# EDGAR Filing Document

**Accession Number:** 0001849894
**File Stem:** 0001193125-25-281677
**Filing Date:** 2025-11
**Character Count:** 18005
**Document Hash:** 1571f278b75fd0c6f4ab78ac598af173
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-281677.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-281677

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94204
- **FILM NUMBER:** 251481396

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MSD PARTNERS, L.P.
- **STREET 2:** 1 VANDERBILT AVE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017-5407
- **BUSINESS PHONE:** 212.303.4758

**MAIL ADDRESS:**
- **STREET 1:** C/O MSD PARTNERS, L.P.
- **STREET 2:** 1 VANDERBILT AVE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017-5407

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MSD CAPITAL, L.P.
- **CENTRAL INDEX KEY:** 0001105497

**ORGANIZATION NAME:**
- **EIN:** 742880190
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 550 MADISON AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-303-1650

**MAIL ADDRESS:**
- **STREET 1:** 550 MADISON AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MSD CAPITAL L P
- **DATE OF NAME CHANGE:** 20000207

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_1.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Issuer:** MSD Investment Corp.

**Title of Class of Securities:** Common Stock, Par Value $0.001 per share

**CUSIP Number:** 000000000

**Date of Event Which Requires Filing of this Statement:** 09/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>MSD Capital, L.P. | Names of Reporting Persons<br>MSD Capital, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>34512826.72 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>34512826.72 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>34512826.72 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>34512826.72 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>25.1% | Percent of Class Represented by Amount in Row (9)<br>25.1% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Noble Environmental Investments, LLC | Names of Reporting Persons<br>Noble Environmental Investments, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>29203161.07 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>29203161.07 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>29203161.07 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>29203161.07 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>21.2% | Percent of Class Represented by Amount in Row (9)<br>21.2% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>MSD Portfolio L.P. - Investments | Names of Reporting Persons<br>MSD Portfolio L.P. - Investments |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>29203161.07 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>29203161.07 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>29203161.07 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>29203161.07 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>21.2% | Percent of Class Represented by Amount in Row (9)<br>21.2% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>MSD Portfolio L.P. - MSD Personal Income | Names of Reporting Persons<br>MSD Portfolio L.P. - MSD Personal Income |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5309665.65 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5309665.65 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5309665.65 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5309665.65 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.9% | Percent of Class Represented by Amount in Row (9)<br>3.9% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Michael S. Dell | Names of Reporting Persons<br>Michael S. Dell |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>34512826.72 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>34512826.72 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>34512826.72 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>34512826.72 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>25.1% | Percent of Class Represented by Amount in Row (9)<br>25.1% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

**Item 1(a). Name of Issuer:**
MSD Investment Corp.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
550 Madison Avenue, 20th Floor, New York, New York 10022.

**Item 2(a). Name of Person Filing:**
This Amendment No. 4 to Schedule 13G ("Amendment No. 4") is being jointly filed by and on behalf of each of MSD Capital, L.P. ("MSD Capital"), Noble Environmental Investments, LLC ("Noble Investments"), MSD Portfolio L.P. - Investments ("MSD Portfolio"), MSD Portfolio L.P. - MSD Personal Income ("MSD Personal Income") and Michael S. Dell (collectively, the "Reporting Persons"). Each of Noble Investments and MSD Personal Income is the direct owner of the securities covered by this statement.

MSD Portfolio indirectly owns Noble Investments through wholly-owned subsidiaries of MSD Portfolio, and MSD Portfolio may be deemed to beneficially own securities owned by Noble Investments. MSD Capital is the general partner of MSD Portfolio and MSD Personal Income and may be deemed to beneficially own securities owned by MSD Portfolio and MSD Personal Income. MSD Capital Management LLC ("MSD Capital Management") is the general partner of MSD Capital and may be deemed to beneficially own securities owned by MSD Capital. Michael S. Dell is the owner of MSD Portfolio and the controlling member of MSD Capital Management and may be deemed to beneficially own securities owned by MSD Portfolio and MSD Capital Management.

The Reporting Persons have entered into a Joint Filing Agreement, dated November 14, 2025, a copy of which is filed with this Amendment No. 4 as Exhibit 99.1, pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.

Neither the filing of this statement nor anything herein shall be construed as an admission that any person other than the Reporting Persons is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each of MSD Capital, Noble Investments, MSD Portfolio and MSD Personal Income is 550 Madison Avenue, 20th Floor, New York, New York 10022.

The address of the principal business office of Mr. Dell is c/o Dell, Inc., One Dell Way, Round Rock, Texas 78682.

**Item 2(c). Citizenship:**
MSD Capital, MSD Portfolio and MSD Personal Income are each organized as a limited partnership under the laws of the State of Delaware. Noble Investments is organized as a limited liability company under the laws of the State of Delaware. Mr. Dell is a United States citizen.

**Item 2(d). Title of Class of Securities:**
Common Stock, Par Value $0.001 per share

**Item 2(e). CUSIP Number:**
000000000

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

MSD Capital - 34,512,826.72
Noble Investments - 29,203,161.07
MSD Portfolio - 29,203,161.07
MSD Personal Income - 5,309,665.65
MSD Capital Management - 34,512,826.72
Michael S. Dell - 34,512,826.72

**(b) Percent of class:**

The percentages provided herein are calculated based upon 137,657,761 shares of the issuer's common stock outstanding as of November 13, 2025, as reported in the issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2025.
MSD Capital - 25.1%
Noble Investments - 21.2%
MSD Portfolio - 21.2%
MSD Personal Income - 3.9%
MSD Capital Management - 25.1%
Michael S. Dell - 25.1%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

MSD Capital - 0
Noble Investments - 0
MSD Portfolio - 0
MSD Personal Income - 0
MSD Capital Management - 0
Michael S. Dell - 0

**(ii) Shared power to vote or to direct the vote:**

MSD Capital - 34,512,826.72
Noble Investments - 29,203,161.07
MSD Portfolio - 29,203,161.07
MSD Personal Income - 5,309,665.65
MSD Capital Management - 34,512,826.72
Michael S. Dell - 34,512,826.72

**(iii) Sole power to dispose or to direct the disposition of:**

MSD Capital - 0
Noble Investments - 0
MSD Portfolio - 0
MSD Personal Income - 0
MSD Capital Management - 0
Michael S. Dell - 0

**(iv) Shared power to dispose or to direct the disposition of:**

MSD Capital - 34,512,826.72
Noble Investments - 29,203,161.07
MSD Portfolio - 29,203,161.07
MSD Personal Income - 5,309,665.65
MSD Capital Management - 34,512,826.72
Michael S. Dell - 34,512,826.72

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**MSD Capital, L.P.**

**Date:** 11/14/2025

**By:** /s/ Marc R. Lisker

**Name & Title:** Marc R. Lisker/Manager of MSD Capital Management LLC, its General Partner

**Noble Environmental Investments, LLC**

**Date:** 11/14/2025

**By:** /s/ Marc R. Lisker

**Name & Title:** Marc R. Lisker/Authorized Signatory

**MSD Portfolio L.P. - Investments**

**Date:** 11/14/2025

**By:** /s/ Marc R. Lisker

**Name & Title:** Marc R. Lisker/Manager of MSD Capital Management LLC, the General Partner of MSD Capital, L.P., its General Partner

**MSD Portfolio L.P. - MSD Personal Income**

**Date:** 11/14/2025

**By:** /s/ Marc R. Lisker

**Name & Title:** Marc R. Lisker/Manager of MSD Capital Management LLC, the General Partner of MSD Capital, L.P., its General Partner

**Michael S. Dell**

**Date:** 11/14/2025

**By:** /s/ Marc R. Lisker

**Name & Title:** Marc R. Lisker/Attorney-in-Fact