% | 10/29/2030 | 9915 | 9837 | 9873 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Second Incremental | (6)(11) | S + 4.75% | 0.75% | 8.62% | 10/29/2030 | 6820 | 6781 | 6782 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Revolving Credit Facility | (11) | S + 4.75% | 0.75% | 8.42% | 10/29/2029 | 1334 | 1308 | 1334 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam |  | S + 5.25% | 0.75% | 9.11% | 8/8/2031 | 24231 | 23995 | 24036 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 8.91% | 8/8/2031 |  | (35) | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam - Revolving Credit Facility | (11) | S + 5.25% | 0.75% | 8.91% | 8/8/2031 |  | (25) | (25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD EUR | UK(9)(10) | E + 5.75% | 0.00% | 7.85% | 9/9/2032 | EUR 27,178 | 26596 | 26656 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD GBP | UK(9)(10) | SO + 5.75% | 0.00% | 9.72% | 9/9/2032 | GBP 6,738 | 6624 | 6609 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD - Delayed Draw Term Loan GBP | UK(9)(10)(11) | SO + 5.75% | 0.00% | 9.79% | 9/9/2032 | GBP — | (61) | (61) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JLL Partners Fund VII Secondary | (10) | S + 6.75% | 1.00% | 10.42% PIK | 4/29/2032 | 54070 | 53350 | 53336 | 1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onbe Inc. |  | S + 5.50% | 1.00% | 9.22% | 7/25/2031 | 128700 | 126482 | 126649 | 3.86 |
|  |  |  |  |  |  |  | 464930 | 465497 | 14.19 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition EUR | UK(9)(10) | E + 5.50% | 0.75% | 7.62% | 6/30/2030 | EUR 49,921 | 48773 | 49207 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition EUR - Delayed Draw Term Loan | UK(9)(10) | E + 5.50% | 0.75% | 7.62% | 6/30/2030 | EUR 21,458 | 21125 | 21151 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition EUR - Delayed Draw Term Loan Add on | UK(9)(10) | E + 5.50% | 0.75% | 7.62% | 6/30/2030 | EUR 11,746 | 11562 | 11578 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition GBP | UK(9)(10) | SO + 5.50% | 0.75% | 9.48% | 6/30/2030 | GBP 104,431 | 102319 | 102970 | 3.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition - Delayed Draw Term Loan | UK(9)(10)(11) | SO + 5.50% | 0.75% | 9.22% | 6/30/2030 | GBP 3,408 | 3335 | 3334 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. |  | S + 6.65% | 1.00% | 10.49% | 10/31/2028 | 18878 | 18568 | 17527 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan | (6) | S + 6.65% | 1.00% | 10.33% | 10/31/2028 | 2427 | 2433 | 2299 | 0.07 |
|  |  |  |  |  |  |  | 208115 | 208066 | 6.34 |
| Capital Equipment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC |  | S + 6.00% | 1.00% | 9.67% | 10/10/2028 | 32804 | 32383 | 32430 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Hydraulics |  | S + 6.25% | 2.00% | 9.97% | 11/20/2030 | 89100 | 87568 | 87644 | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl | LU(9)(10) | S + 5.00% | 1.00% | 8.67% | 12/20/2029 | 18150 | 17929 | 17934 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Delayed Draw Term Loan | LU(9)(10)(11) | S + 5.00% | 1.00% | 8.66% | 12/20/2029 |  | (16) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Revolving Credit Facility | LU(9)(10)(11) | S + 5.00% | 1.00% | 8.69% | 12/20/2029 |  | (36) | (18) |  |
|  |  |  |  |  |  |  | 137828 | 137974 | 4.21 |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agrofresh |  | S + 5.50% | 0.00% | 9.32% | 3/31/2030 | 65753 | 64940 | 64952 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Agrofresh - Revolving Credit Facility | (11) | S + 5.50% | 0.00% | 9.32% | 3/31/2029 | 3306 | 3199 | 3199 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Group, Inc. |  | S + 5.75% | 0.00% | 9.39% | 11/24/2031 | 44663 | 44081 | 39824 | 1.21 |
|  |  |  |  |  |  |  | 112220 | 107975 | 3.29 |
| Construction & Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group |  | S + 6.00% | 1.00% | 9.67% | 3/4/2030 | 122812 | 120917 | 120667 | 3.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group - Delayed Draw Term Loan | (6)(11) | S + 6.00% | 1.00% | 9.68% | 3/4/2030 | 41869 | 40629 | 40597 | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. |  | S + 6.00% | 1.00% | 9.73% | 11/15/2029 | 135474 | 133265 | 133373 | 4.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. - Revolving Credit Facility | (11) | S + 6.00% | 1.00% | 9.66% | 11/15/2029 |  | (204) | (204) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC |  | S + 5.76% | 1.50% | 9.33% | 6/13/2030 | 84710 | 83349 | 83448 | 2.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC - Revolving Credit Facility | (11) | S + 5.76% | 1.50% | 9.35% | 6/13/2030 | 2800 | 2592 | 2591 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Michael Baker |  | S + 4.50% | 0.00% | 8.19% | 12/1/2028 | 100000 | 96506 | 96504 | 2.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Infrastructure Holdings, L.L.C. |  | S + 8.00% | 0.00% | 11.67% | 12/22/2027 | 31330 | 30709 | 30711 | 0.94 |
|  |  |  |  |  |  |  | 507763 | 507687 | 15.49 |
| Consumer Goods: Non-durable |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1440 Foods Topco LLC |  | S + 5.00% | 0.00% | 8.72% | 10/31/2031 | 19819 | 18848 | 18679 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSM Outdoors |  | S + 5.00% | 1.00% | 8.67% | 9/30/2031 | 12288 | 11538 | 12134 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. |  | S + 5.25% | 1.00% | 8.92% | 6/27/2030 | 95299 | 94525 | 94583 | 2.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. - Revolving Credit Facility | (11) | S + 5.25% | 1.00% | 8.91% | 6/27/2029 |  | (42) | (42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC |  | S + 5.50% | 0.00% | 9.23% | 10/18/2031 | 148500 | 145268 | 145237 | 4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC - Delayed Draw Term Loan |  | S + 5.50% | 0.00% | 9.23% | 10/18/2031 | 49550 | 48426 | 48461 | 1.48 |
|  |  |  |  |  |  |  | 318563 | 319052 | 9.74 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC |  | S + 7.00% | 2.00% | 10.67% | 3/28/2029 | 28789 | 28164 | 28039 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan |  | S + 7.00% | 2.00% | 10.67% | 3/28/2029 | 14394 | 14086 | 14020 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan Add On | (11) | S + 7.00% | 2.00% | 10.67% | 3/28/2029 | 4774 | 4685 | 4689 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dellner Couplers Group AB | UK(9)(10) | E + 5.43% | 0.50% | 7.32% | 6/29/2029 | EUR 44,635 | 40558 | 44561 | 1.36 |
|  |  |  |  |  |  |  | 87493 | 91309 | 2.79 |
| Environmental Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark |  | S + 5.25% | 0.75% | 9.07% (Incl 2.75% PIK) | 7/31/2031 | 18707 | 18551 | 18670 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 9.07% (Incl 2.75% PIK) | 7/31/2031 | 2294 | 2271 | 2293 | 0.07 |
|  |  |  |  |  |  |  | 20822 | 20963 | 0.64 |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan A |  | S + 6.00% | 2.00% | 9.67% | 6/18/2029 | 112200 | 111616 | 111559 | 3.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan B |  | N/A | N/A | 14.75% (Incl 7.5% PIK) | 6/18/2029 | 11142 | 10922 | 11004 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan A | (6)(11) | S + 6.00% | 2.00% | 9.77% | 6/18/2029 | 11599 | 11323 | 11486 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan B | (11) | S + 6.00% | 2.00% | 9.67% | 6/18/2029 | 20922 | 20693 | 20975 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Revolving Credit Facility | (11) | S + 6.00% | 2.00% | 9.66% | 6/18/2029 |  | (46) | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp |  | S + 4.10% | 0.75% | 7.77% | 10/1/2027 | 982 | 955 | 963 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings Inc. |  | S + 4.50% | 0.00% | 8.17% | 2/23/2032 | 16900 | 16821 | 16527 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. |  | S + 4.50% | 1.00% | 8.32% | 11/29/2030 | 50327 | 49748 | 49885 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. - Revolving Credit Facility | (11) | S + 4.50% | 1.00% | 8.16% | 11/29/2030 |  | (65) | (58) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers |  | S + 6.00% | 0.75% | 9.72% | 11/15/2030 | 52452 | 51632 | 47917 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers - Revolving Credit Facility | (11) | S + 6.00% | 0.75% | 9.84% | 11/15/2029 | 698 | 608 | 94 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 8.72% | 6/21/2030 | 19703 | 19463 | 19482 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 8.72% | 6/21/2030 | CAD 53,825 | 53296 | 53225 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. - Delayed Draw Term Loan | (11) | S + 5.00% | 1.00% | 8.72% | 6/21/2030 | 5051 | 4916 | 4919 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG | CH(9)(10) | SA + 5.50% | 0.75% | 6.25% | 2/27/2032 | CHF 165,291 | 142392 | 161909 | 4.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG - Revolving Credit Facility | CH(9)(10)(11) | SA + 5.50% | 0.75% | 6.25% | 2/27/2030 | CHF — | (404) | (472) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Croix |  | S + 4.50% | 0.50% | 8.37% | 10/24/2032 | 51435 | 50926 | 50934 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;St. Croix - Revolving Credit Facility | (11) | S + 4.50% | 0.50% | 8.16% | 10/24/2032 |  | (83) | (83) |  |
|  |  |  |  |  |  |  | 544713 | 560220 | 17.08 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| High Tech Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. |  | S + 6.00% | 0.75% | 9.72% | 3/19/2031 | 26125 | 25797 | 25832 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Delayed Draw Term Loan |  | S + 6.00% | 0.75% | 9.72% | 3/19/2031 | 59375 | 58652 | 58710 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Revolving Credit Facility | (11) | S + 6.00% | 0.75% | 9.66% | 3/19/2031 |  | (106) | (106) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave - Delayed Draw Term Loan | (6) | S + 6.00% | 0.00% | 9.87% | 8/26/2030 | 34994 | 34587 | 34994 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave - Delayed Draw Term Loan Add on | (6)(11) | S + 4.25% | 0.00% | 8.01% | 9/29/2030 | 107634 | 106110 | 106110 | 3.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. | (6) | S + 4.50% | 0.00% | 8.24% | 10/30/2031 | 26126 | 25895 | 25756 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp |  | S + 5.00% | 1.00% | 8.73% | 12/23/2031 | 76000 | 71441 | 71440 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learnosity | IE(9)(10) | S + 5.25% | 1.00% | 8.92% | 1/15/2031 | 91806 | 90940 | 90840 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learnosity - Revolving Credit Facility | IE(9)(10)(11) | S + 5.25% | 1.00% | 8.91% | 1/15/2031 |  | (79) | (79) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MYOB Invest Co Pty Ltd and MYOB US Borrower LLC | AUS(9)(10) | B + 5.25% | 0.00% | 8.94% (Incl 2.75% PIK) | 6/6/2030 | AUD 50,802 | 48762 | 50221 | 1.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMX Group Intermediate Holdings LLC |  | S + 4.50% | 0.00% | 8.22% | 2/6/2032 | 10333 | 10237 | 10186 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. |  | S + 5.25% | 0.75% | 8.97% | 7/2/2029 | 49871 | 48173 | 49716 | 1.52 |
|  |  |  |  |  |  |  | 520409 | 523620 | 15.99 |
| Hotel, Gaming & Leisure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC |  | S + 4.75% | 3.00% | 8.42% | 8/15/2030 | 59004 | 58155 | 58186 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC - Delayed Draw Term Loan |  | S + 4.75% | 3.00% | 8.42% | 8/15/2030 | 173875 | 171409 | 171464 | 5.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC - Delayed Draw Term Loan 2 | (11) | S + 4.75% | 3.00% | 8.42% | 8/15/2030 | 10417 | 9933 | 9937 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chuck E. Cheese |  | S + 6.00% | 2.00% | 9.67% | 9/26/2030 | 80000 | 78845 | 78863 | 2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. |  | S + 5.00% | 1.00% | 8.67% | 7/10/2032 | 146832 | 144684 | 144778 | 4.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. - Delayed Draw Term Loan | (11) | S + 5.00% | 1.00% | 8.66% | 7/10/2032 |  | (62) | (62) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. - Revolving Credit Facility | (11) | S + 5.00% | 1.00% | 8.66% | 7/10/2031 |  | (221) | (221) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. |  | S + 5.50% | 1.00% | 9.17% | 11/5/2029 | 98000 | 96639 | 96078 | 2.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. - Revolving Credit Facility | (11) | S + 5.50% | 1.00% | 9.16% | 11/3/2029 |  | (160) | (245) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P.- Delayed Draw Term Loan | (11) | S + 5.50% | 1.00% | 9.16% | 11/3/2029 |  | (242) | (240) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC |  | S + 5.75% | 2.00% | 9.61% | 1/22/2029 | 29218 | 28887 | 28860 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC - Revolving Credit Facility | (11) | S + 5.75% | 2.00% | 9.59% | 1/22/2029 | 2900 | 2778 | 2778 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC |  | S + 5.11% | 0.75% | 8.83% | 4/26/2028 | 133312 | 130702 | 134146 | 4.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC Add on |  | S + 5.00% | 0.75% | 8.72% | 4/26/2030 | 30000 | 29713 | 30300 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. |  | S + 6.25% | 1.00% | 10.23% | 1/2/2029 | 18214 | 17972 | 17952 | 0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan | (6)(11) | S + 6.25% | 1.00% | 10.08% | 1/2/2029 | 3643 | 3563 | 3555 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan B |  | S + 6.25% | 1.00% | 9.92% | 1/2/2029 | 3643 | 3590 | 3590 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Incremental |  | S + 6.25% | 1.00% | 10.23% | 1/2/2029 | 4250 | 4188 | 4189 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Second Incremental |  | S + 6.25% | 1.00% | 10.15% | 1/2/2029 | 1943 | 1917 | 1915 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. |  | S + 5.00% | 1.00% | 8.67% | 12/27/2028 | 65333 | 64483 | 64783 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan |  | S + 5.00% | 1.00% | 8.67% | 12/27/2028 | 10877 | 10788 | 10829 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan 2 | (11) | S + 5.00% | 1.00% | 8.67% | 12/27/2028 | 31320 | 31089 | 31093 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Revolving Credit Facility | (11) | S + 5.00% | 1.00% | 8.66% | 12/27/2028 |  |  |  |  |
|  |  |  |  |  |  |  | 888650 | 892528 | 27.22 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nottingham Forest | UK(9)(10) | N/A | N/A | 12.94% PIK | 7/15/2028 | GBP 5,638 | 5572 | 5619 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patientpoint |  | S + 5.00% | 0.00% | 8.67% | 10/15/2032 | 185000 | 175828 | 178062 | 5.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raptive |  | S + 4.36% | 0.50% | 8.08% | 3/23/2028 | 6323 | 6189 | 6228 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raptive - Incremental Term Loan |  | S + 4.36% | 0.50% | 7.97% | 3/23/2028 | 150000 | 146151 | 147750 | 4.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC | UK(9)(10) | SO + 6.00% | 0.00% | 9.98% | 9/20/2029 | GBP 65,248 | 63295 | 64639 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC - Revolving Credit Facility | UK(9)(10) | SO + 6.00% | 0.00% | 9.98% | 9/20/2029 | GBP 13,475 | 13072 | 13349 | 0.41 |
|  |  |  |  |  |  |  | 410107 | 415647 | 12.68 |
| Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sheffield United F.C. | UK(9)(10) | N/A | N/A | 10.70% | 5/22/2026 | GBP 3,405 | 3138 | 3402 | 0.10 |
|  |  |  |  |  |  |  | 3138 | 3402 | 0.10 |
| Media: Diversified & Production |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation |  | S + 5.00% | 0.75% | 8.72% | 12/5/2031 | 58277 | 57238 | 57288 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 8.69% | 12/5/2029 |  | (99) | (99) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bisnow |  | S + 7.50% | 3.00% | 11.17% | 5/9/2028 | 28155 | 27910 | 27993 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd |  | S + 6.10% | 0.75% | 9.77% (Incl 3.50% PIK) | 6/18/2029 | 27444 | 27288 | 24556 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd - Delayed Draw Term Loan |  | S + 6.10% | 0.75% | 9.77% (Incl 3.50% PIK) | 6/18/2029 | 10865 | 10808 | 9721 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media Inc. |  | S + 5.00% | 0.50% | 8.88% | 2/13/2030 | 49055 | 46960 | 34216 | 1.04 |
|  |  |  |  |  |  |  | 170105 | 153675 | 4.69 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASC Engineered Solutions |  | S + 4.75% | 0.75% | 8.59% | 7/10/2031 | 49500 | 49078 | 49108 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. |  | S + 5.00% | 2.00% | 8.86% | 8/31/2028 | 64989 | 64218 | 65167 | 1.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC |  | S + 4.75% | 1.00% | 8.42% | 7/10/2031 | 51844 | 51288 | 51346 | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Delayed Draw Term Loan | (6) | S + 4.75% | 1.00% | 8.47% | 7/10/2031 | 16211 | 16044 | 16055 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Incremental Delayed Draw Term Loan | (11) | S + 4.75% | 1.00% | 8.41% | 7/10/2031 |  | (116) | (115) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Incremental Term Loan |  | S + 4.75% | 1.00% | 8.68% | 7/10/2031 | 11326 | 11214 | 11217 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.42% | 7/10/2031 | 190 | 128 | 130 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brock Holdings III, LLC |  | S + 5.75% | 0.50% | 9.42% | 5/1/2030 | 37283 | 36924 | 37345 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Root Revolver | (11) | S + 5.00% | 1.00% | 8.84% | 10/3/2030 | 8916 | 8502 | 8502 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brown & Root Term Loan |  | S + 5.00% | 1.00% | 8.67% | 10/3/2030 | 128270 | 126405 | 126439 | 3.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 5.00% | 0.75% | 8.99% | 9/9/2028 | 16413 | 16259 | 16265 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan | (6)(11) | S + 5.00% | 0.75% | 8.98% | 9/9/2028 | 12048 | 11936 | 11939 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Revolving Credit Facility | (6)(11) | S + 5.00% | 0.75% | 8.98% | 9/9/2028 | 1111 | 1074 | 1073 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos | (10) | S + 6.00% | 1.00% | 9.72% | 12/30/2029 | 157013 | 154439 | 154964 | 4.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC |  | S + 5.75% | 0.75% | 9.42% | 2/20/2030 | 14925 | 14666 | 14678 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC - Delayed Draw Term Loan | (11) | S + 5.75% | 0.75% | 9.41% | 2/20/2030 |  | (19) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC - Revolving Credit Facility | (11) | S + 5.75% | 0.75% | 9.41% | 2/20/2030 |  | (32) | (32) |  |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Services: Business (continued) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company |  | S + 5.50% | 0.75% | 9.23% (Incl 2.75% PIK) | 8/22/2031 | 65519 | 64436 | 64504 | 1.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Delayed Draw Term Loan | (6)(11) | S + 5.00% | 0.75% | 8.73% | 8/22/2031 | 3099 | 3044 | 3047 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Revolving Credit Facility | (6)(11) | S + 5.00% | 0.75% | 8.73% | 8/22/2030 | 2437 | 2322 | 2321 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation |  | S + 5.50% | 1.00% | 9.25% | 8/2/2030 | 68017 | 67176 | 67342 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation - Incremental Term Loan |  | S + 5.50% | 1.00% | 9.23% | 8/2/2030 | 13010 | 12880 | 12881 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation - Revolving Credit Facility | (11) | S + 5.50% | 1.00% | 9.19% | 8/2/2030 |  | (70) | (61) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management |  | S + 4.75% | 0.00% | 8.63% | 11/24/2031 | 35000 | 34652 | 34656 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Delayed Draw Term Loan A | (11) | S + 4.75% | 0.00% | 8.41% | 11/24/2031 |  | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Delayed Draw Term Loan B | (11) | S + 4.75% | 0.00% | 8.41% | 11/24/2031 |  | 3 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Delayed Draw Term Loan C | (11) | S + 4.75% | 0.00% | 8.41% | 11/24/2031 |  | 2 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management - Revolving Credit Facility | (11) | S + 4.75% | 0.00% | 8.63% | 11/24/2031 | 2617 | 2567 | 2567 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. |  | S + 5.75% | 1.00% | 9.42% | 5/31/2030 | 124662 | 123251 | 123730 | 3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. - Revolving Credit Facility | (11) | S + 5.75% | 1.00% | 9.41% | 5/31/2029 |  | (133) | (94) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend |  | S + 6.50% | 1.50% | 10.34% | 8/1/2030 | 11850 | 11562 | 11577 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend - Revolving Credit Facility | (11) | S + 6.50% | 1.50% | 10.16% | 8/1/2029 |  | (54) | (54) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelport Finance (Luxembourg) S.A.R.L | LU(9)(10) | S + 7.26% | 1.00% | 11.25% (Incl 1.25% PIK) | 9/30/2028 | 57367 | 57104 | 48977 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC |  | S + 5.25% | 0.75% | 8.97% | 4/30/2031 | 16396 | 16193 | 16242 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Delayed Draw Term Loan | (6)(11) | S + 5.25% | 0.75% | 9.12% | 4/30/2031 | 982 | 949 | 963 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA DeBusk LLC - Incremental Term Loan |  | S + 5.25% | 0.75% | 9.12% | 4/30/2031 | 3427 | 3393 | 3394 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Revolving Credit Facility | (6)(11) | S + 5.25% | 0.75% | 9.06% | 4/30/2030 | 2252 | 2227 | 2219 | 0.07 |
|  |  |  |  |  |  |  | 963514 | 958280 | 29.24 |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance | (14) | S + 7.00% | 1.50% | 10.67% | 5/3/2029 | 32565 | 31868 | 31912 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance - Delayed Draw Term Loan | (14) | S + 7.00% | 1.50% | 10.67% | 5/3/2029 | 18973 | 18607 | 18592 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate | (10) | S + 5.75% | 0.00% | 9.50% | 11/7/2031 | 110500 | 109044 | 109112 | 3.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Delayed Draw Term Loan | (10)(11) | S + 5.75% | 0.00% | 9.47% | 11/7/2031 | 5409 | 5063 | 5067 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Revolving Credit Facility | (6)(10)(11) | S + 5.75% | 0.00% | 9.50% | 11/7/2031 | 7500 | 7249 | 7249 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. |  | S + 4.75% | 1.00% | 8.47% | 5/10/2030 | 85775 | 84411 | 84523 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.41% | 5/10/2030 |  | (218) | (219) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Term Loan Add on |  | S + 5.25% | 0.00% | 8.98% | 11/3/2032 | 150000 | 147790 | 148500 | 4.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan College LLC |  | S + 8.00% | 1.50% | 11.67% | 3/25/2031 | 33277 | 32359 | 32405 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan College LLC - Delayed Draw Term Loan | (11) | S + 8.00% | 1.50% | 11.67% | 3/25/2031 | 3632 | 3572 | 3576 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. | (6) | S + 6.35% | 1.00% | 10.02% | 12/10/2026 | 35592 | 35227 | 34353 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Fourth Amended Term Loan | (6) | S + 6.35% | 1.00% | 10.02% | 12/10/2026 | 4187 | 4096 | 4042 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Incremental Term Loan | (6) | S + 6.35% | 1.00% | 10.02% | 12/10/2026 | 2472 | 2467 | 2386 | 0.07 |
|  |  |  |  |  |  |  | 481535 | 481498 | 14.68 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **First Lien Debt (continued)** |  |  |  |  |  |  |  |  |  |
| Telecommunications |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovate Corp. | (10) | N/A | N/A | 10.50% | 2/1/2027 | 26460 | 26504 | 22927 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC | (12) | N/A | N/A | 15.5% PIK | 11/1/2023 | 16697 | 8763 | 4174 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Facility - Backstop Incremental | (6)(11) | N/A | N/A | 17.50% PIK | 12/31/2026 | 401 | 401 | (14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan |  | N/A | N/A | 17.50% PIK | 12/31/2026 | 1899 | 1899 | 1529 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Roll-up |  | N/A | N/A | 17.50% PIK | 12/31/2026 | 2621 | 2600 | 2110 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies Inc. - Revolving Credit Facility | (11) | S + 5.75% | 1.00% | 9.42% | 5/3/2029 | 10189 | 9975 | 10189 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies Inc. |  | S + 5.75% | 1.00% | 9.42% | 5/3/2030 | 97428 | 95690 | 97428 | 2.97 |
|  |  |  |  |  |  |  | 145832 | 138343 | 4.22 |
| Transportation: Cargo |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 8.59% | 3/31/2028 | 7997 | 7867 | 7812 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Revolving Credit Facility | (11) | S + 4.75% | 0.75% | 8.47% | 3/31/2028 | 521 | 492 | 377 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global |  | S + 4.75% | 0.75% | 8.59% | 3/31/2028 | 57753 | 56851 | 56423 | 1.72 |
|  |  |  |  |  |  |  | 65210 | 64612 | 1.97 |
| Wholesale |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. - Delayed Draw Term Loan |  | S + 7.50% | 1.00% | 11.17% (Incl 5.00% PIK) | 1/31/2029 | 1603 | 1620 | 1563 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. |  | S + 7.50% | 1.00% | 11.17% (Incl 5.00% PIK) | 1/31/2029 | 21876 | 21493 | 20711 | 0.63 |
|  |  |  |  |  |  |  | 23113 | 22274 | 0.68 |
| **Total First Lien Debt** |  |  |  |  |  |  | **6345127** | **6345143** | **193.54%** |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexion Holdings Corporation |  | S + 7.54% | 0.50% | 11.25% | 3/15/2030 | 12353 | 12130 | 11959 | 0.36 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 8.50% | 2.50% | 12.38% (Incl 2.00% PIK) | 3/9/2029 | 15438 | 15158 | 15290 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan |  | S + 8.50% | 2.50% | 12.38% (Incl 2.00% PIK) | 3/9/2029 | 2895 | 2844 | 2867 | 0.09 |
|  |  |  |  |  |  |  | 18002 | 18157 | 0.56 |
| **Total Second Lien Debt** |  |  |  |  |  |  | **30132** | **30116** | **0.92%** |
| **Subordinated Debt** |  |  |  |  |  |  |  |  |  |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos - PIK Note | (10) | N/A | N/A | 13.00% PIK | 3/31/2030 | 1139 | 1131 | 1139 | 0.03 |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG - Holdco Note | CH(9)(10) | N/A | N/A | 12.50% PIK | 2/27/2033 | CHF 350 | 306 | 342 | 0.01 |
| **Total Subordinated Debt** |  |  |  |  |  |  | **1437** | **1481** | **0.04%** |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**MSD Investment Corp.**

**Consolidated Schedule of Investments - (Continued)**

**December 31, 2025**

*(in thousands, except shares)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1)(2)(3)(4)</sup> | **Footnotes** | **Reference Rate and Spread** <sup>(5)</sup> | **Interest Rate Floor** | **Interest Rate** <sup>(6)</sup> | **Maturity Date** | **Par Amount / Shares** <sup>(7)</sup> | **Cost** <sup>(8)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Preferred Equity** |  |  |  |  |  |  |  |  |  |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class B Preferred Stock |  |  |  | 17.5% PIK | 5/16/2034 | 8162 | 7924 | 8162 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class D Preferred Stock |  |  |  |  |  | 24 | 778 | 778 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Warrant |  |  |  |  | 5/16/2034 | 4 | 189 | 1896 | 0.06 |
|  |  |  |  |  |  |  | 8891 | 10836 | 0.33 |
| **Total Preferred Equity** |  |  |  |  |  |  | **8891** | **10836** | **0.33%** |
| **Common Equity** |  |  |  |  |  |  |  |  |  |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S.A.F.E. Management Equity | (11) |  |  |  | 11/24/2031 | 3478 | 3478 | 3478 | 0.11 |
| **Total Common Equity** |  |  |  |  |  |  | **3478** | **3478** | **0.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**6389065** | $**6391054** | **194.94%** |
| **Cash and Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Cash and Cash Equivalents | (13) |  |  |  |  |  | $128658 | $128658 | 3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash and Cash Equivalents** |  |  |  |  |  |  | **128658** | **128658** | **3.92%** |
| **Total Portfolio Investments, Cash and Cash Equivalents** |  |  |  |  |  |  | $**6517723** | $**6519712** | **198.86%** |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Derivative Counterparty** | **Settlement Date** | **Amount Purchased** | **Amount Sold** | **Fair Value** | **% of Net Assets** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $127 | AUD 196 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 11, 2026 | $830 | AUD 1,287 | $(29) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 11, 2027 | $848 | AUD 1,314 | $(23) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2027 | $124 | AUD 193 | $(4) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 11, 2026 | $856 | AUD 1,326 | $(28) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 11, 2027 | $51156 | AUD 79,323 | $(1295) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 11, 2026 | $863 | AUD 1,336 | $(27) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2026 | $127 | AUD 196 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 11, 2026 | $855 | AUD 1,325 | $(26) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $80 | GBP 60 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $153 | GBP 116 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 18, 2026 | $102196 | GBP 76,442 | $(790) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $154 | GBP 115 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $151 | GBP 114 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 8, 2027 | $3381 | GBP 2,558 | $(55) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $3234 | GBP 2,398 | $3 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $4707 | GBP 3,507 | $(12) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 8, 2027 | $155 | GBP 117 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 9, 2026 | $325 | GBP 243 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 18, 2026 | GBP 19,261 | $14340 | $58 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2026 | $162 | GBP 121 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2027 | $159 | GBP 119 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $4712 | GBP 3,499 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $4608 | GBP 3,446 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 14, 2028 | $4655 | GBP 3,578 | $(141) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 15, 2027 | $3341 | GBP 2,557 | $(94) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2026 | $160 | GBP 120 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2027 | $6782 | GBP 5,120 | $(94) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 9, 2027 | $105132 | GBP 78,727 | $(594) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 8, 2026 | $158 | GBP 118 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 6, 2026 | $954 | CAD 1,306 | $2 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2026 | $1268 | CAD 1,718 | $12 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $56704 | CAD 76,721 | $395 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $638 | EUR 544 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1289 | EUR 1,083 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 18, 2026 | $43954 | EUR 37,240 | $47 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $1258 | EUR 1,064 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $1286 | EUR 1,075 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 8, 2027 | $34564 | EUR 28,828 | $(95) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $1255 | EUR 1,069 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $1867 | EUR 1,576 | $(13) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1918 | EUR 1,609 | $- | - |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Derivative Counterparty** | **Settlement Date** | **Amount Purchased** | **Amount Sold** | **Fair Value** | **% of Net Assets** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 8, 2027 | $529 | EUR 444 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 9, 2026 | $1064 | EUR 905 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2026 | $535 | EUR 453 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2027 | $546 | EUR 457 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $1922 | EUR 1,605 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 9, 2027 | $51680 | EUR 43,078 | $(64) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2026 | $535 | EUR 452 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2027 | $28244 | EUR 23,599 | $(103) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 8, 2026 | $531 | EUR 447 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 6, 2026 | $1370 | CHF 1,082 | $4 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | February 26, 2027 | $158188 | CHF 131,613 | $(14789) | (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | February 27, 2026 | $2197 | CHF 1,895 | $(208) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 29, 2029 | $417 | CHF 323 | $(37) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2026 | $379 | CHF 325 | $(36) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2028 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | May 27, 2026 | $2159 | CHF 1,845 | $(205) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $386 | CHF 329 | $(37) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2028 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | August 27, 2026 | $2250 | CHF 1,906 | $(213) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 29, 2028 | $12 | CHF 10 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 30, 2026 | $395 | CHF 333 | $(36) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 30, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | November 27, 2026 | $2297 | CHF 1,928 | $(216) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 29, 2028 | $13 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2026 | $398 | CHF 333 | $(37) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
|  |  |  |  | $**(18860)** | **(0.5)%** |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest Rate Swaps as of December 31, 2025** | **Interest Rate Swaps as of December 31, 2025** | **Interest Rate Swaps as of December 31, 2025** | **Interest Rate Swaps as of December 31, 2025** | **Interest Rate Swaps as of December 31, 2025** | **Interest Rate Swaps as of December 31, 2025** | **Interest Rate Swaps as of December 31, 2025** |
|  | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Market Value** | **Upfront (Payments) / Receipts** | **Change in Unrealized Gains / (Losses)** |
| Interest rate swap | 7.11% | SOFR + 3.117% | 5/20/2030 | $165000 | $3302 | $— | $4161 |
| Interest rate swap | 6.25% | SOFR + 2.4115% | 5/31/2030 | $500000 | $7051 | $— | $7051 |
| Interest rate swap | 6.13% | SOFR + 2.715% | 2/5/2031 | $400000 | $(2293) | $— | $(2293) |
| Total Hedge Accounting Swaps |  |  |  | $1065000 | $8060 | $— | $8919 |
| Cash collateral |  |  |  | $— | $3160 | $— | $— |
| Total derivatives |  |  |  | $1065000 | $11220 | $— | $8919 |

---

(1)Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)All debt and equity investments are income producing unless otherwise noted.

(3)All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when we own 25% or less of the portfolio company's voting securities and "controlled" when we own more than 25% of the portfolio company's voting securities. The provisions of the 1940 Act also

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classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when we own less than 5% of a portfolio company's voting securities and "affiliated" when we own 5% or more of a portfolio company's voting securities.

(4)All investments are pledged as collateral under the Company's Credit Facilities (as defined below) (see [<u>Note 7. Borrowings</u>](#note_7_borrowings)). A single investment may be divided into parts that are individually pledged as collateral to our Credit Facilities.

(5)Variable rate loans to the portfolio companies are indexed to the Secured Overnight Financing Rate ("**SOFR**") (denoted as "S"), Euro Interbank Offered Rate ("**EURIBOR**") (denoted as "E"), Swiss Average Rate Overnight ("**SARON**") (denoted as "SA"), Sterling Overnight Index Average ("**SONIA**") (denoted as "SO"), or Bank Bill Swap Rate ("**BBSW**") (denoted as "B") and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2025

(6)For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2025.

(7)Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned.

(8)Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("**PIK**"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

(9)The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Luxembourg (denoted as "LU"), the United Kingdom (denoted as "UK"), Switzerland (denoted as "CH"), Ireland (denoted as "IE"), and Australia (denoted as "AUS"). Portfolio companies domiciled in a foreign country are not "qualifying assets" under Section 55(a) of the 1940 Act.

(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, 2025, qualifying assets represented approximately 81.4% of total assets as calculated in accordance with regulatory requirements.

(11)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost, if applicable, results from unamortized fees on unfunded commitments, which are capitalized to the investment cost. The negative fair value, if applicable, results from the fair valuation of the unfunded commitment. See below for more information on the Company's unfunded commitments (all commitments are first lien, unless otherwise noted).

(12)Investment was on non-accrual status as of December 31, 2025, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2025, debt investments on non-accrual status represented 0.1% and 0.1% of total investments on an amortized cost basis and fair value basis, respectively.

(13)Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2025, $57,085 was held in FGTXX and had an average one year yield of 4.03%.

(14)Portfolio company formerly known as Cotulla Acquisition Co.

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| 7Ridge Investments | Delayed Draw | 7/7/2026 | $11119 | $35 |
| Agrofresh | Revolver | 3/31/2029 | 5581 | (67) |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (106) |
| AmerSpirit FL LLC | Delayed Draw | 8/15/2027 | 24204 | (336) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 6283 | (99) |
| Best Trash LLC | Delayed Draw | 10/10/2026 | 25000 | (115) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (58) |
| Boasso Global | Revolver | 7/1/2026 | 5729 | (132) |
| Brown & Root | Revolver | 10/3/2030 | 20060 | (286) |
| Cadogan Tate | Delayed Draw | 10/31/2026 | 54091 | (274) |
| Cadogan Tate | Revolver | 10/31/2031 | 12500 | (157) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 8201 | (47) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 12078 | 173 |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (46) |
| Clubcorp Holdings Inc. | Delayed Draw | 7/10/2027 | 9600 | (62) |
| Clubcorp Holdings Inc. | Revolver | 7/10/2031 | 16000 | (221) |
| Confluent Holdings LLC | Delayed Draw | 7/2/2026 | 9915 | 39 |
| Red Fox CD Acquisition Corp. | Delayed Draw | 11/21/2026 | 30940 | (540) |
| CoreWeave Compute Acquisition Co., IV, LLC | Delayed Draw | 3/31/2026 | 10168 | 8 |
| Disa Holdings Corp. | Delayed Draw | 3/1/2026 | 354 | (1) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 3055 | (28) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (204) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (219) |
| Foundation Risk Partners | Delayed Draw | 2/26/2027 | 4872 | (9) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 4003 | - |
| Four Winds Interactive LLC | Delayed Draw | 2/20/2027 | 2903 | (19) |
| Four Winds Interactive LLC | Revolver | 2/20/2030 | 1935 | (32) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 7024 | - |
| Fullsteam | Delayed Draw | 8/8/2027 | 8077 | (25) |
| Fullsteam | Revolver | 8/8/2031 | 2692 | (25) |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 11200 | (167) |
| Healthco Investment LTD | Delayed Draw | 2/19/2029 | 6738 | (61) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 12500 | (245) |
| Highgate Hotels, L.P. | Delayed Draw | 12/9/2027 | 25000 | (240) |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 7100 | (87) |
| Inframark | Delayed Draw | 7/31/2026 | 1234 | 4 |
| Inspired Pet Nutrition | Delayed Draw | 9/1/2028 | 4044 | (26) |
| K1 Speed Inc. | Delayed Draw | 1/2/2026 | 2429 | (35) |
| Learnosity | Revolver | 1/15/2031 | 7500 | (79) |
| Legends Hospitality | Delayed Draw | 8/22/2026 | 638 | (4) |
| Legends Hospitality | Revolver | 8/22/2030 | 5063 | (79) |
| Ligado Networks LLC | Delayed Draw | 12/31/2026 | 1726 | (337) |
| Maxar Technologies Inc. | Revolver | 5/3/2029 | 5316 | - |
| Natural Partners, Inc. | Revolver | 3/15/2028 | 6563 | (58) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (42) |
| PetVet Care Centers | Revolver | 11/15/2029 | 6283 | (543) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2026 | 20202 | (75) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (61) |
| S.A.F.E. Management | Delayed Draw | 11/24/2028 | 12000 | 2 |
| S.A.F.E. Management | Delayed Draw | 2/24/2026 | 20320 | 3 |
| S.A.F.E. Management | Delayed Draw | 5/24/2027 | 13000 | 2 |
| S.A.F.E. Management | Revolver | 11/24/2031 | 2383 | (23) |
| S.A.F.E. Management | Capital Commitment | 11/24/2031 | 1522 | - |
| Sandlot Baseball Borrower Co. | Delayed Draw | 6/5/2026 | 21933 | 35 |
| Sandlot Baseball Borrower Co. | Revolver | 12/27/2028 | 10000 | - |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2026 | 12500 | 99 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (426) |
| Solvias AG | Revolver | 2/27/2030 | 22711 | (472) |
| Spartan College LLC | Delayed Draw | 9/25/2026 | 10070 | 38 |
| St. Croix | Revolver | 10/24/2032 | 8573 | (83) |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (94) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 6/6/2027 | 4712 | (11) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 3669 | (27) |
| Townsend | Revolver | 8/1/2030 | 2500 | (54) |
| Trillium FlowControl | Delayed Draw | 6/20/2026 | 3667 | (16) |
| Trillium FlowControl | Revolver | 12/20/2029 | 3000 | (18) |
| USA Debusk LLC | Delayed Draw | 4/30/2026 | 5115 | (10) |
| USA Debusk LLC | Revolver | 4/30/2030 | 1183 | (11) |
| Total Unfunded Commitments |  |  | $679658 | $(6054) |

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

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**MSD Investment Corp.**

**Notes to Consolidated Financial Statements**

*(in thousands, except share/per share data, percentages and as otherwise noted)*

**Note 1. Organization**

MSD Investment Corp. (together with its consolidated subsidiaries, the "**Company**") was originally established as a Delaware limited liability company on February 18, 2021, converted to a Maryland limited liability company named MSD Investment, LLC on October 22, 2021 and converted into a Maryland corporation (the "**Corporate Conversion**") effective January 1, 2022, pursuant to Articles of Conversion filed on December 28, 2021. In connection with the Corporate Conversion the Company changed its name from "MSD Investment, LLC" to "MSD Investment Corp." As a result of the Corporate Conversion, the issued and outstanding equity interests of MSD Investment, LLC were converted into a corresponding number of shares of common stock, par value $0.001 per share, of the Company (the "**Shares**," and each a "**Share**"), and each holder of equity interests of MSD Investment, LLC became a shareholder of the Company (collectively the "**Shareholders**"). The Company is structured as an externally managed, non-diversified closed-end investment company. On December 29, 2021, the Company elected to be regulated as a business development company ("**BDC**") under the Investment Company Act of 1940, as amended (the "**1940 Act**"). In addition, the Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company ("**RIC**"), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**").

On January 1, 2023, MSD Partners, L.P., a Delaware limited partnership ("**MSD**") completed a previously announced business combination with BDT & Company Holdings, L.P. (the "**Transaction**"), and its subsidiaries, which includes BDT Capital Partners, LLC ("**BDT Capital**"), an SEC-registered investment adviser, and BDT & MSD Partners, LLC, an SEC registered broker-dealer and member of the Financial Industry Regulatory Authority ("**FINRA**"). Upon the closing of the Transaction, BDT & Company Holdings, L.P. was renamed BDT & MSD Holdings, L.P. ("**BDT**") and BDT, and its subsidiaries, became affiliates of the Adviser (as defined below) and the Company. BDT, together with BDT Capital, MSD and their affiliated entities, are collectively referred to as "**BDT & MSD**."

The Company's investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser (as defined below) expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments.

On November 24, 2021, the Company entered into an investment advisory agreement (the "**Original Advisory Agreement**") with MSD (in its capacity as the Company's investment adviser, the "**Adviser**"), under which the Adviser provided certain investment advisory and management services to the Company. Additionally, the Company previously entered into an administrative services agreement (the "**Original Administration Agreement**") with MSD (in its capacity as the Company's administrator, the "**Administrator**") under which the Administrator provided certain administrative and other services necessary for the Company to operate.

Effective January 1, 2023, the Company entered into a new investment advisory agreement (the "**Advisory Agreement**"), by and between the Company and the Adviser, and a new administration agreement (the "**Administration Agreement**" and together with the Advisory Agreement, the "**New Agreements**"), by and between the Company and the Administrator. The terms of the New Agreements are substantially identical to those of the Original Advisory Agreement and Original Administration Agreement, except that the reimbursement required to be made to the Administrator by the Company pursuant to the Administration Agreement will be capped such that the amounts will not exceed 0.15% of total gross assets of the Company in any one calendar year.

On June 30, 2025, the Company entered into Amendment No. 1 to the Advisory Agreement (the "**Advisory Agreement Amendment**"), dated as of June 30, 2025, by and among the Company, MSD, and BDT & MSD BDC Management, LLC ("**BDT & MSD BDC Management**"). As a result of the Advisory Agreement Amendment, BDT & MSD BDC Management was appointed to serve as the Company's investment adviser rather than MSD, and BDT & MSD BDC Management became responsible for the overall management of the Company's investment activities and daily portfolio management obligations in place of MSD. The Advisory Agreement Amendment was entered into in connection with the internal reorganization of BDT, the ultimate parent company of MSD and BDT & MSD BDC Management, and there were no changes to the advisory services provided to the Company, including no changes in the personnel providing the advisory services or any changes to the advisory fees payable by the Company.

On August 11, 2025, the Company entered into Amendment No. 1 to the Administration Agreement (the "**Administration Agreement Amendment**"), dated as of August 11, 2025, by and among the Company, MSD, and BDT & MSD BDC Management. As a result of the Administration Agreement Amendment, BDT & MSD BDC Management was appointed to serve as the Company's administrator rather than MSD, and BDT & MSD BDC Management became responsible for providing certain administrative and other services necessary for the Company to operate in place of MSD. The Administration Agreement Amendment was entered into in connection with the internal reorganization of BDT, the ultimate parent company of MSD and BDT & MSD BDC Management, and there were no changes to the services provided to the Company.

MSD BDC SPV I, LLC ("**SPV I**") is a Delaware limited liability company formed on June 14, 2021 and commenced operations on December 21, 2021, the date the first investment transaction closed. MSD BDC SPV II, LLC ("**SPV II**") is a Delaware limited liability company formed on January 4, 2023 and commenced operations on March 31, 2023. MSD BDC CLO I, LLC ("**CLO I**" and together with SPV I, and SPV II, the "**SPVs**") is a Delaware limited liability company formed on August 18, 2023 and commenced operations on November 15, 2023. The SPVs' investment objectives are the same as the Company's. The SPVs are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements, in accordance with the Company's consolidation policy discussed in [<u>Note 2. Significant Accounting Policies</u>](#note_2_significant_accounting_policies).

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The Company may from time to time conduct a private offering (each a "**Private Offering**") of its Shares (i) to "accredited investors," as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the "**1933 Act**"), and (ii) in the case of Shares sold outside the United States, to persons that are not "U.S. persons," as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor makes a capital commitment ("**Capital Commitments**") to purchase Shares pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase the Company's Shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivers a notice to investors.

The first closing date of a Private Offering (the "**Initial Closing Date**") took place on December 21, 2021. Additional closings are expected to occur from time to time as determined by the Company (each, a "**Subsequent Closing**"), and the final such closing (the "**Final Closing**") will occur no later than the fifth anniversary of the Initial Closing Date, subject to a one-year extension at the discretion of the Board of Directors of the Company (the "**Board**") (the "**Commitment Period**"). The proceeds received at the Initial Closing Date were used to acquire the initial portfolio of the Company from several funds managed by the Adviser or its affiliates prior to the Corporate Conversion. Following the Initial Closing Date, proceeds from the sale of Shares in Subsequent Closings were used to acquire investments in accordance with the Company's investment guidelines and for other permitted purposes.

In connection with the Private Offering, the Company delivered a private placement memorandum to shareholders in which it provided that the term of the Company would commence on the Initial Closing Date and end upon the fifth anniversary of the Initial Closing Date, subject to a one-year extension (the "**Term**"). The Company also provided that, on or before the conclusion of the Term, the Board would seek a liquidity event or determine to remain a privately offered business development company indefinitely. On March 4, 2025, upon the recommendation of the Company's management, the Board determined that it would be in the best interest of the Company and its shareholders to remain a privately offered BDC.

On November 29, 2023, the Company issued 250 shares of its 12.0% Series A Cumulative Preferred Stock (the "**Series A Preferred Stock**") for an aggregate offering price of $0.75 million. Each individual investor in the offering was entitled to purchase only one share of Series A Preferred Stock. Each holder of Series A Preferred Shares was entitled to a liquidation preference of $3,000.00 per share (the "**Liquidation Value**"), plus additional amounts as set forth in the Articles Supplementary to the Company's Articles of Incorporation Relating to the 12.0% Series A Cumulative Preferred Stock. With respect to distributions, including the payment of dividends and distribution of the Company's assets upon dissolution, liquidation, or winding up, the Series A Preferred Stock was senior to all other classes and series of the Company's common shares to the extent of the aggregate Liquidation Value and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Stock. Holders of shares of the Series A Preferred Stock did not, however, participate in any appreciation in the value of the Company. On December 15, 2025, the Company redeemed all 250 shares of Series A Preferred Stock.

**Note 2. Significant Accounting Policies**

***Basis of Presentation***

Management has determined that the Company meets the definition of an investment company and adheres to 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**"). Accounting principles generally accepted in the United States ("**U.S. GAAP**") for an investment company requires investments to be recorded at fair value.

The accompanying consolidated financial statements and related financial information have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the Exchange Act.

***Use of Estimates***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reporting period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

***Basis of 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 consolidates the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

***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 90 days or less. 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, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

***Restricted Cash*** 

Restricted cash consists of cash collateral that had been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal.

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***Investments***

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown 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.

***Valuation of Investments***

The Company measures the value of its investments in accordance with ASC Topic 820, *Fair Value Measurement and Disclosures* ("**ASC 820**"). Fair value is 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category are less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, 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 within different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. Eastern Time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined by the Adviser as the Company's valuation designee (in such capacity, the "**Valuation Designee**"), subject to the overall supervision of the Board. Such determination of fair values may involve subjective judgments and estimates, although the Valuation Designee will also engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company's portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Valuation Designee, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Valuation Designee and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Valuation Designee will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the Valuation Designee using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company's investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Valuation Designee will undertake a multi-step valuation process, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party's estimate, of the fair value as of the date of determination, and provided to the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Agreed upon valuation recommendations are presented to the audit committee of the Board (the "**Audit Committee**");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At least once annually, the valuation for each investment that constitutes a material portion of the Company's portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee will provide the Board with the information relating to the fair value determination pursuant to the Company's valuation policy in connection with each quarterly Board meeting, will comply with the periodic board reporting requirements set forth in the Company's valuation policy, and will provide the Board with its determination of the fair value of each investment in good faith.

The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company's investments classified and valued as Level 3 in the valuation hierarchy, are described in [<u>Note 6. Fair Value Measurements</u>](#note_6_fair_value). The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions.

All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company's Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments.

The determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market quotation, the fair value of investments may differ materially from the values that would have been determined had a readily available market quotation existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market quotation in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company.

The SEC adopted Rule 2a-5 under the 1940 Act ("**Rule 2a-5**") providing a framework for fund valuation practices. Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits (but does not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act ("**Rule 31a-4**") provides the recordkeeping requirements associated with fair value determinations. On August 3, 2023, the Board elected to designate the Adviser as the Company's Valuation Designee, which became effective for the quarter ended September 30, 2023. The Company has adopted certain revisions to its valuation policies and procedures in order to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

***Receivables/Payables From Investments Sold/Purchased***

Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date.

***Foreign Currency Transactions***

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

***Financial and Derivative Instruments***

We invest in derivative instruments, including foreign currency forward contracts and interest rate swaps. Foreign currency forward contracts are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the Consolidated Statements of Operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the Consolidated Statements of Operations. The Company uses interest rate swaps as derivative instruments to hedge the Company's fixed rate debt, and therefore the periodic payment will be recognized as a component of interest expense in the Consolidated Statements of Operations. The change in fair value for the effective hedge will also be recognized as a component of interest expense in the Consolidated Statements of Operations, which is offset within interest expense to the extent of the fair value change for the hedged risk on our hedged Notes.

***Revenue Recognition***

*Interest Income*

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization 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 security 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. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period.

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The Company has investments in its portfolio that contain payment-in-kind ("**PIK**") provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statement 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 income is generally reversed through interest income. To maintain the Company's status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible.

Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. 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 is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

*Dividend Income*

Dividend income on preferred equity securities 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*Other Income*

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

***Organization Expenses and Offering Expenses***

Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company.

Costs associated with the offering of the Company's Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company's Private Offering of its Shares.

***Deferred Financing Costs and Debt Issuance Costs***

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company's borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain.

***Income Taxes***

We have elected to be regulated as a BDC under the 1940 Act. We have elected, and intend to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as we maintain our tax treatment as a RIC, we generally will not be subject to U.S. federal income taxes on any ordinary income or capital gains that we distribute (or are deemed to distribute) at least annually to our shareholders as dividends. Rather, any tax liability related to income earned and distributed by us would represent obligations of our investors and would not be reflected in our consolidated financial statements.

To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least 90% of the sum of (i) our "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

We are generally subject to a nondeductible 4% U.S. federal excise tax if we do not distribute to our shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of our ordinary income for the calendar year, (ii) 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 (iii) certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We follow ASC 740, *Income Taxes* ("**ASC 740**"). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires us to evaluate tax positions taken or expected to be taken in the course of preparing our consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

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Our tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. We are additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both March 31, 2026 and December 31, 2025. We recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three months ended March 31, 2026, we did not incur any interest or penalties.

Prior to the Corporate Conversion, we were treated as a partnership for U.S. federal income tax purposes and incurred no U.S. federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements.

***Distributions***

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

***Segment Reporting***

In accordance with ASC Topic 280, the Company has determined that it has a single operating and reporting segment with an investment objective to generate both net investment income and, to a lesser extent, capital appreciation through debt and preferred equity investments. The Chief Operating Decision Maker (the "**CODM**"), which comprises the Company's Chief Executive Officer and Chief Financial Officer, assesses the performance and makes operating decisions of the Company on a consolidated basis, primarily based on the Company's net increase in shareholders' equity resulting from operations. In addition to numerous other factors and metrics, the CODM utilizes net investment income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as "total assets," and the significant segment expenses are listed on the accompanying consolidated statement of operations.

***Recent Accounting Pronouncements***

In December 2024, the FASB issued Accounting Standards Update No. 2024-04, "Debt with Conversion and Other Options ("**ASU 2024-04**"): Induced Conversions of Convertible Debt Instruments", which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions rather than as debt extinguishments. This update is effective for annual periods beginning after December 15, 2025, including interim periods within those fiscal years, though early adoption is permitted. The Company has evaluated and will continue to evaluate the adoption of ASU 2024-04 and determined it has no material impact on its consolidated financial statements at this time.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. In January 2025, the FASB issued ASU 2025-01 to clarify ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance and does not expect a material impact to the consolidated financial statements.

**Note 3. Agreements and Related Party Transactions**

***Initial Portfolio Acquisition***

Commencing on the Initial Closing Date and concluding prior to the Company's election to be regulated as a BDC, the Company completed its purchase of a portfolio of investments (the "**Initial Portfolio**") pursuant to agreements entered into with several funds managed by the Adviser (the "**Initial Portfolio Acquisition**"). Subsequent to the Initial Portfolio Acquisition the Company elected to be regulated as a BDC.

***Investment Advisory Agreement***

On November 24, 2021, the Company entered into the Original Advisory Agreement with the Adviser. Effective January 1, 2023, the Company entered into the Advisory Agreement. The terms of the Advisory Agreement are substantially identical to those of the Original Advisory Agreement, including with respect to the advisory services provided to the Company. On June 30, 2025, the Company entered into the Advisory Agreement Amendment, pursuant to which BDT & MSD BDC Management was appointed to serve as the Company's investment adviser in place of MSD. Pursuant to the Advisory Agreement Amendment there were no changes to the advisory services provided to the Company, including no changes in the personnel providing the advisory services or any changes to the advisory fees payable by the Company.

Pursuant to the Advisory Agreement the Adviser is responsible for managing the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, in accordance with the investment objective, policies and restrictions that are set forth in the Company's registration statement on Form 10. The Adviser is also responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company's investments and monitoring its investments and portfolio companies on an ongoing basis. For its services, the Adviser is entitled to receive a base management fee and an incentive fee as set forth in the Advisory Agreement.

The Advisory Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by the vote of a majority of the Board, or by a majority of the holders of our outstanding voting securities, in accordance with the requirements of the 1940 Act, or by the Adviser. Additionally, the Advisory Agreement will automatically terminate in event of an assignment as defined in the 1940 Act. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the members of the Board who are not "interested persons" (as defined in section 2(a)(19) of the 1940 Act) of the Company (each an "**Independent Director**") and (ii) the Board or the holders of a majority of the Company's outstanding voting securities.

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From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods and services, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee (the "**Management Fee**") and an incentive fee (the "**Incentive Fee**"). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the Shareholders.

Management Fee

The Management Fee is payable quarterly in arrears and shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Prior to an initial public offering of the Company's common stock and/or listing on a nationally recognized stock exchange (an "**Exchange Listing**"), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter).

For purposes of the Advisory Agreement, gross assets means the Company's total assets determined on a consolidated basis in accordance with U.S. GAAP, including assets purchased with borrowed amounts. For avoidance of doubt total assets does not include any undrawn Capital Commitments. For the first calendar quarter in which the Company had operations, gross assets were measured as the average of gross assets at the Initial Drawdown Date and at the end of such first calendar quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable period. If an Exchange Listing occurs on a date other than the first day of a calendar quarter, the management fee will be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing based on the number of days in such calendar quarter before and after the Exchange Listing.

*Incentive Fees*

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 (the "**Income-Based Fee**") and the other component is based on capital gains (the "**Capital Gains Fee**"), each as described below:

The Company pays the Income-Based Fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No income-based incentive fee if the Company's pre-incentive fee net investment income, expressed as a return on the value of our net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of the Company's pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765% (7.06% annualized) of the value of the Company's net assets at the beginning of each applicable calendar quarter. This "catch-up" portion is meant to provide the Adviser with approximately 15% 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15% of the Company's pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.765% (7.06% annualized).

These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 15% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, 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 as calculated in accordance with U.S. GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

***Administration Agreement***

On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Effective January 1, 2023, the Company entered into the Administration Agreement. On August 11, 2025, the Company entered into the Administration Agreement Amendment, pursuant to which BDT & MSD BDC Management was appointed to serve as the Company's administrator in place of MSD. Pursuant to the Administration Agreement Amendment there were no changes to the services provided to the Company.

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Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company's other service providers), preparing reports to Shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company's behalf, managerial assistance to the Company's portfolio companies. The terms of the Administration Agreement are substantially similar to the Original Administration Agreement, except that the reimbursements required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15% of the total gross assets of the Company in any one calendar year. Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities.

The Administration Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by a vote of the outstanding voting securities of the Company, by the vote of a majority of the Board, or by the Administrator. Unless earlier terminated, the Administration Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Independent Directors and (ii) the Board or the holders of a majority of the Company's outstanding voting securities

For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company's chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of MSD or any of its affiliates, subject to the limitations described in the Administration Agreement.

***Co-Investment Transactions Exemptive Relief***

On June 9, 2025, the Company and certain of its affiliates were granted an order for co-investment exemptive relief by the SEC based on an updated model of co-investment order that was recently granted by the SEC (the "**Order**"). The Order supersedes the prior exemptive order granted on February 16, 2022, as amended on August 31, 2022. The Order permits the Company to participate in negotiated co-investment transactions with other funds managed by the Adviser and certain other affiliates pursuant to the conditions of the Order. The Order requires that a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board make certain findings with respect to the following, among other things: (1) when the Company co-invests with an affiliated entity (as defined in the exemptive application) in an issuer where an affiliated entity has an existing investment in the issuer under certain circumstances, and (2) if the Company disposes of an asset acquired in a co-investment transaction unless the disposition is done on a pro rata basis or the disposition is of a tradable security. Pursuant to the Order, the Board will oversee the Company's participation in the co-investment program. As required by the Order, the Company has adopted, and the Board has approved, policies and procedures reasonably designed to ensure the Company's compliance with the conditions of the Order, and the Adviser and the Company's Chief Compliance Officer will provide reporting to the Board.

***License Agreement***

The Company has entered into a license agreement (the "**License Agreement**"), pursuant to which MSD has granted the Company a non-exclusive license to use the name "MSD." Under the License Agreement, the Company has a right to use the MSD name for so long as MSD or one of its affiliates remains the Company's investment adviser. Other than with respect to this limited license, the Company will have no legal right to the "MSD" name or logo.

The following table presents the related party fees, expenses and transactions for the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
|  |  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| **Related Party** | **Source Agreement & Description** | **2026** | **2025** |
|  | **Consolidated statement of operations:** |  |  |
| Adviser | Advisory Agreement - management fees | $12495 | $8966 |
| Adviser | Advisory Agreement - income based incentive fee | 13734 | 11432 |
| Adviser | Advisory Agreement - board of directors' fees | 120 | 78 |
| Adviser | Advisory Agreement - capital gains incentive fee | (2995) | (443) |
| Administrator | Administration Agreement - administration expense | 875 | 1075 |

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**Note 4. Investments**

The composition of the Company's investment portfolio at amortized cost and fair value as of March 31, 2026 and December 31, 2025 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First lien debt | $6821351 | $6778916 | 99.33% | $6345127 | $6345143 | 99.28% |
| Second lien debt | 30260 | 29720 | 0.43 | 30132 | 30116 | 0.47 |
| Subordinated debt | 317 | 350 | 0.01 | 1437 | 1481 | 0.02 |
| Equity and Other Investments | 13945 | 15836 | 0.23 | 12369 | 14314 | 0.23 |
| Total investments | $6865873 | $6824822 | 100.00% | $6389065 | $6391054 | 100.00% |

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The industry composition of investments at fair value as of March 31, 2026 and December 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Aerospace & Defense | 3.91% | 4.26% |
| Banking, Finance, Insurance & Real Estate | 7.16 | 7.28 |
| Beverage, Food & Tobacco | 5.15 | 3.26 |
| Capital Equipment | 1.55 | 2.16 |
| Chemicals, Plastics & Rubber | 1.76 | 1.88 |
| Construction & Building | 7.63 | 7.94 |
| Consumer Goods: Non-durable | 4.60 | 4.99 |
| Containers, Packaging & Glass | 0.79 | 1.43 |
| Environmental Industries | 0.31 | 0.33 |
| Healthcare & Pharmaceuticals | 8.31 | 8.77 |
| High Tech Industries | 7.57 | 8.19 |
| Hotel, Gaming & Leisure | 13.51 | 13.97 |
| Media: Advertising, Printing & Publishing | 4.85 | 6.50 |
| Media: Broadcasting & Subscription | 2.02 | 0.05 |
| Media: Diversified & Production | 1.90 | 2.41 |
| Services: Business | 15.94 | 15.35 |
| Services: Consumer | 9.36 | 7.70 |
| Telecommunications | 0.47 | 2.17 |
| Transportation: Cargo | 0.94 | 1.01 |
| Wholesale | 2.27 | 0.35 |
| Total | 100.00% | 100.00% |

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The geographic composition of investments at cost and fair value as of March 31, 2026 and December 31, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $5906680 | $5867066 | 85.97% | 179.18% |
| Luxembourg | 75256 | 61001 | 0.89 | 1.86 |
| United Kingdom | 528920 | 523003 | 7.66 | 15.97 |
| Switzerland | 142128 | 159924 | 2.34 | 4.88 |
| Ireland | 90693 | 90582 | 1.33 | 2.77 |
| Mexico | 73021 | 73028 | 1.07 | 2.23 |
| Australia | 49175 | 50218 | 0.74 | 1.53 |
| Total | $6865873 | $6824822 | 100.00% | 208.43% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $5686259 | $5668402 | 88.69% | 172.90% |
| Luxembourg | 74981 | 66877 | 1.05 | 2.04 |
| United Kingdom | 345908 | 353014 | 5.52 | 10.77 |
| Switzerland | 142294 | 161779 | 2.53 | 4.93 |
| Ireland | 90861 | 90761 | 1.42 | 2.77 |
| Australia | 48762 | 50221 | 0.79 | 1.53 |
| Total | $6389065 | $6391054 | 100.00% | 194.95% |

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As of March 31, 2026, the Fund held one investment in the portfolio on non-accrual status. As of December 31, 2025, the Fund held one investment in the portfolio on non-accrual status.

As of March 31, 2026, on a fair value basis, approximately 99.3% of our performing debt investments bore interest at a floating rate and approximately 0.7% of our performing debt investments bore interest at a fixed rate.

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As of December 31, 2025, on a fair value basis, approximately 99.2% of our performing debt investments bore interest at a floating rate and approximately 0.8% of our performing debt investments bore interest at a fixed rate.

**Note 5. Derivative Instruments** 

The Company may enter into foreign currency forward contracts from time to time to facilitate the settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts; we attempt to limit counterparty risk by only dealing with well-known counterparties and those that we believe have the financial resources to honor their obligations. The foreign currency forward contracts open at the end of the period are generally indicative of the volume of activity during the period.

The following tables present the open foreign currency forward contracts as of March 31, 2026 and December 31, 2025:

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| AUD | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 196 | $127 | $135 | $(8) |
| AUD | March 11, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,314 | $848 | $899 | $(51) |
| AUD | April 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 193 | $124 | $132 | $(8) |
| AUD | June 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,326 | $856 | $914 | $(58) |
| AUD | June 11, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 79,323 | $51156 | $54126 | $(2970) |
| AUD | September 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,336 | $863 | $920 | $(57) |
| AUD | October 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 196 | $127 | $135 | $(8) |
| AUD | December 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,325 | $855 | $909 | $(54) |
| GBP | January 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 641 | $865 | $845 | $20 |
| GBP | January 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,725 | $2296 | $2277 | $19 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| GBP | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 116 | $153 | $153 | $— |
| GBP | January 7, 2028 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 645 | $867 | $845 | $22 |
| GBP | January 7, 2028 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,730 | $2287 | $2269 | $18 |
| GBP | March 8, 2028 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 26,148 | $35130 | $34248 | $882 |
| GBP | March 17, 2028 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 33,832 | $44499 | $44305 | $194 |
| GBP | April 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 628 | $848 | $828 | $20 |
| GBP | April 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,695 | $2253 | $2234 | $19 |
| GBP | April 7, 2028 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 65,027 | $85797 | $85125 | $672 |
| GBP | May 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 37,648 | $50214 | $49831 | $383 |
| GBP | June 17, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 73,065 | $97125 | $96643 | $482 |
| GBP | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 861 | $1163 | $1140 | $23 |
| GBP | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 2,133 | $2844 | $2823 | $21 |
| GBP | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 115 | $154 | $153 | $1 |
| GBP | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 634 | $855 | $834 | $21 |
| GBP | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,714 | $2274 | $2255 | $19 |
| GBP | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 114 | $151 | $150 | $1 |
| GBP | October 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 645 | $871 | $852 | $19 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| GBP | October 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,719 | $2290 | $2271 | $19 |
| GBP | October 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 644 | $868 | $846 | $22 |
| GBP | October 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,734 | $2297 | $2279 | $18 |
| GBP | October 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 2,558 | $3381 | $3360 | $21 |
| GBP | January 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,507 | $4707 | $4629 | $78 |
| GBP | March 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 117 | $155 | $154 | $1 |
| GBP | June 8, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 121 | $162 | $161 | $1 |
| GBP | June 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 119 | $159 | $157 | $2 |
| GBP | June 17, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP (5453) | $(7297) | $(7216) | $(81) |
| GBP | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,499 | $4712 | $4630 | $82 |
| GBP | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,446 | $4608 | $4533 | $75 |
| GBP | July 14, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 3,578 | $4655 | $4677 | $(22) |
| GBP | July 15, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 2,557 | $3341 | $3363 | $(22) |
| GBP | September 8, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 120 | $160 | $159 | $1 |
| GBP | September 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 5,120 | $6782 | $6728 | $54 |
| GBP | September 9, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 78,727 | $105132 | $103453 | $1679 |
| GBP | December 8, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 118 | $158 | $156 | $2 |
| CAD | April 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 2,395 | $1725 | $1722 | $3 |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| CAD | June 30, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 76,721 | $56704 | $55332 | $1372 |
| EUR | January 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 1,083 | $1289 | $1265 | $24 |
| EUR | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 1,064 | $1258 | $1235 | $23 |
| EUR | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 1,075 | $1286 | $1262 | $24 |
| EUR | October 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 28,828 | $34564 | $33929 | $635 |
| EUR | January 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 1,609 | $1918 | $1879 | $39 |
| EUR | March 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 444 | $529 | $520 | $9 |
| EUR | June 8, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 453 | $535 | $525 | $10 |
| EUR | June 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 457 | $546 | $536 | $10 |
| EUR | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 1,576 | $1867 | $1830 | $37 |
| EUR | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 1,605 | $1922 | $1884 | $38 |
| EUR | September 8, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 452 | $535 | $525 | $10 |
| EUR | September 8, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 23,599 | $28244 | $27752 | $492 |
| EUR | September 9, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 43,078 | $51680 | $50661 | $1019 |
| EUR | December 8, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 447 | $531 | $522 | $9 |
| CHF | February 26, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 131,613 | $158188 | $170422 | $(12234) |
| CHF | March 29, 2029 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 323 | $417 | $449 | $(32) |
| CHF | March 31, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| CHF | March 31, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | April 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CHF 325 | $408 | $407 | $1 |
| CHF | May 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,845 | $2159 | $2322 | $(163) |
| CHF | June 30, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 329 | $386 | $416 | $(30) |
| CHF | June 30, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | June 30, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | August 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,906 | $2250 | $2421 | $(171) |
| CHF | September 29, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | September 30, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $394 | $424 | $(30) |
| CHF | September 30, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | November 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,928 | $2297 | $2473 | $(176) |
| CHF | December 29, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $13 | $14 | $(1) |
| CHF | December 31, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $398 | $428 | $(30) |
| CHF | December 31, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| **Total** |  |  |  |  | $873999 | $881566 | $(7567) |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| AUD | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 196 | $127 | $130 | $(3) |
| AUD | March 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,287 | $830 | $859 | $(29) |
| AUD | March 11, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,314 | $848 | $871 | $(23) |
| AUD | April 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 193 | $124 | $128 | $(4) |
| AUD | June 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,326 | $856 | $884 | $(28) |
| AUD | June 11, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 79,323 | $51156 | $52451 | $(1295) |
| AUD | September 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,336 | $863 | $890 | $(27) |
| AUD | October 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 196 | $127 | $130 | $(3) |
| AUD | December 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,325 | $855 | $881 | $(26) |
| GBP | January 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 60 | $80 | $81 | $(1) |

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[**<u>**Table of Contents**</u>**](#toc_page)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| GBP | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 116 | $153 | $156 | $(3) |
| GBP | March 18, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 76,442 | $102196 | $102986 | $(790) |
| GBP | July 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 115 | $154 | $155 | $(1) |
| GBP | July 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 114 | $151 | $153 | $(2) |
| GBP | October 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 2,558 | $3381 | $3436 | $(55) |
| GBP | January 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 2,398 | $3234 | $3231 | $3 |
| GBP | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 3,507 | $4707 | $4719 | $(12) |
| GBP | March 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 117 | $155 | $157 | $(2) |
| GBP | March 9, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 243 | $325 | $328 | $(3) |
| GBP | March 18, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP (14340) | $(19261) | $(19319) | $58 |
| GBP | June 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 121 | $162 | $163 | $(1) |
| GBP | June 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 119 | $159 | $162 | $(3) |
| GBP | July 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 3,499 | $4712 | $4713 | $(1) |
| GBP | July 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 3,446 | $4608 | $4630 | $(22) |
| GBP | July 14, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 3,578 | $4655 | $4796 | $(141) |
| GBP | July 15, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 2,557 | $3341 | $3435 | $(94) |
| GBP | September 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 120 | $160 | $162 | $(2) |
| GBP | September 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 5,120 | $6782 | $6876 | $(94) |
| GBP | September 9, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 78,727 | $105132 | $105726 | $(594) |
| GBP | December 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 118 | $158 | $160 | $(2) |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| CAD | January 6, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,306 | $954 | $952 | $2 |
| CAD | March 31, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,718 | $1268 | $1256 | $12 |
| CAD | June 30, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 76,721 | $56704 | $56309 | $395 |
| EUR | January 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 544 | $638 | $639 | $(1) |
| EUR | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,083 | $1289 | $1291 | $(2) |
| EUR | March 18, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 37,240 | $43954 | $43907 | $47 |
| EUR | July 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,064 | $1258 | $1260 | $(2) |
| EUR | July 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,075 | $1286 | $1289 | $(3) |
| EUR | October 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 28,828 | $34564 | $34659 | $(95) |
| EUR | January 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,069 | $1255 | $1256 | $(1) |
| EUR | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,576 | $1867 | $1880 | $(13) |
| EUR | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,609 | $1918 | $1918 | $— |
| EUR | March 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 444 | $529 | $531 | $(2) |
| EUR | March 9, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 905 | $1064 | $1067 | $(3) |
| EUR | June 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 453 | $535 | $536 | $(1) |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| EUR | June 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 457 | $546 | $548 | $(2) |
| EUR | July 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,605 | $1922 | $1924 | $(2) |
| EUR | September 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 43,078 | $51680 | $51744 | $(64) |
| EUR | September 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 452 | $535 | $536 | $(1) |
| EUR | September 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 23,599 | $28244 | $28347 | $(103) |
| EUR | December 30, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 447 | $531 | $533 | $(2) |
| CHF | January 6, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CHF 1,082 | $1370 | $1366 | $4 |
| CHF | February 26, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 131,613 | $158188 | $172977 | $(14789) |
| CHF | February 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,895 | $2197 | $2405 | $(208) |
| CHF | March 29, 2029 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 323 | $417 | $454 | $(37) |
| CHF | March 31, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 325 | $379 | $415 | $(36) |
| CHF | March 31, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | March 31, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | May 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,845 | $2159 | $2364 | $(205) |
| CHF | June 30, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 329 | $386 | $423 | $(37) |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Foreign Currency** | **Settlement Date** | **Statement of Assets and Liabilities Location** | **Counterparty** | **Amount Transacted** | **Notional Value at Settlement** | **Notional Value at Period End** | **Fair Value** |
| CHF | June 30, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | June 30, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | August 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,906 | $2250 | $2463 | $(213) |
| CHF | September 29, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $14 | $(2) |
| CHF | September 30, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $395 | $431 | $(36) |
| CHF | September 30, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | November 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,928 | $2297 | $2513 | $(216) |
| CHF | December 29, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $13 | $14 | $(1) |
| CHF | December 31, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $398 | $435 | $(37) |
| CHF | December 31, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| **Total** |  |  |  |  | $684004 | $702864 | $(18860) |

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[**<u>**Table of Contents**</u>**](#toc_page)

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **Statement of Operations Location** | **2026** | **2025** |
| **Net realized gains (losses)** |  |  |  |
| Foreign currency forward contracts | Net realized gains (losses) on foreign currency forward contracts | $(316) | $(1868) |
| **Net change in unrealized appreciation (depreciation)** |  |  |  |
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 11294 | (5328) |
| **Net realized and unrealized gains on foreign currency forward contracts** |  | $10978 | $(7196) |

---

For derivatives traded under an International Swaps and Derivatives Association Master Agreement ("**ISDA Master Agreement**"), the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Company or the counterparty. Cash collateral that has been pledged, if any, to cover obligations of the Company and cash collateral received from the counterparty, if any, is reported on the consolidated statements of assets and liabilities as collateral deposits (received) for foreign currency forward contracts. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required. To the extent amounts due to the Company from a counterparty are not fully collateralized, the Company bears the risk of loss from counterparty non-performance.

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of** | **Counterparty** | **Gross Amounts of Recognized Derivative Assets** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts of Assets Presented in the Statement of Financial Position** | **Collateral Received** <sup>(1)</sup> | **Net position of Derivative Assets and Collateral Received** |
| March 31, 2026 | Macquarie | $8646 | $(8646) | $— | $— | $— |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of** | **Counterparty** | **Gross Amounts of Recognized Derivative Liabilities** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts of Liabilities Presented in the Statement of Financial Position** | **Collateral Pledged** <sup>(1)</sup> | **Net position of Derivative Liabilities and Pledged Collateral** |
| March 31, 2026 | Macquarie | $(16213) | $8646 | $(7567) | $— | $(7567) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of** | **Counterparty** | **Gross Amounts of Recognized Derivative Assets** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts of Assets Presented in the Statement of Financial Position** | **Collateral Received** <sup>(1)</sup> | **Net position of Derivative Assets and Collateral Received** |
| December 31, 2025 | Macquarie | $521 | $(521) | $— | $— | $— |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As of** | **Counterparty** | **Gross Amounts of Recognized Derivative Liabilities** | **Gross Amounts Offset in the Statement of Assets and Liabilities** | **Net Amounts of Liabilities Presented in the Statement of Financial Position** | **Collateral Pledged** <sup>(1)</sup> | **Net position of Derivative Liabilities and Pledged Collateral** |
| December 31, 2025 | Macquarie | $(19381) | $521 | $(18860) | $— | $(18860) |

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(1)Lesser of the amount pledged and the amount needed to offset the liability.

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The Company may also enter into interest rate swap transactions from time to time to hedge fixed rate debt obligations to align with our predominantly floating rate portfolio. The Company designated these interest rate swaps and the associated unsecured notes as qualifying fair value hedge accounting relationships. As of March 31, 2026, the counterparty to the Company's interest rate swaps was Goldman Sachs International for the Series F Notes and 2030 Notes, and JPMorgan Chase Bank, N.A. for the 2031 Notes. As of December 31, 2025, the counterparty to the Company's interest rate swaps was Goldman Sachs International for the Series F Notes and 2030 Notes, and JPMorgan Chase Bank, N.A. for the 2031 Notes. Certain information related to the Company's interest rate swap as of March 31, 2026 is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Description** | **Hedged Item** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** |
| Interest rate swap | Series F Notes | 7.11% | SOFR + 3.117% | 5/20/2030 | $165000 |
| Interest rate swap | 2030 Notes | 6.25% | SOFR + 2.4115% | 5/31/2030 | $500000 |
| Interest rate swap | 2031 Notes | 6.13% | SOFR + 2.715% | 2/5/2031 | $400000 |

---

As a result of the Company's designation of the interest rate swaps as hedging instruments in qualifying fair value hedge accounting relationships, the Company is required to fair value the hedging instruments and the related hedged items. The swap adjusted interest expense is included as a component of interest expense on the Company's Consolidated Statements of Operations. For the three months ended March 31, 2026 the interest rate swaps had a change in fair value of ($7.3) million, which is offset within interest expense to the extent of the fair value change for the hedged risk on the Series F, 2030 Notes and 2031 Notes. For the three months ended March 31, 2026 and 2025, the Company recognized no net change in realized or unrealized gains or losses on interest rate swaps not designated as hedging instruments in the Consolidated Statements of Operations. The balance sheet impact of fair valuing the interest rate swaps as of March 31, 2026 and December 31, 2025 is presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Derivative Instrument** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet Location of Amounts** |
| Interest rate swap <sup>(1)</sup> | $165000 | 5/20/2030 | $2060 | $— | Prepaid expenses and other assets |
| Interest rate swap <sup>(2)</sup> | $500000 | 5/31/2030 | $3478 | $— | Prepaid expenses and other assets |
| Interest rate swap <sup>(3)</sup> | $400000 | 2/5/2031 | $— | $4795 | Accrued expenses and other liabilities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The asset related to the fair value of the interest rate swaps was offset by a $2.1 million increase to the carrying value of the Series F Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The asset related to the fair value of the interest rate swaps was offset by a $3.5 million increase to the carrying value of the 2030 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The liability related to the fair value of the interest rate swaps was offset by a $4.8 million decrease to the carrying value of the 2031 Notes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Derivative Instrument** | **Notional Amount** | **Maturity Date** | **Gross Amount of Recognized Assets** | **Gross Amount of Recognized Liabilities** | **Balance Sheet Location of Amounts** |
| Interest rate swap <sup>(1)</sup> | $165000 | 5/20/2030 | $3302 | $— | Prepaid expenses and other assets |
| Interest rate swap <sup>(2)</sup> | $500000 | 5/31/2030 | $7051 | $— | Prepaid expenses and other assets |
| Interest rate swap <sup>(3)</sup> | $400000 | 2/5/2031 | $— | $(2293) | Accrued expenses and other liabilities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The asset related to the fair value of the interest rate swaps was offset by a $3.3 million increase to the carrying value of the Series F Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The asset related to the fair value of the interest rate swaps was offset by a $7.0 million increase to the carrying value of the 2030 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The liability related to the fair value of the interest rate swaps was offset by a $2.3 million decrease to the carrying value of the 2031 Notes.

**Note 6. Fair Value Measurements**

The following tables present the fair value hierarchy of financial instruments, as of March 31, 2026 and December 31, 2025, according to the fair value hierarchy as described in [<u>Note 2. Significant Accounting Policies</u>](#note_2_significant_accounting_policies):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $603366 | $6175550 | $6778916 |
| Second lien debt |  | 11457 | 18263 | 29720 |
| Subordinated debt |  |  | 350 | 350 |
| Equity and Other Investments |  |  | 15836 | 15836 |
| Cash and cash equivalents | 126668 |  |  | 126668 |
| &nbsp;&nbsp;**Total Portfolio Investments, Cash and Cash Equivalents** | $**126668** | $**614823** | $**6209999** | $**6951490** |
| &nbsp;&nbsp;Percentage of total | 1.82% | 8.85% | 89.33% | 100.00% |
| Interest rate swaps | $— | $743 | $— | $743 |
| Foreign currency forward contracts | $— | $(7567) | $— | $(7567) |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $735729 | $5609414 | $6345143 |
| Second lien debt |  | 11959 | 18157 | 30116 |
| Subordinated debt |  |  | 1481 | 1481 |
| Equity and Other Investments |  |  | 14314 | 14314 |
| Cash and cash equivalents | 128658 |  |  | 128658 |
| &nbsp;&nbsp;**Total Portfolio Investments, Cash and Cash Equivalents** | $**128658** | $**747688** | $**5643366** | $**6519712** |
| &nbsp;&nbsp;Percentage of total | 1.97% | 11.47% | 86.56% | 100.00% |
| Interest rate swaps | $— | $8060 | $— | $8060 |
| Foreign currency forward contracts | $— | $(18860) | $— | $(18860) |

---

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of year | $5609414 | $18157 | $1481 | $14314 | $5643366 |
| Purchase of investments (including PIK) | 818376 | 94 | 11 | 1576 | 820057 |
| Proceeds from principal repayments and sales of investments | (326312) |  | (1139) |  | (327451) |
| Amortization of premium/accretion of discount, net | 6609 | 24 |  |  | 6633 |
| Net realized gain (loss) on investments | 6089 |  | 8 |  | 6097 |
| Net change in unrealized appreciation (depreciation) on investments | (30057) | (12) | (11) | (54) | (30134) |
| Transfers out of Level 3 <sup>(1)</sup> | (183703) |  |  |  | (183703) |
| Transfers to Level 3 <sup>(1)</sup> | 275134 |  |  |  | 275134 |
| **Fair value, end of period** | $**6175550** | $**18263** | $**350** | $**15836** | $**6209999** |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2026 | $(27282) | $(12) | $(3) | $(54) | $(27351) |

---

(1)Transfers are recorded at the beginning of the applicable period at their fair value. For the three months ended March 31, 2026, four investments were transferred from Level 2 to Level 3, as valuation coverage on level 2 investments decreased to less than two independent pricing services. For the three months ended March 31, 2026, there were two investments that were transferred from Level 3 to Level 2, as valuation coverage on level 3 investments increased to two or more independent pricing services.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of period | $3654487 | $42019 | $990 | $63234 | $3760730 |
| Purchase of investments (including PIK) | 507557 | 92 | 307 | 1208 | 509164 |
| Proceeds from principal repayments and sales of investments | (63307) |  |  |  | (63307) |
| Amortization of premium/accretion of discount, net | 4730 | 49 | 1 | (42) | 4738 |
| Net realized gain (loss) on investments | 808 |  |  |  | 808 |
| Net change in unrealized appreciation (depreciation) on investments | 3283 | (37) | 4 | 12 | 3262 |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |  |
| Transfers to Level 3 <sup>(1)</sup> | 52917 |  |  |  | 52917 |
| **Fair value, end of period** | $**4160475** | $**42123** | $**1302** | $**64412** | $**4268312** |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025 | $3470 | $(37) | $— | $11 | $3444 |

---

(1)Transfers are recorded at the beginning of the applicable period at their fair value. For the three months ended March 31, 2025, three investments were transferred from Level 2 to Level 3, as valuation coverage on level 2 investments decreased to less than two independent pricing services. For the three months ended March 31, 2025, no investments were transferred from Level 3 to Level 2.

The Company generally employs the Income Based Approach (as described below) to estimate the fair value of the investment. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company's debt investment.

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[**<u>**Table of Contents**</u>**](#toc_page)

*Income Based Approach:* The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

*Market Based Approach:* The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company's latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable.

The following tables present quantitative information about the significant unobservable inputs of the Company's Level 3 financial instruments as of March 31, 2026 and December 31, 2025, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company's determination of fair value.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** <sup>(1)</sup> | **Low** | **High** | **Weighted Average** <sup>(2)</sup> |
| First lien debt | $5579149 | Market Yield Analysis | Market Yield Discount Rates | 6.27% | 17.34% | 10.09% |
|  | 323207 | Recent Transaction | Transaction Price | 98.01 | 98.52 | 98.23 |
|  | 5902356 |  |  |  |  |  |
| Second lien debt | 18263 | Market Yield Analysis | Market Yield Discount Rates | 12.09% | 14.09% | 13.09% |
| Subordinated debt | 8162 | Market Yield Analysis | Market Yield Discount Rates | 17.71% | 18.71% | 18.21% |
|  | 5778 | Recent Transaction | Transaction Price | 32.08 | 100.00 | 90.85 |
|  | 13940 |  |  |  |  |  |
| Warrants | 1896 | Recent Transaction | Transaction Price | 514.28 | 514.28 | 514.28 |
| Total | $5936455 |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** <sup>(1)</sup> | **Low** | **High** | **Weighted Average** <sup>(2)</sup> |
| First lien debt | $5296337 | Market Yield Analysis | Market Yield Discount Rates | 5.95% | 16.79% | 9.71% |
|  | 127215 | Recent Transaction | Transaction Price | 96.50 | 98.02 | 96.87 |
|  | 5423552 |  |  |  |  |  |
| Second lien debt | 18157 | Market Yield Analysis | Market Yield Discount Rates | 12.07% | 13.07% | 12.57% |
| Subordinated debt | 1481 | Market Yield Analysis | Market Yield Discount Rates | 11.66% | 13.78% | 12.42% |
| Preferred equity | 8162 | Market Yield Analysis | Market Yield Discount Rates | 17.80% | 18.80% | 18.30% |
|  | 4255 | Recent Transaction | Transaction Price | 32.08 | 100.00 | 87.58 |
|  | 12417 |  |  |  |  |  |
| Warrants | 1896 | Recent Transaction | Transaction Price | 514.28 | 514.28 | 514.28 |
| Total | $5457503 |  |  |  |  |  |

---

(1)The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of March 31, 2026 and December 31, 2025, the Company had investments of this nature measured at fair value totaling $273.5 million and $185.9 million, respectively.

(2)Weighted averages are calculated based on fair value of investments.

***Financial Instruments Disclosed, But Not Carried at Fair Value***

*Debt*

The fair value of the Company's variable interest Credit Facilities, which would be categorized as Level 3 investments within the fair value hierarchy, as of both March 31, 2026 and December 31, 2025, respectively, approximate their carrying value. The fair value of the Company's Series A Notes, Series C Notes, Series F Notes, and 2030 Notes (see [<u>Note 7. Borrowings</u>](#note_7_borrowings)) is based on vendor pricing received by the Company, which is considered a Level 3 input.

The following table presents the fair value of the Company's Series A Notes, Series C Notes, Series F Notes, 2030 Notes, and 2031 Notes as of March 31, 2026 and December 31, 2025:

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Outstanding Principal** | **Fair Value** |
| Series A Notes | $69000 | $69873 |
| Series C Notes | 116000 | 119740 |
| Series F Notes | 165000 | 167112 |
| 2030 Notes | 500000 | 503484 |
| 2031 Notes | 400000 | 395205 |
| &nbsp;&nbsp;**Total** | $1250000 | $1255414 |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Outstanding Principal** | **Fair Value** |
| Series A Notes | $69000 | $70030 |
| Series C Notes | 116000 | 119993 |
| Series F Notes | 165000 | 168293 |
| 2030 Notes | 500000 | 507012 |
| 2031 Notes | 400000 | 397707 |
| &nbsp;&nbsp;**Total** | $1250000 | $1263035 |

---

*Other*

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.

**Note 7. Borrowings**

In accordance with the 1940 Act, with certain limitations, 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.

The Company's outstanding debt obligations as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** <sup>(1)</sup> | **Unused<br>Portion** <sup>(2)</sup> | **Maturity Date** |
| SPV I facility | $550000 | $485000 | $478323 | $65000 | 10/30/2030 |
| SPV II facility | 795000 | 712000 | 702243 | 83000 | 9/18/2030 |
| Collateralized loan obligations | 390000 | 390000 | 387081 |  | 10/15/2035 |
| Revolving credit facility | 670000 | 580000 | 575123 | 90000 | 11/19/2029 |
| 2030 Notes | 500000 | 500000 | 494325 |  | 5/31/2030 |
| 2031 Notes | 400000 | 400000 | 386354 |  | 2/5/2031 |
| Series A Notes | 69000 | 69000 | 68546 |  | 8/7/2027 |
| Series B Notes | 75000 | 75000 | 74507 |  | 8/7/2027 |
| Series C Notes | 116000 | 116000 | 114866 |  | 8/7/2029 |
| Series D Notes | 75000 | 75000 | 74267 |  | 8/7/2029 |
| Series E Notes | 50000 | 50000 | 49587 |  | 5/20/2028 |
| Series F Notes | 165000 | 165000 | 165432 |  | 5/20/2030 |
| Series G Notes | 50000 | 50000 | 49491 |  | 5/20/2030 |
| Total | $3905000 | $3667000 | $3620145 | $238000 |  |

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[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Carrying<br>Value** <sup>(1)</sup> | **Unused<br>Portion** <sup>(2)</sup> | **Maturity Date** |
| SPV I facility | $550000 | $474000 | $466964 | $76000 | 10/30/2030 |
| SPV II facility | 795000 | 727000 | 716705 | 68000 | 9/18/2030 |
| Collateralized loan obligations | 390000 | 390000 | 387006 |  | 10/15/2035 |
| Revolving credit facility | 670000 | 160000 | 154792 | 510000 | 11/19/2029 |
| 2030 Notes | 500000 | 500000 | 497343 |  | 5/31/2030 |
| 2031 Notes | 400000 | 400000 | 388406 |  | 2/5/2031 |
| Series A Notes | 69000 | 69000 | 68464 |  | 8/7/2027 |
| Series B Notes | 75000 | 75000 | 74417 |  | 8/7/2027 |
| Series C Notes | 116000 | 116000 | 114782 |  | 8/7/2029 |
| Series D Notes | 75000 | 75000 | 74213 |  | 8/7/2029 |
| Series E Notes | 50000 | 50000 | 49539 |  | 5/20/2028 |
| Series F Notes | 165000 | 165000 | 166513 |  | 5/20/2030 |
| Series G Notes | 50000 | 50000 | 49461 |  | 5/20/2030 |
| Total | $3905000 | $3251000 | $3208605 | $654000 |  |

---

(1)Carrying value is equal to outstanding principal amount net of unamortized financing costs, amortized original issue discount, and the fair value of any interest rate swap designated as a fair value hedge.

(2)The unused portion is the amount upon which commitment fees are based, if any.

The components of interest expense for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Stated interest expense | $52964 | $42189 |
| Unused/undrawn fees | 446 | 135 |
| Administration fees | 458 | 354 |
| Interest rate swap | 234 | 157 |
| Accretion of original issue discount | 420 |  |
| Amortization of deferred financing costs | 2332 | 1396 |
| Total interest expense | $56854 | $44231 |
| Average borrowings | $3478231 | $2427873 |
| Weighted average interest rate <sup>(1)</sup> | 6.27% | 7.13% |
| Amortization of financing costs | 0.27% | 0.23% |
| Total borrowing costs | 6.54% | 7.36% |

---

(1)Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.

***Description of the Company's Credit Facilities***

*SPV I Facility*

On December 21, 2021, SPV I, the Company's wholly-owned subsidiary, entered into a senior secured revolving credit facility with Deutsche Bank AG, New York Branch ("**DB**"), which was subsequently amended on November 21, 2022 and December 16, 2022 (the "**SPV I Facility**"). DB serves as facility agent, U.S. Bank National Association, serves as collateral agent and collateral custodian and the Company serves as servicer under the SPV I Facility.

As of the amendment on November 21, 2022 advances under the SPV I Facility bear interest at a per annum rate equal to the three-month SOFR in effect, plus the applicable margin of 2.41% per annum, inclusive of a credit spread adjustment ("**CSA**"**)** of 0.26%, with a SOFR floor of 0.25%. SPV I pays a commitment fee of 0.25% per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount) on the average daily unused amount of the financing commitments until the third anniversary of the SPV I Facility. Additionally, SPV I pays DB an administrative agent fee of 0.25% of the total commitment amount for serving as facility agent.

Prior to the amendment on November 21, 2022, Advances under the SPV I Facility bore interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.15% per annum with a LIBOR floor of 0.25%. The commitment fee and the administrative agent fee were unchanged.

In connection with the amendment on December 16, 2022, the maximum commitment amount of the SPV I Facility increased from $400 million to $485 million. Subsequently, in connection with the amendment on April 8, 2024, the maximum commitment amount of the SPV I facility increased from $485 million to $550 million. Additionally, the period during which SPV I may make borrowings under the SPV I Facility was extended from December 31, 2024 to April 8, 2027, and the scheduled maturity date was extended from December 21, 2026 to April 8, 2029. Proceeds from borrowings under the SPV I Facility are used to fund portfolio investments by SPV I.

In connection with the October 30, 2025 amendment, advances under the SPV I facility bear interest at a per annum rate equal to the SOFR in effect, plus the applicable margin of 1.75% per annum. The period during which SPV I may make borrowings under the SPV I Facility was extended from April 8, 2027, to October 30, 2028. In addition, the scheduled maturity date of the SPV I Facility was extended from April 8, 2029, to October 30, 2030.

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As of both March 31, 2026 and December 31, 2025, respectively, the Company was in compliance with all covenants associated with the SPV I Facility.

*SPV II Facility*

On August 15, 2023, SPV II, entered into a Loan and Security Agreement (together with the exhibits and schedules thereto, and as amended from time to time, the "**Loan and Security Agreement**") with Citizens Bank, N.A. as lender and administrative agent, the Company as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (the "**SPV II Facility**").

Advances under the SPV II Facility bore interest at a per annum rate equal to SOFR in effect, plus an applicable margin of 2.75% per annum with a SOFR floor of 0.00%. SPV II pays a commitment fee of 0.25% per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount) on the average daily unused amount of the financing commitments until the third anniversary of the SPV II Facility.

In connection with the September 8, 2023 amendment, the maximum commitment amount of the SPV II Facility increased from $370 million to $445 million. Subsequently, in connection with the March 21, 2024, April 18, 2024, and November 26, 2025 amendments, the maximum commitment amount of the SPV II Facility increased from $445 million, to $495 million, $595 million, and $795 million, respectively. Proceeds from borrowings under the SPV II Facility may be used to fund portfolio investments by SPV II. Prior to the September 18, 2025 amendment, the period during which SPV II could make borrowings under the SPV II Facility was scheduled to expire on August 15, 2026, and the SPV II Facility was scheduled to mature on August 15, 2028.

In connection with the September 18, 2025 amendment, Advances under the SPV II facility bear interest at a per annum rate equal to the SOFR in effect, plus the applicable margin of 1.95% per annum. The period during which SPV II may make borrowings under the SPV II Facility was extended from August 15, 2026, to September 18, 2028. In addition, the scheduled maturity date of the SPV II Facility was extended from August 15, 2028, to September 18, 2030.

As of both March 31, 2026 and December 31, 2025, respectively, the Company was in compliance with all covenants associated with the SPV II Facility.

*Repurchase Obligations*

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie Bank Limited ("**Macquarie**"), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the "**Macquarie Transaction**").

In accordance with ASC Topic 860, *Transfers and Servicing,* these Macquarie Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by the Macquarie Transaction remains on the Company's Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the "**Repurchase Obligation**"). The Repurchase Obligation is secured by the respective investment that is the subject of the repurchase agreement.

As of both March 31, 2026, and December 31, 2025, the Company had no outstanding Repurchase Obligations.

*2023 Debt Securitization*

On November 15, 2023 (the "**Closing Date**"), the Company completed an approximately $600 million term debt securitization (the "**2023 Debt Securitization**"). Term debt securitization is also known as a collateralized loan obligation and is a form of secured financing incurred by the Company.

The notes offered in the 2023 Debt Securitization (the "**Notes**") were issued by MSD BDC CLO I, LLC (the "**Issuer**"), a wholly-owned, consolidated subsidiary of the Company pursuant to an Indenture, dated the Closing Date, between the Issuer and U.S. Bank Trust Company, National Association, as trustee (the "**Indenture**"). The 2023 Notes consist of $336 million of Class A Notes, which bear interest at a rate per annum equal to SOFR in effect, plus an applicable margin of 2.70%; $54 million of Class B Notes, which bear interest at SOFR plus an applicable margin of 3.65%; $36 million of Class C Notes, which bear interest at SOFR plus an applicable margin of 4.00%; and approximately $163.6 million of Preferred Shares, which do not bear interest. The Company directly retained all of the Class C Notes and all of the Preferred Shares of the 2023 Debt Securitization at par in exchange for the Company's sale and contribution to the Issuer of the initial closing date portfolio. Both the Class C Notes and Preferred Shares are eliminated in consolidation.

The Notes are backed by a diversified portfolio of senior secured and second lien loans (the "**Collateral Obligations**"). The initial portfolio will consist of Collateral Obligations acquired by the Issuer on the Closing Date from the Company pursuant to a Master Transfer Agreement, dated as of the Closing Date, among the Company, as seller, and the Issuer, as purchaser (the "**Master Transfer Agreement**"). Certain of the Collateral Obligations transferred to the Issuer pursuant to the Master Transfer Agreement were acquired by the Company from SPV I pursuant to the Master Participation Agreement, dated as of the Closing Date, among the Company, as purchaser and the SPV I Facility, as seller. The Notes mature on October 15, 2035.

The Notes are the secured obligation of the Issuer. The Notes have not been, and will not be, registered under the 1933 Act, or any state "blue sky" laws and may not be offered or sold in the United States absent registration with the SEC or applicable exemption from registration.

The Adviser serves as collateral manager to the Issuer under a collateral management agreement (the "**Collateral Management Agreement**"). However, for so long as the Company holds any Preferred Shares the Collateral Management Fees, which, for the avoidance of doubt, shall include any Base Management Fee, Subordinated Management Fee, and Incentive Management Fee (as each such term is defined in the Collateral Management Agreement), shall be $0.

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*Unsecured Notes*

On August 7, 2024, the Company issued and sold $69 million in aggregate principal amount of 7.00% Series A Senior Notes due 2027 (the "**Series A Notes**"), $75 million in aggregate principal amount of Series B Floating Rate Senior Notes due 2027, which bear interest at SOFR plus an applicable margin of 3.05%, (the "**Series B Notes**"), $116 million in aggregate principal amount of 7.11% Series C Senior Notes due 2029 (the "**Series C Notes**"), and $75 million in aggregate principal amount of Series D Floating Rate Senior Notes due 2029, which bear interest at SOFR plus an applicable margin of 3.35% (the "**Series D Notes**" and, together with the Series A Notes, the Series B Notes, and the Series C Notes, the "**Initial Notes**") to certain investors in an offering exempt from registration under the 1933 Act. The Initial Notes were issued and sold pursuant to a Note Purchase Agreement, dated August 7, 2024, by and among the Company and the purchasers named therein (the "**Note Purchase Agreement**").

Interest on the Series A Notes and the Series C Notes shall be payable semi-annually on February 7 and August 7, and interest on the Series B Notes and Series D Notes shall be payable quarterly on February 7, May 7, August 7, and November 7. The Series A Notes and the Series B Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to August 7, 2027, at a redemption price of 100% of the outstanding principal amount of the Initial Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Series C Notes and the Series D Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to August 7, 2029, at a redemption price of 100% of the outstanding principal amount of the Initial Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

On November 20, 2024, the Company issued and sold $50,000,000 in aggregate principal amount of Series E Floating Rate Senior Notes due May 2028, which bear interest at SOFR plus an applicable margin of 3.00%, (the "**Series E Notes**"), $165,000,000 in aggregate principal amount of 7.11% Series F Senior Notes due May 2030 (the "**Series F Notes**"), and $50,000,000 in aggregate principal amount of Series G Floating Rate Senior Notes due May 2030, which bear interest at SOFR plus an applicable margin of 3.35%, (the "**Series G Notes**", and, together with the Initial Notes, the Series E Notes, and the Series F Notes, the "**Notes**") to certain investors in an offering exempt from registration under the Securities Act of 1933, as amended. The Notes were issued and sold pursuant to a Note Purchase Agreement, dated November 20, 2024, by and among the Company and the purchasers named therein (the "**Note Purchase Agreement II**").

Interest on the Series F Notes shall be payable semi-annually on February 7 and August 7, and interest on the Series E Notes and Series G Notes shall be payable quarterly on February 7, May 7, August 7, and November 7. The Series E Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to May 20, 2028, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement II), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Series F Notes and the Series G Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to May 20, 2030, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement II), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

In connection with the offering of the Series F Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company's investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $165 million maturing on May 20, 2030, which aligns with the Series F Notes. The Company shall receive fixed rate interest semi-annually at 7.11%, and pay variable rate interest semi-annually based on 3-month SOFR plus 3.117%. The Company made $0.3 in net periodic payments for the three months ended March 31, 2026.

The Note Purchase Agreement II contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as: (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the Investment Company Act of 1940, as amended, (iii) a minimum consolidated net worth of $1,130,000,000, (iv) a minimum asset coverage ratio of 1.50 to 1.00, and (v) maintenance of a Debt Rating (as defined in the Note Purchase Agreement II) for each series of Notes from an acceptable rating agency.

The Note Purchase Agreement II also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy.

On April 2, 2025, the Company and U.S. Bank Trust Company, National Association (the "**Trustee**"), entered into an Indenture, dated April 2, 2025, between the Company and the Trustee (the "**Base Indenture**") and a First Supplemental Indenture, dated April 2, 2025, between the Company and the Trustee (the "**First Supplemental Indenture**"). The First Supplemental Indenture relates to the Company's issuance, offer and sale of $500,000,000 aggregate principal amount of its 6.250% notes due 2030 (the "**2030 Notes**").

The 2030 Notes will mature on May 31, 2030, and may be redeemed in whole or in part at the Company's option at any time at the redemption price set forth in the First Supplemental Indenture. The 2030 Notes bear interest at a rate of 6.250% per year payable semiannually on May 31 and November 30 of each year. The 2030 Notes are direct unsecured obligations of the Company.

In connection with the offering of the 2030 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company's investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $500,000,000 maturing on May 31, 2030, which aligns with the maturity date of the 2030 Notes. The Company shall receive fixed rate interest semi-annually at 6.250% and pay variable rate interest semi-annually based on 3-month SOFR plus 2.4115%.

In connection with the issuance of the 2030 Notes the Company entered into a registration rights agreement, pursuant to which the Company filed a registration statement with the SEC and, on February 17, 2026, commenced an offer to exchange the unregistered 2030 Notes initially issued on April 2, 2025 for newly issued registered notes with substantially identical terms (the "Exchange Offer"). The Exchange Offer expired on March 18, 2026 and the related exchange was completed promptly thereafter.

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On December 5, 2025, the Company and the Trustee entered into a Second Supplemental Indenture (the "**Second Supplemental Indenture**") to the Base Indenture. The Second Supplemental Indenture relates to the Company's issuance, offer and sale of $400,000,000 aggregate principal amount of its 6.125% notes due 2031 (the "**2031 Notes**").

The 2031 Notes will mature on February 5, 2031, and may be redeemed in whole or in part at the Company's option at any time at the redemption price set forth in the Second Supplemental Indenture. The 2031 Notes bear interest at a rate of 6.125% per year payable semiannually on February 5 and August 5 of each year, commencing on August 5, 2026. The 2031 Notes are direct unsecured obligations of the Company.

In connection with the offering of the 2031 Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company's investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $400,000,000 maturing on February 5, 2031, which aligns with the maturity date of the 2031 Notes. The Company shall receive fixed rate interest semi-annually at 6.125% and pay variable rate interest semi-annually based on 3-month SOFR plus 2.715%.

*Revolving Credit Facility*

On December 20, 2024, the Company entered into a Senior Secured Credit Agreement (together with the exhibits and schedules thereto, the "**Credit Agreement**") with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (the "**Revolving Credit Facility**").

Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the SOFR in effect, plus an applicable margin of 1.75% per annum if the Borrowing Base (as defined in the Credit Agreement) is greater than or equal to 1.6x the Combined Debt Amount (as defined in the Credit Agreement), or SOFR plus an applicable margin of 1.875% per annum if the Borrowing Base is less than 1.6x the Combined Debt Amount. There is an additional 0.1% credit spread adjustment regardless of the Combined Debt Amount. The Company will also pay a commitment fee of 0.375% per annum on the daily unused amount of the financing commitments until the fourth anniversary of the Revolving Credit Facility. The maximum commitment amount of the Revolving Credit Facility was initially $450 million. Proceeds from borrowings under the Revolving Credit Facility may be used to fund portfolio investments by the Company. The period during which the Company may make borrowings under the Revolving Credit Facility expires on December 20, 2028, and the Revolving Credit Facility is scheduled to mature on November 19, 2029. The accordion feature in the Revolving Credit Facility allows the Company, under certain circumstances, to increase the total size of the facility to a maximum of $675.0 million.

On August 28, 2025, the Company entered into that certain Commitment Increase Agreement with Royal Bank of Canada, Deutsche Bank AG, New York Branch, and U.S. Bank National Association, as the assuming lenders, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, pursuant to which, through the accordion feature in the Credit Agreement, the aggregate commitments under the Revolving Credit Facility increased from $450.0 million to $595.0 million.

On September 25, 2025, the Company entered into that certain Commitment Increase Agreement with Royal Bank of Canada, Deutsche Bank AG, New York Branch, and U.S. Bank National Association, as the assuming lenders, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, pursuant to which, through the accordion feature in the Credit Agreement, the aggregate commitments under the Revolving Credit Facility increased from $595.0 million to $670.0 million.

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**Note 8. Commitments and Contingencies**

***Portfolio Company Commitments***

The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company's consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of March 31, 2026 and December 31, 2025, the Company's unfunded commitments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| 7Ridge Investments | Delayed Draw | 7/7/2026 | $11119 | $— |
| Agrofresh | Revolver | 3/31/2029 | 5581 | (62) |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (342) |
| AmerSpirit FL LLC | Delayed Draw | 8/15/2027 | 19021 | (250) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 5152 | (76) |
| Best Trash LLC | Delayed Draw | 10/10/2026 | 25000 | (105) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (56) |
| Boasso Global | Revolver | 7/1/2026 | 6250 | (139) |
| Brown & Root | Revolver | 10/3/2030 | 24005 | (343) |
| Cadogan Tate | Delayed Draw | 10/31/2026 | 54091 | (246) |
| Cadogan Tate | Revolver | 10/31/2031 | 10000 | (120) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 5429 | (29) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 12078 | 177 |
| Carevet LLC | Delayed Draw | 6/18/2029 | 11000 | 162 |
| Carevet LLC | Delayed Draw | 6/18/2029 | 667 | - |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (43) |
| Cargotuff Buyer LLC | Delayed Draw | 1/29/2028 | 23333 | (110) |
| Cargotuff Buyer LLC | Revolver | 1/29/2032 | 7778 | (76) |
| Clubcorp Holdings Inc. | Delayed Draw | 7/10/2027 | 9600 | (57) |
| Clubcorp Holdings Inc. | Revolver | 7/10/2031 | 16000 | (211) |
| Confluent Holdings LLC | Delayed Draw | 7/2/2026 | 2571 | 15 |
| Red Fox CD Acquisition Corp. | Delayed Draw | 11/21/2026 | 21180 | (348) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 2222 | (18) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (191) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (207) |
| Foundation Risk Partners | Delayed Draw | 2/26/2027 | 3508 | (5) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 4337 | - |
| Four Winds Interactive LLC | Delayed Draw | 2/20/2027 | 2903 | (78) |
| Four Winds Interactive LLC | Revolver | 2/20/2030 | 1935 | (72) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 7437 | (222) |
| Fullsteam | Delayed Draw | 8/8/2027 | 8077 | (32) |
| Fullsteam | Revolver | 8/8/2031 | 2692 | (24) |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 7700 | (108) |
| Healthco Investment LTD | Delayed Draw | 2/19/2029 | 6614 | (54) |
| Helios UK Bidco Limited | Revolver | 3/2/2031 | 8008 | (194) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 8250 | (151) |
| Highgate Hotels, L.P. | Delayed Draw | 12/9/2027 | 25000 | (209) |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 3825 | (43) |
| Inframark | Delayed Draw | 7/31/2026 | 1234 | 9 |
| Inspired Pet Nutrition | Delayed Draw | 9/1/2028 | 3969 | 780 |
| K1 Speed Inc. | Delayed Draw | 1/2/2028 | 2428 | (47) |
| Kite UK Bidco Ltd | Delayed Draw | 1/9/2028 | 28730 | (208) |
| Learnosity | Revolver | 1/15/2031 | 7500 | (75) |
| Legends Hospitality | Revolver | 8/22/2030 | 3563 | (52) |
| Ligado Networks LLC | Delayed Draw | 12/31/2026 | 1726 | (190) |
| LJ Perimeter Buyer, Inc | Delayed Draw | 10/31/2031 | 5538 | (55) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| Natural Partners, Inc. | Revolver | 3/15/2028 | 6563 | (55) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (39) |
| PetVet Care Centers | Revolver | 11/15/2029 | 5585 | (801) |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2026 | 10101 | (26) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (58) |
| S.A.F.E. Management | Delayed Draw | 11/24/2028 | 12000 | 7 |
| S.A.F.E. Management | Delayed Draw | 5/24/2027 | 326 | - |
| S.A.F.E. Management | Revolver | 11/24/2031 | 5000 | (47) |
| Sandlot Baseball Borrower Co. | Delayed Draw | 6/5/2026 | 21933 | 47 |
| Sandlot Baseball Borrower Co. | Delayed Draw | 9/6/2027 | 32000 | 5 |
| Sandlot Baseball Borrower Co. | Revolver | 12/27/2030 | 10000 | - |
| Sheffield United F.C. | Delayed Draw | 5/14/2026 | 19841 | (14) |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2026 | 12500 | 115 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (395) |
| Solvias AG | Revolver | 2/27/2030 | 22514 | (441) |
| Spartan College LLC | Delayed Draw | 9/25/2026 | 10070 | 50 |
| St. Croix | Revolver | 10/24/2032 | 8573 | (80) |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (356) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 6/6/2027 | 4712 | (6) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 5827 | (37) |
| Tequilas Premium | Revolver | 3/6/2031 | 25000 | (493) |
| Townsend | Revolver | 8/1/2030 | 2500 | (50) |
| Trillium FlowControl | Delayed Draw | 6/20/2026 | 3667 | 24 |
| Trillium FlowControl | Revolver | 12/20/2029 | 3000 | (3) |
| True Talent Advisory Borrower, LLC | Delayed Draw | 1/9/2028 | 31500 | (295) |
| True Talent Advisory Borrower, LLC | Revolver | 1/9/2032 | 15750 | (304) |
| USA Debusk LLC | Delayed Draw | 4/30/2026 | 1527 | 2 |
| USA Debusk LLC | Revolver | 4/30/2030 | 38 | - |
| USA Debusk LLC | Revolver | 4/30/2030 | 1030 | (10) |
| Total Unfunded Commitments |  |  | $789488 | $(6965) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| 7Ridge Investments | Delayed Draw | 7/7/2026 | $11119 | $35 |
| Agrofresh | Revolver | 3/31/2029 | 5581 | (67) |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (106) |
| AmerSpirit FL LLC | Delayed Draw | 8/15/2027 | 24204 | (336) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 6283 | (99) |
| Best Trash LLC | Delayed Draw | 10/10/2026 | 25000 | (115) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (58) |
| Boasso Global | Revolver | 7/1/2026 | 5729 | (132) |
| Brown & Root | Revolver | 10/3/2030 | 20060 | (286) |
| Cadogan Tate | Delayed Draw | 10/31/2026 | 54091 | (274) |
| Cadogan Tate | Revolver | 10/31/2031 | 12500 | (157) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 8201 | (47) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 12078 | 173 |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (46) |
| Clubcorp Holdings Inc. | Delayed Draw | 7/10/2027 | 9600 | (62) |
| Clubcorp Holdings Inc. | Revolver | 7/10/2031 | 16000 | (221) |
| Confluent Holdings LLC | Delayed Draw | 7/2/2026 | 9915 | 39 |
| Red Fox CD Acquisition Corp. | Delayed Draw | 11/21/2026 | 30940 | (540) |
| CoreWeave Compute Acquisition Co., IV, LLC | Delayed Draw | 3/31/2026 | 10168 | 8 |
| Disa Holdings Corp. | Delayed Draw | 3/1/2026 | 354 | (1) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 3055 | (28) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (204) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (219) |
| Foundation Risk Partners | Delayed Draw | 2/26/2027 | 4872 | (9) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 4003 | - |
| Four Winds Interactive LLC | Delayed Draw | 2/20/2027 | 2903 | (19) |
| Four Winds Interactive LLC | Revolver | 2/20/2030 | 1935 | (32) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 7024 | - |
| Fullsteam | Delayed Draw | 8/8/2027 | 8077 | (25) |
| Fullsteam | Revolver | 8/8/2031 | 2692 | (25) |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 11200 | (167) |
| Healthco Investment LTD | Delayed Draw | 2/19/2029 | 6738 | (61) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 12500 | (245) |
| Highgate Hotels, L.P. | Delayed Draw | 12/9/2027 | 25000 | (240) |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 7100 | (87) |
| Inframark | Delayed Draw | 7/31/2026 | 1234 | 4 |
| Inspired Pet Nutrition | Delayed Draw | 9/1/2028 | 4044 | (26) |
| K1 Speed Inc. | Delayed Draw | 1/2/2026 | 2429 | (35) |
| Learnosity | Revolver | 1/15/2031 | 7500 | (79) |
| Legends Hospitality | Delayed Draw | 8/22/2026 | 638 | (4) |
| Legends Hospitality | Revolver | 8/22/2030 | 5063 | (79) |
| Ligado Networks LLC | Delayed Draw | 12/31/2026 | 1726 | (337) |
| Maxar Technologies Inc. | Revolver | 5/3/2029 | 5316 | - |
| Natural Partners, Inc. | Revolver | 3/15/2028 | 6563 | (58) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (42) |
| PetVet Care Centers | Revolver | 11/15/2029 | 6283 | (543) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2026 | 20202 | (75) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (61) |
| S.A.F.E. Management | Delayed Draw | 11/24/2028 | 12000 | 2 |
| S.A.F.E. Management | Delayed Draw | 2/24/2026 | 20320 | 3 |
| S.A.F.E. Management | Delayed Draw | 5/24/2027 | 13000 | 2 |
| S.A.F.E. Management | Revolver | 11/24/2031 | 2383 | (23) |
| S.A.F.E. Management | Capital Commitment | 11/24/2031 | 1522 | - |
| Sandlot Baseball Borrower Co. | Delayed Draw | 6/5/2026 | 21933 | 35 |
| Sandlot Baseball Borrower Co. | Revolver | 12/27/2028 | 10000 | - |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2026 | 12500 | 99 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (426) |
| Solvias AG | Revolver | 2/27/2030 | 22711 | (472) |
| Spartan College LLC | Delayed Draw | 9/25/2026 | 10070 | 38 |
| St. Croix | Revolver | 10/24/2032 | 8573 | (83) |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (94) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 6/6/2027 | 4712 | (11) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 3669 | (27) |
| Townsend | Revolver | 8/1/2030 | 2500 | (54) |
| Trillium FlowControl | Delayed Draw | 6/20/2026 | 3667 | (16) |
| Trillium FlowControl | Revolver | 12/20/2029 | 3000 | (18) |
| USA Debusk LLC | Delayed Draw | 4/30/2026 | 5115 | (10) |
| USA Debusk LLC | Revolver | 4/30/2030 | 1183 | (11) |
| Total Unfunded Commitments |  |  | $679658 | $(6054) |

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***Other Commitments and Contingencies***

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both March 31, 2026 and December 31, 2025, management was not aware of any pending or threatened material litigation.

**Note 9. Net Assets**

***Subscriptions and Drawdowns***

The Company has the authority to issue up to 200,000,000 shares of stock, which are classified as common stock, par value $0.001 per share. The Company previously issued 250 shares of preferred stock, par value $0.001 per share, which were previously designated the "12.0% Series A Cumulative Non-Voting Preferred Stock". All preferred shares were redeemed effective December 15, 2025. Through its Private Offerings the Company will from time to time enter into subscription agreements (the "**Subscription Agreements**") with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company's Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of March 31, 2026, the Company had received Capital Commitments totaling approximately $3.5 billion ($589.4 million remaining undrawn).

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The following table summarizes the total shares issued and proceeds received related to the Company's capital drawdowns delivered pursuant to the Subscription Agreements as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Share Issuance Date** | **Number of<br>Shares Issued** | **Aggregate<br>Offering Proceeds** |
| December 21, 2021 | 12000000 | $299988 |
| June 23, 2022 | 2509410 | $60000 |
| September 21, 2022 | 2787307 | $65000 |
| December 29, 2022 | 2991256 | $65000 |
| March 8, 2023 | 2601909 | $60000 |
| April 21, 2023 | 4446421 | $100000 |
| August 8, 2023 | 3225807 | $75000 |
| December 29, 2023 | 4310345 | $100000 |
| March 27, 2024 | 9449812 | $225000 |
| June 5, 2024 | 16366612 | $400000 |
| July 10, 2024 | 4163197 | $100000 |
| September 27, 2024 | 14553015 | $350000 |
| October 31, 2024 | 10300783 | $250000 |
| September 4, 2025 | 12437811 | $300000 |
| October 24, 2025 | 8371704 | $200000 |
| November 7, 2025 | 12494793 | $300000 |
| Total | 123010182 | $2949988 |

---

***Distributions***

The Company declared the following distributions for the three months ended March 31, 2026 and 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Regular Distribution** | **Special Distribution** | **Per Share Amount** | **Total Amount** |
| **<u>For Calendar Year 2026</u>** |  |  |  |  |  |  |
| March 9, 2026 | March 13, 2026 | March 27, 2026 | $0.57 | $— | $0.57 | $78799 |
|  |  |  |  |  | $0.57 | $78799 |
| **<u>For Calendar Year 2025</u>** |  |  |  |  |  |  |
| March 4, 2025 | March 13, 2025 | March 27, 2025 | $0.65 | $— | $0.65 | $65397 |
|  |  |  |  |  | $0.65 | $65397 |

---

***Dividend Reinvestment***

The Company has adopted a dividend reinvestment plan ("**DRP**"), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its Shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company's DRP will have their cash distributions automatically reinvested in additional Shares as described below, rather than receiving the cash dividend or other distribution. A participating Shareholder will receive an amount of Shares equal to the amount of the distribution on that participant's Shares divided by the most recent net asset value ("**NAV**") per Share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued Shares to implement the plan. Shares issued under the DRP will not reduce outstanding Capital Commitments.

The following table summarizes the DRP Shares issued to shareholders who have "opted in" to the DRP as of March 31, 2026 and the value of such Shares as of the payment dates:

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---

| | | |
|:---|:---|:---|
| **Payment Date** | **DRP Shares Issued** | **DRP Shares Value** |
| April 15, 2022 | 286055 | $7200 |
| July 15, 2022 | 373593 | $9321 |
| October 17, 2022 | 377076 | $8646 |
| December 30, 2022 | 801437 | $18056 |
| April 17, 2023 | 637800 | $13892 |
| June 28, 2023 | 754571 | $16789 |
| September 28, 2023 | 828460 | $18945 |
| December 28, 2023 | 1347765 | $31456 |
| March 28, 2024 | 861529 | $20039 |
| June 27, 2024 | 1246983 | $29653 |
| September 27, 2024 | 1179974 | $28260 |
| December 27, 2024 | 2210389 | $53204 |
| March 27, 2025 | 1555293 | $37125 |
| June 27, 2025 | 1630752 | $38877 |
| September 26, 2025 | 555901 | $13158 |
| December 29, 2025 | 586516 | $13900 |
| March 27, 2026 | 587056 | $13918 |
|  | 15821150 | $372439 |

---

**Note 10. Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per Share during the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net increase in net assets resulting from operations | $60852 | $62271 |
| Weighted average shares outstanding | 138276532 | 100696962 |
| Earnings per share | $0.44 | $0.62 |

---

**Note 11. Financial Highlights**

The following are the financial highlights for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per Share Data:** |  |  |
| Net assets, beginning of period | $23.71 | $23.87 |
| Net investment income <sup>(1)</sup> | 0.58 | 0.65 |
| Net realized gain (loss) <sup>(1)</sup> | 0.09 | (0.02) |
| Net change in unrealized appreciation (depreciation) <sup>(2)</sup> | (0.23) | (0.01) |
| Net increase in net assets resulting from operations | 0.44 | 0.62 |
| Distributions declared from distributable earnings <sup>(3)</sup> | (0.57) | (0.65) |
| Total increase (decrease) in net assets | (0.13) | (0.03) |
| Net assets, end of period | $23.58 | $23.84 |
| Shares outstanding, end of period | 138831332 | 102166799 |
| Total return based on NAV <sup>(4)</sup> | 1.86% | 2.57% |
| **Ratios:** |  |  |
| Expenses to average net assets <sup>(5)</sup> | 10.62% | 11.43% |
| Net investment income to average net assets <sup>(5)</sup> | 9.67% | 10.52% |
| Portfolio turnover rate <sup>(6)</sup> | 5.78% | 4.15% |
| **Supplemental Data:** |  |  |
| Net assets, end of period | $3274323 | $2435910 |
| Total capital commitments, end of period | $3539354 | $2913733 |
| Ratios of total contributed capital to total committed capital, end of period | 83.35% | 73.79% |
| Average debt outstanding | $3478231 | $2427873 |
| Asset coverage ratio <sup>(7)</sup> | 189.5% | 193.6% |

---

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)The amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See [<u>Note 9. Net Assets</u>](#note_9_net_assets)).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

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(5)Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)In accordance with the 1940 Act, with certain, limitations, 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.

**Note 12. Subsequent Events**

The Company's management evaluated subsequent events through the date of May 13, 2026, the date that the consolidated financial statements were issued. Other than as disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2026.

Subsequent to March 31, 2026, the Company invested in the senior secured loan of Anvil Bidco.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*The information in this management's discussion and analysis of financial condition and results of operations relates to MSD Investment Corp., including its wholly-owned subsidiaries (collectively, "we", "us", "our" or the "Company"). The terms "Adviser" and "MSD," prior to June 30, 2025, refer to MSD Partners, L.P., a Delaware limited partnership, and subsequent to June 30, 2025, refer to BDT & MSD BDC Management, LLC, a Delaware limited liability company, each in their capacity as our investment adviser. The term "Administrator," prior to August 11, 2025, refers to MSD Partners, L.P., and subsequent to August 11, 2025, refers to BDT & MSD BDC Management, LLC, in its capacity as our administrator. The information contained in this section should be read in conjunction with "*[*<u>Item 1. Financial Statements.</u>*](#consolidated_sal)*" The discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those risks set forth in section entitled "*[*<u>Part I Item 1A. Risk Factors</u>*](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849894/000119312526124538/ck0001849894-20251231.htm#item1a_riskfactors)*" in our most recent Annual Report on* [*<u>Form 10-K</u>*](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849894/000119312526124538/ck0001849894-20251231.htm) *filed with the SEC on March 26, 2026.*

**Overview**

We were established as a Delaware limited liability company on February 18, 2021, and converted to MSD Investment, LLC, a Maryland limited liability company, on October 22, 2021. On December 1, 2021, the Company entered into purchase agreements with the Funds pursuant to which the Company agreed to acquire the Initial Portfolio for an aggregate cash purchase price equal to the fair value of such assets, plus accrued but unpaid interest as of the closing date, less any principal payments received between signing of the purchase agreements and the closing of the transactions contemplated thereby. The closing of the purchase of the Initial Portfolio by the Company occurred on December 21, 2021. As consideration for the Portfolio, the Company paid the Funds an aggregate purchase price of $656.5 million. On December 28, 2021, the Company filed Articles of Conversion (and related Articles of Incorporation) with the Maryland Department of Assessments and Taxation in order to effectuate the Corporate Conversion. In accordance with the Articles of Conversion and Maryland law, the Corporate Conversion became effective as of 12:01 a.m. on January 1, 2022 and, as result of the Corporate Conversion, each share representing a portion of the membership interests of the Company prior to the effective time of the Corporate Conversion was automatically converted into one share of common stock, par value $0.001 per share, of the Company. In connection with the Corporate Conversion the Company changed its name from "MSD Investment, LLC" to "MSD Investment Corp." On December 29, 2021, the Company filed a Form N-54A to elect to be regulated as a BDC under the 1940 Act.

We have elected, and intend to qualify annually, to be treated as a RIC for U.S. federal income tax purposes. As a BDC and a RIC, we will be required to comply with certain regulatory requirements.

The Company's investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser (as defined below) expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments.

***Financial and Operating Highlights***

The following table presents financial and operating highlights (i) as of March 31, 2026 and December 31, 2025 and (ii) for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| Total assets | $7012012 | $6590450 |
| Investments in portfolio companies, at fair value | $6824822 | $6391054 |
| Borrowings | $3667000 | $3251000 |
| Net assets | $3274323 | $3278352 |
| Net asset value per common share | $23.58 | $23.71 |
| Leverage ratio (borrowings / total assets) | 52.3% | 49.3% |

---

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Average net assets | $3276338 | $2418922 |
| Average borrowings | $3478231 | $2427873 |
| Cost of investments purchased | $836993 | $590330 |
| Sales of investments | $50952 | $47110 |
| Principal repayments | $330961 | $149356 |
| Net investment income | $80819 | $65223 |
| Net realized gains (losses) | $11847 | $(1839) |
| Net change in unrealized appreciation (depreciation) | $(31814) | $(1113) |
| Net increase (decrease) in net assets resulting from operations | $60852 | $62271 |
| Net investment income per share - basic and diluted | $0.58 | $0.65 |
| Earnings per share - basic and diluted | $0.44 | $0.62 |

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***Portfolio and Investment Activity for the three months ended March 31, 2026 and 2025***

The following table presents our portfolio company activity for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Portfolio companies at beginning of period | 89 | 84 |
| Number of added portfolio companies | 6 | 6 |
| Number of exited portfolio companies | (4) | (4) |
| Portfolio companies at period end | 91 | 86 |
| Number of debt investments period end | 215 | 168 |
| Number of equity and other investments at period end | 4 | 6 |

---

The following table presents a roll-forward of all investment purchase, sale and repayment activity and changes in fair value, within our investment portfolio for the three months ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of year | $6345144 | $30116 | $1481 | $14314 | $6391055 |
| Purchase of investments | 835417 |  |  | 1576 | 836993 |
| Proceeds from principal repayments and sales of investments | (380774) |  | (1139) |  | (381913) |
| Other changes in fair value <sup>(1)</sup> | (20871) | (396) | 8 | (54) | (21313) |
| **Fair value, end of period** | $**6778916** | $**29720** | $**350** | $**15836** | $**6824822** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of year | $4375355 | $89485 | $990 | $63234 | $4529064 |
| Purchase of investments | 590059 |  | 271 |  | 590330 |
| Proceeds from principal repayments and sales of investments | (196466) |  |  |  | (196466) |
| Other changes in fair value <sup>(1)</sup> | 18644 | 280 | 41 | 1178 | 20143 |
| **Fair value, end of period** | $**4787592** | $**89765** | $**1302** | $**64412** | $**4943071** |

---

(1)Other changes in fair value includes changes resulting from realized and unrealized gains and losses, amortization/accretion and increases from PIK income.

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The following table presents selected information regarding our investment portfolio as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 31, 2026** | **December 31, 2025** |
| **Investments:** |  |  |
| Number of portfolio companies | 91 | 89 |
| Number of investments | 219 | 203 |
| Average investment at fair value | $31164 | $31483 |
| Average cost of debt investments as a percentage of par <sup>(1)</sup> | 97.99 | 97.71 |
| Debt investments on non-accrual status as a percent of amortized cost of total debt investments | 0.13 | 0.14 |
| Debt investments on non-accrual status as a percent of fair value of total debt investments | 0.08 | 0.07 |
| Number of debt investments on non-accrual status | 1 | 1 |
| Weighted Average EBITDA (mm) <sup>(2)</sup> | 139.5 | 150.2 |
| Median EBITDA (mm) <sup>(2)</sup> | 102.5 | 119.5 |
| Weighted average net debt through tranche <sup>(2)</sup> | 4.1x | 4.2x |
| Weighted average interest rate coverage <sup>(2)</sup> | 2.7x | 2.5x |
| Percentage of sponsored investments | 84.44 | 90.40 |
| **Floating interest rate debt investments:** |  |  |
| Percent of debt portfolio <sup>(3)</sup> | 99.3 | 99.2 |
| Weighted average interest rate floors | 0.97 | 0.90 |
| Weighted average coupon spread to base interest rate | 547 | 550 |
| Weighted average effective yield on floating rate debt investments at amortized cost <sup>(4)</sup> | 9.61 | 9.72 |
| 3 Month SOFR | 3.68 | 3.65 |
| **Fixed interest debt investments:** <sup>(5)</sup> |  |  |
| Percent of debt portfolio <sup>(3)</sup> | 0.7 | 0.8 |
| Weighted average coupon rate | 12.37 | 12.37 |
| Weighted average effective yield on fixed rate debt investments at amortized cost <sup>(4)</sup> | 12.48 | 13.89 |
| **Other metrics:** |  |  |
| Weighted average years to maturity on debt investments | 4.39 | 4.45 |
| Weighted average effective yield on the portfolio at amortized cost <sup>(4) (5)</sup> | 9.63 | 9.76 |

---

(1)Calculated as amortized cost of all debt investments divided by the par value of all debt investments.

(2)Figures are based on portfolio company financial statements available to the Company at period end.

(3)Percent is calculated as a percentage of fair value of total debt investments.

(4)Weighted average effective yield is calculated as the effective yield of each investment and weighted by its amortized cost as compared to the aggregate amortized cost of all investments.

(5)Calculations exclude non-performing debt investments.

The following table presents the maturity schedule of our funded debt investments based on their principal amount as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Maturity Year** | **Principal Amount** | **Percentage of Debt Portfolio** | **Principal Amount** | **Percentage of Debt Portfolio** |
| 2023 | $— | -% | $16697 | 0.3% |
| 2026 | 62935 | 0.9 | 50578 | 0.8 |
| 2027 | 146541 | 2.1 | 147083 | 2.2 |
| 2028 | 696004 | 10.0 | 862956 | 13.2 |
| 2029 | 1149490 | 16.4 | 1193538 | 18.3 |
| 2030 | 2293570 | 32.7 | 2238383 | 34.3 |
| 2031 | 1577100 | 22.6 | 1202888 | 18.4 |
| 2032 | 998722 | 14.3 | 813777 | 12.5 |
| 2033 | 67858 | 1.0 | 350 |  |
|  | $6992220 | 100.0% | $6526250 | 100.0% |

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We utilize an investment rating system to monitor the credit profile of our underlying portfolio companies. We use a five-level ratings scale to classify individual investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 1 - Investment is performing materially above expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 2 - Investment is performing above expectations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 3 - Investment is performing materially in-line with expectations. All new loans received a rating of 3 at initial investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 4 - Investment is performing materially below expectations. Investments with a rating of 4 receive more frequent attention from our team as the risks of impairment have increased substantially since investment. Loss of principal is not expected, however there may be lost interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment Rating 5 - Investment is performing materially below expectations and there is a high probability of impairment. Loss of principal and interest is probable.

The following tables show the investment rankings of the debt investments in our portfolio as of March 31, 2026 and December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Risk Rating** | **Fair Value** | **% of Portfolio** | **# of Investments** | **Fair Value** | **% of Portfolio** | **# of Investments** |
| 1 | $— | 0.0% |  | $— | 0.0% |  |
| 2 | 110358 | 1.6 | 6 | 138382 | 2.2 | 7 |
| 3 | 6553310 | 96.0 | 200 | 6079704 | 95.1 | 181 |
| 4 | 152116 | 2.2 | 9 | 165169 | 2.6 | 11 |
| 5 | 9038 | 0.1 | 4 | 7799 | 0.1 | 4 |
|  | $6824822 | 100.0% | 219 | $6391054 | 100.0% | 203 |

---

***Results of Operations***

*Revenues*

We generate revenues primarily in the form of interest on the debt securities of portfolio companies that we acquire and hold for investment purposes. Our investments in debt securities generally have expected maturities of two to eight years, although we have no lower or upper constraint on maturity, and typically earn interest at floating and fixed interest rates. Interest on our debt securities is generally payable to us monthly, quarterly or semi-annually. The outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the respective maturity dates. In addition, we may generate revenue in the form of dividends from preferred and common equity investments, amortization of original issue discount, prepayment fees, commitment fees, origination fees and fees for providing significant managerial assistance.

*Operating Expenses* 

Our primary operating expenses include a management fee and, depending on our operating results, a performance-based incentive fee, interest expense, administrative services, custodian and accounting services and other third-party professional services fees and expenses. The management and performance-based incentive fees compensate the Adviser for its services in identifying, evaluating, negotiating, closing and monitoring our investments.

Operating Results for the three months ended March 31, 2026 and 2025 are presented below:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Total investment income | $164562 | $133273 |
| Total expenses | 83743 | 68050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 80819 | 65223 |
| Net realized gain (loss) | 11847 | (1839) |
| Net change in unrealized appreciation (depreciation) | (31814) | (1113) |
| **Net increase (decrease) in net assets resulting from operations** | $**60852** | $**62271** |

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*Investment Income*

Investment income consisted of the following components for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Interest income on debt securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest | $152212 | $113583 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest | 3652 | 7968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion/amortization of discounts/premiums | 7485 | 6406 |
| **Total interest on debt securities** | **163349** | **127957** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | 338 | 1015 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK dividend |  | 1208 |
| **Total interest and dividend income** | **163687** | **130180** |
| Other income | 875 | 3093 |
| **Total investment income** | $**164562** | $**133273** |
| Average investments at cost <sup>(1)</sup> | $6627469 | $4739863 |
| Income return <sup>(2)</sup> | 2.47% | 2.75% |

---

(1)Average investments at cost is calculated as the simple average of the total investments at amortized cost of each quarterly reporting period.

(2)Income return is calculated as total interest and dividend income for the period divided by average investments at cost.

*Operating Expenses*

Our operating expenses can be categorized into fixed operating expenses, variable operating expenses and performance-dependent expenses. Fixed operating expenses are generally static period over period. Variable expenses are calculated based on fund metrics such as total assets, net assets or total borrowings. Performance-dependent expenses fluctuate independent of our size.

The table below shows a breakdown of our operating expenses for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **<u>Fixed Operating Expenses</u>** |  |  |
| Professional fees <sup>(1)</sup> | $1313 | $1388 |
| Board of directors' fees | 120 | 78 |
| General and other expenses | 264 | 529 |
| Organization and offering costs <sup>(2)</sup> |  | 18 |
| **Total fixed operating expenses** | **1697** | **2013** |
| **<u>Variable operating expenses:</u>** |  |  |
| Interest expense <sup>(3)</sup> | 56854 | 44231 |
| Management fees | 12495 | 8966 |
| Administrative expense <sup>(4)</sup> | 1512 | 1513 |
| Custody expense | 416 | 305 |
| Transfer agency fees | 30 | 33 |
| **Total variable operating expenses** | **71307** | **55048** |
| **<u>Performance-dependent expenses:</u>** |  |  |
| Income based incentive fee | 13734 | 11432 |
| Capital gains incentive fee | (2995) | (443) |
| **Total performance-dependent expenses** | **10739** | **10989** |
| **Total expenses** | $**83743** | $**68050** |

---

(1)Professional fees includes the expenses for third-party service providers such as internal and independent auditors, tax return preparer and tax consultant, third-party investment valuation firms, and fund legal counsel.

(2)Organization and offering costs are associated with the initial formation, setup and distribution of the Company and may not be recurring.

(3)The composition of our interest expense for the three months ended March 31, 2026 and 2025 are described more fully in [<u>Note 7. Borrowings</u>](#note_7_borrowings) of our accompanying consolidated financial statements.

(4)Administrative services include the expenses for third-party services providers such as fund accountant, fund sub-administrator, and independent pricing services. Additionally, administrative expense includes costs reimbursable to the Administrator according to the terms of the administration agreement.

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*Net Realized and Unrealized Gains*

For the three months ended March 31, 2026, our net realized gains (losses) were $11.8 million, and our net change in unrealized appreciation (depreciation) was ($31.8) million. For the three months ended March 31, 2025, our net realized gains (losses) were $(1.8) million and our net change in unrealized appreciation (depreciation) was $(1.1) million.

***Critical Accounting Policies and Estimates***

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States ("**GAAP**") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. The Company's comprehensive accounting policies are described more fully in [<u>Note 2. Significant Accounting Policies</u>](#note_2_significant_accounting_policies) in the accompanying consolidated financial statements. We have identified "Basis of Presentation", "Valuation of Investments", and "Revenue Recognition" as critical accounting policies.

**Valuation of Portfolio Investments and Net Asset Value of Shares**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company's valuation designee (the "**Valuation Designee**") to determine the fair value of the Company's investments that do not have readily available market quotations, which became effective for the fiscal quarter ended September 30, 2023. Pursuant to the Company's valuation policy approved by the Board, the Valuation Designee will determine the fair value of the Company's assets on at least a quarterly basis, in accordance with Accounting Standards Codification Topic 820, *Fair Value Measurement*. The audit committee of the Board (the "**Audit Committee**") is comprised of directors who are not "interested persons," as defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser (each an "**Independent Director**").

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. eastern time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value. Such determination of fair values may involve subjective judgments and estimates. The Valuation Designee will also engage independent valuation providers to assist in the valuation of each investment that constitutes a material portion of the Company's portfolio and that does not have a readily available market quotation at least once annually. Elements that could be used to determine the fair value of an investment include, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings. The Valuation Designee may appoint additional or different independent valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Valuation Designee will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company's investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Securities for which no such market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party's estimate, of the fair value as of the date of determination, and provided to the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Agreed upon valuation recommendations are presented to the Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At least once annually, the valuation for each investment that constitutes a material portion of the Company's portfolio and that does not have readily available market quotation will be reviewed by an independent valuation firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee will provide the Board with the information relating to the fair value determination pursuant to the Company's valuation policy in connection with each quarterly Board meeting, will comply with the periodic board reporting requirements set forth in the Company's valuation policy, and will provide the Board with its determination of the fair value of each investment in good faith.

All values assigned to securities and other assets by the Valuation Designee will be binding on all Company investors. When pricing of the Company's Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio securities.

The ranges of unobservable inputs used in the fair value measurement of our investments classified as Level 3 fair valued as of March 31, 2026 and December 31, 2025, respectively, are presented in [<u>Note 6. Fair Value Measurements</u>](#note_6_fair_value) in the accompanying consolidated financial statements.

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In addition to impacting the fair value recorded for our investments on our consolidated statement of assets and liabilities, had we used different key unobservable inputs to determine the fair value of our investments, amounts recorded in our consolidated statement of operations, including the net change in unrealized appreciation and depreciation on investments, management and performance-based incentive fees would also be impacted. The table below outlines the impact on our results of a 5% increase in the fair value of our Level 3 investments for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Fair value of level 3 investments at the end of the period | $6209999 | $4268312 |
| Fair value assuming a 5% increase in value | 6520499 | 4481728 |
| Increase in unrealized appreciation | 310500 | 213416 |
| (Increase) in management fees | (582) | (400) |
| (Increase) in capital gains incentive fees <sup>(1)</sup> | (46575) | (32012) |
| Increase in net assets resulting from operations | $263343 | $181004 |
| Weighted average shares outstanding | 138276532 | 100696962 |
| Shares outstanding at the end of the period | 138831332 | 102166799 |
| Increase in earnings per share | $1.90 | $1.80 |
| Increase in net assets per share | $1.90 | $1.77 |

---

(1)Increase in capital gains incentive fee is calculated as 15% of the increase in unrealized appreciation.

**Determination of Net Asset Value**

The Valuation Designee will determine the net asset value ("**NAV**") of the Company's portfolio securities at least quarterly. The NAV per share is equal to the value of the Company's total assets minus its liabilities and the liquidation value of any preferred shares outstanding divided by the total number of shares outstanding. Additionally, in connection with each offering of shares, to the extent the Company does not have Shareholder approval to sell below NAV, the Valuation Designee or an authorized committee thereof will be required to make a good faith determination that the Company is not selling shares at a price below the then current NAV of the shares at the time at which the sale is made.

The value of investments for which recent market quotations are readily available will be the market price. The Valuation Designee will be responsible for determining the fair value of the portfolio investments for which market quotations are not readily available in good faith, and in such other instances where portfolio investments require a fair value determination. Because the Company expects that there typically will not be a readily available market quotation for its target portfolio investments, the Company expects that the value of most of its portfolio investments will be their fair value as determined by the Valuation Designee consistent with a documented valuation policy and consistently applied valuation process. In making these determinations, the Valuation Designee will receive input from an independent valuation firm and the Audit Committee.

**Hedging**

The Company may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. As of March 31, 2026 the Company had entered into foreign currency forward contracts in order to hedge its economic exposure to certain foreign currencies in which its investments were denominated, in addition to interest rate swaps to offset fixed rate exposure on our Series F Notes, 2030 Notes, and 2031 Notes (see [<u>Note 5. Derivative Instruments</u>](#note_5_derivatives)in the accompanying consolidated financial statements). However, no assurance can be given that such hedging transactions will be effective.

**Financial Condition, Liquidity and Capital Resources**

Our primary sources of cash and cash equivalents may include: (i) the sale of our Shares, (ii) borrowings under various financing arrangements, including the issuance of debt securities, (iii) cash flows from interest, dividends and transaction fees earned from investment in portfolio companies and (iv) principal repayments and sale proceeds from our investments.

Our primary uses of cash will be for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including fees payable to BDT & MSD BDC Management in its capacity as the Adviser and the Administrator), (iii) debt service of any borrowings, and (iv) cash distributions to our Shareholders.

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*Liquidity*

The tables below present a summary of our liquidity position as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $126668 | $128658 |
| Unused borrowing capacity | 238000 | 654000 |
| Principal receivable | 2519 | 20809 |
| Unfunded investment commitments <sup>(1)</sup> | (789488) | (679658) |
| Undrawn capital commitments | 589366 | 589366 |
| Other net working capital <sup>(2)</sup> | (81361) | (74828) |
|  | $85704 | $638347 |

---

(1)For a comprehensive list of our unfunded investment commitments see the footnotes to our consolidated schedule of investments included in our accompanying consolidated financial statements.

(2)Other networking capital is interest receivable less all liabilities exclusive of debt.

*Capital Resources*

We may from time to time enter into additional credit facilities and borrowing arrangements to increase the amount of our borrowings as our called equity capital increases. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such financing arrangements. We are currently required to maintain a minimum asset coverage ratio (total assets-to-senior securities) of 150% under the 1940 Act if certain conditions are met.

The table below summarizes certain financing obligations that are expected to have an impact on our liquidity and cash flow in specified future interval periods:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Total** | **Less than<br>1 year** | **1-3 years** | **3-5 years** | **After 5 years** |
| SPV I facility | $485000 | $— | $— | $485000 | $— |
| SPV II facility | 712000 |  |  | 712000 |  |
| Collateralized loan obligations | 390000 |  |  |  | 390000 |
| Revolving credit facility | 580000 |  |  | 580000 |  |
| 2030 Notes | 500000 |  |  | 500000 |  |
| 2031 Notes | 400000 |  |  | 400000 |  |
| Series A Notes | 69000 |  | 69000 |  |  |
| Series B Notes | 75000 |  | 75000 |  |  |
| Series C Notes | 116000 |  |  | 116000 |  |
| Series D Notes | 75000 |  |  | 75000 |  |
| Series E Notes | 50000 |  | 50000 |  |  |
| Series F Notes | 165000 |  |  | 165000 |  |
| Series G Notes | 50000 |  |  | 50000 |  |
| Total Contractual Obligations | $3667000 | $— | $194000 | $3083000 | $390000 |

---

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

***Valuation Risk***

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined by the Valuation Designee, subject to the continued oversight of the Board, 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 portfolio investment while employing a consistently applied valuation process for the types of investments we make. 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.

***Interest Rate Risk***

We will be subject to financial market risks, including changes in interest rates. As of March 31, 2026, 99.3% of our debt investments (99.0% of our total investments), or $6.76 billion measured at fair value, are subject to floating interest rates. Additionally, the SPV I Facility, the SPV II Facility, the collateralized loan obligations, the Revolving Credit Facility, and certain of the Notes are subject to floating interest rates. In connection with our Series F Notes, 2030 Notes, and 2031 Notes, which bear interest at fixed rates, we entered into interest rate swaps in order to align the interest rate risk of our liabilities with our investment portfolio. A prolonged period of elevated interest rates can be expected to lead to (i) higher interest income from our floating rate debt investments, (ii) value declines for fixed interest rate investments we may hold and (iii) higher interest expense in connection with our floating rate debt securities. Since the majority of our investments consist of floating rate investments, an increase in interest rates could also make it more difficult for borrowers to repay their loans, and a rise in interest rates may also make it easier for the Adviser to meet or exceed the quarterly threshold for the Income-Based Fee as described in [<u>Note 3. Agreements and Related Party Transactions</u>](#note_3_related_parties).

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Following a period of elevated interest rates to address inflation concerns, the Federal Reserve has reduced its benchmark interest rate by 0.25% in each of September 2025, October 2025 and December 2025, bringing the benchmark rate to the 3.50% to 3.75% range. The Federal Reserve maintained this range at its January, March, and April 2026 meetings. In considering the extent and timing of additional rate cuts in the future, the Federal Reserve stated that it will carefully assess incoming data relating to inflationary pressures and the unemployment rate, the evolving economic outlook, and the balance of risks. While Federal Reserve has indicated that there may be additional rate cuts in the future, policymakers continue to emphasize their commitment to monitoring and addressing inflationary pressures. Given the evolving economic environment and policy considerations, there can be no assurance regarding the magnitude or timing of future federal funds rate adjustments in either direction. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR and other alternate rates, are not offset by corresponding increases in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with our borrowings.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 or 300 basis points, or decrease by 100, 200, or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2026. Interest expense is calculated based on the terms of the Financing Facility, using the outstanding balance as of March 31, 2026. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2026. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2026, and are only adjusted for assumed changes in the underlying base interest rates. Actual results could differ significantly from those estimated in the table.

---

| | | | |
|:---|:---|:---|:---|
| **Change in Interest Rates** | **Interest<br>Income** | **Interest<br>Expense** | **Net<br>Income** |
| Up 300 basis points | $205381 | $(104944) | $100437 |
| Up 200 basis points | 136120 | (70124) | 65996 |
| Up 100 basis points | 66860 | (35304) | 31556 |
| Down 100 basis points | (67078) | 34336 | (32742) |
| Down 200 basis points | (129530) | 69156 | (60374) |
| Down 300 basis points | (174669) | 103976 | (70693) |

---

***Currency Risk***

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We have employed and may continue to employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to, forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our credit facilities. Instead of entering into a foreign currency forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

**Item 4. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) Evaluation of Disclosure Controls and Procedures*

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Changes in Internal Controls Over Financial Reporting*

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings.**

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or them. From time to time, we and/or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

**Item 1A. Risk Factors.** 

In addition to the other information set forth in this report, you should carefully consider the risk factors in our most recent Annual Report on [<u>Form 10-K</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849894/000119312526124538/ck0001849894-20251231.htm7025042155/ck0001849894-20241231.htm) for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026 (See "[<u>Part I Item 1A. Risk Factors</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001849894/000119312526124538/ck0001849894-20251231.htm#item1a_riskfactors)"), which is accessible on the SEC's

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website at sec.gov. These factors could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2026 to the risk factors discussed in Part I Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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

Except as previously reported by us on our Current Reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act of 1933, as amended.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Item 7.01. Regulation FD Disclosure.**

On May 5, 2026, the board of directors of the Company declared a regular distribution to common stockholders in the amount of $0.57 per share. The distribution will be payable on June 29, 2026 to common stockholders of record as of June 15, 2026.

**Item 8.01. Other Events.**

BDT & MSD announced that Beat Cabiallavetta is expected to join BDT & MSD in September 2026 as Head of Corporate Credit. Prior to joining BDT & MSD, Mr. Cabiallavetta served as the Global Head of Hybrid Capital at Goldman Sachs from 2020 to 2026 and in various other roles at Goldman Sachs since 2005. Following Mr. Cabiallavetta's arrival, Jeremy Herz and Matthew Olim, who have served as Co-Heads of Corporate Credit at BDT & MSD and as portfolio managers of the Company, are expected to transition to advisory partners to support continuity across legacy credit strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has adopted, modified or terminated (i) any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

The Company has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company's securities by officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

**Item 6. Exhibits.**

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| | |
|:---|:---|
| Exhibit<br>Number | Description of Exhibits |
| 3.1 | [<u>Articles of Incorporation effective as of January 1, 2022 (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex34.htm) |
| 3.2 | [<u>Amended and Restated By Laws (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form 10 (File No. 000-56375) filed on March 3, 2022)</u>](https://www.sec.gov/Archives/edgar/data/0001849894/000119312522069014/d208351dex35.htm) |
| 3.3 | [<u>Articles Supplementary for 12.0% Series A Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on December 4, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023067791/ck0001849894-ex3_1.htm) |
| 3.4 | [<u>Articles of Amendment, dated November 6, 2024 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November 6, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024122472/ck0001849894-ex3_1.htm) |
| 4.1 | [<u>Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K filed on March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024035561/ck0001849894-ex4_1.htm) |
| 4.2 | [<u>Indenture, dated as of April 2, 2025, by and between MSD Investment Corp. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on April 2, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017025049587/ck0001849894-ex4_1.htm) |
| 4.3 | [<u>First Supplemental Indenture, dated as of April 2, 2025, relating to the 6.250% Notes due 2030, between MSD Investment Corp. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on April 2, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017025049587/ck0001849894-ex4_2.htm) |
| 4.4 | [<u>Form of 6.250% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed on April 2, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017025049587/ck0001849894-ex4_2.htm) |
| 4.5 | [<u>Registration Rights Agreement, dated as of April 2, 2025, relating to the 6.250% Notes due 2030 by and among J.P. Morgan Securities LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., SMBC Nikko Securities America, Inc. and TCBI Securities, Inc. doing business as Texas Capital Securities (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed on April 2, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017025049587/ck0001849894-ex4_4.htm) |

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10.1 [<u>Investment Advisory Agreement between the Company and the Adviser dated November 24, 2021 (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex101.htm)

10.2 [<u>Investment Advisory Agreement between the Company and the Adviser effective January 1, 2023 (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K filed March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023009562/ck0001849894-ex10_2.htm)

10.3 [<u>Administration Agreement between the Company and the Administrator dated November 24, 2021 (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex102.htm)

10.4 [<u>Administration Agreement Agreement between the Company and the Administrator effective January 1, 2023 (incorporated by reference to Exhibit 10.4 to the Annual Report on Form 10-K filed on March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023009562/ck0001849894-ex10_4.htm)

10.5 [<u>Distribution Reinvestment Plan (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex104.htm)

10.6 [<u>Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex103.htm)

10.7 [<u>First Amendment to the Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K filed on March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023009562/ck0001849894-ex10_5.htm)

10.8 [<u>Transfer Agent Servicing Agreement between the Company and U.S. Bancorp Fund Services, LLC (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex105.htm)

10.9 [<u>Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian. (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex106.htm)

10.10 [<u>Amendment No.1 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.10 to the Annual Report on Form 10-K filed on March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023009562/ck0001849894-ex10_10.htm)

10.11 [<u>Amendment No. 2 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.11 to the Annual Report on Form 10-K filed on March 23, 2023)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023009562/ck0001849894-ex10_11.htm)

10.12 [<u>Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312522031168/d208351dex107.htm)

10.13 [<u>First Amendment to the Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K filed on March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024035561/ck0001849894-ex10_13.htm)

10.14 [<u>Loan and Servicing Agreement by and among MSD BDC SPV II, LLC as borrower, Citizens Bank N.A as lender and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 21, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023043566/ck0001849894-ex10_1.htm)

10.15 [<u>Amendment No. 1 to Loan and Servicing Agreement by and among MSD BDC SPV II, LLC as borrower, Citizens Bank N.A as lender and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.14 to the Quarterly Report on Form 10-Q filed on November 9, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017023062232/ck0001849894-ex10_14.htm)

10.16 [<u>I</u> <u>ndenture, dated as of November 15, 2023, by and between MSD BDC CLO I, LLC and U.S. Bank Trust Company, National Association. (incorporated by reference to Exhibit 10.16 to the Annual Report on Form 10-K filed on March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024035561/ck0001849894-ex10_16.htm)

10.17 [<u>Collateral Management Agreement, dated November 15, 2023, by and between MSD BDC CLO I, LLC and MSD Partners, L.P. (incorporated by reference to Exhibit 10.17 to the Annual Report on Form 10-K filed on March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024035561/ck0001849894-ex10_17.htm)

10.18 [<u>Master Transfer Agreement, dated as of November 15, 2023, by and between MSD Investment Corp., as seller, and MSD BDC CLO I, LLC, as purchaser. (incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K filed on March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024035561/ck0001849894-ex10_18.htm)

10.19 [<u>Amendment No. 2 to the Loan and Servicing Agreement by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, Everbank, N.A. as a lender, Texas Capital Bank as a lender, Western Alliance Bank as a lender, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.19 of the Quarterly Report on Form 10-Q filed on May 10, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024058054/ck0001849894-ex10_19.htm)

10.20 [<u>Amendment No. 4 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC, as borrower, the several banks and other financial institutions or entities that are party thereto from time to time, as lenders, Deutsche Bank AG, New York Branch as facility agent, U.S. Bank Trust Company National Association as collateral agent and U.S. Bank National Association as collateral custodian (incorporated by reference to Exhibit 10.20 of the Quarterly Report on Form 10-Q filed on May 10, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024058054/ck0001849894-ex10_20.htm)

10.21 [<u>Amendment No. 3 to the Loan and Servicing Agreement by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, Everbank, N.A. as a lender, Texas Capital Bank as a lender, Western Alliance Bank as a lender, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.21 of the Quarterly Report on Form 10-Q filed on May 10, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024058054/ck0001849894-ex10_21.htm)

10.22 [<u>Note Purchase Agreement, dated August 7, 2024, by and between MSD Investment Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.22 of the Quarterly Report on Form 10-Q filed on August 14, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024096970/ck0001849894-ex10_22.htm)

10.23 [<u>Note Purchase Agreement, dated November 20, 2024, by and between MSD Investment Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on November 22, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024130281/ck0001849894-ex10_1.htm)

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[**<u>**Table of Contents**</u>**](#toc_page)

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| | |
|:---|:---|
| 10.24 | [<u>Senior Secured Credit Agreement by and among MSD Investment Corp., as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on December 26, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024140440/ck0001849894-ex10_1.htm) |
| 10.25 | [<u>Commitment Increase Agreement by and among MSD Investment Corp., as borrower, Royal Bank of Canada, Deutsche Bank AG, New York Branch, and U.S. Bank National Association, as the assuming lenders, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on September 4, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017025113079/ck0001849894-ex10_1.htm) |
| 10.26 | [<u>Amendment No. 4 to the Loan and Servicing Agreement, dated September 18, 2025, by and among MSD Investment Corp., as collateral manager, MSD BDC SPV II, LLC, as borrower, Citizens Bank N.A as lender and administrative agent, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian(incorporated by reference to Exhibit 10.26 of the Quarterly Report on Form 10-Q filed on November 14, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312525280735/ck0001849894-ex10_26.htm) |
| 10.27 | [<u>Commitment Increase Agreement by and among MSD Investment Corp., as borrower, BNP Paribas as the assuming lender, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on October 1, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312525226915/ck0001849894-ex10_1.htm) |
| 10.28 | [<u>Amendment No. 6 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC, as borrower, the several banks and other financial institutions or entities that are party thereto from time to time, as lenders, Deutsche Bank AG, New York Branch as facility agent, U.S. Bank Trust Company National Association as collateral agent and U.S. Bank National Association as collateral custodian (incorporated by reference to Exhibit 10.28 of the Quarterly Report on Form 10-Q filed on November 14, 2025)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312525280735/ck0001849894-ex10_28.htm) |
| 10.29 | [<u>Amendment No. 5 to the Loan and Security Agreement, dated as of November 26, 2025, by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.29 to the Annual Report on Form 10-K filed on March 26, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000119312526124538/ck0001849894-ex10_29.htm) |
| 14.1 | [<u>Code of Ethics (incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K filed on March 25, 2024)</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017024035561/ck0001849894-ex14_1.htm) |
| 31.1 | [<u>Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001849894-ex31_1.htm)\* |
| 31.2 | [<u>Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](ck0001849894-ex31_2.htm)\* |
| 32.1 | [<u>Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001849894-ex32_1.htm)\* |
| 32.2 | [<u>Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](ck0001849894-ex32_2.htm)\* |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101 |

---

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\* Filed herewith.

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[**<u>**Table of Contents**</u>**](#toc_page)

SIGNATURES

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

---

| | | |
|:---|:---|:---|
|  |  | **MSD Investment Corp.** |
| Date: | May 13, 2026 | /s/ Robert Platek |
|  |  | Robert Platek |
|  |  | Chief Executive Officer |
| Date: | May 13, 2026 | /s/ Brian S. Williams |
|  |  | Brian S. Williams |
|  |  | Chief Financial Officer & Treasurer |

---

------

## Exhibit 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

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

I, Robert Platek, Chief Executive Officer of MSD Investment Corp., certify that:

1. I have reviewed this quarterly report on Form 10-Q of MSD Investment Corp (the "**registrant**");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| | |
|:---|:---|
| By: | /s/ Robert Platek |
|  | Robert Platek |
|  | Chief Executive Officer |

---

------

## Exhibit 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

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

I, Brian S. Williams, Chief Financial Officer of MSD Investment Corp., certify that:

1. I have reviewed this quarterly report on Form 10-Q of MSD Investment Corp. (the "**registrant**");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 13, 2026

---

| | |
|:---|:---|
| By: | /s/ Brian S. Williams |
|  | Brian S. Williams |
|  | Chief Financial Officer |

---

------

## Exhibit 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of MSD Investment Corp. (the "**Company**"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 13, 2026

---

| | |
|:---|:---|
| By: | /s/ Robert Platek |
|  | Robert Platek |
|  | Chief Executive Officer |

---

------

## Exhibit 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of MSD Investment Corp. (the "**Company**"), does hereby certify that to the undersigned's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 13, 2026

---

| | |
|:---|:---|
| By: | /s/ Brian S. Williams |
|  | Brian S. Williams |
|  | Chief Financial Officer |

---

------