# EDGAR Filing Document

**Accession Number:** 0001849894
**File Stem:** 0001193125-25-280735
**Filing Date:** 2025-11
**Character Count:** 552499
**Document Hash:** bcaa491c05e45603a12b5c800cd7b3c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-280735.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001193125-25-280735

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251113

**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:** 251480524

**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

?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 September 30, 2025

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 **November 13, 2025** was 137,657,761**.**

------

[**<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 September 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_sal) | <u>2</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_statements_of_operations_1) | <u>3</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_stats_changes_net_assets) | <u>4</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)</u>](#consolidated_scf) | <u>6</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of September 30, 2025 (Unaudited) and December 31, 2024</u>](#consolidated_soi) | <u>7</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notes_consolidated_financial_statements) | <u>32</u> |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item2_mda) | <u>62</u> |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3_quantitativequalitative) | <u>70</u> |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item4_controls) | <u>71</u> |
| &nbsp;&nbsp;&nbsp;PART II | OTHER INFORMATION |  |
| &nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#item1_legal_proceedings) | <u>71</u> |
| &nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#item1a_risk_factors) | <u>71</u> |
| &nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2_unregistered_sales) | <u>71</u> |
| &nbsp;&nbsp;&nbsp;Item 3. | [<u>Defaults Upon Senior Securities</u>](#item3_defaults_upon) | <u>71</u> |
| &nbsp;&nbsp;&nbsp;Item 4. | [<u>Mine Safety Disclosures</u>](#item4_mine_safety) | <u>71</u> |
| &nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#item5_other_information) | <u>72</u> |
| &nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#item6_exhibits) | <u>72</u> |
| &nbsp;&nbsp;&nbsp;[<u>Signatures</u>](#signatures) |  | <u>75</u> |

---

i

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[**<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/Archives/edgar/data/1849894/000095017025042155/ck0001849894-20241231.htm) filed with the SEC on March 19, 2025, 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)*

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **ASSETS** |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value <sup>(1)</sup> | $5616800 | $4529064 |
| &nbsp;&nbsp;Cash and cash equivalents | 241263 | 109302 |
| &nbsp;&nbsp;Restricted cash | 1200 | 410 |
| &nbsp;&nbsp;Interest and dividends receivable | 28782 | 31819 |
| &nbsp;&nbsp;Principal receivable | 10071 | 5503 |
| &nbsp;&nbsp;Unrealized appreciation on forward contracts |  | 9441 |
| &nbsp;&nbsp;Prepaid expenses and other assets | 48560 | 124 |
| **Total assets** | $5946676 | $4685663 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;SPV I facility | $514000 | $503000 |
| &nbsp;&nbsp;SPV II facility | 449000 | 537000 |
| &nbsp;&nbsp;Collateralized loan obligations | 390000 | 390000 |
| &nbsp;&nbsp;Unsecured Notes | 1107557 | 599141 |
| &nbsp;&nbsp;Revolving credit facility | 635000 | 150000 |
| &nbsp;&nbsp;Loan repurchase obligations |  | 52043 |
| &nbsp;&nbsp;Deferred financing costs net of accumulated amortization | (35033) | (28269) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, net of financing costs | 3060524 | 2202915 |
| &nbsp;&nbsp;Payable for investments purchased | 23316 | 19113 |
| &nbsp;&nbsp;Interest payable | 46151 | 29984 |
| &nbsp;&nbsp;Distributions payable | 23 |  |
| &nbsp;&nbsp;Income based incentive fee payable | 11536 | 10398 |
| &nbsp;&nbsp;Management fees payable | 10016 | 8063 |
| &nbsp;&nbsp;Capital gains incentive fee payable | 4596 | 5359 |
| &nbsp;&nbsp;Accrued expenses and other liabilities | 1377 | 2190 |
| &nbsp;&nbsp;Accrued professional fees | 592 | 1012 |
| &nbsp;&nbsp;Due to affiliates | 1750 | 2751 |
| &nbsp;&nbsp;Financing costs payable | 315 | 1944 |
| &nbsp;&nbsp;Unrealized depreciation on forward contracts | 17366 |  |
| **Total liabilities** | $3177562 | $2283729 |
| Commitments and contingencies (Note 8) |  |  |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;Preferred Stock, par value $0.001 (250 shares authorized and outstanding) <sup>(2)</sup> | $— | $— |
| &nbsp;&nbsp;Paid-in capital in excess of par value of Preferred Stock | 750 | 750 |
| &nbsp;&nbsp;Common stock, par value $0.001 (200,000,000 shares authorized, 116,791,263 and 100,611,506 shares issued and outstanding, respectively) | 117 | 101 |
| &nbsp;&nbsp;Paid-in capital in excess of par value | 2797559 | 2408415 |
| &nbsp;&nbsp;Distributable earnings (accumulated losses) | (29312) | (7332) |
| **Total net assets** | $2769114 | $2401934 |
| Net asset value per common share | $23.70 | $23.87 |

---

(1)Non-controlled/non-affiliated investments at amortized cost $5,598,111 and $4,534,957 as of September 30, 2025 and December 31, 2024, respectively.

(2)Preferred Stock par value for both September 30, 2025 and December 31, 2024 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 Statement of Operations (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment income:** |  |  |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $130735 | $106937 | $377078 | $257874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | 1143 | (52) | 2375 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest income | 9060 | 3787 | 23737 | 10676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind dividend income |  | 2253 | 2776 | 4374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 2072 | 775 | 5188 | 8863 |
| **Total investment income** | 143010 | 113700 | 411154 | 282313 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 52861 | 42925 | 146692 | 105328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee | 11535 | 9160 | 33849 | 22846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 10016 | 7055 | 28443 | 17150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration expense | 1365 | 1074 | 4230 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee | 1486 | 975 | (763) | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1087 | 1040 | 3602 | 2121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody expense | 358 | 269 | 978 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 301 | 191 | 1132 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of directors' fee | 77 | 53 | 232 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization and offering costs | 9 | 19 | 27 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer agency fees | 32 | 9 | 157 | 41 |
| **Total expenses** | 79127 | 62770 | 218579 | 156158 |
| Net investment income (loss) | 63883 | 50930 | 192575 | 126155 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 3480 | 5742 | 6461 | 16002 |
| &nbsp;&nbsp;Foreign currency forward contracts | (4058) | (694) | (9317) | 1314 |
| &nbsp;&nbsp;Foreign currency transactions | 15 | 827 | 2 | 904 |
| Net realized gain (loss) | (563) | 5875 | (2854) | 18220 |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 509 | 4716 | 24582 | 13372 |
| &nbsp;&nbsp;Foreign currency forward contracts | 10349 | (2376) | (26808) | (1826) |
| &nbsp;&nbsp;Foreign currency transactions | (386) | (1712) | (5) | (1190) |
| Net change in unrealized appreciation (depreciation) | 10472 | 628 | (2231) | 10356 |
| Net realized and unrealized gain (loss) | 9909 | 6503 | (5085) | 28576 |
| **Net increase (decrease) in net assets resulting from operations** | $73792 | $57433 | $187490 | $154731 |
| Preferred Stock Dividends | (23) | (23) | (68) | (68) |
| **Net increase (decrease) in net assets resulting from operations applicable to common shareholders** | $73769 | $57410 | $187422 | $154663 |
| **Per share information - basic and diluted:** |  |  |  |  |
| Net investment income (loss) per share (basic and diluted) | $0.59 | $0.70 | $1.86 | $2.24 |
| Earnings per share (basic and diluted) | $0.69 | $0.79 | $1.81 | $2.75 |
| Distributions declared per common share | $0.65 | $0.67 | $1.97 | $2.05 |
| Weighted average shares outstanding (basic and diluted) | 107438416 | 72596377 | 103485768 | 56268734 |

---

*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 Statement 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, 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** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 63469 | 63469 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | (452) | (452) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | (11590) | (11590) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 51427 | 51427 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  |  |  | (68474) | (68474) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (68474) | (68474) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 1630752 | 2 | 38875 |  | 38877 |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  |  |  |  |  |  |
| Net increase (decrease) for the period |  |  | 1630752 | 2 | 38875 | (17047) | 21830 |
| **Balance, June 30, 2025** | **250** | $**—** | **103797551** | $**104** | $**2485164** | $**(27528)** | $**2457740** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 63883 | 63883 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | (563) | (563) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 10472 | 10472 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 73792 | 73792 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  |  |  | (75576) | (75576) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (75576) | (75576) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 555901 | 1 | 13157 |  | 13158 |
| &nbsp;&nbsp;&nbsp;Issuance of shares |  |  | 12437811 | 12 | 299988 |  | 300000 |
| Net increase (decrease) for the period |  |  | 12993712 | 13 | 313145 | (1784) | 311374 |
| **Balance, September 30, 2025** | **250** | $**—** | **116791263** | $**117** | $**2798309** | $**(29312)** | $**2769114** |

---

------

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

**MSD Investment Corp.**

**Consolidated Statement 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, 2023** <sup>(1)</sup> | **250** | $**—** | **40279212** | $**40** | $**952889** | $**(15343)** | $**937586** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 33612 | 33612 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | 4546 | 4546 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 9150 | 9150 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 47308 | 47308 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  |  |  | (26205) | (26205) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (26205) | (26205) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 861529 | 1 | 20040 |  | 20041 |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  | 9449812 | 10 | 224990 |  | 225000 |
| Net increase (decrease) for the period |  |  | 10311341 | 11 | 245030 | 21103 | 266144 |
| **Balance, March 31, 2024** <sup>(1)</sup> | **250** | $**—** | **50590553** | $**51** | $**1197919** | $**5760** | $**1203730** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 41613 | 41613 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | 7799 | 7799 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 578 | 578 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 49990 | 49990 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  |  |  | (48901) | (48901) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (48901) | (48901) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 1246983 | 1 | 29651 |  | 29652 |
| &nbsp;&nbsp;&nbsp;Issuance of shares |  |  | 16366612 | 16 | 399984 |  | 400000 |
| Net increase (decrease) for the period |  |  | 17613595 | 17 | 429635 | 1089 | 430741 |
| **Balance, June 30, 2024** | **250** | $**—** | **68204148** | $**68** | $**1627554** | $**6849** | $**1634471** |
| **Operations:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  | 50930 | 50930 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) |  |  |  |  |  | 5875 | 5875 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) |  |  |  |  |  | 628 | 628 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations |  |  |  |  |  | 57433 | 57433 |
| **Shareholder distributions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders |  |  |  |  |  | (48509) | (48509) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from shareholder distributions |  |  |  |  |  | (48509) | (48509) |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Shares issued from reinvestment of distributions |  |  | 1179974 | 1 | 28260 |  | 28261 |
| &nbsp;&nbsp;&nbsp;Issuance of shares |  |  | 18716212 | 19 | 449981 |  | 450000 |
| Net increase (decrease) for the period |  |  | 19896186 | 20 | 478241 | 8924 | 487185 |
| **Balance, September 30, 2024** | **250** | $**—** | **88100334** | $**88** | $**2105795** | $**15773** | $**2121656** |

---

(1)Issuance of preferred shares par value is zero due to rounding.

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

------

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

**MSD Investment Corp.**

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

*(in thousands, except shares)*

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Cash flow from operating activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $187490 | $154731 |
| 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 | (26513) | (15053) |
| &nbsp;&nbsp;Net accretion of discount and amortization of premium | (15293) | (11897) |
| &nbsp;&nbsp;Proceeds from sale of investments and principal repayments | 752499 | 756213 |
| &nbsp;&nbsp;Purchases of investments | (1767386) | (2523947) |
| &nbsp;&nbsp;Net realized (gains) losses on investments | (6461) | (16002) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (24582) | (13372) |
| &nbsp;&nbsp;Net receipt of settlement of derivatives | (9317) | 1314 |
| &nbsp;&nbsp;Net realized (gains) losses on derivatives | 9317 | (1314) |
| &nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | 26808 | 1826 |
| &nbsp;&nbsp;Amortization of deferred financing costs | 5265 | 3006 |
| &nbsp;&nbsp;Amortization of discount on debt | 503 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in operating assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividends receivable | 3037 | (8834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal receivable | (4568) | (41265) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (36171) | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (1001) | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 4203 | (51848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 1953 | 3271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fee payable | 1138 | 4037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains incentive fee payable | (763) | 3302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 16167 | 11312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued professional fees | (420) | 1086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 46 | 1869 |
| Net cash provided by (used in) operating activities | (884049) | (1738912) |
| **Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of common shares (net of change in subscriptions receivable) | 300000 | 1058217 |
| &nbsp;&nbsp;Proceeds from repurchase obligations | 30000 | 584280 |
| &nbsp;&nbsp;Repayment of repurchase obligations | (82043) | (382328) |
| &nbsp;&nbsp;Debt borrowings | 1695790 | 1635000 |
| &nbsp;&nbsp;Debt repayments | (793000) | (863000) |
| &nbsp;&nbsp;Distributions paid | (120242) | (45594) |
| &nbsp;&nbsp;Deferred financing costs paid | (13660) | (8353) |
| &nbsp;&nbsp;Preferred dividends paid | (45) | (45) |
| Net cash provided by (used in) financing activities | 1016800 | 1978177 |
| **Net increase in cash, cash equivalents, and restricted cash** | 132751 | 239265 |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 109712 | 98606 |
| **Cash, cash equivalents, and restricted cash, end of period** | $242463 | $337871 |
| **Reconciliation of cash, cash equivalents, and restricted cash** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $241263 | $337871 |
| &nbsp;&nbsp;Restricted cash | $1200 | $— |
| **Total cash, cash equivalents, and restricted cash** | $242463 | $337871 |
| **Supplemental disclosure of cash flow information and non-cash financing activities** |  |  |
| &nbsp;&nbsp;Change in subscription receivable | $— | $16783 |
| &nbsp;&nbsp;Cash paid for interest | $124064 | $83925 |
| &nbsp;&nbsp;Reinvestment of shareholder distributions | $89160 | $77953 |
| &nbsp;&nbsp;Change in distributions payable | $23 | $23 |
| &nbsp;&nbsp;Incremental financing cost payable | $250 | $1980 |

---

*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)**

**September 30, 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. |  | S + 5.00% | 0.75% | 9.19% | 1/9/2030 | 9608 | 9471 | 9608 | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. |  | S + 5.00% | 0.75% | 9.19% | 1/9/2030 | 59401 | 58420 | 59401 | 2.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan |  | S + 5.00% | 0.75% | 9.19% | 1/9/2030 | 5460 | 5410 | 5460 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Incremental Term Loan Add on |  | S + 5.00% | 0.75% | 9.29% | 1/9/2030 | 4385 | 4384.00 | 4385.00 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 8.98% | 1/9/2028 |  | (92) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC |  | S + 6.60% | 1.50% | 10.80% | 5/28/2029 | 108281 | 106177 | 106299 | 3.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Delayed Draw Term Loan | (11) | S + 6.60% | 1.50% | 10.58% | 5/28/2029 |  |  | 84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Revolving Credit Facility | (11) | S + 6.60% | 1.50% | 10.58% | 5/28/2029 |  | (457) | (458) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. |  | S + 4.75% | 1.00% | 8.92% | 8/16/2027 | 10522 | 10439 | 10432 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan A |  | S + 4.75% | 1.00% | 8.84% | 8/16/2027 | 49884 | 49466 | 49457 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan |  | S + 4.75% | 1.00% | 8.92% | 8/16/2027 | 6572 | 6505 | 6516 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Add on 2 | (11) | S + 4.75% | 1.00% | 8.69% | 8/16/2027 | 19263 | 19078 | 19082 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.90% | 8/16/2027 | 540 | 502 | 490 | 0.02 |
|  |  |  |  |  |  |  | 269303 | 270756 | 9.80 |
| Banking, Finance, Insurance & Real Estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments | (10) | S + 8.00% | 1.00% | 12.00% PIK | 7/7/2028 | 45767 | 44924 | 44922 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;7Ridge Investments - Delayed Draw Term Loan | (10)(11) | S + 8.00% | 1.00% | 11.98% | 7/7/2028 |  | 33 | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance | (10) | S + 6.00% | 1.00% | 10.00% PIK | 12/10/2029 | 27811 | 27647 | 27533 | 0.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Incremental Term Loan | (10) | S + 6.00% | 1.00% | 10.00% PIK | 12/10/2029 | 7002 | 6932 | 6932 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Delayed Draw Term Loan | (10) | S + 6.00% | 1.00% | 10.00% PIK | 12/10/2029 | 38037 | 37715 | 37657 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners |  | S + 4.75% | 0.75% | 8.75% | 10/29/2030 | 19637 | 19600 | 19549 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 8.75% | 10/29/2030 | 44476 | 43805 | 44276 | 1.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Incremental |  | S + 4.75% | 0.75% | 8.75% | 10/29/2030 | 9940 | 9861 | 9895 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Second Incremental | (11) | S + 4.75% | 0.75% | 8.75% | 10/29/2030 | 585 | 560 | 560 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Revolving Credit Facility | (11) | S + 4.75% | 0.75% | 8.73% | 10/29/2029 |  |  | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Revolving Credit Facility Incremental | (11) | S + 4.75% | 0.75% | 8.73% | 10/29/2029 |  | (28) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam |  | S + 5.25% | 0.75% | 9.48% | 8/8/2031 | 24231 | 23991 | 24006 | 0.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 9.23% | 8/8/2031 |  | (39) | (35) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fullsteam - Revolving Credit Facility | (11) | S + 5.25% | 0.75% | 9.23% | 8/8/2031 |  | (26) | (26) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD EUR | UK(9)(10) | E + 5.75% | 0.00% | 7.85% | 9/9/2032 | EUR 23,138 | 26575 | 26612 | 0.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD GBP | UK(9)(10) | SO + 5.75% | 0.00% | 10.07% | 9/9/2032 | GBP 5,000 | 6620 | 6589 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthco Investment LTD - Delayed Draw Term Loan GBP | UK(9)(10)(11) | SO + 5.75% | 0.00% | 9.99% | 9/9/2032 | GBP — | (66) | (66) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JLL Partners Fund VII Secondary | (10) | S + 6.75% | 1.00% | 10.75% PIK | 4/29/2032 | 52624 | 51894 | 51882 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onbe Inc. |  | S + 5.50% | 1.00% | 9.66% | 7/25/2031 | 129025 | 126743 | 126877 | 4.58 |
|  |  |  |  |  |  |  | 426741 | 427174 | 15.43 |

---

------

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

**MSD Investment Corp.**

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

**September 30, 2025**

*(in thousands, except shares)*

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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% | 7.57% | 6/30/2030 | EUR 42,500 | 48739 | 49133 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition GBP | UK(9)(10) | SO + 5.50% | 0.75% | 9.70% | 6/30/2030 | GBP 77,500 | 102264 | 102661 | 3.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspired Pet Nutrition - Delayed Draw Term Loan | UK(9)(10)(11) | S + 5.50% | 0.75% | 9.47% | 6/30/2030 | GBP — | (213) | (211) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. |  | S + 6.65% | 1.00% | 10.96% | 10/31/2028 | 18975 | 18644 | 17622 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan |  | S + 6.65% | 1.00% | 10.67% | 10/31/2028 | 2440 | 2443 | 2311 | 0.08 |
|  |  |  |  |  |  |  | 171877 | 171516 | 6.19 |
| Capital Equipment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC |  | S + 6.00% | 1.00% | 10.00% | 10/10/2028 | 32887 | 32440 | 32479 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC - Delayed Draw Term Loan | (11) | S + 6.00% | 1.00% | 9.98% | 10/10/2028 |  | (9) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Hydraulics |  | S + 6.25% | 2.00% | 10.41% | 11/20/2030 | 89325 | 87742 | 87791 | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl | LU(9)(10) | S + 5.25% | 1.00% | 9.25% | 12/20/2029 | 18196 | 17962 | 17965 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Delayed Draw Term Loan | LU(9)(10)(11) | S + 5.25% | 1.00% | 9.23% | 12/20/2029 |  | (19) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Revolving Credit Facility | LU(9)(10)(11) | S + 5.25% | 1.00% | 9.41% | 12/20/2029 | 333 | 295 | 314 | 0.01 |
|  |  |  |  |  |  |  | 138411 | 138522 | 5.00 |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Group, Inc. |  | S + 5.75% | 0.00% | 9.77% | 11/24/2031 | 44775 | 44168 | 43040 | 1.55 |
| Construction & Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group |  | S + 6.00% | 1.00% | 10.00% | 3/4/2030 | 123125 | 121128 | 120846 | 4.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group - Delayed Draw Term Loan | (11) | S + 6.00% | 1.00% | 10.00% | 3/4/2030 | 34196 | 32887 | 32847 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. |  | S + 6.00% | 1.00% | 10.14% | 11/15/2029 | 135816 | 133491 | 133573 | 4.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. - Revolving Credit Facility | (11) | S + 6.00% | 1.00% | 9.98% | 11/15/2029 |  | (217) | (217) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC |  | S + 5.76% | 1.50% | 9.78% | 6/13/2030 | 84925 | 83515 | 83589 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC - Revolving Credit Facility | (11) | S + 5.76% | 1.50% | 9.74% | 6/13/2030 |  | (219) | (220) | (0.01) |
|  |  |  |  |  |  |  | 370585 | 370418 | 13.37 |
| Consumer Goods: Non-durable |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1440 Foods Topco LLC |  | S + 5.00% | 0.00% | 9.16% | 10/31/2031 | 19879 | 18879 | 19357 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSM Outdoors |  | S + 5.00% | 1.00% | 9.00% | 9/30/2031 | 12319 | 11543 | 12134 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. |  | S + 5.25% | 1.00% | 9.25% | 6/27/2030 | 95541 | 94729 | 94783 | 3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. - Revolving Credit Facility | (11) | S + 5.25% | 1.00% | 9.23% | 6/27/2029 |  | (45) | (45) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC |  | S + 5.50% | 0.00% | 9.63% | 10/18/2031 | 148875 | 145553 | 145463 | 5.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC - Delayed Draw Term Loan |  | S + 5.50% | 0.00% | 9.62% | 10/18/2031 | 49675 | 48522 | 48536 | 1.75 |
|  |  |  |  |  |  |  | 319181 | 320228 | 11.56 |
| Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC |  | S + 7.00% | 2.00% | 11.00% | 3/28/2029 | 28789 | 28125 | 27981 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan |  | S + 7.00% | 2.00% | 11.00% | 3/28/2029 | 14394 | 14066 | 13991 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan Add On | (11) | S + 7.00% | 2.00% | 11.00% | 3/28/2029 | 4774 | 4657 | 4660 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dellner Couplers Group AB | UK(9)(10) | E + 5.50% | 0.50% | 7.41% | 6/29/2029 | EUR 38,000 | 40517 | 44520 | 1.61 |
|  |  |  |  |  |  |  | 87365 | 91152 | 3.30 |

---

------

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

**MSD Investment Corp.**

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

**September 30, 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)** |  |  |  |  |  |  |  |  |  |
| Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CITGO Petroleum Corp. |  | N/A | N/A | 6.38% | 6/15/2026 | 2121 | 2129 | 2121 | - |
|  |  |  |  |  |  |  | 2129 | 2121 | - |
| Environmental Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark |  | S + 5.25% | 0.75% | 9.45% (Incl 2.75% PIK) | 7/31/2031 | 18578 | 18419 | 18543 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 9.45% (Incl 2.75% PIK) | 7/31/2031 | 1696 | 1675 | 1698 | 0.06 |
|  |  |  |  |  |  |  | 20094 | 20241 | 0.73 |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan A |  | S + 6.00% | 2.00% | 10.00% | 6/18/2029 | 112200 | 111577 | 111575 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan B |  | N/A | N/A | 14.75% (Incl 7.5% PIK) | 6/18/2029 | 10946 | 10714 | 10873 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan A | (11) | S + 6.00% | 2.00% | 9.98% | 6/18/2029 |  | (296) | (110) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan B | (11) | S + 6.00% | 2.00% | 10.00% | 6/18/2029 | 20922 | 20662 | 20980 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Revolving Credit Facility | (11) | S + 6.00% | 2.00% | 9.98% | 6/18/2029 |  | (49) | (49) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp |  | S + 4.10% | 0.75% | 8.10% | 10/1/2027 | 984 | 954 | 967 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSCS Holdings Inc. |  | S + 4.50% | 0.00% | 8.50% | 2/23/2032 | 27393 | 27257 | 26925 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. |  | S + 4.50% | 1.00% | 8.70% | 11/29/2030 | 50457 | 49857 | 49991 | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. - Revolving Credit Facility | (11) | S + 4.50% | 1.00% | 8.48% | 11/29/2027 |  | (70) | (61) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers |  | S + 6.00% | 0.75% | 10.16% | 11/15/2030 | 52586 | 51740 | 48667 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers - Delayed Draw Term Loan | (11) | S + 6.00% | 0.75% | 10.13% | 11/15/2030 |  | (33) | (451) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers - Revolving Credit Facility | (11) | S + 6.00% | 0.75% | 10.13% | 11/15/2029 |  | (96) | (520) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 9.16% | 6/21/2030 | 19753 | 19504 | 19519 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 9.16% | 6/21/2030 | CAD 74,063 | 53406 | 52627 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. - Delayed Draw Term Loan | (11) | S + 5.00% | 1.00% | 8.98% | 6/21/2030 |  | (111) | (110) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG | CH(9)(10) | SA + 5.50% | 0.75% | 6.25% | 2/27/2032 | CHF 131,340 | 142626 | 161138 | 5.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG - Revolving Credit Facility | CH(9)(10)(11) | SA + 5.50% | 0.75% | 6.25% | 2/27/2030 | CHF — | (433) | (499) | (0.02) |
|  |  |  |  |  |  |  | 487209 | 501462 | 18.11 |

---

------

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

**MSD Investment Corp.**

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

**September 30, 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% | 10.16% | 3/19/2031 | 26125 | 25790 | 25818 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Delayed Draw Term Loan |  | S + 6.00% | 0.75% | 10.16% | 3/19/2031 | 59375 | 58636 | 58678 | 2.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Revolving Credit Facility | (11) | S + 6.00% | 0.75% | 9.98% | 3/19/2031 |  | (111) | (112) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave - Delayed Draw Term Loan |  | S + 6.00% | 0.00% | 10.25% | 8/29/2030 | 34994 | 34565 | 34994 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave - Delayed Draw Term Loan Add on | (11) | S + 4.25% | 0.00% | 8.25% | 9/29/2030 | 48744 | 48013 | 48014 | 1.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. |  | S + 4.50% | 0.00% | 8.61% | 10/30/2031 | 33192 | 32932 | 33047 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learnosity | IE(9)(10) | S + 5.25% | 1.00% | 9.25% | 1/15/2031 | 92038 | 91150 | 91021 | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Learnosity - Revolving Credit Facility | IE(9)(10)(11) | S + 5.25% | 1.00% | 9.23% | 1/15/2031 |  | (83) | (83) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;MYOB Invest Co Pty Ltd and MYOB US Borrower LLC | AUS(9)(10) | B + 5.75% | 0.00% | 9.33% (Incl 3.00% PIK) | 6/6/2030 | AUD 75,579 | 48359 | 49278 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;SMX Group Intermediate Holdings LLC |  | S + 4.50% | 0.00% | 8.66% | 2/6/2032 | 20359 | 20168 | 20435 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco LTD | UK(9)(10) | SO + 5.00% | 0.00% | 8.97% | 6/16/2031 | GBP 9,240 | 12114 | 12384 | 0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco LTD - Delayed Draw Term Loan | UK(9)(10) | SO + 5.00% | 0.00% | 8.97% | 6/16/2031 | GBP 1,260 | 1536 | 1689 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. |  | S + 5.25% | 0.75% | 9.41% | 7/2/2029 | 74147 | 72308 | 73962 | 2.67 |
|  |  |  |  |  |  |  | 445377 | 449125 | 16.22 |
| Hotel, Gaming & Leisure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC |  | S + 4.75% | 3.00% | 8.75% | 8/15/2030 | 59004 | 58128 | 58141 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC - Delayed Draw Term Loan |  | S + 4.75% | 3.00% | 8.75% | 8/15/2030 | 173875 | 171330 | 171333 | 6.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;AmerSpirit FL LLC - Delayed Draw Term Loan 2 | (11) | S + 4.75% | 3.00% | 8.75% | 8/15/2030 | 4719 | 4212 | 4213 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chuck E. Cheese |  | S + 6.00% | 2.00% | 10.00% | 9/26/2030 | 30000 | 29551 | 29551 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. |  | S + 5.00% | 1.00% | 9.16% | 7/10/2032 | 147200 | 145015 | 145062 | 5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. - Delayed Draw Term Loan | (11) | S + 5.00% | 1.00% | 8.98% | 7/10/2032 |  | (67) | (67) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Clubcorp Holdings Inc. - Revolving Credit Facility | (11) | S + 5.00% | 1.00% | 8.98% | 7/10/2031 |  | (231) | (231) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. |  | S + 5.50% | 1.00% | 9.50% | 11/5/2029 | 98250 | 96829 | 99233 | 3.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. - Revolving Credit Facility | (11) | S + 5.50% | 1.00% | 9.73% | 11/3/2029 | 2750 | 2580 | 2750 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC |  | S + 5.75% | 2.00% | 10.08% | 1/22/2029 | 29292 | 28942 | 28904 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC - Revolving Credit Facility | (11) | S + 5.75% | 2.00% | 10.06% | 1/22/2029 | 2900 | 2768 | 2767 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC |  | S + 5.11% | 0.75% | 9.28% | 4/26/2028 | 133650 | 130789 | 132665 | 4.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC Add on |  | S + 5.00% | 0.75% | 9.16% | 4/26/2030 | 30000 | 29702 | 29719 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. |  | S + 6.25% | 1.00% | 10.54% | 1/2/2029 | 18214 | 17959 | 17930 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan | (11) | S + 6.25% | 1.00% | 10.46% | 1/2/2029 | 3643 | 3558 | 3548 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan B |  | S + 6.25% | 1.00% | 10.25% | 1/2/2029 | 3643 | 3587 | 3586 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Incremental |  | S + 6.25% | 1.00% | 10.54% | 1/2/2029 | 4250 | 4185 | 4183 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Second Incremental |  | S + 6.25% | 1.00% | 10.57% | 1/2/2029 | 1943 | 1915 | 1913 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. |  | S + 5.00% | 1.00% | 9.00% | 12/27/2028 | 65500 | 64584 | 64903 | 2.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan |  | S + 5.00% | 1.00% | 9.00% | 12/27/2028 | 10906 | 10806 | 10850 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan 2 | (11) | S + 5.00% | 1.00% | 8.98% | 12/27/2028 |  | 46 | 47 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Revolving Credit Facility | (11) | S + 5.00% | 1.00% | 8.98% | 12/27/2028 |  |  |  |  |
|  |  |  |  |  |  |  | 806188 | 811000 | 29.28 |

---

------

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

**MSD Investment Corp.**

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

**September 30, 2025**

*(in thousands, except shares)*

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 4,184 | 5568 | 5605 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raptive |  | S + 4.36% | 0.50% | 8.53% | 3/23/2028 | 11400 | 11227 | 11329 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sheffield United F.C. | UK(9)(10) | N/A | N/A | 10.70% | 5/22/2026 | GBP 4,198 | 5208 | 5634 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC | UK(9)(10) | SO + 6.00% | 0.00% | 10.11% | 9/20/2029 | GBP 56,169 | 73379 | 74767 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC - Revolving Credit Facility | UK(9)(10) | SO + 6.00% | 0.00% | 10.11% | 9/20/2029 | GBP 10,000 | 13065 | 13311 | 0.48 |
|  |  |  |  |  |  |  | 108447 | 110646 | 3.99 |
| Media: Diversified & Production |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation |  | S + 5.00% | 0.75% | 9.16% | 12/5/2031 | 58423 | 57362 | 57390 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 9.13% | 12/5/2029 |  | (105) | (105) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Bisnow |  | S + 7.50% | 3.00% | 11.50% | 5/9/2028 | 28333 | 28071 | 28124 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd |  | S + 6.10% | 0.75% | 10.10% (Incl 3.00% PIK) | 6/18/2029 | 27201 | 27019 | 25199 | 0.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd - Delayed Draw Term Loan |  | S + 6.10% | 0.75% | 10.10% (Incl 3.00% PIK) | 6/18/2029 | 10768 | 10702 | 9976 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsquare Media Inc. |  | S + 5.00% | 0.50% | 9.19% | 2/13/2030 | 49371 | 47163 | 43138 | 1.56 |
|  |  |  |  |  |  |  | 170212 | 163722 | 5.92 |
| Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Xponential Fitness LLC | (10) | S + 6.76% | 1.00% | 10.83% | 8/1/2027 | 91179 | 90253 | 91179 | 3.29 |
|  |  |  |  |  |  |  | 90253 | 91179 | 3.29 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;American Auto Auction |  | S + 4.50% | 0.00% | 8.50% | 5/22/2032 | 6247 | 6201 | 6293 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASC Engineered Solutions |  | S + 5.00% | 0.75% | 9.06% | 7/10/2031 | 49625 | 49191 | 49215 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. |  | S + 5.00% | 2.00% | 9.22% | 8/31/2028 | 65156 | 64315 | 65342 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC |  | S + 4.75% | 1.00% | 9.00% | 7/10/2031 | 51975 | 51407 | 51438 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Delayed Draw Term Loan | (11) | S + 4.75% | 1.00% | 9.17% | 7/10/2031 | 13445 | 13292 | 13294 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Revolving Credit Facility | (11) | S + 5.00% | 1.00% | 9.00% | 7/10/2031 | 190 | 126 | 125 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Brock Holdings III, LLC |  | S + 5.75% | 0.50% | 9.75% | 5/1/2030 | 24749 | 24345 | 24255 | 0.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarion Events Limited | UK(9)(10) | S + 5.73% | 1.00% | 9.89% | 9/30/2027 | 52396 | 52065 | 52527 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 5.00% | 0.75% | 9.28% | 9/9/2028 | 16455 | 16287 | 16293 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan | (11) | S + 5.00% | 0.75% | 9.27% | 9/9/2028 | 12079 | 11955 | 11959 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 9.28% | 9/9/2028 | 833 | 793 | 792 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos | (10) | S + 6.00% | 1.00% | 10.00% | 12/30/2029 | 157409 | 154706 | 155225 | 5.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC |  | S + 6.50% | 0.75% | 10.50% | 2/20/2030 | 14963 | 14693 | 14700 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC - Delayed Draw Term Loan | (11) | S + 6.50% | 0.75% | 10.48% | 2/20/2030 |  | (22) | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Winds Interactive LLC - Revolving Credit Facility | (11) | S + 6.50% | 0.75% | 10.48% | 2/20/2030 |  | (34) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company |  | S + 5.50% | 0.75% | 9.71% (Incl 2.75% PIK) | 8/22/2031 | 65066 | 63973 | 63968 | 2.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Delayed Draw Term Loan | (11) | S + 5.00% | 0.75% | 9.19% | 8/22/2031 | 2319 | 2270 | 2270 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Revolving Credit Facility | (11) | S + 5.00% | 0.75% | 9.16% | 8/22/2030 | 750 | 628 | 627 | 0.02 |

---

------

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

**MSD Investment Corp.**

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

**September 30, 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;RPX Corporation |  | S + 5.25% | 1.00% | 9.43% | 8/2/2030 | 68189 | 67320 | 67361 | 2.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation - Revolving Credit Facility | (11) | S + 5.25% | 1.00% | 9.38% | 8/2/2030 |  | (74) | (74) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. |  | S + 5.75% | 1.00% | 9.75% | 5/31/2030 | 124978 | 123492 | 123992 | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. - Revolving Credit Facility | (11) | S + 5.75% | 1.00% | 9.73% | 5/31/2029 |  | (142) | (100) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend |  | S + 6.50% | 1.50% | 10.81% | 8/1/2030 | 11880 | 11580 | 11592 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend - Revolving Credit Facility | (11) | S + 6.50% | 1.50% | 10.48% | 8/1/2029 |  | (58) | (58) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelport Finance (Luxembourg) S.A.R.L | LU(9)(10) | S + 7.89% | 1.00% | 12.18% (Incl 2.18% PIK) | 9/30/2028 | 57050 | 56780 | 47551 | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC |  | S + 5.25% | 0.75% | 9.45% | 4/30/2031 | 16437 | 16230 | 16240 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Delayed Draw Term Loan | (11) | S + 5.25% | 0.75% | 9.40% | 4/30/2031 | 985 | 949 | 950 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Revolving Credit Facility | (11) | S + 5.25% | 0.75% | 9.41% | 4/30/2030 | 1336 | 1310 | 1296 | 0.05 |
|  |  |  |  |  |  |  | 803578 | 797017 | 28.81 |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance | (14) | S + 7.00% | 1.50% | 11.00% | 5/3/2029 | 32565 | 31833 | 31863 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aviation Institute of Maintenance - Delayed Draw Term Loan | (14) | S + 7.00% | 1.50% | 11.00% | 5/3/2029 | 18973 | 18579 | 18564 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate | (10) | S + 5.75% | 0.00% | 9.93% | 11/7/2031 | 110500 | 109010 | 109053 | 3.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Delayed Draw Term Loan | (10)(11) | S + 5.75% | 0.00% | 9.73% | 11/7/2031 | 5409 | 5034 | 5035 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Revolving Credit Facility | (10)(11) | S + 5.75% | 0.00% | 9.91% | 11/7/2031 | 6000 | 5739 | 5738 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. |  | S + 4.75% | 1.00% | 8.91% | 5/10/2030 | 85775 | 84363 | 84452 | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. - Revolving Credit Facility | (11) | S + 4.75% | 1.00% | 8.73% | 5/10/2030 |  | (230) | (231) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. |  | S + 6.10% | 1.00% | 10.26% | 5/16/2031 | 124077 | 122069 | 123986 | 4.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sotheby's |  | N/A | N/A | 7.38% | 10/15/2027 | 17260 | 15391 | 17258 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan College LLC |  | S + 7.00% | 1.50% | 11.00% | 3/25/2031 | 33277 | 32328 | 32364 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spartan College LLC - Delayed Draw Term Loan | (11) | S + 7.00% | 1.50% | 10.98% | 3/25/2031 |  | 32 | 35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. |  | S + 6.35% | 1.00% | 10.35% | 12/10/2026 | 35687 | 35225 | 34128 | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Fourth Amended Term Loan |  | S + 6.35% | 1.00% | 10.35% | 12/10/2026 | 4198 | 4056 | 4015 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Incremental Term Loan |  | S + 6.35% | 1.00% | 10.35% | 12/10/2026 | 2478 | 2470 | 2370 | 0.09 |
|  |  |  |  |  |  |  | 465899 | 468630 | 16.92 |
| Telecommunications |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovate Corp. | (10) | N/A | N/A | 10.50% PIK | 2/1/2027 | 26460 | 26514 | 23672 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC | (12) | N/A | N/A | 15.5% PIK | 11/1/2023 | 15354 | 8763 | 4913 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Roll-up |  | N/A | N/A | 17.50% PIK | 12/5/2025 | 2508 | 2486 | 2232 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan | (11) | N/A | N/A | 17.50% PIK | 12/5/2025 | 2196 | 2196 | 1765 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies Inc. - Revolving Credit Facility | (11) | S + 5.75% | 1.00% | 9.75% | 5/3/2029 | 10189 | 9959 | 10189 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies Inc. |  | S + 5.75% | 1.00% | 9.75% | 5/3/2030 | 97677 | 95871 | 97677 | 3.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;ViaSat, Inc. | (10) | S + 4.61% | 0.50% | 8.75% | 5/30/2030 | 44658 | 42563 | 43901 | 1.59 |
|  |  |  |  |  |  |  | 188352 | 184349 | 6.66 |

---

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

**MSD Investment Corp.**

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

**September 30, 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)** |  |  |  |  |  |  |  |  |  |
| Transportation: Cargo |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 8.95% | 7/1/2028 | 8017 | 7877 | 8003 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Revolving Credit Facility | (11) | S + 4.75% | 0.75% | 8.73% | 3/31/2028 |  | (43) | (10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global |  | S + 4.75% | 0.75% | 8.95% | 7/1/2028 | 57900 | 56923 | 57803 | 2.09 |
|  |  |  |  |  |  |  | 64757 | 65796 | 2.38 |
| Wholesale |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. - Delayed Draw Term Loan |  | S + 7.00% | 1.00% | 11.00% | 1/31/2029 | 1583 | 1598 | 1540 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. |  | S + 7.00% | 1.00% | 11.00% | 1/31/2029 | 21600 | 21195 | 20402 | 0.74 |
|  |  |  |  |  |  |  | 22793 | 21942 | 0.80 |
| **Total First Lien Debt** |  |  |  |  |  |  | **5502919** | **5520036** | **199.31%** |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexion Holdings Corporation |  | S + 7.54% | 0.50% | 11.70% | 3/15/2030 | 24706 | 24245 | 24348 | 0.88 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 8.50% | 2.50% | 12.63% (Incl 2.00% PIK) | 3/9/2029 | 15410 | 15114 | 15565 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan |  | S + 8.50% | 2.50% | 12.63% (Incl 2.00% PIK) | 3/9/2029 | 2890 | 2836 | 2918 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trace3 Inc. |  | S + 7.76% | 0.50% | 12.08% | 10/8/2029 | 24250 | 23840 | 24250 | 0.88 |
|  |  |  |  |  |  |  | 41790 | 42733 | 1.55 |
| **Total Second Lien Debt** |  |  |  |  |  |  | **66035** | **67081** | **2.43%** |
| **Subordinated Debt** |  |  |  |  |  |  |  |  |  |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos - PIK Note | (10) | N/A | N/A | 13.00% PIK | 3/31/2030 | 1102 | 1094 | 1102 | 0.04 |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Solvias AG - Holdco Note | CH(9)(10) | N/A | N/A | 12.50% PIK | 2/27/2033 | CHF 269 | 295 | 330 | 0.01 |
| **Total Subordinated Debt** |  |  |  |  |  |  | **1389** | **1432** | **0.05%** |

---

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

**MSD Investment Corp.**

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

**September 30, 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** |  |  |  |  |  |  |  |  |  |
| Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Xponential Fitness LLC - Series A Preferred Stock | (10) |  |  | 6.50% | 6/25/2029 |  | 255 | 180 | 0.01 |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class A Preferred Stock |  |  |  | 16.00% (Incl 11.00% PIK) | 2/13/2034 | 20166 | 20027 | 20050 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class B Preferred Stock |  |  |  | 17.5% PIK | 2/13/2034 | 7535 | 7297 | 7362 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Warrant |  |  |  |  | 2/13/2034 | 4 | 189 | 659 | 0.02 |
|  |  |  |  |  |  |  | 27513 | 28071 | 1.01 |
| **Total Preferred Equity** |  |  |  |  |  |  | **27768** | **28251** | **1.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**5598111** | $**5616800** | **202.81%** |
| **Cash and Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Cash and Cash Equivalents | (13) |  |  |  |  |  | $242463 | $242463 | 8.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash and Cash Equivalents** |  |  |  |  |  |  | **242463** | **242463** | **8.76%** |
| **Total Portfolio Investments, Cash and Cash Equivalents** |  |  |  |  |  |  | $**5840574** | $**5859263** | **211.57%** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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 | $(23) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 11, 2027 | $848 | AUD 1,314 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | April 7, 2027 | $124 | AUD 193 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 11, 2026 | $856 | AUD 1,326 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 11, 2027 | $51156 | AUD 79,323 | $(1275) | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 11, 2026 | $863 | AUD 1,336 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 7, 2026 | $127 | AUD 196 | $(3) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 11, 2025 | $827 | AUD 1,283 | $(23) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 11, 2026 | $855 | AUD 1,325 | $(22) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $80 | GBP 60 | $- | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $153 | GBP 116 | $(2) | (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 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 8, 2027 | $3381 | GBP 2,558 | $(36) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $3234 | GBP 2,398 | $9 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $4707 | GBP 3,507 | $5 | 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 | $(2) | (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 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $4712 | GBP 3,499 | $10 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $4608 | GBP 3,446 | $- | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 14, 2028 | $4655 | GBP 3,578 | $(106) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 15, 2027 | $3341 | GBP 2,557 | $(78) | (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 | $(58) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 9, 2027 | $105132 | GBP 78,727 | $(45) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 8, 2026 | $158 | GBP 118 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 17, 2025 | $114366 | GBP 83,889 | $1515 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 23, 2025 | $1728 | GBP 1,277 | $11 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2026 | $1268 | CAD 1,718 | $24 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $56704 | CAD 76,721 | $945 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 3, 2025 | $1342 | CAD 1,871 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2025 | $1268 | CAD 1,719 | $27 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $638 | EUR 544 | $(4) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1289 | EUR 1,083 | $(9) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2026 | $1258 | EUR 1,064 | $(8) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $1286 | EUR 1,075 | $(11) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 8, 2027 | $34564 | EUR 28,828 | $(302) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2026 | $1255 | EUR 1,069 | $(6) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1867 | EUR 1,576 | $(23) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | January 7, 2027 | $1918 | EUR 1,609 | $(11) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 8, 2027 | $529 | EUR 444 | $(5) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 9, 2026 | $1064 | EUR 905 | $(8) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2026 | $535 | EUR 453 | $(4) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 8, 2027 | $546 | EUR 457 | $(5) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 7, 2027 | $1922 | EUR 1,605 | $(13) | (0.0)% |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Derivative Counterparty** | **Settlement Date** | **Amount Purchased** | **Amount Sold** | **Fair Value** | **% of Net Assets** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 7, 2027 | $51680 | EUR 43,078 | $(371) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2026 | $535 | EUR 452 | $(4) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 8, 2027 | $28244 | EUR 23,599 | $(271) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 17, 2025 | $44163 | EUR 37,240 | $252 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 30, 2026 | $531 | EUR 447 | $(4) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | February 26, 2027 | $158188 | CHF 131,613 | $(15977) | (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | February 27, 2026 | $2197 | CHF 1,895 | $(223) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 29, 2029 | $417 | CHF 323 | $(41) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2026 | $379 | CHF 325 | $(38) | (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 | $(220) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $386 | CHF 329 | $(40) | (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 | $(229) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 29, 2028 | $12 | CHF 10 | $(2) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 30, 2026 | $394 | CHF 333 | $(40) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 30, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | October 3, 2025 | $417 | CHF 333 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | November 27, 2026 | $2297 | CHF 1,928 | $(232) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | November 28, 2025 | $2179 | CHF 1,898 | $(221) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 29, 2028 | $13 | CHF 10 | $(1) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2025 | $383 | CHF 333 | $(39) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2026 | $398 | CHF 333 | $(40) | (0.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2027 | $12 | CHF 10 | $(1) | (0.0)% |
|  |  |  |  | $**(17366)** | **(0.7)%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest Rate Swaps as of September 30, 2025** | **Interest Rate Swaps as of September 30, 2025** | **Interest Rate Swaps as of September 30, 2025** | **Interest Rate Swaps as of September 30, 2025** | **Interest Rate Swaps as of September 30, 2025** | **Interest Rate Swaps as of September 30, 2025** | **Interest Rate Swaps as of September 30, 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 | $3817 | $— | $4676 |
| Interest rate swap | 6.25% | SOFR + 2.4115% | 5/31/2030 | $500000 | $8411 | $— | $8411 |
| Total Hedge Accounting Swaps |  |  |  | $665000 | $12228 | $— | $13087 |
| Cash collateral |  |  |  | $— | $1200 | $— | $— |
| Total derivatives |  |  |  | $665000 | $13428 | $— | $13087 |

---

(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.

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(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 September 30, 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 September 30, 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 September 30, 2025, qualifying assets represented approximately 76.8% 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 September 30, 2025, meaning that the Company has ceased recognizing interest income on these investments. As of September 30, 2025, debt investments on non-accrual status represented 0.2% 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 September 30, 2025, $184,276 was held in FGTXX and had an average one year yield of 4.32%.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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 | $22238 | $34 |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (112) |
| AmerSpirit FL LLC | Delayed Draw | 8/15/2027 | 29902 | (437) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 6283 | (105) |
| Best Trash LLC | Delayed Draw | 7/10/2026 | 2800 | (11) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (63) |
| Boasso Global | Revolver | 3/31/2028 | 6250 | (10) |
| Cadogan Tate | Delayed Draw | 10/31/2026 | 54091 | (303) |
| Cadogan Tate | Revolver | 10/31/2031 | 14000 | (183) |
| Carevet LLC | Delayed Draw | 12/18/2025 | 19800 | (110) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 12078 | 174 |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (49) |
| Clubcorp Holdings Inc. | Delayed Draw | 7/10/2027 | 9600 | (67) |
| Clubcorp Holdings Inc. | Revolver | 7/10/2031 | 16000 | (231) |
| Confluent Holdings LLC | Delayed Draw | 7/2/2026 | 9915 | 19 |
| Red Fox CD Acquisition Corp. | Delayed Draw | 11/30/2025 | 38708 | (716) |
| CoreWeave Compute Acquisition Co., IV, LLC | Delayed Draw | 3/31/2026 | 69059 | 1 |
| Disa Holdings Corp. | Delayed Draw | 3/1/2026 | 354 | (1) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 3333 | (33) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (217) |
| Faraday Buyer, LLC | Delayed Draw | 11/17/2025 | 3514 | (8) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (231) |
| Foundation Risk Partners | Delayed Draw | 2/26/2027 | 11109 | (22) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 1589 | (7) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 3748 | (16) |
| Four Winds Interactive LLC | Delayed Draw | 2/20/2027 | 2903 | (22) |
| Four Winds Interactive LLC | Revolver | 2/20/2030 | 1935 | (34) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 8263 |  |
| Fullsteam | Delayed Draw | 8/8/2027 | 8077 | (35) |
| Fullsteam | Revolver | 8/8/2031 | 2692 | (26) |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 14000 | (220) |
| Healthco Investment LTD | Delayed Draw | 2/19/2029 | 6723 | (66) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 9750 | - |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 7100 | (94) |
| Inframark | Delayed Draw | 7/31/2026 | 1818 | 6 |
| Inspired Pet Nutrition | Delayed Draw | 9/1/2028 | 28907 | (211) |
| K1 Speed Inc. | Delayed Draw | 1/2/2026 | 2429 | (38) |
| Learnosity | Revolver | 1/15/2031 | 7500 | (83) |
| Legends Hospitality | Delayed Draw | 8/22/2026 | 1425 | (10) |
| Legends Hospitality | Revolver | 8/22/2030 | 6750 | (110) |
| Ligado Networks LLC | Delayed Draw | 12/5/2025 | 1726 | (190) |
| Maxar Technologies Inc. | Revolver | 5/3/2029 | 5316 | - |
| Natural Partners, Inc. | Revolver | 3/15/2028 | 6563 | (61) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (45) |
| PetVet Care Centers | Delayed Draw | 11/15/2025 | 6981 | (451) |
| PetVet Care Centers | Revolver | 11/15/2029 | 6981 | (520) |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2026 | 25253 | (110) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (74) |
| Sandlot Baseball Borrower Co. | Delayed Draw | 6/5/2026 | 53333 | 47 |
| Sandlot Baseball Borrower Co. | Revolver | 12/27/2028 | 10000 | - |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2026 | 12500 | 84 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (458) |
| Solvias AG | Revolver | 2/27/2030 | 22602 | (499) |
| Spartan College LLC | Delayed Draw | 9/25/2026 | 13702 | 35 |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (100) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 6/6/2027 | 4712 | (17) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 5288 | (45) |
| Townsend | Revolver | 8/1/2030 | 2500 | (58) |
| Trillium FlowControl | Delayed Draw | 6/20/2026 | 3667 | (19) |
| Trillium FlowControl | Revolver | 12/20/2029 | 2667 | (17) |
| USA Debusk LLC | Delayed Draw | 4/30/2026 | 5115 | (23) |
| USA Debusk LLC | Revolver | 4/30/2030 | 2099 | (24) |
| Total Unfunded Commitments |  |  | $736528 | $(6192) |

---

*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, 2024**

*(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. |  | S + 5.00% | 0.75% | 9.49% | 1/9/2030 | 9681 | 9520 | 9681 | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. |  | S + 5.00% | 0.75% | 9.49% | 1/9/2030 | 59858 | 58714 | 59858 | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontgrade Technologies Inc. - Revolving Credit Facility | (12) | S + 5.00% | 0.75% | 11.06% | 1/9/2028 |  | (122) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC |  | S + 6.60% | 1.50% | 11.11% | 5/28/2029 | 111094 | 108544 | 108646 | 4.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Delayed Draw Term Loan | (12) | S + 6.60% | 1.50% | 10.91% | 5/28/2029 |  |  | 37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sky Merger Sub, LLC - Revolving Credit Facility | (12) | S + 6.60% | 1.50% | 10.91% | 5/28/2029 |  | (550) | (551) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. |  | S + 5.00% | 1.00% | 9.28% | 8/16/2027 | 10604 | 10488 | 10510 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan A | (12) | S + 5.00% | 1.00% | 9.28% | 8/16/2027 | 7656 | 7400 | 7529 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Delayed Draw Term Loan |  | S + 5.00% | 1.00% | 9.28% | 8/16/2027 | 6622 | 6532 | 6563 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Systems Planning and Analysis, Inc. - Revolving Credit Facility | (12) | S + 5.00% | 1.00% | 10.25% | 8/16/2027 |  | (53) | (52) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;The Nordam Group Inc. |  | S + 5.60% | 0.00% | 9.96% | 4/9/2026 | 11522 | 10963 | 11465 | 0.48 |
|  |  |  |  |  |  |  | 211436 | 213686 | 8.89 |
| Automotive |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan Purchaser, Inc. |  | S + 6.00% | 1.00% | 10.32% | 3/1/2030 | 10979 | 10893 | 11075 | 0.46 |
| Banking, Finance, Insurance & Real Estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management - Delayed Draw Term Loan |  | S + 4.75% | 0.75% | 9.34% | 11/1/2029 | 49277 | 48703 | 49277 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance | (11) | S + 6.00% | 1.00% | 10.33% PIK | 12/10/2029 | 26158 | 25898 | 25900 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;ALF Finance - Delayed Draw Term Loan | (11)(12) | S + 6.00% | 1.00% | 10.33% PIK | 12/10/2029 | 7524 | 7453 | 7453 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardonagh Midco 3 PLC | UK(10)(11) | S + 4.75% | 0.50% | 9.90% | 2/15/2031 | 29398 | 28999 | 29009 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners |  | S + 5.25% | 0.75% | 9.58% | 10/29/2030 | 19789 | 19742 | 19745 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan |  | S + 5.25% | 0.75% | 9.58% | 10/29/2030 | 44813 | 44038 | 44712 | 1.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Delayed Draw Term Loan Incremental | (12) | S + 5.25% | 0.75% | 9.61% | 10/29/2030 | 5098 | 5031 | 5100 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Revolving Credit Facility | (12) | S + 5.25% | 0.75% | 9.56% | 10/29/2029 |  |  | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners - Revolving Credit Facility Incremental | (12) | S + 5.25% | 0.75% | 9.56% | 10/29/2029 |  | (33) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Onbe Inc. |  | S + 5.50% | 1.00% | 9.86% | 7/25/2031 | 130000 | 127478 | 127560 | 5.31 |
|  |  |  |  |  |  |  | 307309 | 308744 | 12.85 |
| Beverage, Food & Tobacco |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. |  | S + 6.65% | 1.00% | 11.24% | 10/31/2028 | 19073 | 18667 | 18410 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan |  | S + 6.65% | 1.00% | 11.24% | 10/31/2028 | 2452 | 2446 | 2412 | 0.10 |
|  |  |  |  |  |  |  | 21113 | 20822 | 0.87 |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(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)** |  |  |  |  |  |  |  |  |  |
| Capital Equipment |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC |  | S + 6.00% | 1.00% | 10.33% | 10/10/2028 | 33139 | 32587 | 32627 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Faraday Buyer, LLC - Delayed Draw Term Loan | (12) | S + 6.00% | 1.00% | 10.31% | 10/10/2028 |  | (19) | (19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Platform Buyer, LLC |  | S + 5.25% | 0.75% | 9.58% | 1/19/2031 | 7402 | 7301 | 7306 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Platform Buyer, LLC - Delayed Draw Term Loan | (12) | S + 5.25% | 0.75% | 9.58% | 1/19/2031 |  | (9) | (8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Hydraulics |  | S + 6.25% | 2.00% | 10.61% | 11/20/2030 | 90000 | 88223 | 88234 | 3.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl | LU(10)(11) | S + 5.25% | 1.00% | 9.60% | 12/20/2029 | 18333 | 18061 | 18060 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Delayed Draw Term Loan | LU(10)(11)(12) | S + 5.25% | 1.00% | 9.56% | 12/20/2029 |  | (27) | (27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trillium FlowControl - Revolving Credit Facility | LU(10)(11)(12) | S + 5.25% | 1.00% | 9.56% | 12/20/2029 |  | (45) | (22) |  |
|  |  |  |  |  |  |  | 146072 | 146151 | 6.08 |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;TPC Group, Inc. |  | S + 5.75% | 0.00% | 10.11% | 11/24/2031 | 45000 | 44329 | 44719 | 1.86 |
| Construction & Building |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group |  | S + 6.00% | 1.00% | 10.33% | 3/4/2030 | 124062 | 121795 | 121923 | 5.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cook & Boardman Group - Delayed Draw Term Loan | (12) | S + 6.00% | 1.00% | 10.33% | 3/4/2030 | 12584 | 12221 | 12240 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. |  | S + 6.00% | 1.00% | 10.40% | 11/15/2029 | 136842 | 134147 | 134174 | 5.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elessent Clean Technologies Inc. - Revolving Credit Facility | (12) | S + 6.00% | 1.00% | 10.31% | 11/15/2029 |  | (256) | (257) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC |  | S + 5.76% | 1.50% | 10.01% | 6/13/2030 | 85570 | 83964 | 84016 | 3.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Day Improvements LLC - Revolving Credit Facility | (12) | S + 5.76% | 1.50% | 10.07% | 6/13/2030 |  | (254) | (254) | (0.01) |
|  |  |  |  |  |  |  | 351617 | 351842 | 14.66 |
| Consumer Goods: Durable |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Victra Finance Corp. |  | S + 5.25% | 0.75% | 9.61% | 3/31/2029 | 88861 | 88590 | 89860 | 3.74 |
| Consumer Goods: Non-durable |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1440 Foods Topco LLC |  | S + 5.00% | 0.00% | 9.36% | 10/31/2031 | 20000 | 18903 | 19025 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;GSM Outdoors |  | S + 5.00% | 1.00% | 9.33% | 9/30/2031 | 14963 | 13938 | 14607 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. |  | S + 5.25% | 1.00% | 9.58% | 6/27/2030 | 96266 | 95345 | 95386 | 3.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parfums Holdings Co. - Revolving Credit Facility | (12) | S + 5.25% | 1.00% | 9.56% | 6/27/2029 |  | (54) | (54) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Valeron Group, LLC |  | S + 5.50% | 0.00% | 9.93% | 10/18/2031 | 150000 | 146310 | 146358 | 6.09 |
|  |  |  |  |  |  |  | 274442 | 275322 | 11.46 |
| Containers, Packaging & Glass |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Delayed Draw Term Loan | (11)(12) | S + 5.75% | 0.00% | 10.06% | 10/31/2031 |  | (428) | (425) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate - Revolving Credit Facility | (11)(12) | S + 5.75% | 0.00% | 10.13% | 10/31/2031 | 1300 | 1006 | 1007 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC |  | S + 7.00% | 2.00% | 11.33% | 3/28/2029 | 28789 | 28015 | 28057 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dellner Couplers Group AB | UK(10)(11) | L + 5.50% | 0.50% | 8.22% | 6/29/2029 | EUR 38,000 | 40389 | 38792 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent Holdings LLC - Delayed Draw Term Loan | (12) | S + 7.00% | 2.00% | 11.33% | 3/28/2029 | 10076 | 9823 | 9840 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Klockner Pentaplast of America Inc. | (11) | S + 4.75% | 0.00% | 9.72% | 2/9/2026 | 680 | 651 | 617 | 0.03 |
|  |  |  |  |  |  |  | 79456 | 77888 | 3.25 |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(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)** |  |  |  |  |  |  |  |  |  |
| Energy: Oil & Gas |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CITGO Petroleum Corp. |  | N/A | N/A | 6.38% | 6/15/2026 | 2121 | 2136 | 2123 | 0.09 |
| Environmental Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark |  | S + 5.50% | 0.75% | 10.09% (Incl 3.00% PIK) | 7/31/2031 | 18129 | 17952 | 17958 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inframark - Delayed Draw Term Loan | (12) | S + 5.00% | 0.75% | 9.36% | 7/31/2031 | 140 | 124 | 124 | 0.01 |
|  |  |  |  |  |  |  | 18076 | 18082 | 0.76 |
| Healthcare & Pharmaceuticals |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan A |  | S + 6.00% | 2.00% | 10.33% | 6/18/2029 | 112200 | 111475 | 111375 | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Term Loan B |  | N/A | N/A | 14.75% (Incl 7.5% PIK) | 6/18/2029 | 10385 | 10114 | 10260 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan A | (12) | S + 6.00% | 2.00% | 10.31% | 6/18/2029 |  | (354) | (354) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Delayed Draw Term Loan B | (12) | S + 6.00% | 2.00% | 10.31% | 6/18/2029 |  | 69 | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CareVet LLC - Revolving Credit Facility | (12) | S + 6.00% | 2.00% | 10.31% | 6/18/2029 |  | (59) | (59) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gainwell Acquisition Corp |  | S + 4.10% | 0.75% | 8.43% | 10/1/2027 | 992 | 951 | 959 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers |  | S + 6.00% | 0.75% | 10.36% | 11/15/2030 | 52988 | 52035 | 52921 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers - Delayed Draw Term Loan | (12) | S + 6.00% | 0.75% | 10.31% | 11/15/2030 |  | (47) | 61 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PetVet Care Centers - Revolving Credit Facility | (12) | S + 6.00% | 0.75% | 10.31% | 11/15/2029 |  | (113) | (66) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 9.36% | 6/21/2030 | 19903 | 19620 | 19630 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. |  | S + 5.00% | 1.00% | 9.36% | 6/21/2030 | CAD 74,625 | 53726 | 51170 | 2.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmalogic Holdings Corp. - Delayed Draw Term Loan | (12) | S + 5.00% | 1.00% | 9.31% | 6/21/2030 |  | (157) | (156) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. |  | S + 4.65% | 1.00% | 9.16% | 11/29/2027 | 50847 | 50239 | 49903 | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Partners, Inc. - Revolving Credit Facility | (12) | S + 4.65% | 1.00% | 8.96% | 11/29/2027 |  | (83) | (122) | (0.01) |
|  |  |  |  |  |  |  | 297416 | 295593 | 12.31 |
| High Tech Industries |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. |  | S + 6.50% | 0.75% | 10.86% | 3/19/2031 | 26125 | 25752 | 25777 | 1.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Revolving Credit Facility | (12) | S + 6.50% | 0.75% | 10.81% | 3/19/2031 |  | (126) | (127) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alteryx, Inc. - Delayed Draw Term Loan |  | S + 6.50% | 0.75% | 10.86% | 3/19/2031 | 59375 | 58552 | 58583 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coreweave - Delayed Draw Term Loan | (12) | S + 6.00% | 0.00% | 10.66% | 8/29/2029 | 26703 | 26356 | 26332 | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inmar, Inc. |  | S + 5.00% | 1.00% | 9.36% | 5/1/2026 | 29925 | 29378 | 29972 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco LTD | UK(10)(11) | SO + 5.00% | 0.00% | 9.70% | 6/16/2031 | GBP 9,240 | 12100 | 11497 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;TIC Bidco LTD - Delayed Draw Term Loan | UK(10)(11)(12) | SO + 5.00% | 0.00% | 9.70% | 6/16/2031 |  | (16) | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Watchguard Technologies, Inc. |  | S + 5.25% | 0.75% | 9.61% | 7/2/2029 | 59695 | 57654 | 59005 | 2.46 |
|  |  |  |  |  |  |  | 209650 | 211030 | 8.79 |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(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;Chuck E. Cheese |  | N/A | N/A | 6.75% | 5/1/2026 | 17534 | 17032 | 17389 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;ClubCorp Holdings Inc. |  | S + 5.26% | 0.00% | 9.59% | 9/18/2026 | 71257 | 68706 | 71376 | 2.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. |  | S + 5.50% | 1.00% | 9.83% | 11/5/2029 | 99000 | 97338 | 99166 | 4.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels, L.P. - Revolving Credit Facility | (12) | S + 5.50% | 1.00% | 9.81% | 11/3/2029 |  | (201) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC |  | S + 5.75% | 2.00% | 10.38% | 1/22/2029 | 29292 | 28869 | 28816 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hotel Equities Group, LLC - Revolving Credit Facility | (12) | S + 5.75% | 2.00% | 10.06% | 1/22/2029 |  | (162) | (162) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;J&J Ventures Gaming LLC |  | S + 5.11% | 0.75% | 9.47% | 4/26/2028 | 134662 | 131066 | 131176 | 5.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. |  | S + 6.25% | 1.00% | 10.73% | 1/2/2029 | 18214 | 17907 | 17865 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Incremental |  | S + 6.25% | 1.00% | 10.73% | 1/2/2029 | 6193 | 6077 | 6074 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. Second Incremental |  | S + 6.25% | 1.00% | 10.82% | 1/2/2029 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. DDTL B |  | S + 6.25% | 1.00% | 10.58% | 1/2/2029 | 3643 | 3576 | 3573 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;K1 Speed Inc. - Delayed Draw Term Loan | (12) | S + 6.25% | 1.00% | 10.89% | 1/2/2029 | 2429 | 2325 | 2312 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. |  | S + 5.75% | 1.00% | 10.08% | 12/27/2028 | 66000 | 64898 | 64947 | 2.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandlot Baseball Borrower Co. - Delayed Draw Term Loan | (12) | S + 5.75% | 1.00% | 10.08% | 12/27/2028 | 19413 | 19149 | 19159 | 0.80 |
|  |  |  |  |  |  |  | 456580 | 461691 | 19.21 |
| Media: Advertising, Printing & Publishing |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nottingham Forest | UK(10)(11) | N/A | N/A | 12.94% PIK | 7/15/2028 | GBP 4,184 | 5550 | 5212 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sheffield United F.C. | UK(10)(11) | N/A | N/A | 10.70% | 7/22/2026 | GBP 10,783 | 13354 | 13445 | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC | UK(10)(11) | SO + 6.00% | 0.00% | 10.85% | 9/23/2029 | GBP 70,000 | 91300 | 86576 | 3.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southampton FC - Revolving Credit Facility | UK(10)(11) | SO + 6.00% | 0.00% | 10.85% | 9/23/2029 | GBP 10,000 | 13043 | 12368 | 0.51 |
|  |  |  |  |  |  |  | 123247 | 117601 | 4.89 |
| Media: Broadcasting & Subscription |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;E.W. Scripps | (11) | S + 2.68% | 0.75% | 7.03% | 5/1/2026 | 22722 | 21839 | 21983 | 0.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;E.W. Scripps | (11) | N/A | N/A | 5.88% | 7/15/2027 | 100 | 70 | 81 |  |
|  |  |  |  |  |  |  | 21909 | 22064 | 0.92 |
| Media: Diversified & Production |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd |  | S + 6.10% | 0.75% | 10.43% (Incl 4.00% PIK) | 6/18/2027 | 45194 | 44764 | 43197 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Candle Media Co Ltd - Delayed Draw Term Loan |  | S + 6.10% | 0.75% | 10.43% (Incl 4.00% PIK) | 6/18/2027 | 17891 | 17736 | 17101 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Getty Images Inc. | (11) | S + 4.60% | 0.00% | 8.88% | 2/19/2026 | 15927 | 15909 | 15854 | 0.66 |
|  |  |  |  |  |  |  | 78409 | 76152 | 3.17 |
| Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Xponential Fitness LLC | (11) | S + 6.61% | 1.00% | 11.28% | 3/15/2026 | 87015 | 85883 | 87015 | 3.62 |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(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 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ASC Engineered Solutions |  | S + 5.00% | 0.75% | 9.59% | 7/10/2031 | 50000 | 49511 | 49534 | 2.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation |  | S + 5.00% | 0.75% | 9.36% | 12/5/2031 | 58717 | 57546 | 57555 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;AVSC Holding Corporation - Revolving Credit Facility | (12) | S + 5.00% | 0.75% | 9.33% | 12/5/2029 |  | (124) | (124) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO USA, P.C. |  | S + 5.00% | 2.00% | 9.52% | 8/31/2028 | 65654 | 64615 | 64661 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC |  | S + 5.00% | 1.00% | 9.33% | 7/10/2031 | 52369 | 51732 | 51758 | 2.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Delayed Draw Term Loan | (12) | S + 5.00% | 1.00% | 9.31% | 7/10/2031 |  | (89) | (88) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Best Trash LLC - Revolving Credit Facility | (12) | S + 5.00% | 1.00% | 9.33% | 7/10/2031 | 190 | 117 | 117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brock Holdings III, LLC |  | S + 6.00% | 0.50% | 10.33% | 5/1/2030 | 24937 | 24473 | 25021 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarion Events Limited | UK(10)(11) | S + 5.73% | 1.00% | 9.38% | 9/30/2027 | 52494 | 52029 | 52641 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 5.00% | 0.75% | 9.50% | 9/9/2028 | 16580 | 16371 | 16376 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan | (12) | S + 5.00% | 0.75% | 9.40% | 9/9/2028 | 1434 | 1364 | 1364 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Revolving Credit Facility | (12) | S + 5.00% | 0.75% | 9.31% | 9/9/2028 |  | (51) | (51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos | (11) | S + 6.00% | 1.00% | 10.32% | 12/30/2029 | 136500 | 133774 | 133770 | 5.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company |  | S + 5.50% | 0.75% | 10.02% (Incl 2.75% PIK) | 8/22/2031 | 64198 | 62955 | 62979 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Delayed Draw Term Loan | (12) | S + 5.00% | 0.75% | 9.31% | 8/22/2031 |  | (34) | (34) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality Holding Company - Revolving Credit Facility | (12) | S + 5.00% | 0.75% | 9.45% | 8/22/2031 | 750 | 608 | 608 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation |  | S + 5.50% | 1.00% | 10.02% | 8/2/2030 | 68705 | 67717 | 67746 | 2.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;RPX Corporation | (12) | S + 5.50% | 1.00% | 9.83% | 8/2/2030 |  | (85) | (85) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. | (15) | S + 5.75% | 1.00% | 10.08% | 5/31/2030 | 125927 | 124248 | 124777 | 5.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;SurveyMonkey Global Inc. - Revolving Credit Facility | (12)(15) | S + 5.75% | 1.00% | 10.06% | 5/31/2029 |  | (177) | (120) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend |  | S + 6.50% | 1.50% | 11.09% | 8/1/2030 | 11970 | 11625 | 11636 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Townsend - Revolving Credit Facility | (12) | S + 6.50% | 1.50% | 10.81% | 8/1/2029 |  | (71) | (69) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelport Finance (Luxembourg) S.A.R.L | LU(10)(11) | S + 8.26% | 1.00% | 12.85% (Incl 5.85% PIK) | 9/30/2028 | 55615 | 55283 | 51890 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC |  | S + 5.25% | 0.75% | 9.61% | 4/30/2031 | 16562 | 16329 | 16337 | 0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Delayed Draw Term Loan | (12) | S + 5.25% | 0.75% | 9.89% | 4/30/2031 | 687 | 644 | 645 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Debusk LLC - Revolving Credit Facility | (12) | S + 5.25% | 0.75% | 9.61% | 4/30/2030 | 687 | 656 | 656 | 0.03 |
|  |  |  |  |  |  |  | 790966 | 789500 | 32.84 |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadogan Tate | (11) | S + 5.75% | 0.00% | 10.27% | 10/31/2031 | 110500 | 108860 | 108882 | 4.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. |  | S + 5.25% | 1.00% | 9.61% | 5/10/2030 | 85775 | 84177 | 84244 | 3.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;FEG, Inc. - Revolving Credit Facility | (12) | S + 5.25% | 1.00% | 9.56% | 5/10/2030 |  | (268) | (268) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. |  | S + 6.10% | 1.00% | 10.46% | 5/16/2031 | 125020 | 122788 | 122741 | 5.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sotheby's |  | N/A | N/A | 7.38% | 10/15/2027 | 17260 | 14818 | 17064 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. |  | S + 6.50% | 1.00% | 10.75% | 6/10/2026 | 35616 | 34982 | 35326 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Fourth Amended Term Loan |  | S + 6.50% | 1.00% | 10.75% | 6/10/2026 | 4190 | 3926 | 4156 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vision Purchaser Corp. - Incremental Term Loan |  | S + 6.50% | 1.00% | 10.75% | 6/10/2026 | 2473 | 2457 | 2452 | 0.10 |
|  |  |  |  |  |  |  | 371740 | 374597 | 15.58 |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(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)** |  |  |  |  |  |  |  |  |  |
| Sovereign & Public Finance |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cotulla Acquisition Co. |  | S + 7.00% | 1.50% | 11.33% | 5/3/2029 | 32565 | 31708 | 31717 | 1.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cotulla Acquisition Co. - Delayed Draw Term Loan |  | S + 7.00% | 1.50% | 11.33% | 5/3/2029 | 18973 | 18497 | 18479 | 0.77 |
|  |  |  |  |  |  |  | 50205 | 50196 | 2.09 |
| Telecommunications |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovate Corp. | (11) | N/A | N/A | 8.50% | 2/1/2026 | 24000 | 24019 | 19908 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligado Networks LLC | (13) | N/A | N/A | 15.5% PIK | 11/1/2023 | 12853 | 11071 | 4391 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies Inc. - Revolving Credit Facility | (12) | S + 5.75% | 1.00% | 10.08% | 5/3/2029 | 7088 | 6811 | 7088 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maxar Technologies Inc. |  | S + 5.75% | 1.00% | 10.08% | 5/3/2030 | 98424 | 96365 | 98424 | 4.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;ViaSat, Inc. | (11) | S + 4.61% | 0.50% | 9.06% | 5/30/2030 | 58595 | 55673 | 52113 | 2.17 |
|  |  |  |  |  |  |  | 193939 | 181924 | 7.58 |
| Transportation: Cargo |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Delayed Draw Term Loan | (12) | S + 4.75% | 0.75% | 9.34% | 7/1/2028 | 8078 | 7896 | 8076 | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Revolving Credit Facility | (12) | S + 4.75% | 0.75% | 9.06% | 7/1/2026 |  | (86) | (11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global |  | S + 4.75% | 0.75% | 9.34% | 7/1/2028 | 58341 | 57048 | 58217 | 2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boasso Global - Delayed Draw Term Loan - Incremental | (12) | S + 4.75% | 0.75% | 9.06% | 7/1/2028 |  | (14) | 12 |  |
|  |  |  |  |  |  |  | 64844 | 66294 | 2.76 |
| Transportation: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beacon Mobility Corp. - Delayed Draw Term Loan |  | S + 8.60% | 0.00% | 13.07% PIK | 12/31/2025 | 1387 | 1378 | 1386 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beacon Mobility Corp. |  | S + 8.60% | 0.00% | 13.07% PIK | 12/31/2025 | 57179 | 56524 | 57133 | 2.38 |
|  |  |  |  |  |  |  | 57902 | 58519 | 2.44 |
| Wholesale |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. - Delayed Draw Term Loan | (12) | S + 6.25% | 1.00% | 10.50% | 1/31/2029 | 1595 | 1543 | 1546 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;DFS Holdings Company, Inc. |  | S + 6.25% | 1.00% | 10.50% | 1/31/2029 | 21766 | 21279 | 21319 | 0.89 |
|  |  |  |  |  |  |  | 22822 | 22865 | 0.95 |
| **Total First Lien Debt** |  |  |  |  |  |  | **4380981** | **4375355** | **182.12%** |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(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** |
| **Second Lien Debt** |  |  |  |  |  |  |  |  |  |
| Chemicals, Plastics & Rubber |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexion Holdings Corporation |  | S + 7.54% | 0.50% | 11.89% | 3/15/2030 | 24706 | 24186 | 23316 | 0.97 |
| Hotel, Gaming & Leisure |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohegan Gaming & Entertainment |  | N/A | N/A | 8.00% | 2/1/2026 | 24295 | 24038 | 24150 | 1.01 |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. |  | S + 8.50% | 2.50% | 12.99% (Incl 2.00% PIK) | 3/9/2029 | 15153 | 14810 | 14963 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;DISA Holdings Corp. - Delayed Draw Term Loan |  | S + 8.50% | 2.50% | 12.99% (Incl 2.00% PIK) | 3/9/2029 | 2841 | 2779 | 2806 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trace3 Inc. |  | S + 7.76% | 0.50% | 12.42% | 10/8/2029 | 24250 | 23776 | 24250 | 1.01 |
|  |  |  |  |  |  |  | 41365 | 42019 | 1.75 |
| **Total Second Lien Debt** |  |  |  |  |  |  | **89589** | **89485** | **3.73%** |
| **Subordinated Debt** |  |  |  |  |  |  |  |  |  |
| Services: Business |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethos - PIK Note | (9)(11) | N/A | N/A | 13.00% PIK | 3/31/2030 | 1000 | 990 | 990 | 0.04 |
| **Total Subordinated Debt** |  |  |  |  |  |  | **990** | **990** | **0.04%** |
| **Preferred Equity** |  |  |  |  |  |  |  |  |  |
| Banking, Finance, Insurance & Real Estate |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accession Risk Management - Preferred Stock |  |  |  | 13.25% PIK | 8/15/2033 |  | 117 | 118 |  |
| Consumer goods: Non-durable |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Protective Industrial Products Inc. - Series A Preferred |  |  |  | 13.00% PIK |  | 37 | 37027 | 37155 | 1.55 |
| Retail |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Xponential Fitness LLC - Series A Preferred Stock | (11) |  |  | 6.50% | 6/25/2029 |  | 267 | 189 | 0.01 |
| Services: Consumer |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class A Preferred Stock |  |  |  | 16.00% (Incl 11.00% PIK) | 2/13/2034 | 19184 | 19073 | 19004 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Class B Preferred Stock |  |  |  | 17.5% PIK | 2/13/2034 | 6950 | 6724 | 6689 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolis Technologies Inc. - Warrant |  |  |  |  | 2/13/2034 | 4 | 189 | 79 |  |
|  |  |  |  |  |  |  | 25986 | 25772 | 1.08 |
| **Total Preferred Equity** |  |  |  |  |  |  | **63397** | **63234** | **2.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**4534957** | $**4529064** | **188.53%** |
| **Cash and Cash Equivalents** |  |  |  |  |  |  |  |  |  |
| Cash and Cash Equivalents | (14) |  |  |  |  |  | $109302 | $109302 | 4.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Cash and Cash Equivalents** |  |  |  |  |  |  | **109302** | **109302** | **4.54%** |
| **Total Portfolio Investments, Cash and Cash Equivalents** |  |  |  |  |  |  | $**4644259** | $**4638366** | **193.07%** |

---

------

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

**MSD Investment Corp.**

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

**December 31, 2024**

*(in thousands, except shares)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Derivative Counterparty** | **Settlement Date** | **Amount Purchased** | **Amount Sold** | **Fair Value** | **% of Net Assets** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 19, 2025 | $25407 | GBP 20,029 | $338 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 14, 2028 | $4655 | GBP 3,578 | $176 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 15, 2027 | $3341 | GBP 2,557 | $146 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 31, 2025 | $105726 | GBP 80,000 | $5598 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 31, 2025 | $1024 | GBP 790 | $36 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | July 31, 2025 | $1251 | GBP 988 | $16 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2025 | $1354 | CAD 1,845 | $67 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 31, 2026 | $1268 | CAD 1,718 | $52 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2025 | $1340 | CAD 1,823 | $63 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | June 30, 2026 | $56704 | CAD 76,721 | $2224 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | September 29, 2025 | $1315 | CAD 1,786 | $60 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | December 31, 2025 | $1268 | CAD 1,719 | $54 | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie | March 19, 2025 | $39318 | EUR 37,240 | $611 | 0.0% |
|  |  |  |  | $**9441** | **0.4%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest Rate Swaps as of December 31, 2024** | **Interest Rate Swaps as of December 31, 2024** | **Interest Rate Swaps as of December 31, 2024** | **Interest Rate Swaps as of December 31, 2024** | **Interest Rate Swaps as of December 31, 2024** | **Interest Rate Swaps as of December 31, 2024** | **Interest Rate Swaps as of December 31, 2024** |
|  | **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 | $(859) | $— | $(859) |
| Cash collateral |  |  |  |  | 410 |  |  |
| Total derivatives |  |  |  | $165000 | $(449) | $— | $(859) |

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(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 debt investments are pledged as collateral under the Company's credit facilities. As defined below (see [<u>Note 7. Borrowings</u>](#note_7_borrowings)), credit facilities, 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"), or Sterling Overnight Index Average ("**SONIA**") (denoted as "SO") 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, 2024

(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, 2024.

(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)These debt investments are not pledged as collateral under any of the Company's Credit Facilities. For other debt investments that are pledged to 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.

(10)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"), and the United Kingdom (denoted as "UK"). Portfolio companies domiciled in a foreign country are not "qualifying assets" under Section 55(a) of the 1940 Act.

(11)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, qualifying assets represented approximately 83.0% of total assets as calculated in accordance with regulatory requirements.

(12)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 and fair value results from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company's unfunded commitments (all commitments are first lien, unless otherwise noted).

(13)Investment was on non-accrual status as of December 31, 2024, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2024, debt investments on non-accrual status represented 0.0% and 0.0% of total investments on an amortized cost basis and fair value basis, respectively.

(14)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, 2024, $76,832 was held in FGTXX and had an average one year yield of 5.06%.

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(15)Portfolio company formerly known as Momentive Global.

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| ALF Finance | Delayed Draw | 12/10/2029 | $29000 | $3 |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (127) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 6283 | (124) |
| Best Trash LLC | Delayed Draw | 7/10/2031 | 16250 | (88) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (71) |
| Boasso Global | Delayed Draw | 7/1/2028 | 1175 | 15 |
| Boasso Global | Delayed Draw | 7/1/2028 | 4038 | 12 |
| Boasso Global | Revolver | 7/1/2026 | 6250 | (11) |
| Cadogan Tate | Delayed Draw | 10/31/2031 | 59500 | (425) |
| Cadogan Tate | Revolver | 10/31/2031 | 18700 | (274) |
| Carevet LLC | Delayed Draw | 6/18/2029 | 19800 | (354) |
| Carevet LLC | Delayed Draw | 6/18/2029 | 33000 | 71 |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (59) |
| Confluent Holdings LLC | Delayed Draw | 3/28/2029 | 4318 | 20 |
| CoreWeave Compute Acquisition Co., IV, LLC | Delayed Draw | 8/29/2029 | 26094 | 15 |
| DFS Holding Company | Delayed Draw | 1/31/2029 | 3000 | (17) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 4166 | (51) |
| Disa Holdings Corp. | Delayed Draw | 9/9/2028 | 11063 | (53) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (257) |
| Faraday Buyer, LLC | Delayed Draw | 10/10/2028 | 3514 | (19) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (268) |
| Foundation Risk Partners | Delayed Draw | 10/29/2030 | 4898 | 13 |
| Foundation Risk Partners | Revolver | 10/29/2029 | 1589 | (4) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 3748 | (8) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 8263 |  |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 14000 | (254) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 12500 |  |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 10000 | (162) |
| Inframark | Delayed Draw | 7/31/2031 | 3364 | (15) |
| K1 Speed Inc. | Delayed Draw | 1/2/2029 | 3643 | (70) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| Legends Hospitality | Delayed Draw | 8/22/2031 | 3750 | (34) |
| Legends Hospitality | Revolver | 8/22/2031 | 6750 | (128) |
| Maxar Technologies Inc. | Revolver | 5/3/2029 | 8417 | - |
| Natural Partners, Inc. | Revolver | 11/29/2027 | 6563 | (122) |
| Neptune Platform Buyer, LLC | Delayed Draw | 1/19/2031 | 1544 | (8) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (54) |
| PetVet Care Centers | Delayed Draw | 11/15/2030 | 6981 | 61 |
| PetVet Care Centers | Revolver | 11/15/2029 | 6981 | (66) |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2030 | 25253 | (156) |
| Red Fox CD Acquisition Corp. | Delayed Draw | 3/4/2030 | 7364 | (127) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (85) |
| Sandlot Baseball Borrower Co. | Delayed Draw | 12/27/2028 | 13800 | 56 |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2029 | 12500 | 37 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (551) |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (120) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 8/16/2027 | 42286 | (59) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 5827 | (52) |
| TIC Bidco LTD | Delayed Draw | 6/16/2031 | 1577 | (9) |
| Townsend | Revolver | 8/1/2029 | 2500 | (69) |
| Trillium FlowControl | Delayed Draw | 12/20/2029 | 3667 | (27) |
| Trillium FlowControl | Revolver | 12/20/2029 | 3000 | (22) |
| USA Debusk LLC | Delayed Draw | 4/30/2031 | 5420 | (33) |
| USA Debusk LLC | Revolver | 4/30/2030 | 1603 | (21) |
| Total Unfunded Commitments |  |  | $574819 | $(4151) |

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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 (Unaudited)**

*(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 administrative 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 Administrative 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).

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

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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 is 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 will be senior to all other classes and series of the Company's common shares, whether such class or series is now existing or is created in the future, 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 will not, however, participate in any appreciation in the value of the Company.

**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 1933 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.

***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.

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***Valuation of Investments***

The Company measures the value of its investments in accordance with ASC Topic 820, F*air 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**");

&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.

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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.

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

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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***

The Company has elected to be regulated as a BDC under the 1940 Act. The Company has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company's investors and would not be reflected in the consolidated financial statements of the Company.

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

The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its 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) any income realized, but not distributed, in prior years.

The Company follows 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 the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. 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.

The Company's tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is 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 September 30, 2025 and December 31, 2024. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three and nine months ended September 30, 2025, the Company did not incur any interest or penalties.

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Prior to the Corporate Conversion, the Company was 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 2023, the FASB issued Accounting Standards Update No. 2023-09, ("**ASU 2023-09**"), Improvements to Income Tax Disclosures (Topic 740), which requires enhanced disclosures in connection with an entity's effective tax rate reconciliation and additional disclosures about income taxes paid. The ASU 2023-09 is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. The Company has evaluated and will continue to evaluate the adoption of ASU 2023-09 and determined it has no material impact on its consolidated financial information at this time.

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 a 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.

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

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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 the Adviser 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 the Adviser 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 and nine months ended September 30, 2025 and 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
| **Related Party** | **Source Agreement & Description** | **2025** | **2024** | **2025** | **2024** |
|  | **Consolidated statement of operations:** |  |  |  |  |
| Adviser | Advisory Agreement - management fees | $10016 | $7055 | $28443 | $17150 |
| Adviser | Advisory Agreement - income based incentive fee | 11535 | 9160 | 33849 | 22846 |
| Adviser | Advisory Agreement - board of directors' fees | 77 | 53 | 232 | 208 |
| Adviser | Advisory Agreement - capital gains incentive fee | 1486 | 975 | (763) | 3302 |
| Administrator | Administration Agreement - administration expense | 875 | 714 | 2825 | 3136 |

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**Note 4. Investments**

The composition of the Company's investment portfolio at amortized cost and fair value as of September 30, 2025 and December 31, 2024 was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** |
| First lien debt | $5502919 | $5520036 | 98.28% | $4380981 | $4375355 | 96.61% |
| Second lien debt | 66035 | 67081 | 1.19 | 89589 | 89485 | 1.98 |
| Subordinated debt | 1389 | 1432 | 0.03 | 990 | 990 | 0.02 |
| Equity and Other Investments | 27768 | 28251 | 0.49 | 63397 | 63234 | 1.39 |
| Total investments | $5598111 | $5616800 | 100.00% | $4534957 | $4529064 | 100.00% |

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The industry composition of investments at fair value as of September 30, 2025 and December 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Aerospace & Defense | 4.82% | 4.72% |
| Automotive |  | 0.24 |
| Banking, Finance, Insurance & Real Estate | 7.61 | 6.82 |
| Beverage, Food & Tobacco | 3.05 | 0.46 |
| Capital Equipment | 2.47 | 3.23 |
| Chemicals, Plastics & Rubber | 1.20 | 1.50 |
| Construction & Building | 6.60 | 7.77 |
| Consumer Goods: Durable |  | 1.98 |
| Consumer Goods: Non-durable | 5.70 | 6.90 |
| Containers, Packaging & Glass | 1.62 | 1.72 |
| Energy: Oil & Gas | 0.04 | 0.05 |
| Environmental Industries | 0.36 | 0.40 |
| Healthcare & Pharmaceuticals | 8.93 | 6.53 |
| High Tech Industries | 8.00 | 4.66 |
| Hotel, Gaming & Leisure | 14.44 | 10.73 |
| Media: Advertising, Printing & Publishing | 1.97 | 2.60 |
| Media: Broadcasting & Subscription |  | 0.49 |
| Media: Diversified & Production | 2.91 | 1.68 |
| Retail | 1.63 | 1.92 |
| Services: Business | 14.97 | 18.38 |
| Services: Consumer | 8.84 | 8.84 |
| Sovereign & Public Finance |  | 1.11 |
| Telecommunications | 3.28 | 4.02 |
| Transportation: Cargo | 1.17 | 1.46 |
| Transportation: Consumer |  | 1.29 |
| Wholesale | 0.39 | 0.50 |
| Total | 100.00% | 100.00% |

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The geographic composition of investments at cost and fair value as of September 30, 2025 and December 31, 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $4853808 | $4854649 | 86.43% | 175.32% |
| Luxembourg | 75018 | 65811 | 1.17 | 2.38 |
| United Kingdom | 387371 | 395155 | 7.03 | 14.27 |
| Switzerland | 142488 | 160969 | 2.87 | 5.81 |
| Ireland | 91067 | 90938 | 1.62 | 3.28 |
| Australia | 48359 | 49278 | 0.88 | 1.78 |
| Total | $5598111 | $5616800 | 100.00% | 202.84% |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **Fair Value** | **% of Total Investments at Fair Value** | **Fair Value as % of Net Assets** |
| United States | $4204937 | $4209632 | 92.95% | 175.26% |
| Luxembourg | 73272 | 69901 | 1.54 | 2.91 |
| United Kingdom | 256748 | 249531 | 5.51 | 10.39 |
| Total | $4534957 | $4529064 | 100.00% | 188.56% |

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As of both September 30, 2025 and December 31, 2024, one investment in the portfolio was on non-accrual status.

As of September 30, 2025, on a fair value basis, approximately 98.6% of our performing debt investments bore interest at a floating rate and approximately 1.4% of our performing debt investments bore interest at a fixed rate.

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As of December 31, 2024, on a fair value basis, approximately 97.4% of our performing debt investments bore interest at a floating rate and approximately 2.6% 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 September 30, 2025 and December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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 | $853 | $(23) |
| AUD | March 11, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,314 | $848 | $870 | $(22) |
| AUD | April 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 193 | $124 | $127 | $(3) |
| AUD | June 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,326 | $856 | $878 | $(22) |
| AUD | June 11, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 79,323 | $51156 | $52431 | $(1275) |
| AUD | September 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,336 | $863 | $885 | $(22) |
| AUD | October 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 196 | $127 | $130 | $(3) |
| AUD | December 11, 2025 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,283 | $827 | $850 | $(23) |
| AUD | December 11, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | AUD 1,325 | $855 | $877 | $(22) |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 60 | $80 | $80 | $— |
| GBP | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 116 | $153 | $155 | $(2) |
| 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 | $152 | $(1) |
| GBP | October 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 2,558 | $3381 | $3417 | $(36) |
| GBP | January 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 2,398 | $3234 | $3225 | $9 |
| GBP | January 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,507 | $4707 | $4702 | $5 |
| 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 | $327 | $(2) |
| 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 | $160 | $(1) |
| GBP | July 7, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,499 | $4712 | $4702 | $10 |
| GBP | July 7, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,446 | $4608 | $4608 | $— |
| GBP | July 14, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 3,578 | $4655 | $4761 | $(106) |
| GBP | July 15, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 2,557 | $3341 | $3419 | $(78) |
| GBP | September 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 120 | $160 | $161 | $(1) |
| GBP | September 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 5,120 | $6782 | $6840 | $(58) |
| GBP | September 9, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 78,727 | $105132 | $105177 | $(45) |
| GBP | December 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | GBP 118 | $158 | $159 | $(1) |
| GBP | December 17, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 83,889 | $114366 | $112851 | $1515 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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 | December 23, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 1,277 | $1728 | $1717 | $11 |
| CAD | March 31, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,718 | $1268 | $1244 | $24 |
| CAD | June 30, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 76,721 | $56704 | $55759 | $945 |
| CAD | October 3, 2025 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CAD 1,871 | $1342 | $1344 | $(2) |
| CAD | December 31, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,719 | $1268 | $1241 | $27 |
| EUR | January 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 544 | $638 | $642 | $(4) |
| EUR | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,083 | $1289 | $1298 | $(9) |
| EUR | July 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,064 | $1258 | $1266 | $(8) |
| EUR | July 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,075 | $1286 | $1297 | $(11) |
| EUR | October 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 28,828 | $34564 | $34866 | $(302) |
| EUR | January 7, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,069 | $1255 | $1261 | $(6) |
| EUR | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,576 | $1867 | $1890 | $(23) |
| EUR | January 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,609 | $1918 | $1929 | $(11) |
| EUR | March 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 444 | $529 | $534 | $(5) |
| EUR | March 9, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 905 | $1064 | $1072 | $(8) |

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 453 | $535 | $539 | $(4) |
| EUR | June 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 457 | $546 | $551 | $(5) |
| EUR | July 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 1,605 | $1922 | $1935 | $(13) |
| EUR | September 7, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 43,078 | $51680 | $52051 | $(371) |
| EUR | September 8, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 452 | $535 | $539 | $(4) |
| EUR | September 8, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 23,599 | $28244 | $28515 | $(271) |
| EUR | December 17, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 37,240 | $44163 | $43911 | $252 |
| EUR | December 30, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | EUR 447 | $531 | $535 | $(4) |
| CHF | February 26, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 131,613 | $158188 | $174165 | $(15977) |
| CHF | February 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,895 | $2197 | $2420 | $(223) |
| CHF | March 29, 2029 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 323 | $417 | $458 | $(41) |
| CHF | March 31, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 325 | $379 | $417 | $(38) |
| 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 | $2379 | $(220) |

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 329 | $386 | $426 | $(40) |
| 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 | $2479 | $(229) |
| 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 | $394 | $434 | $(40) |
| CHF | September 30, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| CHF | October 3, 2025 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $417 | $418 | $(1) |
| CHF | November 27, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,928 | $2297 | $2529 | $(232) |
| CHF | November 28, 2025 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 1,898 | $2179 | $2400 | $(221) |
| CHF | December 29, 2028 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $13 | $14 | $(1) |
| CHF | December 31, 2025 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $383 | $422 | $(39) |
| CHF | December 31, 2026 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 333 | $398 | $438 | $(40) |
| CHF | December 31, 2027 | Unrealized depreciation on foreign currency forward contracts | Macquarie | CHF 10 | $12 | $13 | $(1) |
| **Total** |  |  |  |  | $721463 | $738829 | $(17366) |

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **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 | March 19, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 20,029 | $25407 | $25068 | $338 |
| GBP | July 14, 2028 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 3,578 | $4655 | $4479 | $176 |
| GBP | July 15, 2027 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 2,557 | $3341 | $3195 | $146 |
| GBP | July 31, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 80,000 | $105726 | $100128 | $5598 |
| GBP | July 31, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 790 | $1024 | $988 | $36 |
| GBP | July 31, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | GBP 988 | $1251 | $1235 | $16 |
| CAD | March 31, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,845 | $1354 | $1287 | $67 |
| CAD | March 31, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,718 | $1268 | $1216 | $52 |
| CAD | June 30, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,823 | $1340 | $1276 | $63 |
| CAD | June 30, 2026 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 76,721 | $56704 | $54480 | $2224 |
| CAD | September 29, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,786 | $1315 | $1255 | $60 |
| CAD | December 31, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | CAD 1,719 | $1268 | $1213 | $54 |
| EUR | March 19, 2025 | Unrealized appreciation on foreign currency forward contracts | Macquarie | EUR 37,240 | $39318 | $38707 | $611 |
| **Total** |  |  |  |  | $243971 | $234527 | $9441 |

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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 and nine months ended September 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **Statement of Operations Location** | **2025** | **2024** | **2025** | **2024** |
| **Net realized gains (losses)** |  |  |  |  |  |
| Foreign currency forward contracts | Net realized gains (losses) on foreign currency forward contracts | $(4058) | $(694) | $(9317) | $1314 |
| **Net change in unrealized appreciation (depreciation)** |  |  |  |  |  |
| Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on foreign currency forward contracts | 10349 | (2376) | (26808) | (1826) |
| **Net realized and unrealized gains on foreign currency forward contracts** |  | $6291 | $(3070) | $(36125) | $(512) |

---

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 September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| September 30, 2025 | Macquarie | $2798 | $(2798) | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| September 30, 2025 | Macquarie | $(20164) | $2798 | $(17366) | $— | $(17366) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 Pledged** <sup>(1)</sup> | **Net position of Derivative Assets and Collateral Received** |
| December 31, 2024 | Macquarie | $9441 | $— | $9441 | $— | $9441 |

---

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

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 September 30, 2025 and December 31, 2024, the counterparty to all of the Company's interest rate swaps was Goldman Sachs International. Certain information related to the Company's interest rate swap as of September 30, 2025 is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **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 |

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

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 and nine months ended September 30, 2025 the interest rate swaps had a change in fair value of $0.6 million and $13.1 million, respectively, which is offset within interest expense to the extent of the fair value change for the hedged risk on the Series F and 2030 Notes. For the three and nine months ended September 30, 2025 and 2024, 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 September 30, 2025 and December 31, 2024 is presented below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 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 | $3817 | $— | Prepaid expenses and other assets |
| Interest rate swap <sup>(2)</sup> | $500000 | 5/31/2030 | $8411 | $— | Prepaid expenses and other assets |

---

&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 $3.8 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 $8.4 million increase to the carrying value of the 2030 Notes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **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 | $— | $(859) | 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 $0.9 million decrease to the carrying value of the Series F Notes.

**Note 6. Fair Value Measurements**

The following tables present the fair value hierarchy of financial instruments, as of September 30, 2025 and December 31, 2024, according to the fair value hierarchy as described in [<u>Note 2. Significant Accounting Policies</u>](#note_2_significant_accounting_policies):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $524921 | $4995115 | $5520036 |
| Second lien debt |  | 24348 | 42733 | 67081 |
| Subordinated debt |  |  | 1432 | 1432 |
| Equity and Other Investments |  |  | 28251 | 28251 |
| Cash and cash equivalents | 242463 |  |  | 242463 |
| &nbsp;&nbsp;**Total Portfolio Investments, Cash and Cash Equivalents** | $**242463** | $**549269** | $**5067531** | $**5859263** |
| &nbsp;&nbsp;Percentage of total | 4.14% | 9.37% | 86.49% | 100.00% |
| Interest rate swaps | $— | $12228 | $— | $12228 |
| Foreign currency forward contracts | $— | $(17366) | $— | $(17366) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First lien debt | $— | $720868 | $3654487 | $4375355 |
| Second lien debt |  | 47466 | 42019 | 89485 |
| Subordinated debt |  |  | 990 | 990 |
| Equity and Other Investments |  |  | 63234 | 63234 |
| Cash and cash equivalents | 109302 |  |  | 109302 |
| &nbsp;&nbsp;**Total Portfolio Investments, Cash and Cash Equivalents** | $**109302** | $**768334** | $**3760730** | $**4638366** |
| &nbsp;&nbsp;Percentage of total | 2.36% | 16.55% | 81.08% | 100.00% |
| Interest rate swaps | $— | $(859) |  | $(859) |
| Foreign currency forward contracts | $— | $9441 | $— | $9441 |

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

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 and nine months ended September 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** | **For the Three Months Ended September 30, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of period | $4433343 | $42225 | $1388 | $27631 | $4504587 |
| Purchase of investments (including PIK) | 895006 | 124 | 46 |  | 895176 |
| Proceeds from principal repayments and sales of investments | (266574) |  |  | (128) | (266702) |
| Amortization of premium/accretion of discount, net | 3183 | 27 |  | (3) | 3207 |
| Net realized gain (loss) on investments | 1889 |  |  | 3 | 1892 |
| Net change in unrealized appreciation (depreciation) on investments | (3316) | 357 | (2) | 748 | (2213) |
| Transfers out of Level 3 <sup>(1)</sup> | (96748) |  |  |  | (96748) |
| Transfers to Level 3 <sup>(1)</sup> | 28332 |  |  |  | 28332 |
| **Fair value, end of period** | $**4995115** | $**42733** | $**1432** | $**28251** | $**5067531** |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at September 30, 2025 | $(2568) | $357 | $(2) | $754 | $(1459) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of year | $3654487 | $42019 | $990 | $63234 | $3760730 |
| Purchase of investments (including PIK) | 1618313 | 306 | 397 | 2781 | 1621797 |
| Proceeds from principal repayments and sales of investments | (397012) |  |  | (38490) | (435502) |
| Amortization of premium/accretion of discount, net | 11491 | 117 | 2 | (51) | 11559 |
| Net realized gain (loss) on investments | 3309 |  |  | 132 | 3441 |
| Net change in unrealized appreciation (depreciation) on investments | 26590 | 291 | 43 | 645 | 27569 |
| Transfers to Level 3 <sup>(1)</sup> | 77937 |  |  |  | 77937 |
| **Fair value, end of period** | $**4995115** | $**42733** | $**1432** | $**28251** | $**5067531** |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at September 30, 2025 | $27991 | $292 | $— | $774 | $29057 |

---

(1)Transfers are recorded at the beginning of the applicable period at their fair value. For the three and nine months ended September 30, 2025, two and four investments, respectively, 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 and nine months ended September 30, 2025, there were two and zero investments, respectively, that were transferred from Level 3 to Level 2, as valuation coverage on level 3 investments increased to more than one independent pricing service.

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 and nine months ended September 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** | **For the Three Months Ended September 30, 2024** |
|  | **First Lien Debt** | **Second Lien Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of period | $2537818 | $130214 | $57902 | $2725934 |
| Purchase of investments (including PIK) | 577906 | 92 | 2256 | 580254 |
| Proceeds from principal repayments and sales of investments | (38025) |  |  | (38025) |
| Amortization of premium/accretion of discount, net | 2619 | 58 | 30 | 2707 |
| Net realized gain (loss) on investments | 479 |  |  | 479 |
| Net change in unrealized appreciation (depreciation) on investments | 1585 | 546 | 578 | 2709 |
| Transfers out of Level 3 <sup>(1)</sup> | (87667) | (34465) |  | (122132) |
| Transfers to Level 3 <sup>(1)</sup> | 74795 |  |  | 74795 |
| **Fair value, end of period** | $**3069510** | $**96445** | $**60766** | $**3226721** |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at September 30, 2024 | $1842 | $547 | $578 | $2967 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** | **For the Nine Months Ended September 30, 2024** |
|  | **First Lien Debt** | **Second Lien Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of period | $1200165 | $130876 | $27892 | $1358933 |
| Purchase of investments (including PIK) | 2071367 | 277 | 28526 | 2100170 |
| Proceeds from principal repayments and sales of investments | (234713) | (34200) |  | (268913) |
| Amortization of premium/accretion of discount, net | 6696 | 277 | 28 | 7001 |
| Net realized gain (loss) on investments | 2793 | 633 |  | 3426 |
| Net change in unrealized appreciation (depreciation) on investments | 10129 | 674 | 4320 | 15123 |
| Transfers out of Level 3 <sup>(1)</sup> |  | (46886) |  | (46886) |
| Transfers to Level 3 <sup>(1)</sup> | 13073 | 44794 |  | 57867 |
| **Fair value, end of period** | $**3069510** | $**96445** | $**60766** | $**3226721** |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at September 30, 2024 | $11978 | $789 | $4320 | $17087 |

---

(1)Transfers are recorded at the beginning of the applicable period at their fair value. For the three and nine months ended September 30, 2024, five and three investments, respectively, were transferred from Level 2 to Level 3, as valuation coverage decreased to less than two independent pricing services. For the three and nine months ended September 30, 2024, three and one investments were transferred from Level 3 to Level 2, as valuation coverage on level 3 investments increased to more than one independent pricing service.

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.

*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 September 30, 2025 and December 31, 2024, 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.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** <sup>(1)</sup> | **Low** | **High** | **Weighted Average** <sup>(2)</sup> |
| First lien debt | $4681737 | Market Yield Analysis | Market Yield Discount Rates | 6.09% | 16.56% | 9.62% |
|  | 269215 | Recent Transaction | Transaction Price | 98.02 | 99.00 | 98.47 |
|  | 4950952 |  |  |  |  |  |
| Second lien debt | 42733 | Market Yield Analysis | Market Yield Discount Rates | 10.04% | 12.41% | 11.14% |
| Subordinated debt | 1102 | Market Yield Analysis | Market Yield Discount Rates | 12.22% | 13.22% | 12.72% |
| Preferred equity | 27592 | Market Yield Analysis | Market Yield Discount Rates | 9.07% | 19.07% | 17.01% |
|  |  | Black-Scholes | Volatility | 34.70% | 34.70% | 34.70% |
| Warrants | 658 | Black-Scholes | Volatility | 33.01% | 33.01% | 33.01% |
| Total | $5023037 |  |  |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Range** | **Range** |  |
|  | **Fair Value** | **Valuation Technique** | **Unobservable Input** <sup>(1)</sup> | **Low** | **High** | **Weighted Average** <sup>(2)</sup> |
| First lien debt | $3396459 | Market Yield Analysis | Market Yield Discount Rates | 7.72% | 16.69% | 10.62% |
|  | 242563 | Recent Transaction | Transaction Price | 98.00 | 99.25 | 98.18 |
|  | 3639022 |  |  |  |  |  |
| Second lien debt | 42019 | Market Yield Analysis | Market Yield Discount Rates | 10.45% | 13.82% | 11.95% |
| Subordinated debt | 990 | Recent Transaction | Transaction Price | 99.00 | 99.00 | 99.00 |
| Preferred equity | 63155 | Market Yield Analysis | Market Yield Discount Rates | 9.33% | 9.33% | 15.54% |
|  |  | Black-Scholes | Volatility | 34.20% | 34.20% | 34.20% |
| Warrants | 79 | Black-Scholes | Volatility | 29.13% | 29.13% | 29.13% |
| Total | $3745265 |  |  |  |  |  |

---

(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 September 30, 2025 and December 31, 2024, the Company had investments of this nature measured at fair value totaling $44.5 million and $15.5 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 September 30, 2025 and December 31, 2024, 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, and 2030 Notes as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Outstanding Principal** | **Fair Value** |
| Series A Notes | $69000 | $70179 |
| Series C Notes | 116000 | 120237 |
| Series F Notes | 165000 | 168818 |
| 2030 Notes | 500000 | 503237 |
| &nbsp;&nbsp;**Total** | $850000 | $862471 |

---

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** |
|  | **Outstanding Principal** | **Fair Value** |
| Series A Notes | $69000 | $68914 |
| Series C Notes | 116000 | 115420 |
| Series F Notes | 165000 | 164175 |
| &nbsp;&nbsp;**Total** | $350000 | $348509 |

---

*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.

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**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 September 30, 2025 and December 31, 2024 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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 | $514000 | $508776 | $36000 | 4/8/2029 |
| SPV II facility | 595000 | 449000 | 439713 | 146000 | 9/18/2030 |
| Collateralized loan obligations | 390000 | 390000 | 386929 |  | 10/15/2035 |
| Revolving credit facility | 670000 | 635000 | 629454 | 35000 | 11/19/2029 |
| 2030 Notes | 500000 | 500000 | 498237 |  | 5/31/2030 |
| Series A Notes | 69000 | 69000 | 68379 |  | 8/7/2027 |
| Series B Notes | 75000 | 75000 | 73697 |  | 8/7/2027 |
| Series C Notes | 116000 | 116000 | 115325 |  | 8/7/2029 |
| Series D Notes | 75000 | 75000 | 74158 |  | 8/7/2029 |
| Series E Notes | 50000 | 50000 | 49490 |  | 5/20/2028 |
| Series F Notes | 165000 | 165000 | 166936 |  | 5/20/2030 |
| Series G Notes | 50000 | 50000 | 49430 |  | 5/20/2030 |
| Total | $3305000 | $3088000 | $3060524 | $217000 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **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 | $503000 | $496667 | $47000 | 4/8/2029 |
| SPV II facility | 595000 | 537000 | 531322 | 58000 | 8/15/2028 |
| Collateralized loan obligations | 390000 | 390000 | 386697 |  | 10/15/2035 |
| Revolving credit facility | 450000 | 150000 | 144890 | 300000 | 11/19/2029 |
| Loan repurchase obligations | 52043 | 52043 | 52043 |  | 2/21/2025 |
| Series A Notes | 69000 | 69000 | 68128 |  | 8/7/2027 |
| Series B Notes | 75000 | 75000 | 74052 |  | 8/7/2027 |
| Series C Notes | 116000 | 116000 | 114444 |  | 8/7/2029 |
| Series D Notes | 75000 | 75000 | 73994 |  | 8/7/2029 |
| Series E Notes | 50000 | 50000 | 49356 |  | 5/20/2028 |
| Series F Notes | 165000 | 165000 | 161978 |  | 5/20/2030 |
| Series G Notes | 50000 | 50000 | 49344 |  | 5/20/2030 |
| Total | $2637043 | $2232043 | $2202915 | $405000 |  |

---

(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.

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The components of interest expense for the three and nine months ended September 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Stated interest expense | 48972 | $41307 | $137021 | $100794 |
| Unused/undrawn fees | 206 | 58 | 696 | 497 |
| Administration fees | 361 | 381 | 1073 | 1031 |
| Interest rate swap | 1114 |  | 2134 |  |
| Accretion of original issue discount | 254 |  | 503 |  |
| Amortization of deferred financing costs | 1954 | 1179 | 5265 | 3006 |
| Total interest expense | $52861 | $42925 | $146692 | $105328 |
| Average borrowings | $2859409 | $2026171 | $2649969 | $1654321 |
| Weighted average interest rate <sup>(1)</sup> | 7.12% | 8.24% | 7.12% | 8.25% |
| Amortization of financing costs | 0.27% | 0.23% | 0.26% | 0.24% |
| Total borrowing costs | 7.39% | 8.47% | 7.38% | 8.49% |

---

(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.

As of both September 30, 2025 and December 31, 2024, 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, and April 18, 2024 amendments, the maximum commitment amount of the SPV II Facility increased from $445 million, to $495 million and $595 million, respectively. Proceeds from borrowings under the SPV II Facility may be used to fund portfolio investments by SPV II. The original period during which SPV II may make borrowings under the SPV II Facility expires 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 September 30, 2025 and December 31, 2024, respectively, the Company was in compliance with all covenants associated with the SPV II Facility.

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*Subscription Facility*

On December 21, 2021, the Company entered into a senior secured revolving credit facility with Bank of America, N.A. ("**BAML**") (as amended from time to time, the "**Subscription Facility**"). BAML serves as administrative agent and lender under the Subscription Facility.

The Subscription Facility provided for secured borrowings of up to $200 million. The maximum principal amount was subject to availability under the Subscription Facility, which was based on certain of the Company's unfunded investor equity capital commitments, and restrictions imposed on borrowings under the 1940 Act. The Subscription Facility provided for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $40 million. Proceeds from the borrowings under the Subscription Facility were used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. The Subscription Facility's maturity date was extended from December 21, 2023 to December 18, 2024 in connection with the December 21, 2023 amendment.

As of the amendment on December 21, 2023 advances under the Subscription Facility bore interest at a per annum rate equal to the one-month SOFR in effect, plus the applicable margin of 2.50% per annum. The Company paid a commitment fee of 0.35% per annum on the average daily unused amount of the financing commitments.

Prior to the amendment on December 31, 2023, advances under the Subscription Facility bore interest at a per annum rate equal to the daily Bloomberg Short-Term Bank Yield Index ("**BSBY**") rate in effect, plus the applicable margin of 2.00% per annum. The Company paid a commitment fee of 0.25% per annum on the average daily unused amount of the financing commitments.

The Subscription Facility was terminated effective December 18, 2024.

*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 September 30, 2025, the Company had no outstanding Repurchase Obligations.

As of December 31, 2024, the Company had outstanding Repurchase Obligations of $52.0 million associated with repurchase agreements that were entered into on November 25. Such Repurchase Obligations are collateralized by a portion of the Company's term loan holdings in Parfums Holdings Co. Interest under these Repurchase Obligations is calculated at the inception of each repurchase agreement, as the 3 month SOFR rate in effect, plus the applicable margin of 3.50%. As of December 31, 2024, the remaining contractual maturity of the sole repurchase agreement was 54 days.

*2023 Debt Securitization*

On November 15, 2023 (the "**Closing Date**"), the Company completed an approximate $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, commencing on February 7, 2025, 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, commencing on February 7, 2025, 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, commencing on February 7, 2025. 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), 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), 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 and $0.6 million in net periodic payments for the three and nine months ended September 30, 2025.

The Note Purchase Agreement 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) for each series of Notes from an acceptable rating agency.

The Note Purchase Agreement 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**" and, together with the Base Indenture, the "**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 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

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in the First Supplemental Indenture. The Notes bear interest at a rate of 6.250% per year payable semiannually on May 31 and November 30 of each year, commencing on November 30, 2025. The Notes are direct unsecured obligations of the Company.

In connection with the offering of the 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 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%.

*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.

**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 September 30, 2025 and December 31, 2024, the Company's unfunded commitments consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 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 | $22238 | $34 |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (112) |
| AmerSpirit FL LLC | Delayed Draw | 8/15/2027 | 29902 | (437) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 6283 | (105) |
| Best Trash LLC | Delayed Draw | 7/10/2026 | 2800 | (11) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (63) |
| Boasso Global | Revolver | 3/31/2028 | 6250 | (10) |
| Cadogan Tate | Delayed Draw | 10/31/2026 | 54091 | (303) |
| Cadogan Tate | Revolver | 10/31/2031 | 14000 | (183) |
| Carevet LLC | Delayed Draw | 12/18/2025 | 19800 | (110) |
| Carevet LLC | Delayed Draw | 6/18/2026 | 12078 | 174 |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (49) |
| Clubcorp Holdings Inc. | Delayed Draw | 7/10/2027 | 9600 | (67) |
| Clubcorp Holdings Inc. | Revolver | 7/10/2031 | 16000 | (231) |
| Confluent Holdings LLC | Delayed Draw | 7/2/2026 | 9915 | 19 |
| Red Fox CD Acquisition Corp. | Delayed Draw | 11/30/2025 | 38708 | (716) |
| CoreWeave Compute Acquisition Co., IV, LLC | Delayed Draw | 3/31/2026 | 69059 | 1 |
| Disa Holdings Corp. | Delayed Draw | 3/1/2026 | 354 | (1) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 3333 | (33) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (217) |
| Faraday Buyer, LLC | Delayed Draw | 11/17/2025 | 3514 | (8) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (231) |
| Foundation Risk Partners | Delayed Draw | 2/26/2027 | 11109 | (22) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 1589 | (7) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 3748 | (16) |
| Four Winds Interactive LLC | Delayed Draw | 2/20/2027 | 2903 | (22) |
| Four Winds Interactive LLC | Revolver | 2/20/2030 | 1935 | (34) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 8263 |  |
| Fullsteam | Delayed Draw | 8/8/2027 | 8077 | (35) |
| Fullsteam | Revolver | 8/8/2031 | 2692 | (26) |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 14000 | (220) |
| Healthco Investment LTD | Delayed Draw | 2/19/2029 | 6723 | (66) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 9750 | - |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 7100 | (94) |
| Inframark | Delayed Draw | 7/31/2026 | 1818 | 6 |
| Inspired Pet Nutrition | Delayed Draw | 9/1/2028 | 28907 | (211) |
| K1 Speed Inc. | Delayed Draw | 1/2/2026 | 2429 | (38) |
| Learnosity | Revolver | 1/15/2031 | 7500 | (83) |
| Legends Hospitality | Delayed Draw | 8/22/2026 | 1425 | (10) |
| Legends Hospitality | Revolver | 8/22/2030 | 6750 | (110) |
| Ligado Networks LLC | Delayed Draw | 12/5/2025 | 1726 | (190) |
| Maxar Technologies Inc. | Revolver | 5/3/2029 | 5316 | - |
| Natural Partners, Inc. | Revolver | 3/15/2028 | 6563 | (61) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (45) |
| PetVet Care Centers | Delayed Draw | 11/15/2025 | 6981 | (451) |
| PetVet Care Centers | Revolver | 11/15/2029 | 6981 | (520) |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2026 | 25253 | (110) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (74) |
| Sandlot Baseball Borrower Co. | Delayed Draw | 6/5/2026 | 53333 | 47 |
| Sandlot Baseball Borrower Co. | Revolver | 12/27/2028 | 10000 | - |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2026 | 12500 | 84 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (458) |
| Solvias AG | Revolver | 2/27/2030 | 22602 | (499) |
| Spartan College LLC | Delayed Draw | 9/25/2026 | 13702 | 35 |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (100) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 6/6/2027 | 4712 | (17) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 5288 | (45) |
| Townsend | Revolver | 8/1/2030 | 2500 | (58) |
| Trillium FlowControl | Delayed Draw | 6/20/2026 | 3667 | (19) |
| Trillium FlowControl | Revolver | 12/20/2029 | 2667 | (17) |
| USA Debusk LLC | Delayed Draw | 4/30/2026 | 5115 | (23) |
| USA Debusk LLC | Revolver | 4/30/2030 | 2099 | (24) |
| Total Unfunded Commitments |  |  | $736528 | $(6192) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Investments—non-controlled/non-affiliated** | **Commitment Type** | **Commitment<br>Expiration Date** | **Unfunded<br>Commitment** | **Fair<br>Value** |
| **First Lien Debt** |  |  |  |  |
| ALF Finance | Delayed Draw | 12/10/2029 | $29000 | $3 |
| Azurite Intermediate Holdings, Inc. | Revolver | 3/19/2031 | 9500 | (127) |
| AVSC Holding Corporation | Revolver | 12/5/2029 | 6283 | (124) |
| Best Trash LLC | Delayed Draw | 7/10/2031 | 16250 | (88) |
| Best Trash LLC | Revolver | 7/10/2031 | 6060 | (71) |
| Boasso Global | Delayed Draw | 7/1/2028 | 1175 | 15 |
| Boasso Global | Delayed Draw | 7/1/2028 | 4038 | 12 |
| Boasso Global | Revolver | 7/1/2026 | 6250 | (11) |
| Cadogan Tate | Delayed Draw | 10/31/2031 | 59500 | (425) |
| Cadogan Tate | Revolver | 10/31/2031 | 18700 | (274) |
| Carevet LLC | Delayed Draw | 6/18/2029 | 19800 | (354) |
| Carevet LLC | Delayed Draw | 6/18/2029 | 33000 | 71 |
| Carevet LLC | Revolver | 6/18/2029 | 6600 | (59) |
| Confluent Holdings LLC | Delayed Draw | 3/28/2029 | 4318 | 20 |
| CoreWeave Compute Acquisition Co., IV, LLC | Delayed Draw | 8/29/2029 | 26094 | 15 |
| DFS Holding Company | Delayed Draw | 1/31/2029 | 3000 | (17) |
| Disa Holdings Corp. | Revolver | 9/9/2028 | 4166 | (51) |
| Disa Holdings Corp. | Delayed Draw | 9/9/2028 | 11063 | (53) |
| Elessent Clean Technologies Inc. | Revolver | 11/15/2029 | 13158 | (257) |
| Faraday Buyer, LLC | Delayed Draw | 10/10/2028 | 3514 | (19) |
| FEG, Inc. | Revolver | 5/10/2030 | 15000 | (268) |
| Foundation Risk Partners | Delayed Draw | 10/29/2030 | 4898 | 13 |
| Foundation Risk Partners | Revolver | 10/29/2029 | 1589 | (4) |
| Foundation Risk Partners | Revolver | 10/29/2029 | 3748 | (8) |
| Frontgrade Technologies Inc. | Revolver | 1/9/2028 | 8263 |  |
| Great Day Improvements LLC | Revolver | 6/13/2030 | 14000 | (254) |
| Highgate Hotels, L.P. | Revolver | 11/3/2029 | 12500 |  |
| Hotel Equities Group, LLC | Revolver | 1/22/2029 | 10000 | (162) |
| Inframark | Delayed Draw | 7/31/2031 | 3364 | (15) |
| K1 Speed Inc. | Delayed Draw | 1/2/2029 | 3643 | (70) |
| Legends Hospitality | Delayed Draw | 8/22/2031 | 3750 | (34) |
| Legends Hospitality | Revolver | 8/22/2031 | 6750 | (128) |
| Maxar Technologies Inc. | Revolver | 5/3/2029 | 8417 | - |
| Natural Partners, Inc. | Revolver | 11/29/2027 | 6563 | (122) |
| Neptune Platform Buyer, LLC | Delayed Draw | 1/19/2031 | 1544 | (8) |
| Parfums Holding Co Inc | Revolver | 6/27/2029 | 6000 | (54) |
| PetVet Care Centers | Delayed Draw | 11/15/2030 | 6981 | 61 |
| PetVet Care Centers | Revolver | 11/15/2029 | 6981 | (66) |
| Pharmalogic Holdings Corp | Delayed Draw | 6/21/2030 | 25253 | (156) |
| Red Fox CD Acquisition Corp. | Delayed Draw | 3/4/2030 | 7364 | (127) |
| RPX Corporation | Revolver | 8/2/2030 | 6122 | (85) |
| Sandlot Baseball Borrower Co. | Delayed Draw | 12/27/2028 | 13800 | 56 |
| Sky Merger Sub, LLC | Delayed Draw | 5/28/2029 | 12500 | 37 |
| Sky Merger Sub, LLC | Revolver | 5/28/2029 | 25000 | (551) |
| SurveyMonkey Global Inc. | Revolver | 5/31/2029 | 13440 | (120) |
| Systems Planning and Analysis, Inc. | Delayed Draw | 8/16/2027 | 42286 | (59) |
| Systems Planning and Analysis, Inc. | Revolver | 8/16/2027 | 5827 | (52) |
| TIC Bidco LTD | Delayed Draw | 6/16/2031 | 1577 | (9) |
| Townsend | Revolver | 8/1/2029 | 2500 | (69) |
| Trillium FlowControl | Delayed Draw | 12/20/2029 | 3667 | (27) |
| Trillium FlowControl | Revolver | 12/20/2029 | 3000 | (22) |
| USA Debusk LLC | Delayed Draw | 4/30/2031 | 5420 | (33) |
| USA Debusk LLC | Revolver | 4/30/2030 | 1603 | (21) |
| Total Unfunded Commitments |  |  | $574819 | $(4151) |

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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 September 30, 2025 and December 31, 2024, management was not aware of any pending or threatened material litigation.

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**Note 9. Net Assets**

***Subscriptions and Drawdowns***

The Company has the authority to issue up to 200,000,250 shares of stock, of which 200,000,000 shares are classified as common stock, par value $0.001 per share, and 250 shares are classified as preferred stock, par value $0.001 per share, which have been previously designated the "12.0% Series A Cumulative Non-Voting Preferred Stock". 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 September 30, 2025, the Company had received Capital Commitments totaling approximately $3.4 billion ($909.5 million remaining undrawn).

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 September 30, 2025:

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| | | |
|:---|:---|:---|
| **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 |
| Total | 102143685 | $2449988 |

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***Distributions***

The Company declared the following distributions for the nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Regular Distribution** | **Special Distribution** | **Per Share Amount** | **Total Amount** |
| **<u>For Calendar Year 2025</u>** |  |  |  |  |  |  |
| March 4, 2025 | March 13, 2025 | March 27, 2025 | $0.65 | $— | $0.65 | $65397 |
| May 12, 2025 | June 13, 2025 | June 27, 2025 | $0.65 | $0.02 | $0.67 | $68452 |
| August 11, 2025 | September 12, 2025 | September 26, 2025 | $0.65 | $— | $0.65 | $75553 |
|  |  |  |  |  | $1.97 | $209402 |
| **<u>For Calendar Year 2024</u>** |  |  |  |  |  |  |
| March 6, 2024 | March 15, 2024 | March 28, 2024 | $0.65 | $— | $0.65 | $26182 |
| May 8, 2024 | June 14, 2024 | June 27, 2024 | $0.65 | $0.08 | $0.73 | $48879 |
| August 12, 2024 | September 13, 2024 | September 27, 2024 | $0.65 | $0.02 | $0.67 | $48486 |
|  |  |  |  |  | $2.05 | $123547 |

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***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 September 30, 2025 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 | $13159 |
|  | 14647578 | $344622 |

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**Note 10. Earnings Per Share**

The following table sets forth the computation of basic and diluted earnings per Share during the three and nine months ended September 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net increase in net assets resulting from operations | $73792 | $57433 | $187490 | $154731 |
| Weighted average shares outstanding | 107438416 | 72596377 | 103485768 | 56268734 |
| Earnings per share | $0.69 | $0.79 | $1.81 | $2.75 |

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**Note 11. Financial Highlights**

The following are the financial highlights for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Per Share Data:** |  |  |
| Net assets, beginning of period | $23.87 | $23.26 |
| Net investment income <sup>(1)</sup> | 1.86 | 2.24 |
| Net realized gain (loss) <sup>(1)</sup> | (0.03) | 0.32 |
| Net change in unrealized appreciation (depreciation) <sup>(2)</sup> | (0.03) | 0.31 |
| Net increase in net assets resulting from operations | 1.80 | 2.87 |
| Distributions declared from net investment income <sup>(3)</sup> | (1.97) | (2.05) |
| Issuance of shares in connection with our DRP program | 0.00 | (0.01) |
| Total increase (decrease) in net assets | (0.17) | 0.81 |
| Net assets, end of period | $23.70 | $24.07 |
| Shares outstanding, end of period | 116791263 | 88100334 |
| Total return based on NAV <sup>(4)</sup> | 7.75% | 12.72% |
| **Ratios:** |  |  |
| Expenses to average net assets <sup>(5)</sup> | 11.62% | 14.03% |
| Net investment income to average net assets <sup>(5)</sup> | 10.16% | 11.27% |
| Portfolio turnover rate <sup>(6)</sup> | 14.94% | 24.74% |
| **Supplemental Data:** |  |  |
| Net assets, end of period | $2769114 | $2121656 |
| Total capital commitments, end of period | $3359504 | $2265788 |
| Ratios of total contributed capital to total committed capital, end of period | 72.93% | 83.86% |
| Average debt outstanding | $2649969 | $1654321 |
| Asset coverage ratio <sup>(7)</sup> | 189.9% | 200.0% |

---

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

(2)For the nine months ended September 30, 2025 and 2024, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)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.

(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 November 13, 2025, the date that the consolidated financial statements were issued. 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 nine months ended September 30, 2025 other than those set forth below:

Subsequent to September 30, 2025, the Company invested in the senior secured loan of Brown & Root, LLC.

On October 30, 2025, SPV I entered into Amendment No. 6 to the Loan Financing and Servicing Agreement with the several banks and other financial institutions or entities that are party thereto from time to time, as lenders, DB as facility agent, U.S. Bank Trust Company National Association as collateral agent and U.S. Bank National Association as collateral custodian (the "**Amendment**"). The Amendment, among other things; (i) extended the maturity date of the SPV I Facility from April 8, 2029 to October 30, 2030; (ii) extended the Reinvestment Period of the SPV I Facility from April 8, 2027 to October 30, 2028; and (iii) during the Reinvestment Period, the facility margin was decreased from 2.41% to 1.75%, and the facility margin subsequent to the Reinvestment Period was decreased from 2.535% to 1.875%. The other material terms of the SPV I Facility remain unchanged.

------

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

**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/Archives/edgar/data/1849894/000095017025042155/ck0001849894-20241231.htm#item_1a_risk_factors)*" in our most recent Annual Report on* [*<u>Form 10-K</u>*](https://www.sec.gov/Archives/edgar/data/1849894/000095017025042155/ck0001849894-20241231.htm) *filed with the SEC on March 19, 2025.*

**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 regulated investment company ("**RIC**") for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the "**Code**"). 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 September 30, 2025 and December 31, 2024 and (ii) for the three and nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| Total assets | $5946676 | $4685663 |
| Investments in portfolio companies, at fair value | $5616800 | $4529064 |
| Borrowings | $3088000 | $2232043 |
| Net assets | $2769114 | $2401934 |
| Net asset value per common share | $23.70 | $23.87 |
| Leverage ratio (borrowings / total assets) | 51.9% | 47.6% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Average net assets | $2613427 | $1878064 | $2516175 | $1474361 |
| Average borrowings | $2859409 | $2026171 | $2649969 | $1654321 |
| Cost of investments purchased | $903742 | $718565 | $1767386 | $2523947 |
| Sales of investments | $104080 | $76410 | $211664 | $145656 |
| Principal repayments | $263034 | $98161 | $540835 | $610556 |
| Net investment income | $63883 | $50930 | $192575 | $126155 |
| Net realized gains (losses) | $(563) | $5875 | $(2854) | $18220 |
| Net change in unrealized appreciation (depreciation) | $10472 | $628 | $(2231) | $10356 |
| Net increase (decrease) in net assets resulting from operations | $73792 | $57433 | $187490 | $154731 |
| Net investment income per share - basic and diluted | $0.59 | $0.70 | $1.86 | $2.24 |
| Earnings per share - basic and diluted | $0.69 | $0.79 | $1.81 | $2.75 |

---

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

***Portfolio and Investment Activity for the three and nine months ended September 30, 2025 and 2024***

The following table presents our portfolio company activity for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Portfolio companies at beginning of period | 88 | 76 | 84 | 61 |
| Number of added portfolio companies | 7 | 11 | 13 | 39 |
| Number of exited portfolio companies | (6) | (5) | (10) | (18) |
| Portfolio companies at period end | 89 | 82 | 87 | 82 |
| Number of debt investments period end | 187 | 149 | 187 | 149 |
| Number of preferred equity investments at period end | 4 | 6 | 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 and nine months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **First Lien Debt** | **Second Lien Debt** | **Subordinated Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of period | $4967758 | $66344 | $1388 | $27631 | $5063121 |
| Purchase of investments | 903743 |  |  |  | 903743 |
| Proceeds from principal repayments and sales of investments | (366986) |  |  | (128) | (367114) |
| Other changes in fair value <sup>(1)</sup> | 15521 | 737 | 44 | 748 | 17050 |
| **Fair value, end of period** | $**5520036** | $**67081** | $**1432** | $**28251** | $**5616800** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 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 | 1767111 |  | 271 | 4 | 1767386 |
| Proceeds from principal repayments and sales of investments | (689714) | (24295) |  | (38490) | (752499) |
| Other changes in fair value <sup>(1)</sup> | 67284 | 1891 | 171 | 3503 | 72849 |
| **Fair value, end of period** | $**5520036** | $**67081** | $**1432** | $**28251** | $**5616800** |

---

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

The following tables present a roll-forward of all investment purchase, sale and repayment activity and changes in fair value within our investment portfolio for the three and nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **First Lien Debt** | **Second Lien Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of period | $3215211 | $183465 | $57903 | $3456579 |
| Purchase of investments | 716876 | 1687 |  | 718563 |
| Proceeds from principal repayments and sales of investments | (174574) |  |  | (174574) |
| Other changes in fair value <sup>(1)</sup> | 15919 | 1761 | 2863 | 20543 |
| **Fair value, end of period** | $**3773432** | $**186913** | $**60766** | $**4021111** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **First Lien Debt** | **Second Lien Debt** | **Equity and Other Investments** | **Total Investments** |
| Fair value, beginning of year | $1942841 | $226320 | $27892 | $2197053 |
| Purchase of investments | 2498112 | 1687 | 24148 | 2523947 |
| Proceeds from principal repayments and sales of investments | (707629) | (48584) |  | (756213) |
| Other changes in fair value <sup>(1)</sup> | 40108 | 7490 | 8726 | 56324 |
| **Fair value, end of period** | $**3773432** | $**186913** | $**60766** | $**4021111** |

---

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

The following table presents selected information regarding our investment portfolio as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| **Investments:** |  |  |
| Number of portfolio companies | 89 | 84 |
| Number of investments | 191 | 161 |
| Average investment at fair value | $29407 | $28131 |
| Average cost of debt investments as a percentage of par <sup>(1)</sup> | 97.79 | 98.25 |
| Debt investments on non-accrual status as a percent of amortized cost of total debt investments | 0.16 | 0.25 |
| Debt investments on non-accrual status as a percent of fair value of total debt investments | 0.09 | 0.10 |
| Number of debt investments on non-accrual status | 1 | 1 |
| Weighted Average EBITDA (mm) <sup>(2)</sup> | 164.9 | 193.0 |
| Median EBITDA (mm) <sup>(2)</sup> | 127.0 | 134.5 |
| Weighted average net debt through tranche <sup>(2)</sup> | 4.1x | 4.2x |
| Weighted average interest rate coverage <sup>(2)</sup> | 2.2x | 2.3x |
| Percentage of sponsored investments | 82.93 | 83.50 |
| **Floating interest rate debt investments:** |  |  |
| Percent of debt portfolio <sup>(3)</sup> | 98.6 | 97.4 |
| Weighted average interest rate floors | 0.99 | 0.89 |
| Weighted average coupon spread to base interest rate | 563 | 575 |
| Weighted average effective yield on floating rate debt investments at amortized cost <sup>(4)</sup> | 10.16 | 10.65 |
| 3 Month SOFR | 3.98 | 4.31 |
| **Fixed interest debt investments:** <sup>(5)</sup> |  |  |
| Percent of debt portfolio <sup>(3)</sup> | 1.4 | 2.6 |
| Weighted average coupon rate | 9.84 | 9.03 |
| Weighted average effective yield on fixed rate debt investments at amortized cost <sup>(4)</sup> | 10.94 | 10.45 |
| **Other metrics:** |  |  |
| Weighted average years to maturity on debt investments | 4.54 | 4.69 |
| Weighted average effective yield on the portfolio at amortized cost <sup>(4) (5)</sup> | 10.23 | 10.70 |

---

(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 September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Maturity Year** | **Principal Amount** | **Percentage of Debt Portfolio** | **Principal Amount** | **Percentage of Debt Portfolio** |
| 2023 | $15354 | 0.2% | $12853 | 0.3% |
| 2025 | 4704 | 0.1 | 58566 | 1.30 |
| 2026 | 50128 | 0.9 | 362772 | 8.0 |
| 2027 | 275060 | 4.8 | 209661 | 4.6 |
| 2028 | 572973 | 10.1 | 485678 | 10.7 |
| 2029 | 1222926 | 21.5 | 1244911 | 27.3 |
| 2030 | 1892125 | 33.2 | 1184200 | 26.0 |
| 2031 | 1211627 | 21.3 | 992388 | 21.8 |
| 2032 | 450891 | 7.9 |  |  |
| 2033 | 338 |  |  |  |
|  | $5696126 | 100.0% | $4551029 | 100.0% |

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

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 September 30, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **Risk Rating** | **Fair Value** | **% of Portfolio** | **# of Investments** | **Fair Value** | **% of Portfolio** | **# of Investments** |
| 1 | $— | 0.0% |  | $— | 0.0% |  |
| 2 | 102478 | 1.8 | 5 | 138919 | 3.1 | 4 |
| 3 | 5340153 | 95.1 | 171 | 4325456 | 95.5 | 154 |
| 4 | 165259 | 2.9 | 12 | 60298 | 1.3 | 2 |
| 5 | 8910 | 0.2 | 3 | 4391 | 0.1 | 1 |
|  | $5616800 | 100.0% | 191 | $4529064 | 100.0% | 161 |

---

***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 and nine months ended September 30, 2025 and 2024 are presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Total investment income | $143010 | $113700 | $411154 | $282313 |
| Total expenses | 79127 | 62770 | 218579 | 156158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 63883 | 50930 | 192575 | 126155 |
| Net realized gain (loss) | (563) | 5875 | (2854) | 18220 |
| Net change in unrealized appreciation (depreciation) | 10472 | 628 | (2231) | 10356 |
| **Net increase (decrease) in net assets resulting from operations** | $**73792** | $**57433** | $**187490** | $**154731** |

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

*Investment Income*

Investment income consisted of the following components for the three and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Interest income on debt securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash interest | $126733 | $102929 | $361743 | $246013 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK interest | 9060 | 3787 | 23737 | 10676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net accretion/amortization of discounts/premiums | 4002 | 4008 | 15335 | 11861 |
| **Total interest on debt securities** | **139795** | **110724** | **400815** | **268550** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | 1143 | (52) | 2375 | 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;PIK dividend |  | 2253 | 2776 | 4374 |
| **Total interest and dividend income** | **140938** | **112925** | **405966** | **273450** |
| Other income | 2072 | 775 | 5188 | 8863 |
| **Total investment income** | $**143010** | $**113700** | $**411154** | $**282313** |
| Average investments at cost <sup>(1)</sup> | $5321526 | $3739595 | $5030695 | $3060233 |
| Income return <sup>(2)</sup> | 2.65% | 3.02% | 8.07% | 8.92% |

---

(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 and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **<u>Fixed Operating Expenses</u>** |  |  |  |  |
| Professional fees <sup>(1)</sup> | $1087 | $1040 | $3602 | $2121 |
| Board of directors' fees | 77 | 53 | 232 | 208 |
| General and other expenses | 301 | 191 | 1132 | 393 |
| Organization and offering costs <sup>(2)</sup> | 9 | 19 | 27 | 63 |
| **Total fixed operating expenses** | **1474** | **1303** | **4993** | **2785** |
| **<u>Variable operating expenses:</u>** |  |  |  |  |
| Interest expense <sup>(3)</sup> | 52861 | 42925 | 146692 | 105328 |
| Management fees | 10016 | 7055 | 28443 | 17150 |
| Administrative expense <sup>(4)</sup> | 1365 | 1074 | 4230 | 4031 |
| Custody expense | 358 | 269 | 978 | 675 |
| Transfer agency fees | 32 | 9 | 157 | 41 |
| **Total variable operating expenses** | **64632** | **51332** | **180500** | **127225** |
| **<u>Performance-dependent expenses:</u>** |  |  |  |  |
| Income based incentive fee | 11535 | 9160 | 33849 | 22846 |
| Capital gains incentive fee | 1486 | 975 | (763) | 3302 |
| **Total performance-dependent expenses** | **13021** | **10135** | **33086** | **26148** |
| **Total expenses** | $**79127** | $**62770** | $**218579** | $**156158** |

---

(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 and nine months ended September 30, 2025 and 2024 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.

*Net Realized and Unrealized Gains*

For the three and nine months ended September 30, 2025, our net realized gains (losses) were ($0.6) million and ($2.9) million, respectively, and our net change in unrealized appreciation (depreciation) were $10.5 million and ($2.2) million, respectively.

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For the three and nine months ended September 30, 2024, our net realized gains (losses) were $5.9 million and $18.2 million, respectively, and our net change in unrealized appreciation (depreciation) were $0.6 million and $10.4 million, respectively.

***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 September 30, 2025 and December 31, 2024, 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 and nine months ended September 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended September 30,** | **For the Three Months Ended September 30,** | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Fair value of level 3 investments at the end of the period | $5067531 | $3226721 | $5067531 | $3226721 |
| Fair value assuming a 5% increase in value | 5320908 | 3388057 | 5320908 | 3388057 |
| Increase in unrealized appreciation | 253377 | 161336 | 253377 | 161336 |
| (Increase) in management fees | (475) | (303) | (1425) | (605) |
| (Increase) in capital gains incentive fees <sup>(1)</sup> | (38006) | (24200) | (38006) | (24200) |
| Increase in net assets resulting from operations | $214896 | $136833 | $213946 | $136531 |
| Weighted average shares outstanding | 107438416 | 72596377 | 103485768 | 56268734 |
| Shares outstanding at the end of the period | 116791263 | 88100334 | 116791263 | 88100334 |
| Increase in earnings per share | $2.00 | $1.88 | $2.07 | $2.43 |
| Increase in net assets per share | $1.84 | $1.55 | $1.83 | $1.55 |

---

(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 September 30, 2025 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 and 2030 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, (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 September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $241263 | $109302 |
| Unused borrowing capacity | 217000 | 405000 |
| Principal receivable | 10071 | 5503 |
| Unfunded investment commitments <sup>(1)</sup> | (736528) | (574819) |
| Undrawn capital commitments | 909516 | 456800 |
| Other net working capital <sup>(2)</sup> | (88256) | (48995) |
|  | $553066 | $352791 |

---

(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 | $514000 | $— | $— | $514000 | $— |
| SPV II facility | 449000 |  |  |  | 449000 |
| Collateralized loan obligations | 390000 |  |  |  | 390000 |
| Revolving credit facility | 635000 |  |  | 635000 |  |
| 2030 Notes | 500000 |  |  | 500000 |  |
| 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 | $3088000 | $— | $194000 | $2055000 | $839000 |

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**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 September 30, 2025, 98.6% of our debt investments (98.2% of our total investments), or $5.51 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 and 2030 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 rating 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).

The Federal Reserve decreased interest rates by 0.25% in each of September and October of 2025, lowering their benchmark lending rate to a range between 3.75% and 4.00%. While the Federal Reserve has indicated potential for additional rate reductions in the fourth quarter of 2025, 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 September 30, 2025. Interest expense is calculated based on the terms of the Financing Facility, using the outstanding balance as of September 30, 2025. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of September 30, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of September 30, 2025, 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 | $162966 | $(84532) | $78434 |
| Up 200 basis points | 106900 | (55502) | 51398 |
| Up 100 basis points | 50834 | (26472) | 24362 |
| Down 100 basis points | (58695) | 31588 | (27107) |
| Down 200 basis points | (109739) | 60618 | (49121) |
| Down 300 basis points | (154237) | 89648 | (64589) |

---

***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.

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**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 September 30, 2025 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/Archives/edgar/data/1849894/000095017025042155/ck0001849894-20241231.htm) for the fiscal year ended December 31, 2024, filed with the SEC on March 19, 2025 (See "[<u>Part I Item 1A. Risk Factors</u>](https://www.sec.gov/Archives/edgar/data/1849894/000095017025042155/ck0001849894-20241231.htm#item_1a_risk_factors)"), which is accessible on the SEC's 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 nine months ended September 30, 2025 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, 2024 other than those set forth below.

 ***Changes to U.S. tariff and import/export regulations may have a negative effect on the operations of our portfolio companies and, in turn, negatively impact us.*** 

The U.S. government has recently imposed, and may in the future impose or increase, tariffs on certain countries and commodities. In response, certain foreign trading partners have imposed, and may continue to impose, retaliatory tariffs on certain U.S. goods. The foregoing has created significant uncertainty about the future relationship between the United States and various other countries with respect to trade policies, treaties and the imposition of new or increased tariffs. These developments, or continued uncertainty regarding U.S. trade policies, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may reduce global trade, particularly between the impacted nations and the United States. The uncertainty relating to U.S. trade policies has also increased market volatility. Any of these factors could depress economic activity, restrict certain of our portfolio companies' access to suppliers or customers, increase costs, decrease margins, and reduce the competitiveness of products and services offered by our portfolio companies. As a result, these factors may adversely affect the revenues and profitability of such portfolio companies and, in turn, negatively affect our results of operations, which could cause the fair value of our shares of common stock to decline. The ultimate impact of these or similar future events on the United States and other economies, specific industries, our business, or our underlying portfolio companies cannot be predicted with certainty, but any such impact could be material and adverse to us.

**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.

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**Item 5. Other Information.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)None.

&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 entered into 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.**

---

| | |
|:---|:---|
| 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) |
| 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 Advisory Agreement between the Company and the Adviser 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 Advisory Agreement between the Company and the Adviser 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) |

---

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

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| | |
|:---|:---|
| 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) |
| 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\*</u>](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\*</u>](ck0001849894-ex10_28.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 |

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

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| | |
|:---|:---|
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
|  | Inline XBRL Taxonomy Extension Calculation Linkbase |
|  | Inline XBRL Taxonomy Extension Definition Linkbase |
|  | Inline XBRL Taxonomy Extension Label Linkbase |
|  | Inline XBRL Taxonomy Extension Presentation Linkbase |
|  | 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: | November 13, 2025 | /s/ Robert Platek |
|  |  | Robert Platek |
|  |  | Chief Executive Officer |
| Date: | November 13, 2025 | /s/ Brian S. Williams |
|  |  | Brian S. Williams |
|  |  | Chief Financial Officer & Treasurer |

---

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## Exhibit 10.26

# EXECUTION VERSION
AMENDMENT NO. 4 TO LOAN AND SERVICING AGREEMENT, dated as

of September 18, 2025 (this "<u>Amendment</u>"), among MSD BDC SPV II, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), MSD Investment Corp., a Maryland corporation, as collateral manager (the "<u>Collateral Manager</u>") and as equityholder (the "<u>Equityholder</u>"), Citizens Bank, N.A., as administrative agent (in such capacity, the "<u>Administrative Agent</u>") and as swingline lender (the "<u>Swingline Lender</u>"), each of the Lenders party hereto (the "<u>Lenders</u>"), U.S. Bank Trust Company, National Association, as collateral agent (the "<u>Collateral Agent</u>") and U.S. Bank National Association, as collateral custodian (the "<u>Collateral Custodian</u>") and as account bank (the "<u>Account Bank</u>").

WHEREAS, the Borrower, the Equityholder, the Collateral Manager, MSD Investment Corp., as the seller, the Collateral Agent, the Collateral Custodian, the Account Bank, the Administrative Agent, the Swingline Lender and each Lender party thereto are party to the Loan and Servicing Agreement, dated as of August 15, 2023 (as amended, supplemented, amended and restated and otherwise modified from time to time, the "<u>Loan Agreement</u>"); and

WHEREAS, the parties hereto have agreed to amend the Loan Agreement in accordance with Section 11.01 of the Loan Agreement and subject to the terms and conditions set forth herein;

NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

# ARTICLE I
<u>Definitions</u>

SECTION 1.1. <u>Defined Terms</u>. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement.

# ARTICLE II
<u>Amendments</u>

SECTION 2.1. <u>Amendments to the Loan Agreement</u>. The Loan Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: **<u>bold and double underlined</u>** text) as set forth on the pages of the Loan Agreement attached as <u>Exhibit A</u> hereto.

SECTION 2.2. <u>Amendments to Exhibits to Loan Agreement</u>. The Exhibits to the Loan Agreement are hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined

------

text (indicated textually in the same manner as the following example: **<u>bold and double</u> <u>underlined</u>** text) as set forth on the pages of the Exhibits attached as <u>Exhibit B</u> hereto.

# ARTICLE III
<u>Conditions to Effectiveness</u>

SECTION 3.1. This Amendment shall become effective as of the date first written above upon the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)execution and delivery of this Amendment by each party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all fees (including reasonable and documented fees, disbursements and other charges of external counsel to the extent invoiced one Business Day prior to the date hereof) due to the Lenders on or prior to the effective date of this Amendment have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Administrative Agent and the Lenders shall have received the executed legal opinion or opinions of Morgan, Lewis & Bockius LLP, counsel to the Borrower, addressed to the Administrative Agent and the Lenders dated as of the date hereof, each in form and substance acceptable to the Administrative Agent and each Lender in its reasonable discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Administrative Agent and the Lenders shall have received a good standing certificate for the Borrower issued by the applicable office body of its jurisdiction of organization and a certified copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer.

# ARTICLE IV
<u>Representations and Warranties</u>

SECTION 4.1. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, as of the date first written above, (i) no Event of Default, Unmatured Event of Default, Collateral Manager Default or Unmatured Collateral Manager Default has occurred and is continuing and (ii) the representations and warranties of the Borrower contained in the Loan Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

# ARTICLE V
<u>Miscellaneous</u>

SECTION 5.1. <u>Governing Law</u>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE

------

GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 5.2. <u>Severability Clause</u>. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 5.3. <u>Ratification</u>. Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.

SECTION 5.4. <u>Counterparts; Electronic Execution</u>. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by email transmission shall be effective as delivery of a manually executed counterpart hereof. The parties agree that this Amendment may be executed and delivered by electronic signatures and that the electronic signatures appearing on this Amendment are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

SECTION 5.5. <u>Headings</u>. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

SECTION 5.6. <u>Direction</u>. Each of the Administrative Agent and the Lenders hereby consents to and directs each of the Collateral Agent, the Collateral Custodian and the Account Bank to execute this Amendment and acknowledges and agrees that each of the Collateral Agent, the Collateral Custodian and the Account Bank shall be fully protected in relying upon the foregoing consent and direction.

[Signature pages follow]

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

**MSD BDC SPV II, LLC**, as Borrower

By: /s/ Brian S Williams

Name: Brian S Williams

Title: Chief Financial Officer & Treasurer

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**MSD INVESTMENT CORP.**, as Equityholder and as Collateral Manager

By: /s/ Brian S Williams

Name: Brian S Williams

Title: Chief Financial Officer & Treasurer

------

**CITIZENS BANK, N.A.**, as Administrative Agent

By: /s/ Rachel Bilskie

Name: Rachel Bilskie Title: Director

------

**CITIZENS BANK, N.A.**, as a Lender

By: /s/ Rachel Bilskie

Name: Rachel Bilskie Title: Director

------

**TEXAS CAPITAL BANK**, as a Lender

By: /s/ Robert Pitcock

Name: Robert Pitcock Title: Executive Director

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**EVERBANK, N.A.**, as a Lender

By: /s/ Brittany Gatto

Name: Brittany Gatto Title: Vice President

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**WESTERN ALLIANCE BANK**, as a Lender

By: /s/ Adam Dolkart

Name: Adam Dolkart

Title: Senior Vice President

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# U.S. BANK TRUST COMPANY, NATIONAL
**ASSOCIATION**, as Collateral Agent

By: /s/ Jon C. Warn

Name: Jon C. Warn

Title: Senior Vice President

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# U.S. BANK NATIONAL ASSOCIATION , as
Collateral Custodian and Account Bank

By: /s/ Jon C. Warn

Name: Jon C. Warn

Title: Senior Vice President

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<u>Exhibit A</u>

CONFORMED LOAN AND SERVICING AGREEMENT

------

# EXECUTION VERSION
***Conformed through Amendment No. 3<u>4</u> dated April<u>September</u> 18, 2024<u>2025</u>***

LOAN AND SERVICING AGREEMENT

Dated as of August 15, 2023 among

MSD BDC SPV II, LLC,

as the Borrower

MSD INVESTMENT CORP.,

as the Collateral Manager

MSD INVESTMENT CORP.,

as the Equityholder

MSD INVESTMENT CORP.,

as the Seller

CITIZENS BANK, N.A.,

as the Swingline Lender

CITIZENS BANK, N.A.,

as the Administrative Agent

EACH OF THE LENDERS FROM TIME TO TIME PARTY HERETO,

as the Lenders

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as the Collateral Agent and

U.S. BANK NATIONAL ASSOCIATION,

as the Account Bank and the Collateral Custodian

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any Transaction Document, including, but not limited to, indemnification payments, out of pocket expenses and amounts owing to any authorized third party service provider to the Borrower, any Lender, the Administrative Agent, the Collateral Custodian, the Collateral Agent, the Account Bank or any other Person (including accountants, agents and counsel of any of the foregoing for fees and expenses owing thereto) pursuant to any Transaction Document.

"<u>Advance</u>" means each loan advanced by the Lenders (including the Swingline Lender) to the Borrower on an Advance Date pursuant to <u>Article II</u> (including each Loan Advance, Swingline Advance and each advance made for the purpose of refunding the Swingline Lender for any Swingline Advance made pursuant to <u>Section 2.01(b)</u>).

"<u>Advance Date</u>" means the date on which an Advance is made.

"<u>Advance Rate"</u> means, as of any Measurement Date or other date of determination, with respect to any Eligible Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)in the case of a Broadly Syndicated Loan, 72.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)in the case of a Traditional Middle Market Loan, 67.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)in the case of a Lower Middle Market Loan, 65.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a Senior Secured Bond, 60.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of a Recurring Revenue Loan, 50.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u>(vi) in the case of a First Lien Last Out Loan, 45.0%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(j)</u>(vii) in the case of a Second Lien Loan, 35.0%.

"<u>Advances Outstanding</u>" means, on any date of determination, the aggregate principal amount of all Advances outstanding on such day, after giving effect to all repayments of Advances and the making of new Advances on such day; <u>provided</u> that, the principal amounts of Advances outstanding shall not be reduced by any Available Collections or other amounts paid to the Lenders to the extent any such payment of such amounts are rescinded or have been returned to the Borrower for any reason.

"<u>Advisers Act</u>" has the meaning assigned to that term in <u>Section 2.07(g)</u>. "<u>Affected Party</u>" has the meaning assigned to that term in <u>Section 2.10(a)</u>. "<u>Affiliate</u>" when used with respect to a Person, means any other Person that,

directly or indirectly, controls, is controlled by or is under common control with such Person. For the purposes of this definition, "control," when used with respect to any specified Person, means the power to vote 20% or more of the voting securities of such Person or to direct or cause the direction of the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

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"<u>Bridge Loan</u>" means any loan that (a) is incurred in connection with a merger, acquisition, consolidation or sale of all or substantially all of the assets of a person or similar transaction and (b) by its terms is required to be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings.

"<u>Broadly Syndicated Loan</u>" means any First Lien Loan with respect to which the TTM EBITDA of the related Obligor is equal to or greater than $50,000,000 as of the applicable Cut-Off Date.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or day on which banks in New York City, New York are authorized or required by law to close.

"<u>Canadian Dollar</u>" means the lawful currency for the time being of Canada. "<u>Canadian Dollar Account</u>" means the securities account designated as the

"Canadian Dollar Account" and any sub-accounts under the Account Control Agreement created and maintained on the books and records of the Account Bank for the deposit of Canadian Dollars in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Canadian Dollars</u>" means the lawful currency for the time being of Canada. "<u>Capital Stock</u>" means any and all shares, interests, participations or other

equivalents (however designated) of capital stock of a corporation, partnership or a limited liability company, any and all similar ownership interests in a Person (other than a corporation), and any and all warrants, rights or options to purchase any of the foregoing.

"<u>Cash Interest Coverage Ratio</u>" means, for the Relevant Test Period with respect to any Collateral Obligation other than a Qualified Recurring Revenue Loan, the comparable definition in the related Underlying Instrument; *provided* that, in the event that "Cash Interest Coverage Ratio" is not defined in such Underlying Instrument (and no comparable defined term exists therein), then "Cash Interest Coverage Ratio" shall mean the reasonable and customary meaning of such term and shall consider any meaningful capital structure changes; <u>provided</u>, <u>further</u>, that, if such definition or comparable term, as applicable, is not reasonable and customary as determined by the Collateral Manager in good faith in accordance with the Collateral Management Standard, then "Cash Interest Coverage Ratio" shall mean, for purposes of this Agreement, an amount, equal to the ratio of (i) EBITDA to (ii) either (a) the pro forma cash interest expense of such Obligor or (b) the cash interest expense of such Obligor for the previous twelve months, as reasonably determined by the Administrative Agent for such Obligor.

"<u>CBNA</u>" means Citizens Bank, N.A.

"<u>Change of Control</u>" means an event which will be deemed to have occurred if (a) the Equityholder ceases to own, of record, beneficially and directly, 100% of the Capital Stock of the Borrower; (b) any "assignment" (as defined in Section 202(a)(1) of the Investment Advisors Act of 1940) of either (i) the related investment management agreement by the Investment

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Manager (other than an assignment to an Affiliate of the Investment Manager with the prior

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with respect to its below-investment grade assets under management across bank loans, high yield and private debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(k)</u>[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any representation, warranty or certification made by the Collateral Manager herein or in any other Transaction Document or in any certificate delivered pursuant to this Agreement or any other Transaction Document shall prove to have been incorrect when made, in any material respect, and continues to be unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such incorrectness requiring the same to be remedied shall have been given to the Collateral Manager by the Administrative Agent or the Collateral Agent (at the direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of the Collateral Manager acquires knowledge thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)the Collateral Manager fails to maintain liquidity in at amount at least equal to the Unfunded Equity Shortfall Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)any Event of Default occurs as a result of a material breach by the Collateral Manager of its duties under this Agreement.

"<u>Collateral Manager Termination Notice</u>" has the meaning assigned to that term in <u>Section 6.01(b)</u>.

"<u>Collateral Obligation</u>" means a Loan, a Senior Secured Bond or a Participation Interest owned by the Borrower, excluding the Retained Interest thereon.

"<u>Collateral Obligation File</u>" means, with respect to each Collateral Obligation, a file containing (a) each of the documents and items as set forth on the Document Checklist with respect to such Collateral Obligation and (b) duly executed originals (to the extent required by the Collateral Management Standard) and copies of any other relevant records relating to such Collateral Obligations and Portfolio Assets pertaining thereto.

"<u>Collateral Obligation List</u>" means the schedule set forth as <u>Schedule VII</u> hereto of all Eligible Collateral Obligations included in the Collateral Portfolio that is designated by the Borrower (or the Collateral Manager on behalf of the Borrower) to support Advances under the Borrowing Base, as supplemented on any subsequent Advance Date, Cut-Off Date, Discretionary Sale Date or Substitution Date by the delivery from the Collateral Manager to the Administrative Agent (with a copy to the Collateral Agent) of an updated Collateral Obligation List, which Collateral Obligation List is incorporated herein by reference, and which Collateral Obligation List shall, together with all supplements and amendments thereto, be included in and made a part of the Collateral Obligation Tape.

"<u>Collateral Obligation Tape</u>" means the Collateral Obligation Tape identifying the Collateral Obligations delivered by the Borrower or the Collateral Manager to the Collateral Custodian, the Collateral Agent and the Administrative Agent. Each such schedule shall set forth the applicable information specified on <u>Schedule IV</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the aggregate sum of the Adjusted Balances of all Eligible Collateral Obligations issued by the six largest Obligors in excess of 35.0% of the Excess Concentration Measure; *provided* that, for purposes of this clause (e), all Collateral Obligations included or expected to be included as part of the Collateral Portfolio, the Obligor of which is an Affiliate of another Obligor, shall be calculated in the aggregate as having a single Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the sum of the Adjusted Balances of all Eligible Collateral Obligations (i) that are Second Lien Loans or First Lien Last Out Loans, in the aggregate, in excess of 30.0<u>15.0</u>% of the Excess Concentration Measure and (ii) that are Second Lien Loans or First Lien Last Out Loans to Obligors with an EBITDA of less than $100,000,000, in excess of 10.0<u>5.0</u>% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the sum of the Adjusted Balances of all Eligible Collateral Obligations that are Permitted Deferrable Obligations in excess of 5.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the sum of the Adjusted Balances of all Eligible Collateral Obligations that are unhedged Fixed Rate Obligations in excess of 5.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the sum of the Adjusted Balances of all Eligible Collateral Obligations with Obligors organized or with principal operations in an Approved Foreign Jurisdiction or which are underwritten with respect to Underlying Collateral located in an Approved Foreign Jurisdiction in excess of 15.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)the sum of the Adjusted Balances of all Eligible Collateral Obligations denominated in an Eligible Currency other than Dollars in excess of 15.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the sum of the Adjusted Balances of all Eligible Collateral Obligations that are Participation Interests (other than Assigned Participation Interests) in excess of 10.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the Aggregate Unfunded Exposure Amount in excess of 10.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the sum of the Adjusted Balances of all Eligible Collateral Obligations that are Senior Secured Bonds in excess of 15.0% of the Excess Concentration Measure;<u>[reserved];</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)the sum of the Adjusted Balances of all Eligible Collateral Obligations that are Recurring Revenue Loans in excess of 10.0% of the Excess Concentration Measure; <u>[reserved];</u>

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determining earnings from continuing operations for such period), in each case, consistent with the applicable Collateral Reporting Package provided by related Obligor, and any other item the Borrower (or the Collateral Manager on behalf of the Borrower) and the Administrative Agent mutually deem to be appropriate.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clause (a) or clause (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Equity Amount</u>" means, as of any date of determination, the greater of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Aggregate Adjusted Balance, *minus* the Advances Outstanding, *plus* the amount of Principal Collections on deposit in the Principal Collection Account, and (y) $0.

"<u>Effective LTV</u>" means, as of any date of determination, the result, expressed as a percentage of (i) for any First Lien Loan, First Lien Last Out Loan, Senior Secured Bond, Recurring Revenue Loan (other than a Qualified Recurring Revenue Loan) or Qualified First Lien Loan, the Senior Net Leverage Ratio divided by the Enterprise Value thereof; <u>or</u> (ii) for any Second Lien Loan, the Total Net Leverage Ratio divided by the Enterprise Value thereof; or (iii) for any Qualified Recurring Revenue Loan, the Gross Debt-to-Recurring-Revenue Ratio divided by the Enterprise Value thereof.

"<u>Eligible Collateral Obligation</u>" means, at any time, any Collateral Obligation which satisfies each of the representations, warranties and conditions contained in <u>Section</u> <u>4.01(ll)</u> and <u>Section 4.02</u> and which satisfies each of the following eligibility requirements (unless the Administrative Agent, in its sole discretion, agrees to waive any such requirement with respect to such Collateral Obligation; *provided* that, if the Administrative Agent has waived any of the following requirements (and such requirement is not currently satisfied) with respect to more than 15.0% of the Aggregate Outstanding Balance on any date of determination, then any waiver of any of the following requirements with respect to any additional Collateral Obligation to be included in the Collateral Portfolio shall require the consent of the Required Lenders on or prior to the applicable Cut-Off Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each such Collateral Obligation is (i) a Specified Collateral Obligation or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Approved Collateral Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each such Collateral Obligation is a First Lien Loan, a First Lien Last Out Loan, a Second Lien Loan, a Recurring Revenue Loan, a DIP Collateral Obligation, a

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Permitted Deferrable Obligation, a Delayed Draw Obligation (which Delayed Draw

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Obligation is also a First Lien Loan), <u>or</u> a Revolving Obligation or a Senior Secured Bond, in each case, evidenced by a note or a credit document and, other than in the case of any Collateral Obligation acquired or funded directly by the Borrower at the origination of such Collateral Obligation, an assignment or participation document in the form specified in the applicable credit agreement or, if no such specification, on a form reasonably acceptable to the agent or, in the case of a Participation Interest, the seller and Borrower (which the parties acknowledge that the Loan Syndications and Trading Association assignment form or the Loan Syndications and Trading Association participation form, as applicable, (or applicable United Kingdom, European or Canadian equivalent) is acceptable) in respect of such Collateral Obligation, in each case, governed by, and construed in accordance with, all Applicable Law. Each such Collateral Obligation and the Portfolio Assets related thereto is subject to a valid, subsisting and enforceable first or second priority perfected security interest (subject only to Permitted Liens) in favor of the Collateral Agent, on behalf of the Secured Parties, and the Borrower has good and marketable title to, such Collateral Obligation and the Portfolio Assets related thereto, free and clear of all Liens other than any Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Such Collateral Obligation is not a Defaulted Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Obligor with respect to such Collateral Obligation is an Eligible Obligor domiciled and organized or incorporated in (and the Underlying Collateral with respect to which such Collateral Obligation was principally underwritten is located in) the United States or any state or territory thereof or an Approved Foreign Jurisdiction; provided that, the foregoing restriction shall not apply to any Obligor that is (x) not the primary obligor and (y) not the basis on which the applicable Collateral Obligation was principally underwritten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each such Collateral Obligation is denominated and payable only in an Eligible Currency and does not permit the currency or country in which such Collateral Obligation is payable to be changed (unless such permitted currency is another Eligible Currency).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)No such Collateral Obligation is Margin Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The acquisition of such Collateral Obligation does not cause the Borrower or the assets constituting the Collateral Portfolio to be required to be registered as an investment company under the 1940 Act (with the parties hereto hereby acknowledging and agreeing that a Person which is a "business development corporation" (as such term is defined in the 1940 Act) shall, for all purposes hereunder and under the other Transaction Documents, not be deemed to be a Person required to be registered as an investment company under the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Such Collateral Obligation is not a construction loan and is not principally secured by real estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each such Collateral Obligation constitutes a legal, valid, binding and enforceable obligation of the Obligor thereunder and each guarantor thereof, enforceable

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) If such Collateral Obligation is an Assigned Participation Interest, such Assigned Participation Interest has been elevated to a full assignment by the date that is ninety (90) days after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Neither the Borrower, nor any Affiliate of the Borrower or Collateral manager owns 5.00% or more of any class of vested voting securities of the Obligor or more than 10.00% of the total equity of such Obligor, or any securities that are immediately convertible into or immediately exercisable or exchangeable for 5.00% or more of any class of vested voting securities of any Obligor or 10.0% or more of the total equity of any Obligor, in each case as determined by the Collateral Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(tt)</u> <u>Such Collateral Obligation is not a Recurring Revenue Loan or a Senior</u> <u>Secured Bond.</u>

"<u>Eligible Currency</u>" means Dollars, Canadian Dollars, Euros and GBP.

"<u>Eligible Obligor</u>" means on any date of determination, any Obligor that satisfies each of the following eligibility requirements (unless the Administrative Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such Obligor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is a business organization (and not a natural Person) duly organized and validly existing under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)is not a Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is not (i) the target or subject of any Sanctions or (ii) a Sanctioned Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)is not an Affiliate of, or controlled by or under common control with, the Borrower, the Collateral Manager or the Equityholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)is a legal operating entity or a holding company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)did not enter into the Collateral Obligation primarily for personal, family or household purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)derive any portion of its business from, is not primarily or directly involved in (or for which the proceeds received by the relevant Obligor is used to finance) payday lending, pawn shops, adult entertainment, marijuana related businesses, automobile title loans, tax refund anticipation loans, credit repair services, drug paraphernalia, fireworks distributors, tax evasion, assault weapons or firearms manufacturing, businesses engaged in predatory lending practices or strip mining; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any other industry which involves any activity that the Administrative Agent or a Lender reasonably believes is or would be illegal in

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attributable to such Recipient's failure to comply with <u>Section 2.11(g)</u>, and (d) any Taxes imposed under FATCA.

"<u>Facility Amount</u>" means $595,000,000, as such amounts may vary from time to time in accordance with the terms of this Agreement (including in connection with an increase up to the Maximum Facility Amount pursuant to <u>Section 2.21</u>); <u>provided</u> that, at any time on or after the Reinvestment Period End Date, the Facility Amount shall mean an amount equal to the aggregate Advances Outstanding at such time.

"<u>Facility Attachment Ratio</u>" means, with respect to any Collateral Obligation for the Relevant Test Period, the ratio of (i) committed Indebtedness of the related Obligor that is senior in terms of payment or lien subordination to the related Collateral Obligation to (ii) TTM EBITDA of such Obligor.

"<u>Facility Margin</u>" means, (i) during the Reinvestment Period, 2.75<u>1.95</u>% *per annum*; and (ii) thereafter, 3.00<u>2.20</u>% *per annum*; <u>provided</u> that, upon the occurrence and during the continuation of an Event of Default, the Facility Margin shall increase by 2.00%.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor version described above), and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>FDIC</u>" means the Federal Deposit Insurance Corporation, and any successor

thereto.

"<u>Federal Funds Rate</u>" means, for any period, a fluctuating *per annum* rate of

interest equal, for each day during such period, to the weighted average of the overnight federal funds rates as reported in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day, for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the national federal funds market at 9:00 a.m. on such day. Notwithstanding anything herein to the contrary, if the calculation of the Federal Funds Rate results in a rate of less than zero, the Federal Funds Rate shall be deemed to be zero for all purposes of this Agreement.

"<u>Fees</u>" has the meaning set forth in <u>Section 2.09</u>.

"<u>Financial Asset</u>" has the meaning specified in Section 8-102(a)(9) of the UCC. "<u>First Lien Last Out Loan</u>" means any Loan which satisfies the definition of First

Lien Loan except that such Loan is subordinated in application of proceeds pursuant to a specified priority of payments to other senior secured loans of the same Obligor until such other senior

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secured loans are paid in full; *provided* that, as of any date of determination, any Loan for

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which the Facility Attachment Ratio thereof exceeds 2.0x shall be deemed to be a Second Lien Loan for all purposes hereunder.

"<u>First Lien Loan</u>" means any Loan that (a) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (b) is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the related Underlying Instrument and liens accorded priority by law in favor of any governmental body) and (c) the Collateral Manager determines in good faith that the value of the Underlying Collateral and/or the Enterprise Value of the related Obligor as of the Cut-Off Date equals or exceeds the Outstanding Balance of such Loan *plus* the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral.

"<u>First Undrawn Amount</u>" means, as of any date of determination, the lesser of (i) the Undrawn Amount and (ii) an amount equal to 50.0% of the Facility Amount.

"<u>Fitch</u>" means Fitch Ratings, Inc. or any successor thereto.

"<u>Fixed Rate Obligation</u>" means any Eligible Collateral Obligation other than a Floating Rate Obligation.

"<u>Floating Rate Obligation</u>" means any Eligible Collateral Obligation that bears a floating rate of interest.

"<u>Floor</u>" means, with respect to any applicable Benchmark or any applicable Base Rate, a rate of interest equal to 0.0%.

"<u>Fronting Exposure</u>" means, at any time there is a Defaulting Lender, with respect to the Swingline Lender, such Defaulting Lender's Pro Rata Share of Swingline Advances (other than Swingline Advances as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders, repaid by the Borrower or for which cash collateral or other credit support acceptable to the Swingline Lender shall have been provided in accordance with the terms hereof).

"<u>Foreign Lender</u>" means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is a resident for tax purposes.

<u>"Fourth Amendment Closing Date" means September 18, 2025.</u>

"<u>Fundamental Amendment</u>" means any amendment, modification, waiver or supplement of or to this Agreement that would have a material adverse effect on any Lender (as reasonably determined by such Lender) and (a) increase or extend the term of the Commitments (other than an increase in the Commitment of another Lender or the addition of a new Lender) or extend the Termination Date or any component thereof or definition related thereto; (b) extend the date fixed for the payment of any amounts in respect of any Advance or any Fees hereunder,

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in each case, owing to any such Lender; (c) reduce any Advances Outstanding or the amount of any payment of principal or interest thereon or any Fee or other amounts hereunder owing to any such Lender; (d) reduce the rate at which interest or any Fee is payable hereunder to any Lender (excluding, in each case, any such reduction as a result of a full or partial waiver of interest or Fees accruing at a default rate imposed during an Event of Default or as a result of a waiver of any Event of Default); (e) release any material portion of the Collateral Portfolio, except in connection with dispositions expressly permitted or required hereunder; (f) alter the terms of <u>Section 2.04(a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(e)</u>, <u>Section 2.16</u>, <u>Section 2.18</u>, <u>Section 2.25</u> or <u>Section 11.01</u> or any related definitions or provisions in a manner that would alter the effect or intent of any such Section; (g) modify the definition of the "Required Lenders" or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision herein; (h) modify the definition of "Advance Rate", "Borrowing Base", "Eligible Collateral Obligation", "Excess Concentration Amount", "Fundamental Amendment", "Maximum Portfolio Advance Rate", "Minimum Equity Test", any other component of the "Collateral Quality Tests" or "Termination Date" or any defined term used in or otherwise related to any of the foregoing, in each case, in a manner which would have the effect of making more credit available to the Borrower, or make any such provision less restrictive on the Borrower; (i) extend the Reinvestment Period; or (j) result in or permit the direct or indirect subordination of any lien or claim securing the Obligations in connection with this Agreement.

"<u>GAAP</u>" means generally accepted accounting principles as in effect from time to time in the United States.

"<u>GBP</u>" means the lawful currency of the United Kingdom.

"<u>GBP Account</u>" means the securities account designated as the "GBP Account" and any sub-accounts under the Account Control Agreement created and maintained on the books and records of the Account Bank for the deposit of GBP in the name of the Borrower and subject to the Lien of the Collateral Agent for the benefit of the Secured Parties.

"<u>Governmental Authority</u>" means, with respect to any Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person, including any supranational bodies (such as the European Union and the European Central Bank).

"<u>Governmental Plan</u>" has the meaning assigned to that term in <u>Section 4.01(y)</u>. "Gross Debt-to-Recurring-Revenue Ratio" means, with respect to any Qualified

Recurring Revenue Loan for any Relevant Test Period, the reasonable and customary meaning of "Gross Debt-to-Recurring-Revenue Ratio" or any comparable term defined in the related Underlying Instrument for such Qualified Recurring Revenue Loan; *provided* that, if neither "Gross Debt-to-Recurring-Revenue Ratio" nor any such comparable term is defined in such related Underlying Instrument, or such definition or comparable term, as applicable, is not reasonable and customary as determined by the Collateral Manager in good faith in accordance

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with the Collateral Management Standard, then "Gross Debt-to-Recurring-Revenue Ratio" shall mean, for purposes of this Agreement, the ratio obtained by *dividing* (i) the aggregate Indebtedness of the related Obligor under such Qualified Recurring Revenue Loan and all other indebtedness of such Obligor that is senior or *pari passu* in right of payment to such Qualified Recurring Revenue Loan (*minus* Unrestricted Cash and cash equivalents) by (ii) the TTM Recurring Revenue of such Obligor; *provided* that, in the event of a lack of any such information necessary to calculate the Gross Debt-to-Recurring-Revenue Ratio of any Obligor under a Qualified Recurring Revenue Loan, a Revaluation Event shall occur as set forth in the definition thereof.

"<u>Group</u>" or "<u>Groups</u>" means, individually or collectively, as the context may require, one or more groups or an individual group consisting of Group 1 Loans, Group 2 Loans and/or Group 3 Loans, as applicable.

"<u>Group 1 Loan</u>" means each Eligible Collateral Obligation that is a First Lien Loan and that satisfies, as of the related Cut-Off Date, all of the applicable criteria set forth in the same row as the Group 1 Loan classification in the table under the definition of "Specified Collateral Obligation".

"<u>Group 2 Loan</u>" means each Eligible Collateral Obligation that is a First Lien Loan and that satisfies, as of the related Cut-Off Date, all of the applicable criteria set forth in the same row as the Group 2 Loan classification in the table under the definition of "Specified Collateral Obligation".

"<u>Group 3 Loan</u>" means each Eligible Collateral Obligation that is a First Lien Loan and that satisfies, as of the related Cut-Off Date, all of the applicable criteria set forth in the same row as the Group 3 Loan classification in the table under the definition of "Specified Collateral Obligation".

"<u>Guarantee Obligation</u>" means, with respect to any Person (the "<u>guaranteeing</u> <u>person</u>"), any obligation of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any letter of credit) to induce the creation of which the guaranteeing person has issued a reimbursement, counterindemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the "<u>primary obligations</u>") of any other third Person (the "<u>primary obligor</u>") in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term "Guarantee Obligation" shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The terms "Guarantee" and "Guaranteed" used as a verb shall have a correlative meaning. The amount of any Guarantee Obligation of any guaranteeing person

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"<u>Industry Classification</u>" means the Moody's Industry Classification Group List set forth in Schedule VIII, as such industry classifications shall be updated at the option of the Administrative Agent in its sole discretion if S&P publishes revised industry classification.

"<u>Initial Advance</u>" means the first Advance hereunder made pursuant to <u>Article II</u>. "<u>Instrument</u>" has the meaning specified in Section 9-102(a)(47) of the UCC. "<u>Insurance Policy</u>" means, with respect to any Collateral Obligation, an insurance

policy covering liability and physical damage to, or loss of, the Underlying Collateral, or an ACORD certificate or other evidence of such insurance.

"<u>Interest</u>" means, with respect to any period and any Collateral Obligation, for the Obligor on such Collateral Obligation and any of its parents or Subsidiaries that are obligated under the Underlying Instrument for such Collateral Obligation (determined on a consolidated basis without duplication in accordance with GAAP), the meaning of "Interest" or any comparable definition in the Underlying Instrument for such Collateral Obligation and in the event that "Interest" or any such comparable definition is not defined in such Underlying Instrument, all interest in respect of Indebtedness accrued or capitalized during such period (whether or not actually paid during such period).

"<u>Interest Collection Account</u>" means each account and/or sub-account designated as an "Interest Collection Account" under the Account Control Agreement.

"<u>Interest Collections</u>" means, (i) with respect to any Collateral Obligation, all payments and collections attributable to interest on such Collateral Obligation or other Portfolio Assets, including, without limitation, all scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations attributable to interest on such Collateral Obligation (ii) any commitment fees, ticking fees, upfront fees, underwriting fees, origination fees, amendment fees, servicing fees, amendment fees, late fees, waiver fees, prepayment fees or other amounts received in respect of the Collateral Obligations and (iii) the earnings on Interest Collections in the Collection Account that are invested in Permitted Investments, in each case other than Retained Interests; *provided* that, any amounts received in respect of any Defaulted Obligation shall constitute Principal Collections (and not Interest Collections) until the aggregate of all collections in respect of such Defaulted Obligation since it became a Defaulted Obligation equals the outstanding principal balance of such Collateral Obligation at the time it became a Defaulted Obligation.

"<u>Investment Manager</u>" means <u>BDT &</u> MSD Partners<u>BDC Management</u>, L.P<u>LLC</u>. "<u>Joinder Supplement</u>" means an agreement among the Borrower, a Lender and the

Administrative Agent in the form of <u>Exhibit D</u> to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date.

"<u>Key Person Event</u>" means an event occurring at any time when either (i) Rob

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Platek (unless his material responsibilities are assumed within ninety (90) days after his

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to all Eligible Collateral Obligations to increase by 0.50 or more years in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)(i) waives one or more interest payments, (ii) reduces the interest rate spread or coupon with respect to such Eligible Collateral Obligation by 0.50% or more (other than due to automatic changes in grid pricing existing on the date of the Approval Notice for such Eligible Collateral Obligation), or (iii) permits any interest due in cash to be deferred or capitalized and added to the principal amount of such Eligible Collateral Obligation (other than any deferral or capitalization already expressly permitted, as of the Cut-Off Date, by the terms of the related Underlying Instrument with respect to any Permitted Deferrable Obligation as of the related Cut-Off Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)contractually or structurally subordinates such Collateral Obligation to any obligation (other than any obligation which is senior to such Collateral Obligation and which existed as of the applicable Cut-Off Date) by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related Obligor or the granting of Liens (other than "permitted liens" as defined in the applicable Underlying Instrument or such comparable term if "permitted liens" is not defined therein, in each case, so long as such definition or term, as applicable, is reasonable and customary) on any of the Underlying Collateral securing such Collateral Obligation, in each case, with the consent of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)substitutes, alters or releases all or any portion (other than by the granting of Permitted Liens) of the Underlying Collateral securing such Collateral Obligation and such substitution, alteration or release, individually or in the aggregate and as determined in the Administrative Agent's sole discretion, materially and adversely affects the value of such Collateral Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)amends, waives, forbears, supplements or otherwise modifies (i) the meaning of "Indebtedness", "Senior Net Leverage Ratio", "Total Net Leverage Ratio", "Gross Debt-to-Recurring-Revenue Ratio", "EBITDA", "Effective LTV", "Enterprise Value", "Cash Interest Coverage Ratio", "Unrestricted Cash", "Permitted Liens", "Interest Coverage Ratio" or any comparable definitions, provisions or related financial covenants or collateral quality compliance tests, as applicable, in the related Underlying Instrument or (ii) any term or provision of such Underlying Instrument referenced in or utilized in the calculation of any of the foregoing or any comparable term (or, in each case, any component thereof), including without limitation as any such relates to financial covenants, in such Underlying Instrument, in each case (with respect to <u>clauses (i)</u> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> above), in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to any Secured Party; *provided* that, in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent may in its sole discretion retroactively adjust any of the foregoing definitions, including any comparable definitions or other related terms and provisions or methods of calculation, as applicable, for any Collateral Obligation as determined on the applicable Cut-Off Date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with respect to a Qualified Recurring Revenue Loan, the Maintenance Covenants calculated based on Recurring Revenue set forth in the related Underlying Instrument are not replaced with traditional EBITDA-based cash flow leverage lending covenants (such as "Total Net Leverage Ratio" or "Senior Net Leverage Ratio" or an equivalent term) by the applicable date set forth in the related Underlying Instrument or such date is extended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(g)</u> (h) waives or amends the maintenance financial covenant under the related Underlying Instrument in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to any Secured Party.

"<u>Maximum Facility Amount</u>" means $750,000,000; *provided* that, at any time on or after the Reinvestment Period End Date, the Maximum Facility Amount shall mean an amount equal to the aggregate Advances Outstanding at such time.

"<u>Maximum Portfolio Advance Rate</u>" means (i) if Second Lien Loans comprise over 15.0% of the Aggregate Adjusted Balance<u>the Diversity Score is less than 15</u>, 62.5% or (ii) otherwise, 65.0%.

"<u>Maximum Weighted Average Life Test</u>" means a test that will be satisfied at any time if the Weighted Average Life of all Eligible Collateral Obligations at such time is less than or equal to 7 years *minus* the number of years (rounded to the nearest quarter year) that have elapsed since the <u>Fourth Amendment</u> Closing Date.

"<u>Measurement Date</u>" means each of the following dates: (i) each Determination Date, (ii) the Reporting Date with respect to each Payment Date, (iii) the date as of which an Advance or reduction of the Advances Outstanding is requested, (iv) the date as of which a release of Principal Collections is requested, (v) the date of any Discretionary Sale or any Substitution Date described in <u>Section 2.07</u>, (vi) the date as of which a Borrowing Base Deficiency occurs, (vii) the Business Day following the date on which a Responsible Officer of the Borrower, the Collateral Manager or the Equityholder has actual knowledge of the occurrence of any Revaluation Event, (viii) the Business Day following the date that the Assigned Value of any Collateral Obligation is adjusted; (ix) the date on which any Collateral Obligation included in the latest calculation of the Borrowing Base fails to meet one or more of the criteria listed in the definition of "Eligible Collateral Obligation" (other than any criteria thereof waived by the Administrative Agent) and (x) any other date reasonably requested by the Administrative Agent.

"<u>Minimum Diversity Test</u>" means a test that will be satisfied on any date of determination if the Diversity Score is no less than (i) prior to the end of the Ramp Period, 6 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) thereafter, 10.

"<u>Minimum Equity Test</u>" means a test that will be satisfied on any date of determination during the Reinvestment Period if the Effective Equity Amount is greater than or equal to the Minimum Required Equity Amount.

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"<u>Qualified First Lien Loan</u>" means any Eligible Collateral Obligation that would qualify as a First Lien Loan but for the seniority in right of payment of a Permitted Working Capital Facility or Super Priority Revolving Facility and/or the seniority of the Lien securing the Permitted Working Capital Facility or Super Priority Revolving Facility, so long as: (i) as of the most recent date of determination, such Permitted Working Capital Facility or Super Priority Revolving Facility, as applicable, has an aggregate commitment equal to not more than 20.0% of the sum of (a) the aggregate commitment amount of such Permitted Working Capital Facility or Super Priority Revolving Facility, (b) the aggregate commitment amount of such Eligible Collateral Obligation and (c) the aggregate commitment amount of any other Indebtedness that is *pari passu* with, or senior to, such Loan; (ii) such Loan has a ratio of the aggregate commitment amount of such Permitted Working Capital Facility or Super Priority Revolving Facility, as applicable, to TTM EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) not greater than 0.5x; and (iii) the Administrative Agent in its sole and absolute discretion has consented to the treatment of such Loan as a Qualified First Lien Loan; *provided* that, any Loan that would otherwise be a Qualified First Lien Loan hereunder but has, as of the Cut-Off Date, not met the requirements of clauses (i) through (iii) of this definition shall be considered a First Lien Last Out Loan for all purposes hereunder.

"Qualified Recurring Revenue Loan" means any Recurring Revenue Loan other than a Recurring Revenue Loan that qualifies as such solely under clause (ii) of the definition thereof.

"<u>Ramp Period</u>" means the period commencing on the Closing Date and ending on the day preceding the earlier of (a) the date on which the Aggregate Adjusted Balance is equal to or greater than the Minimum Target Amount and (b) the nine-month anniversary of the Closing Date; *provided* that the Ramp Period may be extended by mutual agreement of the parties hereto, in the event of an increase to the Facility Amount, pursuant to <u>Section 2.21</u>.

"<u>Recipient</u>" means the Administrative Agent and any applicable Lender, as the context may require.

"Recurring Revenue Loan" means, with respect to any Qualified Recurring Revenue Loan and/or any Obligor thereunder, the reasonable and customary meaning of "Recurring Revenue" or any comparable <u>a Loan which is underwritten based on the</u> definition <u>of</u> <u>"annualized recurring revenue" (or an equivalent term)</u> in the related Underlying Instrument; *provided* that, in the event that "Recurring Revenue" is not defined in such Underlying Instrument (and no comparable defined term exists therein), or<u>Instruments, or if no</u> such definition or comparable term, as applicable, is not reasonable and customary as determined by the Collateral Manager in good faith in accordance with the Collateral Management Standard, then "Recurring Revenue" shall mean, for purposes of this Agreement, all<u>exists in such</u> <u>Underlying Instruments, on</u> recurring maintenance, service, support, hosting, subscription and other revenues identified by the Collateral Manager (including, without limitation, software as a service subscription revenue), of the related Obligor and any of its parents or subsidiaries that are obligated with respect to such Eligible Collateral Obligation pursuant to the applicable Underlying Instrument (determined on a consolidated basis without duplication in accordance

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with GAAP)<u>and designated as a Recurring Revenue Loan by the Administrative Agent in</u> <u>connection with the initial request for approval of such Loan</u>.

"Recurring Revenue Loan" means an Eligible Collateral Obligation is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the related Underlying Instrument and liens accorded priority by law in favor of any governmental body) which as of the Cut-Off Date (i)(1) includes Maintenance Covenants calculated based on Recurring Revenue (such as "Gross Debt-to-Recurring-Revenue Ratio" or an equivalent term) rather than EBITDA, (2) the related Underlying Instrument provides that such Maintenance Covenants calculated based on Recurring Revenue shall be replaced with traditional EBITDA-based cash flow leverage lending covenants (such as "Total Net Leverage Ratio" or "Senior Net Leverage Ratio" or an equivalent term) within three (3) years of the Cut-Off Date and (3) the Obligor's previous quarter annualized Recurring Revenue is at least $50,000,000 as of the related Cut-Off Date; or (ii) has a Senior Net Leverage Ratio greater than 7.50x as of the related Cut-Off Date, in each case, as determined by the Administrative Agent in consultation with the Collateral Manager and designated as such in the related Approval Notice; *provided* that, with the approval of the Administrative Agent in its sole discretion, the Collateral Manager may re-designate such Loan as a First Lien Loan, a Qualified First Lien Loan, a First Lien Last Out Loan or a Second Lien Loan if at any time after the Cut-Off Date (a) with respect to any Recurring Revenue Loan (other than a Qualified Recurring Revenue Loan), as of any applicable Determination Date, such Loan has a Senior Net Leverage Ratio less than 7.50x; or (b) with respect to any Qualified Recurring Revenue Loan, such Maintenance Covenants calculated based on Recurring Revenue in the related Underlying Instrument are replaced (whether by amendment or by operation of such Underlying Instrument) with traditional EBITDA-based cash flow leverage lending covenants (such as "Total Net Leverage Ratio" or "Senior Net Leverage Ratio" or an equivalent term).

"<u>Register</u>" has the meaning assigned to that term in <u>Section 2.14</u>.

"<u>Regulation U</u>" means Regulation U of the Board of Governors of the Federal Reserve System, 12 C.F.R. § 221, or any successor regulation.

"<u>Reinvestment Period</u>" shall mean the period commencing on the Closing Date and ending on the day preceding the Reinvestment Period End Date.

"<u>Reinvestment Period End Date</u>" means the earliest to occur of (a) any date following the occurrence of a Collateral Manager Default on which the Administrative Agent provides written notice to the Borrower and the Collateral Manager that it is terminating the Reinvestment Period, (b) the Termination Date and (c) the Scheduled Reinvestment Period End Date.

"<u>Related Obligation</u>" means any Collateral Obligation where an Affiliate of the Borrower, the Equityholder or the Collateral Manager owns a Delayed Draw Obligation or Revolving Obligation pursuant to the same Underlying Instrument; *provided* that, any such Collateral Obligation will cease to be a "Related Obligation" hereunder once all commitments by such Affiliate to make advances or fund such Delayed Draw Obligation or Revolving Obligation, as applicable, to the related Obligor expire or are irrevocably terminated or reduced to zero.

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"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person's Affiliates.

"<u>Release Date</u>" has the meaning assigned to that term in <u>Section 2.07(b)</u>. "<u>Relevant Governmental Body</u>" means the Federal Reserve Board or the Federal

Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto.

"<u>Relevant Test Period</u>" means, with respect to any Collateral Obligation, the relevant test period for the calculation of Total Net Leverage Ratio, Senior Net Leverage Ratio, Effective LTV, Facility Attachment Ratio, Gross Debt-to-Recurring-Revenue Ratio, Cash Interest Coverage Ratio or EBITDA or any other term of similar import, as applicable, for such Collateral Obligation in the related Underlying Instrument or, if no such period is provided for therein, for Obligors delivering monthly financial statements, each period of the last 12 consecutive reported calendar months, and for Obligors delivering quarterly financial statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Collateral Obligation; <u>provided</u> that with respect to any Collateral Obligation for which the relevant test period is not provided for in the related Underlying Instrument, if an Obligor is a newly-formed entity as to which 12 consecutive calendar months have not yet elapsed, "Relevant Test Period" shall initially include the period from the date of formation of such Obligor to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last 12 consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor.

"<u>Remittance Period</u>" means, (i) as to the initial Payment Date, the period beginning on the Closing Date and ending on, and including, the Determination Date immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the period beginning on the first day after the most recently ended Remittance Period and ending on, and including, the Determination Date immediately preceding such Payment Date, or, with respect to the final Remittance Period, the Collection Date.

"<u>Replaced Collateral Obligation</u>" has the meaning assigned to that term in <u>Section</u>

<u>2.07(c).</u>

"<u>Replacement Collateral Manager</u>" has the meaning assigned to that term in

<u>Section 6.01(c)</u>.

"<u>Reportable Event</u>" means any of the events set forth in Section 4043(c) of ERISA, other than an event for which the 30 day notice period has been waived.

"<u>Reporting Date</u>" means the 15th day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day, commencing in September 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)with respect to any Collateral Obligation, the occurrence of a Material Modification (unless such Material Modification was approved in advance or waived by the Administrative Agent in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)with respect to any Collateral Obligation, (a) the Collateral Manager fails to deliver to the Administrative Agent the Collateral Reporting Package or any other financial reporting information as required by the related Underlying Instrument within fifteen (15) days after the Collateral Manager's receipt thereof or (b) the related Obligor fails to deliver to the Borrower or the Collateral Manager, as applicable, the Collateral Reporting Package or any other financial reporting information as required by the related Underlying Instrument (after giving effect to the shorter of (i) any applicable grace period thereunder and (ii) thirty (30) days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)with respect to any (i) Specified Collateral Obligation, the Senior Net Leverage Ratio for the Relevant Test Period is (1) greater than 3.50x and (2) more than 0.50x higher than such Senior Net Leverage Ratio as calculated on the applicable Cut-Off Date; (ii) Approved Collateral Obligation that is a First Lien Loan or a Recurring Revenue Loan (other than a Qualified Recurring Revenue Loan), the Senior Net Leverage Ratio for the Relevant Test Period is (1) greater than 3.50x and (2) more than 1.0x higher than such Senior Net Leverage Ratio as calculated on the applicable Cut-Off Date; or (iii) Qualified First Lien Loan or First Lien Last Out Loan, (1) the Senior Net Leverage Ratio for the Relevant Test Period is more than 0.50x higher than such Senior Net Leverage Ratio as calculated on the applicable Cut-Off Date or (2) the Facility Attachment Ratio for the Relevant Test Period is more than 0.25x higher than such Facility Attachment Ratio as calculated on the applicable Cut-Off Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)with respect to any Second Lien Loan, the Total Net Leverage Ratio for the Relevant Test Period is (i) greater than 5.0x and (ii) more than 0.50x higher than such Total Net Leverage Ratio as calculated on the applicable Cut-Off Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)with respect to any Qualified Recurring Revenue Loan, (i) the Gross Debt-to-Recurring-Revenue Ratio for the Relevant Test Period is more than 10.0% higher than such Gross Debt-to-Recurring-Revenue Ratio as calculated on the applicable Cut-Off Date; (ii) the Obligor's previous quarter annualized Recurring Revenue is less than $50,000,000, calculated using the most recent financial information; or (iii) a failure by the related Obligor to provide the information necessary to calculate the Gross Debt-to-Recurring-Revenue Ratio for any Relevant Test Period as and when required by the related Underlying Instrument<u>[reserved]</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)with respect to any Collateral Obligation denominated in an Eligible Currency (other than Dollars) the enactment of any regulation or any change in law which results in the redenomination or revaluation of such Eligible Currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)with respect to any Related Obligation, the Affiliate of the Borrower or the Equityholder, as applicable, which owns the related Delayed Draw Obligation or

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Revolving Obligation, as applicable, fails to comply with any funding obligation thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)with respect to any Collateral Obligation with a public rating, (i) such Collateral Obligation either ceases to have (x) a public rating by S&P above "CCC-" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) a Moody's probability of default rating (as published by Moody's) above "Caa3"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such Collateral Obligation is a Participation Interest, the seller thereof ceases to have (x) long-term unsecured ratings of at least "Baa1" by Moody's and "BBB+" by S&P and (y) short-term unsecured ratings of at least "A-1" by S&P and "P-1" by Moody's;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)with respect to any Permitted Deferrable Obligation, such Collateral Obligation at any time ceases to satisfy the requirements of the definition of "Permitted Deferrable Obligation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)with respect to any Collateral Obligation that is not a Specified Collateral Obligation, such modifications to the foregoing criteria or such additional criteria as may be mutually agreed to between the Borrower and the Administrative Agent as set forth in the related Approval Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)other than with respect to any Qualified Recurring Revenue Loan, the Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Collateral Obligation is (i) less than 1.50x and (ii) 85% or less than such Cash Interest Coverage Ratio as calculated on the applicable Cut-Off Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)other than with respect to any Obligor under a Qualified Recurring Revenue Loan, a failure by the related Obligor to provide the information necessary to calculate the Cash Interest Coverage Ratio for any Relevant Test Period as and when required by the related Underlying Instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)with respect to any Collateral Obligation, the Administrative Agent receives an Opinion of Counsel to the effect that the Borrower's ownership thereof would be expected to cause the Administrative Agent or any Lender to fail to comply with any applicable law or any request or directive (whether or not having the force of law) from any banking or other Governmental Authority having jurisdiction thereover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)with respect to any Obligor under a Collateral Obligation (other than a Qualified Recurring Revenue Loan), TTM EBITDA has declined to less than $5,000,000 as of any date of determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)with respect to any Collateral Obligation, the Collateral Manager determines, in its sole discretion, in accordance with the Collateral Management Standard, that all or a material portion of such Collateral Obligation is not collectible or otherwise places such Collateral Obligation on non-accrual status; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)a "change of control" (or any similar provision or definition) pursuant to the related Underlying Instrument, or if such Underlying Instrument does not contain a "change of control" (or any similar provision or definition), any change in the Control of the related Obligor.

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"<u>Revenue Recognition Implementation</u>" means the implementation by an Obligor of IFRS 15/ASC 606.

"<u>Review Criteria</u>" has the meaning assigned to that term in <u>Section 12.02(b)(i)</u>. "<u>Revolving Obligation</u>" means a Collateral Obligation (other than a Delayed

Draw Obligation) that is a senior secured obligation (including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that under the Underlying Instrument relating thereto may require one or more future advances to be made to the Obligor by the Borrower; <u>provided</u> that, any such Collateral Obligation will be a Revolving Obligation only until all commitments by the Borrower to make advances to the Obligor thereof expire, or are terminated, or are irrevocably reduced to zero.

"<u>S&P</u>" means S&P Global Ratings and any successor thereto.

"<u>Sanction</u>" or "<u>Sanctions</u>" means, individually and collectively, respectively, any and all economic or financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes, export controls and anti-terrorism laws, including but not limited to those imposed, administered or enforced from time to time by: (a) the United States of America, including those administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), the U.S. Department of the Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order; (b) the United Nations Security Council; (c) the European Union; (d) the United Kingdom; or (e) any other Governmental Authorities with jurisdiction over the Borrower, the Collateral Manager, the Equityholder or any of their respective Subsidiaries.

"<u>Sanctioned Person</u>" means any Person or vessel that is a target of Sanctions, including without limitation, a Person that is: (a) listed on OFAC's Specially Designated Nationals (SDN) and Blocked Persons List or any list of targeted persons issued under any other Sanctions; (b) listed on OFAC's Consolidated Non-SDN List; (c) a legal entity that is deemed by OFAC to be a Sanctions target based on the direct or indirect ownership or control of such legal entity by Sanctioned Person(s); or (d) a Person that is a Sanctions target pursuant to any territorial or country-based Sanctions program.

"<u>Scheduled Payment</u>" means, with respect to any Eligible Collateral Obligation, each scheduled payment of principal and/or interest required to be made by the Obligor thereunder.

"<u>Scheduled Reinvestment Period End Date</u>" means the three-year anniversary of the <u>Fourth Amendment</u> Closing Date.

"<u>Scheduled Maturity Date</u>" means two (2) years following the Reinvestment Period End Date.

"<u>Second Lien Loan</u>" means any Loan (other than a First Lien Loan, a First Lien

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Last Out Loan and any Loan that would be a First Lien Last Out Loan with a Facility Attachment

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Type of Loan** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TTM EBITDA** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maximum Effective LTV** | &nbsp;&nbsp;**Maximum Senior Net Leverage Ratio** |
| &nbsp;&nbsp;Group 2 | &nbsp;&nbsp;$25,000,000<br>&nbsp;&nbsp;&nbsp;&nbsp;•EBITDA | 50.0% | &nbsp;&nbsp;6.5x |
| &nbsp;&nbsp;Group 3 | &nbsp;&nbsp;$50,000,000<br>&nbsp;&nbsp;&nbsp;&nbsp;•EBITDA | 50.0% | &nbsp;&nbsp;7.5x |

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*provided* that, notwithstanding anything herein to the contrary, "Specified Collateral Obligation" shall be deemed to exclude any Eligible Collateral Obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(l)</u>the Obligor for which, as of the applicable Cut-Off Date, has a (1) TTM EBITDA adjustment that is greater than 30.0% pursuant to the related Underlying Instrument or (2) TTM EBITDA less than $15,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(m)</u>which as of the applicable Cut-Off Date is a Recurring Revenue Loan, a First Lien Last Out Loan, a Second Lien Loan, a DIP Collateral Obligation or a Permitted Deferrable Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(n)</u>for which, as of the applicable Cut-Off Date, the Senior Net Leverage Ratio has deteriorated materially since the most recent transaction as determined in good faith by the Administrative Agent in its commercially reasonable discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(o)</u>for which the Administrative Agent has waived one or more of the requirements set forth in the definition of "Eligible Collateral Obligation";

*provided*, *further* that, notwithstanding anything herein to the contrary, no Eligible Collateral Obligation acquired by the Borrower during the occurrence and continuation of a Key Person Event shall be a "Specified Collateral Obligation".

"<u>Specified Material Modification</u>" means a Material Modification pursuant to clause (a) or clause (d) of the definition thereof.

"<u>Spot Rate</u>" means, as of any date of determination, with respect to the conversion of any Eligible Currency (other than Dollars), (x) the applicable currency-Dollar spot rate that appeared on the Bloomberg screen for such currency or (y) solely for purposes of an actual currency exchange, the applicable currency Dollar spot rate obtained by the Collateral Manager through customary banking channels, in each case, measured as of the end of the immediately preceding Business Day (or if such date is a Determination Date, at the end of such day).

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Columbia.

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"<u>State</u>" means one of the fifty states of the United States or the District of

"<u>Structured Finance Obligation</u>" means any obligation of a special purpose

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vehicle secured directly by, referenced to, or representing ownership of, a pool of receivables or other assets, including collateralized debt obligations and single asset repackages.

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"<u>Transaction Documents</u>" means this Agreement, any Joinder Supplement, the Account Control Agreement, the Purchase and Sale Agreement, the Master Participation Agreement, each Lender Fee Letter, the Collateral Agent and Collateral Custodian Fee Letter and each document, instrument or agreement related to any of the foregoing.

"<u>Transferee Letter</u>" has the meaning assigned to that term in <u>Section 11.04(a)</u>. "<u>TTM EBITDA</u>" means, with respect to any Obligor for which twelve full fiscal

months (or such other periodic increments totaling no less than one consecutive year) of relevant financial data are available, as of any date of determination, "EBITDA" for such Obligor for the trailing twelve-month period ending on such date, as calculated by the Collateral Manager in good faith in accordance with the Collateral Management Standard using information from and calculations consistent with the applicable Collateral Reporting Package.

"TTM Recurring Revenue" means, with respect to any Obligor for which twelve full fiscal months (or such other periodic increments totaling no less than one consecutive year) of relevant financial data are available, as of any date of determination, the "Recurring Revenue" of such Obligor for the trailing twelve-month period ending on such date, as calculated by the Collateral Manager in good faith in accordance with the Collateral Management Standard using information from and calculations consistent with the applicable Collateral Reporting Package.

"<u>Type</u>" means, with respect to a Loan Advance, its character as a Daily Simple SOFR Advance or a Term SOFR Advance.

"<u>UCC</u>" means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction or jurisdictions.

"<u>UK Financial Institution</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment.

"<u>Underlying Collateral</u>" means, with respect to a Collateral Obligation, any property or other assets designated and pledged or mortgaged as collateral to secure repayment of such Collateral Obligation, as applicable, including, without limitation, to the extent provided for in the related Underlying Instrument a pledge of the stock, membership or other ownership interests in the related Obligor and all proceeds from any sale or other disposition of such property or other assets.

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entire Collateral Portfolio following the Collection Date. The Collateral Agent, for the benefit of the Secured Parties, shall after the deposit by the Collateral Manager of the proceeds of such Collateral Obligation into the Collection Account (or otherwise at the direction of the Administrative Agent), at the sole expense of the Collateral Manager, execute such documents and instruments of release as may be prepared by the Collateral Manager on behalf of the Borrower, give notice of such release to the Collateral Custodian (in the form of <u>Exhibit M</u>, which shall include an incumbency certificate for each authorized signer)) (unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after the Collection Date has occurred, each Lender and the Administrative Agent, in accordance with their respective interests, shall release to the Borrower, for no consideration but at the sole expense of the Borrower, their respective remaining interests in the Portfolio Assets, free and clear of any Lien resulting solely from an act by the Collateral Agent, any Lender or the Administrative Agent but without any other representation or warranty, express or implied, by or recourse against any Lender or the Administrative Agent.

Section 2.17 <u>Treatment of Amounts Received by the Borrower</u>. Amounts received by the Borrower pursuant to <u>Section 2.07</u> on account of Collateral Obligations shall be treated as payments of Principal Collections or Interest Collections, as applicable, on Collateral Obligations hereunder.

Section 2.18 <u>Repayments and Prepayments; Permanent Reduction of the</u> <u>Facility Amount; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Subject to <u>Section 2.18(b)</u>, below, unless otherwise expressly permitted or required herein, including, without limitation, any repayment necessary to cure a Borrowing Base Deficiency, Advances Outstanding may only be prepaid in whole or in part upon delivery by the Borrower of a Notice of Reduction at least three (3) Business Days prior to the intended date of such reduction; *provided* that, same day notice shall be permitted to cure a Borrowing Base Deficiency; *provided* further that, no reduction of the Advances Outstanding shall be given effect unless sufficient funds have been remitted to pay all applicable amounts in full, as determined by the Administrative Agent, in its sole discretion. The Administrative Agent shall apply amounts received from the Borrower pursuant to this <u>Section 2.18(a)</u> to the *pro rata* reduction of the Advances Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon delivery by the Borrower of a Notice of Permanent Reduction/Termination at least twenty (20) Business Days prior to the intended date of such reduction or termination, as applicable, the Borrower may either (i) terminate this Agreement and the other Transaction Documents upon payment in full of all Advances Outstanding, all accrued and unpaid Yield, any Make-Whole Fee, Undrawn Fee, Optional Prepayment Penalty, Administrative Expenses and other costs and expenses of the Administrative Agent, the Collateral Agent, the Collateral Custodian, the Account Bank and the Lenders and payment of all other Obligations (other than unmatured contingent indemnification obligations); or (ii)

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<u>SCHEDULE IV</u>

**COLLATERAL OBLIGATION TAPE**

For each Collateral Obligation, the Borrower shall provide, as applicable, the following information and the applicable Collateral Obligation Tape:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Obligor Name

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Collateral Obligation Type (First Lien Loan, First Lien Last Out Loan, <u>or</u> Second Lien Loan, Senior Secured Bond, or Recurring Revenue Loan), as well as whether the Collateral Obligation is a Specified Collateral Obligation (Group 1, Group 2, or Group 3) or an Approved Collateral Obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Whether such Collateral Obligation is a funded Term Loan, Delayed Draw Obligation or a Revolving Obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Calculation of the Senior Net Leverage Ratio as of the applicable Cut-Off Date for such Collateral Obligation and for the most recent Relevant Test Period (quarterly)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Calculation of the Total Net Leverage Ratio as of the applicable Cut-Off Date for such Collateral Obligation and for the most recent Relevant Test Period (quarterly)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Calculation of the Cash Interest Coverage Ratio as of the applicable Cut-Off Date for such Collateral Obligation and for the most recent Relevant Test Period (quarterly)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Calculation of the Facility Attachment Ratio as of the applicable Cut-Off Date for such Collateral Obligation and for the most recent Relevant Test Period (quarterly)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Calculation of the Gross Debt-to-Recurring-Revenue Ratio as of the applicable Cut-Off Date for any Qualified Recurring Revenue Loan and for the most recent Relevant Test Period (quarterly)<u>[Reserved]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)TTM EBITDA as of the applicable Cut-Off Date for such Collateral Obligation and for the most recent Relevant Test Period (quarterly)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)For Qualified Recurring Revenue Loans, the Recurring Revenue as of the applicable Cut-Off Date for such Collateral Obligation and for the most recent Relevant Test Period (quarterly) <u>[Reserved]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Effective LTV as of the most recent transaction (as it applies to the Cut-Off Date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Calculation of the EBITDA add-back percentage as of the applicable

------

Cut-Off Date for any Collateral Obligation that is not a Qualified Recurring Revenue Loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Whether such Collateral Obligation is a Qualified First Lien Loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)Whether such Collateral Obligation is a DIP Collateral Obligation, a Participation Interest, a Permitted Deferrable Obligation, a Defaulted Obligation, or a Discount Obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)Whether such Collateral Obligation is a Cov-Lite Loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)The payment frequency of such Collateral Obligation (whether it be monthly, quarterly, or semi-annually)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)For any Floating Rate Obligation, the current spread (inclusive of any index floor benefit and credit spread adjustment) and for any Fixed Rate Obligation, the current coupon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Scheduled maturity date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)Whether the rate of interest is floating or fixed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)For Fixed Rate Obligations, whether such Collateral Obligation is unhedged

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)Outstanding Balance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)Any Unfunded Exposure Amount (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)Par amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)Assigned Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)Adjusted Balance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)Aggregate Adjusted Balance (aa) Moody's Industry Classification

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) Whether such Collateral Obligation has been subject to a Revaluation Event (and specifying which clause under the definition thereof, as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Whether such Collateral Obligation has been subject to a Material Modification (and specifying which clause under the definition thereof, as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Cut-Off Date and date of acquisition for such Collateral Obligation

------

## Exhibit 10.28

# EXECUTION VERSION
AMENDMENT NO. 6 TO LOAN FINANCING AND SERVICING

AGREEMENT, dated as of October 30, 2025 (this "<u>Amendment</u>"), among MSD BDC SPV I, LLC, a Delaware limited liability company, as borrower (the "<u>Borrower</u>"), MSD Investment Corp., a Maryland corporation, as servicer (the "<u>Servicer</u>"), each of the lenders party hereto (the "<u>Lenders</u>") and Deutsche Bank AG, New York Branch ("<u>DBNY</u>"), as facility agent (in such capacity, the "<u>Facility Agent</u>").

WHEREAS, the Borrower, MSD Investment Corp., as the Equityholder, the Servicer, U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as the collateral agent and U.S. Bank National Association, as the collateral custodian, the Facility Agent and the Agents and the Lenders from time to time party thereto are party to the Loan Financing and Servicing Agreement, dated as of December 21, 2021 (as amended, supplemented, amended and restated and otherwise modified from time to time, the "<u>Loan Agreement</u>"); and

WHEREAS, First Foundation Bank (in such capacity, the "<u>Departing Lender</u>") is no longer party to the Loan Agreement or any other Transaction Document after giving effect to this Amendment; and

WHEREAS, the Borrower, the Servicer, the Facility Agent and the Lenders have agreed to amend the Loan Agreement in accordance with Section 17.2 of the Loan Agreement and subject to the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

# ARTICLE I
<u>Definitions</u>

SECTION 1.1. <u>Defined Terms</u>. Terms used but not defined herein have the respective meanings given to such terms in the Loan Agreement.

# ARTICLE II
<u>Amendments</u>

SECTION 2.1. <u>Amendments to the Loan Agreement</u>. The Loan Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: **<u>bold and double underlined</u>** text) as set forth on the pages of the Loan Agreement attached as <u>Exhibit A</u> hereto.

------

# ARTICLE III
<u>Conditions to Effectiveness</u>

SECTION 3.1. This Amendment shall become effective as of the date first written above upon the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the execution and delivery of this Amendment by each party hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Facility Agent's receipt of (i) legal opinion of Morgan, Lewis & Bockius LLP, counsel for the Borrower and the Servicer, in form and substance acceptable to the Lenders and the Facility Agent in their reasonable discretion, (ii) a good standing certificate for the Borrower and the Servicer issued by the applicable Official Body of its jurisdiction of organization and (iii) a copy of the resolutions of the board of managers (or similar items) of the Borrower and the Servicer approving this Amendment and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)all fees (including reasonable and documented fees, disbursements and other charges of external counsel to the extent invoiced one Business Day prior to the date hereof) due to the Facility Agent and the Lenders on or prior to the effective date of this Amendment have been paid in full.

# ARTICLE IV
<u>Representations and Warranties</u>

SECTION 4.1. Each of the Borrower and the Servicer hereby represents and warrants to the Facility Agent and the Lenders that, as of the date first written above, (i) no Event of Default, Unmatured Event of Default, Servicer Default or Unmatured Servicer Default has occurred and is continuing and (ii) the representations and warranties of the Borrower and the Servicer contained in the Loan Agreement are true and correct in all material respects on and as of such day (other than any representation and warranty that is made as of a specific date).

# ARTICLE V
<u>Departing Lender</u>

SECTION 5.1. Subject to First Foundation Bank's receipt of payment for

$28,036,363.64 Advances Outstanding purchased by Apple Bank and Texas Capital Bank on the date hereof, the parties hereto hereby acknowledge that First Foundation Bank's Commitment under the Loan Agreement has been terminated, (i) First Foundation Bank is no longer an Agent or a Lender thereunder, and shall have no further rights, obligations, duties or responsibilities in connection with the Loan Agreement or the other Transaction Documents and First Foundation Bank is no longer a party to any other Transaction Document and (ii) First Foundation Bank shall have the rights granted to it under Article XVI of the Loan Agreement; <u>provided</u> that, by its execution hereof, each of First Foundation Bank and the other parties hereto hereby agrees that (i)

------

First Foundation Bank shall receive $150,205.04 in Yield and Undrawn Fee accrued and

------

outstanding through the date hereof and (ii) DBNY shall receive the Make-Whole Fee (if any) on First Foundation Bank's Commitment for the related Accrual Period, in each case, to be paid on the applicable succeeding Distribution Date under the Loan Agreement. First Foundation Bank hereby confirms and agrees that the foregoing amounts constitute all outstanding Obligations owing to First Foundation Bank under or in connection with the Loan Agreement and the other Transaction Documents.

# ARTICLE VI
<u>Miscellaneous</u>

SECTION 6.1. <u>Governing Law</u>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT, AND ANY DISPUTE, SUIT, ACTION OR PROCEEDING, WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY, RELATING TO OR ARISING OUT OF THIS AMENDMENT OR TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

SECTION 6.2. <u>Severability Clause</u>. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 6.3. <u>Ratification</u>. Except as expressly amended and waived hereby, the Loan Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.

SECTION 6.4. <u>Counterparts; Electronic Execution</u>. The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the same agreement. Delivery of an executed signature page of this Amendment by email transmission shall be effective as delivery of a manually executed counterpart hereof. The parties agree that this Amendment may be executed and delivered by electronic signatures and that the electronic signatures appearing on this Amendment are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

SECTION 6.5. <u>Headings</u>. The headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

[Signature pages follow]

------

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

**MSD BDC SPV I, LLC**, as Borrower

By: /s/ Brian S Williams

Name: Brian Williams Title: CFO & Treasurer

------

**MSD INVESTMENT CORP.**, as Servicer

By:/s/ Brian S Williams

Name: Brian Williams Title: CFO & Treasurer

------

# DEUTSCHE BANK AG, NEW YORK
**BRANCH**, as Facility Agent

By:/s/ Amit Patel

Name: Amit Patel

Title: Managing Director

By:/s/ Erica Flor

Name: Erica Flor

Title: Director

------

**BRANCH**, as an Agent and as a Committed Lender

By:/s/ Amit Patel

Name: Amit Patel

Title: Managing Director

By:/s/ Erica Flor

Name: Erica Flor

Title: Director

------

**APPLE BANK**, as an Agent and as a Committed Lender

By:/s/ Anna Patricia Hugo

Name: Anna Patricia Hugo Title: First Vice President

------

**TEXAS CAPITAL BANK**, as an Agent and as a Committed Lender

By:/s/ Robert Pitcock

Name: Robert Pitcock Title: Executive Director

------

# MITSUBISHI HC CAPITAL AMERICA, INC. ,
as an Agent and as a Committed Lender

By:/s/ Candace Pavliscak

Name: Candace Pavliscak Title: Senior Vice President

------

Solely with respect to <u>Article V:</u>

**FIRST FOUNDATION BANK**, as an Agent and as a Committed Lender

By:/s/ Jessica Cheng

Name: Jessica Cheng Title: Vice President

------

<u>Exhibit A</u>

Loan Agreement Amendments

------

# EXECUTION VERSION

## Conformed through Amendment No. 5 <u>6</u> to the LFSA dated as of June <u>October</u> 30, 2025
LOAN FINANCING AND SERVICING AGREEMENT

dated as of December 21, 2021 MSD BDC SPV I, LLC

as Borrower,

MSD INVESTMENT CORP.

as Equityholder and as Servicer,

THE LENDERS FROM TIME TO TIME PARTIES HERETO, DEUTSCHE BANK AG, NEW YORK BRANCH

as Facility Agent,

THE OTHER AGENTS PARTIES HERETO,

and

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Collateral Agent

U.S. BANK NATIONAL ASSOCIATION,

as Collateral Custodian

4U1S2A3-c8ti4v9e7-568939533.2885.2

------

# **TABLE OF CONTENTS**
<u>Page</u>

ARTICLE I DEFINITIONS 1

Section 1.1 Defined Terms 1

Section 1.2 Other Definitional Provisions 50

ARTICLE II THE FACILITY, ADVANCE PROCEDURES AND NOTES 52

Section 2.1 Advances 52

Section 2.2 Funding of Advances 52

Section 2.3 Notes 53

Section 2.4 Repayment and Prepayments 53

Section 2.5 Permanent Reduction of Facility Amount 54

Section 2.6 Extension of Revolving Period 54

Section 2.7 Calculation of Discount Factor 54

Section 2.8 Increase in Facility Amount 55

Section 2.9 Defaulting Lenders 55

ARTICLE III YIELD, UNDRAWN FEE, ETC. <u>56</u>

Section 3.1 Yield and Undrawn Fee 56

Section 3.2 Yield and Undrawn Fee Distribution Dates 56

Section 3.3 Yield Calculation 57

Section 3.4 Computation of Yield, Fees, Etc 57

ARTICLE IV PAYMENTS; TAXES 57

Section 4.1 Making of Payments 57

Section 4.2 Due Date Extension 57

Section 4.3 Taxes 57

ARTICLE V INCREASED COSTS, ETC. <u>61</u>

Section 5.1 Increased Costs, Capital Adequacy 61

ARTICLE VI EFFECTIVENESS; CONDITIONS TO ADVANCES 63

Section 6.1 Effectiveness 63

Section 6.2 Advances and Reinvestments 65

Section 6.3 Transfer of Collateral Obligations and Permitted Investments 67

ARTICLE VII ADMINISTRATION AND SERVICING OF COLLATERAL

OBLIGATIONS 68

Section 7.1 Retention and Termination of the Servicer 68

Section 7.2 Resignation and Removal of the Servicer; Appointment of

Successor Servicer 68

Section 7.3 Duties of the Servicer 69

Section 7.4 Representations and Warranties of the Servicer 71

Section 7.5 Covenants of the Servicer and Equityholder. 74<u>73</u>

------

Section 7.6 Servicing Fees; Payment of Certain Expenses by Servicer 78

Section 7.7 Collateral Reporting 78

Section 7.8 Notices 78

Section 7.9 Procedural Review of Collateral Obligations; Access to

Servicer and Servicer's Records 78

Section 7.10 Optional Sales 79

Section 7.11 Repurchase or Substitution of Warranty Collateral Obligations 81

Section 7.12 Servicing of REO Assets 82

ARTICLE VIII ACCOUNTS; PAYMENTS 83

Section 8.1 Accounts 83

Section 8.2 Excluded Amounts 85

Section 8.3 Distributions, Reinvestment and Dividends 85

Section 8.4 Fees 89

Section 8.5 Monthly Report. 89

ARTICLE IX REPRESENTATIONS AND WARRANTIES OF THE BORROWER <u>90</u>

Section 9.1 Organization and Good Standing 90

Section 9.2 Due Qualification 90

Section 9.3 Power and Authority 90

Section 9.4 Binding Obligations. 91<u>90</u> Section 9.5 Security Interest. 91

Section 9.6 No Violation 92

Section 9.7 No Proceedings. 92

Section 9.8 No Consents 92

Section 9.9 Solvency 92

Section 9.10 Compliance with Laws 92

Section 9.11 Taxes. 93<u>92</u>

Section 9.12 Monthly Report. 93

Section 9.13 No Liens, Etc 93

Section 9.14 Information True and Correct 93

Section 9.15 Bulk Sales 94

Section 9.16 Collateral 94

Section 9.17 Selection Procedures 94

Section 9.18 Indebtedness 94

Section 9.19 No Injunctions 94

Section 9.20 No Subsidiaries. 94

Section 9.21 ERISA Matters. 94

Section 9.22 Investment Company Status 95

Section 9.23 Set-Off, Etc 95

Section 9.24 Collections 95

Section 9.25 Value Given 95

Section 9.26 Use of Proceeds. 95

Section 9.27 Separate Existence 95

Section 9.28 Transaction Documents 96

Section 9.29 EEA/UK Financial Institution 96

------

Section 9.30 Anti-Terrorism, Anti-Money Laundering 96

------

Section 9.31 Anti-Bribery and Corruption 97

Section 9.32 Volcker Rule 97

Section 9.33 AIFMD 97

ARTICLE X COVENANTS <u>98</u>

Section 10.1 Protection of Security Interest of the Secured Parties 98

Section 10.2 Other Liens or Interests 99

Section 10.3 Costs and Expenses 99

Section 10.4 Reporting Requirements 99

Section 10.5 Separate Existence 100

Section 10.6 Hedging Agreements 102

Section 10.7 Tangible Net Worth 104

Section 10.8 Taxes 104

Section 10.9 Merger, Consolidation, Etc 105

Section 10.10 Deposit of Collections 105

Section 10.11 Indebtedness; Guarantees 105

Section 10.12 Limitation on Purchases from Affiliates 105

Section 10.13 Transaction Documents 105

Section 10.14 Preservation of Existence 106

Section 10.15 Limitation on Investments 106

Section 10.16 Distributions 106

Section 10.17 Performance of Borrower Assigned Agreements 106

Section 10.18 Further Assurances; Financing Statements 107

Section 10.19 Obligor Payment Instructions 107

Section 10.20 Delivery of Collateral Obligation Files 107

Section 10.21 ERISA 108

Section 10.22 Risk Retention 108

Section 10.23 Proceedings 111

Section 10.24 [Reserved] 112

Section 10.25 Policies and Procedures for Sanctions 112

Section 10.26 Compliance with Sanctions 112

Section 10.27 Compliance with Anti-Money Laundering 112

Section 10.28 Ineligible Collateral 112

ARTICLE XI THE COLLATERAL AGENT 112

Section 11.1 Appointment of Collateral Agent 112

Section 11.2 Monthly Reports 113

Section 11.3 Collateral Administration 113

Section 11.4 Removal or Resignation of Collateral Agent 116

Section 11.5 Representations and Warranties 117

Section 11.6 No Adverse Interest of Collateral Agent 117

Section 11.7 Reliance of Collateral Agent 117

Section 11.8 Limitation of Liability and Collateral Agent Rights 118

Section 11.9 Tax Reports 121

Section 11.10 Merger or Consolidation 121

Section 11.11 Collateral Agent Compensation 121

------

Section 11.12 Compliance with Applicable Anti-Bribery and Corruption,

Anti-Terrorism and Anti-Money Laundering Regulations 121

ARTICLE XII GRANT OF SECURITY INTEREST 121

Section 12.1 Borrower's Grant of Security Interest 121

Section 12.2 Borrower Remains Liable 123

Section 12.3 Release of Collateral 123

ARTICLE XIII EVENTS OF DEFAULT 124

Section 13.1 Events of Default 124

Section 13.2 Effect of Event of Default 126

Section 13.3 Rights upon Event of Default 126

Section 13.4 Collateral Agent May Enforce Claims Without Possession of

Notes 127

Section 13.5 Collective Proceedings 128

Section 13.6 Insolvency Proceedings 128

Section 13.7 Delay or Omission Not Waiver 129

Section 13.8 Waiver of Stay or Extension Laws 129

Section 13.9 Limitation on Duty of Collateral Agent in Respect of

Collateral 129

Section 13.10 Power of Attorney 130

ARTICLE XIV THE FACILITY AGENT 130

Section 14.1 Appointment 130

Section 14.2 Delegation of Duties 131

Section 14.3 Exculpatory Provisions 131

Section 14.4 Reliance by Note Agents 131

Section 14.5 Notices 132

Section 14.6 Non-Reliance on Note Agents 132

Section 14.7 Indemnification 133

Section 14.8 Successor Note Agent 133

Section 14.9 Note Agents in their Individual Capacity 133

Section 14.10 Borrower Audit 134

Section 14.11 Compliance with Applicable Anti-Bribery and Corruption,

Anti-Terrorism and Anti-Money Laundering Regulations 134

Section 14.12 Erroneous Payment 134

ARTICLE XV ASSIGNMENTS 137

Section 15.1 Restrictions on Assignments by the Borrower and the Servicer 137

Section 15.2 Documentation 137

Section 15.3 Rights of Assignee 137

Section 15.4 Assignment by Lenders 137

Section 15.5 Registration; Registration of Transfer and Exchange 138

Section 15.6 Mutilated, Destroyed, Lost and Stolen Notes 139

Section 15.7 Persons Deemed Owners 140

Section 15.8 Cancellation 140

Section 15.9 Participations; Pledge 140

------

Section 15.10 Reallocation of Advances 141

ARTICLE XVI INDEMNIFICATION <u>141</u>

Section 16.1 Borrower Indemnity. 141

Section 16.2 Servicer Indemnity 142

Section 16.3 Contribution 142

Section 16.4 After-Tax Basis 143

ARTICLE XVII MISCELLANEOUS <u>143</u>

Section 17.1 No Waiver; Remedies 143

Section 17.2 Amendments, Waivers 143

Section 17.3 Notices, Etc. 144<u>145</u> Section 17.4 Costs and Expenses. 145

Section 17.5 Binding Effect; Survival. 145<u>146</u> Section 17.6 Captions and Cross References. 145<u>146</u> Section 17.7 Severability 146

Section 17.8 GOVERNING LAW 146

Section 17.9 Counterparts.; Electronic Execution 146

Section 17.10 WAIVER OF JURY TRIAL 146

Section 17.11 No Proceedings. 146<u>147</u> Section 17.12 Limited Recourse 147

Section 17.13 ENTIRE AGREEMENT. 147<u>148</u>

Section 17.14 Confidentiality 148

Section 17.15 Non-Confidentiality of Tax Treatment. 148<u>149</u> Section 17.16 Replacement of Lenders 149

Section 17.17 Consent to Jurisdiction 150

Section 17.18 Option to Acquire Rating. 150<u>151</u> Section 17.19 Acknowledgement and Consent to Bail-In of Affected

Financial Institutions. 150<u>151</u> Section 17.20 Acknowledgement Regarding Any Supported QFCs 151

ARTICLE XVIII COLLATERAL CUSTODIAN 152

Section 18.1 Designation of Collateral Custodian. 151<u>152</u> Section 18.2 Duties of the Collateral Custodian 152

Section 18.3 Delivery of Collateral Obligation Files 154

Section 18.4 Collateral Obligation File Certification. 154<u>155</u> Section 18.5 Release of Collateral Obligation Files 155

Section 18.6 Examination of Collateral Obligation Files 157

Section 18.7 Lost Note Affidavit 157

Section 18.8 Transmission of Collateral Obligation Files. 157<u>158</u> Section 18.9 Merger or Consolidation. 157<u>158</u> Section 18.10 Collateral Custodian Compensation 158

Section 18.11 Removal or Resignation of Collateral Custodian 158

Section 18.12 Limitations on Liability 159

Section 18.13 Collateral Custodian as Agent of Collateral Agent 160

-v-

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"<u>Anti-Money Laundering Laws</u>" has the meaning set forth in <u>Section 9.30(b)</u>.

"<u>Applicable Banking Law</u>" means, for any Person, all existing and future laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including, without limitation, those relating to anti-bribery and corruption, the funding of terrorist activities and money laundering, including the Anti-Money Laundering Laws, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, other applicable anti-bribery and corruption legislation, and Section 326 of the USA Patriot Act.

"<u>Applicable Conversion Rate</u>" means, with respect to Euros or CADs (x) for an actual currency exchange, the applicable currency Dollar spot rate obtained by the Servicer through customary banking channels, including the Collateral Agent's own banking facilities or (y) for all other purposes, the applicable currency Dollar spot rate that appeared on the Bloomberg screen for such currency (i) if such date is a Determination Date, at the end of such day or (ii) otherwise, at the end of the immediately preceding Business Day.

"<u>Applicable Exchange Rate</u>" means with respect to any Collateral Obligation denominated and payable in Euros or CADs on any day, the lesser of (a) the applicable currency Dollar spot rate used by the Borrower (as determined by the Servicer) to acquire such currency on the related Cut Off Date and (b) the Applicable Conversion Rate for such currency.

"<u>Applicable Law</u>" means, for any Person, all existing and future laws, rules, regulations (including temporary and final income tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Official Body applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

"<u>Applicable Margin</u>" means (x) prior to the end of the Revolving Period, 2.41<u>1.75</u>% per annum and (y) from and after the end of the Revolving Period, 2.535<u>1.875</u>% per annum; <u>provided</u> that after the occurrence of any Event of Default, the Applicable Margin shall be increased by 2.00% per annum.

"<u>Appraised Value</u>" means, with respect to any Asset Based Loan, the most recently calculated appraised value of the *pro rata* portion of the underlying collateral securing such Collateral Obligation as determined by an Approved Valuation Firm.

"<u>Approved Valuation Firm</u>" means, with respect to any Collateral Obligation, any valuation firm either (a) specified on the related Asset Approval Request or Reinvestment Request and approved by the Facility Agent and the Borrower or (b) otherwise approved in writing by the Facility Agent in its sole discretion.

"<u>Article 7 Transparency and Reporting Requirements</u>" means the reporting requirements set out in Article 7(1) of the EU Securitization Regulation, together with any relevant technical standards and regulations adopted by the European Commission in relation thereto, and, in each case any relevant guidance published in relation thereto as may be effective from time to time.

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(other than the Moody's Industry Classification specified in clause (x)) in any Moody's Industry Classification in excess of all other Moody's Industry Classifications may be up to 15.0% of the Excess Concentration Measure and (z) the sum of the Principal Balances of all Collateral Obligations with an Obligor (other than the Moody's Industry Classification specified in clauses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) and (y)) in any Moody's Industry Classification in excess of all other Moody's Industry Classifications may be up to 12.5% of the Excess Concentration Measure; <u>provided</u>, that (i) each of the "CORP - Energy: Oil & Gas", "CORP - Metals & Mining" and "CORP - Utilities: Oil & Gas" Moody's Industry Classifications may not collectively have Collateral Obligations with Principal Balances in excess of 15% of the Excess Concentration Measure and (ii) the "CORP - Retail" Moody's Industry Classifications may not have Collateral Obligations with Principal Balances in excess of 10% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Fixed Rate Collateral Obligations that are not subject to a qualifying Hedging Agreement pursuant to <u>Section 10.6</u> over 10.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Deferrable Collateral Obligations over 10.0<u>15.0</u>% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Variable Funding Assets over 10.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are DIP Loans over 10.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are Participation Interests (other than Assigned Participation Interests) over 5.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are denominated in an Eligible Currency other than Dollars over 15.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations with an Eligible Obligor domiciled in an Eligible Jurisdiction other than the United States or any State thereof over 15.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are in a Permitted Gaming Industry over 10.0% of the Excess Concentration Measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the excess, if any, of the sum of the Principal Balances of all Collateral Obligations that are in the defense industry (other than a Prohibited Defense Asset) over 10.0% of the Excess Concentration Measure; and

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"<u>First Amendment Effective Date</u>" means November 21, 2022.

"<u>First Lien Loan</u>" means any Loan (excluding any portion deemed to be a DB Tranched Second Lien Loan) that (i) is not (and is not permitted by its terms become) subordinate in right of payment to any obligation of the related Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of specified collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments, and liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of origination or acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral.

"<u>Fitch</u>" means Fitch Ratings, Inc., Fitch Ratings Ltd. and their subsidiaries, including Derivative Fitch Inc. and Derivative Fitch Ltd. and any successor thereto.

"<u>Fixed Rate Collateral Obligation</u>" means any Collateral Obligation that bears a fixed rate of interest.

"<u>Floating Rate Note</u>" means a floating rate note issued pursuant to an indenture or equivalent document by a corporation, partnership, limited liability company, trust or other person that is secured by a first or second priority perfected security interest or lien in or on specified collateral securing the issuer's obligations under such note.

"<u>Foreign Lender</u>" means a Lender that is not a U.S. Person. "Fourth Amendment Effective Date" means April 8, 2024.

"<u>FRS Board</u>" means the Board of Governors of the Federal Reserve System and, as applicable, the staff thereof.

"<u>Fundamental Amendment</u>" means any amendment, modification, waiver or supplement of or to this Agreement that would (a) release any material portion of the Collateral, except in connection with dispositions permitted hereunder, (b) alter the terms of <u>Sections 2.4(a)</u> or <u>8.3</u>, (c) modify the definitions of the "Required Lenders" or modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) extend the Revolving Period.

"<u>Funding Date</u>" means any Advance Date or any Reinvestment Date, as applicable. "<u>GAAP</u>" means generally accepted accounting principles in the United States, which are

applicable to the circumstances as of any day.

"<u>GBSA</u>" means the German Act on the Ring-fencing of Risks and for the Recovery and Resolution Planning for Credit Institutions and Financial Groups (*Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und*

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"<u>Minimum Weighted Average Spread Test</u>" means a test that will be satisfied on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such date is equal to or greater than 5.00<u>4.75</u>%.

"<u>Monthly Report</u>" means a monthly report in the form of <u>Exhibit D</u> prepared as of the close of business on each Reporting Date.

"<u>Moody's</u>" means Moody's Investors Service, Inc., or any successor thereto.

"<u>Moody's Industry Classification</u>" means the industry classifications set forth in <u>Schedule 2</u>, as such industry classifications shall be updated at the option of the Facility Agent in its sole discretion if Moody's publishes revised industry classifications.

"<u>MSD Agented Loan</u>" means one or more Loans entered into by an Obligor as part of a transaction wherein the Equityholder or an Affiliate thereof (other than the Borrower) is the agent thereof.

"<u>MSD Investment Corp.</u>" means on the date hereof, MSD Investment, LLC, a Maryland limited liability company, and from and after the date of conversion of such entity to a corporation, MSD Investment Corp., a Maryland corporation.

"<u>Multiemployer Plan</u>" means a multiemployer plan, as defined in Section 3(37) or Section 4001(a)(3) of ERISA, as applicable, in respect of which the Borrower or any ERISA Affiliate has or could have any obligation or liability, contingent or otherwise.

"<u>Non-Approval Event</u>" means, as of any date of determination, an event that (x) will be deemed to have occurred if the ratio (measured on a rolling six-month basis) of (i) the number of Asset Approval Requests resulting in Non-Approved Loans over (ii) the total number of Asset Approval Requests is greater than 50% and (y) will be continuing until the conditions set forth in clause (x) of this definition are no longer true; <u>provided</u> that, until ten (10) Eligible Collateral Obligations have been submitted to the Facility Agent by the Borrower, the ratio of clause (x)(i) over clause (x)(ii) shall be deemed to be zero.

"<u>Non-Approved Loan</u>" means each obligation that is otherwise fully eligible for inclusion in the Borrowing Base for which an Asset Approval Request is submitted by the Servicer to the Facility Agent, and such Asset Approval Request is not approved by the Facility Agent; provided that an obligation shall only constitute a Non-Approved Loan if the Servicer or an Affiliate thereof has entered into the related Underlying Instruments with the related obligor on terms substantially similar to those disclosed in the related Asset Approval Request.

"<u>Non-Sustainable Obligor</u>" means any Obligor (a) currently engaged (i) in activities within or in close proximity to World Heritage Sites that might impact the outstanding universal values of the site as defined by UNESCO, (ii) in activities located in or involving the clearing of primary tropical moist forests, illegal logging or uncontrolled and/or illegal use of fire (iii) as an upstream producer and / or processor of palm oil and palm fruit products that is not a member or certified in accordance with the Roundtable on Sustainable Palm Oil ("<u>RSPO</u>") or time-bound

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committed toward RSPO certification, (iv) in expanding an existing or developing a new

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received by the Borrower and the Servicer), Permitted Investments may only include obligations or securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of "covered fund" for purposes of the Volcker Rule.

"<u>Permitted Lien</u>" means (i) the Lien in favor of the Collateral Agent for the benefit of the Secured Parties, (ii) Liens for Taxes not yet due and payable and for which adequate reserves have been established in accordance with GAAP, (iii) as to Related Security, Liens for Taxes and mechanics' or suppliers' liens for services or materials supplied, in either case, not yet due and payable and for which adequate reserves have been established in accordance with GAAP,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as to Related Security (1) the Lien in favor of the Borrower pursuant to the Sale Agreement and (2) any Liens on the Related Security permitted pursuant to the applicable Underlying Instruments and (v) as to agented Loans, Liens in favor of the agent on behalf of all the lenders of the related Obligor.

"<u>Person</u>" means an individual, partnership, corporation (including a business trust), joint stock company, limited liability company, trust, unincorporated association, joint venture, government or any agency or political subdivision thereof or any other entity.

"<u>Plan</u>" means any "employee benefit plan" as defined in Section 3(3) of ERISA that is subject to Title IV of ERISA, Section 412 and 430 of the Code, or Section 302 of ERISA and in respect of which the Borrower or any ERISA Affiliate (x) is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA, or (y) has or could have any obligation or liability, contingent or otherwise.

"<u>Prepayment Fee</u>" has the meaning set forth in the Fee Letter.

"Prepayment Make-Whole Premium" has the meaning set forth in the Fee Letter. "<u>Prepayment Notice</u>" has the meaning set forth in <u>Section 2.4(b)(i)</u>.

"<u>Principal Balance</u>" means with respect to any Collateral Obligation as of any date, (a) if such Collateral Obligation is denominated and payable in Dollars, the lower of (A) the Purchase Price paid by the Borrower for such Collateral Obligation and (B) the outstanding principal balance of such Collateral Obligation, and (b) if such Collateral Obligation is denominated and payable in any Eligible Currency other than Dollars, the equivalent in Dollars (as determined by the Servicer using the Applicable Exchange Rate) of the lower of (A) the Purchase Price paid by the Borrower for such Collateral Obligation and (B) the outstanding principal balance of such Collateral Obligation, in each case exclusive of (x) any deferred or capitalized interest on such Collateral Obligation and (y) any unfunded amounts with respect to any Variable Funding Asset; <u>provided</u>, that for purposes of calculating the "Principal Balance" of any Deferrable Collateral Obligation, principal payments received on such Collateral Obligation shall first be applied to reducing or eliminating any outstanding deferred or capitalized interest; <u>provided</u>, <u>further</u>, that for purposes of the calculation set forth in <u>clause (f)</u> of the definition of Excess Concentration Amount, the Principal Balance of each Variable Funding Asset shall include any unfunded

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amount previously borrowed and subsequently repaid during the term of such Collateral Obligation.

"<u>Revolving Period</u>" means the period of time starting on the Fourth<u>Sixth</u> Amendment Effective Date and ending on the earliest to occur of (i) the date that is thirty-six (36) months after the Fourth<u>Sixth</u> Amendment Effective Date or, if such date is extended pursuant to <u>Section</u> <u>2.6</u>, the date mutually agreed upon by the Borrower and the Facility Agent, (ii) the date on which the Facility Amount is terminated in full pursuant to <u>Section 2.5</u>, (iii) the occurrence of an Event of Default, (iv) the termination date of any equity commitment to the Equityholder or any Affiliate of the Equityholder becomes earlier than the date set forth in clause (ii) of the definition of Facility Termination Date, (v) a default under the Constituent Documents of the Equityholder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the termination of the reinvestment period of the Equityholder or (v<u>vii</u>) the date on which the Equityholder is no longer able to call for capital contributions from the limited partners of the Equityholder pursuant to its respective limited partnership agreements.

"<u>Sale Agreement</u>" means the Sale and Contribution Agreement, dated as of the date hereof, by and between the Equityholder, as seller, and the Borrower, as purchaser.

"<u>Sanction Target</u>" has the meaning set forth in <u>Section 9.30</u>. "<u>Sanctioned Countries</u>" has the meaning set forth in <u>Section 9.30</u>. "<u>Sanctions</u>" has the meaning set forth in <u>Section 9.30</u>.

"<u>Schedule of Collateral Obligations</u>" means the list or lists of Collateral Obligations attached to each Asset Approval Request and each Reinvestment Request. Each such schedule shall identify the assets that will become Collateral Obligations, shall set forth such information with respect to each such Collateral Obligation as the Borrower or the Facility Agent may reasonably require and shall supplement any such schedules attached to previously-delivered Asset Approval Requests and Reinvestment Requests.

"<u>Scheduled Collateral Obligation Payment</u>" means each periodic installment payable by an Obligor under a Collateral Obligation for principal, interest and/or unutilized/commitment fees (as applicable) in accordance with the terms of the related Underlying Instrument.

"<u>Second Lien Loan</u>" means any Loan that (i) is not (and that by its terms is not permitted to become) subordinate in right of payment to any other obligation of the related Obligor other than a First Lien Loan with respect to the liquidation of such Obligor or the collateral for such Loan and (ii) is secured by a valid second priority perfected Lien to or on specified collateral securing the related Obligor's obligations under the Loan, which Lien is not subordinate to the Lien securing any other debt for borrowed money other than a First Lien Loan on such specified collateral and any Permitted Liens.

"<u>Secured Parties</u>" means, collectively, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, each Lender, the Facility Agent, each Agent, each other Affected Person, Indemnified Party and Hedge Counterparty and their respective permitted successors and assigns.

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in the aggregate, and the continuance of such judgment, decree or order unsatisfied and in effect for any period of more than sixty (60) consecutive days without a stay of execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)a Change of Control occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)MSD Investment Corp. ceases to be the Servicer.

"<u>Servicer Expenses</u>" means any accrued and unpaid expenses (including reasonable attorneys' fees, costs and expenses) and indemnity amounts payable by the Borrower to the Servicer (other than the Servicing Fee) under the Transaction Documents.

"<u>Servicing Fee</u>" means with respect to any Distribution Date, the senior fee payable to the Servicer or successor servicer (as applicable) for services rendered during the related Accrual Period, which shall be equal to one-twelfth of the product of (i) the Servicing Fee Percentage *multiplied by* (ii) the average of the values of the Aggregate Eligible Collateral Obligation Amount on the first day and the last day of the related Accrual Period.

"<u>Servicing Fee Percentage</u>" means, so long as MSD Investment Corp. or any Affiliate thereof or of the Borrower is the Servicer, 0%; otherwise up to 0.50%, as determined by the Facility Agent and any successor servicer.

"<u>Servicing Standard</u>" means, with respect to any Collateral Obligations, to service and administer such Collateral Obligations on behalf of the Borrower for the benefit of the Secured Parties in accordance with the Underlying Instruments and all customary and usual servicing practices which are consistent with the higher of: (i) the customary and usual servicing practices that a prudent loan investor or lender would use in servicing loans like the Collateral Obligations for its own account, and (ii) the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own account or for the account of others.

<u>"Sixth Amendment Effective Date" means October 30, 2025.</u>

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate.

"<u>Standard & Poor's</u>" or "<u>S&P</u>" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, and any successor or successors thereto.

"<u>Structured Finance Obligation</u>" means any obligation secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities, including (but not limited to) collateral debt obligations, collateral loan obligations, asset backed securities and commercial mortgage backed securities or any resecuritization thereof.

"<u>Subsidiary</u>" means, with respect to any Person, a corporation, partnership or other entity of which such Person and/or its other Subsidiaries own, directly or indirectly, such number of

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directly to the Collateral Agent to be deposited into the Unfunded Exposure Account, notwithstanding anything to the contrary herein (including, without limitation, the Borrower's failure to satisfy any of the conditions precedent set forth in <u>Section 6.2</u>).

Section 2.3 <u>Notes</u>.<u>.</u> The Borrower shall, upon request of any Lender Group, on or after such Lender Group becomes a party hereto (whether on the Effective Date or by assignment or otherwise), execute and deliver a Note evidencing the Advances of such Lender Group. Each such Note shall be payable to the Agent for such Lender Group in a face amount equal to the applicable Lender Group's Commitment as of the Effective Date or the effective date on which such Lender Group becomes a party hereto, as applicable. The Borrower hereby irrevocably authorizes each Agent to make (or cause to be made) appropriate notations on the grid attached to the Notes (or on any continuation of such grid, or at the option of such Agent, in its records), which notations, if made, shall evidence, *inter alia*, the date of the outstanding principal of the Advances evidenced thereby and each payment of principal thereon. Such notations shall be rebuttably presumptive evidence of the subject matter thereof absent manifest error; <u>provided</u>, that the failure to make any such notations shall not limit or otherwise affect any of the Obligations or any payment thereon.

Section 2.4 <u>Repayment and Prepayments</u>.<u>.</u> (a) The Borrower shall repay the Advances outstanding (i) <u>(b)</u> on each Distribution Date to the extent required to be paid hereunder and funds are available therefor pursuant to <u>Section 8.3</u> and (ii) <u>(c)</u> in full on the Facility Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u>(b) Prior to the Facility Termination Date, the Borrower may, from time to time, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Advance using Principal Collections on deposit in the Principal Collection Account or other funds available to the Borrower on such date; <u>provided</u>, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all such voluntary prepayments shall require prior written notice to the Facility Agent (with a copy to the Collateral Agent and each Agent) by 11:00 a.m. two (2) Business Days prior to such voluntary prepayment, which notice (herein called the "<u>Prepayment</u> <u>Notice</u>") shall be in the form of <u>Exhibit C-4</u> and shall include (among other things) the proposed date of such prepayment and the amount and allocation of such prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)each such voluntary partial prepayment shall be in a minimum amount of $1,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each prepayment shall be applied on the Business Day received by the Facility Agent if received by 3:00 p.m., New York City time (or, if received after 3:00 p.m., New York City time, on the immediately following Business Day), on such day as Amount Available constituting Principal Collections pursuant to <u>Section 8.3(a)</u> as if (x) the date of such prepayment were a Distribution Date and (y) such prepayment occurred during the Accrual Period to which such Distribution Date relates.

Each such prepayment shall be subject to the payment of any amounts required by <u>Section 2.5(b)</u> (if any) resulting from a prepayment or payment if, in connection with such prepayment, the Borrower elects to permanently reduce the Facility Amount in accordance with <u>Section 2.5</u>.

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Section 2.5 <u>Permanent Reduction of Facility Amount</u>.<u>.</u> (a) The Borrower may at any time upon five Business Days' prior written notice to the Facility Agent (with a copy to the Collateral Agent), permanently reduce the Facility Amount (i) in whole or in part upon payment in full (in accordance with <u>Section 2.4</u>) of the aggregate outstanding principal amount of all Advances or (ii) in part by any *pro rata* amount that the Facility Amount exceeds the aggregate outstanding principal amount of all Advances (after giving effect to any concurrent prepayment thereof). In connection with any permanent reduction of the Facility Amount under this <u>Section 2.5(a)</u>, the Commitment of each Lender shall automatically, and without any further action by any party, be reduced *pro rata* with all other Lenders such that the sum of all Commitments will equal the newly reduced Facility Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As a condition precedent to any permanent reduction of the Facility Amount pursuant to <u>Section 2.5(a)</u>, the Borrower shall pay to the Facility Agent<u>Lenders</u>, for the respective accounts of the Lenders, any applicable Prepayment Make-Whole Premium and Prepayment Fee; <u>provided</u> that no such Prepayment Fee shall be due during the continuation of a Non-Approval Event, but only if occurring after the one year anniversary of the Effective Date.

Section 2.6 <u>Extension of Revolving Period</u>.<u>.</u> The Borrower may, at any time after the twelve (12) month anniversary of the Effective Date and prior to the date that is 30 Business Days prior to the last date of the Revolving Period, deliver a written notice to the Facility Agent requesting an extension of the Revolving Period. In the respective sole discretion of each Agent, the Revolving Period shall be extended to a date mutually agreed upon by the Borrower and the Agents and in accordance with the other terms and conditions as may be agreed to from time-to-time by the Borrower and the Facility Agent.

Section 2.7 <u>Calculation of Discount Factor</u>..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In connection with the purchase of each Collateral Obligation and prior to such Collateral Obligation being purchased by the Borrower and included in the Collateral, the Facility Agent will assign (in its sole discretion) a Discount Factor for such Collateral Obligation, which Discount Factor shall remain effective for such Collateral Obligation except as provided in clause (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a Revaluation Event occurs with respect to any Collateral Obligation, the Discount Factor of such Collateral Obligation may be amended by the Facility Agent, in its sole discretion. The Facility Agent will provide written notice of the revised Discount Factor to the Borrower and the Servicer (who shall forward to the Collateral Agent). To the extent the Servicer has actual knowledge or has received notice of any Revaluation Event with respect to any Collateral Obligation, the Servicer shall give prompt notice thereof to the Facility Agent with a copy to the Collateral Agent (but, in any event, not later than two Business Days after it receives notice or gains actual knowledge thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the circumstances giving rise to any Revaluation Event with regard to any Collateral Obligation cease to be applicable, the Servicer may provide written notice of such changed circumstance to the Facility Agent (with a copy to the Collateral Agent), and if

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Section 9.28 <u>Transaction Documents</u>.<u>.</u> The Transaction Documents delivered, together with the Constituent Documents of the Borrower, to the Facility Agent represent all material agreements between the Equityholder, on the one hand, and the Borrower, on the other. Upon the purchase and/or contribution of each Collateral Obligation (or an interest in a Collateral Obligation) pursuant to the this Agreement or the Sale Agreement, the Borrower shall be the lawful owner of, and have good title to, such Collateral Obligation and all assets relating thereto, free and clear of any Adverse Claim; <u>provided</u> that, with respect to any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the underlying Collateral Obligation until such Assigned Participation Interest has been elevated in accordance with the terms hereof. All such assets are transferred to the Borrower without recourse to the Equityholder except as described in the Sale Agreement. The purchases of such assets by the Borrower constitute valid and true sales for consideration (and not merely a pledge of such assets for security purposes) and the contributions of such assets received by the Borrower constitute valid and true transfers for consideration, each enforceable against creditors of the Equityholder, and no such assets shall constitute property of the Equityholder; <u>provided</u> that, with respect to any Assigned Participation Interest purchased by the Borrower, the Borrower shall not be the record owner of the underlying Collateral Obligation until such Assigned Participation Interest has been elevated in accordance with the terms hereof.

Section 9.29 <u>EEA/UK Financial Institution</u>.<u>.</u> The Borrower is not an EEA Financial Institution or a UK Financial Institution.

Section 9.30 <u>Anti-Terrorism, Anti-Money Laundering</u>.<u>.</u> (a) Neither the Borrower nor any Affiliate, officer, employee<u>, agent</u> or director, acting on behalf of the Borrower (i) is (A) a country, territory, organization, person or entity named on any sanctions list administered or imposed by the U.S. Government including, without limitation, the Office of Foreign Asset Control ("<u>OFAC</u>") list, or any other list maintained for the purposes of sanctions enforcement by any of the United Nations, the European Union, His Majesty's Treasury in the UK, Germany, Canada, Australia, and any other country or multilateral organization (collectively, "<u>Sanctions</u>"), including but not limited to, Afghanistan<u>Belarus</u>, Cuba, Iran, North Korea, the "Donetsk People's Republic", the "Luhansk People's Republic", the "Kherson" region in Ukraine, the "Zaporizhzhia" region in Ukraine, the Crimean region in Ukraine and Syria<u>Russia, Syria,</u> <u>Venezuela (government only) and the non-government-controlled areas of Ukraine being the</u> <u>Crimea, Donetsk, Luhansk, Kherson and Zaporizhzhia regions</u> (the "<u>Sanctioned Countries</u>"); (B) a Person that resides, is organized<u>, operating from, domiciled, registered</u> or located in any of the Sanctioned Countries or which is designated as a "Non-Cooperative Jurisdiction" by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction or any Sanctioned Countries; or (C) owned 50% or more or otherwise controlled, directly or indirectly by, or acting on behalf of, one or more Person defined in either of the preceding clauses (A) or (B) (along with Persons defined in clauses (A) and (B), collectively, a "<u>Sanction Target</u>"); (ii) is a "Foreign Shell Bank" within the meaning of the USA Patriot Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation and supervision; or (iii) is a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA Patriot Act as warranting special measures due to money laundering concerns. The

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respect to any Hedging Agreement, the sole result will be that the Collateral Obligation or Collateral Obligations that are the subject of such Hedging Agreement shall immediately cease to be Eligible Collateral Obligations for all purposes under this Agreement.

Section 10.7 <u>Tangible Net Worth</u>.<u>.</u> The Borrower shall maintain at all times a positive Tangible Net Worth.

Section 10.8 <u>Taxes</u>.<u>.</u> For U.S. federal income tax purposes, the Borrower will be an entity disregarded as separate from the Equityholder and the Equityholder will be a U.S. Person. The Borrower will file on a timely basis all Tax returns (including foreign, federal, state, local and otherwise) required to be filed, if any, and will pay all Taxes due and payable by it and any assessments made against it or any of its property (other than any amount the validity of which is contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on the books of the Borrower). No more than 50% of the debt obligations (as determined for U.S. federal income tax purposes) held by the Borrower may at any time consist of real estate mortgages as determined for purposes Section 7701(i) of the Code unless, based on written advice of Cadwalader, Wickersham & Taft<u>Orrick, Herrington &</u> <u>Sutcliffe</u> LLP, Eversheds Sutherland (US) LLP or an opinion of other tax counsel of nationally recognized standing in the United States experienced in such matters, the ownership of such debt obligations will not cause the Borrower to be treated as a taxable mortgage pool for U.S. federal income tax purposes.

Section 10.9 <u>Merger, Consolidation, Etc.</u> The Borrower shall not merge or consolidate with any other Person or permit any other Person to become the successor to all or substantially all of its business or assets without the prior written consent of the Facility Agent in its sole discretion.

Section 10.10 <u>Deposit of Collections</u>.<u>.</u> The Borrower (i) shall transfer, or cause to be transferred, all Collections to the Collection Account by the close of business on the second Business Day following the date such Collections are received by the Borrower, the Equityholder, the Servicer or any of their respective Affiliates and (ii) with respect to MSD Agented Loans only, shall transfer, or cause to be transferred, all Collections on deposit in any Agent Account to the Collection Account within two (2) Business Days following the date such Collections are received in such Agent Account.

Section 10.11 <u>Indebtedness; Guarantees</u>.<u>.</u> The Borrower shall not create, incur, assume or suffer to exist any Indebtedness other than Indebtedness permitted under the Transaction Documents. The Borrower shall incur no Indebtedness secured by the Collateral other than the Obligations. The Borrower shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital, other than as expressly permitted under the Transaction Documents.

Section 10.12 <u>Limitation on Purchases from Affiliates</u>.<u>.</u> Other than pursuant to the Sale Agreement, the Borrower shall not purchase any asset from the Equityholder or the Servicer or any Affiliate of the Borrower, the Equityholder or the Servicer.

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those criteria and processes to ensure that such Underlying Instruments are granted and approved based on a thorough assessment of each Obligor's creditworthiness; and (ii) in relation to each other Collateral Obligation acquired by the Borrower, the entity that was, directly or indirectly, involved in the Underlying Instruments which created such Collateral Obligations granted such Underlying Instruments pursuant to a sound and well-defined criteria and clearly established processes for approving, amending, modifying, renewing and financing the Underlying Instruments and it had effective systems in place to apply those criteria and processes to ensure that the Underlying Instruments were granted and approved based on a thorough assessment of the relevant Obligor's creditworthiness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Equityholder is, and will remain, ultimately responsible for and retain discretion over the actions of the Investment Manager, and any actions taken by its former Investment Manager, MSD Partners, L.P., in relation to the matters outlined in <u>Section</u> <u>10.22(d)</u> above were taken for, and on behalf of, the Equityholder.

Section 10.23 <u>Proceedings</u>.<u>.</u> As soon as possible and in any event within three (3) Business Days after a Responsible Officer of the Borrower receives notice or obtains knowledge thereof, notice of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, affecting the Collateral (taken as a whole), the Transaction Documents, the Collateral Agent's interest in the Collateral, or the Borrower; provided that notwithstanding the foregoing, any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral (taken as a whole), the Transaction Documents, the Collateral Agent's interest in the Collateral, or the Borrower in excess of $100,000 or more shall be deemed to be material for purposes of this <u>Section 10.23</u>.

Section 10.24 <u>[Reserved]</u>.<u>.</u>

Section 10.25 <u>Policies and Procedures for Sanctions</u>.<u>.</u> The Borrower has instituted and maintained policies and procedures designed to ensure compliance with Sanctions.

Section 10.26 <u>Compliance with Sanctions</u>.<u>.</u> The Borrower shall not directly or indirectly use the proceeds of the Advances, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture, partner or other Person or entity, to fund or facilitate (i) any activities of or business with any Sanction Target, (ii) any <u>investment, loan, business or activity</u> <u>in, or connected with, Russia, (iii) any</u> activities of or business in any Sanctioned Country or

(iii<u>iv</u>) in any other manner that would result in a violation by any Person <u>(including any Person</u> <u>participating in the transaction, whether as initial purchaser, advisor, investor or otherwise)</u> of Sanctions.

Section 10.27 <u>Compliance with Anti-Money Laundering</u>.<u>.</u> The Borrower shall comply in all material respects with all applicable Anti-Money Laundering Laws and shall provide notice to the Facility Agent, within five (5) Business Days, of the Borrower's receipt of any Anti-Money Laundering Law regulatory notice or action involving the Borrower.

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specified in the definition of Required Lenders, in each case without the written consent of all Lenders, (iii) amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Agent, in each case without the prior written consent of the Collateral Agent,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)amend, modify or waive any provision adversely affecting the obligations or duties of the Collateral Custodian, in each case without the prior written consent of the Collateral Custodian and (v) constitute a Fundamental Amendment without the prior written consent of each Lender that is materially and adversely affected by such Fundamental Amendment. Notwithstanding the foregoing, if the Facility Agent determines in its sole discretion that it can no longer support Term SOFR, or if Term SOFR ceases to exist or is reasonably expected to cease to exist within the succeeding three (3) months, the Borrower, the Servicer and the Facility Agent may (and such parties will reasonably cooperate with each other in good faith in order to) amend this Agreement to replace references herein to Term SOFR (and any associated terms and provisions) with any alternative floating reference rate (and any associated terms and provisions) that is then being generally used in U.S. credit markets for similar types of facilities (including collateralized loan obligation transactions). Upon execution of any amendments by the Borrower, the Servicer and the Facility Agent as provided herein, the Servicer shall deliver a copy of such amendment to the Collateral Agent. Any waiver of any provision of this Agreement shall be limited to the provisions specifically set forth therein for the period of time set forth therein and shall not be construed to be a waiver of any other provision of this Agreement.

Notwithstanding the foregoing, upon the determination by any Lender that its ownership of any of its rights or obligations hereunder is prohibited by Applicable Law (including, without limitation, the Volcker Rule <u>and/or GBSA</u>), each of the Borrower, the Servicer, each Lender, each Agent, the Collateral Agent, the Collateral Custodian and the Facility Agent hereby agree to work in good faith to amend or amend and restate the commercial terms of this Agreement (including, if necessary, to re-document under a note purchase agreement or indenture) to ensure future compliance with such Applicable Law.

The Borrower and the Servicer each acknowledge that the Facility Agent may be communicating with other Lenders, Agents or potential lenders in connection with an amendment or syndication of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Notwithstanding the foregoing, if the Facility Agent determines in its</u> <u>sole discretion that it can no longer support Term SOFR, or if Term SOFR ceases to exist or is</u> <u>reasonably expected to cease to exist within the succeeding three (3) months, the Borrower,</u> <u>the Servicer and the Facility Agent may (and such parties will reasonably cooperate with each</u> <u>other in good faith in order to) amend this Agreement to replace references herein to Term</u> <u>SOFR (and any associated terms and provisions) with any alternative floating reference rate</u> <u>(and any associated terms and provisions) that is then being generally used in U.S. credit</u> <u>markets for similar types of facilities (including collateralized loan obligation transactions).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>The Facility Agent does not warrant or accept any responsibility for,</u> <u>and shall not have any liability with respect to, the administration, submission or performance</u> <u>related to the Alternate Base Rate or with respect to any alternative or successor rate thereto,</u> <u>or replacement rate thereof, including without limitation, whether the composition or</u> <u>characteristics of any such alternative, successor or replacement reference rate will be similar</u> <u>to, or produce the same value or economic equivalence of, the existing interest rate being</u>

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<u>replaced or have the same volume or liquidity as did any existing interest rate prior to its</u> <u>discontinuance or unavailability. The Facility Agent and its affiliates and/or other related</u> <u>entities may engage in transactions that affect the calculation of any interest rate used in this</u> <u>Agreement or any alternative, successor or alternative rate and/or any relevant adjustments</u> <u>thereto, in each case, in a manner adverse to the Borrower. The Facility Agent may select</u> <u>information sources or services in its reasonable discretion to ascertain any interest rate used</u> <u>in this Agreement, any component thereof, or rates referenced in the definition thereof, in</u> <u>each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower,</u> <u>any Lender or any other person or entity for damages of any kind, including direct or indirect,</u> <u>special, punitive, incidental or consequential damages, costs, losses or expenses (whether in</u> <u>tort, contract or otherwise and whether at law or in equity), for any error or calculation of any</u> <u>such rate (or component thereof) provided by any such information source or service so long</u> <u>as the rate (or component thereof) used by the Facility Agent in connection therewith is</u> <u>consistent with such rate (or component thereof) provided by any such information source or</u> <u>service.</u>

Section 17.3 <u>Notices, Etc.</u> All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing and shall be personally delivered or sent by electronic mail to the intended party at the address of such party set forth under its name on <u>Annex A</u> or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, (a) if personally delivered, when received, (b) if sent by overnight courier, one Business Day after having been given to such courier, and (c) if delivered by electronic mail, when delivered, except that notices and communications pursuant to <u>Section 2.2</u>, shall not be effective until received. In connection with any instructions, requests or directions sent pursuant to this Agreement or any other Transaction Document, the Collateral Agent, the Securities Intermediary and the Collateral Custodian shall be entitled to request from such Person a list of authorized signers and any evidence of such related signatures (as may be amended from time to time).

Section 17.4 <u>Costs and Expenses</u>.<u>.</u> In addition to the rights of indemnification granted under <u>Section 16.1</u>, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary, the Agents and the Lenders in connection with the preparation, execution, delivery, syndication and administration of this Agreement, any liquidity support facility and the other documents and agreements to be delivered hereunder or with respect hereto, and, subject to any cap on such costs and expenses agreed upon in a separate letter agreement among the Borrower, the Servicer and the Facility Agent or the Collateral Agent and Collateral Custodian Fee Letter, as applicable, and the Borrower further agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Facility Agent, the Collateral Agent, the Collateral Custodian, the Securities Intermediary and the Lenders in connection with any amendments, waivers or consents executed in connection with this Agreement, including the reasonable fees and reasonable and documented out-of-pocket expenses of counsel to each of the Facility Agent, each Agent and any related Lender, the Collateral Agent, the Securities Intermediary and the Collateral Custodian with respect thereto and with respect to advising such party as to its rights and remedies under this Agreement, and to pay all reasonable, documented and out-of-pocket costs and expenses, if any (including reasonable outside counsel fees and

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expenses), of the Facility Agent, the Collateral Agent, the

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Collateral Custodian, the Agents and the Lenders, in connection with the enforcement against the Servicer or the Borrower of this Agreement or any of the other Transaction Documents and the other documents and agreements to be delivered hereunder or with respect hereto; <u>provided</u> that in the case of reimbursement of counsel for the Lenders other than the Facility Agent, such reimbursement shall be limited to one outside counsel to the Facility Agent, each Agent and any related Lender.

Section 17.5 <u>Binding Effect; Survival</u>.<u>.</u> This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders, the Facility Agent, the Servicer, the Collateral Agent, the Collateral Custodian and their respective successors and assigns, and the provisions of <u>Section 4.3</u>, <u>Article V</u>, and <u>Article XVI</u> shall inure to the benefit of the Affected Persons and the Indemnified Parties, respectively, and their respective successors and assigns; <u>provided</u>, nothing in the foregoing shall be deemed to authorize any assignment not permitted by <u>Article XV</u>. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until (subject to the immediately following sentence) such time when all Obligations have been finally and fully paid in cash and performed. The rights and remedies with respect to any breach of any representation and warranty made by the Borrower pursuant to <u>Article IX</u> and the indemnification and payment provisions of <u>Article V</u> and <u>Article XVI</u> and the provisions of <u>Section 17.10</u>, <u>Section 17.11</u> and <u>Section 17.12</u> shall be continuing and shall survive any termination of this Agreement and any termination of any Person's rights to act as Servicer hereunder or under any other Transaction Document.

Section 17.6 <u>Captions and Cross References</u>.<u>.</u> The various captions (including the table of contents) in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated, references in this Agreement to any Section, Schedule or Exhibit are to such Section of or Schedule or Exhibit to this Agreement, as the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection, clause or subclause of such Section, subsection or clause.

Section 17.7 <u>Severability</u>.<u>.</u> Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

Section 17.8 <u>GOVERNING LAW</u>.<u>.</u> THIS AGREEMENT, THE NOTES AND ANY DISPUTE, SUIT, ACTION OR PROCEEDING, WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY, RELATING TO OR ARISING OUT OF THIS AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

Section 17.9 <u>Counterparts</u>.<u>; Electronic Execution.</u> This Agreement may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original but all of which shall constitute together but one and the same agreement. Delivery of this Agreement by electronic mail shall be equally as effective as delivery of an original executed counterpart of

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this Agreement. <u>The parties agree that this Agreement may be executed and delivered by</u> <u>electronic signatures and that the electronic signatures appearing on this Agreement are the same</u> <u>as handwritten signatures for the purposes of validity, enforceability and admissibility.</u>

Section 17.10 <u>WAIVER OF JURY TRIAL</u>.<u>.</u> EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING, LITIGATION, CLAIM OR COUNTERCLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE EQUITYHOLDER, THE BORROWER, THE SERVICER, THE FACILITY AGENT, THE AGENTS OR ANY OTHER AFFECTED PERSON. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER TRANSACTION DOCUMENT TO WHICH IT IS A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ITS ENTERING INTO THIS AGREEMENT AND EACH SUCH OTHER TRANSACTION DOCUMENT.

Section 17.11 <u>No Proceedings</u>.<u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any other provision of this Agreement, each of the Servicer, the Collateral Agent, the Collateral Custodian, each Agent, each Lender and the Facility Agent hereby agrees that it will not institute against the Borrower, or join any other Person in instituting against the Borrower, any insolvency proceeding (namely, any proceeding of the type referred to in the definition of Insolvency Event) so long as any Advances or other amounts due from the Borrower hereunder shall be outstanding or there shall not have elapsed one year plus one day since the last day on which any such Advances or other amounts shall be outstanding. The foregoing shall not limit such Person's right to file any claim in or otherwise take any action with respect to any insolvency proceeding that was instituted by any Person other than such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The provisions of this <u>Section 17.11</u> are a material inducement for the Secured Parties to enter into this Agreement and the transactions contemplated hereby and are an essential term hereof. The parties hereby agree that monetary damages are not adequate for a breach of the provisions of this <u>Section 17.11</u> and the Facility Agent may seek and obtain specific performance of such provisions (including injunctive relief), including, without limitation, in any bankruptcy, reorganization, arrangement, winding up, insolvency, moratorium, winding up or liquidation proceedings, or other proceedings under United States federal or state bankruptcy laws, or any similar laws. The provisions of this paragraph shall survive the termination of this Agreement.

Section 17.12 <u>Limited Recourse</u>.<u>.</u> No recourse under any obligation, covenant or agreement of a Lender contained in this Agreement shall be had against any incorporator, stockholder, officer, director, member, manager, employee or agent of any Lender or any of their respective Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or

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| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Annex B</u>** |
| &nbsp;&nbsp;<u>Lender</u><br>Deutsche Bank AG, New York Branch | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitment</u><br>$460,000,000 |  |
| &nbsp;&nbsp;First Foundation Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30000000 |  |
| &nbsp;&nbsp;Apple Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25000000<u>40000000</u> |  |
| &nbsp;&nbsp;Texas Capital Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15000000<u>30000000</u> |  |
| &nbsp;&nbsp;Mitsubishi HC Capital America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20000000 |  |
| &nbsp;&nbsp;**<u>Total:</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>$550000000</u>** |  |

---

USActive 58353885.6 B-1

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## 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: November 13, 2025

---

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

---

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## 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: November 13, 2025

---

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

---

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## 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 September 30, 2025 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 September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 13, 2025

---

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

---

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## 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 September 30, 2025 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 September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 13, 2025

---

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

---

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