# EDGAR Filing Document

**Accession Number:** 0001782524
**File Stem:** 0001193125-25-269438
**Filing Date:** 2025-11
**Character Count:** 464646
**Document Hash:** e1d9e59e4a2b1006b5dec465ab09136b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269438.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269438

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Morgan Stanley Direct Lending Fund
- **CENTRAL INDEX KEY:** 0001782524

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01332
- **FILM NUMBER:** 251458123

**BUSINESS ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212 761 0380

**MAIL ADDRESS:**
- **STREET 1:** 1585 BROADWAY
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morgan Stanley Direct Lending Fund LLC
- **DATE OF NAME CHANGE:** 20190923

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Morgan Stanley BDC LLC
- **DATE OF NAME CHANGE:** 20190715

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

------

**FORM** 10-Q

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

**<u>THE SECURITIES EXCHANGE ACT OF 1934</u>**

For the Quarterly Period Ended September 30, 2025

**<u>OR</u>**

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

For the transition period from _____ to _____

Commission File Number 814-01332

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter)

---

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

---

**1 (**212**)** 761-4000

(Registrant's telephone number, including area code)

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

---

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

---

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

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

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

---

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

---

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

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

The number of shares of the registrant's common stock, $0.001 par value, outstanding at November 5, 2025 was 86,811,205.

------

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

**MORGAN STANLEY DIRECT LENDING FUND**

**QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED September 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Part I. Financial Information** | **Part I. Financial Information** |  |
| Item 1. | Consolidated Financial Statements (unaudited) |  |
|  | [<u>Consolidated Statements of Assets and Liabilities</u>](#consolidated_statements_assets_liabiliti) | [<u>3</u>](#consolidated_statements_assets_liabiliti) |
|  | [<u>Consolidated Statements of Operations</u>](#consolidated_statements_of_operations) | [<u>4</u>](#consolidated_statements_of_operations) |
|  | [<u>Consolidated Statements of Changes in Net Assets</u>](#consolidated_statements_changes_in_net) | [<u>5</u>](#consolidated_statements_changes_in_net) |
|  | [<u>Consolidated Statements of Cash Flows</u>](#consolidated_statements_of_cash_flows) | [<u>6</u>](#consolidated_statements_of_cash_flows) |
|  | [<u>Consolidated Schedules of</u> <u>Investments</u>](#consolidated_schedule_of_investmentsun) | [<u>8</u>](#consolidated_schedule_of_investmentsun) |
|  | [<u>Notes to the Consolidated Financial Statements</u>](#notes_to_consolidated_financial_statemen) | [<u>87</u>](#notes_to_consolidated_financial_statemen) |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_managements_discussion_and_analys) | [<u>110</u>](#item_2_managements_discussion_and_analys) |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3_quantitative_and_qualitative) | [<u>120</u>](#item_3_quantitative_and_qualitative) |
| Item 4. | [<u>Controls and Procedures</u>](#item_4_controls_and_procedures) | [<u>121</u>](#item_4_controls_and_procedures) |
| **Part II. Other Information** | **Part II. Other Information** |  |
| Item 1. | [<u>Legal Proceedings</u>](#item_1_legal_proceedings) | [<u>122</u>](#item_1_legal_proceedings) |
| Item 1A. | [<u>Risk Factors</u>](#item_1a_risk_factors) | [<u>122</u>](#item_1a_risk_factors) |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item_2_unregistered_sales_of_equity_sec) | [<u>123</u>](#item_2_unregistered_sales_of_equity_sec) |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#item_3_defaults_upon_senior_securities) | [<u>124</u>](#item_3_defaults_upon_senior_securities) |
| Item 4. | [<u>Mine Safety Disclosures</u>](#item_4_mine_safety_disclosures) | [<u>124</u>](#item_4_mine_safety_disclosures) |
| Item 5. | [<u>Other Information</u>](#item_5_other_information) | [<u>124</u>](#item_5_other_information) |
| Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | [<u>125</u>](#item_6_exhibits) |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Statements of Assets and Liabilities**

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | **(Audited)** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,832,561 and $3,813,127) | $3770818 | $3791494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlled/affiliated investments, at fair value (amortized cost of $5,161 and $0) | 4979 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments, at fair value (cost of $3,837,722 and $3,813,127) | 3775797 | 3791494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents (restricted cash of $3,820 and $2,000) | 65472 | 63396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated money market fund (cost of $10,051 and $8,976) | 10051 | 8976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 17892 | 16498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend receivable from non-controlled/non-affiliated investments | 29848 | 30554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable from non-controlled/affiliated investments | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold/repaid | 14836 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 18341 | 630 |
| **Total assets** | 3932283 | 3912018 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt (net of unamortized debt issuance costs of $11,180 and $6,527) | 2072400 | 1973479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investment purchased |  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to affiliates (Note 3) | 176 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions payable | 43499 | 53229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees payable | 9628 | 7042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees payable | 9281 | 8956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable | 22157 | 21205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 3531 | 5730 |
| **Total liabilities** | 2160672 | 2069862 |
| Commitments and contingencies (Note 7) |  |  |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $0.001 (500,000,000 shares authorized; 86,811,212 and 88,511,089 shares issued and outstanding) | 87 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par value | 1779430 | 1812443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (7906) | 29624 |
| **Total net assets** | $1771611 | $1842156 |
| **Total liabilities and net assets** | $3932283 | $3912018 |
| **Net asset value per share** | $20.41 | $20.81 |

---

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

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Statements of Operations (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment income:** |  |  |  |  |
| **From non-controlled/non-affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $93477 | $105129 | $282171 | $298832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 3969 | 2150 | 11973 | 7644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 685 | 670 | 1929 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 1467 | 1803 | 4337 | 4684 |
| **From non-controlled/affiliated investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 36 |  | 106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 88 |  | 174 |  |
| **Total investment income** | 99722 | 109752 | 300690 | 313041 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | 33903 | 33153 | 102788 | 89715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9628 | 9100 | 28870 | 25969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 9281 | 10128 | 28404 | 33018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2530 | 1708 | 5836 | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 129 | 130 | 388 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 81 | 138 | 228 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 38 | 120 | 348 | 279 |
| **Total expenses** | 55590 | 54477 | 166862 | 154177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver (Note 3) |  | (2275) | (641) | (7532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waiver (Note 3) |  | (1680) | (375) | (4542) |
| **Net expenses** | 55590 | 50522 | 165846 | 142103 |
| **Net investment income (loss) before taxes** | 44132 | 59230 | 134844 | 170938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 402 | 501 | 1229 | 1437 |
| **Net investment income (loss) after taxes** | 43730 | 58729 | 133615 | 169501 |
| **Net realized and unrealized gain (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on non-controlled/non-affiliated investments | 22 | (10965) | 609 | (16482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 4 |  | 57 |  |
| Net realized gain (loss) | 26 | (10965) | 666 | (16482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments | (15909) | 5442 | (40808) | 10916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments | (222) |  | (182) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | (24) |  | 76 |  |
| Net unrealized appreciation (depreciation) | (16155) | 5442 | (40914) | 10916 |
| **Net realized and unrealized gain (loss)** | (16129) | (5523) | (40248) | (5566) |
| **Net increase (decrease) in net assets resulting from operations** | $27601 | $53206 | $93367 | $163935 |
| Net investment income (loss) per share (basic and diluted) | $0.50 | $0.66 | $1.53 | $1.91 |
| Earnings per share (basic and diluted) | $0.32 | $0.60 | $1.07 | $1.85 |
| Weighted average shares outstanding (basic and diluted) | 86844648 | 89264686 | 87476954 | 88633994 |

---

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

------

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

**Morgan Stanley Direct Lending Fund**

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

*(In thousands, except share and per share amount)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Net assets at the beginning of period** | $1790299 | $1861961 | $1842156 | $1721151 |
| **Increase (decrease) in net assets resulting from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 43730 | 58729 | 133615 | 169501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 26 | (10965) | 666 | (16482) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (16155) | 5442 | (40914) | 10916 |
| **Net increase in net assets resulting from operations** | 27601 | 53206 | 93367 | 163935 |
| **Distributions to stockholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | (43406) | (53443) | (130897) | (142594) |
| **Total distributions to stockholders** | (43406) | (53443) | (130897) | (142594) |
| **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock, net of underwriting and offering costs<sup>(1)</sup> | (40) |  | (163) | 95847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of stockholder distributions |  |  |  | 23385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (2843) | (8002) | (32852) | (8002) |
| **Net increase (decrease) in net assets resulting from capital transactions** | (2883) | (8002) | (33015) | 111230 |
| **Total increase (decrease) in net assets** | (18688) | (8239) | (70545) | 132571 |
| **Net assets at end of period** | $1771611 | $1853722 | $1771611 | $1853722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions per share | $0.50 | $0.60 | $1.50 | $1.60 |

---

(1)Includes costs incurred in connection with the Company's at-the-market ("ATM") program. See Note 8 "Net Assets."

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

------

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

**Morgan Stanley Direct Lending Fund**

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

*(In thousands)*

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Cash flows from operating activities:** |  |  |
| Net increase (decrease) in net assets resulting from operations | $93367 | $163935 |
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on investments | 40990 | (10916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | (76) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes | (30) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | (609) | 16482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on foreign currency and other transactions | (57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated money market fund, net | (1075) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium on investments | (12268) | (11901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest and dividend capitalized | (13377) | (9220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 3078 | 2726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and original issuance discount on unsecured notes | 3806 | 2692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments and change in payable for investments purchased | (607794) | (1037967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | 594898 | 612161 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments | 706 | (2909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest and dividend receivable from non-controlled/affiliated investments | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (6179) | (271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in payable to affiliates | 147 | (2697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in management fees payable | 2586 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in income based incentive fees payable | 325 | (3318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in interest payable | 952 | (2539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accrued expenses and other liabilities | (2200) | 1609 |
| **Net cash provided by (used in) operating activities** | 97144 | (277353) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on debt | 1391345 | 968835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments on debt | (1301000) | (633000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs paid | (4471) | (5908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (7433) | (4097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid in cash | (140627) | (115640) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of underwriting & offering costs | (163) | 95888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (32852) | (8002) |
| **Net cash provided by (used in) financing activities** | (95201) | 298076 |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 1943 | 20723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign exchange rate changes on cash | 133 |  |
| Cash, cash equivalents and restricted cash, beginning of period | 63396 | 69705 |
| **Cash, cash equivalents and restricted cash, end of period** | $65472 | $90428 |

---

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

**Morgan Stanley Direct Lending Fund**

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

*(In thousands)*

---

| | | |
|:---|:---|:---|
| **Supplemental information and non-cash activities:** |  |  |
| Excise tax paid | $2567 | $1516 |
| Interest expense paid | $94478 | $86869 |
| Reinvestment of stockholder distributions | $— | $23385 |
| Distributions payable | $43499 | $53537 |
| Non-cash purchases of investments | $(5756) | $(24930) |
| Non-cash sales of investments | $5756 | $24930 |

---

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

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| **Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Jonathan Acquisition Company | (6) (8) | First Lien Debt | S + | 5.00% | 9.10% | 12/22/2026 | 3362 | $3335 | $3362 | 0.19% |
| Mantech International CP | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.31% | 09/14/2029 | 4143 | 4139 | 4143 | 0.23 |
| Mantech International CP | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.31% | 09/14/2029 |  |  |  | 0.00 |
| Mantech International CP | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.31% | 09/14/2028 |  | (1) |  | 0.00 |
| PCX Holding Corp. | (6) (7) (8) | First Lien Debt | S + | 6.25% | 10.40% | 04/22/2027 | 17723 | 17667 | 17112 | 0.97 |
| PCX Holding Corp. | (6) (8) | First Lien Debt | S + | 6.25% | 10.40% | 04/22/2027 | 17848 | 17730 | 17233 | 0.97 |
| PCX Holding Corp. | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.40% | 04/22/2027 | 3196 | 3191 | 3053 | 0.17 |
| Two Six Labs, LLC | (6) (9) (18) | First Lien Debt | S + | 5.25% | 9.58% | 08/20/2027 | 34104 | 33789 | 34104 | 1.93 |
| Two Six Labs, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 08/20/2027 | 4194 | 4150 | 4194 | 0.24 |
| Two Six Labs, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 08/20/2027 | 1024 | 1011 | 1024 | 0.06 |
|  |  |  |  |  |  |  |  | 85011 | 84225 | 4.75 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| AGI-CFI Holdings, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 8.92% | 06/11/2027 | 14889 | 14773 | 14889 | 0.84 |
| RoadOne IntermodaLogistics | (6) (8) | First Lien Debt | S + | 6.25% | 10.56% | 12/29/2028 | 1626 | 1596 | 1567 | 0.09 |
| RoadOne IntermodaLogistics | (6) (8) | First Lien Debt | S + | 6.25% | 10.56% | 12/29/2028 | 149 | 146 | 144 | 0.01 |
| RoadOne IntermodaLogistics | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.56% | 12/29/2028 | 295 | 289 | 283 | 0.02 |
|  |  |  |  |  |  |  |  | 16804 | 16883 | 0.95 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Continental Battery Company | (6) (12) | First Lien Debt |  | 7.00% PIK | 11.29% | 07/20/2028 | 6473 | 6415 | 1992 | 0.11 |
| PAI Holdco, Inc. | (6) (8) | Second Lien Debt | S + | 7.50% (incl. 2.00% PIK) | 11.96% | 10/28/2028 | 27523 | 27168 | 21859 | 1.23 |
| Randy's Holdings, Inc. | (6) (8) (18) | First Lien Debt | S + | 5.00% | 9.17% | 11/01/2029 | 6558 | 6426 | 6492 | 0.37 |
| Randy's Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.17% | 11/01/2029 | 1585 | 1545 | 1563 | 0.09 |
| Randy's Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.17% | 11/01/2029 | 553 | 537 | 544 | 0.03 |
| Sonny's Enterprises, LLC | (6) (7) (8) | First Lien Debt | S + | 5.50% | 9.89% | 08/05/2028 | 45195 | 44830 | 43146 | 2.44 |
| Sonny's Enterprises, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.89% | 08/05/2028 | 112 | 111 | 107 | 0.01 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Spectrum Automotive Holdings Corp. | (6) (7) (9) (18) | First Lien Debt | S + | 5.25% | 9.41% | 06/29/2028 | 22990 | 22829 | 22990 | 1.30 |
| Spectrum Automotive Holdings Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 06/29/2028 | 15584 | 15429 | 15584 | 0.88 |
| Spectrum Automotive Holdings Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 06/29/2027 |  | (4) |  | 0.00 |
|  |  |  |  |  |  |  |  | 125286 | 114277 | 6.45 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| COP Collisionright Parent, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 4.75% | 9.06% | 01/29/2030 | 9016 | 8894 | 8971 | 0.51 |
| COP Collisionright Parent, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.06% | 01/29/2030 | 4586 | 4469 | 4508 | 0.25 |
| COP Collisionright Parent, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.06% | 01/29/2030 | 202 | 184 | 195 | 0.01 |
| Drivecentric Holdings, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.63% | 08/15/2031 | 26595 | 26362 | 26594 | 1.50 |
| Drivecentric Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.63% | 08/15/2031 |  | (1) | (1) | 0.00 |
| Drivecentric Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.63% | 08/15/2031 |  | (30) |  | 0.00 |
| LeadVenture, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.25% | 9.25% | 06/23/2032 | 8831 | 8702 | 8831 | 0.50 |
| LeadVenture, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.25% | 06/23/2032 | 555 | 539 | 555 | 0.03 |
| LeadVenture, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.25% | 06/23/2032 |  | (12) |  | 0.00 |
| Turbo Buyer, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.15% | 06/02/2026 | 36993 | 36896 | 36796 | 2.08 |
| Turbo Buyer, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.15% | 06/02/2026 | 37176 | 37073 | 36979 | 2.09 |
| Vehlo Purchaser, LLC | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.16% | 05/24/2028 | 2936 | 2916 | 2936 | 0.17 |
| Vehlo Purchaser, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.16% | 05/24/2028 | 14732 | 14588 | 14732 | 0.83 |
| Vehlo Purchaser, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.16% | 05/24/2028 |  | (1) |  | 0.00 |
|  |  |  |  |  |  |  |  | 140579 | 141096 | 7.96 |
| **Beverages** |  |  |  |  |  |  |  |  |  |  |
| Vamos Bidco, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.75% | 01/30/2032 | 5386 | 5336 | 5373 | 0.30 |
| Vamos Bidco, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.75% | 8.75% | 01/30/2032 |  | (10) | (6) | 0.00 |
| Vamos Bidco, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.75% | 8.75% | 01/30/2032 | 225 | 219 | 223 | 0.01 |
|  |  |  |  |  |  |  |  | 5545 | 5590 | 0.32 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.25% | 04/23/2027 | 15003 | 14997 | 15003 | 0.85 |
| Project Potter Buyer, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 04/23/2027 |  |  |  | 0.00 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
|  |  |  |  |  |  |  |  | 14997 | 15003 | 0.85 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp. | (7) (9) (18) | First Lien Debt | S + | 6.00% | 10.04% | 03/31/2028 | 15435 | 15271 | 14567 | 0.82 |
| Tank Holding Corp. | (9) | First Lien Debt | S + | 6.00% | 10.04% | 03/31/2028 | 484 | 474 | 456 | 0.03 |
| Tank Holding Corp. | (9) (16) | First Lien Debt | S + | 6.00% | 10.04% | 03/31/2028 |  | (7) | (45) | 0.00 |
| V Global Holdings, LLC | (6) (7) (9) | First Lien Debt | S + | 5.75% | 10.14% | 12/22/2027 | 4768 | 4724 | 4429 | 0.25 |
| V Global Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.14% | 12/22/2027 | 545 | 541 | 497 | 0.03 |
|  |  |  |  |  |  |  |  | 21003 | 19904 | 1.12 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| 365 Retail Markets, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.79% | 12/26/2028 | 16798 | 16668 | 16798 | 0.95 |
| 365 Retail Markets, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 8.79% | 12/26/2028 | 5390 | 5359 | 5390 | 0.30 |
| Atlas US Finco, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.33% | 12/09/2029 | 8903 | 8757 | 8903 | 0.50 |
| Atlas US Finco, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.00% | 9.33% | 12/10/2029 | 4244 | 4224 | 4244 | 0.24 |
| Atlas US Finco, Inc. | (6) (8) (13) (16) | First Lien Debt | S + | 5.00% | 9.33% | 12/09/2028 |  | (5) |  | 0.00 |
| BPG Holdings IV Corp. | (6) (9) | First Lien Debt | S + | 7.00% (incl. 5.00% PIK) | 11.00% | 07/29/2029 | 11735 | 11239 | 10111 | 0.57 |
| Consor Intermediate II, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.75% | 05/12/2031 | 6851 | 6802 | 6851 | 0.39 |
| Consor Intermediate II, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.75% | 05/12/2031 |  | (20) |  | 0.00 |
| Consor Intermediate II, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.75% | 05/12/2031 |  | (10) |  | 0.00 |
| CRCI Longhorn Holdings, Inc. | (6) (7) (9) | First Lien Debt | S + | 4.75% | 8.91% | 08/27/2031 | 9808 | 9722 | 9808 | 0.55 |
| CRCI Longhorn Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.91% | 08/27/2031 |  | (10) |  | 0.00 |
| CRCI Longhorn Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.91% | 08/27/2031 |  | (14) |  | 0.00 |
| Energy Labs Holdings Corp. | (6) (8) | First Lien Debt | S + | 5.00% | 9.26% | 04/07/2028 | 463 | 459 | 453 | 0.03 |
| Energy Labs Holdings Corp. | (6) (8) | First Lien Debt | S + | 5.00% | 9.26% | 04/07/2028 | 471 | 465 | 457 | 0.03 |
| Energy Labs Holdings Corp. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.26% | 04/07/2028 | 30 | 28 | 25 | 0.00 |
| Firebird Acquisition Corp, Inc. | (6) (9) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 9.31% | 02/02/2032 | 5731 | 5705 | 5731 | 0.32 |
| Firebird Acquisition Corp, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 9.31% | 02/02/2032 | 515 | 507 | 515 | 0.03 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Firebird Acquisition Corp, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% (incl. 2.75% PIK) | 9.31% | 02/02/2032 |  | (5) |  | 0.00 |
| FLS Holding, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.51% | 12/15/2028 | 18689 | 18488 | 15981 | 0.90 |
| FLS Holding, Inc. | (6) (8) (13) | First Lien Debt | S + | 5.25% | 9.51% | 12/15/2028 | 4382 | 4333 | 3747 | 0.21 |
| FLS Holding, Inc. | (6) (8) (13) (16) | First Lien Debt | S + | 5.25% | 9.51% | 12/17/2027 | 1780 | 1766 | 1519 | 0.09 |
| Helios Service Partners, LLC | (6) (8) (18) | First Lien Debt | S + | 5.00% | 9.26% | 03/19/2027 | 5910 | 5843 | 5900 | 0.33 |
| Helios Service Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.26% | 03/19/2027 | 15917 | 15711 | 15890 | 0.90 |
| Helios Service Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.26% | 03/19/2027 | 284 | 271 | 282 | 0.02 |
| Hercules Borrower, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 8.75% | 12/15/2028 | 4971 | 4941 | 4971 | 0.28 |
| Hercules Borrower, LLC | (6) (9) | First Lien Debt | C + | 4.75% | 7.72% | 12/15/2028 | C$3,000 | 2094 | 2156 | 0.12 |
| HSI Halo Acquisition, Inc. | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.00% | 06/30/2031 | 13485 | 13369 | 13431 | 0.76 |
| HSI Halo Acquisition, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 06/30/2031 | 1620 | 1599 | 1607 | 0.09 |
| HSI Halo Acquisition, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 06/28/2030 |  | (17) | (9) | 0.00 |
| Iris Buyer, LLC | (6) (8) (18) | First Lien Debt | S + | 5.25% | 9.56% | 10/02/2030 | 6885 | 6736 | 6868 | 0.39 |
| Iris Buyer, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.56% | 10/02/2030 | 649 | 635 | 648 | 0.04 |
| Iris Buyer, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.56% | 10/02/2029 | 200 | 182 | 198 | 0.01 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (9) | First Lien Debt | S + | 4.75% | 8.75% | 12/20/2028 | 3819 | 3778 | 3819 | 0.22 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 12/20/2028 | 310 | 304 | 310 | 0.02 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 12/20/2028 |  | (2) |  | 0.00 |
| Pye-Barker Fire & Safety, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.50% | 05/26/2031 | 26325 | 26325 | 26259 | 1.48 |
| Pye-Barker Fire & Safety, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 05/26/2031 | 5731 | 5663 | 5705 | 0.32 |
| Pye-Barker Fire & Safety, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 05/24/2030 | 456 | 427 | 447 | 0.03 |
| Railpros Parent, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.70% | 05/24/2032 | 11289 | 11181 | 11177 | 0.63 |
| Railpros Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.70% | 05/24/2032 |  | (17) | (35) | 0.00 |
| Railpros Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.70% | 05/24/2032 |  | (17) | (17) | 0.00 |
| Routeware, Inc. | (6) (8) | First Lien Debt | S + | 5.25% | 9.28% | 09/18/2031 | 3182 | 3153 | 3172 | 0.18 |
| Routeware, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.28% | 09/18/2031 | 91 | 84 | 86 | 0.00 |
| Routeware, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.28% | 09/18/2031 | 68 | 65 | 67 | 0.00 |
| Sherlock Buyer Corp. | (6) (8) (18) | First Lien Debt | S + | 5.75% | 9.85% | 12/08/2028 | 10755 | 10639 | 10513 | 0.59 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Sherlock Buyer Corp. | (6) (8) (16) | First Lien Debt | S + | 5.75% | 9.85% | 12/08/2027 |  | (9) | (29) | 0.00 |
| Surewerx Purchaser III, Inc. | (6) (9) (13) (18) | First Lien Debt | S + | 5.25% | 9.25% | 12/28/2029 | 5875 | 5757 | 5875 | 0.33 |
| Surewerx Purchaser III, Inc. | (6) (9) (13) | First Lien Debt | C + | 5.25% | 7.70% | 12/28/2029 | C$253 | 184 | 182 | 0.01 |
| Surewerx Purchaser III, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 5.25% | 9.25% | 12/28/2029 |  | (12) |  | 0.00 |
| Surewerx Purchaser III, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 5.25% | 9.25% | 12/28/2028 | 305 | 289 | 305 | 0.02 |
| Sweep Midco, LLC | (6) (14) | Second Lien Debt |  |  |  | 03/12/2034 | 1674 | 836 | 1047 | 0.06 |
| Sweep Midco, LLC | (6) (14) | Second Lien Debt |  |  |  | 03/12/2036 | 4872 |  |  | 0.00 |
| Sweep Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.75% PIK | 9.91% | 06/30/2027 | 6561 | 6561 | 6561 | 0.37 |
| Sweep Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.75% | 9.91% | 06/30/2027 | 3140 | 3140 | 3140 | 0.18 |
| Sweep Purchaser, LLC | (6) (8) (16) | First Lien Debt | S + | 5.75% | 9.91% | 06/30/2027 | 281 | 281 | 281 | 0.02 |
| Tamarack Intermediate, LLC | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.15% | 03/12/2029 | 10006 | 9923 | 9980 | 0.56 |
| Tamarack Intermediate, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.15% | 03/12/2029 | 1608 | 1577 | 1585 | 0.09 |
| Tamarack Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.15% | 03/12/2029 |  | (11) | (5) | 0.00 |
| Transit Technologies, LLC | (6) (7) (9) (18) | First Lien Debt | S + | 4.75% | 8.82% | 08/20/2031 | 10405 | 10311 | 10381 | 0.59 |
| Transit Technologies, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.82% | 08/20/2031 | 885 | 866 | 882 | 0.05 |
| Transit Technologies, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.82% | 08/20/2030 |  | (14) |  | 0.00 |
| United Flow Technologies Intermediate Holdco II, LLC | (6) (8) (18) | First Lien Debt | S + | 5.25% | 9.25% | 06/23/2031 | 8821 | 8707 | 8821 | 0.50 |
| United Flow Technologies Intermediate Holdco II, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 06/23/2031 | 5857 | 5768 | 5833 | 0.33 |
| United Flow Technologies Intermediate Holdco II, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 06/21/2030 |  | (12) |  | 0.00 |
| US Infra Svcs Buyer, LLC | (6) (7) (8) | First Lien Debt | S + | 7.25% (incl. 4.75% PIK) | 11.71% | 04/13/2027 | 14428 | 14356 | 10172 | 0.57 |
| US Infra Svcs Buyer, LLC | (6) (7) (8) | First Lien Debt | S + | 7.25% (incl. 4.75% PIK) | 11.71% | 04/13/2027 | 2036 | 2032 | 1435 | 0.08 |
| US Infra Svcs Buyer, LLC | (6) (8) | First Lien Debt | S + | 7.25% (incl. 4.75% PIK) | 11.71% | 04/13/2027 | 2250 | 2246 | 1586 | 0.09 |
| Vensure Employer Services, Inc. | (6) (10) | First Lien Debt | S + | 4.75% | 9.04% | 09/29/2031 | 9278 | 9201 | 9278 | 0.52 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Vensure Employer Services, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.04% | 09/29/2031 |  | (8) |  | 0.00 |
| VRC Companies, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.59% | 06/29/2027 | 71698 | 71313 | 71698 | 4.05 |
| VRC Companies, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.59% | 06/29/2027 | 493 | 489 | 493 | 0.03 |
| VRC Companies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.59% | 06/29/2027 |  | (7) |  | 0.00 |
|  |  |  |  |  |  |  |  | 361169 | 353479 | 19.95 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (6) (8) (18) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 12880 | 12674 | 12660 | 0.71 |
| Arcoro Holdings Corp. | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 |  | (29) | (34) | 0.00 |
| KPSKY Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.91% | 10/19/2028 | 33258 | 32916 | 30206 | 1.71 |
| KPSKY Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.91% | 10/19/2028 | 7616 | 7533 | 6918 | 0.39 |
| LJ Avalon Holdings, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 4.75% | 8.77% | 02/01/2030 | 6233 | 6147 | 6233 | 0.35 |
| LJ Avalon Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.77% | 02/01/2030 | 4322 | 4262 | 4310 | 0.24 |
| LJ Avalon Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.77% | 02/01/2029 |  | (15) |  | 0.00 |
| Superman Holdings, LLC | (6) (9) (18) | First Lien Debt | S + | 4.50% | 8.50% | 08/29/2031 | 19897 | 19809 | 19897 | 1.12 |
| Superman Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 08/29/2031 | 4162 | 4130 | 4162 | 0.23 |
| Superman Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 08/29/2031 |  | (12) |  | 0.00 |
|  |  |  |  |  |  |  |  | 87415 | 84352 | 4.76 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.81% | 02/03/2031 | 27411 | 27185 | 27411 | 1.55 |
| PDI TA Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.81% | 02/03/2031 | 912 | 894 | 912 | 0.05 |
|  |  |  |  |  |  |  |  | 28079 | 28323 | 1.60 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 9.80% | 12/11/2028 | 17759 | 17578 | 15038 | 0.85 |
| FORTIS Solutions Group, LLC | (6) (9) (18) | First Lien Debt | S + | 5.50% | 9.60% | 10/13/2028 | 26540 | 26268 | 26540 | 1.50 |
| FORTIS Solutions Group, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 9.60% | 10/13/2028 | 274 | 272 | 274 | 0.02 |
| FORTIS Solutions Group, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.60% | 10/15/2027 | 675 | 656 | 675 | 0.04 |
|  |  |  |  |  |  |  |  | 44774 | 42527 | 2.40 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| 48Forty Solutions, LLC | (6) (12) | First Lien Debt | S + | 6.00% | 10.48% | 11/30/2029 | 18106 | 17912 | 9505 | 0.54 |
| 48Forty Solutions, LLC | (6) (12) (16) | First Lien Debt | S + | 6.00% | 10.48% | 11/30/2029 | 2168 | 2111 | 878 | 0.05 |
| ABB Concise Optical Group, LLC | (6) (9) | First Lien Debt | S + | 7.50% | 11.65% | 02/23/2028 | 17008 | 16803 | 16242 | 0.92 |
| Bradyplus Holdings, LLC | (6) (7) (8) | First Lien Debt | S + | 5.00% | 9.31% | 10/31/2029 | 7891 | 7775 | 7891 | 0.45 |
| Bradyplus Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.31% | 10/31/2029 | 77 | 73 | 77 | 0.00 |
| PT Intermediate Holdings III, LLC | (6) (9) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 9.00% | 04/09/2030 | 42589 | 42275 | 42589 | 2.40 |
| PT Intermediate Holdings III, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 9.00% | 04/09/2030 |  | (3) |  | 0.00 |
|  |  |  |  |  |  |  |  | 86946 | 77182 | 4.36 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (6) (7) (10) (18) | First Lien Debt | S + | 5.25% | 9.25% | 05/23/2030 | 23426 | 23138 | 23075 | 1.30 |
| Any Hour, LLC | (6) (10) (16) | First Lien Debt | S + | 5.25% | 9.25% | 05/23/2030 | 663 | 619 | 560 | 0.03 |
| Any Hour, LLC | (6) (10) (16) | First Lien Debt | S + | 5.25% | 9.25% | 05/23/2030 | 2078 | 2038 | 2026 | 0.11 |
| Any Hour, LLC | (6) | Other Debt |  | 13.00% PIK | 13.00% | 05/23/2031 | 7020 | 6918 | 6802 | 0.38 |
| Apex Service Partners, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 5.00% | 9.20% | 10/24/2030 | 30321 | 29896 | 30321 | 1.71 |
| Apex Service Partners, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.20% | 10/24/2030 | 7220 | 7106 | 7220 | 0.41 |
| Apex Service Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.20% | 10/24/2029 |  | (30) |  | 0.00 |
| Assembly Intermediate, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.25% | 10/19/2027 | 19907 | 19746 | 19907 | 1.12 |
| Assembly Intermediate, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.25% | 10/19/2027 | 4148 | 4117 | 4148 | 0.23 |
| Assembly Intermediate, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 10/19/2027 |  | (14) |  | 0.00 |
| DA Blocker Corp. | (6) (9) (13) (18) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2032 | 7054 | 6988 | 7036 | 0.40 |
| DA Blocker Corp. | (6) (9) (13) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2032 |  | (10) | (6) | 0.00 |
| DA Blocker Corp. | (6) (9) (13) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2032 |  | (7) | (2) | 0.00 |
| Eclipse Buyer, Inc. | (6) (10) (18) | First Lien Debt | S + | 4.50% | 8.68% | 09/08/2031 | 4244 | 4206 | 4244 | 0.24 |
| Eclipse Buyer, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.50% | 8.68% | 09/08/2031 |  | (3) |  | 0.00 |
| Eclipse Buyer, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.50% | 8.68% | 09/08/2031 |  | (3) |  | 0.00 |
| Essential Services Holding Corporation | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.32% | 06/17/2031 | 17245 | 17096 | 17165 | 0.97 |
| Essential Services Holding Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.32% | 06/17/2031 |  | (19) | (22) | 0.00 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Essential Services Holding Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.32% | 06/17/2030 | 597 | 573 | 583 | 0.03 |
| EVDR Purchaser, Inc. | (6) (9) (18) | First Lien Debt | S + | 5.25% | 9.41% | 02/14/2031 | 20274 | 19940 | 20274 | 1.14 |
| EVDR Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 02/14/2031 |  | (45) |  | 0.00 |
| EVDR Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 02/14/2031 |  | (54) |  | 0.00 |
| Express Wash Acquisition Company, LLC | (6) (8) | First Lien Debt | S + | 6.25% | 10.58% | 04/10/2031 | 1890 | 1851 | 1872 | 0.11 |
| Express Wash Acquisition Company, LLC | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.58% | 04/10/2031 |  | (2) | (1) | 0.00 |
| FPG Intermediate Holdco, LLC | (6) (11) | First Lien Debt | S + | 5.00% PIK | 9.32% | 07/02/2029 | 130 | 128 | 128 | 0.01 |
| FPG Intermediate Holdco, LLC | (6) (8) | First Lien Debt | S + | 5.00% PIK | 9.32% | 07/02/2029 | 39 | 39 | 39 | 0.00 |
| GarageCo Intermediate II, LLC | (6) (9) | First Lien Debt | S + | 4.25% | 8.25% | 08/02/2032 | 2061 | 2040 | 2040 | 0.12 |
| GarageCo Intermediate II, LLC | (6) (9) (16) | First Lien Debt | S + | 4.25% | 8.25% | 08/02/2032 |  | (15) | (15) | 0.00 |
| GarageCo Intermediate II, LLC | (6) (9) (16) | First Lien Debt | S + | 4.25% | 8.25% | 07/30/2032 |  | (9) | (9) | 0.00 |
| Heartland Home Services | (6) (9) | First Lien Debt | S + | 5.75% | 9.85% | 12/15/2026 | 1911 | 1907 | 1853 | 0.10 |
| Kodiak Buyer, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.50% | 07/26/2032 | 1534 | 1519 | 1519 | 0.09 |
| Kodiak Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 07/26/2032 |  | (3) | (3) | 0.00 |
| Kodiak Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 07/23/2032 |  | (4) | (4) | 0.00 |
| LHS Borrower, LLC | (6) (7) (9) | First Lien Debt | S + | 5.25% | 9.41% | 09/04/2031 | 7000 | 6896 | 6896 | 0.39 |
| LHS Borrower, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 09/04/2031 |  | (8) | (8) | 0.00 |
| Lightspeed Solution, LLC | (6) (9) | First Lien Debt | S + | 6.00% | 10.17% | 03/01/2028 | 9281 | 9198 | 9216 | 0.52 |
| Lightspeed Solution, LLC | (6) (9) | First Lien Debt | S + | 6.00% | 10.17% | 03/01/2028 | 551 | 546 | 547 | 0.03 |
| Project Accelerate Parent, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.41% | 02/24/2031 | 8641 | 8569 | 8641 | 0.49 |
| Project Accelerate Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 02/24/2031 |  | (10) |  | 0.00 |
| Vertex Service Partners, LLC | (6) (7) (9) | First Lien Debt | S + | 6.00% | 10.00% | 11/08/2030 | 1747 | 1713 | 1712 | 0.10 |
| Vertex Service Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 6.00% | 10.00% | 11/08/2030 | 3514 | 3443 | 3432 | 0.19 |
| Vertex Service Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 6.00% | 10.00% | 11/08/2030 | 369 | 360 | 360 | 0.02 |
|  |  |  |  |  |  |  |  | 180354 | 181546 | 10.25 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Accel International Holdings, Inc. | (6) (7) (10) | First Lien Debt | S + | 4.50% | 8.81% | 04/26/2032 | 10892 | 10840 | 10892 | 0.61 |
| Accel International Holdings, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.50% | 8.81% | 04/26/2032 |  | (9) |  | 0.00 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Spark Buyer, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.44% | 10/15/2031 | 2171 | 2142 | 2095 | 0.12 |
| Spark Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.44% | 10/15/2031 |  | (5) | (31) | 0.00 |
| Spark Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.44% | 10/15/2031 | 149 | 143 | 134 | 0.01 |
|  |  |  |  |  |  |  |  | 13111 | 13090 | 0.74 |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.97% | 07/06/2028 | 6275 | 6214 | 4455 | 0.25 |
| Abracon Group Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 10.97% | 07/06/2028 | 420 | 416 | 298 | 0.02 |
| Dwyer Instruments, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 07/20/2029 | 14199 | 14044 | 14127 | 0.80 |
| Dwyer Instruments, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 07/20/2029 | 4919 | 4851 | 4892 | 0.28 |
| Dwyer Instruments, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 07/20/2029 | 131 | 115 | 123 | 0.01 |
| Infinite Bidco, LLC | (6) (10) | First Lien Debt | S + | 6.25% | 10.45% | 03/02/2028 | 12142 | 11946 | 12119 | 0.68 |
| Infinite Bidco, LLC | (10) | Second Lien Debt | S + | 7.00% | 11.57% | 03/02/2029 | 25500 | 25461 | 22504 | 1.27 |
| Magneto Components Buyco, LLC | (6) (7) (9) | First Lien Debt | S + | 6.00% | 10.00% | 12/05/2030 | 15467 | 15247 | 15467 | 0.87 |
| Magneto Components Buyco, LLC | (6) (9) (16) | First Lien Debt | S + | 6.00% | 10.00% | 12/05/2029 |  | (32) |  | 0.00 |
| NDT Global Holding, Inc. | (6) (10) (13) | First Lien Debt | S + | 4.50% | 8.65% | 06/04/2032 | 3300 | 3268 | 3267 | 0.18 |
| NDT Global Holding, Inc. | (6) (10) (13) (16) | First Lien Debt | S + | 4.50% | 8.65% | 06/04/2032 | 645 | 635 | 631 | 0.04 |
| NDT Global Holding, Inc. | (6) (10) (13) (16) | First Lien Debt | S + | 4.50% | 8.65% | 06/04/2032 |  | (7) | (7) | 0.00 |
| NSI Holdings, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.91% | 11/17/2031 | 7313 | 7247 | 7313 | 0.41 |
| NSI Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.91% | 11/17/2031 |  | (5) |  | 0.00 |
| NSI Holdings, Inc. | (6) (16) | First Lien Debt | P + | 3.75% | 11.00% | 11/17/2031 | 35 | 24 | 35 | 0.00 |
|  |  |  |  |  |  |  |  | 89424 | 85224 | 4.81 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (6) (9) (13) | First Lien Debt | S + | 6.25% PIK | 10.25% | 05/25/2029 | 3738 | 3711 | 3700 | 0.21 |
| Applitools, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 6.25% | 10.25% | 05/25/2028 |  | (4) | (4) | 0.00 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| BCTO Bluebill Midco, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.81% | 07/30/2032 | 15778 | 15623 | 15623 | 0.88 |
| BCTO Bluebill Midco, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.81% | 07/30/2032 |  | (19) | (19) | 0.00 |
| Cerity Partners, LLC | (6) (9) (18) | First Lien Debt | S + | 5.25% | 9.45% | 07/30/2029 | 4671 | 4578 | 4659 | 0.26 |
| Cerity Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.45% | 07/30/2029 | 8894 | 8735 | 8865 | 0.50 |
| Cerity Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.45% | 07/28/2028 | 29 | 28 | 29 | 0.00 |
| Cliffwater, LLC | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.31% | 04/22/2032 | 8634 | 8551 | 8547 | 0.48 |
| Cliffwater, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.31% | 04/22/2032 |  | (8) | (8) | 0.00 |
| GC Waves Holdings, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 9.01% | 10/04/2030 | 8842 | 8772 | 8842 | 0.50 |
| GC Waves Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.01% | 10/04/2030 | 3016 | 2921 | 3016 | 0.17 |
| GC Waves Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.01% | 10/04/2030 |  | (4) |  | 0.00 |
| MAI Capital Management Intermediate, LLC | (6) (7) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 08/29/2031 | 4632 | 4591 | 4586 | 0.26 |
| MAI Capital Management Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 08/29/2031 | 1434 | 1405 | 1385 | 0.08 |
| MAI Capital Management Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 08/29/2031 | 219 | 208 | 207 | 0.01 |
| PMA Parent Holdings, LLC | (6) (7) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 01/31/2031 | 4374 | 4321 | 4341 | 0.25 |
| PMA Parent Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 01/31/2031 |  | (4) | (3) | 0.00 |
| RFS Opco, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.75% | 04/04/2031 | 14355 | 14303 | 14355 | 0.81 |
| RFS Opco, LLC | (6) (10) (16) | First Lien Debt | S + | 3.50% | 7.66% | 04/04/2029 | 337 | 333 | 337 | 0.02 |
| SitusAMC Holdings Corporation | (6) (9) (18) | First Lien Debt | S + | 5.50% | 9.50% | 05/14/2031 | 10658 | 10611 | 10658 | 0.60 |
| Smarsh, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 02/16/2029 | 5625 | 5569 | 5625 | 0.32 |
| Smarsh, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/16/2029 |  | (8) |  | 0.00 |
| Smarsh, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/16/2029 | 225 | 219 | 225 | 0.01 |
| Trintech, Inc. | (6) (7) (8) | First Lien Debt | S + | 5.50% | 9.66% | 07/25/2029 | 33489 | 33018 | 33322 | 1.88 |
| Trintech, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.66% | 07/25/2029 | 837 | 800 | 822 | 0.05 |
|  |  |  |  |  |  |  |  | 128250 | 129110 | 7.29 |
| **Food Products** |  |  |  |  |  |  |  |  |  |  |
| AMCP Pet Holdings, Inc. (Brightpet) | (6) (8) | First Lien Debt | S + | 7.00% (incl. 3.00% PIK) | 11.46% | 01/04/2028 | 40877 | 40595 | 35603 | 2.01 |
| AMCP Pet Holdings, Inc. (Brightpet) | (6) (8) | First Lien Debt | S + | 7.00% (incl. 3.00% PIK) | 11.46% | 01/04/2028 | 6053 | 6023 | 5272 | 0.30 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) | (6) (12) | Other Debt |  | 16.25% PIK | 16.25% | 06/18/2028 | 1500 | 1500 |  | 0.00 |
| Teasdale Foods, Inc. (Teasdale Latin Foods) | (6) (8) (12) | First Lien Debt | S + | 7.65% (incl. 3.40% PIK) | 12.11% | 12/20/2027 | 10900 | 10874 | 8920 | 0.50 |
|  |  |  |  |  |  |  |  | 58992 | 49795 | 2.81 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| SV Newco 2, Inc. | (6) (7) (9) (13) (18) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 | 22926 | 22634 | 22862 | 1.29 |
| SV Newco 2, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 | 14269 | 14076 | 14227 | 0.80 |
| SV Newco 2, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/02/2031 |  | (104) | (24) | 0.00 |
|  |  |  |  |  |  |  |  | 36606 | 37065 | 2.09 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| PerkinElmer U.S., LLC | (6) (7) (8) | First Lien Debt | S + | 4.75% | 8.91% | 03/13/2029 | 4308 | 4227 | 4308 | 0.24 |
| Tidi Legacy Products, Inc. | (6) (8) | First Lien Debt | S + | 4.50% | 8.66% | 12/19/2029 | 1843 | 1815 | 1843 | 0.10 |
| Tidi Legacy Products, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.66% | 12/19/2029 |  | (4) |  | 0.00 |
| Tidi Legacy Products, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.66% | 12/19/2029 |  | (5) |  | 0.00 |
| YI, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 5.75% | 9.90% | 12/03/2029 | 5555 | 5471 | 5555 | 0.31 |
| YI, LLC | (6) (8) (16) | First Lien Debt | S + | 5.75% | 9.90% | 12/03/2029 |  | (12) |  | 0.00 |
|  |  |  |  |  |  |  |  | 11492 | 11706 | 0.66 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. | (6) (8) | First Lien Debt | S + | 4.50% | 8.66% | 09/15/2031 | 446 | 439 | 446 | 0.03 |
| Advarra Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.66% | 09/15/2031 |  |  |  | 0.00 |
| DCA Investment Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.50% | 10.44% | 04/03/2028 | 20118 | 19913 | 18922 | 1.07 |
| DCA Investment Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.50% | 10.44% | 04/03/2028 | 1769 | 1742 | 1664 | 0.09 |
| Gateway US Holdings, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.75% | 8.75% | 09/22/2028 | 744 | 741 | 741 | 0.04 |
| Gateway US Holdings, Inc. | (6) (9) (13) | First Lien Debt | S + | 4.75% | 8.75% | 09/22/2028 | 210 | 209 | 209 | 0.01 |
| Gateway US Holdings, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 4.75% | 8.75% | 09/22/2028 |  |  |  | 0.00 |
| Heartland Veterinary Partners, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.23% | 06/12/2028 | 1814 | 1809 | 1814 | 0.10 |
| Heartland Veterinary Partners, LLC | (6) (8) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/10/2028 | 4397 | 4356 | 4397 | 0.25 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Heartland Veterinary Partners, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.23% | 06/12/2028 | 4108 | 4097 | 4108 | 0.23 |
| Heartland Veterinary Partners, LLC | (6) (8) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 09/10/2028 | 1710 | 1693 | 1710 | 0.10 |
| Heartland Veterinary Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.23% | 06/12/2028 |  | (1) |  | 0.00 |
| iCIMS, Inc. | (6) (9) | First Lien Debt | S + | 5.75% | 10.53% | 08/18/2028 | 7080 | 7013 | 7076 | 0.40 |
| iCIMS, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.53% | 08/18/2028 | 13 | 12 | 12 | 0.00 |
| Imagine 360, LLC | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 10/02/2028 | 12065 | 11972 | 12065 | 0.68 |
| Imagine 360, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 10/02/2028 |  | (6) |  | 0.00 |
| Imagine 360, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 10/02/2028 |  | (8) |  | 0.00 |
| Intelerad Medical Systems Incorporated | (6) (8) (13) | First Lien Debt | S + | 6.50% | 10.96% | 08/21/2026 | 486 | 482 | 478 | 0.03 |
| Intelerad Medical Systems Incorporated | (6) (8) (13) | First Lien Debt | S + | 6.50% | 10.96% | 08/21/2026 | 34 | 34 | 33 | 0.00 |
| Invictus Buyer, LLC | (6) (9) (18) | First Lien Debt | S + | 4.50% | 8.50% | 06/03/2031 | 4009 | 3975 | 4009 | 0.23 |
| Invictus Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 06/03/2031 |  | (7) |  | 0.00 |
| Invictus Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 06/03/2031 |  | (5) |  | 0.00 |
| Merative LP | (6) (7) (9) | First Lien Debt | S + | 4.75% | 8.75% | 09/30/2032 | 18118 | 18027 | 18027 | 1.02 |
| Merative LP | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 09/30/2032 |  | (5) | (5) | 0.00 |
| Merative LP | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 09/30/2032 |  | (9) | (9) | 0.00 |
| mPulse Mobile, Inc. | (6) (7) (9) | First Lien Debt | S + | 4.75% | 8.75% | 08/26/2032 | 18173 | 17993 | 17993 | 1.02 |
| mPulse Mobile, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 08/26/2032 |  | (9) | (9) | 0.00 |
| mPulse Mobile, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 08/26/2032 |  | (26) | (26) | 0.00 |
| Pareto Health Intermediate Holdings, Inc. | (6) (8) (18) | First Lien Debt | S + | 4.75% | 8.75% | 06/03/2030 | 28378 | 28089 | 28378 | 1.60 |
| Pareto Health Intermediate Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/03/2030 |  | (24) |  | 0.00 |
| Pareto Health Intermediate Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/01/2029 |  | (10) |  | 0.00 |
| PPV Intermediate Holdings, LLC | (6) (9) (18) | First Lien Debt | S + | 6.00% | 10.20% | 08/31/2029 | 4303 | 4185 | 4303 | 0.24 |
| PPV Intermediate Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.00% | 10.20% | 08/31/2029 | 14934 | 14823 | 14934 | 0.84 |
| Promptcare Infusion Buyer, Inc. | (6) (8) (18) | First Lien Debt | S + | 6.00% | 10.39% | 09/01/2027 | 8820 | 8753 | 8751 | 0.49 |
| Promptcare Infusion Buyer, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.39% | 09/01/2027 | 2746 | 2713 | 2713 | 0.15 |
| Stepping Stones Healthcare Services, LLC | (6) (8) (18) | First Lien Debt | S + | 5.00% | 9.00% | 01/02/2029 | 4222 | 4187 | 4222 | 0.24 |
| Stepping Stones Healthcare Services, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 01/02/2029 | 1289 | 1271 | 1289 | 0.07 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Stepping Stones Healthcare Services, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 12/30/2026 |  |  | (2) |  | 0.00 |
| Suveto Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.66% | 09/09/2027 |  | 11730 | 11682 | 11730 | 0.66 |
| Suveto Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.66% | 09/09/2027 |  |  | (7) |  | 0.00 |
| Tivity Health, Inc. | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.16% | 06/28/2029 |  | 8547 | 8513 | 8547 | 0.48 |
| Vardiman Black Holdings, LLC | (6) (10) | First Lien Debt | S + | 7.00% (incl. 2.00% PIK) | 11.29% | 03/18/2027 |  | 5988 | 5988 | 5300 | 0.30 |
| Vardiman Black Holdings, LLC | (6) (10) (11) (16) | First Lien Debt | S + | 7.00% (incl. 2.00% PIK) | 11.29% | 03/18/2027 |  | 678 | 669 | 598 | 0.03 |
|  |  |  |  |  |  |  |  |  | 185261 | 184420 | 10.41 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |  |
| Hyland Software, Inc. | (6) (7) (9) (18) | First Lien Debt | S + | 5.00% | 9.16% | 09/19/2030 |  | 38961 | 38508 | 38961 | 2.20 |
| Hyland Software, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.16% | 09/19/2029 |  |  | (19) |  | 0.00 |
| Lightspeed Buyer, Inc. | (6) (7) (8) (18) | First Lien Debt | S + | 4.75% | 8.75% | 02/03/2027 |  | 22983 | 22868 | 22983 | 1.30 |
| Lightspeed Buyer, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 02/03/2027 |  | 341 | 339 | 341 | 0.00 |
| Lightspeed Buyer, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/03/2027 |  |  | (1) |  | 0.00 |
|  |  |  |  |  |  |  |  |  | 61695 | 62285 | 3.52 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (6) (7) (9) | First Lien Debt | S + | 4.75% | 8.89% | 01/30/2031 |  | 25056 | 24916 | 25056 | 1.41 |
| Aptean, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.89% | 01/30/2031 |  |  | (15) |  | 0.00 |
| Aptean, Inc. | (6) (16) | First Lien Debt | P + | 3.75% | 11.00% | 01/30/2031 |  | 154 | 144 | 154 | 0.01 |
| Excelitas Technologies Corp. | (6) (9) | First Lien Debt | S + | 5.25% | 9.41% | 08/13/2029 |  | 1298 | 1281 | 1291 | 0.07 |
| Excelitas Technologies Corp. | (6) (9) | First Lien Debt | E + | 5.25% | 7.16% | 08/13/2029 | € | 235 | 240 | 275 | 0.02 |
| Excelitas Technologies Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 08/13/2029 |  |  | (11) | (10) | 0.00 |
| Excelitas Technologies Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.41% | 08/14/2028 |  |  | (1) | (1) | 0.00 |
| Raptor Merger Sub Debt, LLC | (6) (7) (9) (18) | First Lien Debt | S + | 5.50% | 9.50% | 04/01/2029 |  | 31663 | 31070 | 31663 | 1.79 |
| Raptor Merger Sub Debt, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.50% | 04/01/2029 |  | 651 | 607 | 651 | 0.04 |
|  |  |  |  |  |  |  |  |  | 58231 | 59079 | 3.33 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.17% | 08/31/2029 |  | 12889 | 12808 | 12889 | 0.73 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Amerilife Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.17% | 08/31/2029 | 2359 | 2342 | 2359 | 0.13 |
| Amerilife Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.17% | 08/31/2028 | 354 | 343 | 354 | 0.02 |
| Fetch Insurance Services, LLC | (6) | Other Debt |  | 12.75% (incl. 3.75% PIK) | 12.75% | 10/31/2027 | 2087 | 2062 | 2066 | 0.12 |
| Foundation Risk Partners Corp. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 10/29/2030 | 41776 | 41361 | 41776 | 2.36 |
| Foundation Risk Partners Corp. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 10/29/2030 | 9091 | 9001 | 9091 | 0.51 |
| Foundation Risk Partners Corp. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 10/29/2029 |  | (51) |  | 0.00 |
| Galway Borrower, LLC | (6) (9) (18) | First Lien Debt | S + | 4.50% | 8.50% | 09/29/2028 | 30175 | 29873 | 30175 | 1.70 |
| Galway Borrower, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 09/29/2028 | 1869 | 1844 | 1869 | 0.11 |
| Galway Borrower, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 09/29/2028 | 467 | 447 | 467 | 0.03 |
| Higginbotham Insurance Agency, Inc. | (6) (7) (8) (18) | First Lien Debt | S + | 4.50% | 8.67% | 11/24/2028 | 23483 | 23337 | 23483 | 1.33 |
| Higginbotham Insurance Agency, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.67% | 11/24/2028 | 4539 | 4494 | 4539 | 0.26 |
| High Street Buyer, Inc. | (6) (7) (9) (18) | First Lien Debt | S + | 5.25% | 9.25% | 04/14/2028 | 9713 | 9628 | 9713 | 0.55 |
| High Street Buyer, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.25% | 9.25% | 04/14/2028 | 46581 | 46108 | 46581 | 2.63 |
| High Street Buyer, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.25% | 04/16/2027 |  | (11) |  | 0.00 |
| Inszone Mid, LLC | (6) (8) (18) | First Lien Debt | S + | 5.25% | 9.25% | 11/30/2029 | 4382 | 4316 | 4371 | 0.25 |
| Inszone Mid, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 11/30/2029 | 10372 | 10216 | 10331 | 0.58 |
| Inszone Mid, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 11/30/2029 |  | (17) | (4) | 0.00 |
| Integrity Marketing Acquisition, LLC | (6) (7) (9) (18) | First Lien Debt | S + | 5.00% | 9.20% | 08/25/2028 | 35888 | 35888 | 35888 | 2.03 |
| Integrity Marketing Acquisition, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.20% | 08/25/2028 |  |  |  | 0.00 |
| Long Term Care Group, Inc. | (6) (9) | First Lien Debt | S + | 6.00% | 10.59% | 09/08/2027 | 5439 | 5399 | 4909 | 0.28 |
| Majesco, Inc. | (6) (7) (8) (18) | First Lien Debt | S + | 4.75% | 8.75% | 09/21/2028 | 33293 | 32903 | 33293 | 1.88 |
| Majesco, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.75% | 09/21/2027 |  | (8) |  | 0.00 |
| Patriot Growth Insurance Services, LLC | (6) (7) (9) (18) | First Lien Debt | S + | 5.00% | 9.15% | 10/16/2028 | 53502 | 52948 | 53502 | 3.02 |
| Patriot Growth Insurance Services, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.15% | 10/16/2028 |  | (34) |  | 0.00 |
| World Insurance Associates, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 5.00% | 9.00% | 04/03/2030 | 51412 | 50556 | 51412 | 2.90 |
| World Insurance Associates, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.00% | 04/03/2030 |  | (5) |  | 0.00 |
|  |  |  |  |  |  |  |  | 375748 | 379064 | 21.40 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (6) (7) (18) | First Lien Debt | S + | 4.75% | 8.91% | 09/09/2032 | 11519 | 11404 | 11405 | 0.64 |
| FMG Suite Holdings, LLC | (6) (16) | First Lien Debt | S + | 4.75% | 8.91% | 09/09/2032 |  | (15) | (15) | 0.00 |
| FMG Suite Holdings, LLC | (6) (16) | First Lien Debt | S + | 4.75% | 8.91% | 09/09/2032 |  | (19) | (19) | 0.00 |
| Spectrio, LLC | (6) (7) (8) | First Lien Debt | S + | 6.00% | 10.20% | 12/09/2026 | 32292 | 32162 | 25899 | 1.46 |
| Spectrio, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.20% | 12/09/2026 | 13026 | 13009 | 10447 | 0.59 |
| Spectrio, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.20% | 12/09/2026 | 3737 | 3722 | 2919 | 0.16 |
| Triple Lift, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.75% | 9.90% | 05/05/2028 | 26810 | 26572 | 25134 | 1.42 |
| Triple Lift, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 9.90% | 05/05/2028 |  | (30) | (250) | (0.01) |
|  |  |  |  |  |  |  |  | 86805 | 75520 | 4.26 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.16% | 12/30/2031 | 17967 | 17802 | 17967 | 1.01 |
| Apollo Acquisition, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.16% | 12/30/2031 | 6094 | 6027 | 6094 | 0.34 |
| Apollo Acquisition, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.16% | 12/30/2030 |  | (24) |  | 0.00 |
| Atlas Purchaser, Inc. | (6) (7) (12) | First Lien Debt | S + | 7.50% (incl. 6.50% PIK) | 12.08% | 05/05/2028 | 2642 | 2642 | 515 | 0.03 |
| Atlas Purchaser, Inc. | (6) (7) (12) | First Lien Debt | S + | 7.50% (incl. 5.50% PIK) | 12.08% | 05/05/2028 | 6097 | 6097 | 183 | 0.01 |
| Catalis Intermediate, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.50% | 9.65% | 08/04/2027 | 38652 | 38299 | 38061 | 2.15 |
| Catalis Intermediate, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.65% | 08/04/2027 | 8697 | 8624 | 8564 | 0.48 |
| Catalis Intermediate, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.65% | 08/04/2027 | 989 | 956 | 924 | 0.05 |
| GI DI Cornfield Acquisition, LLC | (6) (18) | First Lien Debt | S + | 4.50% | 8.76% | 03/09/2028 | 30393 | 30083 | 30188 | 1.70 |
| GI DI Cornfield Acquisition, LLC | (6) (7) | First Lien Debt | S + | 4.50% | 8.76% | 03/09/2028 | 15667 | 15591 | 15561 | 0.88 |
| Help/Systems Holdings, Inc. | (6) (9) | Second Lien Debt | S + | 6.75% | 11.16% | 11/19/2027 | 17500 | 17500 | 14831 | 0.84 |
| Idera, Inc. | (6) (9) | Second Lien Debt | S + | 6.75% | 11.20% | 03/02/2029 | 2607 | 2597 | 2607 | 0.15 |
| Recovery Point Systems, Inc. | (6) (7) (8) (18) | First Lien Debt | S + | 5.75% | 10.18% | 02/14/2028 | 39900 | 39752 | 39900 | 2.25 |
| Recovery Point Systems, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.18% | 02/14/2028 |  | (12) |  | 0.00 |
| Redwood Services Group, LLC | (6) (9) (18) | First Lien Debt | S + | 5.25% | 9.26% | 06/15/2029 | 17410 | 17263 | 17323 | 0.98 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Redwood Services Group, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.26% | 06/15/2029 | 11873 | 11717 | 11785 | 0.67 |
| Ridge Trail US Bidco, Inc. | (6) (9) (13) (18) | First Lien Debt | S + | 4.50% | 8.37% | 09/30/2031 | 23797 | 23478 | 23797 | 1.34 |
| Ridge Trail US Bidco, Inc. | (6) (8) (13) (16) | First Lien Debt | S + | 4.50% | 8.37% | 09/30/2031 |  | (53) |  | 0.00 |
| Ridge Trail US Bidco, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 4.50% | 8.37% | 03/31/2031 | 744 | 709 | 744 | 0.04 |
| Syntax Systems, Ltd. | (6) (9) (13) (18) | First Lien Debt | S + | 5.00% | 9.27% | 10/27/2028 | 37057 | 36873 | 36687 | 2.07 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (7) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 02/02/2032 | 23676 | 23457 | 23617 | 1.33 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/02/2032 | 3500 | 3446 | 3479 | 0.20 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/02/2032 | 329 | 301 | 322 | 0.02 |
| UpStack, Inc. | (6) (7) (9) (18) | First Lien Debt | S + | 5.00% | 9.04% | 08/25/2031 | 9750 | 9664 | 9677 | 0.55 |
| UpStack, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.04% | 08/25/2031 | 1151 | 1130 | 1123 | 0.06 |
| UpStack, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.04% | 08/25/2031 | 375 | 362 | 364 | 0.02 |
| Victors Purchaser, LLC | (6) (10) (18) | First Lien Debt | S + | 4.75% | 8.75% | 08/15/2031 | 5056 | 5012 | 5056 | 0.29 |
| Victors Purchaser, LLC | (6) (10) (16) | First Lien Debt | S + | 4.75% | 8.75% | 08/15/2031 | 261 | 255 | 261 | 0.01 |
| Victors Purchaser, LLC | (6) (10) (16) | First Lien Debt | S + | 4.75% | 8.75% | 08/15/2031 |  | (5) |  | 0.00 |
|  |  |  |  |  |  |  |  | 319543 | 309630 | 17.48 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.75% | 06/27/2031 | 11844 | 11742 | 11844 | 0.67 |
| Model N, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/27/2031 |  | (14) |  | 0.00 |
| Model N, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/27/2031 |  | (14) |  | 0.00 |
|  |  |  |  |  |  |  |  | 11714 | 11844 | 0.67 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| Answer Acquisition, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.26% | 12/30/2026 | 13291 | 13202 | 12302 | 0.69 |
| Answer Acquisition, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.26% | 12/30/2026 | 583 | 576 | 490 | 0.03 |
| Chase Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.06% | 10/30/2028 | 10674 | 10527 | 10542 | 0.60 |
| Chase Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.06% | 10/30/2028 | 147 | 141 | 142 | 0.01 |
| MHE Intermediate Holdings, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 6.00% | 10.53% | 07/21/2027 | 11731 | 11644 | 11731 | 0.66 |
| MHE Intermediate Holdings, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.53% | 07/21/2027 | 3608 | 3581 | 3608 | 0.20 |
| MHE Intermediate Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.53% | 07/21/2027 | 1000 | 985 | 1000 | 0.06 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
|  |  |  |  |  |  |  |  | 40656 | 39815 | 2.25 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (6) (7) (8) | First Lien Debt | S + | 4.50% | 8.66% | 12/23/2030 | 7367 | 7172 | 7367 | 0.42 |
| AWP Group Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.66% | 12/23/2030 | 1538 | 1516 | 1538 | 0.09 |
| AWP Group Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.66% | 12/23/2030 | 336 | 324 | 336 | 0.02 |
| Vessco Midco Holdings, LLC | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.93% | 07/24/2031 | 11199 | 11102 | 11199 | 0.63 |
| Vessco Midco Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.93% | 07/24/2031 | 2028 | 2003 | 2028 | 0.11 |
| Vessco Midco Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.93% | 07/24/2031 |  | (10) |  | 0.00 |
|  |  |  |  |  |  |  |  | 22107 | 22468 | 1.27 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Caerus US 1, Inc. | (6) (9) (13) | First Lien Debt | S + | 5.00% | 9.00% | 05/25/2029 | 10843 | 10706 | 10794 | 0.61 |
| Caerus US 1, Inc. | (6) (9) (13) | First Lien Debt | S + | 5.00% | 9.00% | 05/25/2029 | 1587 | 1565 | 1580 | 0.09 |
| Caerus US 1, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 5.00% | 9.00% | 05/25/2029 | 549 | 536 | 544 | 0.03 |
| Real Chemistry Intermediate III, Inc. | (6) (10) | First Lien Debt | S + | 4.50% | 8.50% | 04/12/2032 | 8775 | 8733 | 8731 | 0.49 |
| Real Chemistry Intermediate III, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.50% | 8.50% | 04/12/2032 | 1502 | 1489 | 1482 | 0.08 |
| Real Chemistry Intermediate III, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.50% | 8.50% | 04/12/2032 |  | (9) | (10) | 0.00 |
|  |  |  |  |  |  |  |  | 23020 | 23121 | 1.31 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (7) (18) | First Lien Debt | S + | 6.00% | 10.29% | 03/10/2027 | 3256 | 3234 | 3256 | 0.18 |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (16) | First Lien Debt | S + | 6.00% | 10.29% | 03/10/2027 |  | (8) |  | 0.00 |
| Accordion Partners, LLC | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.00% | 11/17/2031 | 27254 | 27007 | 27254 | 1.54 |
| Accordion Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 11/17/2031 | 729 | 709 | 729 | 0.04 |
| Accordion Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 11/17/2031 |  | (27) |  | 0.00 |
| Ascend Partner Services, LLC | (6) (9) (18) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 4862 | 4820 | 4862 | 0.27 |
| Ascend Partner Services, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 | 6491 | 6422 | 6488 | 0.37 |
| Ascend Partner Services, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.54% | 08/11/2031 |  | (14) |  | 0.00 |
| Bridgepointe Technologies, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.00% | 12/31/2027 | 16926 | 16625 | 16882 | 0.95 |
| Bridgepointe Technologies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.00% | 12/31/2027 | 16809 | 16487 | 16763 | 0.95 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Bullhorn, Inc. | (6) (8) (18) | First Lien Debt | S + | 5.00% | 9.16% | 10/01/2029 | 15407 | 15326 | 15407 | 0.87 |
| Bullhorn, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.16% | 10/01/2029 | 2134 | 2124 | 2134 | 0.12 |
| Bullhorn, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.16% | 10/01/2029 | 96 | 91 | 96 | 0.01 |
| Carr, Riggs and Ingram Capital, LLC | (6) (10) (18) | First Lien Debt | S + | 4.25% | 8.25% | 11/18/2031 | 4291 | 4252 | 4280 | 0.24 |
| Carr, Riggs and Ingram Capital, LLC | (6) (10) (16) | First Lien Debt | S + | 4.25% | 8.25% | 11/18/2031 | 461 | 450 | 456 | 0.03 |
| Carr, Riggs and Ingram Capital, LLC | (6) (10) (16) | First Lien Debt | S + | 4.25% | 8.25% | 11/18/2031 |  | (9) | (2) | 0.00 |
| ComPsych Investment Corp. | (6) (9) | First Lien Debt | S + | 4.75% | 9.08% | 07/22/2031 | 13039 | 12982 | 13039 | 0.74 |
| ComPsych Investment Corp. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 07/22/2031 |  | (8) |  | 0.00 |
| Deerfield Dakota Holding, LLC | (6) (7) (9) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.81% | 09/13/2032 | 27426 | 27153 | 27153 | 1.53 |
| Deerfield Dakota Holding, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% (incl. 2.75% PIK) | 9.81% | 09/13/2032 |  | (26) | (25) | 0.00 |
| GPS Merger Sub, LLC | (6) (8) (18) | First Lien Debt | S + | 5.25% | 9.41% | 10/02/2029 | 6735 | 6640 | 6735 | 0.38 |
| GPS Merger Sub, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.41% | 10/02/2029 |  | (8) |  | 0.00 |
| GPS Merger Sub, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.41% | 10/02/2029 |  | (14) |  | 0.00 |
| IG Investment Holdings, LLC | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.31% | 09/22/2028 | 10707 | 10622 | 10653 | 0.60 |
| IG Investment Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.31% | 09/22/2028 |  | (9) | (6) | 0.00 |
| IQN Holding Corp. | (6) (9) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.75% | 05/02/2029 | 5627 | 5595 | 5627 | 0.32 |
| IQN Holding Corp. | (6) (9) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.75% | 05/02/2029 | 1836 | 1819 | 1836 | 0.10 |
| IQN Holding Corp. | (6) (9) (16) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.75% | 05/02/2028 | 217 | 215 | 217 | 0.01 |
| KENG Acquisition, Inc. | (6) (8) (18) | First Lien Debt | S + | 4.50% | 8.81% | 08/01/2029 | 3164 | 3108 | 3133 | 0.18 |
| KENG Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.81% | 08/01/2029 | 1504 | 1461 | 1465 | 0.08 |
| KENG Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.81% | 08/01/2029 |  | (16) | (12) | 0.00 |
| UHY Advisors, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 8.95% | 11/21/2031 | 2197 | 2177 | 2197 | 0.12 |
| UHY Advisors, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.95% | 11/21/2031 | 139 | 129 | 139 | 0.01 |
| UHY Advisors, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.95% | 11/21/2031 | 45 | 40 | 45 | 0.00 |
| Verdantas, LLC | (6) (9) (18) | First Lien Debt | S + | 5.25% | 9.25% | 05/06/2031 | 16285 | 16078 | 16264 | 0.92 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Verdantas, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.25% | 05/06/2031 | 1017 | 988 | 1013 | 0.06 |
| Verdantas, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.25% | 05/06/2030 | 842 | 822 | 840 | 0.05 |
|  |  |  |  |  |  |  |  | 187237 | 188918 | 10.66 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (6) (8) | First Lien Debt | S + | 6.50% | 11.08% | 07/03/2028 | 10811 | 10803 | 10811 | 0.61 |
| Associations, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.50% | 11.08% | 07/03/2028 | 320 | 319 | 320 | 0.02 |
| Associations, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.50% | 11.08% | 07/03/2028 |  |  |  | 0.00 |
| Inhabitiq, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.66% | 01/12/2032 | 17868 | 17786 | 17868 | 1.01 |
| Inhabitiq, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.66% | 01/12/2032 |  | (11) |  | 0.00 |
| Inhabitiq, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.66% | 01/12/2032 |  | (14) |  | 0.00 |
| MRI Software, LLC | (6) (7) (8) (18) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2028 | 43890 | 43754 | 43840 | 2.47 |
| MRI Software, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2028 | 28 | 28 | 28 | 0.00 |
| MRI Software, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.75% | 02/10/2028 | 173 | 170 | 172 | 0.01 |
| Pritchard Industries, LLC | (6) (9) (18) | First Lien Debt | S + | 5.75% | 9.90% | 10/13/2027 | 24822 | 24623 | 24389 | 1.38 |
| Pritchard Industries, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 9.90% | 10/13/2027 | 5935 | 5885 | 5832 | 0.33 |
| Zarya Intermediate, LLC | (6) (8) (13) (18) | First Lien Debt | S + | 6.50% | 10.70% | 07/01/2027 | 34877 | 34877 | 34877 | 1.97 |
| Zarya Intermediate, LLC | (6) (8) (13) (16) | First Lien Debt | S + | 6.50% | 10.70% | 07/01/2027 |  |  |  | 0.00 |
|  |  |  |  |  |  |  |  | 138220 | 138137 | 7.80 |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Alert Media, Inc. | (6) (8) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.54% | 04/12/2027 | 23048 | 22916 | 23048 | 1.30 |
| Alert Media, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.54% | 04/12/2027 |  | (27) |  | 0.00 |
| Anaplan, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.70% | 06/21/2029 | 32793 | 32434 | 32793 | 1.85 |
| Appfire Technologies, LLC | (6) (8) (18) | First Lien Debt | S + | 5.00% | 9.00% | 03/09/2028 | 20445 | 20398 | 20445 | 1.15 |
| Appfire Technologies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.00% | 03/09/2028 | 50 | 33 | 50 | 0.00 |
| Appfire Technologies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.00% | 03/09/2028 | 36 | 35 | 36 | 0.00 |
| Apryse Software Corp. | (6) (7) (10) (18) | First Lien Debt | S + | 4.75% | 8.75% | 06/28/2032 | 27704 | 27435 | 27531 | 1.55 |
| Apryse Software Corp. | (6) (10) (16) | First Lien Debt | S + | 4.75% | 8.75% | 06/28/2032 |  | (22) | (14) | 0.00 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Artifact Bidco, Inc. | (6) (18) | First Lien Debt | S + | 4.25% | 8.25% | 07/28/2031 | 31699 | 31424 | 31699 | 1.79 |
| Artifact Bidco, Inc. | (6) (16) | First Lien Debt | S + | 4.25% | 8.25% | 07/28/2031 |  | (32) |  | 0.00 |
| Artifact Bidco, Inc. | (6) (16) | First Lien Debt | S + | 4.25% | 8.25% | 07/26/2030 |  | (44) |  | 0.00 |
| AuditBoard, Inc. | (6) (8) | First Lien Debt | S + | 4.50% | 8.50% | 07/14/2031 | 22200 | 22008 | 22200 | 1.25 |
| AuditBoard, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.50% | 07/14/2031 |  | (44) |  | 0.00 |
| AuditBoard, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.50% | 07/14/2031 |  | (35) |  | 0.00 |
| Banyan Software Holdings, LLC | (6) (8) (18) | First Lien Debt | S + | 5.25% | 9.41% | 01/02/2031 | 12113 | 12004 | 11992 | 0.68 |
| Banyan Software Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.41% | 01/02/2031 | 7518 | 7443 | 7430 | 0.42 |
| Banyan Software Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.41% | 01/02/2031 |  | (11) | (13) | 0.00 |
| Bottomline Technologies, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.50% | 8.50% | 05/14/2029 | 3628 | 3584 | 3628 | 0.20 |
| Bottomline Technologies, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.50% | 05/15/2028 |  | (2) |  | 0.00 |
| CLEO Communications Holding, LLC | (6) (7) (8) | First Lien Debt | S + | 5.50% | 9.76% | 06/09/2027 | 38569 | 38439 | 38569 | 2.18 |
| CLEO Communications Holding, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.76% | 06/09/2027 |  | (35) |  | 0.00 |
| Coupa Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.56% | 02/27/2030 | 2236 | 2196 | 2236 | 0.13 |
| Coupa Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.56% | 02/27/2030 |  | (9) |  | 0.00 |
| Coupa Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.56% | 02/27/2029 |  | (12) |  | 0.00 |
| Cyara AcquisitionCo, LLC | (6) (8) | First Lien Debt | S + | 6.25% (incl. 2.25% PIK) | 9.75% | 06/28/2029 | 5895 | 5801 | 5895 | 0.33 |
| Cyara AcquisitionCo, LLC | (6) (8) (16) | First Lien Debt | S + | 6.25% (incl. 2.25% PIK) | 9.75% | 06/28/2029 |  | (5) |  | 0.00 |
| Diligent Corporation | (6) (9) | First Lien Debt | S + | 5.00% | 9.20% | 08/02/2030 | 28138 | 27964 | 28138 | 1.59 |
| Diligent Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.20% | 08/02/2030 |  | (24) |  | 0.00 |
| Diligent Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.20% | 08/02/2030 | 302 | 286 | 302 | 0.02 |
| E-Discovery AcquireCo, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.13% | 08/29/2029 | 19505 | 19171 | 19505 | 1.10 |
| E-Discovery AcquireCo, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.13% | 08/29/2029 | 1271 | 1239 | 1271 | 0.07 |
| Emburse, Inc. | (6) (7) (9) | First Lien Debt | S + | 4.25% | 8.25% | 05/28/2032 | 3684 | 3675 | 3675 | 0.21 |
| Emburse, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.25% | 8.25% | 05/28/2032 |  | (1) | (2) | 0.00 |
| Emburse, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.25% | 8.25% | 05/28/2032 |  | (2) | (2) | 0.00 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Espresso Bidco, Inc. | (6) (9) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.75% | 03/25/2032 | 18151 | 17898 | 17879 | 1.01 |
| Espresso Bidco, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.75% | 03/25/2032 |  | (34) | (74) | 0.00 |
| Espresso Bidco, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.75% (incl. 3.13% PIK) | 9.75% | 03/25/2032 |  | (31) | (33) | 0.00 |
| Everbridge Holdings, LLC | (6) (9) (18) | First Lien Debt | S + | 5.00% | 9.29% | 07/02/2031 | 31889 | 31751 | 31889 | 1.80 |
| Everbridge Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.29% | 07/02/2031 | 4341 | 4308 | 4341 | 0.25 |
| Everbridge Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.29% | 07/02/2031 |  | (18) |  | 0.00 |
| Formstack Acquisition, Co. | (6) (8) (18) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 10835 | 10705 | 10808 | 0.61 |
| Formstack Acquisition, Co. | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 1068 | 1037 | 1058 | 0.06 |
| Formstack Acquisition, Co. | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.50% | 03/28/2030 | 350 | 325 | 345 | 0.02 |
| Fullsteam Operations, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 | 16962 | 16795 | 16795 | 0.95 |
| Fullsteam Operations, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 |  |  |  | 0.00 |
| Fullsteam Operations, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 |  | (28) | (28) | 0.00 |
| Fullsteam Operations, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.48% | 08/08/2031 |  | (18) | (18) | 0.00 |
| Granicus, Inc. | (6) (9) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.06% | 01/17/2031 | 12999 | 12899 | 12999 | 0.73 |
| Granicus, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.06% | 01/17/2031 | 7039 | 6979 | 7039 | 0.40 |
| Granicus, Inc. | (6) (16) | First Lien Debt | P + | 4.25% | 11.75% | 01/17/2031 |  | (14) |  | 0.00 |
| GS AcquisitionCo, Inc. | (6) (7) (8) (18) | First Lien Debt | S + | 5.25% | 9.25% | 05/25/2028 | 59574 | 59312 | 59574 | 3.36 |
| GS AcquisitionCo, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 05/25/2028 | 24 | 24 | 24 | 0.00 |
| GS AcquisitionCo, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.25% | 05/25/2028 | 823 | 813 | 823 | 0.05 |
| Hootsuite, Inc. | (6) (13) (18) | First Lien Debt | S + | 5.50% | 9.50% | 05/22/2030 | 22219 | 21945 | 22219 | 1.25 |
| Hootsuite, Inc. | (6) (13) (16) | First Lien Debt | S + | 5.50% | 9.50% | 05/22/2030 |  | (29) |  | 0.00 |
| Icefall Parent, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 8.81% | 01/25/2030 | 5156 | 5075 | 5156 | 0.29 |
| Icefall Parent, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 8.81% | 01/25/2030 |  | (7) |  | 0.00 |
| LegitScript, LLC | (6) (9) (18) | First Lien Debt | S + | 5.75% | 9.91% | 06/24/2029 | 26098 | 25779 | 26098 | 1.47 |
| LegitScript, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 9.91% | 06/24/2029 | 690 | 682 | 690 | 0.04 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| LegitScript, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 9.91% | 06/24/2028 | 1500 | 1462 | 1500 | 0.08 |
| LogRhythm, Inc. | (6) (8) | First Lien Debt | S + | 7.50% | 11.66% | 07/02/2029 | 9091 | 8872 | 8841 | 0.50 |
| LogRhythm, Inc. | (6) (8) (16) | First Lien Debt | S + | 7.50% | 11.66% | 07/02/2029 |  | (20) | (25) | 0.00 |
| Montana Buyer, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.91% | 07/22/2029 | 8446 | 8396 | 8446 | 0.48 |
| Montana Buyer, Inc. | (6) (16) | First Lien Debt | P + | 4.75% | 8.91% | 07/22/2028 |  | (4) |  | 0.00 |
| Nasuni Corporation | (6) (9) | First Lien Debt | S + | 5.00% | 9.07% | 09/10/2030 | 14483 | 14295 | 14483 | 0.82 |
| Nasuni Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.07% | 09/10/2030 |  | (37) |  | 0.00 |
| Netwrix Corporation And Concept Searching, Inc. | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.95% | 06/11/2029 | 6849 | 6808 | 6814 | 0.38 |
| Netwrix Corporation And Concept Searching, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.95% | 06/11/2029 |  | (2) | (2) | 0.00 |
| Oak Purchaser, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 3560 | 3536 | 3558 | 0.20 |
| Oak Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 1993 | 1975 | 1985 | 0.11 |
| Oak Purchaser, Inc. | (6) (16) | First Lien Debt | S + | 5.50% | 9.37% | 05/31/2028 | 37 | 34 | 37 | 0.00 |
| Onit, Inc. | (6) (7) (9) (18) | First Lien Debt | S + | 4.75% | 8.98% | 01/27/2032 | 18241 | 18083 | 18228 | 1.03 |
| Onit, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.98% | 01/27/2032 |  | (31) |  | 0.00 |
| Onit, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.98% | 01/27/2032 |  | (21) |  | 0.00 |
| Optimizely North America, Inc. | (6) (9) (13) (18) | First Lien Debt | S + | 5.00% | 9.16% | 10/30/2031 | 8352 | 8277 | 8227 | 0.46 |
| Optimizely North America, Inc. | (6) (9) (13) | First Lien Debt | E + | 5.25% | 7.15% | 10/30/2031 | 3074 | 3310 | 3558 | 0.20 |
| Optimizely North America, Inc. | (6) (9) (13) | First Lien Debt | SA + | 5.50% | 9.47% | 10/30/2031 | £1025 | 1321 | 1359 | 0.08 |
| Optimizely North America, Inc. | (6) (9) (13) (16) | First Lien Debt | S + | 5.00% | 9.16% | 10/30/2031 |  | (11) | (19) | 0.00 |
| Pound Bidco, Inc. | (6) (7) (8) (13) | First Lien Debt | S + | 6.00% | 10.66% | 02/01/2027 | 22181 | 22067 | 22126 | 1.25 |
| Pound Bidco, Inc. | (6) (8) (13) (16) | First Lien Debt | S + | 6.00% | 10.66% | 02/01/2027 | 1137 | 1137 | 1132 | 0.06 |
| Pound Bidco, Inc. | (6) (7) (8) (13) (16) | First Lien Debt | S + | 6.00% | 10.66% | 02/01/2027 | 188 | 182 | 185 | 0.01 |
| Project Leopard Holdings, Inc. | (10) (13) | First Lien Debt | S + | 5.25% | 9.66% | 07/20/2029 | 6107 | 5838 | 5472 | 0.31 |
| Revalize, Inc. | (6) (8) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.65% | 04/16/2029 | 19212 | 19175 | 18192 | 1.03 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Revalize, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.50% (incl. 1.75% PIK) | 10.65% | 04/16/2029 | 46 | 46 | 42 | 0.00 |
| Riskonnect Parent, LLC | (6) (9) (18) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 5636 | 5559 | 5636 | 0.32 |
| Riskonnect Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 4155 | 4086 | 4155 | 0.23 |
| Riskonnect Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 8.62% | 12/07/2028 | 84 | 72 | 84 | 0.00 |
| Runway Bidco, LLC | (6) (10) (18) | First Lien Debt | S + | 5.00% | 9.00% | 12/17/2031 | 10873 | 10773 | 10846 | 0.61 |
| Runway Bidco, LLC | (6) (10) (16) | First Lien Debt | S + | 5.00% | 9.00% | 12/17/2031 |  | (12) | (7) | 0.00 |
| Runway Bidco, LLC | (6) (10) (16) | First Lien Debt | S + | 5.00% | 9.00% | 12/17/2031 |  | (12) | (3) | 0.00 |
| Saturn Borrower, Inc. | (6) (8) (18) | First Lien Debt | S + | 6.00% | 10.00% | 11/10/2028 | 11401 | 11256 | 11322 | 0.64 |
| Saturn Borrower, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.00% | 11/10/2028 |  | (26) | (29) | 0.00 |
| Saturn Borrower, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.00% | 11/10/2028 | 450 | 427 | 437 | 0.02 |
| Securonix, Inc. | (6) (9) | First Lien Debt | S + | 7.00% (incl. 3.75% PIK) | 12.04% | 04/05/2029 | 21613 | 21425 | 18920 | 1.07 |
| Securonix, Inc. | (6) (9) (16) | First Lien Debt | S + | 7.00% (incl. 3.75% PIK) | 12.04% | 04/05/2029 |  | (29) | (471) | (0.03) |
| Trunk Acquisition, Inc. | (6) (8) (18) | First Lien Debt | S + | 6.00% | 10.15% | 02/19/2030 | 9537 | 9495 | 9537 | 0.54 |
| Trunk Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.15% | 02/19/2030 | 639 | 634 | 639 | 0.04 |
| Trunk Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.15% | 02/19/2030 |  | (2) |  | 0.00 |
| User Zoom Technologies, Inc. | (6) (9) | First Lien Debt | S + | 7.00% | 11.13% | 04/05/2029 | 38689 | 38224 | 38689 | 2.18 |
|  |  |  |  |  |  |  |  | 720886 | 721890 | 40.75 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| CCI Buyer, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.00% | 05/13/2032 | 2834 | 2807 | 2834 | 0.16 |
| CCI Buyer, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.00% | 05/13/2032 |  | (1) |  | 0.00 |
| Mobile Communications America, Inc. | (6) (7) (8) (18) | First Lien Debt | S + | 4.75% | 9.04% | 10/16/2029 | 5851 | 5786 | 5851 | 0.33 |
| Mobile Communications America, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.04% | 10/16/2029 | 1442 | 1421 | 1442 | 0.08 |
| Mobile Communications America, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.04% | 10/16/2029 |  | (10) |  | 0.00 |
|  |  |  |  |  |  |  |  | 10003 | 10127 | 0.57 |
| **Total Debt Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  | $**3776963** | $**3716695** | **209.79%** |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** <sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| **Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| KWOR Acquisition, Inc. | (6) (8) (17) | Second Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.45% | 02/28/2030 | 3146 | 3146 | 3146 | 0.18 |
| KWOR Acquisition, Inc. | (6) (8) (16) (17) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.45% | 02/28/2030 | 17 | 2 | 17 | 0.00 |
| KWOR Acquisition, Inc. | (6) (8) (16) (17) | First Lien Debt | S + | 6.25% (incl. 5.25% PIK) | 10.45% | 02/28/2030 | 25 | 2 | 25 | 0.00 |
| KWOR Acquisition, Inc. | (6) (8) (17) | Other Debt | S + | 8.00% PIK | 12.17% | 02/28/2030 | 1086 | 1086 | 1086 | 0.06 |
|  |  |  |  |  |  |  |  | 4236 | 4274 | 0.24 |
| **Total Debt Investments - non-controlled/affiliated** |  |  |  |  |  |  |  | $4236 | $4274 | 0.24% |
| **Total Debt Investments** |  |  |  |  |  |  |  | $**3781199** | $**3720969** | **210.03%** |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| PCX Holding Corp. | (6) (14) (15) | Common Equity |  | 04/22/2021 | 6538 | $654 | $800 | 0.05% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Continental Battery Company | (6) (14) (15) | Common Equity |  | 07/16/2025 | 7758 |  |  | 0.00 |
| Shelby Co-invest, LP (Spectrum Automotive) | (6) (14) (15) | Common Equity |  | 06/29/2021 | 8500 | 850 | 1849 | 0.10 |
|  |  |  |  |  |  | 850 | 1849 | 0.10 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Firebird Acquisition Corp, Inc. | (6) (14) (15) | Common Equity |  | 02/03/2025 | 240000 | 228 | 279 | 0.02 |
| Procure Acquiom Financial, LLC (Procure Analytics) | (6) (14) (15) | Common Equity |  | 12/20/2021 | 1000000 | 1000 | 1620 | 0.09 |
| Surewerx Topco, LP | (6) (13) (14) (15) | Common Equity |  | 12/28/2022 | 512 | 512 | 606 | 0.03 |
|  |  |  |  |  |  | 1740 | 2505 | 0.14 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (14) (15) | Common Equity |  | 12/10/2021 | 1383156 | 1379 |  | 0.00 |
| BP Purchaser, LLC Rights | (6) (14) (15) | Common Equity |  | 03/12/2024 | 1666989 | 75 |  | 0.00 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| FORTIS Solutions Group, LLC | (6) (15) | Preferred Equity | 12.25% | 06/24/2022 | 1000000 | 1467 | 981 | 0.06 |
|  |  |  |  |  |  | 2921 | 981 | 0.06 |
| **Distributors** |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (14) (15) | Common Equity |  | 11/01/2024 | 2748 |  |  | 0.00 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (6) (15) | Preferred Equity | 12.50% PIK | 09/05/2024 | 120 | 1192 | 1193 | 0.07 |
| FPG Parent, LLC | (6) (14) (15) | Common Equity |  | 07/25/2025 | 341 |  |  | 0.00 |
| LHS Borrower, LLC | (6) (14) (15) | Common Equity |  | 09/04/2025 | 500000 | 483 | 483 | 0.03 |
| LUV Car Wash | (6) (14) (15) | Common Equity |  | 04/06/2022 | 123 | 123 | 87 | 0.00 |
|  |  |  |  |  |  | 1798 | 1763 | 0.10 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (6) (14) (15) | Common Equity |  | 10/15/2024 | 1500 | 150 | 88 | 0.00 |
| **Financial Services** |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (6) (14) (15) | Common Equity |  | 07/18/2025 | 1050864 | 601 | 601 | 0.03 |
| **Food Products** |  |  |  |  |  |  |  |  |
| Pet Holdings, Inc. (Brightpet) | (6) (14) (15) | Common Equity |  | 03/22/2021 | 17543 | 2013 |  | 0.00 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| mPulse Mobile, Inc. | (6) (14) (15) | Common Equity |  | 12/17/2021 | 165761 | 1220 | 1938 | 0.11 |
| SDB Holdco, LLC | (6) (14) (15) | Common Equity |  | 03/29/2024 | 5460555 |  |  | 0.00 |
| Suveto Buyer, LLC | (6) (13) (14) (15) | Common Equity |  | 11/19/2021 | 19257 | 1926 | 2104 | 0.12 |
| Vardiman Black Holdings, LLC | (6) (15) | Preferred Equity | 6.00% PIK | 03/29/2024 | 2649446 | 1809 |  | 0.00 |
|  |  |  |  |  |  | 4955 | 4042 | 0.23 |
| **Insurance Services** |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (6) (14) (15) | Common Equity |  | 09/01/2022 | 908 | 25 | 64 | 0.00 |
| Frisbee Holdings, LP (Fetch) | (6) (14) (15) | Common Equity |  | 10/31/2022 | 21744 | 277 | 532 | 0.03 |
| Integrity Marketing Acquisition, LLC | (6) (15) | Preferred Equity | 10.50% | 12/21/2021 | 3250000 | 4767 | 4445 | 0.25 |
|  |  |  |  |  |  | 5069 | 5041 | 0.28 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| FMG Suite Holdings, LLC | (6) (14) (15) | Common Equity |  |  | 09/09/2025 | 500 |  |  | 0.00 |
| FMG Suite Holdings, LLC | (6) (15) | Preferred Equity |  |  | 09/09/2025 | 500 | 502 | 502 | 0.03 |
|  |  |  |  |  |  |  | 502 | 502 | 0.03 |
| **IT Services** |  |  |  |  |  |  |  |  |  |
| Help HP SCF Investor, LP (Help/Systems) | (13) (14) (15) | Common Equity |  |  | 05/12/2021 | 9619564 | 12461 | 15984 | 0.90 |
| Recovery Point Systems, Inc. | (6) (14) (15) | Common Equity |  |  | 03/05/2021 | 1000000 | 1000 | 600 | 0.03 |
|  |  |  |  |  |  |  | 13461 | 16584 | 0.94 |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (14) (15) | Common Equity |  |  | 03/09/2021 | 29441 | 2944 | 1447 | 0.08 |
| Verdantas, LLC | (6) (14) (15) | Common Equity |  |  | 05/03/2024 | 4780 | 5 | 6 | 0.00 |
| Verdantas, LLC | (6) (15) | Preferred Equity |  | 10.00% | 05/03/2024 | 473220 | 545 | 630 | 0.04 |
|  |  |  |  |  |  |  | 3494 | 2083 | 0.12 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |
| Pritchard Industries, LLC | (6) (14) (15) | Common Equity |  |  | 10/13/2021 | 1882739 | 1938 | 1519 | 0.09 |
| **Software** |  |  |  |  |  |  |  |  |  |
| Diligent Corporation | (6) (15) | Preferred Equity |  | 10.50% | 04/05/2021 | 5000 | 7819 | 7950 | 0.45 |
| Fullsteam Operations, LLC | (6) (14) (15) | Common Equity |  |  | 11/27/2023 | 2966 | 100 | 248 | 0.01 |
| Knockout Intermediate Holdings I, Inc. | (6) (15) | Preferred Equity |  | 11.75% | 06/25/2022 | 1531 | 2064 | 2216 | 0.13 |
| Revalize, Inc. | (6) (15) | Preferred Equity | S + | 10.00% | 12/14/2021 | 2255 | 3425 | 3227 | 0.18 |
| Reveal Data Solutions | (6) (14) (15) | Common Equity |  |  | 08/29/2023 | 477846 | 621 | 612 | 0.03 |
| RSK Holdings, Inc. (Riskonnect) | (6) (15) | Preferred Equity | S + | 10.50% | 07/07/2022 | 1012200 | 1423 | 1512 | 0.09 |
|  |  |  |  |  |  |  | 15452 | 15765 | 0.89 |
| **Total Equity Investments - non-controlled/non-affiliated** |  |  |  |  |  |  | $**55598** | $**54123** | **3.06%** |
| **Equity Investments - non-controlled/affiliated** |  |  |  |  |  |  |  |  |  |
| **Professional Services** |  |  |  |  |  |  |  |  |  |
| KWOR Intermediate I, Inc. | (6) (14) (15) (17) | Common Equity |  |  | 02/28/2025 | 637 | 244 | 24 | 0.00 |
| KWOR Intermediate I, Inc. | (6) (15) (17) | Preferred Equity | S + | 8.00% PIK | 02/28/2025 | 680778 | 681 | 681 | 0.04 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
|  |  |  |  |  |  | 925 | 705 | 0.04 |
| **Total Equity Investments - non-controlled/affiliated** |  |  |  |  |  | $925 | $705 | 0.04% |
| **Total Equity Investments** |  |  |  |  |  | $56523 | $54828 | 3.09% |
| **Total Portfolio Investments** |  |  |  |  |  | $**3837722** | $**3775797** | **213.13%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash and Cash Equivalents and Short Term Investments** |  |  |  |  |
| J.P. Morgan US Government Money Market Fund - Institutional Shares | 3.99% | 10051 | 10051 | 0.57 |
| Cash |  | 65472 | 65472 | 3.70 |
| **Total Cash and Cash Equivalents and Short Term Investments** |  | $**75523** | $**75523** | **4.26%** |
| **Total Portfolio Investments, Cash and Cash Equivalents and Short Term Investments** |  | $**3913245** | $**3851320** | **217.39%** |

---

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2025 the Company does not "control" any of these portfolio companies. Under the 1940 Act, the Company would be deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of September 30, 2025, the Company is an "affiliated person" of one of its portfolio companies, as indicated below.

(2)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 "Debt".

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

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

September 30, 2025. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at September 30, 2025. As of September 30, 2025, the reference rates for our variable rate loans were the C at 2.56%, 1-month E at 1.93%, 1-month S at 4.13%, 3-month S at 3.98%, 6-month S at 3.85%, SA at 3.97% and the P at 7.25%.

(4)Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

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

(6)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company's valuation policy.

(7)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 "Debt".

(8)Loan includes interest rate floor of 1.00%.

(9)Loan includes interest rate floor of 0.75%.

(10)Loan includes interest rate floor of 0.50%.

(11)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(12)Investment was on non-accrual status as of September 30, 2025.

(13)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, non-qualifying assets represented 7.27% of total assets as calculated in accordance with regulatory requirements.

(14)Non-income producing security.

(15)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be "restricted securities". As of September 30, 2025, the aggregate fair value of these securities is $54,828 or 3.09% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments as of September 30, 2025:

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| **First Lien Debt — non-controlled/non-affiliated** |  |  |  |  |
| 48Forty Solutions, LLC | Revolver | 11/30/2029 | $547 | $(260) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 08/23/2026 | 1284 |  |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 454 |  |
| Abacus Data Holdings, Inc. (AbacusNext) | Revolver | 03/10/2027 | 1400 |  |
| Accel International Holdings, Inc. | Revolver | 04/26/2032 | 1874 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 11/15/2026 | 3835 |  |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 3043 |  |
| Advarra Holdings, Inc. | Delayed Draw Term Loan | 09/14/2026 | 41 |  |
| Alert Media, Inc. | Revolver | 04/12/2027 | 4266 |  |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 06/17/2026 | 218 |  |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 02/28/2027 | 3375 |  |
| Amerilife Holdings, LLC | Revolver | 08/31/2028 | 1770 |  |
| Answer Acquisition, LLC | Revolver | 12/30/2026 | 666 | (50) |
| Any Hour, LLC | Delayed Draw Term Loan | 05/23/2026 | 6255 | (94) |
| Any Hour, LLC | Revolver | 05/23/2030 | 1385 | (21) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 2411 |  |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 06/04/2027 | 2191 |  |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 2769 |  |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 12/31/2025 | 381 |  |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 06/28/2026 | 4005 |  |
| Appfire Technologies, LLC | Revolver | 03/09/2028 | 131 |  |
| Applitools, Inc. | Revolver | 05/25/2028 | 433 | (4) |
| Apryse Software Corp. | Revolver | 06/28/2032 | 2296 | (14) |
| Aptean, Inc. | Delayed Draw Term Loan | 02/14/2027 | 3698 |  |
| Aptean, Inc. | Revolver | 01/30/2031 | 1427 |  |
| Arcoro Holdings Corp. | Revolver | 03/28/2030 | 1957 | (34) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 05/22/2027 | 7759 |  |
| Artifact Bidco, Inc. | Revolver | 07/26/2030 | 5542 |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2026 | 2007 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 08/09/2027 | 404 | (2) |
| Ascend Partner Services, LLC | Revolver | 08/11/2031 | 1684 |  |
| Assembly Intermediate, LLC | Revolver | 10/19/2027 | 2074 |  |
| Associations, Inc. | Delayed Draw Term Loan | 07/03/2028 | 524 |  |
| Associations, Inc. | Revolver | 07/03/2028 | 678 |  |
| Atlas US Finco, Inc. | Revolver | 12/10/2029 | 632 |  |
| AuditBoard, Inc. | Delayed Draw Term Loan | 07/12/2026 | 10571 |  |
| AuditBoard, Inc. | Revolver | 07/14/2031 | 4229 |  |
| BCTO Bluebill Midco, Inc. | Revolver | 07/30/2032 | 1972 | (19) |
| Banyan Software Holdings, LLC | Delayed Draw Term Loan | 04/15/2027 | 1238 | (12) |
| Banyan Software Holdings, LLC | Revolver | 01/02/2031 | 1304 | (13) |
| Bottomline Technologies, Inc. | Revolver | 05/15/2028 | 267 |  |
| Bradyplus Holdings, LLC | Delayed Draw Term Loan | 10/31/2025 | 157 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 07/03/2026 | 205 | (2) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 05/11/2026 | 172 |  |
| Bullhorn, Inc. | Revolver | 10/01/2029 | 622 |  |
| CCI Buyer, Inc. | Revolver | 05/13/2032 | 165 |  |
| CLEO Communications Holding, LLC | Revolver | 06/09/2027 | 12502 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 01/29/2026 | 429 | (2) |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 04/04/2027 | 10568 | (53) |
| COP Collisionright Parent, LLC | Revolver | 01/29/2030 | 1212 | (6) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 08/27/2026 | 2471 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 08/27/2031 | 1647 |  |
| Caerus US 1, Inc. | Revolver | 05/25/2029 | 622 | (3) |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 1724 | (4) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 1000 | (2) |
| Catalis Intermediate, Inc. | Revolver | 08/04/2027 | 3249 | (50) |
| Cerity Partners, LLC | Delayed Draw Term Loan | 01/21/2027 | 3233 | (8) |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Cerity Partners, LLC | Revolver | 07/28/2028 | 206 | (1) |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 04/10/2027 | 2256 | (23) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 383 | (4) |
| Cliffwater, LLC | Revolver | 04/22/2032 | 823 | (8) |
| ComPsych Investment Corp. | Delayed Draw Term Loan | 07/23/2027 | 4000 |  |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 05/10/2026 | 2700 |  |
| Consor Intermediate II, LLC | Revolver | 05/12/2031 | 1220 |  |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 06/03/2027 | 1085 |  |
| Coupa Holdings, LLC | Revolver | 02/27/2029 | 831 |  |
| Cyara AcquisitionCo, LLC | Revolver | 06/28/2029 | 313 |  |
| DA Blocker Corp. | Delayed Draw Term Loan | 02/10/2027 | 2204 | (6) |
| DA Blocker Corp. | Revolver | 02/10/2032 | 735 | (2) |
| Deerfield Dakota Holding, LLC | Revolver | 09/13/2032 | 2571 | (25) |
| Diligent Corporation | Delayed Draw Term Loan | 04/30/2026 | 4118 |  |
| Diligent Corporation | Revolver | 08/02/2030 | 2443 |  |
| Drivecentric Holdings, LLC | Delayed Draw Term Loan | 07/22/2027 | 125 | (1) |
| Drivecentric Holdings, LLC | Revolver | 08/15/2031 | 3529 |  |
| Dwyer Instruments, Inc. | Delayed Draw Term Loan | 11/20/2026 | 505 | (3) |
| Dwyer Instruments, Inc. | Revolver | 07/20/2029 | 1489 | (7) |
| E-Discovery AcquireCo, LLC | Revolver | 08/29/2029 | 1113 |  |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 08/14/2026 | 5881 |  |
| EVDR Purchaser, Inc. | Revolver | 02/14/2031 | 3528 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 09/06/2026 | 719 |  |
| Eclipse Buyer, Inc. | Revolver | 09/08/2031 | 365 |  |
| Emburse, Inc. | Delayed Draw Term Loan | 05/28/2027 | 658 | (2) |
| Emburse, Inc. | Revolver | 05/28/2032 | 658 | (2) |
| Energy Labs Holdings Corp. | Delayed Draw Term Loan | 05/24/2026 | 199 | (4) |
| Energy Labs Holdings Corp. | Revolver | 04/07/2028 | 192 | (4) |
| Espresso Bidco, Inc. | Delayed Draw Term Loan | 03/25/2027 | 4945 | (74) |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Espresso Bidco, Inc. | Revolver | 03/25/2032 | 2198 | (33) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 06/17/2026 | 4773 | (22) |
| Essential Services Holding Corporation | Revolver | 06/17/2030 | 2386 | (11) |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 07/02/2026 | 6783 |  |
| Everbridge Holdings, LLC | Revolver | 07/02/2031 | 4463 |  |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 05/01/2026 | 2000 | (10) |
| Excelitas Technologies Corp. | Revolver | 08/14/2028 | 131 | (1) |
| Express Wash Acquisition Company, LLC | Revolver | 04/10/2031 | 111 | (1) |
| FLS Holding, Inc. | Revolver | 12/17/2027 | 23 | (3) |
| FMG Suite Holdings, LLC | Delayed Draw Term Loan | 09/09/2027 | 3113 | (15) |
| FMG Suite Holdings, LLC | Revolver | 09/09/2032 | 1868 | (18) |
| FORTIS Solutions Group, LLC | Revolver | 10/15/2027 | 2024 |  |
| FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 07/26/2027 | 31 |  |
| Firebird Acquisition Corp, Inc. | Delayed Draw Term Loan | 01/31/2027 | 2817 |  |
| Firebird Acquisition Corp, Inc. | Revolver | 02/02/2032 | 1000 |  |
| Formstack Acquisition, Co. | Delayed Draw Term Loan | 03/30/2026 | 3272 | (8) |
| Formstack Acquisition, Co. | Revolver | 03/28/2030 | 1838 | (5) |
| Foundation Risk Partners Corp. | Delayed Draw Term Loan | 02/26/2027 | 95 |  |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 6709 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 08/09/2027 | 5654 | (28) |
| Fullsteam Operations, LLC | Revolver | 08/08/2031 | 1885 | (18) |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10/04/2026 | 830 |  |
| GC Waves Holdings, Inc. | Revolver | 10/04/2030 | 331 |  |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/02/2026 | 1274 |  |
| GPS Merger Sub, LLC | Revolver | 10/02/2029 | 1019 |  |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 03/26/2026 | 41 |  |
| GS AcquisitionCo, Inc. | Revolver | 05/25/2028 | 1646 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 02/06/2026 | 1072 |  |
| Galway Borrower, LLC | Revolver | 09/29/2028 | 1747 |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| GarageCo Intermediate II, LLC | Delayed Draw Term Loan | 08/02/2027 | 3030 | (15) |
| GarageCo Intermediate II, LLC | Revolver | 08/02/2032 | 909 | (9) |
| Gateway US Holdings, Inc. | Revolver | 09/22/2028 | 30 |  |
| Granicus, Inc. | Delayed Draw Term Loan | 01/17/2026 | 1955 |  |
| Granicus, Inc. | Revolver | 01/17/2031 | 1800 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 06/28/2026 | 1624 | (6) |
| HSI Halo Acquisition, Inc. | Revolver | 06/28/2030 | 2165 | (9) |
| Heartland Veterinary Partners, LLC | Revolver | 06/12/2028 | 375 |  |
| Helios Service Partners, LLC | Delayed Draw Term Loan | 01/26/2026 | 256 |  |
| Helios Service Partners, LLC | Revolver | 03/19/2027 | 1006 | (2) |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 03/27/2026 | 3390 |  |
| High Street Buyer, Inc. | Revolver | 04/16/2027 | 2136 |  |
| Hootsuite, Inc. | Revolver | 05/22/2030 | 2500 |  |
| Hyland Software, Inc. | Revolver | 09/19/2029 | 1879 |  |
| IG Investment Holdings, LLC | Revolver | 09/22/2028 | 1211 | (6) |
| IQN Holding Corp. | Revolver | 05/02/2028 | 232 |  |
| Icefall Parent, Inc. | Revolver | 01/25/2030 | 507 |  |
| Imagine 360, LLC | Delayed Draw Term Loan | 09/20/2026 | 1718 |  |
| Imagine 360, LLC | Revolver | 10/02/2028 | 1064 |  |
| Inhabitiq, Inc. | Delayed Draw Term Loan | 01/11/2027 | 4976 |  |
| Inhabitiq, Inc. | Revolver | 01/12/2032 | 3110 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 07/24/2026 | 6112 | (15) |
| Inszone Mid, LLC | Revolver | 11/30/2029 | 1569 | (4) |
| Integrity Marketing Acquisition, LLC | Revolver | 08/25/2028 | 353 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 06/03/2026 | 1688 |  |
| Invictus Buyer, LLC | Revolver | 06/03/2031 | 625 |  |
| Iris Buyer, LLC | Revolver | 10/02/2029 | 801 | (2) |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 01/21/2027 | 2382 | (24) |
| KENG Acquisition, Inc. | Revolver | 08/01/2029 | 1171 | (12) |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Kodiak Buyer, LLC | Delayed Draw Term Loan | 07/26/2027 | 536 | (3) |
| Kodiak Buyer, LLC | Revolver | 07/26/2032 | 429 | (4) |
| LHS Borrower, LLC | Revolver | 09/04/2031 | 533 | (8) |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 02/12/2027 | 1731 | (10) |
| LJ Avalon Holdings, LLC | Revolver | 02/01/2029 | 1435 |  |
| LeadVenture, Inc. | Delayed Draw Term Loan | 06/23/2027 | 1127 |  |
| LeadVenture, Inc. | Revolver | 06/23/2032 | 841 |  |
| LegitScript, LLC | Revolver | 06/24/2028 | 2667 |  |
| Lightspeed Buyer, Inc. | Revolver | 02/03/2027 | 146 |  |
| LogRhythm, Inc. | Revolver | 07/02/2029 | 909 | (25) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 08/29/2026 | 1302 | (13) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 06/11/2027 | 2215 | (22) |
| MAI Capital Management Intermediate, LLC | Revolver | 08/29/2031 | 998 | (10) |
| MHE Intermediate Holdings, LLC | Revolver | 07/21/2027 | 1500 |  |
| MRI Software, LLC | Revolver | 02/10/2028 | 1561 | (2) |
| Magneto Components Buyco, LLC | Revolver | 12/05/2029 | 2529 |  |
| Majesco, Inc. | Revolver | 09/21/2027 | 1575 |  |
| Mantech International CP | Delayed Draw Term Loan | 12/14/2025 | 197 |  |
| Mantech International CP | Revolver | 09/14/2028 | 507 |  |
| Merative LP | Delayed Draw Term Loan | 09/30/2027 | 2070 | (5) |
| Merative LP | Revolver | 09/30/2032 | 1812 | (9) |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 06/23/2027 | 719 |  |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 960 |  |
| Model N, Inc. | Delayed Draw Term Loan | 06/26/2026 | 3265 |  |
| Model N, Inc. | Revolver | 06/27/2031 | 1741 |  |
| Montana Buyer, Inc. | Revolver | 07/22/2028 | 981 |  |
| NDT Global Holding, Inc. | Delayed Draw Term Loan | 06/04/2027 | 821 | (8) |
| NDT Global Holding, Inc. | Revolver | 06/04/2032 | 733 | (7) |
| NSI Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 1316 |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| NSI Holdings, Inc. | Revolver | 11/17/2031 | 1281 |  |
| Nasuni Corporation | Revolver | 09/10/2030 | 3017 |  |
| Netwrix Corporation And Concept Searching, Inc. | Revolver | 06/11/2029 | 431 | (2) |
| Oak Purchaser, Inc. | Delayed Draw Term Loan | 08/30/2027 | 1646 | (8) |
| Oak Purchaser, Inc. | Revolver | 05/31/2028 | 522 |  |
| Onit, Inc. | Delayed Draw Term Loan | 01/27/2027 | 6944 |  |
| Onit, Inc. | Revolver | 01/27/2032 | 2315 |  |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 1236 | (19) |
| PCX Holding Corp. | Revolver | 04/22/2027 | 947 | (33) |
| PDI TA Holdings, Inc. | Revolver | 02/03/2031 | 1368 |  |
| PMA Parent Holdings, LLC | Revolver | 01/31/2031 | 354 | (3) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 04/08/2026 | 2497 |  |
| Pareto Health Intermediate Holdings, Inc. | Delayed Draw Term Loan | 06/20/2026 | 5602 |  |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 06/01/2029 | 792 |  |
| Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 3919 |  |
| Pound Bidco, Inc. | Delayed Draw Term Loan | 04/24/2027 | 1080 | (3) |
| Pound Bidco, Inc. | Revolver | 02/01/2027 | 975 | (2) |
| Procure Acquireco, Inc. (Procure Analytics) | Delayed Draw Term Loan | 10/31/2026 | 579 |  |
| Procure Acquireco, Inc. (Procure Analytics) | Revolver | 12/20/2028 | 238 |  |
| Project Accelerate Parent, LLC | Revolver | 02/24/2031 | 1250 |  |
| Project Potter Buyer, LLC | Revolver | 04/23/2027 | 1173 |  |
| Promptcare Infusion Buyer, Inc. | Delayed Draw Term Loan | 10/19/2025 | 1389 | (11) |
| Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 05/24/2026 | 4799 | (12) |
| Pye-Barker Fire & Safety, LLC | Revolver | 05/24/2030 | 3189 | (8) |
| RFS Opco, LLC | Revolver | 04/04/2029 | 163 |  |
| Railpros Parent, LLC | Delayed Draw Term Loan | 05/24/2027 | 3474 | (35) |
| Railpros Parent, LLC | Revolver | 05/24/2032 | 1737 | (17) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 11/01/2025 | 651 | (7) |
| Randy's Holdings, Inc. | Revolver | 11/01/2029 | 346 | (3) |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Raptor Merger Sub Debt, LLC | Revolver | 04/01/2029 | 1791 |  |
| Real Chemistry Intermediate III, Inc. | Delayed Draw Term Loan | 10/11/2027 | 2399 | (12) |
| Real Chemistry Intermediate III, Inc. | Revolver | 04/12/2032 | 1950 | (10) |
| Recovery Point Systems, Inc. | Revolver | 02/14/2028 | 4000 |  |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 01/03/2027 | 5739 | (29) |
| Revalize, Inc. | Revolver | 04/16/2029 | 25 | (1) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 03/30/2027 | 8268 |  |
| Ridge Trail US Bidco, Inc. | Revolver | 03/31/2031 | 2012 |  |
| Riskonnect Parent, LLC | Delayed Draw Term Loan | 03/01/2026 | 1264 |  |
| Riskonnect Parent, LLC | Revolver | 12/07/2028 | 832 |  |
| RoadOne IntermodaLogistics | Revolver | 12/29/2028 | 35 | (1) |
| Routeware, Inc. | Delayed Draw Term Loan | 09/18/2026 | 1386 | (4) |
| Routeware, Inc. | Revolver | 09/18/2031 | 273 | (1) |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 2715 | (7) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 1357 | (3) |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 03/22/2028 | 755 | (2) |
| SV Newco 2, Inc. | Revolver | 06/02/2031 | 8591 | (24) |
| Saturn Borrower, Inc. | Delayed Draw Term Loan | 01/24/2027 | 4167 | (29) |
| Saturn Borrower, Inc. | Revolver | 11/10/2028 | 1425 | (10) |
| Securonix, Inc. | Revolver | 04/05/2029 | 3782 | (471) |
| Sherlock Buyer Corp. | Revolver | 12/08/2027 | 1286 | (29) |
| Smarsh, Inc. | Delayed Draw Term Loan | 01/31/2027 | 1072 |  |
| Smarsh, Inc. | Revolver | 02/16/2029 | 579 |  |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 875 | (31) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 289 | (10) |
| Spectrio, LLC | Revolver | 12/09/2026 | 395 | (78) |
| Spectrum Automotive Holdings Corp. | Delayed Draw Term Loan | 03/24/2026 | 181 |  |
| Spectrum Automotive Holdings Corp. | Delayed Draw Term Loan | 04/28/2027 | 248 |  |
| Spectrum Automotive Holdings Corp. | Revolver | 06/29/2027 | 881 |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 04/25/2026 | 906 |  |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 625 |  |
| Superman Holdings, LLC | Delayed Draw Term Loan | 08/28/2026 | 2359 |  |
| Superman Holdings, LLC | Revolver | 08/29/2031 | 2901 |  |
| Surewerx Purchaser III, Inc. | Delayed Draw Term Loan | 12/28/2025 | 601 |  |
| Surewerx Purchaser III, Inc. | Revolver | 12/28/2028 | 812 |  |
| Suveto Buyer, LLC | Delayed Draw Term Loan | 11/15/2026 | 198 |  |
| Suveto Buyer, LLC | Revolver | 09/09/2027 | 1296 |  |
| Sweep Purchaser, LLC | Revolver | 06/30/2027 | 1125 |  |
| Tamarack Intermediate, LLC | Delayed Draw Term Loan | 07/01/2027 | 2440 | (15) |
| Tamarack Intermediate, LLC | Revolver | 03/12/2029 | 1853 | (5) |
| Tank Holding Corp. | Revolver | 03/31/2028 | 800 | (45) |
| Thrive Buyer, Inc. (Thrive Networks) | Delayed Draw Term Loan | 01/31/2027 | 4735 | (12) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 02/02/2032 | 2759 | (7) |
| Tidi Legacy Products, Inc. | Delayed Draw Term Loan | 12/21/2026 | 494 |  |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 356 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2026 | 1949 |  |
| Transit Technologies, LLC | Delayed Draw Term Loan | 08/20/2027 | 549 | (3) |
| Transit Technologies, LLC | Revolver | 08/20/2030 | 1705 |  |
| Trintech, Inc. | Revolver | 07/25/2029 | 2092 | (10) |
| Triple Lift, Inc. | Revolver | 05/05/2028 | 4000 | (250) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 112 |  |
| Trunk Acquisition, Inc. | Revolver | 02/19/2030 | 857 |  |
| Two Six Labs, LLC | Delayed Draw Term Loan | 10/09/2025 | 2200 |  |
| Two Six Labs, LLC | Revolver | 08/20/2027 | 1110 |  |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 2069 |  |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 539 |  |
| United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw Term Loan | 07/19/2027 | 3070 | (18) |
| United Flow Technologies Intermediate Holdco II, LLC | Revolver | 06/21/2030 | 990 |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| UpStack, Inc. | Delayed Draw Term Loan | 08/23/2026 | 2599 | (19) |
| UpStack, Inc. | Revolver | 08/25/2031 | 1125 | (8) |
| V Global Holdings, LLC | Revolver | 12/22/2027 | 127 | (9) |
| VRC Companies, LLC | Revolver | 06/29/2027 | 1653 |  |
| Vamos Bidco, Inc. | Delayed Draw Term Loan | 01/30/2027 | 2250 | (6) |
| Vamos Bidco, Inc. | Revolver | 01/30/2032 | 450 | (1) |
| Vardiman Black Holdings, LLC | Delayed Draw Term Loan | 03/29/2026 | 25 | (3) |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 10/05/2025 | 781 |  |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 12/18/2026 | 195 |  |
| Vehlo Purchaser, LLC | Revolver | 05/24/2028 | 143 |  |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 09/27/2026 | 656 |  |
| Verdantas, LLC | Delayed Draw Term Loan | 11/08/2026 | 2170 | (3) |
| Verdantas, LLC | Revolver | 05/06/2030 | 912 | (1) |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/01/2026 | 603 | (12) |
| Vertex Service Partners, LLC | Revolver | 11/08/2030 | 91 | (2) |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 07/24/2026 | 1705 |  |
| Vessco Midco Holdings, LLC | Revolver | 07/24/2031 | 1244 |  |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 08/15/2026 | 949 |  |
| Victors Purchaser, LLC | Revolver | 08/15/2031 | 693 |  |
| World Insurance Associates, LLC | Revolver | 04/03/2030 | 1269 |  |
| YI, LLC | Revolver | 12/03/2029 | 883 |  |
| Zarya Intermediate, LLC | Revolver | 07/01/2027 | 3649 |  |
| iCIMS, Inc. | Revolver | 08/18/2028 | 33 |  |
| mPulse Mobile, Inc. | Delayed Draw Term Loan | 08/26/2027 | 1731 | (8) |
| mPulse Mobile, Inc. | Revolver | 08/26/2032 | 2596 | (25) |
| **Total First Lien Debt Unfunded Commitments – non-controlled/non-affiliated** |  |  | $**518153** | $**(2599)** |
| **First Lien Debt — non-controlled/affiliated** |  |  |  |  |
| KWOR Acquisition, Inc. | Delayed Draw Term Loan | 02/28/2027 | 690 |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

September 30, 2025

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| KWOR Acquisition, Inc. | Revolver | 02/28/2030 | 506 |  |
| **Total First Lien Debt Unfunded Commitments – non-controlled/affiliated** |  |  | $1196 | $— |
| **Total Unfunded Commitments** |  |  | $**519349** | $**(2599)** |

---

(17)As defined in the 1940 Act, the Company is deemed to be an "affiliated person" of the portfolio company as the Company owns, either directly or indirectly, 5% or more of the portfolio company's voting securities ("non-controlled affiliate"). Transactions related to investments in non-controlled affiliates for the nine months ended September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value as of December 31, 2024** | **Gross Additions** <sup>(2)</sup> | **Gross Reductions** <sup>(3)</sup> | **Net Change in Unrealized Gains (Losses)** | **Net RealizedGain (Loss)** | **Fair Value as of September 30, 2025** | **Interest, Dividend and Other Income** |
| KWOR Acquisition, Inc.<sup>(1)</sup> | $— | $5161 | $— | $(182) | $— | $4979 | $280 |
| **Total** | $— | $5161 | $— | $(182) | $— | $4979 | $280 |

---

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

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

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

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

**Additional Information** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** | **Interest Rate Swaps(a)(b)(c)(d)** |
| **Counterparty** | **Hedged Instrument** | **Company Receives** | **Company Pays** | **Maturity Date** | **Notional Amount** | **Fair Value** | **Upfront Payments/Receipts** | **Change in Unrealized Appreciation/(Depreciation)** |
| BNP Paribas | 2029 Notes | 6.41% | S + 2.37% | 05/17/2029 | 350000 | 7483 |  | 7038 |
| BNP Paribas | 2030 Notes | 6.25% | S + 2.54% | 05/19/2030 | 350000 | 4580 |  | 4580 |
|  |  |  |  |  | $**700000** | $**12063** | $**—** | $**11618** |

---

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

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

(c)For further details, see Note 6 "Debt" to our consolidated financial statements included in this report.

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

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| **Debt Investments** |  |  |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |  |  |
| Jonathan Acquisition Company | (6) (8) | First Lien Debt | S + | 5.00% | 9.43% | 12/22/2026 | 3389 | $3346 | $3389 | 0.18% |
| Mantech International CP | (6) (9) | First Lien Debt | S + | 5.00% | 9.59% | 9/14/2029 | 4194 | 4190 | 4194 | 0.23 |
| Mantech International CP | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 9/14/2029 |  | (1) |  |  |
| Mantech International CP | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 9/14/2028 |  | (1) |  |  |
| PCX Holding Corp. | (6) (7) (8) | First Lien Debt | S + | 6.25% | 10.73% | 4/22/2027 | 17862 | 17781 | 16647 | 0.90 |
| PCX Holding Corp. | (6) (8) | First Lien Debt | S + | 6.25% | 10.73% | 4/22/2027 | 17986 | 17816 | 16763 | 0.91 |
| PCX Holding Corp. | (6) (8) | First Lien Debt | S + | 6.25% | 10.73% | 4/22/2027 | 1851 | 1844 | 1725 | 0.09 |
| Two Six Labs, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.90% | 8/20/2027 | 34367 | 33937 | 34314 | 1.86 |
| Two Six Labs, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.90% | 8/20/2027 | 4210 | 4150 | 4192 | 0.23 |
| Two Six Labs, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.90% | 8/20/2027 |  | (19) | (6) | (0.00) |
|  |  |  |  |  |  |  |  | 83043 | 81218 | 4.41 |
| **Air Freight & Logistics** |  |  |  |  |  |  |  |  |  |  |
| AGI-CFI Holdings, Inc. | (6) (9) | First Lien Debt | S + | 5.75% | 10.23% | 6/11/2027 | 14118 | 13960 | 14118 | 0.77 |
| RoadOne IntermodaLogistics | (6) (8) | First Lien Debt | S + | 6.25% | 10.84% | 12/29/2028 | 1639 | 1602 | 1602 | 0.09 |
| RoadOne IntermodaLogistics | (6) (8) | First Lien Debt | S + | 6.25% | 10.84% | 12/29/2028 | 150 | 147 | 147 | 0.01 |
| RoadOne IntermodaLogistics | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.84% | 12/29/2028 | 75 | 68 | 68 | 0.00 |
|  |  |  |  |  |  |  |  | 15777 | 15935 | 0.87 |
| **Automobile Components** |  |  |  |  |  |  |  |  |  |  |
| Continental Battery Company | (6) (8) | First Lien Debt | S + | 7.00% (incl. 4.08% PIK) | 11.48% | 1/20/2027 | 6473 | 6415 | 4571 | 0.25 |
| PAI Holdco, Inc. | (6) (8) | Second Lien Debt | S + | 7.50% (incl. 2.00% PIK) | 12.24% | 10/28/2028 | 27110 | 26683 | 23862 | 1.30 |
| Randy's Holdings, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.45% | 11/1/2029 | 6608 | 6467 | 6608 | 0.36 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Randy's Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.45% | 11/1/2029 | 664 | 634 | 664 | 0.04 |
| Randy's Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.45% | 11/1/2029 | 305 | 288 | 305 | 0.02 |
| Sonny's Enterprises, LLC | (6) (7) (8) | First Lien Debt | S + | 5.50% | 10.17% | 8/5/2028 | 45548 | 45098 | 44086 | 2.39 |
| Sonny's Enterprises, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 10.17% | 8/5/2028 | 113 | 103 | 68 | 0.00 |
| Spectrum Automotive Holdings Corp. | (6) (7) (9) | First Lien Debt | S + | 5.25% | 9.58% | 6/29/2028 | 23170 | 22970 | 23040 | 1.25 |
| Spectrum Automotive Holdings Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 6/29/2028 | 7449 | 7322 | 7360 | 0.40 |
| Spectrum Automotive Holdings Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 6/29/2027 |  | (5) | (5) | (0.00) |
|  |  |  |  |  |  |  |  | 115975 | 110559 | 6.00 |
| **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| ARI Network Services, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.36% | 8/28/2026 | 20614 | 20459 | 20533 | 1.11 |
| ARI Network Services, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.36% | 8/28/2026 | 3557 | 3530 | 3544 | 0.19 |
| ARI Network Services, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.36% | 8/28/2026 | 1380 | 1376 | 1369 | 0.07 |
| COP Collisionright Parent, LLC | (6) (7) (8) | First Lien Debt | S + | 5.50% | 10.09% | 1/29/2030 | 6364 | 6252 | 6289 | 0.34 |
| COP Collisionright Parent, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 10.09% | 1/29/2030 | 1864 | 1815 | 1821 | 0.10 |
| COP Collisionright Parent, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 10.09% | 1/29/2030 | 154 | 137 | 142 | 0.01 |
| Drivecentric Holdings, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.27% | 8/15/2031 | 26470 | 26216 | 26449 | 1.44 |
| Drivecentric Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.27% | 8/15/2031 |  | (33) | (3) | (0.00) |
| LeadVenture, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.36% | 8/28/2026 | 367 | 360 | 363 | 0.02 |
| Turbo Buyer, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.48% | 12/2/2025 | 37170 | 36996 | 35899 | 1.95 |
| Turbo Buyer, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.48% | 12/2/2025 | 37353 | 37140 | 36076 | 1.96 |
| Vehlo Purchaser, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.61% | 5/24/2028 | 2936 | 2911 | 2917 | 0.16 |
| Vehlo Purchaser, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.61% | 5/24/2028 | 713 | 633 | 617 | 0.03 |
| Vehlo Purchaser, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.61% | 5/24/2028 |  | (1) | (1) | (0.00) |
|  |  |  |  |  |  |  |  | 137791 | 136015 | 7.38 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| **Biotechnology** |  |  |  |  |  |  |  |  |  |  |
| GraphPad Software, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.08% | 6/30/2031 | 26824 | 26698 | 26824 | 1.46 |
| GraphPad Software, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 6/30/2031 | 796 | 759 | 796 | 0.04 |
| GraphPad Software, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 6/30/2031 |  | (14) |  |  |
|  |  |  |  |  |  |  |  | 27443 | 27620 | 1.50 |
| **Building Products** |  |  |  |  |  |  |  |  |  |  |
| Project Potter Buyer, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.33% | 4/23/2027 | 13617 | 13617 | 13617 | 0.74 |
| Project Potter Buyer, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.33% | 4/23/2026 |  |  |  |  |
|  |  |  |  |  |  |  |  | 13617 | 13617 | 0.74 |
| **Chemicals** |  |  |  |  |  |  |  |  |  |  |
| Tank Holding Corp. | (7) (9) | First Lien Debt | S + | 5.75% | 10.27% | 3/31/2028 | 13845 | 13676 | 13571 | 0.74 |
| Tank Holding Corp. | (6) (7) (9) | First Lien Debt | S + | 5.75% | 10.27% | 3/31/2028 | 1709 | 1671 | 1701 | 0.09 |
| Tank Holding Corp. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.27% | 3/31/2028 | 414 | 403 | 412 | 0.02 |
| Tank Holding Corp. | (9) (16) | First Lien Debt | S + | 5.75% | 10.27% | 3/31/2028 |  | (9) | (16) | (0.00) |
| V Global Holdings, LLC | (6) (7) (9) | First Lien Debt | S + | 5.75% | 10.42% | 12/22/2027 | 4805 | 4747 | 4567 | 0.25 |
| V Global Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.42% | 12/22/2025 | 393 | 389 | 359 | 0.02 |
|  |  |  |  |  |  |  |  | 20877 | 20594 | 1.12 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| 365 Retail Markets, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 9.24% | 12/26/2028 | 16929 | 16773 | 16929 | 0.92 |
| 365 Retail Markets, LLC | (6) (8) | First Lien Debt | S + | 4.50% | 9.24% | 12/26/2028 | 5432 | 5394 | 5432 | 0.29 |
| Atlas Us Finco, Inc. | (6) (8) (12) | First Lien Debt | S + | 5.00% | 9.63% | 12/9/2029 | 8970 | 8802 | 8970 | 0.49 |
| Atlas Us Finco, Inc. | (6) (8) (12) (16) | First Lien Debt | S + | 5.00% | 9.63% | 12/9/2028 |  | (4) |  |  |
| BPG Holdings IV Corp. | (6) (9) | First Lien Debt | S + | 6.00% | 10.33% | 7/29/2029 | 11529 | 10952 | 9927 | 0.54 |
| Consor Intermediate II, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.83% | 5/12/2031 | 5022 | 4975 | 4994 | 0.27 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Consor Intermediate II, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.83% | 5/12/2031 |  | (21) | (26) | (0.00) |
| Consor Intermediate II, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.83% | 5/12/2031 |  | (11) | (7) | (0.00) |
| CRCI Longhorn Holdings, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.36% | 8/27/2031 | 9882 | 9787 | 9882 | 0.54 |
| CRCI Longhorn Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.36% | 8/27/2031 |  | (12) |  |  |
| CRCI Longhorn Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.36% | 8/27/2031 | 741 | 726 | 741 | 0.04 |
| Encore Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.58% | 11/23/2028 | 1812 | 1792 | 1805 | 0.10 |
| Encore Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 11/23/2028 | 12409 | 12226 | 12285 | 0.67 |
| Encore Holdings, LLC | (6) (16) | First Lien Debt | P + | 4.00% | 11.50% | 11/23/2027 |  | (5) | (2) | (0.00) |
| Energy Labs Holdings Corp. | (6) (8) | First Lien Debt | S + | 5.00% | 9.46% | 4/7/2028 | 467 | 462 | 461 | 0.03 |
| Energy Labs Holdings Corp. | (6) (8) | First Lien Debt | S + | 5.00% | 9.46% | 4/7/2028 | 195 | 189 | 189 | 0.01 |
| Energy Labs Holdings Corp. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.46% | 4/7/2028 |  | (2) | (3) | (0.02) |
| FLS Holding, Inc. | (6) (8) (12) | First Lien Debt | S + | 5.25% | 9.71% | 12/15/2028 | 18833 | 18591 | 16825 | 0.91 |
| FLS Holding, Inc. | (6) (8) (12) | First Lien Debt | S + | 5.25% | 9.71% | 12/15/2028 | 4416 | 4357 | 3945 | 0.21 |
| FLS Holding, Inc. | (6) (8) (12) (16) | First Lien Debt | S + | 5.25% | 9.71% | 12/17/2027 | 901 | 883 | 709 | 0.04 |
| Ground Penetrating Radar Systems, LLC | (6) (7) (8) | First Lien Debt | S + | 5.25% | 9.77% | 4/2/2031 | 20460 | 20183 | 20460 | 1.11 |
| Ground Penetrating Radar Systems, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.77% | 4/2/2031 |  | (52) |  |  |
| Ground Penetrating Radar Systems, LLC | (6) (16) | First Lien Debt | P + | 4.25% | 11.75% | 4/2/2031 | 326 | 291 | 326 | 0.02 |
| Helios Service Partners, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.59% | 3/19/2027 | 6790 | 6678 | 6788 | 0.37 |
| Helios Service Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.59% | 3/19/2027 | 11098 | 10864 | 11059 | 0.60 |
| Helios Service Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.59% | 3/19/2027 |  | (19) |  |  |
| Hercules Borrower, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.68% | 12/15/2026 | C$824 | 448 | 363 | 0.02 |
| HSI Halo Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.59% | 6/30/2031 | 13587 | 13458 | 13587 | 0.74 |
| HSI Halo Acquisition, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 6/30/2031 | 563 | 545 | 563 | 0.03 |
| HSI Halo Acquisition, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 6/28/2030 |  | (20) |  |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Iris Buyer, LLC | (6) (8) | First Lien Debt | S + | 6.25% | 10.84% | 10/2/2030 | 6938 | 6771 | 6938 | 0.38 |
| Iris Buyer, LLC | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.84% | 10/2/2030 | 654 | 635 | 654 | 0.04 |
| Iris Buyer, LLC | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.84% | 10/2/2029 |  | (22) |  |  |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (9) | First Lien Debt | S + | 4.75% | 9.49% | 12/20/2028 | 3849 | 3800 | 3849 | 0.21 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.49% | 12/20/2028 | 190 | 185 | 187 | 0.01 |
| Procure Acquireco, Inc. (Procure Analytics) | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.49% | 12/20/2028 |  | (3) |  |  |
| Pye-Barker Fire & Safety, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.83% | 5/26/2031 | 26325 | 26325 | 26325 | 1.43 |
| Pye-Barker Fire & Safety, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.83% | 5/26/2031 | 3752 | 3685 | 3752 | 0.20 |
| Pye-Barker Fire & Safety, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.83% | 5/24/2030 | 456 | 423 | 456 | 0.02 |
| Routeware, Inc. | (6) (8) | First Lien Debt | S + | 5.25% | 9.60% | 9/18/2031 | 3182 | 3151 | 3182 | 0.17 |
| Routeware, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.60% | 9/18/2031 |  | (7) |  |  |
| Routeware, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.60% | 9/18/2031 |  | (3) |  |  |
| Sherlock Buyer Corp. | (6) (8) | First Lien Debt | S + | 5.75% | 10.18% | 12/08/2028 | 10838 | 10699 | 10838 | 0.59 |
| Sherlock Buyer Corp. | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.18% | 12/8/2027 |  | (13) |  |  |
| Surewerx Purchaser III, Inc. | (6) (9) (12) | First Lien Debt | C + | 5.25% | 9.58% | 12/28/2029 | C$5,647 | 5451 | 5570 | 0.30 |
| Surewerx Purchaser III, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 5.25% | 9.58% | 12/28/2029 |  | (16) |  |  |
| Surewerx Purchaser III, Inc. | (6) (9) (12) | First Lien Debt | C + | 5.25% | 9.58% | 12/28/2028 | C$793 | 757 | 776 | 0.04 |
| Sweep Midco, LLC | (6) (14) | Second Lien Debt |  |  |  | 3/12/2034 | 1674 | 836 | 1085 | 0.06 |
| Sweep Midco, LLC | (6) (14) | Second Lien Debt |  |  |  | 3/12/2036 | 4872 |  |  |  |
| Sweep Purchaser, LLC | (6) | First Lien Debt | S + | 5.75% PIK | 10.24% | 6/30/2027 | 6129 | 6129 | 6129 | 0.33 |
| Sweep Purchaser, LLC | (6) (8) | First Lien Debt | S + | 5.75% | 10.24% | 6/30/2027 | 3163 | 3163 | 3163 | 0.17 |
| Sweep Purchaser, LLC | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.24% | 6/30/2027 |  |  |  |  |
| Tamarack Intermediate, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.30% | 3/13/2028 | 7019 | 6939 | 7019 | 0.38 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Tamarack Intermediate, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.30% | 3/13/2028 | 595 | 584 | 595 | 0.03 |
| Tamarack Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.30% | 3/13/2028 |  | (10) |  |  |
| Transit Technologies, LLC | (6) (7) (9) | First Lien Debt | S + | 4.75% | 9.51% | 8/20/2031 | 7955 | 7878 | 7955 | 0.43 |
| Transit Technologies, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.51% | 8/20/2031 |  | (13) |  |  |
| Transit Technologies, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.51% | 8/20/2030 |  | (16) |  |  |
| United Flow Technologies Intermediate Holdco II, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.58% | 6/23/2031 | 8888 | 8762 | 8888 | 0.48 |
| United Flow Technologies Intermediate Holdco II, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 6/23/2031 | 485 | 447 | 485 | 0.03 |
| United Flow Technologies Intermediate Holdco II, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 6/21/2030 |  | (14) |  |  |
| US Infra Svcs Buyer, LLC | (6) (7) (8) | First Lien Debt | S + | 7.25% (incl. 4.75% PIK) | 12.01% | 4/13/2027 | 13851 | 13747 | 12111 | 0.66 |
| US Infra Svcs Buyer, LLC | (6) (7) (8) | First Lien Debt | S + | 7.25% (incl. 4.75% PIK) | 12.01% | 4/13/2027 | 1955 | 1945 | 1709 | 0.09 |
| US Infra Svcs Buyer, LLC | (6) (8) | First Lien Debt | S + | 7.25% (incl. 4.75% PIK) | 12.01% | 4/13/2027 | 2250 | 2240 | 1967 | 0.11 |
| Vensure Employer Services, Inc. | (6) (10) | First Lien Debt | S + | 5.00% | 9.33% | 9/29/2031 | 7972 | 7895 | 7972 | 0.43 |
| Vensure Employer Services, Inc. | (6) (10) (16) | First Lien Debt | S + | 5.00% | 9.33% | 9/29/2031 | 309 | 296 | 309 | 0.02 |
| VRC Companies, LLC | (6) (8) | First Lien Debt | S + | 5.75% | 10.27% | 6/29/2027 | 72257 | 71720 | 72257 | 3.92 |
| VRC Companies, LLC | (6) (8) | First Lien Debt | S + | 5.75% | 10.27% | 6/29/2027 | 496 | 491 | 496 | 0.03 |
| VRC Companies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.27% | 6/29/2027 |  | (10) |  |  |
|  |  |  |  |  |  |  |  | 343057 | 340869 | 18.50 |
| **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Arcoro Holdings Corp. | (6) (8) | First Lien Debt | S + | 5.50% | 9.83% | 3/28/2030 | 12978 | 12744 | 12883 | 0.70 |
| Arcoro Holdings Corp. | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.83% | 3/28/2030 |  | (34) | (14) | (0.00) |
| KPSKY Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 10.19% | 10/19/2028 | 33518 | 33103 | 29640 | 1.61 |
| KPSKY Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 10.19% | 10/19/2028 | 7675 | 7573 | 6788 | 0.37 |
| LJ Avalon Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.53% | 2/1/2030 | 4090 | 3992 | 4090 | 0.22 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| LJ Avalon Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.53% | 2/1/2030 | 1674 | 1627 | 1674 | 0.09 |
| LJ Avalon Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.53% | 2/1/2029 |  | (14) |  |  |
| Superman Holdings, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.86% | 8/29/2031 | 20047 | 19951 | 20047 | 1.09 |
| Superman Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.86% | 8/29/2031 |  | (16) |  |  |
| Superman Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.86% | 8/29/2031 |  | (14) |  |  |
|  |  |  |  |  |  |  |  | 78912 | 75108 | 4.08 |
| **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |  |  |  |
| PDI TA Holdings, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 10.09% | 2/3/2031 | 22395 | 22204 | 22279 | 1.21 |
| PDI TA Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 10.09% | 2/3/2031 | 2911 | 2862 | 2884 | 0.16 |
| PDI TA Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 10.09% | 2/3/2031 |  | (20) | (12) | (0.00) |
|  |  |  |  |  |  |  |  | 25046 | 25151 | 1.37 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 10.16% | 12/11/2028 | 17030 | 16811 | 15794 | 0.86 |
| FORTIS Solutions Group, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 9.93% | 10/13/2028 | 26676 | 26346 | 26676 | 1.45 |
| FORTIS Solutions Group, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.93% | 10/13/2028 | 145 | 140 | 145 | 0.01 |
| FORTIS Solutions Group, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.93% | 10/15/2027 | 945 | 920 | 945 | 0.05 |
|  |  |  |  |  |  |  |  | 44217 | 43560 | 2.36 |
| **Distributors** |  |  |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (8) | First Lien Debt | S + | 6.00% (incl. 4.00% PIK) | 10.65% | 11/30/2029 | 17476 | 17267 | 11291 | 0.61 |
| 48Forty Solutions, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% (incl. 4.00% PIK) | 10.65% | 11/30/2029 | 1167 | 1140 | 207 | 0.01 |
| ABB Concise Optical Group, LLC | (6) (9) | First Lien Debt | S + | 7.50% | 11.98% | 2/23/2028 | 17008 | 16749 | 15899 | 0.86 |
| Avalara, Inc. | (6) (9) | First Lien Debt | S + | 6.25% | 10.58% | 10/19/2028 | 10402 | 10224 | 10402 | 0.56 |
| Avalara, Inc. | (6) (16) | First Lien Debt | S + | 6.25% | 10.58% | 10/19/2028 |  | (16) |  |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Bradyplus Holdings, LLC | (6) (7) (8) | First Lien Debt | S + | 5.00% | 9.52% | 10/31/2029 | 7950 | 7817 | 7950 | 0.43 |
| Bradyplus Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.52% | 10/31/2029 | 50 | 47 | 50 | 0.00 |
| PT Intermediate Holdings III, LLC | (6) (9) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 9.33% | 4/9/2030 | 41594 | 41239 | 41594 | 2.26 |
| PT Intermediate Holdings III, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% (incl. 1.75% PIK) | 9.33% | 4/9/2030 |  | (4) |  |  |
|  |  |  |  |  |  |  |  | 94463 | 87393 | 4.74 |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |  |  |
| Any Hour, LLC | (6) (7) | First Lien Debt | S + | 5.00% | 9.33% | 5/23/2030 | 23604 | 23277 | 23354 | 1.27 |
| Any Hour, LLC | (6) (16) | First Lien Debt | S + | 5.00% | 9.33% | 5/23/2030 | 669 | 617 | 595 | 0.03 |
| Any Hour, LLC | (6) (16) | First Lien Debt | S + | 5.00% | 9.33% | 5/23/2030 | 1662 | 1616 | 1626 | 0.09 |
| Any Hour, LLC | (6) | Other Debt |  | 13.00% PIK | 13.00% | 5/23/2031 | 6371 | 6260 | 6304 | 0.34 |
| Apex Service Partners, LLC | (6) (7) (8) | First Lien Debt | S + | 5.00% | 9.51% | 10/24/2030 | 36909 | 36334 | 36909 | 2.00 |
| Apex Service Partners, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.51% | 10/24/2030 | 8789 | 8629 | 8789 | 0.48 |
| Apex Service Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.51% | 10/24/2029 | 1980 | 1937 | 1980 | 0.11 |
| Assembly Intermediate, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.58% | 10/19/2027 | 20741 | 20518 | 20741 | 1.13 |
| Assembly Intermediate, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.58% | 10/19/2027 | 4148 | 4106 | 4148 | 0.23 |
| Assembly Intermediate, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 10/19/2027 |  | (19) |  |  |
| Eclipse Buyer, Inc. | (6) (10) | First Lien Debt | S + | 4.75% | 9.26% | 9/8/2031 | 4244 | 4203 | 4244 | 0.23 |
| Eclipse Buyer, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.26% | 9/8/2031 |  | (3) |  |  |
| Eclipse Buyer, Inc. | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.26% | 9/6/2031 |  | (4) |  |  |
| Essential Services Holding Corporation | (6) (9) | First Lien Debt | S + | 5.00% | 9.65% | 6/17/2031 | 17244 | 17082 | 17244 | 0.94 |
| Essential Services Holding Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.65% | 6/17/2031 |  | (22) |  |  |
| Essential Services Holding Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.65% | 6/17/2030 |  | (27) |  |  |
| EVDR Purchaser, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.86% | 2/14/2031 | 20428 | 20057 | 20428 | 1.11 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| EVDR Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.86% | 2/14/2031 |  | (51) |  |  |
| EVDR Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.86% | 2/14/2031 | 588 | 526 | 588 | 0.03 |
| FPG Intermediate Holdco, LLC | (6) (8) (11) | First Lien Debt | S + | 6.75% (incl. 5.75% PIK) | 11.09% | 3/5/2027 | 435 | 431 | 346 | 0.02 |
| FPG Intermediate Holdco, LLC | (6) (8) (11) (16) | First Lien Debt | S + | 6.75% (incl. 5.75% PIK) | 11.09% | 3/5/2027 | 11 | 11 | 11 | 0.00 |
| Heartland Home Services | (6) (9) | First Lien Debt | S + | 5.75% | 10.18% | 12/15/2026 | 1926 | 1919 | 1825 | 0.10 |
| Lightspeed Solution, LLC | (6) (9) | First Lien Debt | S + | 6.50% (incl. 2.17% PIK) | 10.86% | 3/1/2028 | 8200 | 8109 | 8200 | 0.45 |
| Lightspeed Solution, LLC | (6) (9) | First Lien Debt | S + | 6.50% (incl. 2.17% PIK) | 10.86% | 3/1/2028 | 541 | 534 | 541 | 0.03 |
| LUV Car Wash Group, LLC | (6) (8) | First Lien Debt | S + | 7.00% | 11.74% | 12/9/2026 | 887 | 882 | 887 | 0.05 |
| Magnolia Wash Holdings | (6) (8) | First Lien Debt | S + | 6.50% | 11.36% | 7/14/2028 | 3263 | 3219 | 2959 | 0.16 |
| Magnolia Wash Holdings | (6) (8) | First Lien Debt | S + | 6.50% | 11.36% | 7/14/2028 | 692 | 682 | 627 | 0.03 |
| Magnolia Wash Holdings | (6) (8) (16) | First Lien Debt | S + | 6.50% | 11.36% | 7/14/2028 | 87 | 85 | 72 | 0.00 |
| Project Accelerate Parent, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.61% | 2/24/2031 | 8706 | 8627 | 8706 | 0.47 |
| Project Accelerate Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.61% | 2/24/2031 |  | (11) |  |  |
| Vertex Service Partners, LLC | (6) (7) (9) | First Lien Debt | S + | 5.75% | 10.11% | 11/8/2030 | 1761 | 1722 | 1761 | 0.10 |
| Vertex Service Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.11% | 11/8/2030 | 3409 | 3330 | 3405 | 0.18 |
| Vertex Service Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.11% | 11/8/2030 | 407 | 398 | 407 | 0.02 |
|  |  |  |  |  |  |  |  | 174974 | 176697 | 9.59 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 | 2188 | 2155 | 2155 | 0.12 |
| Spark Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 |  | (6) | (6) | (0.00) |
| Spark Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.77% | 10/15/2031 |  | (6) | (6) | (0.00) |
|  |  |  |  |  |  |  |  | 2143 | 2143 | 0.12 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| **Electronic Equipment, Instruments & Components** |  |  |  |  |  |  |  |  |  |  |
| Abracon Group Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 11.30% | 7/6/2028 | 6061 | 5986 | 4496 | 0.24 |
| Abracon Group Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.60% (incl. 4.60% PIK) | 11.30% | 7/6/2028 | 401 | 396 | 297 | 0.02 |
| Dwyer Instruments, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.13% | 7/20/2029 | 14308 | 14127 | 14270 | 0.77 |
| Dwyer Instruments, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.13% | 7/20/2029 | 4956 | 4877 | 4954 | 0.27 |
| Dwyer Instruments, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.13% | 7/20/2029 | 233 | 214 | 233 | 0.01 |
| Infinite Bidco, LLC | (6) (10) | First Lien Debt | S + | 6.25% | 10.77% | 3/2/2028 | 12235 | 11986 | 12235 | 0.66 |
| Infinite Bidco, LLC | (10) | Second Lien Debt | S + | 7.00% | 11.85% | 3/2/2029 | 25500 | 25454 | 22440 | 1.22 |
| Magneto Components Buyco, LLC | (6) (7) (9) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/5/2030 | 15365 | 15118 | 15261 | 0.83 |
| Magneto Components Buyco, LLC | (6) (9) (16) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/5/2030 |  | (24) | (21) | (0.00) |
| Magneto Components Buyco, LLC | (6) (9) (16) | First Lien Debt | S + | 6.00% (incl. 1.50% PIK) | 10.33% | 12/5/2029 |  | (38) | (17) | (0.00) |
| NSi Holdings, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 | 7368 | 7296 | 7296 | 0.40 |
| NSi Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 |  | (6) | (6) | (0.00) |
| NSi Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.36% | 11/15/2031 |  | (13) | (13) | (0.00) |
|  |  |  |  |  |  |  |  | 85373 | 81425 | 4.42 |
| **Financial Services** |  |  |  |  |  |  |  |  |  |  |
| Applitools, Inc. | (6) (9) (12) | First Lien Debt | S + | 6.25% PIK | 10.58% | 5/25/2029 | 4023 | 3987 | 3989 | 0.22 |
| Applitools, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 6.25% | 10.58% | 5/25/2028 |  | (5) | (4) | (0.00) |
| Cerity Partners, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.76% | 7/30/2029 | 4707 | 4598 | 4707 | 0.26 |
| Cerity Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.76% | 7/30/2029 | 7568 | 7410 | 7568 | 0.41 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Cerity Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.76% | 7/30/2029 |  | (2) |  |  |
| GC Waves Holdings, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.21% | 10/4/2030 | 8909 | 8830 | 8841 | 0.48 |
| GC Waves Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.21% | 10/4/2030 | 463 | 368 | 434 | 0.02 |
| GC Waves Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.21% | 10/4/2030 |  | (5) | (3) | (0.00) |
| MAI Capital Management Intermediate, LLC | (6) (7) (9) | First Lien Debt | S + | 4.75% | 9.08% | 8/29/2031 | 4632 | 4587 | 4632 | 0.25 |
| MAI Capital Management Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 8/29/2031 | 866 | 849 | 866 | 0.05 |
| MAI Capital Management Intermediate, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 8/29/2031 | 138 | 128 | 138 | 0.01 |
| PMA Parent Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 9.83% | 1/31/2031 | 3036 | 2992 | 2992 | 0.16 |
| PMA Parent Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.83% | 1/31/2031 |  | (3) | (3) | (0.00) |
| RFS Opco, LLC | (6) (10) | First Lien Debt | S + | 4.75% | 9.08% | 4/4/2031 | 14464 | 14330 | 14407 | 0.78 |
| RFS Opco, LLC | (6) (10) (16) | First Lien Debt | S + | 3.50% | 7.83% | 4/4/2029 | 90 | 86 | 88 | 0.00 |
| SitusAMC Holdings Corp. | (6) (9) | First Lien Debt | S + | 5.50% | 9.93% | 12/22/2027 | 7217 | 7180 | 7217 | 0.39 |
| Smarsh, Inc. | (6) (9) | First Lien Debt | S + | 5.75% | 10.08% | 2/16/2029 | 4286 | 4228 | 4286 | 0.23 |
| Smarsh, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.08% | 2/16/2029 | 536 | 526 | 536 | 0.03 |
| Smarsh, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.08% | 2/16/2029 | 107 | 104 | 107 | 0.01 |
| Trintech, Inc. | (6) (7) (8) | First Lien Debt | S + | 5.50% | 9.86% | 7/25/2029 | 33745 | 33195 | 33252 | 1.81 |
| Trintech, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.86% | 7/25/2029 | 837 | 793 | 794 | 0.04 |
|  |  |  |  |  |  |  |  | 94176 | 94844 | 5.15 |
| **Food Products** |  |  |  |  |  |  |  |  |  |  |
| AMCP Pet Holdings, Inc. (Brightpet) | (6) (8) | First Lien Debt | S + | 7.00% (incl. 3.00% PIK) | 11.74% | 10/5/2026 | 41811 | 41312 | 39875 | 2.16 |
| AMCP Pet Holdings, Inc. (Brightpet) | (6) (8) | First Lien Debt | S + | 7.00% (incl. 3.00% PIK) | 11.74% | 10/5/2026 | 5903 | 5850 | 5630 | 0.31 |
| Familia Intermediate Holdings I Corp. (Teasdale Latin Foods) | (6) (13) | Other Debt |  | 16.25% PIK | 16.25% | 6/18/2026 | 1500 | 1500 | 885 | 0.05 |
| Nellson Nutraceutical, Inc. | (6) (7) (8) | First Lien Debt | S + | 5.75% | 10.40% | 12/23/2025 | 18270 | 18192 | 18270 | 0.99 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Teasdale Foods, Inc. (Teasdale Latin Foods) | (6) (8) | First Lien Debt | S + | 6.25% | 10.99% | 12/18/2025 | 10812 | 10764 | 10504 | 0.57 |
|  |  |  |  |  |  |  |  | 77618 | 75164 | 4.08 |
| **Ground Transportation** |  |  |  |  |  |  |  |  |  |  |
| SV Newco 2, Inc. | (6) (9) (12) | First Lien Debt | S + | 4.75% | 9.26% | 6/2/2031 | 22853 | 22530 | 22672 | 1.23 |
| SV Newco 2, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 4.75% | 9.26% | 6/2/2031 |  | (98) | (113) | (0.01) |
| SV Newco 2, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 4.75% | 9.26% | 6/2/2031 |  | (118) | (68) | (0.00) |
|  |  |  |  |  |  |  |  | 22314 | 22491 | 1.22 |
| **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Performance Health & Wellness | (6) (7) (8) | First Lien Debt | S + | 5.75% | 10.21% | 7/12/2027 | 9398 | 9305 | 9398 | 0.51 |
| PerkinElmer U.S., LLC | (6) (7) (8) | First Lien Debt | S + | 5.00% | 9.34% | 3/13/2029 | 4340 | 4244 | 4310 | 0.23 |
| Tidi Legacy Products, Inc. | (6) (8) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 | 1858 | 1825 | 1854 | 0.10 |
| Tidi Legacy Products, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 |  | (4) | (1) | (0.00) |
| Tidi Legacy Products, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.61% | 12/19/2029 |  | (6) | (1) | (0.00) |
| YI, LLC | (6) (7) (8) | First Lien Debt | S + | 5.75% | 10.39% | 12/3/2029 | 5597 | 5501 | 5597 | 0.30 |
| YI, LLC | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.39% | 12/3/2029 |  | (10) |  |  |
| YI, LLC | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.39% | 12/3/2029 |  | (14) |  | 0.00 |
|  |  |  |  |  |  |  |  | 20841 | 21157 | 1.15 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |  |  |
| Advarra Holdings, Inc. | (6) (9) | First Lien Debt | S + | 4.50% | 8.86% | 9/15/2031 | 449 | 441 | 447 | 0.02 |
| Advarra Holdings, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.86% | 9/15/2031 |  |  |  |  |
| DCA Investment Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.50% | 10.77% | 4/3/2028 | 20283 | 20026 | 20126 | 1.09 |
| DCA Investment Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.50% | 10.77% | 4/3/2028 | 1783 | 1749 | 1769 | 0.10 |
| Gateway US Holdings, Inc. | (6) (9) (12) | First Lien Debt | S + | 4.75% | 9.08% | 9/22/2028 | 744 | 740 | 744 | 0.04 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Gateway US Holdings, Inc. | (6) (9) (12) | First Lien Debt | S + | 4.75% | 9.08% | 9/22/2028 | 210 | 209 | 210 | 0.01 |
| Gateway US Holdings, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 4.75% | 9.08% | 9/22/2028 |  |  |  |  |
| Heartland Veterinary Partners, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.47% | 12/10/2026 | 1828 | 1820 | 1828 | 0.10 |
| Heartland Veterinary Partners, LLC | (6) (8) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 12/10/2027 | 4174 | 4130 | 4174 | 0.23 |
| Heartland Veterinary Partners, LLC | (6) (8) | First Lien Debt | S + | 4.75% | 9.47% | 12/10/2026 | 4139 | 4124 | 4139 | 0.22 |
| Heartland Veterinary Partners, LLC | (6) (8) | Second Lien Debt |  | 14.50% (incl. 7.00% PIK) | 14.50% | 12/10/2027 | 1623 | 1605 | 1623 | 0 |
| Heartland Veterinary Partners, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.47% | 12/10/2026 |  | (1) |  |  |
| iCIMS, Inc. | (6) (9) | First Lien Debt | S + | 5.75% | 10.38% | 8/18/2028 | 7080 | 6997 | 7080 | 0.38 |
| iCIMS, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.38% | 8/18/2028 | 9 | 9 | 9 | 0.00 |
| Imagine 360, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.10% | 10/2/2028 | 12157 | 12043 | 12157 | 0.66 |
| Imagine 360, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.10% | 10/2/2028 |  | (8) |  |  |
| Imagine 360, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.10% | 10/2/2028 |  | (10) |  |  |
| Intelerad Medical Systems Incorporated | (6) (8) (12) | First Lien Debt | S + | 6.50% | 11.24% | 8/21/2026 | 490 | 483 | 475 | 0.03 |
| Intelerad Medical Systems Incorporated | (6) (8) (12) | First Lien Debt | S + | 6.50% | 11.24% | 8/21/2026 | 34 | 33 | 33 | 0.00 |
| Invictus Buyer, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.08% | 6/3/2031 | 4040 | 4002 | 4028 | 0.22 |
| Invictus Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 6/3/2031 |  | (8) | (5) | (0.00) |
| Invictus Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 6/3/2031 |  | (6) | (2) | (0.00) |
| mPulse Mobile, Inc. | (6) (9) | First Lien Debt | S + | 6.25% | 10.68% | 12/17/2027 | 11989 | 11854 | 11968 | 0.65 |
| mPulse Mobile, Inc. | (6) (9) | First Lien Debt | S + | 6.25% | 10.68% | 12/17/2027 | 19928 | 19554 | 19697 | 1.07 |
| mPulse Mobile, Inc. | (6) (9) (16) | First Lien Debt | S + | 6.25% | 10.68% | 12/17/2027 | 934 | 889 | 901 | 0.05 |
| Pareto Health Intermediate Holdings, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.33% | 6/1/2030 | 28593 | 28263 | 28593 | 1.55 |
| Pareto Health Intermediate Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.33% | 6/1/2030 |  | (28) | (28) | (0.00) |
| Pareto Health Intermediate Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.33% | 6/1/2029 |  | (12) |  |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| PPV Intermediate Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.26% | 8/31/2029 | 4335 | 4199 | 4332 | 0.24 |
| PPV Intermediate Holdings, LLC | (6) (9) | First Lien Debt | S + | 6.00% | 10.52% | 8/31/2029 | 15048 | 14918 | 15048 | 0.82 |
| Promptcare Infusion Buyer, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.44% | 9/1/2027 | 8889 | 8798 | 8773 | 0.48 |
| Promptcare Infusion Buyer, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.44% | 9/1/2027 | 2767 | 2723 | 2713 | 0.15 |
| Stepping Stones Healthcare Services, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.08% | 1/2/2029 | 4255 | 4213 | 4255 | 0.23 |
| Stepping Stones Healthcare Services, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 1/2/2029 | 1079 | 1061 | 1077 | 0.06 |
| Stepping Stones Healthcare Services, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.08% | 12/30/2026 |  | (4) |  |  |
| Suveto | (6) (9) | First Lien Debt | S + | 4.75% | 9.11% | 9/9/2027 | 11716 | 11653 | 11604 | 0.63 |
| Suveto | (6) (16) | First Lien Debt | P + | 3.75% | 11.25% | 9/9/2027 | 65 | 55 | 52 | 0.00 |
| Suveto Buyer, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.11% | 9/9/2027 | 62 | 61 | 61 | 0.00 |
| Tivity Health, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.36% | 6/28/2029 | 8612 | 8572 | 8612 | 0.47 |
| Vardiman Black Holdings, LLC | (6) (10) | First Lien Debt | S + | 7.00% (incl. 2.00% PIK) | 11.65% | 03/18/2027 | 5767 | 5767 | 5767 | 0.31 |
| Vardiman Black Holdings, LLC | (6) (10) (11) (16) | First Lien Debt | S + | 7.00% (incl. 2.00% PIK) | 11.65% | 03/18/2027 | 597 | 582 | 597 | 0.03 |
|  |  |  |  |  |  |  |  | 181496 | 182857 | 9.93 |
| **Health Care Technology** |  |  |  |  |  |  |  |  |  |  |
| Hyland Software, Inc. | (6) (7) (9) | First Lien Debt | S + | 6.00% | 10.36% | 9/19/2030 | 39259 | 38748 | 39259 | 2.13 |
| Hyland Software, Inc. | (6) (9) (16) | First Lien Debt | S + | 6.00% | 10.36% | 9/19/2029 |  | (22) |  |  |
| Lightspeed Buyer, Inc. | (6) (7) (8) | First Lien Debt | S + | 4.75% | 9.08% | 2/3/2027 | 23156 | 22981 | 23156 | 1.26 |
| Lightspeed Buyer, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 2/3/2027 |  | (5) |  |  |
| Lightspeed Buyer, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 2/3/2027 |  | (1) |  |  |
|  |  |  |  |  |  |  |  | 61701 | 62415 | 3.39 |
| **Industrial Conglomerates** |  |  |  |  |  |  |  |  |  |  |
| Aptean, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.59% | 1/30/2031 | 11746 | 11646 | 11730 | 0.64 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Aptean, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 1/30/2031 |  | 192 | 182 | 191 | 0.01 |
| Aptean, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 1/30/2031 |  |  | (9) | (1) | (0.00) |
| Excelitas Technologies Corp. | (6) (9) | First Lien Debt | S + | 5.25% | 9.61% | 8/13/2029 |  | 1298 | 1278 | 1284 | 0.07 |
| Excelitas Technologies Corp. | (6) (9) | First Lien Debt | E + | 5.25% | 8.11% | 8/13/2029 | € | 237 | 242 | 243 | 0.01 |
| Excelitas Technologies Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.61% | 8/13/2029 |  |  | (13) | (20) | (0.00) |
| Excelitas Technologies Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.61% | 8/14/2028 |  |  | (2) | (1) | (0.00) |
| Raptor Merger Sub Debt, LLC | (7) (9) | First Lien Debt | S + | 5.50% | 9.83% | 4/1/2029 |  | 31907 | 31206 | 31801 | 1.73 |
| Raptor Merger Sub Debt, LLC | (9) (16) | First Lien Debt | S + | 5.50% | 9.83% | 4/1/2029 |  | 488 | 435 | 480 | 0.03 |
|  |  |  |  |  |  |  |  |  | 44965 | 45707 | 2.48 |
| **Insurance Services** |  |  |  |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.70% | 8/31/2029 |  | 2863 | 2821 | 2863 | 0.16 |
| Amerilife Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.70% | 8/31/2029 |  | 1257 | 1248 | 1257 | 0.07 |
| Amerilife Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.70% | 8/31/2028 |  |  | (5) |  |  |
| Fetch Insurance Services, LLC | (6) | Other Debt |  | 12.75% (incl. 3.75% PIK) | 12.75% | 10/31/2027 |  | 2029 | 1995 | 2009 | 0.11 |
| Foundation Risk Partners Corp. | (6) (9) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2030 |  | 42100 | 41635 | 42100 | 2.29 |
| Foundation Risk Partners Corp. | (6) (9) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2030 |  | 9156 | 9056 | 9156 | 0.50 |
| Foundation Risk Partners Corp. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 10/29/2029 |  |  | (60) |  |  |
| Galway Borrower, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.83% | 9/29/2028 |  | 30430 | 30061 | 30430 | 1.65 |
| Galway Borrower, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.83% | 9/29/2028 |  | 1698 | 1668 | 1698 | 0.09 |
| Galway Borrower, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.83% | 9/29/2028 |  | 185 | 160 | 185 | 0.01 |
| Higginbotham Insurance Agency, Inc. | (6) (7) (8) | First Lien Debt | S + | 4.50% | 8.86% | 11/24/2028 |  | 23662 | 23484 | 23560 | 1.28 |
| Higginbotham Insurance Agency, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.50% | 8.86% | 11/24/2028 |  | 2304 | 2260 | 2270 | 0.12 |
| High Street Buyer, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.25% | 9.58% | 4/14/2028 |  | 9789 | 9682 | 9789 | 0.53 |
| High Street Buyer, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 4/14/2028 |  | 39313 | 38797 | 39288 | 2.13 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| High Street Buyer, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 4/16/2027 |  | (16) |  |  |
| Inszone Mid, LLC | (6) (8) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 | 4410 | 4335 | 4410 | 0.24 |
| Inszone Mid, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 | 5425 | 5321 | 5425 | 0.29 |
| Inszone Mid, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 |  | (45) |  |  |
| Inszone Mid, LLC | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.50% | 11/30/2029 |  | (20) |  |  |
| Integrity Marketing Acquisition, LLC | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.51% | 8/25/2028 | 44454 | 44454 | 44454 | 2.41 |
| Integrity Marketing Acquisition, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.51% | 8/25/2028 |  |  |  |  |
| Long Term Care Group, Inc. | (6) (9) (11) | First Lien Debt | S + | 6.00% (incl. 3.73% PIK) | 10.33% | 9/8/2027 | 5425 | 5371 | 4650 | 0.25 |
| Majesco | (6) (7) (8) | First Lien Debt | S + | 4.75% | 9.08% | 9/21/2028 | 33555 | 33077 | 33555 | 1.82 |
| Majesco | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 9/21/2027 |  | (14) |  |  |
| Patriot Growth Insurance Services, LLC | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.48% | 10/16/2028 | 61723 | 60953 | 61723 | 3.35 |
| Patriot Growth Insurance Services, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.48% | 10/16/2028 | 2243 | 2194 | 2243 | 0.12 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 9.83% | 11/1/2028 | 19998 | 19854 | 19998 | 1.09 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.83% | 11/1/2028 | 8511 | 8443 | 8504 | 0.46 |
| Peter C. Foy & Associates Insurance Services, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.83% | 11/1/2027 |  | (4) |  |  |
| RSC Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.21% | 11/1/2029 | 32129 | 31780 | 32129 | 1.74 |
| RSC Acquisition, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.21% | 11/1/2029 | 3781 | 3758 | 3781 | 0.21 |
| World Insurance Associates, LLC | (6) (7) (8) | First Lien Debt | S + | 6.00% | 10.34% | 4/3/2028 | 66670 | 65501 | 66557 | 3.61 |
| World Insurance Associates, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.34% | 4/3/2028 |  | (6) | (28) | (0.00) |
|  |  |  |  |  |  |  |  | 447738 | 452006 | 24.54 |
| **Interactive Media & Services** |  |  |  |  |  |  |  |  |  |  |
| FMG Suite Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.85% | 10/30/2026 | 23534 | 23319 | 23371 | 1.27 |
| FMG Suite Holdings, LLC | (6) (8) | First Lien Debt | S + | 5.50% | 9.85% | 10/30/2026 | 4522 | 4492 | 4487 | 0.24 |
| FMG Suite Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.85% | 10/30/2026 |  | (16) | (18) | (0.00) |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Spectrio, LLC | (6) (7) (8) | First Lien Debt | S + | 6.00% | 10.51% | 12/9/2026 | 31725 | 31518 | 29197 | 1.58 |
| Spectrio, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.51% | 12/9/2026 | 12798 | 12770 | 11778 | 0.64 |
| Spectrio, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.51% | 12/9/2026 | 4036 | 4011 | 3715 | 0.20 |
| Triple Lift, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.75% | 10.25% | 5/5/2028 | 27020 | 26721 | 25864 | 1.40 |
| Triple Lift, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.25% | 5/5/2028 |  | (38) | (171) | (0.01) |
|  |  |  |  |  |  |  |  | 102777 | 98223 | 5.33 |
| **IT Services** |  |  |  |  |  |  |  |  |  |  |
| Apollo Acquisition, Inc. | (6) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2031 | 17469 | 17294 | 17294 | 0.94 |
| Apollo Acquisition, Inc. | (6) (16) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2031 |  | (31) | (31) | (0.00) |
| Apollo Acquisition, Inc. | (6) (16) | First Lien Debt | S + | 5.00% | 9.33% | 12/30/2030 |  | (24) | (24) | (0.00) |
| Atlas Purchaser, Inc. | (6) (7) (9) | First Lien Debt | S + | 7.50% (incl. 5.50% PIK) | 11.33% | 5/5/2028 | 5811 | 5811 | 3463 | 0.19 |
| Atlas Purchaser, Inc. | (6) (7) (9) | First Lien Debt | S + | 7.50% (incl. 6.50% PIK) | 11.33% | 5/5/2028 | 2510 | 2510 | 2510 | 0.14 |
| Catalis Intermediate, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.50% | 9.98% | 8/4/2027 | 38954 | 38469 | 38370 | 2.08 |
| Catalis Intermediate, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.98% | 8/4/2027 | 8765 | 8665 | 8633 | 0.47 |
| Catalis Intermediate, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.98% | 8/4/2027 | 1460 | 1414 | 1396 | 0.08 |
| Donuts, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.49% | 12/29/2027 | 24599 | 24415 | 24550 | 1.33 |
| GI DI Cornfield Acquisition, LLC | (6) | First Lien Debt | S + | 4.50% | 8.84% | 3/9/2028 | 30393 | 29999 | 30098 | 1.63 |
| GI DI Cornfield Acquisition, LLC | (6) (16) | First Lien Debt | S + | 4.50% | 8.84% | 3/9/2028 |  | (99) | (152) | (0.01) |
| Help/Systems Holdings, Inc. (Fortra LLC) | (9) | Second Lien Debt | S + | 6.75% | 11.44% | 11/19/2027 | 17500 | 17500 | 13576 | 0.74 |
| Idera, Inc. | (6) (9) | Second Lien Debt | S + | 6.75% | 11.47% | 3/2/2029 | 2607 | 2595 | 2607 | 0.14 |
| Recovery Point Systems, Inc. | (6) (7) (8) | First Lien Debt | S + | 6.00% | 10.73% | 8/12/2026 | 40215 | 39955 | 40215 | 2.18 |
| Recovery Point Systems, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.73% | 8/12/2026 |  | (21) |  |  |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Redwood Services Group, LLC | (6) (9) | First Lien Debt | S + | 6.25% | 10.68% | 6/15/2029 | 10720 | 10615 | 10720 | 0.58 |
| Redwood Services Group, LLC | (6) (9) | First Lien Debt | S + | 6.25% | 10.68% | 6/15/2029 | 8845 | 8723 | 8827 | 0.48 |
| Ridge Trail US Bidco, Inc. | (6) (8) (12) | First Lien Debt | S + | 4.50% | 8.83% | 9/30/2031 | 23976 | 23626 | 23912 | 1.30 |
| Ridge Trail US Bidco, Inc. | (6) (8) (12) (16) | First Lien Debt | S + | 4.50% | 8.83% | 9/30/2031 |  | (60) | (22) | (0.00) |
| Ridge Trail US Bidco, Inc. | (6) (8) (12) (16) | First Lien Debt | S + | 4.50% | 8.83% | 3/31/2031 | 744 | 704 | 737 | 0.04 |
| Syntax Systems, Ltd. | (6) (9) (12) | First Lien Debt | S + | 5.00% | 9.46% | 10/27/2028 | 37377 | 37153 | 37296 | 2.02 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) | First Lien Debt | S + | 6.00% | 10.78% | 1/22/2027 | 22702 | 22490 | 22702 | 1.23 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) | First Lien Debt | S + | 6.00% | 10.78% | 1/22/2027 | 16740 | 16595 | 16740 | 0.91 |
| Thrive Buyer, Inc. (Thrive Networks) | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.78% | 1/22/2027 | 1321 | 1307 | 1321 | 0.07 |
| UpStack, Inc. | (6) (7) (9) | First Lien Debt | S + | 5.00% | 9.52% | 8/25/2031 | 9750 | 9656 | 9750 | 0.53 |
| UpStack, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.52% | 8/25/2031 |  | (18) |  |  |
| UpStack, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.52% | 8/25/2031 | 225 | 211 | 225 | 0.01 |
| Victors Purchaser, LLC | (6) (10) | First Lien Debt | S + | 4.75% | 9.08% | 8/15/2031 | 5094 | 5045 | 5094 | 0.28 |
| Victors Purchaser, LLC | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.08% | 8/15/2031 |  | (6) |  |  |
| Victors Purchaser, LLC | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.08% | 8/15/2031 | C$146 | 99 | 101 | 0.01 |
|  |  |  |  |  |  |  |  | 324592 | 319908 | 17.37 |
| **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Model N, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.33% | 6/27/2031 | 11934 | 11821 | 11934 | 0.65 |
| Model N, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.33% | 6/27/2031 |  | (15) |  |  |
| Model N, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.33% | 6/27/2031 |  | (16) |  |  |
|  |  |  |  |  |  |  |  | 11790 | 11934 | 0.65 |
| **Machinery** |  |  |  |  |  |  |  |  |  |  |
| Answer Acquisition, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.48% | 12/30/2026 | 13394 | 13255 | 13303 | 0.72 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Answer Acquisition, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.48% | 12/30/2026 |  | (11) | (9) | (0.00) |
| Chase Intermediate, LLC | (6) (16) | First Lien Debt | S + | 4.75% | 9.08% | 10/30/2028 | 4303 | 4206 | 4288 | 0.23 |
| Chase Intermediate, LLC | (6) (16) | First Lien Debt | S + | 4.75% | 9.08% | 10/30/2028 |  | (8) |  |  |
| MHE Intermediate Holdings, LLC | (6) (7) (8) | First Lien Debt | S + | 6.00% | 10.79% | 7/21/2027 | 11731 | 11611 | 11731 | 0.64 |
| MHE Intermediate Holdings, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.79% | 7/21/2027 | 3636 | 3599 | 3636 | 0.20 |
| MHE Intermediate Holdings, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.79% | 7/21/2027 | 500 | 479 | 500 | 0.03 |
|  |  |  |  |  |  |  |  | 33131 | 33449 | 1.82 |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |  |  |
| AWP Group Holdings, Inc. | (6) (7) (8) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 7423 | 7205 | 7423 | 0.40 |
| AWP Group Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 1549 | 1525 | 1549 | 0.08 |
| AWP Group Holdings, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.11% | 12/23/2030 | 40 | 26 | 40 | 0.00 |
| Vessco Midco Holdings, LLC | (6) (9) | First Lien Debt | S + | 4.75% | 9.11% | 7/24/2031 | 11199 | 11093 | 11199 | 0.61 |
| Vessco Midco Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.11% | 7/24/2031 | 983 | 961 | 983 | 0.05 |
| Vessco Midco Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.11% | 7/24/2031 |  | (12) |  |  |
|  |  |  |  |  |  |  |  | 20798 | 21194 | 1.15 |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Caerus US 1, Inc. | (6) (9) (12) | First Lien Debt | S + | 5.00% | 9.33% | 5/25/2029 | 10927 | 10765 | 10594 | 0.58 |
| Caerus US 1, Inc. | (6) (9) (12) | First Lien Debt | S + | 5.00% | 9.33% | 5/25/2029 | 1599 | 1574 | 1550 | 0.08 |
| Caerus US 1, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 5.00% | 9.33% | 5/25/2029 | 88 | 72 | 52 | 0.00 |
|  |  |  |  |  |  |  |  | 12411 | 12196 | 0.66% |
| **Professional Services** |  |  |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (7) (8) | First Lien Debt | S + | 6.25% | 11.17% | 3/10/2027 | 9130 | 9041 | 9130 | 0.50 |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (8) (16) | First Lien Debt | S + | 6.25% | 11.17% | 3/10/2027 |  | (12) |  |  |
| Accordion Partners, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 | 27391 | 27121 | 27121 | 1.47 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Accordion Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 |  | (22) | (22) | (0.00) |
| Accordion Partners, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.58% | 11/17/2031 |  | (30) | (30) | (0.00) |
| Ascend Partner Services, LLC | (6) (9) | First Lien Debt | S + | 4.50% | 8.86% | 8/11/2031 | 4899 | 4852 | 4899 | 0.27 |
| Ascend Partner Services, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.86% | 8/11/2031 |  | (40) |  |  |
| Ascend Partner Services, LLC | (6) (9) (16) | First Lien Debt | S + | 4.50% | 8.86% | 8/11/2031 | 1010 | 994 | 1010 | 0.05 |
| Bridgepointe Technologies, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.33% | 12/31/2027 | 17057 | 16665 | 16927 | 0.92 |
| Bridgepointe Technologies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.33% | 12/31/2027 | 15295 | 14886 | 15158 | 0.82 |
| Bullhorn, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.36% | 10/1/2029 | 15407 | 15313 | 15407 | 0.84 |
| Bullhorn, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.36% | 10/1/2029 | 1920 | 1909 | 1920 | 0.10 |
| Bullhorn, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.36% | 10/1/2029 |  | (5) |  |  |
| Carr, Riggs and Ingram Capital, LLC | (6) (10) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 | 4313 | 4270 | 4270 | 0.23 |
| Carr, Riggs and Ingram Capital, LLC | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 |  | (11) | (11) | (0.00) |
| Carr, Riggs and Ingram Capital, LLC | (6) (10) (16) | First Lien Debt | S + | 4.75% | 9.24% | 11/18/2031 | 125 | 115 | 115 | 0.01 |
| Citrin Cooperman Advisors, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.30% | 10/1/2027 | 24260 | 23968 | 24260 | 1.32 |
| Citrin Cooperman Advisors, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.30% | 10/1/2027 | 15218 | 15003 | 15218 | 0.83 |
| ComPsych Investment Corp. | (6) (9) | First Lien Debt | S + | 4.75% | 9.38% | 7/22/2031 | 13973 | 13907 | 13973 | 0.76 |
| ComPsych Investment Corp. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.38% | 7/22/2031 |  | (9) |  |  |
| GPS Merger Sub, LLC | (6) (8) | First Lien Debt | S + | 6.00% | 10.36% | 10/2/2029 | 6786 | 6675 | 6757 | 0.37 |
| GPS Merger Sub, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.36% | 10/2/2029 |  | (10) |  |  |
| GPS Merger Sub, LLC | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.36% | 10/2/2029 |  | (16) |  |  |
| IG Investment Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.57% | 9/22/2028 | 10788 | 10684 | 10684 | 0.58 |
| IG Investment Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.57% | 9/22/2028 |  | (12) | (12) | (0.00) |
| KENG Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 5.00% | 9.36% | 8/1/2029 | 3189 | 3123 | 3173 | 0.17 |
| KENG Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.36% | 8/1/2029 | 1086 | 1040 | 1067 | 0.06 |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| KENG Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.36% | 8/1/2029 |  | (17) | (4) | (0.00) |
| KWOR Acquisition, Inc. | (6) (13) | First Lien Debt | P + | 4.25% | 11.75% | 12/22/2028 | 5299 | 5224 | 3891 | 0.21 |
| KWOR Acquisition, Inc. | (6) (13) | First Lien Debt | P + | 4.25% | 11.75% | 12/22/2028 | 1292 | 1272 | 948 | 0.05 |
| KWOR Acquisition, Inc. | (6) (13) | First Lien Debt | P + | 4.25% | 11.75% | 12/22/2027 | 122 | 121 | 90 | 0.00 |
| Project Boost Purchaser, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.76% | 5/2/2029 | 5610 | 5573 | 5610 | 0.30 |
| Project Boost Purchaser, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.76% | 5/2/2028 | 176 | 173 | 176 | 0.01 |
| UHY Advisors, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 | 2208 | 2186 | 2186 | 0.12 |
| UHY Advisors, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 |  | (11) | (11) | (0.00) |
| UHY Advisors, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.26% | 11/21/2031 |  | (6) | (6) | (0.00) |
| Verdantas, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.45% | 5/6/2031 | 16409 | 16179 | 16243 | 0.88 |
| Verdantas, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.45% | 5/6/2031 | 693 | 663 | 668 | 0.04 |
| Verdantas, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.45% | 5/6/2030 |  | (23) | (18) |  |
|  |  |  |  |  |  |  |  | 200733 | 200787 | 10.90 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |  |  |
| Associations, Inc. | (6) (8) | First Lien Debt | S + | 6.50% | 11.32% | 7/3/2028 | 10893 | 10884 | 10893 | 0.59 |
| Associations, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.50% | 11.32% | 7/3/2028 | 141 | 141 | 141 | 0.01 |
| Associations, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.50% | 11.32% | 7/3/2028 | 339 | 338 | 339 | 0.02 |
| MRI Software, LLC | (6) (7) (8) | First Lien Debt | S + | 4.75% | 9.08% | 2/10/2027 | 58735 | 58439 | 58694 | 3.19 |
| MRI Software, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 2/10/2027 | 4 | 3 | 4 | 0.00 |
| MRI Software, LLC | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 2/10/2027 | 128 | 120 | 126 | 0.01 |
| Pritchard Industries, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.29% | 10/13/2027 | 25016 | 24750 | 24718 | 1.34 |
| Pritchard Industries, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.29% | 10/13/2027 | 5981 | 5915 | 5910 | 0.32 |
| Zarya Intermediate, LLC | (6) (8) (12) | First Lien Debt | S + | 6.50% | 11.01% | 7/1/2027 | 35142 | 35142 | 35107 | 1.91 |
| Zarya Intermediate, LLC | (6) (8) (12) (16) | First Lien Debt | S + | 6.50% | 11.01% | 7/1/2027 |  |  | (4) | (0.00) |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
|  |  |  |  |  |  |  |  | 135732 | 135928 | 7.38 |
| **Software** |  |  |  |  |  |  |  |  |  |  |
| Alert Media, Inc. | (6) (8) | First Lien Debt | S + | 6.75% (incl. 5.75% PIK) | 11.08% | 4/12/2027 | 22389 | 22197 | 22123 | 1.20 |
| Alert Media, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.75% (incl. 5.75% PIK) | 11.08% | 4/12/2027 |  | (41) | (63) |  |
| Anaplan, Inc. | (6) (9) | First Lien Debt | S + | 5.25% | 9.58% | 6/21/2029 | 33040 | 32619 | 32918 | 1.79 |
| Appfire Technologies, LLC | (6) (8) | First Lien Debt | S + | 5.00% | 9.33% | 3/9/2028 | 20468 | 20400 | 20468 | 1.11 |
| Appfire Technologies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.33% | 3/9/2028 |  | (23) |  |  |
| Appfire Technologies, LLC | (6) (8) (16) | First Lien Debt | S + | 5.00% | 9.33% | 3/9/2028 | 12 | 11 | 12 | 0.00 |
| Apryse Software Corp. | (6) (7) (8) (12) | First Lien Debt | S + | 5.00% | 9.59% | 7/15/2027 | 39356 | 39008 | 39308 | 2.13 |
| Artifact Bidco, Inc. | (6) | First Lien Debt | S + | 4.50% | 8.83% | 7/1/2031 | 31700 | 31397 | 31700 | 1.72 |
| Artifact Bidco, Inc. | (6) (16) | First Lien Debt | S + | 4.50% | 8.83% | 7/1/2031 |  | (36) |  |  |
| Artifact Bidco, Inc. | (6) (16) | First Lien Debt | S + | 4.50% | 8.83% | 7/1/2030 |  | (51) |  |  |
| AuditBoard, Inc. | (6) (8) | First Lien Debt | S + | 4.75% | 9.08% | 7/14/2031 | 22200 | 21989 | 22200 | 1.21 |
| AuditBoard, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 7/14/2031 |  | (49) |  |  |
| AuditBoard, Inc. | (6) (8) (16) | First Lien Debt | S + | 4.75% | 9.08% | 7/14/2031 |  | (39) |  |  |
| Bottomline Technologies, Inc. | (6) (9) | First Lien Debt | S + | 5.75% | 10.32% | 5/14/2029 | 3656 | 3603 | 3656 | 0.20 |
| Bottomline Technologies, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.32% | 5/15/2028 |  | (3) |  |  |
| CLEO Communications Holding, LLC | (6) (7) (8) | First Lien Debt | S + | 5.50% | 9.96% | 6/9/2027 | 39698 | 39511 | 39698 | 2.15 |
| CLEO Communications Holding, LLC | (6) (8) (16) | First Lien Debt | S + | 5.50% | 9.96% | 6/9/2027 |  | (51) |  | 0.00 |
| Coupa Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.50% | 10.09% | 2/27/2030 | 2253 | 2207 | 2243 | 0.12 |
| Coupa Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 10.09% | 2/27/2030 |  | (10) | (5) | (0) |
| Coupa Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.50% | 10.09% | 2/27/2029 |  | (14) | (4) | (0.00) |
| Cyara AcquisitionCo, LLC | (6) (8) | First Lien Debt | S + | 6.25% (incl. 2.25% PIK) | 10.85% | 6/28/2029 | 5830 | 5718 | 5830 | 0.32 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Cyara AcquisitionCo, LLC | (6) (8) (16) | First Lien Debt | S + | 6.25% (incl. 2.25% PIK) | 10.85% | 6/28/2029 |  | (6) |  |  |
| Diligent Corporation | (6) (9) | First Lien Debt | S + | 5.00% | 10.09% | 8/2/2030 | 28138 | 27943 | 28138 | 1.53 |
| Diligent Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 10.09% | 8/2/2030 |  | (28) |  |  |
| Diligent Corporation | (6) (9) (16) | First Lien Debt | S + | 5.00% | 10.09% | 8/2/2030 |  | (18) |  |  |
| E-Discovery AcquireCo, LLC | (6) (8) | First Lien Debt | S + | 6.25% | 10.70% | 8/29/2029 | 19505 | 19120 | 19427 | 1.05 |
| E-Discovery AcquireCo, LLC | (6) (8) (16) | First Lien Debt | S + | 6.25% | 10.70% | 8/29/2029 |  | (39) | (10) | (0.00) |
| Everbridge Holdings, LLC | (6) (9) | First Lien Debt | S + | 5.00% | 9.59% | 7/2/2031 | 39380 | 39194 | 39380 | 2.14 |
| Everbridge Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 7/2/2031 | 4374 | 4337 | 4374 | 0.24 |
| Everbridge Holdings, LLC | (6) (9) (16) | First Lien Debt | S + | 5.00% | 9.59% | 7/2/2031 |  | (21) |  |  |
| Formstack Acquisition Co | (6) (8) | First Lien Debt | S + | 5.25% | 9.58% | 3/28/2030 | 10896 | 10749 | 10828 | 0.59 |
| Formstack Acquisition Co | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 3/28/2030 | 1089 | 1053 | 1061 | 0.06 |
| Formstack Acquisition Co | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 3/28/2030 | 219 | 190 | 205 | 0.01 |
| Fullsteam Operations, LLC | (6) (8) | First Lien Debt | S + | 8.25% | 12.91% | 11/27/2029 | 10860 | 10576 | 10860 | 0.59 |
| Fullsteam Operations, LLC | (6) (8) (16) | First Lien Debt | S + | 8.25% | 12.91% | 11/27/2029 | 5672 | 5483 | 5672 | 0.31 |
| Fullsteam Operations, LLC | (6) (8) (16) | First Lien Debt | S + | 8.25% | 12.91% | 11/27/2029 |  | (15) |  |  |
| Granicus, Inc. | (6) (9) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.34% | 1/17/2031 | 12874 | 12761 | 12874 | 0.70 |
| Granicus, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.34% | 1/17/2031 | 6972 | 6906 | 6970 | 0.38 |
| Granicus, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.75% (incl. 2.25% PIK) | 10.34% | 1/17/2031 |  | (16) |  |  |
| GS AcquisitionCo, Inc. | (6) (7) (8) | First Lien Debt | S + | 5.25% | 9.58% | 5/25/2028 | 74547 | 74178 | 74547 | 4.05 |
| GS AcquisitionCo, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 5/25/2028 | 15 | 14 | 15 | 0.00 |
| GS AcquisitionCo, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.58% | 5/25/2028 |  | (13) |  |  |
| Hootsuite, Inc. | (6) (12) | First Lien Debt | S + | 5.50% | 9.83% | 5/22/2030 | 22388 | 22077 | 22190 | 1.20 |

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------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| Hootsuite, Inc. | (6) (12) (16) | First Lien Debt | S + | 5.50% | 9.83% | 5/22/2030 |  | (34) | (22) | (0.00) |
| Icefall Parent, Inc. | (6) (8) | First Lien Debt | S + | 6.50% | 10.86% | 1/25/2030 | 5323 | 5229 | 5239 | 0.28 |
| Icefall Parent, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.50% | 10.86% | 1/25/2030 |  | (9) | (8) | (0.00) |
| Kaseya, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 10.09% | 6/25/2029 | 14329 | 14180 | 14329 | 0.78 |
| Kaseya, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 10.09% | 6/25/2029 | 220 | 215 | 220 | 0.01 |
| Kaseya, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 10.09% | 6/25/2029 | 216 | 208 | 216 | 0.01 |
| LegitScript, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.11% | 6/24/2029 | 26300 | 25926 | 26300 | 1.43 |
| LegitScript, LLC | (6) (9) | First Lien Debt | S + | 5.75% | 10.11% | 6/24/2029 | 695 | 686 | 695 | 0.04 |
| LegitScript, LLC | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.11% | 6/24/2028 | 1333 | 1285 | 1333 | 0.07 |
| LogRhythm, Inc. | (6) (8) | First Lien Debt | S + | 7.50% | 11.86% | 7/2/2029 | 9091 | 8838 | 8925 | 0.48 |
| LogRhythm, Inc. | (6) (8) (16) | First Lien Debt | S + | 7.50% | 11.86% | 7/2/2029 |  | (25) | (17) | 0.00 |
| Montana Buyer, Inc. | (6) (9) | First Lien Debt | S + | 5.00% | 9.36% | 7/22/2029 | 8511 | 8452 | 8511 | 0.46 |
| Montana Buyer, Inc. | (6) (16) | First Lien Debt | P + | 4.00% | 11.50% | 7/22/2028 | 168 | 163 | 168 | 0.01 |
| Nasuni Corporation | (6) (9) | First Lien Debt | S + | 5.75% | 10.18% | 9/10/2030 | 14483 | 14274 | 14483 | 0.79 |
| Nasuni Corporation | (6) (9) (16) | First Lien Debt | S + | 5.75% | 10.18% | 9/10/2030 |  | (43) |  |  |
| Netwrix Corporation And Concept Searching, Inc. | (6) (9) | First Lien Debt | S + | 4.75% | 9.26% | 6/11/2029 | 6901 | 6853 | 6857 | 0.37 |
| Netwrix Corporation And Concept Searching, Inc. | (6) (9) (16) | First Lien Debt | S + | 4.75% | 9.26% | 6/11/2029 |  | (3) | (3) | (0.00) |
| Oak Purchaser, Inc. | (6) (9) | First Lien Debt | S + | 5.50% | 9.83% | 4/28/2028 | 3336 | 3309 | 3307 | 0.18 |
| Oak Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.83% | 4/28/2028 | 1993 | 1974 | 1968 | 0.11 |
| Oak Purchaser, Inc. | (6) (9) (16) | First Lien Debt | S + | 5.50% | 9.83% | 4/28/2028 |  | (2) | (3) | (0.02) |
| Optimizely North America, Inc. | (6) (9) (12) | First Lien Debt | S + | 5.00% | 9.36% | 10/30/2031 | 8394 | 8312 | 8312 | 0.45 |
| Optimizely North America, Inc. | (6) (9) (12) | First Lien Debt | E + | 5.25% | 8.11% | 10/30/2031 | 3090 | 3324 | 3168 | 0.17 |
| Optimizely North America, Inc. | (6) (9) (12) | First Lien Debt | SA + | 5.50% | 10.20% | 10/30/2031 | £1030 | 1327 | 1277 | 0.07 |
| Optimizely North America, Inc. | (6) (9) (12) (16) | First Lien Debt | S + | 5.00% | 9.36% | 10/30/2031 |  | (12) | (12) | (0.00) |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
| PDFTron Systems, Inc. | (6) (8) (12) (16) | First Lien Debt | S + | 5.00% | 9.59% | 7/15/2026 | 2567 | 2519 | 2557 | 0.14 |
| Pound Bidco, Inc. | (6) (8) (12) | First Lien Debt | S + | 6.00% | 10.86% | 2/1/2027 | 22180 | 22008 | 22122 | 1.20 |
| Pound Bidco, Inc. | (6) (8) (12) (16) | First Lien Debt | S + | 6.00% | 10.86% | 2/1/2027 | 528 | 528 | 522 | 0.03 |
| Pound Bidco, Inc. | (6) (7) (8) (12) (16) | First Lien Debt | S + | 6.00% | 10.86% | 2/1/2027 |  | (8) | (3) | (0.00) |
| Project Leopard Holdings, Inc. | (10) (12) | First Lien Debt | S + | 5.25% | 9.94% | 7/20/2029 | 6154 | 5840 | 5493 | 0.30 |
| Reorganized Mobileum Acquisition Co, LLC | (6) (8) | First Lien Debt | S + | 6.00% (incl. 5.00% PIK) | 10.45% | 9/11/2029 | 187 | 187 | 187 | 0.01 |
| Revalize, Inc. | (6) (8) | First Lien Debt | S + | 5.75% | 10.49% | 4/15/2027 | 19255 | 19205 | 17949 | 0.97 |
| Revalize, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.75% | 10.49% | 4/15/2027 | 51 | 51 | 47 | 0.00 |
| Riskonnect Parent, LLC | (6) (9) | First Lien Debt | S + | 5.25% | 9.57% | 12/7/2028 | 5679 | 5586 | 5635 | 0.31 |
| Riskonnect Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.57% | 12/7/2028 | 4187 | 4103 | 4145 | 0.23 |
| Riskonnect Parent, LLC | (6) (9) (16) | First Lien Debt | S + | 5.25% | 9.57% | 12/7/2028 |  | (15) | (7) | (0.00) |
| Runway Bidco, LLC | (6) (10) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 | 10928 | 10819 | 10819 | 0.59 |
| Runway Bidco, LLC | (6) (10) (16) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 |  | (14) | (13) | (0.00) |
| Runway Bidco, LLC | (6) (10) (16) | First Lien Debt | S + | 5.00% | 9.33% | 12/17/2031 |  | (14) | (13) | (0.00) |
| Securonix, Inc. | (6) (9) | First Lien Debt | S + | 7.00% (incl. 3.75% PIK) | 12.34% | 4/5/2028 | 21010 | 20782 | 19151 | 1.04 |
| Securonix, Inc. | (6) (9) (16) | First Lien Debt | S + | 7.00% (incl. 3.75% PIK) | 12.34% | 4/5/2028 | 85 | 49 | (249) | (0.01) |
| Trunk Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.48% | 2/19/2030 | 8869 | 8827 | 8822 | 0.48 |
| Trunk Acquisition, Inc. | (6) (8) | First Lien Debt | S + | 6.00% | 10.48% | 2/19/2030 | 742 | 735 | 735 | 0.04 |
| Trunk Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.48% | 2/19/2030 |  | (4) | (4) | (0.00) |
| Trunk Acquisition, Inc. | (6) (8) (16) | First Lien Debt | S + | 6.00% | 10.48% | 2/19/2026 |  | (2) | (4) | (0.00) |
| User Zoom Technologies, Inc. | (6) (9) | First Lien Debt | S + | 7.00% | 12.25% | 4/5/2029 | 38689 | 38145 | 38689 | 2.10 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate<br>and Spread** | **Reference Rate<br>and Spread** | **Interest<br>Rate**<sup>(3)</sup> | **Maturity<br>Date** | **Par<br>Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of<br>Net Assets** |
|  |  |  |  |  |  |  |  | 696522 | 698438 | 37.91 |
| **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| Mobile Communications America, Inc. | (6) (7) (8) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 5895 | 5820 | 5895 | 0.32 |
| Mobile Communications America, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 366 | 352 | 366 | 0.02 |
| Mobile Communications America, Inc. | (6) (8) (16) | First Lien Debt | S + | 5.25% | 9.78% | 10/16/2029 | 240 | 229 | 240 | 0.01 |
|  |  |  |  |  |  |  |  | **6401** | **6501** | **0.35** |
| **Total Debt Investments** |  |  |  |  |  |  |  | $**3758444** | $**3733103** | **202.65%** |

---

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Equity Investments** |  |  |  |  |  |  |  |  |
| **Aerospace & Defense** |  |  |  |  |  |  |  |  |
| PCX Holding Corp. | (6) (14) (15) | Common Equity |  | 4/22/2021 | 6538 | $654 | $446 | 0.02% |
| **Automobile Components** |  |  |  |  |  |  |  |  |
| Shelby Co-invest, LP (Spectrum Automotive) | (6) (14) (15) | Common Equity |  | 06/29/21 | 8500 | 850 | 1463 | 0.08 |
| **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |
| Encore Holdings, LLC | (6) (14) (15) | Common Equity |  | 11/21/21 | 3013 | 395 | 1103 | 0.06 |
| Procure Acquiom Financial, LLC (Procure Analytics) | (6) (14) (15) | Common Equity |  | 12/20/21 | 1000000 | 1000 | 1470 | 0.08 |
| Surewerx Topco, LP | (6) (12) (14) (15) | Common Equity |  | 12/28/22 | 512 | 512 | 684 | 0.04 |
|  |  |  |  |  |  | 1907 | 3257 | 0.18 |
| **Containers & Packaging** |  |  |  |  |  |  |  |  |
| BP Purchaser, LLC | (6) (14) (15) | Common Equity |  | 12/10/21 | 1383156 | 1379 | 659 | 0.04 |
| BP Purchaser, LLC Rights | (6) (14) (15) | Common Equity |  | 03/12/24 | 1666989 | 75 | 83 | 0.00 |
| FORTIS Solutions Group, LLC | (6) (15) | Preferred Equity |  | 06/24/22 | 1000000 | 1337 | 980 | 0.05 |
|  |  |  |  |  |  | 2791 | 1722 | 0.09 |
| **Distributors** |  |  |  |  |  |  |  |  |
| 48Forty Solutions, LLC | (6) (14) (15) | Common Equity |  | 11/01/24 | 2748 |  |  |  |
| **Diversified Consumer Services** |  |  |  |  |  |  |  |  |
| Eclipse Topco, Inc. | (6) (15) | Preferred Equity |  | 09/05/24 | 120 | 1180 | 1175 | 0.06 |
| LUV Car Wash | (6) (14) (15) | Common Equity |  | 04/06/22 | 123 | 123 | 83 | 0.00 |
|  |  |  |  |  |  | 1303 | 1258 | 0.07 |
| **Electrical Equipment** |  |  |  |  |  |  |  |  |
| Sparkstone Electrical Group | (6) (14) (15) | Common Equity |  | 10/15/24 | 1500 | 150 | 150 | 0.01 |
| **Food Products** |  |  |  |  |  |  |  |  |

---

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| Pet Holdings, Inc. (Brightpet) | (6) (14) (15) | Common Equity |  | 03/22/21 | 17543 | 2013 | 1028 | 0.06 |
| **Health Care Providers & Services** |  |  |  |  |  |  |  |  |
| mPulse Mobile, Inc. | (6) (14) (15) | Common Equity |  | 12/17/21 | 165761 | 1220 | 2117 | 0.11 |
| SDB Holdco, LLC | (6) (14) (15) | Common Equity |  | 03/29/24 | 5460555 |  |  |  |
| Suveto Buyer, LLC | (6) (12) (14) (15) | Common Equity |  | 11/19/21 | 19257 | 1926 | 1870 | 0.10 |
| Vardiman Black Holdings, LLC | (6) (15) | Preferred Equity | 6.00% PIK | 03/29/24 | 2649446 | 1809 | 923 | 0.05 |
|  |  |  |  |  |  | 4955 | 4910 | 0.27 |
| **Insurance Services** |  |  |  |  |  |  |  |  |
| Amerilife Holdings, LLC | (6) (14) (15) | Common Equity |  | 09/01/22 | 908 | 25 | 54 | 0.00 |
| Frisbee Holdings, LP (Fetch) | (6) (14) (15) | Common Equity |  | 10/31/22 | 21744 | 277 | 350 | 0.02 |
| Integrity Marketing Acquisition, LLC | (6) (15) | Preferred Equity | 10.50% | 12/21/21 | 3250000 | 4402 | 4323 | 0.23 |
|  |  |  |  |  |  | 4704 | 4727 | 0.26 |
| **IT Services** |  |  |  |  |  |  |  |  |
| CSC Thrive Holdings, LP (Thrive Networks) | (6) (14) (15) | Common Equity |  | 03/01/21 | 162309 | 421 | 1082 | 0.06 |
| Help HP SCF Investor, LP (Help/Systems) | (12) (14) (15) | Common Equity |  | 05/12/21 | 9619564 | 12461 | 17193 | 0.93 |
| Recovery Point Systems, Inc. | (6) (14) (15) | Common Equity |  | 03/05/21 | 1000000 | 1000 | 570 | 0.03 |
|  |  |  |  |  |  | 13882 | 18845 | 1.02 |
| **Professional Services** |  |  |  |  |  |  |  |  |
| Abacus Data Holdings, Inc. (AbacusNext) | (6) (14) (15) | Common Equity |  | 02/09/24 | 67388 | 2981 | 1571 | 0.09 |
| Verdantas, LLC | (6) (14) (15) | Common Equity |  | 05/03/24 | 4780 | 5 | 6 | 0.00 |
| Verdantas, LLC | (6) (15) | Preferred Equity | 10.00% | 05/03/24 | 473220 | 506 | 572 | 0.03 |
|  |  |  |  |  |  | 3492 | 2149 | 0.12 |
| **Real Estate Management & Development** |  |  |  |  |  |  |  |  |
| Pritchard Industries, LLC | (6) (14) (15) | Common Equity |  | 10/13/21 | 1882739 | 1937 | 1770 | 0.10 |

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments-non-controlled/non-affiliated**<sup>(1) (2)</sup> | **Footnotes** | **Investment** | **Reference Rate and Spread** | **Reference Rate and Spread** | **Acquisition Date** | **Par Amount/<br>Shares**<sup>(4)</sup> | **Cost**<sup>(5)</sup> | **Fair Value** | **Percentage of Net Assets** |
| **Software** |  |  |  |  |  |  |  |  |  |
| Diligent Corporation | (6) (15) | Preferred Equity | 10.50% | 10.50% | 04/05/21 | 5000 | 7037 | 7110 | 0.39 |
| Fullsteam Operations, LLC | (6) (14) (15) | Common Equity |  |  | 11/27/23 | 2966 | 100 | 239 | 0.01 |
| Knockout Intermediate Holdings I, Inc. | (6) (15) | Preferred Equity | 11.75% | 11.75% | 06/25/22 | 2790 | 3668 | 3784 | 0.21 |
| Reorganized Mobileum Grandparent, LLC | (6) (14) (15) | Common Equity |  |  | 09/12/24 | 25375 |  |  |  |
| Revalize, Inc. | (6) (15) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00% | 12/14/21 | 2255 | 3196 | 3272 | 0.18 |
| Reveal Data Solutions | (6) (14) (15) | Common Equity |  |  | 08/29/23 | 477846 | 621 | 783 | 0.04 |
| RSK Holdings, Inc. (Riskonnect) | (6) (15) | Preferred Equity | S + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50% | 07/07/22 | 1012200 | 1423 | 1478 | 0.08 |
|  |  |  |  |  |  |  | 16045 | 16666 | 0.90 |
| **Total Equity Investments** |  |  |  |  |  |  | $**54683** | $**58391** | **3.17%** |
| **Total Portfolio Investments** |  |  |  |  |  |  | $**3813127** | $**3791494** | **205.82%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Cash and Cash Equivalents** |  |  |  |
| J.P. Morgan US Government Money Market Fund | 8976 | 8976 | 0.49 |
| Cash | 63396 | 63396 | 3.44% |
| **Total Cash and Cash Equivalents** | $**72372** | $**72372** | **3.93%** |
| **Total Portfolio Investments, Cash and Cash Equivalents** | $**3885499** | $**3863866** | **209.75%** |

---

(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term "Company" shall include the Company's consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments (including preferred equity investments) are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the "1940 Act"), the Company would be deemed to "control" a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2024 the Company does not "control" any of these portfolio companies. Under the 1940 Act, the Company would be deemed an "affiliated person" of a portfolio company if the Company owns 5% or more of the portfolio company's outstanding voting securities. As of December 31, 2024, the Company is not an "affiliated person" of any of its portfolio companies.

(2)Unless otherwise indicated, the Company's investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 "Debt".

(3)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either CORRA ("C") or EURIBOR ("E") or SOFR ("S") or SONIA ("SA") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2024. As of December 31, 2024, the reference rates for our variable rate loans were the C at 3.32%, 1-month E at 2.85%, 1-month S at 4.33%, 3-month S at 4.31%, 6-month S at 4.25%, SA at 4.70% and the P at 7.50%.

(4)Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

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

(6)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company's valuation policy.

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

(7)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 "Debt".

(8)Loan includes interest rate floor of 1.00%.

(9)Loan includes interest rate floor of 0.75%.

(10)Loan includes interest rate floor of 0.50%.

(11)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 "Significant Accounting Policies".

(12)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, non-qualifying assets represented 7.63% of total assets as calculated in accordance with regulatory requirements.

(13)Investment was on non-accrual status as of December 31, 2024.

(14)Non-income producing security.

(15)Securities exempt from registration under the Securities Act of 1933, as amended and may be deemed to be "restricted securities". As of December 31, 2024, the aggregate fair value of these securities is $58,391 or 3.17% of the Company's net assets. The initial acquisition dates have been included for such securities.

(16)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company's unfunded commitments as of December 31, 2024:

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| **First Lien Debt** |  |  |  |  |
| 48Forty Solutions, LLC | Revolver | 11/30/2029 | $1547 | $(548) |
| ARI Network Services, Inc. | Revolver | 8/28/2026 | 1841 | (7) |
| AWP Group Holdings, Inc. | Delayed Draw Term Loan | 8/23/2026 | 1284 |  |
| AWP Group Holdings, Inc. | Revolver | 12/23/2030 | 750 |  |
| Abacus Data Holdings, Inc. (AbacusNext) | Revolver | 3/10/2027 | 1400 |  |
| Accordion Partners, LLC | Delayed Draw Term Loan | 11/15/2026 | 4565 | (22) |
| Accordion Partners, LLC | Revolver | 11/17/2031 | 3043 | (30) |
| Advarra Holdings, Inc. | Delayed Draw Term Loan | 9/14/2026 | 41 |  |
| Alert Media, Inc. | Revolver | 4/12/2027 | 4266 | (62) |
| Amerilife Holdings, LLC | Delayed Draw Term Loan | 6/17/2026 | 1335 |  |
| Amerilife Holdings, LLC | Revolver | 8/31/2028 | 437 |  |
| Answer Acquisition, LLC | Revolver | 12/30/2026 | 1249 | (8) |
| Any Hour, LLC | Delayed Draw Term Loan | 5/23/2026 | 6255 | (66) |
| Any Hour, LLC | Revolver | 5/23/2030 | 1801 | (19) |
| Apex Service Partners, LLC | Revolver | 10/24/2029 | 932 |  |
| Apollo Acquisition, Inc. | Delayed Draw Term Loan | 12/30/2026 | 6094 | (30) |
| Apollo Acquisition, Inc. | Revolver | 12/30/2030 | 2437 | (24) |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 3/31/2025 | 569 |  |
| Appfire Technologies, LLC | Delayed Draw Term Loan | 6/28/2026 | 4005 |  |
| Appfire Technologies, LLC | Revolver | 3/9/2028 | 155 |  |
| Applitools, Inc. | Revolver | 5/25/2028 | 433 | (4) |
| Aptean, Inc. | Delayed Draw Term Loan | 1/30/2026 | 537 | (1) |
| Aptean, Inc. | Revolver | 1/30/2031 | 984 | (1) |
| Arcoro Holdings Corp. | Revolver | 3/28/2030 | 1957 | (14) |
| Artifact Bidco, Inc. | Delayed Draw Term Loan | 5/22/2027 | 7759 |  |
| Artifact Bidco, Inc. | Revolver | 7/26/2030 | 5542 |  |
| Ascend Partner Services, LLC | Delayed Draw Term Loan | 8/9/2026 | 8418 |  |
| Ascend Partner Services, LLC | Revolver | 8/11/2031 | 673 |  |
| Assembly Intermediate, LLC | Revolver | 10/19/2027 | 2074 |  |
| Associations, Inc. | Delayed Draw Term Loan | 7/3/2028 | 705 |  |
| Associations, Inc. | Revolver | 7/3/2028 | 339 |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Atlas Us Finco, Inc. | Revolver | 12/9/2028 | 186 |  |
| AuditBoard, Inc. | Delayed Draw Term Loan | 7/12/2026 | 10571 |  |
| AuditBoard, Inc. | Revolver | 7/14/2031 | 4229 |  |
| Avalara, Inc. | Revolver | 10/19/2028 | 1040 |  |
| Bottomline Technologies, Inc. | Revolver | 5/15/2028 | 267 |  |
| Bradyplus Holdings, LLC | Delayed Draw Term Loan | 10/31/2025 | 184 |  |
| Bridgepointe Technologies, LLC | Delayed Draw Term Loan | 6/3/2026 | 1578 | (18) |
| Bullhorn, Inc. | Delayed Draw Term Loan | 5/11/2026 | 386 |  |
| Bullhorn, Inc. | Revolver | 10/1/2029 | 717 |  |
| CLEO Communications Holding, LLC | Revolver | 6/9/2027 | 12502 |  |
| COP Collisionright Parent, LLC | Delayed Draw Term Loan | 1/29/2026 | 1842 | (22) |
| COP Collisionright Parent, LLC | Revolver | 1/29/2030 | 884 | (10) |
| CRCI Longhorn Holdings, Inc. | Delayed Draw Term Loan | 8/27/2026 | 2471 |  |
| CRCI Longhorn Holdings, Inc. | Revolver | 8/27/2031 | 906 |  |
| Caerus US 1, Inc. | Revolver | 5/25/2029 | 1083 | (33) |
| Carr, Riggs and Ingram Capital, LLC | Delayed Draw Term Loan | 11/18/2026 | 2188 | (11) |
| Carr, Riggs and Ingram Capital, LLC | Revolver | 11/18/2031 | 875 | (9) |
| Catalis Intermediate, Inc. | Revolver | 8/4/2027 | 2778 | (42) |
| Cerity Partners, LLC | Delayed Draw Term Loan | 6/7/2026 | 1141 |  |
| Cerity Partners, LLC | Revolver | 7/30/2029 | 236 |  |
| Chase Intermediate, LLC | Delayed Draw Term Loan | 8/31/2025 | 6276 | (9) |
| Chase Intermediate, LLC | Revolver | 10/30/2028 | 530 |  |
| Citrin Cooperman Advisors, LLC | Delayed Draw Term Loan | 12/13/2025 | 1263 |  |
| ComPsych Investment Corp. | Delayed Draw Term Loan | 7/23/2027 | 4000 |  |
| Consor Intermediate II, LLC | Delayed Draw Term Loan | 5/10/2026 | 4577 | (26) |
| Consor Intermediate II, LLC | Revolver | 5/12/2031 | 1220 | (7) |
| Coupa Holdings, LLC | Delayed Draw Term Loan | 8/27/2025 | 1085 | (5) |
| Coupa Holdings, LLC | Revolver | 2/27/2029 | 831 | (4) |
| Cyara AcquisitionCo, LLC | Revolver | 6/28/2029 | 313 |  |
| Diligent Corporation | Delayed Draw Term Loan | 4/30/2026 | 4118 |  |
| Diligent Corporation | Revolver | 8/2/2030 | 2745 |  |
| Drivecentric Holdings, LLC | Revolver | 8/15/2031 | 3529 | (3) |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Dwyer Instruments, Inc. | Delayed Draw Term Loan | 11/20/2026 | 505 | (2) |
| Dwyer Instruments, Inc. | Revolver | 7/20/2029 | 1387 |  |
| E-Discovery AcquireCo, LLC | Revolver | 8/29/2029 | 2384 | (10) |
| EVDR Purchaser, Inc. | Delayed Draw Term Loan | 8/14/2025 | 5881 |  |
| EVDR Purchaser, Inc. | Revolver | 2/14/2031 | 2940 |  |
| Eclipse Buyer, Inc. | Delayed Draw Term Loan | 9/6/2026 | 719 |  |
| Eclipse Buyer, Inc. | Revolver | 9/6/2031 | 365 |  |
| Encore Holdings, LLC | Delayed Draw Term Loan | 10/31/2026 | 126 | (1) |
| Encore Holdings, LLC | Delayed Draw Term Loan | 12/20/2026 | 2500 | (6) |
| Encore Holdings, LLC | Revolver | 11/23/2027 | 539 | (2) |
| Energy Labs Holdings Corp. | Delayed Draw Term Loan | 5/24/2026 | 477 | (4) |
| Energy Labs Holdings Corp. | Revolver | 4/7/2028 | 222 | (3) |
| Essential Services Holding Corporation | Delayed Draw Term Loan | 6/17/2026 | 4773 |  |
| Essential Services Holding Corporation | Revolver | 6/17/2030 | 2983 |  |
| Everbridge Holdings, LLC | Delayed Draw Term Loan | 7/2/2026 | 6783 |  |
| Everbridge Holdings, LLC | Revolver | 7/2/2031 | 4463 |  |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 5/1/2025 | 44 |  |
| Excelitas Technologies Corp. | Delayed Draw Term Loan | 5/1/2026 | 2000 | (19) |
| Excelitas Technologies Corp. | Revolver | 8/14/2028 | 131 | (1) |
| FLS Holding, Inc. | Revolver | 12/17/2027 | 901 | (96) |
| FMG Suite Holdings, LLC | Revolver | 10/30/2026 | 2319 | (18) |
| FORTIS Solutions Group, LLC | Delayed Draw Term Loan | 6/24/2025 | 688 |  |
| FORTIS Solutions Group, LLC | Revolver | 10/15/2027 | 1754 |  |
| FPG Intermediate Holdco, LLC | Delayed Draw Term Loan | 12/31/2025 | 6 |  |
| Formstack Acquisition Co | Delayed Draw Term Loan | 3/30/2026 | 3273 | (21) |
| Formstack Acquisition Co | Revolver | 3/28/2030 | 1969 | (12) |
| Foundation Risk Partners Corp. | Revolver | 10/29/2029 | 6709 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 8/25/2025 | 4083 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 2/23/2026 | 807 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 5/1/2026 | 2250 |  |
| Fullsteam Operations, LLC | Delayed Draw Term Loan | 6/30/2026 | 250 |  |
| Fullsteam Operations, LLC | Revolver | 11/27/2029 | 608 |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| GC Waves Holdings, Inc. | Delayed Draw Term Loan | 10/4/2026 | 3398 | (26) |
| GC Waves Holdings, Inc. | Revolver | 10/4/2030 | 331 | (2) |
| GI DI Cornfield Acquisition, LLC | Delayed Draw Term Loan | 5/31/2026 | 15667 | (152) |
| GPS Merger Sub, LLC | Delayed Draw Term Loan | 10/2/2026 | 1274 |  |
| GPS Merger Sub, LLC | Revolver | 10/2/2029 | 1019 |  |
| GS AcquisitionCo, Inc. | Delayed Draw Term Loan | 3/26/2026 | 51 |  |
| GS AcquisitionCo, Inc. | Revolver | 5/25/2028 | 2470 |  |
| Galway Borrower, LLC | Delayed Draw Term Loan | 2/6/2026 | 1257 |  |
| Galway Borrower, LLC | Revolver | 9/29/2028 | 2029 |  |
| Gateway US Holdings, Inc. | Revolver | 9/22/2028 | 30 |  |
| Granicus, Inc. | Delayed Draw Term Loan | 1/17/2026 | 1955 | (2) |
| Granicus, Inc. | Revolver | 1/17/2031 | 1800 |  |
| GraphPad Software, LLC | Delayed Draw Term Loan | 6/28/2026 | 7184 |  |
| GraphPad Software, LLC | Revolver | 6/30/2031 | 2993 |  |
| Ground Penetrating Radar Systems, LLC | Delayed Draw Term Loan | 4/2/2027 | 7733 |  |
| Ground Penetrating Radar Systems, LLC | Revolver | 4/2/2031 | 2279 |  |
| HSI Halo Acquisition, Inc. | Delayed Draw Term Loan | 6/28/2026 | 2685 |  |
| HSI Halo Acquisition, Inc. | Revolver | 6/28/2030 | 2165 |  |
| Heartland Veterinary Partners, LLC | Revolver | 12/10/2026 | 375 |  |
| Helios Service Partners, LLC | Delayed Draw Term Loan | 2/10/2025 | 5193 | (36) |
| Helios Service Partners, LLC | Revolver | 3/19/2027 | 1290 |  |
| Hercules Borrower, LLC | Delayed Draw Term Loan | 4/5/2026 | 4519 | (14) |
| Hercules Borrower, LLC | Delayed Draw Term Loan | 4/17/2025 | 2176 | (670) |
| Higginbotham Insurance Agency, Inc. | Delayed Draw Term Loan | 3/27/2026 | 5655 | (24) |
| High Street Buyer, Inc. | Delayed Draw Term Loan | 3/11/2026 | 7587 | (25) |
| High Street Buyer, Inc. | Revolver | 4/16/2027 | 2136 |  |
| Hootsuite, Inc. | Revolver | 5/22/2030 | 2500 | (22) |
| Hyland Software, Inc. | Revolver | 9/19/2029 | 1879 |  |
| IG Investment Holdings, LLC | Revolver | 9/22/2028 | 1211 | (11) |
| Icefall Parent, Inc. | Revolver | 1/25/2030 | 507 | (8) |
| Imagine 360, LLC | Delayed Draw Term Loan | 9/20/2026 | 1718 |  |
| Imagine 360, LLC | Revolver | 10/2/2028 | 1064 |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Inszone Mid, LLC | Delayed Draw Term Loan | 11/10/2025 | 1082 |  |
| Inszone Mid, LLC | Delayed Draw Term Loan | 7/24/2026 | 10025 |  |
| Inszone Mid, LLC | Revolver | 11/12/2029 | 1569 |  |
| Integrity Marketing Acquisition, LLC | Revolver | 8/25/2028 | 434 |  |
| Invictus Buyer, LLC | Delayed Draw Term Loan | 6/3/2026 | 1688 | (5) |
| Invictus Buyer, LLC | Revolver | 6/3/2031 | 625 | (2) |
| Iris Buyer, LLC | Delayed Draw Term Loan | 4/2/2025 | 340 |  |
| Iris Buyer, LLC | Revolver | 10/2/2029 | 1001 |  |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 8/1/2025 | 1346 | (7) |
| KENG Acquisition, Inc. | Delayed Draw Term Loan | 7/17/2026 | 1465 | (7) |
| KENG Acquisition, Inc. | Revolver | 8/1/2029 | 878 | (4) |
| Kaseya, Inc. | Delayed Draw Term Loan | 6/23/2025 | 637 |  |
| Kaseya, Inc. | Revolver | 6/25/2029 | 642 |  |
| LJ Avalon Holdings, LLC | Delayed Draw Term Loan | 10/1/2025 | 1339 |  |
| LJ Avalon Holdings, LLC | Revolver | 2/1/2029 | 675 |  |
| LeadVenture, Inc. | Delayed Draw Term Loan | 8/28/2026 | 826 | (3) |
| LegitScript, LLC | Revolver | 6/24/2028 | 2833 |  |
| Lightspeed Buyer, Inc. | Delayed Draw Term Loan | 6/1/2025 | 545 |  |
| Lightspeed Buyer, Inc. | Revolver | 2/3/2027 | 146 |  |
| LogRhythm, Inc. | Revolver | 7/2/2029 | 909 | (16) |
| MAI Capital Management Intermediate, LLC | Delayed Draw Term Loan | 8/29/2026 | 1869 |  |
| MAI Capital Management Intermediate, LLC | Revolver | 8/29/2031 | 894 |  |
| MHE Intermediate Holdings, LLC | Revolver | 7/21/2027 | 2000 |  |
| MRI Software, LLC | Delayed Draw Term Loan | 9/4/2026 | 34 |  |
| MRI Software, LLC | Revolver | 2/10/2027 | 2174 | (2) |
| Magneto Components Buyco, LLC | Delayed Draw Term Loan | 6/5/2025 | 3035 | (21) |
| Magneto Components Buyco, LLC | Revolver | 12/5/2029 | 2529 | (17) |
| Magnolia Wash Holdings | Revolver | 7/14/2028 | 71 | (7) |
| Majesco | Revolver | 9/21/2027 | 1575 |  |
| Mantech International CP | Delayed Draw Term Loan | 6/14/2025 | 636 |  |
| Mantech International CP | Revolver | 9/14/2028 | 507 |  |
| Mobile Communications America, Inc. | Delayed Draw Term Loan | 10/16/2025 | 1553 |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Mobile Communications America, Inc. | Revolver | 10/16/2029 | 720 |  |
| Model N, Inc. | Delayed Draw Term Loan | 6/26/2026 | 3265 |  |
| Model N, Inc. | Revolver | 6/27/2031 | 1741 |  |
| Montana Buyer, Inc. | Revolver | 7/22/2028 | 812 |  |
| NSi Holdings, Inc. | Delayed Draw Term Loan | 11/15/2026 | 1316 | (6) |
| NSi Holdings, Inc. | Revolver | 11/15/2031 | 1316 | (13) |
| Nasuni Corporation | Revolver | 9/10/2030 | 3017 |  |
| Netwrix Corporation And Concept Searching, Inc. | Revolver | 6/11/2029 | 431 | (3) |
| Oak Purchaser, Inc. | Delayed Draw Term Loan | 2/1/2025 | 878 | (8) |
| Oak Purchaser, Inc. | Revolver | 4/28/2028 | 372 | (3) |
| Optimizely North America, Inc. | Revolver | 10/30/2031 | 1236 | (12) |
| PDFTron Systems, Inc. | Revolver | 7/15/2026 | 5133 | (6) |
| PDI TA Holdings, Inc. | Delayed Draw Term Loan | 2/1/2026 | 2301 | (12) |
| PDI TA Holdings, Inc. | Revolver | 2/3/2031 | 2280 | (12) |
| PMA Parent Holdings, LLC | Revolver | 1/31/2031 | 214 | (3) |
| PT Intermediate Holdings III, LLC | Delayed Draw Term Loan | 4/8/2026 | 2937 |  |
| Pareto Health Intermediate Holdings, Inc. | Delayed Draw Term Loan | 6/20/2026 | 5602 | (28) |
| Pareto Health Intermediate Holdings, Inc. | Revolver | 6/1/2029 | 792 |  |
| Patriot Growth Insurance Services, LLC | Revolver | 10/16/2028 | 2243 |  |
| Peter C. Foy & Associates Insurance Services, LLC | Delayed Draw Term Loan | 4/23/2026 | 269 | (1) |
| Peter C. Foy & Associates Insurance Services, LLC | Revolver | 11/1/2027 | 832 |  |
| Pound Bidco, Inc. | Delayed Draw Term Loan | 2/1/2027 | 1631 | (4) |
| Pound Bidco, Inc. | Delayed Draw Term Loan | 2/1/2027 | 59 |  |
| Pound Bidco, Inc. | Revolver | 2/1/2027 | 1163 | (3) |
| Procure Acquireco, Inc. (Procure Analytics) | Delayed Draw Term Loan | 10/31/2026 | 700 | (3) |
| Procure Acquireco, Inc. (Procure Analytics) | Revolver | 12/20/2028 | 238 |  |
| Project Accelerate Parent, LLC | Revolver | 2/24/2031 | 1250 |  |
| Project Boost Purchaser, LLC | Revolver | 5/2/2028 | 273 |  |
| Project Potter Buyer, LLC | Revolver | 4/23/2026 | 1173 |  |
| Promptcare Infusion Buyer, Inc. | Delayed Draw Term Loan | 10/19/2025 | 1389 | (18) |
| Pye-Barker Fire & Safety, LLC | Delayed Draw Term Loan | 5/24/2026 | 6778 |  |
| Pye-Barker Fire & Safety, LLC | Revolver | 5/24/2030 | 3189 |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| RFS Opco, LLC | Revolver | 4/4/2029 | 410 | (2) |
| Randy's Holdings, Inc. | Delayed Draw Term Loan | 11/1/2025 | 1580 |  |
| Randy's Holdings, Inc. | Revolver | 11/1/2029 | 594 |  |
| Raptor Merger Sub Debt, LLC | Revolver | 4/1/2029 | 1953 | (7) |
| Recovery Point Systems, Inc. | Revolver | 8/12/2026 | 4000 |  |
| Redwood Services Group, LLC | Delayed Draw Term Loan | 2/5/2026 | 151 | (1) |
| Revalize, Inc. | Revolver | 4/15/2027 | 19 | (1) |
| Ridge Trail US Bidco, Inc. | Delayed Draw Term Loan | 8/30/2027 | 8268 | (22) |
| Ridge Trail US Bidco, Inc. | Revolver | 3/31/2031 | 2012 | (5) |
| Riskonnect Parent, LLC | Delayed Draw Term Loan | 3/1/2026 | 1264 | (10) |
| Riskonnect Parent, LLC | Revolver | 12/7/2028 | 915 | (7) |
| RoadOne IntermodaLogistics | Revolver | 12/29/2028 | 255 | (6) |
| Routeware, Inc. | Delayed Draw Term Loan | 9/18/2026 | 1477 |  |
| Routeware, Inc. | Revolver | 9/18/2031 | 341 |  |
| Runway Bidco, LLC | Delayed Draw Term Loan | 12/17/2026 | 2715 | (13) |
| Runway Bidco, LLC | Revolver | 12/17/2031 | 1357 | (13) |
| SV Newco 2, Inc. | Delayed Draw Term Loan | 5/31/2026 | 14319 | (113) |
| SV Newco 2, Inc. | Revolver | 6/2/2031 | 8591 | (68) |
| Securonix, Inc. | Revolver | 4/5/2028 | 3697 | (327) |
| Sherlock Buyer Corp. | Revolver | 12/8/2027 | 1286 |  |
| Smarsh, Inc. | Delayed Draw Term Loan | 2/18/2025 | 536 |  |
| Smarsh, Inc. | Revolver | 2/16/2029 | 161 |  |
| Sonny's Enterprises, LLC | Delayed Draw Term Loan | 6/5/2026 | 1302 | (42) |
| Spark Buyer, LLC | Delayed Draw Term Loan | 10/15/2026 | 875 | (6) |
| Spark Buyer, LLC | Revolver | 10/15/2031 | 438 | (6) |
| Spectrum Automotive Holdings Corp. | Delayed Draw Term Loan | 3/24/2026 | 8432 | (47) |
| Spectrum Automotive Holdings Corp. | Revolver | 6/29/2027 | 881 | (5) |
| Stepping Stones Healthcare Services, LLC | Delayed Draw Term Loan | 4/25/2026 | 1125 | (3) |
| Stepping Stones Healthcare Services, LLC | Revolver | 12/30/2026 | 625 |  |
| Superman Holdings, LLC | Delayed Draw Term Loan | 8/28/2026 | 6552 |  |
| Superman Holdings, LLC | Revolver | 8/29/2031 | 2901 |  |
| Surewerx Purchaser III, Inc. | Delayed Draw Term Loan | 12/28/2025 | 1128 |  |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Surewerx Purchaser III, Inc. | Revolver | 12/28/2028 | 341 |  |
| Suveto | Revolver | 9/9/2027 | 1231 | (12) |
| Suveto Buyer, LLC | Delayed Draw Term Loan | 11/15/2026 | 240 | (1) |
| Sweep Purchaser, LLC | Revolver | 6/30/2027 | 1406 |  |
| Tamarack Intermediate, LLC | Revolver | 3/13/2028 | 900 |  |
| Tank Holding Corp. | Delayed Draw Term Loan | 11/22/2025 | 73 |  |
| Tank Holding Corp. | Revolver | 3/31/2028 | 800 | (16) |
| Thrive Buyer, Inc. (Thrive Networks) | Revolver | 1/22/2027 | 661 |  |
| Tidi Legacy Products, Inc. | Delayed Draw Term Loan | 6/19/2025 | 494 | (1) |
| Tidi Legacy Products, Inc. | Revolver | 12/19/2029 | 356 | (1) |
| Transit Technologies, LLC | Delayed Draw Term Loan | 8/20/2026 | 2841 |  |
| Transit Technologies, LLC | Revolver | 8/20/2030 | 1704 |  |
| Trintech, Inc. | Revolver | 7/25/2029 | 2092 | (31) |
| Triple Lift, Inc. | Revolver | 5/5/2028 | 4000 | (171) |
| Trunk Acquisition, Inc. | Delayed Draw Term Loan | 12/20/2026 | 755 | (4) |
| Trunk Acquisition, Inc. | Revolver | 2/19/2026 | 857 | (4) |
| Two Six Labs, LLC | Delayed Draw Term Loan | 10/9/2025 | 2200 | (6) |
| Two Six Labs, LLC | Revolver | 8/20/2027 | 2134 | (6) |
| UHY Advisors, Inc. | Delayed Draw Term Loan | 11/22/2026 | 2208 | (11) |
| UHY Advisors, Inc. | Revolver | 11/21/2031 | 584 | (6) |
| United Flow Technologies Intermediate Holdco II, LLC | Delayed Draw Term Loan | 6/21/2026 | 4465 |  |
| United Flow Technologies Intermediate Holdco II, LLC | Revolver | 6/21/2030 | 990 |  |
| UpStack, Inc. | Delayed Draw Term Loan | 8/23/2026 | 3750 |  |
| UpStack, Inc. | Revolver | 8/25/2031 | 1275 |  |
| V Global Holdings, LLC | Revolver | 12/22/2025 | 279 | (14) |
| VRC Companies, LLC | Revolver | 6/29/2027 | 1653 |  |
| Vardiman Black Holdings, LLC | Delayed Draw Term Loan | 3/29/2026 | 87 |  |
| Vehlo Purchaser, LLC | Delayed Draw Term Loan | 10/5/2025 | 14495 | (91) |
| Vehlo Purchaser, LLC | Revolver | 5/24/2028 | 143 | (1) |
| Vensure Employer Services, Inc. | Delayed Draw Term Loan | 9/27/2026 | 1719 |  |
| Verdantas, LLC | Delayed Draw Term Loan | 11/8/2026 | 2500 | (18) |
| Verdantas, LLC | Revolver | 5/6/2030 | 1754 | (18) |

---

------

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

**Morgan Stanley Direct Lending Fund**

**Consolidated Schedule of Investments (continued)**

December 31, 2024

*(In thousands, except share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments — non-controlled/non-affiliated** | **Commitment Type** | **Commitment Expiration Date** | **Unfunded Commitment** | **Fair Value** |
| Vertex Service Partners, LLC | Delayed Draw Term Loan | 10/1/2026 | 734 | (3) |
| Vertex Service Partners, LLC | Revolver | 11/8/2030 | 53 |  |
| Vessco Midco Holdings, LLC | Delayed Draw Term Loan | 7/24/2026 | 2750 |  |
| Vessco Midco Holdings, LLC | Revolver | 7/24/2031 | 1244 |  |
| Victors Purchaser, LLC | Delayed Draw Term Loan | 8/15/2026 | 1213 |  |
| Victors Purchaser, LLC | Revolver | 8/15/2031 | 570 |  |
| World Insurance Associates, LLC | Revolver | 4/3/2028 | 1269 | (28) |
| YI, LLC | Delayed Draw Term Loan | 6/1/2025 | 1178 |  |
| YI, LLC | Revolver | 12/3/2029 | 883 |  |
| Zarya Intermediate, LLC | Revolver | 7/1/2027 | 3649 | (4) |
| iCIMS, Inc. | Revolver | 8/18/2028 | 36 |  |
| mPulse Mobile, Inc. | Revolver | 12/17/2027 | 1734 | (22) |
| **Total First Lien Debt Unfunded Commitments** |  |  | $**564839** | $**(3621)** |
| **Total Unfunded Commitments** |  |  | $**564839** | $**(3621)** |

---

**Additional Information** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** | **Interest Rate Swaps(a)(b)(c)** |
| **Counterparty** | **Hedged<br>Instrument** | **Company<br>Receives** | **Company Pays** | **Maturity Date** | **Notional<br>Amount** | **Fair Value** | **Upfront<br>Payments/<br>Receipts** | **Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
| **BNP Paribas** | 2029 Notes | 6.41% | S + 2.37% | 5/17/2029 | 350000 | 445 |  | 445 |

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

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

(c)For further details, see Note 6 "Debt" to our consolidated financial statements included in this report.

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**Morgan Stanley Direct Lending Fund**

**Notes to Consolidated Financial Statements (Unaudited)**

**September 30, 2025**

*(In thousands, except shares and per share amounts)*

**(1) ORGANIZATION**

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

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

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

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

**(2) SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

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

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period's results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2025.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company's consolidated financial position, or the consolidated results of operations as previously reported.

**Use of Estimates**

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

**Consolidation**

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

The Company has formed wholly owned subsidiaries, which are structured as Delaware limited liability companies, for the purpose of holding certain investments in portfolio companies made by the Company. The Company's wholly owned subsidiaries include: DLF CA SPV LLC ("CA SPV"), DLF SPV LLC ("DLF SPV"), DLF Financing SPV LLC ("Financing SPV"), North Haven Private Credit CLO 1 LLC ("CLO 2025-1

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Issuer") and DLF Equity Holdings LLC ("Equity Holdings," and collectively with CA SPV, DLF SPV, Financing SPV and CLO 2025-1 Issuer, the "subsidiaries"). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements.

**Cash, Cash Equivalents and Restricted Cash**

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

**Money Market Funds** 

Investments in money market funds are valued at NAV per share and are included in Investments in unaffiliated money market fund in the Consolidated Statements of Assets and Liabilities.

**Foreign Currency Translation**

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

**Investments**

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

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

**Derivative Instruments**

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

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**Revenue Recognition**

*Interest Income*

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

*PIK Income*

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

*Dividend Income*

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

*Other Income*

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

*Non-Accrual Investments*

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

As of September 30, 2025 and December 31, 2024, the Company had certain investments in four and two portfolio companies, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as of September 30, 2025 and December 31, 2024 was $47,551 and $8,117, respectively.

**Offering Costs**

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

**Deferred Financing Costs and Debt Issuance Costs**

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

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**Income Taxes**

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

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

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

In addition, based on the excise distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98 % of its ordinary income for each calendar year, (2) 98.2 % of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and nine months ended September 30, 2025, the Company accrued $402 and $1,229 of U.S. federal excise tax, respectively. For the three and nine months ended September 30, 2024, the Company accrued $501 and $1,437 of U.S. federal excise tax, respectively.

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

**Segment Reporting**

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

**Recent Accounting Pronouncements**

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

**(3) SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS**

**Investment Advisory Agreement**

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

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

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

*Base Management Fee*

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

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

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

For the three and nine months ended September 30, 2025, Base Management Fees were $9,628 and $28,229, net of waiver, respectively. For the three and nine months ended September 30, 2024, Base Management Fees were and $6,825 and $18,437, net of waiver, respectively. As of September 30, 2025 and December 31, 2024, $9,628 and $7,042, respectively, were payable to the Investment Adviser relating to Base Management Fees.

*Incentive Fee*

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

&nbsp;&nbsp;&nbsp;&nbsp;*i. Incentive Fee Based on Income*

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•100% of pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% in any calendar quarter (7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.8182%) is referred to as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 17.5% of the Company's pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•17.5% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds 1.8182% in any calendar quarter (7.2728% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of the Company's pre-incentive fee net investment income that exceeds the catch-up amount is paid to the Adviser.

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

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

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

For the three and nine months ended September 30, 2025, income based incentive fees were $9,281 and $28,029, net of waiver respectively. For the three and nine months ended September 30, 2024, income based incentive fees were $8,448 and $28,476, net of waiver respectively. As of September 30, 2025 and December 31, 2024, $9,281 and $8,956, respectively, were payable to the Investment Adviser relating to income based incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;*ii. Incentive Fee Based on Capital Gains*

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

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

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

For the three and nine months ended September 30, 2025, the Investment Adviser accrued $0 and $0 capital gains incentive fees. For the three and nine months ended September 30, 2024, the Investment Adviser accrued $0 and $0 capital gains incentive fees. The Investment Advisory Agreement does not permit unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end.

As of September 30, 2025 and December 31, 2024, $0 and $0, respectively, were payable to the Investment Adviser relating to capital gains incentive fees payable.

**Administration Agreement**

MS Private Credit Administrative Services LLC (the "Administrator") is the administrator of the Company pursuant to an administration agreement (the "Administration Agreement"). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and

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

For the three and nine months ended September 30, 2025, the Company incurred $81 and $228, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

For the three and nine months ended September 30, 2024, the Company incurred $138 and $180, respectively, in expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations.

Amounts unpaid and included in payable to affiliates on the Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 were $133 and $29, respectively.

**Sub-Administration Agreement**

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

**MS Credit Partners Holdings, Inc. Investment**

MS Credit Partners Holdings, Inc. ("MS Credit Partners Holdings"), a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200,000 to the Company pursuant to a subscription agreement entered into in December 2019, which had been fully funded as of October 4, 2023. As of September 30, 2025 and December 31, 2024, MS Credit Partners Holdings held approximately 11.2% and 11.0% of the Company's outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.

**Morgan Stanley & Co. Related Transactions**

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

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

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

**(4) INVESTMENTS**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair Value** | **Cost** | **Fair Value** | **% of Total<br>Investments<br>at Fair Value** |
| First Lien Debt | $3686876 | $3638914 | 96.3% | $3669886 | $3654538 | 96.5% |
| Second Lien Debt | 82757 | 72101 | 1.9 | 78803 | 69367 | 1.8 |
| Other Debt Investments | 11566 | 9954 | 0.3 | 9755 | 9198 | 0.2 |
| Equity | 56523 | 54828 | 1.5 | 54683 | 58391 | 1.5 |
| Total | $3837722 | $3775797 | 100.0% | $3813127 | $3791494 | 100.0% |

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

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Aerospace & Defense | 2.3% | 2.2% |
| Air Freight & Logistics | 0.4 | 0.3 |
| Automobile Components | 3.1 | 3.0 |
| Automobiles | 3.7 | 3.6 |
| Beverages | 0.1 |  |
| Biotechnology |  | 0.7 |
| Building Products | 0.4 | 0.4 |
| Chemicals | 0.5 | 0.5 |
| Commercial Services & Supplies | 9.4 | 9.1 |
| Construction & Engineering | 2.2 | 2.0 |
| Consumer Staples Distribution & Retail | 0.8 | 0.7 |
| Containers & Packaging | 1.2 | 1.2 |
| Distributors | 2.0 | 2.3 |
| Diversified Consumer Services | 4.9 | 4.7 |
| Electrical Equipment | 0.3 | 0.1 |
| Electronic Equipment, Instruments & Components | 2.3 | 2.1 |
| Financial Services | 3.4 | 2.5 |
| Food Products | 1.3 | 2.0 |
| Ground Transportation | 1.0 | 0.6 |
| Health Care Equipment & Supplies | 0.3 | 0.6 |
| Health Care Providers & Services | 5.0 | 5.0 |
| Health Care Technology | 1.6 | 1.6 |
| Industrial Conglomerates | 1.6 | 1.2 |
| Insurance Services | 10.2 | 12.0 |
| Interactive Media & Services | 2.1 | 2.6 |
| IT Services | 8.6 | 8.9 |
| Life Sciences Tools & Services | 0.3 | 0.3 |
| Machinery | 1.1 | 0.9 |
| Multi-Utilities | 0.6 | 0.6 |
| Pharmaceuticals | 0.6 | 0.3 |
| Professional Services | 5.2 | 5.4 |
| Real Estate Management & Development | 3.7 | 3.6 |
| Software | 19.5 | 18.9 |
| Wireless Telecommunication Services | 0.3 | 0.1 |
| **Total** | 100.0% | 100.0% |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total <br>Investments at <br>Fair Value** | **Cost** | **Fair Value** | **% of Total <br>Investments at <br>Fair Value** |
| Australia | $12976 | $13147 | 0.3% | $8798 | $8970 | 0.2% |
| Canada | 126977 | 127843 | 3.4 | 153734 | 154953 | 4.1 |
| United Kingdom | 12807 | 12918 | 0.3 | 12411 | 12196 | 0.3 |
| United States | 3684962 | 3621889 | 96.0 | 3638184 | 3615375 | 95.4 |
| **Total** | $3837722 | $3775797 | 100.0% | $3813127 | $3791494 | 100.0% |

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**(5) FAIR VALUE MEASUREMENTS**

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to each portfolio company or investment for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•With respect to each portfolio company or investment for which market quotations are not readily available, the Valuation Designee will engage one or more Valuation Firms to provide a preliminary independent valuations of the investments to the Valuation Designee. The Valuation Firms independently value such investments using quantitative and qualitative information according to the valuation methodologies in the Investment Adviser's valuation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee reviews the recommended valuations and determines the fair value of each investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Valuation Designee provides to the valuation committee, which is comprised of members of the Investment Adviser's senior management, its valuation recommendation along with valuation-related information for each portfolio company or investment;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Board and Audit Committee each oversee the Valuation Designee and the valuation process.

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

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

The following tables present the fair value hierarchy of investments:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| First Lien Debt | $— | $20450 | $3618464 | $3638914 | $— | $51329 | $3603209 | $3654538 |
| Second Lien Debt |  | 22504 | 49597 | 72101 |  | 36016 | 33351 | 69367 |
| Other Debt Investments | **—** | **—** | 9954 | 9954 | **—** |  | 9198 | 9198 |
| Equity | **—** | **—** | 38844 | 38844 | **—** |  | 41198 | 41198 |
| **Subtotal** | $— | $42954 | $3716859 | $3759813 | $— | $87345 | $3686956 | $3774301 |
| Investment measured at net asset value<sup>(1)</sup> |  |  |  | 15984 |  |  |  | 17193 |
| **Total Investments** |  |  |  | $3775797 |  |  |  | $3791494 |
| Cash and cash equivalents | $65472 | $— | $— | $65472 | $63396 | $— | $— | $63396 |
| Unaffiliated money market fund | $10051 | $— | $— | $10051 | $8976 | $— | $— | $8976 |

---

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

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien<br>Debt** | **Second Lien<br>Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $3630247 | $49743 | $9773 | $37172 | $3726935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 196970 |  |  | 1584 | 198554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (200094) |  |  | (349) | (200443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 4045 | 30 | 6 |  | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 3158 | 289 | 279 | 598 | 4324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (15841) | (465) | (104) | (204) | (16614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (21) |  |  | 43 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out) of Level 3<sup>(3)</sup> |  |  |  |  |  |
| **Fair value, end of period** | $3618464 | $49597 | $9954 | $38844 | $3716859 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $(15169) | $(465) | $(104) | $(204) | $(15942) |

---

(1)Purchases may include investments received in corporate action and restructurings.

(2)Sales may include investments received in corporate action and restructurings.

(3)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Second Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $3603209 | $33351 | $9198 | $41198 | $3686956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 606319 | 3064 | 1021 | 2738 | 613142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (610206) |  |  | (4498) | (614704) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 12073 | 79 | 16 |  | 12168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 10177 | 804 | 772 | 1625 | 13378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (31910) | (1278) | (1053) | (4194) | (38435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (1366) |  |  | 1975 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out) of Level 3<sup>(3)</sup> | 30168 | 13577 |  |  | 43745 |
| **Fair value, end of period** | $3618464 | $49597 | $9954 | $38844 | $3716859 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2025 | $(29045) | $(1278) | $(1053) | $(2824) | $(34200) |

---

(1)Purchases may include investments received in corporate action and restructurings.

(2)Sales may include investments received in corporate action and restructurings.

(3)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Second Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $3319052 | $67286 | $8467 | $41505 | $3436310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 374998 |  |  | 1222 | 376220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (232124) | (19000) |  | (1481) | (252605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 4355 | 272 | 5 |  | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 1902 | 238 | 222 | 274 | 2636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2760) | 9875 | 115 | (1721) | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (219) | (10505) |  | (244) | (10968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out) of Level 3<sup>(3)</sup> |  |  |  |  |  |
| **Fair value, end of period** | $3465204 | $48166 | $8809 | $39555 | $3561734 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $(2555) | $(399) | $115 | $(1003) | $(3842) |

---

(1)Purchases may include investments received in corporate action and restructurings.

(2)Sales may include investments received in corporate action and restructurings.

(3)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the nine months ended September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **First Lien Debt** | **Second Lien Debt** | **Other Debt Investments** | **Equity** | **Total Investments** |
| **Fair value, beginning of period** | $2979870 | $96848 | $2064 | $38572 | $3117354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments<sup>(1)</sup> | 1035811 | 836 | 5770 | 3738 | 1046155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from principal repayments and sales of investments<sup>(2)</sup> | (569419) | (44229) |  | (1481) | (615129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount/amortization of premium | 11099 | 698 | 11 |  | 11808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind | 6479 | 604 | 336 | 1555 | 8974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 8261 | 3914 | 628 | (2585) | 10218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | (4969) | (10505) |  | (244) | (15718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers into/(out) of Level 3<sup>(3)</sup> | (1928) |  |  |  | (1928) |
| **Fair value, end of period** | $3465204 | $48166 | $8809 | $39555 | $3561734 |
| Net change in unrealized appreciation (depreciation) from investments still held as of September 30, 2024 | $4396 | $(612) | $628 | $(2151) | $2261 |

---

(1)Purchases may include investments received in corporate action and restructurings.

(2)Sales may include investments received in corporate action and restructurings.

(3)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  |  |  |  | **Range**<sup>(1)</sup> | **Range**<sup>(1)</sup> |  |
| **Asset Category** | **Fair <br>Value** | **Valuation Technique**<sup>(2)</sup> | **Significant Unobservable <br>Input** | **Low** | **High** | **Weighted <br>Average**<sup>(3)</sup> |
| Investments in first lien debt | $3593254 | Yield Analysis | Discount Rate | 6.77% | 29.40% | 9.56% |
|  | 25210 | Market Approach | EBITDA Multiple | 7.50x | 10.00x | 8.65x |
| Investments in second lien debt | 46451 | Yield Analysis | Discount Rate | 10.02% | 21.43% | 18.85% |
|  | 3146 | Market Approach | EBITDA Multiple |  |  | 8.25x |
| Investments in other securities: |  |  |  |  |  |  |
| Other debt investments | 8868 | Yield Analysis | Discount Rate | 14.45% | 15.20% | 14.62% |
|  | 1086 | Market Approach | EBITDA Multiple | 8.25x | 9.00x | 8.25x |
| Preferred equity | 19310 | Income Approach | Discount Rate | 11.59% | 15.66% | 12.72% |
|  | 4028 | Market Approach | EBITDA Multiple | 8.25x | 15.43x | 13.36x |
| Common equity | 12108 | Market Approach | EBITDA Multiple | 1.50x | 24.60x | 11.59x |
|  | 3398 | Market Approach | Revenue Multiple | 3.30x | 22.25x | 10.65x |
| **Total Investments** | $3716859 |  |  |  |  |  |

---

(1)For an asset category that contains a single investment, the range is not included.

(2)During the nine months ended September 30, 2025, two preferred equity positions with a combined fair value of $2.8 million transitioned from an income approach to a market approach valuation technique, three debt investments with a combined fair value of $25.2 million transitioned from a yield analysis to market approach valuation technique, and one debt investment with a fair value of $0.2 million transitioned from market approach to yield analysis valuation technique.

(3)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  |  |  |  | **Range**<sup>(1)</sup> | **Range**<sup>(1)</sup> |  |
| **Asset Category** | **Fair <br>Value** | **Valuation Technique**<sup>(2)</sup> | **Significant Unobservable <br>Input** | **Low** | **High** | **Weighted <br>Average**<sup>(3)</sup> |
| Investments in first lien debt | $3597236 | Yield Analysis | Discount Rate | 8.05% | 34.06% | 10.31% |
|  | 5973 | Market Approach | EBITDA Multiple |  |  | 6.50x |
| Investments in second lien debt | 33351 | Yield Analysis | Discount Rate | 10.18% | 16.41% | 15.09% |
| Investments in other securities |  |  |  |  |  |  |
| Other debt investments | 8313 | Yield Analysis | Discount Rate | 9.42% | 14.90% | 10.74% |
|  | 885 | Market Approach | EBITDA Multiple |  |  | 9.00x |
| Preferred equity | 22694 | Income Approach | Discount Rate | 12.15% | 17.50% | 13.71% |
|  | 923 | Market Approach | EBITDA Multiple |  |  | 8.50x |
| Common equity | 14442 | Market Approach | EBITDA Multiple | 3.90x | 18.70x | 13.47x |
|  | 3139 | Market Approach | Revenue Multiple | 7.60x | 12.70x | 8.80x |
| **Total Investments** | $3686956 |  |  |  |  |  |

---

(1)For an asset category that contains a single investment, the range is not included.

(2)During the year ended December 31, 2024, one unsecured debt position with a fair value of $2.01 million transitioned from an income approach to a yield analysis valuation technique.

(3)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

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

***Financial instruments disclosed but not carried at fair value***

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Level** | **Carrying Value** | **Fair Value** | **Carrying Value** | **Fair Value** |
| BNP Funding Facility | 3 | $351000 | $351000 | $316000 | $316000 |
| Truist Credit Facility | 3 | 293120 | 293120 | 617401 | 617401 |
| CLO 2025-1 Issued Debt<sup>(1)</sup> | 3 | 306196 | 309000 |  |  |
| 2027 Notes<sup>(2)</sup> | 2 | 423171 | 423895 | 422174 | 418370 |
| 2025 Notes<sup>(2)</sup> | 3 |  |  | 274144 | 275000 |
| 2029 Notes<sup>(2)(3)</sup> | 3 | 351822 | 357462 | 343760 | 350455 |
| 2030 Notes<sup>(2)(3)</sup> | 3 | 347091 | 354581 |  |  |
| **Total** |  | $2072400 | $2089059 | $1973479 | $1977226 |

---

(1)As of September 30, 2025 and December 31, 2024, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,804 and $0, respectively.

(2)As of September 30, 2025, the carrying value of the Company's 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,537, $0, $2,823 and $4,016 and unamortized original issuance discount of $292, $0, $2,817 and $3,475, respectively. As of December 31, 2024, the carrying value of the Company's 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856, $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(3)Inclusive of change in fair market value of effective hedge.

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

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**(6) DEBT**

The Company's debt obligations were as follows.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** |
| BNP Funding Facility | $600000 | $351000 | $249000 | $600000 | $316000 | $284000 |
| Truist Credit Facility<sup>(1)</sup> | 1450000 | 293120 | 1147105 | 1300000 | 617401 | 680770 |
| CLO 2025-1 Issued Debt<sup>(2)</sup> | 309000 | 309000 |  |  |  |  |
| 2027 Notes<sup>(3)</sup> | 425000 | 425000 |  | 425000 | 425000 |  |
| 2025 Notes<sup>(3)(4)</sup> |  |  |  | 275000 | 275000 |  |
| 2029 Notes<sup>(3)</sup> | 350000 | 350000 |  | 350000 | 350000 |  |
| 2030 Notes<sup>(3)</sup> | 350000 | 350000 |  |  |  |  |
| **Total** | $3484000 | $2078120 | $1396105 | $2950000 | $1983401 | $964770 |

---

(1)As of September 30, 2025 and December 31, 2024, a letter of credit of $9,775 and $1,828, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 3,298 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.

(2)As of September 30, 2025 and December 31, 2024, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,804 and $0, respectively.

(3)As of September 30, 2025, the carrying value of the Company's 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,537, $0, $2,823 and $4,016 and unamortized original issuance discount of $292, $0, $2,817 and $3,475, respectively. As of December 31, 2024, the carrying value of the Company's 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856, $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(4)The 2025 Notes were redeemed on June 16, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Combined weighted average interest rate <sup>(1)</sup> | 5.85% | 6.45% | 5.96% | 6.56% |
| Combined weighted average effective interest rate <sup>(2)</sup> | 6.32% | 6.89% | 6.40% | 7.00% |
| Combined weighted average debt outstanding | $2021437 | $1799879 | $2032797 | $1614402 |

---

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

(2)Excludes unused commitment fees and net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items.

As of September 30, 2025 and December 31, 2024, the Company was in compliance with all covenants and other requirements of each of the credit facilities, debt securitizations and each of the respective unsecured notes.

***BNP Funding Facility***

On October 14, 2020, Financing SPV entered into a Revolving Credit and Security Agreement (as amended, restated or otherwise modified from time to time, the "Credit and Security Agreement") with Financing SPV, as the borrower, BNP Paribas ("BNP"), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the "BNP Funding Facility"). As of September 30, 2025, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period is 1.95% and, after the reinvestment period, 2.45%. The obligations of Financing SPV under the BNP Funding Facility are secured by the assets held by Financing SPV. The BNP Funding Facility reinvestment period ends on August 21, 2027, and the facility has a final maturity date of August 21, 2029.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $5727 | $4137 | $16170 | $15382 |
| Facility unused commitment fees | 323 | 736 | 1258 | 1523 |
| Amortization of deferred financing costs | 416 | 346 | 1225 | 1173 |
| Total | $6466 | $5219 | $18653 | $18078 |
| Weighted average interest rate | 6.55% | 7.90% | 6.56% | 8.10% |
| Weighted average effective interest rate | 7.02% | 8.56% | 7.06% | 8.75% |
| Weighted average outstanding balance | $342250 | $204957 | $324846 | $249387 |

---

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***Truist Credit Facility***

On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (as amended, restated or otherwise modified from time to time, the "Truist Credit Facility"). The maximum principal amount of the Truist Credit Facility is $1,450,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of September 30, 2025, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $2,175,000. The Truist Credit Facility is guaranteed by certain domestic subsidiaries of the Company (the "Guarantors"). The Company's obligations to the lenders under the Truist Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and each Guarantor, subject to certain exceptions.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $8047 | $10182 | $27273 | $27342 |
| Facility unused commitment fees | 882 | 741 | 2324 | 2156 |
| Amortization of deferred financing costs | 651 | 524 | 1853 | 1553 |
| Total | $9580 | $11447 | $31450 | $31051 |
| Weighted average interest rate | 6.21% | 7.31% | 6.24% | 7.33% |
| Weighted average effective interest rate | 6.71% | 7.69% | 6.66% | 7.78% |
| Weighted average outstanding balance | $507165 | $544923 | $576812 | $490015 |

---

***Unsecured Notes***

***2027 Notes***

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

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

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

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The summary information of 2027 Notes is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $4781 | $4781 | $14344 | $14344 |
| Accretion of original issuance discount | 54 | 53 | 160 | 159 |
| Amortization of debt issuance costs | 536 | 283 | 1096 | 851 |
| Total | $5371 | $5117 | $15600 | $15354 |
| Stated interest rate | 4.50% | 4.50% | 4.50% | 4.50% |
| Weighted average effective interest rate | 4.95% | 4.71% | 4.84% | 4.76% |

---

***2025 Notes***

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

The summary information of 2025 Notes is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $— | $5191 | $9516 | $15572 |
| Amortization of debt issuance costs |  | 305 | 605 | 910 |
| Total | $— | $5496 | $10121 | $16482 |
| Stated interest rate | —% | 7.55% | 7.55% | 7.55% |
| Weighted average effective interest rate | —% | 7.82% | 7.98% | 7.90% |

---

***2029 Notes***

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

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

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

In connection with the offering of the 2029 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.413% per annum and pays a floating interest rate of SOFR + 2.37% per annum on $350,000 of the 2029 Notes on a quarterly basis, commencing with the quarter ended September 30, 2025. For the three and nine months ended September 30, 2025, the Company made payments of $6,054 and $6,054, respectively. The swap adjusted interest expense is included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $7,483. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "other assets" on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2029 Notes, with the remaining difference included as a component of interest and other "financing expenses" on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

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The summary information of 2029 Notes is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $5699 | $5381 | $16647 | $8012 |
| Accretion of original issuance discount | 196 | 197 | 581 | 293 |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | 21 | (26) | (30) | (33) |
| Amortization of debt issuance costs | 203 | 322 | 777 | 480 |
| Total | $6119 | $5874 | $17975 | $8752 |
| Stated interest rate | 6.15% | 6.15% | 6.15% | 6.15% |
| Weighted average effective interest rate | 6.82% | 6.57% | 6.78% | 6.57% |

---

***2030 Notes***

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

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

In connection with the offering of the 2030 Notes, the Company entered into over-the-counter interest rate swaps pursuant to which the Company receives a fixed interest rate of 6.25% per annum and pays a floating interest rate of SOFR + 2.54% per annum on $350,000 of the 2030 Notes on a quarterly basis, commencing with the quarter ending June 30, 2026. For the three and nine months ended September 30, 2025, the Company paid no periodic payments. The swap adjusted interest expense is included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. As of September 30, 2025, the interest rate swaps had a fair value of $4,580. Based on the fair value measurement hierarchy, the swaps are classified as Level 3 investments. Depending on the nature of the balance at period end, the fair value of the interest rate swaps are either included as a component of "accrued expenses and other liabilities" or "other assets" on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swaps is offset by the change in fair value of the 2030 Notes, with the remaining difference included as a component of "interest and other financing expenses" on the Company's Consolidated Statements of Operations. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

The summary information of 2030 Notes is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $5250 | $— | $7700 | $— |
| Accretion of original issuance discount | 189 |  | 277 |  |
| Net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items | 11 |  | 2 |  |
| Amortization of debt issuance costs | 208 |  | 300 |  |
| Total | $5658 | $— | $8279 | $— |
| Stated interest rate | 6.00% | —% | 6.00% | —% |
| Weighted average effective interest rate | 6.31% | —% | 6.31% | —% |

---

***Debt Securitization***

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

*CLO 2025-1 Notes*

On September 17, 2025 (the "Closing Date"), CLO 2025-1 Issuer completed a $401.2 million term debt securitization (the "2025-1 Debt Securitization"). Term debt securitizations are also known as collateralized loan obligations and are a form of secured financing incurred by a subsidiary of the Company, which is consolidated by the Company for financial reporting purposes and subject to its overall asset coverage

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requirement. The notes and loans offered in the 2025-1 Debt Securitization (collectively, the "CLO 2025-1 Notes") were issued by CLO 2025-1 Issuer, an indirectly wholly-owned and consolidated (for tax and accounting purposes) subsidiary of the Company.

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

As of September 30, 2025, there were 103 portfolio companies with a total fair value of $397,928 securing the CLO 2025-1 Debt The pool of loans in the 2025-1 Debt Securitization must meet certain requirements, set forth in the documents governing the 2025-1 Debt Securitization.

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Description** | **Type** | **Principal Outstanding** | **Interest Rate** | **Credit Rating** |
| Class A-1 | Senior Secured Floating Rate | 182000 | S + 1.54% | AAA |
| Class A-1 Loan | Senior Secured Floating Rate | 50000 | S + 1.54% | AAA |
| Class A-2 | Senior Secured Floating Rate | 16000 | S + 1.70% | AAA |
| Class B | Senior Secured Floating Rate | 24000 | S + 1.90% | AA |
| Class C | Secured Deferrable Floating Rate | 32000 | S + 2.40% | A |
| Class D<sup>(1)</sup> | Secured Deferrable Floating Rate | 24000 | S + 3.55% | BBB- |
| **Total CLO 2025-1 Senior Secured Debt** |  | **328000** |  |  |
| Subordinated Notes<sup>(2)</sup> |  | 73200 |  | Not Rated |
| **Total CLO 2025-1 Debt** |  | **401200** |  |  |

---

(1)The Company retained $19.0 million of the Class D Notes.

(2)The Company retained all of the Subordinated Notes issued in the 2025-1 Debt Securitization which are eliminated in consolidation.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Borrowing interest expense | $701 | $— | $701 | $— |
| Amortization of debt issuance costs | 8 |  | 8 |  |
| Total | $709 | $— | $709 | $— |
| Stated interest rate | 5.83% | —% | 5.83% | —% |
| Weighted average effective interest rate | 5.90% | —% | 5.90% | —% |

---

**(7) COMMITMENTS AND CONTINGENCIES**

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

The Company's investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of September 30, 2025 and December 31, 2024, the Company had $519,349 and $564,839 of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

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**(8) NET ASSETS**

**Equity**

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

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| Total distributable earnings (loss), beginning of period | $29624 | $8459 |
| Net investment income (loss) after taxes | 133615 | 220235 |
| Net realized gain (loss) | 666 | (16467) |
| Net unrealized appreciation (depreciation) | (40914) | 11796 |
| Dividends declared | (130897) | (195729) |
| Tax reclassification of stockholders' equity |  | 1330 |
| **Total distributable earnings (loss), end of period** | $(7906) | $29624 |

---

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

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

**At-the-market ("ATM") Offering**

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

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

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

For the three and nine months ended September 30, 2025, there were no shares issued through ATM offerings.

**Distributions**

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

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The following table summarizes the Company's distributions declared as well as the DRIP shares issued for the nine months ended September 30, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date<br>Declared** | **Record<br>Date** | **Payment<br>Date** | **Per Share<br>Amount** | **Shares** |
| **For the nine months ended September 30, 2025** |  |  |  |  |
| February 27, 2025 | March 31, 2025 | April 25, 2025 | $0.50 | 438274<br><sup>(2)</sup> |
| May 08, 2025 | June 30, 2025 | July 25, 2025 | 0.50 | 400773<br><sup>(2)</sup> |
| August 05, 2025 | September 30, 2025 | October 24, 2025 | 0.50 | 434456<br><sup>(2)</sup> |
|  |  |  | $1.50 | 1273503 |
| **For the nine months ended September 30, 2024** |  |  |  |  |
| February 29, 2024 | March 29, 2024 | April 25, 2024 | $0.50 | 512519 |
| May 08, 2024 | June 28, 2024 | July 25, 2024 | 0.50 | 553637<br><sup>(2)</sup> |
| January 11, 2024 | August 05, 2024 | October 25, 2024 | 0.10 | 111159<br><sup>(1)(2)</sup> |
| August 06, 2024 | September 30, 2024 | October 25, 2024 | 0.50 | 546673<br><sup>(2)</sup> |
|  |  |  | $1.60 | 1723988 |

---

(1)Represents a special distribution declared by the Board on January 11, 2024.

(2)In accordance with the Company's DRIP, shares were purchased in the open market.

**Share Repurchase Plan**

On January 25, 2024, the Company entered into a share repurchase plan (the "Company 10b5-1 Plan") to acquire up to $100 million in the aggregate of the Company's Common Stock at prices below the Company's net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company 10b5-1 Plan was approved by the Board of Directors on September 11, 2023 (the "Original Company 10b5-1 Plan"). On February 27, 2025, the Board authorized an amended and restated share repurchase plan (or the "Amended and Restated Company 10b5-1 Plan"). Under the Amended and Restated Company 10b5-1 Plan, the Company may acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The Amended and Restated Company 10b5-1 Plan will terminate upon the earliest to occur of (i) 24-months from the commencement date of the Original Company 10b5-1 Plan, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Amended and Restated Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Amended and Restated Company 10b5-1 Plan.

The Amended and Restated Company 10b5-1 Plan requires Wells Fargo Securities, LLC, as the Company's agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Amended and Restated Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company's Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Amended and Restated Company 10b5-1 Plan, the market price of the Company's Common Stock and trading volumes, and no assurance can be given that Common Stock will be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Amended and Restated Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Amended and Restated Company 10b5-1 Plan commenced on February 28, 2025.

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The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan and the Amended and Restated Company 10b5-1 Plan during the nine months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total<br>Number<br>of Shares<br>Purchased** | **Average Price<br>Paid per<br>Share** | **Total<br>Number<br>of Shares<br>Purchased<br>as Part of<br>Publicly<br>Announced<br>Plans or<br>Programs** | **Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)** |
| January 1 - January 31, 2025\* | 11401 | $20.31 | 11401 | $81.9 |
| February 1 - February 27, 2025\* |  |  |  | 81.9 |
| February 28, 2025 | 20789 | 20.24 | 20789 | 99.6 |
| March 1 - March 31, 2025 | 459142 | 20.38 | 459142 | 90.2 |
| April 1 - April 30, 2025 | 753096 | 18.79 | 753096 | 76.1 |
| May 1 - May 31, 2025 | 277558 | 19.22 | 277558 | 70.7 |
| June 1 - June 30, 2025 | 26473 | 19.54 | 26473 | 70.2 |
| July 1 - July 31, 2025 | 93507 | 18.99 | 93507 | 68.4 |
| August 1 - August 31, 2025 | 57910 | 18.45 | 57910 | 67.4 |
| September 1 - September 30, 2025 |  |  |  | 67.4 |
| **Total Repurchases** | 1699876 |  | 1699876 |  |

---

\* Purchased under the Original Company 10b5-1 Plan

The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan during the nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total<br>Number<br>of Shares<br>Purchased** | **Average Price<br>Paid per<br>Share** | **Total<br>Number<br>of Shares<br>Purchased<br>as Part of<br>Publicly<br>Announced<br>Plans or<br>Programs** | **Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)** |
| January 1 - June 30, 2024 |  | $— |  | $100.0 |
| July 1 - July 31, 2024 | 39344 | 19.99 | 39344 | 99.2 |
| August 1 - August 31, 2024 | 217796 | 20.10 | 217796 | 94.8 |
| September 1 - September 30, 2024 | 172513 | 20.04 | 172513 | 91.4 |
| **Total Repurchases** | 429653 |  | 429653 |  |

---

**(9) EARNINGS (LOSS) PER SHARE**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Numerator—net increase/(decrease) in net assets resulting<br> from operations | $27601 | $53206 | $93367 | $163935 |
| Denominator—weighted average shares outstanding | 86844648 | 89264686 | 87476954 | 88633994 |
| Basic and diluted earnings (loss) per share | $0.32 | $0.60 | $1.07 | $1.85 |

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**(10) CONSOLIDATED FINANCIAL HIGHLIGHTS**

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

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **Per Share Data:**<sup>(1)</sup> |  |  |
| Net asset value, beginning of period | $20.81 | $20.67 |
| Net investment income (loss) | 1.53 | 1.91 |
| Net unrealized and realized gain (loss)<sup>(2)</sup> | (0.43) | (0.07) |
| Net increase (decrease) in net assets resulting from operations | 1.10 | 1.84 |
| Dividends declared | (1.50) | (1.60) |
| Issuance of common stock, net of underwriting and offering costs |  | (0.08) |
| Total increase (decrease) in net assets | (0.40) | 0.16 |
| Net asset value, end of period | $20.41 | $20.83 |
| Per share market value, end of period | 16.08 | 19.78 |
| Shares outstanding, end of period | 86811212 | 89008972 |
| Weighted average shares outstanding | 87476954 | 88633994 |
| Total return based on net asset value<sup>(3)</sup> | 6.18% | 9.00% |
| Total return based on market value<sup>(4)</sup> | (15.74)% | 3.51% |
| **Ratio/Supplemental Data (all amounts in thousands except ratios and shares):** |  |  |
| Net assets, end of period<sup>(5)</sup> | $1771611 | $1853722 |
| Ratio of net expenses to average net assets<sup>(5)</sup> | 11.72% | 9.77% |
| Ratio of expenses before waivers to average net assets<sup>(5)</sup> | 11.79% | 10.56% |
| Ratio of net investment income to average net assets<sup>(5)</sup> | 10.30% | 12.65% |
| Asset coverage ratio<sup>(6)</sup> | 185.00% | 200.03% |
| Portfolio turnover rate | 16.06% | 17.97% |

---

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

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

(3)Total return (not annualized) is calculated assuming a purchase of Common Stock at the opening of the first day of the period and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company's DRIP.

(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company's DRIP. For the nine months ended September 30, 2024, the beginning market value per share is based on the initial public offering price of $20.67 per share and not annualized.

(5)Amounts are annualized except for incentive fees, organization and offering costs and other expenses for which expense support was provided, as applicable.

(6)Effective December 17, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to December 17, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

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**(11) SENIOR SECURITIES**

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

---

| | | | |
|:---|:---|:---|:---|
| **<u>Class and Period</u>** | **Total Amount Outstanding Exclusive of Treasury Securities**<sup>(1)</sup> | **Asset Coverage per Unit**<sup>(2)</sup> | **Liquidating Preference per Unit**<sup>(3)</sup> |
|  | **($ in thousands)** | **($ in thousands)** |  |
| **CLO 2025-1 Notes** |  |  |  |
| September 30, 2025 (unaudited) | $309000 | 1850 | —<br> N/A<sup>(4)</sup> |
| **2025 Notes** |  |  |  |
| December 31, 2024 | $275000 | 1930 | —<br> N/A<sup>(4)</sup> |
| December 31, 2023 | $275000 | 2146 | —<br> N/A<sup>(4)</sup> |
| December 31, 2022 | $275000 | 1912 | —<br> N/A<sup>(4)</sup> |
| **2027 Notes** |  |  |  |
| September 30, 2025 (unaudited) | $425000 | 1850 | —<br> N/A<sup>(4)</sup> |
| December 31, 2024 | $425000 | 1930 | —<br> N/A<sup>(4)</sup> |
| December 31, 2023 | $425000 | 2146 | —<br> N/A<sup>(4)</sup> |
| December 31, 2022 | $425000 | 1912 | —<br> N/A<sup>(4)</sup> |
| **2029 Notes** |  |  |  |
| September 30, 2025 (unaudited) | $350000 | 1850 | —<br> N/A<sup>(4)</sup> |
| December 31, 2024 | $350000 | 1930 | —<br> N/A<sup>(4)</sup> |
| **2030 Notes** |  |  |  |
| September 30, 2025 (unaudited) | $350000 | 1850 | —<br> N/A<sup>(4)</sup> |
| **Truist Credit Facility** |  |  |  |
| September 30, 2025 (unaudited) | $293120 | 1850 | —<br> N/A<sup>(4)</sup> |
| December 31, 2024 | $617401 | 1930 | —<br> N/A<sup>(4)</sup> |
| December 31, 2023 | $520263 | 2146 | —<br> N/A<sup>(4)</sup> |
| December 31, 2022 | $432254 | 1912 | —<br> N/A<sup>(4)</sup> |
| December 31, 2021 | $476000 | 1951 | —<br> N/A<sup>(4)</sup> |
| **BNP Funding Facility** |  |  |  |
| September 30, 2025 (unaudited) | $351000 | 1850 | —<br> N/A<sup>(4)</sup> |
| December 31, 2024 | $316000 | 1930 | —<br> N/A<sup>(4)</sup> |
| December 31, 2023 | $282000 | 2146 | —<br> N/A<sup>(4)</sup> |
| December 31, 2022 | $400000 | 1912 | —<br> N/A<sup>(4)</sup> |
| December 31, 2021 | $463500 | 1951 | —<br> N/A<sup>(4)</sup> |
| **CIBC Subscription Facility** |  |  |  |
| December 31, 2021 | $310350 | 1951 | —<br> N/A<sup>(4)</sup> |
| December 31, 2020 | $333850 | 1903 | —<br> N/A<sup>(4)</sup> |
| December 31, 2019 | $— |  | —<br> N/A<sup>(4)</sup> |

---

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The " - " in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading on a stock exchange.

**(12) SUBSEQUENT EVENTS**

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

On November 4, 2025, the Board declared a distribution of $0.50 per share, which is payable on or around January 23, 2026 to shareholders of record as of December 31, 2025.

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

In this Quarterly Report on Form 10-Q, or this "Report", except where context suggests otherwise, the terms "Company," "we," "our" or "us" refers to Morgan Stanley Direct Lending Fund and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Furthermore, Morgan Stanley has no obligation, contractual or otherwise, to financially support us. Morgan Stanley has no history of financially supporting any business development company ("BDC") on the MS Private Credit platform, even during periods of financial distress. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential," "predicts," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events and natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•uncertainty and changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of interruptions in the supply chain on our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•disruptions related to tariffs and other trade or sanctions issues;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the "Adviser" or the "Investment Adviser") and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its effect on the industries in which we invest;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the use of borrowed money to finance a portion of our investments;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to maintain our qualification as a BDC and as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effect of changes in tax laws and regulations and interpretations thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risks, uncertainties and other factors we identify under "Part I, Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with *"Item 1. Consolidated Financial Statements."* Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. *This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended* December 31, 2024 (*the "Form 10-K") and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements.* You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the "SEC"), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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

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**OVERVIEW**

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

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

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

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

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

**KEY COMPONENTS OF OUR RESULTS OF OPERATIONS**

***Investments***

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

***Revenue***

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

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

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***Expenses***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of any other offerings of our common stock, par value $0.001 ("Common Stock") and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•base management fee and any incentive fees payable under the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•certain costs and expenses relating to distributions paid by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•amounts payable to third parties relating to, or associated with, making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any stock exchange listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cost of effecting any sales and repurchases of our Common Stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•U.S. federal, state and local taxes, including any excise taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent director fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders' meetings, and costs and expenses of preparation for the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of specialty and custom software for monitoring risk, compliance and overall investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any fidelity bond required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any necessary insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cost of winding up; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

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

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**PORTFOLIO AND INVESTMENT ACTIVITY**

The composition of our portfolio is presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Cost** | **Fair Value** | **% of Total<br>Investments at Fair<br>Value** | **Cost** | **Fair Value** | **% of Total<br>Investments at Fair<br>Value** |
| First Lien Debt | $3686876 | $3638914 | 96.3% | $3669886 | $3654538 | 96.5% |
| Second Lien Debt | 82757 | 72101 | 1.9% | 78803 | 69367 | 1.8 |
| Other Debt Investments | 11566 | 9954 | 0.3% | 9755 | 9198 | 0.2 |
| Equity | 56523 | 54828 | 1.5% | 54683 | 58391 | 1.5 |
| **Total** | $3837722 | $3775797 | 100.0% | $3813127 | $3791494 | 100.0% |

---

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

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
| Number of portfolio companies | 218 | 208 |
| Number of new investment commitments in portfolio companies | 27 | 60 |
| Number of portfolio companies exited or fully repaid | 17 | 24 |
| Percentage of performing debt bearing a floating rate, at fair value | 99.6% | 99.6% |
| Percentage of performing debt bearing a fixed rate, at fair value | 0.4% | 0.4% |
| Weighted average yield on debt and income producing investments, at cost<sup>(3)</sup> | 9.7% | 10.4% |
| Weighted average yield on debt and income producing investments, at fair value<sup>(3)</sup> | 9.9% | 10.5% |
| Weighted average yield on total portfolio, at cost<sup>(4)</sup> | 9.7% | 10.3% |
| Weighted average yield on total portfolio, at fair value<sup>(4)</sup> | 9.8% | 10.4% |
| Weighted average 12-month EBITDA | $149.0 | $147.7 |
| Median 12-month EBITDA | 86.5 | 86.3 |
| Weighted average net leverage through tranche<sup>(5)</sup> | 5.9x | 5.8x |
| Weighted average interest coverage<sup>(6)</sup> | 1.7x | 1.6x |
| Weighted average loan to value<sup>(7)</sup> | 40.0% | 39.7% |
| Percentage of debt investments with one or more financial covenants | 59.1% | 64.6% |
| Percentage of our debt investments that are sponsor backed | 99.1% | 99.7% |
| Percentage of loans and other debt in support of LBOs and acquisitions | 69.4% | 69.2% |
| Percentage of our debt portfolio subject to business cycle volatility | 4.6% | 4.8% |
| Average position size of our investments | $17.3 | $18.2 |

---

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

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

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

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

<sup>5</sup> Net leverage is calculated as the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.

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

<sup>7</sup>Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

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**Investment Activity**

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

---

| | | |
|:---|:---|:---|
|  | **As of and For the Three Months Ended** | **As of and For the Three Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
| **New investments committed** |  |  |
| Gross principal balance<sup>(1)</sup> | $183049 | $455365 |
| Less: Syndications |  |  |
| **Net new investments committed** | $183049 | $455365 |
| **Investments, at cost** |  |  |
| Investments, beginning of period | $3831207 | $3542035 |
| New investments purchased | 197953 | 377019 |
| Net accretion of discount on investments | 4115 | 4660 |
| Payment-in-kind | 4323 | 2760 |
| Net realized gain (loss) on investments | 22 | (10965) |
| Investments sold or repaid | (199898) | (252891) |
| **Investments, end of period** | $3837722 | $3662618 |
| **Amount of investments funded, at principal** |  |  |
| First lien debt investments | $198703 | $379451 |
| Equity<sup>(2)</sup> | 983 | 1222 |
| **Total** | $199686 | $380673 |
| **Amount of investments sold/fully repaid, at principal** |  |  |
| First lien debt investments | $184771 | $220537 |
| Second lien debt investments |  | 19000 |
| Equity<sup>(2)</sup> |  | 1481 |
| **Total** | $184771 | $241018 |

---

<sup>(1)</sup> Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.

<sup>(2)</sup> Represents dollar amount of other investments funded.

**Investment Performance Rating**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Fair Value** | **% of Total** | **Fair Value** | **% of Total** |
| Risk rating 1 | $— | —% | $62631 | 1.7% |
| Risk rating 2 | 3660961 | 96.9 | 3662337 | 96.6 |
| Risk rating 3 | 92819 | 2.5 | 61597 | 1.6 |
| Risk rating 4 | 22017 | 0.6 | 4929 | 0.1 |
| **Total** | $3775797 | 100.0% | $3791494 | 100.0% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Amortized Cost** | **% of Total** | **Amortized Cost** | **% of Total** |
| Performing | $3790171 | 98.8% | $3805010 | 99.8% |
| Non-accrual | 47551 | 1.2 | 8117 | 0.2 |
| **Total** | $3837722 | 100.0% | $3813127 | 100.0% |

---

Investments are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is reversed when an investment is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the investment is placed on non-accrual status. We may determine to not place an investment on non-accrual status if the investment has sufficient collateral value and is in the process of collection.

**CONSOLIDATED RESULTS OF OPERATIONS**

The following table represents our operating results:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Total investment income | $99722 | $109752 | $300690 | $313041 |
| Less: Net expenses | 55590 | 50522 | 165846 | 142103 |
| Net investment income (loss) before taxes | 44132 | 59230 | 134844 | 170938 |
| Less: Excise tax expense | 402 | 501 | 1229 | 1437 |
| Net investment income (loss) after taxes | 43730 | 58729 | 133615 | 169501 |
| Net realized gain (loss) | 26 | (10965) | 666 | (16482) |
| Net change in unrealized appreciation (depreciation) | (16155) | 5442 | (40914) | 10916 |
| **Net increase (decrease) in net assets resulting from operations** | $27601 | $53206 | $93367 | $163935 |

---

***Investment Income***

Investment income was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | $93513 | $105129 | $282277 | $298832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind income | 4057 | 2150 | 12147 | 7644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 685 | 670 | 1929 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 1467 | 1803 | 4337 | 4684 |
| **Total investment income** | $99722 | $109752 | $300690 | $313041 |

---

In the table above, total investment income decreased from $109,752 for the three months ended September 30, 2024 to $99,722 for the three months ended September 30, 2025 and from $313,041 for the nine months ended September 30, 2024 to $300,690 for the nine months ended September 30, 2025. The decrease was primarily driven by declining base rates and repricing on our existing portfolio which impacted our weighted average yield. Our weighted average yield at cost decreased to 9.7% as of September 30, 2025 from 11.0% as of September 30, 2024.

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Additionally, for the three and nine months ended September 30, 2025, we recorded $1,560 and $5,009, respectively, of non-recurring interest income (e.g., prepayment premiums, accelerated accretion of upfront loan origination fees and unamortized discounts, etc.) as compared to $2,104 and $4,555, respectively, for the same periods in the prior year, primarily as a result of prepayments.

***Expenses***

Expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other financing expenses | $33903 | $33153 | $102788 | $89715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9628 | 9100 | 28870 | 25969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income based incentive fees | 9281 | 10128 | 28404 | 33018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2530 | 1708 | 5836 | 4612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors' fees | 129 | 130 | 388 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative service fees | 81 | 138 | 228 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and other expenses | 38 | 120 | 348 | 279 |
| Total expenses | 55590 | 54477 | 166862 | 154177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees waiver |  | (2275) | (641) | (7532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fees waiver |  | (1680) | (375) | (4542) |
| **Net expenses** | $55590 | $50522 | $165846 | $142103 |
| Excise tax expense | $402 | $501 | $1229 | $1437 |

---

*Interest and Other Financing Expenses*

Interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs, net change in unrealized (appreciation) depreciation on effective interest rate swaps and hedged items and deferred financing costs, increased to $33,903 for the three months ended September 30, 2025 from $33,153 for the three months ended September 30, 2024 and to $102,788 for the nine months ended September 30, 2025 from $89,715 for the nine months ended September 30, 2024. The increase was primarily due to higher average borrowings outstanding for the three and nine months ended September 30, 2025. For the three months ended September 30, 2025 and September 30, 2024, average borrowings outstanding were $2,021,437 and $1,799,879, respectively, which were offset by the reduction of our average interest rate which decreased from 6.45% to 5.85%, for the three months ended September 30, 2024 and September 30, 2025, respectively. For the nine months ended September 30, 2025 and September 30, 2024, average borrowings outstanding were $2,032,797 and $1,614,402, respectively, which was offset by the reduction of our average interest rate which decreased from 6.56% to 5.96%, for the nine months ended September 30, 2024 and September 30, 2025, respectively.

*Management Fees*

Base management fees, net of waiver, were $9,628 and $28,229 for the three and nine months ended September 30, 2025 and $6,825 and $18,437 for the three and nine months ended September 30, 2024, respectively. The increase was primarily due to an increase in average gross assets. In addition, the management fee waiver expired on January 24, 2025.

*Incentive Fee*

The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive fees, net of waiver, were $9,281 and $28,029 for the three and nine months ended September 30, 2025 and $8,448 and $28,476 for the three and nine months ended September 30, 2024, respectively. In addition, the incentive fee waiver expired on January 24, 2025.

*Professional Fees, Administrative Service Fee and Other Expenses*

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

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***Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| **Net realized and unrealized gains (losses) on investment transactions:** |  |  |  |  |
| Net realized gain (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | $22 | $(10965) | $609 | $(16482) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency and other transactions | 4 |  | 57 |  |
| Net realized gain (loss) | 26 | (10965) | 666 | (16482) |
| Net change in unrealized appreciation (depreciation): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (16131) | 5442 | (40990) | 10916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations and other transactions | (24) |  | 76 |  |
| Net unrealized appreciation (depreciation) | (16155) | 5442 | (40914) | 10916 |
| **Net realized and unrealized gains (losses)** | $(16129) | $(5523) | $(40248) | $(5566) |

---

For the three and nine months ended September 30, 2025, net realized gains were $26 and $666, respectively. For the three and nine months ended September 30, 2024, net realized losses were $10,965 and $16,482, respectively, which was primarily due to the restructuring of certain portfolio companies.

For the three months and nine months ended September 30, 2025, net change in unrealized depreciation on our investments of $16,131 and $40,990, respectively, was primarily the result of the changes in spreads in the secondary markets as well as financial performance in certain portfolio companies. For the three and nine months ended September 30, 2024, net change in unrealized appreciation on our investments of $5,442 and $10,916 was primarily driven by changes in spreads in the primary and secondary markets.

**FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES**

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

As of September 30, 2025, we had approximately $71,703 of unrestricted cash, cash equivalents, and short term investments (including investments in money market funds), which taken together with our approximately $249,000 and $1,147,105 of availability under the BNP Funding Facility and the Truist Credit Facility (subject to borrowing base availability) (each as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of September 30, 2025, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $519,349.

***Equity***

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

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

**At-the-market ("ATM") Offering**

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

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

For the three and nine months ended September 30, 2025 and September 30, 2024, there were no shares issued through ATM offerings.

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***Distributions and Dividend Reinvestment***

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

The following table summarizes our distributions declared and payable for the nine months ended September 30, 2025 and September 30, 2024, respectively:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date Declared** | **Record Date** | **Payment Date** | **Per Share Amount** | **Shares** |
| **For the nine months ended September 30, 2025** | **For the nine months ended September 30, 2025** |  |  |  |
| February 27, 2025 | March 31, 2025 | April 25, 2025 | $0.50 | 438274<br><sup>(2)</sup> |
| May 08, 2025 | June 30, 2025 | July 25, 2025 | 0.50 | 400773<br><sup>(2)</sup> |
| August 5, 2025 | September 30, 2025 | October 24, 2025 | 0.50 | 434456<br><sup>(2)</sup> |
| **Total Distributions** |  |  | $1.50 | 1273503 |
| **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** |  |  |  |
| February 29, 2024 | March 29, 2024 | April 25, 2024 | $0.50 | 512519 |
| May 08, 2024 | June 28, 2024 | July 25, 2024 | 0.50 | 553638<br><sup>(2)</sup> |
| January 11, 2024 | August 5, 2024 | October 25, 2024 | 0.10 | 111159<br><sup>(1)(2)</sup> |
| August 6, 2024 | September 30, 2024 | October 25, 2024 | 0.50 | 546673<br><sup>(2)</sup> |
| **Total Distributions** |  |  | $1.60 | 1723989 |

---

(1)Represents a special distribution declared by the Board on January 11, 2024.

(2)In accordance with the Company's DRIP, shares were purchased in the open market.

***Share Repurchase Plan***

On January 25, 2024, we entered into the Company 10b5-1 Plan (the "Original Company 10b5-1 Plan"), to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act, which was further amended and restated by our Board on February 27, 2025 (the "Amended and Restated Company 10b5-1 Plan").

For additional information on the 10b5-1 Plan, see Note 8 "Net Assets" to our consolidated financial statements included in this Report.

The following table summarizes the shares repurchased under our Original Company 10b5-1 Plan and Amended and Restated Company 10b5-1 Plan during the nine months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number<br>of Shares<br>Purchased** | **Average Price<br>Paid per Share** | **Total Number of<br>Shares Purchased<br>as Part of Publicly<br>Announced Plans<br>or Programs** | **Approximate Dollar<br>Value of Shares<br>that May Yet Be<br>Purchased Under<br>the Program<br>(in millions)** |
| January 1 - January 31, 2025\* | 11401 | $20.31 | 11401 | $81.9 |
| February 1 - February 27, 2025\* |  |  |  | 81.9 |
| February 28, 2025 | 20789 | 20.24 | 20789 | 99.6 |
| March 1 - March 31, 2025 | 459142 | 20.38 | 459142 | 90.2 |
| April 1 - April 30, 2025 | 753096 | 18.79 | 753096 | 76.1 |
| May 1 - May 31, 2025 | 277558 | 19.22 | 277558 | 70.7 |
| June 1 - June 30, 2025 | 26473 | 19.54 | 26473 | 70.2 |
| July 1 - July 31, 2025 | 93507 | 18.99 | 93507 | 68.4 |
| August 1 - August 31, 2025 | 57910 | 18.45 | 57910 | 67.4 |
| September 1 - September 30, 2025 |  |  |  | 67.4 |
| **Total Repurchases** | 1699876 |  | 1699876 |  |

---

\* Purchased under the Original Company 10b5-1 Plan

The following table summarizes the shares repurchased under our Original Company 10b5-1 Plan during the nine months ended September 30, 2024:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total<br>Number<br>of Shares<br>Purchased** | **Average Price<br>Paid per<br>Share** | **Total<br>Number<br>of Shares<br>Purchased<br>as Part of<br>Publicly<br>Announced<br>Plans or<br>Programs** | **Approximate<br>Dollar Value<br>of Shares<br>that May<br>Yet Be<br>Purchased<br>Under the<br>Program<br>(in millions)** |
| January 1 - June 30, 2024 |  | $— |  | $100.0 |
| July 1 - July 31, 2024 | 39344 | 19.99 | 39344 | 99.2 |
| August 1 - August 31, 2024 | 217796 | 20.10 | 217796 | 94.8 |
| September 1 - September 30, 2024 | 172513 | 20.04 | 172513 | 91.4 |
| **Total Repurchases** | 429653 |  | 429653 |  |

---

***Debt***

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** | **Aggregate<br>Principal<br>Committed** | **Outstanding<br>Principal** | **Unused<br>Portion** |
| BNP Funding Facility | $600000 | $351000 | $249000 | $600000 | $316000 | $284000 |
| Truist Credit Facility<sup>(1)</sup> | 1450000 | 293120 | 1147105 | 1300000 | 617401 | 680770 |
| CLO 2025-1 Issued Debt<sup>(2)</sup> | 309000 | 309000 |  |  |  |  |
| 2027 Notes<sup>(3)</sup> | 425000 | 425000 |  | 425000 | 425000 |  |
| 2025 Notes<sup>(3)(4)</sup> |  |  |  | 275000 | 275000 |  |
| 2029 Notes<sup>(3)</sup> | 350000 | 350000 |  | 350000 | 350000 |  |
| 2030 Notes<sup>(3)</sup> | 350000 | 350000 |  |  |  |  |
| **Total** | $3484000 | $2078120 | $1396105 | $2950000 | $1983401 | $964770 |

---

(1)As of September 30, 2025 and December 31, 2024, a letter of credit of $9,775 and $1,828, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility by the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and December 31, 2024, the Company had borrowings denominated in Euros (EUR) of 3,298 and 3,298, respectively, Canadian dollars (CAD) of 3,300 and 300, respectively and Pound Sterling (GBP) of 1,020 and 1,020, respectively.

(2)As of September 30, 2025 and December 31, 2024, the carrying value of the CLO 2025-1 Issued Debt was presented net of unamortized debt issuance costs of $2,804 and $0, respectively.

(3)As of September 30, 2025, the carrying value of the Company's 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $1,537, $0, $2,823 and $4,016 and unamortized original issuance discount of $292, $0, $2,817 and $3,475, respectively. As of December 31, 2024, the carrying value of the Company's 2027 Notes, 2025 Notes, 2029 Notes and 2030 Notes were presented net of unamortized debt issuance costs of $2,374, $856, $3,297 and $0 and unamortized original issuance discount of $452, $0, $3,398 and $0, respectively.

(4)The 2025 Notes were redeemed on June 16, 2025.

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

**RECENT DEVELOPMENTS**

On November 4, 2025, the Board declared a distribution of $0.50 per share, which is payable on or around January 23, 2026 to shareholders of record as of December 31, 2025.

**CRITICAL ACCOUNTING ESTIMATES**

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

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result

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in a significantly lower fair value measurement. For further discussion and disclosure of key inputs and considerations related to this estimate, refer to Note 5 "Fair Value Measurements" included in the notes to the consolidated financial statements included in Part I, Item I of this Report.

**RELATED PARTY TRANSACTIONS**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Investment Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Administration Agreement

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

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

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

**Valuation Risk**

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

**Market Risk**

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

**Interest Rate Risk**

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

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As of September 30, 2025, approximately 99.6% of our debt investments were at floating rates. Based on our Consolidated Statements of Assets and Liabilities as of September 30, 2025, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of September 30, 2025) (dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Interest** | **Interest** | **Interest** | **Interest** | **Net** | **Net** |
| **Basis Point Change - Interest Rates** | **Income** | **Income** | **Expense**<sup>(1)</sup> | **Expense**<sup>(1)</sup> | **Income** | **Income** |
| Up 300 basis points | $— | 112847 | $— | (40324) | $— | 72523 |
| Up 200 basis points | $— | 75231 | $— | (26882) | $— | 48349 |
| Up 100 basis points | $— | 37616 | $— | (13441) | $— | 24175 |
| Up 25 basis points | $— | 9404 | $— | (3360) | $— | 6044 |
| Down 25 basis points | $— | (9404) | $— | 3360 | $— | (6044) |
| Down 100 basis points | $— | (37616) | $— | 13441 | $— | (24175) |
| Down 200 basis points | $— | (75231) | $— | 26882 | $— | (48349) |
| Down 300 basis points | $— | (112847) | $— | 40324 | $— | (72523) |

---

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

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

**Item 4. Controls and Procedures.**

***Evaluation of Disclosure Controls and Procedures***

As of September 30, 2025 (the end of the period covered by this Report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act. Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

***Changes in Internal Controls Over Financial Reporting***

There have been no changes in our internal control over financial reporting that occurred for the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II.**

**Item 1. Legal Proceedings**

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

**Item 1A. Risk Factors**

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

***We are subject to risks associated with any collateralized loan obligations, or CLOs, we enter into to finance our investments.***

We have in the past and may in the future enter into CLOs through a direct or indirect subsidiary of ours (any such subsidiary, an "MS Issuer"). As a result of these CLOs, including the 2025-1 Debt Securitization (as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements), we are subject to a variety of risks, including those set forth below. We use the term "CLO" to describe a form of secured borrowing under which an operating company (sometimes referred to as an "originator" or "sponsor") acquires or originates mortgages, receivables, loans or other assets that earn income, whether on a one-time or recurring basis (collectively, "income producing assets"), and borrows money on a non-recourse basis against a legally separate pool of loans or other income producing assets. In a typical CLO, the originator transfers the loans or income producing assets to a single-purpose, bankruptcy-remote subsidiary (also referred to as a "special purpose entity"), which is established solely for the purpose of holding loans and income producing assets and issuing debt secured by these income producing assets. The special purpose entity completes the borrowing through the issuance of notes secured by the loans or other assets. The special purpose entity may issue the notes in the capital markets to a variety of investors, including banks, non-bank financial institutions and other investors. In a CLO transaction, institutional investors purchase the notes issued by an MS Issuer in a private placement, while we retain the equity interest in the CLOs and consolidate the assets and liabilities of the CLOs on our balance sheet.

In connection with the 2025-1 Debt Securitization (and any other CLO we may form in the future), we depend (or will depend) in part on distributions from the CLO's assets out of its earnings and cash flows to enable us to make distributions to shareholders. The ability of a CLO to make distributions will be, and in connection with the 2025-1 Debt Securitization is, subject to various limitations, including the terms and covenants of the debt it issues. The Subordinated Notes and that portion of the Class D Notes (each as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements) issued by North Haven Private Credit CLO 1 LLC ("CLO 2025-1 Issuer") and retained by us are the most junior classes of notes issued by CLO 2025-1 Issuer, are subordinated in priority of payment to the other CLO 2025-1 Debt (as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements) issued by CLO 2025-1 Issuer and are subject to certain payment restrictions set forth in the indenture governing the CLO 2025-1 Senior Secured Notes (as defined in Note 6. "Debt" in the notes to the accompanying consolidated financial statements) and Subordinated Notes issued by CLO 2025-1 Issuer. Therefore, we only receive cash distributions on the Subordinated Notes and those Class D Notes retained by us if CLO 2025-1 Issuer has made all cash interest payments to all other CLO 2025-1 Senior Secured Notes it has issued.

Also, a CLO may take actions to retain cash or other assets to satisfy asset coverage requirements or other tests commonly provided for holders of the CLO's debt, which could impact our ability to receive distributions from the CLO. With respect to the 2025-1 Debt Securitization, if CLO 2025-1 Issuer does not meet the asset coverage tests or the interest coverage test set forth in the documents governing the 2025-1 Debt Securitization, cash would be diverted from the Subordinated Notes and/or Class D Notes that we hold to first pay the more senior CLO 2025-1 Notes issued by CLO 2025-1 Issuer in amounts sufficient to cause such tests to be satisfied. If we do not receive cash flow from any such CLO, including in connection with the 2025-1 Debt Securitization, that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares.

In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower or increases in defaults, among other things, may result in a reduction of earnings and, in turn, cash potentially available for distribution to us for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, including, with respect to the 2025-1 Debt Securitization, the value of the portfolio of loan investments held by CLO 2025-1 Issuer, such losses will be borne first by us as owner of equity interests in the CLO and, in the case of the 2025-1 Debt Securitization, the value of the Subordinated Notes that we have retained could be reduced at their redemption and could not be paid in full or at all.

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

***Sales of Unregistered Securities***

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

***Issuer Purchases of Equity Securities***

On January 25, 2024, the Company entered into the Original Company 10b5-1 Plan, to acquire up to $100 million in the aggregate of the Company's Common Stock at prices below the Company's net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act.

On February 27, 2025, the Board authorized an amended and restated share repurchase plan (or the "Amended and Restated Company 10b5-1 Plan"). Under the Amended and Restated Company 10b5-1 Plan, the Company may acquire up to $100 million in the aggregate of Common Stock at prices below its net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Exchange Act. The following table summarizes the shares repurchased under the Original Company 10b5-1 Plan and the Amended and Restated Company 10b5-1 Plan during the nine months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number<br>of Shares<br>Purchased** | **Average<br>Price Paid<br>per Share** | **Total Number<br>of Shares<br>Purchased as<br>Part of Publicly<br>Announced<br>Plans or<br>Programs** | **Approximate<br>Dollar Value<br>of Shares<br>that May Yet<br>Be Purchased<br>Under the<br>Program<br>(in millions)** |
| January 1 - January 31, 2025\* | 11401 | $20.31 | 11401 | $81.9 |
| February 1 - February 27, 2025\* |  |  |  | 81.9 |
| February 28, 2025 | 20789 | 20.24 | 20789 | 99.6 |
| March 1 - March 31, 2025 | 459142 | 20.38 | 459142 | 90.2 |
| April 1 - April 30, 2025 | 753096 | 18.79 | 753096 | 76.1 |
| May 1 - May 31, 2025 | 277558 | 19.22 | 277558 | 70.7 |
| June 1 - June 30, 2025 | 26473 | 19.54 | 26473 | 70.2 |
| July 1 - July 31, 2025 | 93507 | 18.99 | 93507 | 68.4 |
| August 1 - August 31, 2025 | 57910 | 18.45 | 57910 | 67.4 |
| September 1 - September 30, 2025 |  |  |  | 67.4 |
| **Total Repurchases** | 1699876 |  | 1699876 |  |

---

\* Purchased under the Original Company 10b5-1 Plan

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

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

***Rule 10b5-1 Trading Plans***

During the fiscal quarter ended September 30, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

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**Item 6. Exhibits**

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

---

| | |
|:---|:---|
| ***Exhibit*** |  |
| 10.1 | [<u>Indenture and Security Agreement dated as of September 17, 2025 by and between North Haven Private Credit CLO 1 LLC, as Issuer, and U.S. Bank Trust Company, National Association, as Collateral Trustee (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).</u>](https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/d932015dex101.htm) |
| 10.2 | [<u>Purchase and Placement Agreement dated as of September 17, 2025 by and between North Haven Private Credit CLO 1 LLC, as Issuer, BNP Paribas Securities Corp. and Morgan Stanley & Co. LLC (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).</u>](https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/d932015dex102.htm) |
| 10.3 | [<u>Collateral Servicing Agreement dated as of September 17, 2025 by and between North Haven Private Credit Fund CLO 1 LLC, as Issuer, and Morgan Stanley Direct Lending Fund, as Collateral Servicer (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).</u>](https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/d932015dex103.htm) |
| 10.4 | [<u>Master Loan Sale Agreement dated as of September 17, 2025 among Morgan Stanley Direct Lending Fund, as the Transferor and North Haven Private Credit CLO 1 LLC, as the 2025 Issuer (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).</u>](https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/d932015dex104.htm) |
| 10.5 | [<u>Class A-1 Credit Agreement dated as of September 17, 2025 among North Haven Private Credit CLO 1 LLC, as Borrower, and U.S. Bank Trust Company, National Association, as Loan Agent and as Collateral Trustee (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 22, 2025 (File No. 814-01332)).</u>](https://www.sec.gov/Archives/edgar/data/1782524/000119312525211335/d932015dex105.htm) |
| 10.6 | [<u>Amendment No. 6 to Revolving Credit and Security Agreement, dated as of September 24, 2025, by and among DLF LLC, as borrower, Morgan Stanley Direct Lending Fund, as the Equityholder and the Servicer, the Lenders party thereto, U.S. Bank Trust Company, National Association, as Collateral Agent, and BNP Paribas, as Administrative Agent (Incorporated by reference to the Company's Current Report on Form 8-K, filed by the Company on September 29, 2025 (File No. 814-01332)).</u>](https://www.sec.gov/Archives/edgar/data/1782524/000119312525223190/d935174dex101.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.</u>](msdl-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.</u>](msdl-ex31_2.htm) |
| 32.1\*\* | [<u>Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](msdl-ex32_1.htm) |
| 32.2\*\* | [<u>Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](msdl-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |

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|:---|:---|
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| \* | Filed herein. |

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\*\* Furnished herein.

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**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Dated: November 6, 2025 | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
|  | By: | /s/ Michael Occi |
|  |  | Michael Occi<br>Director and Chief Executive Officer<br>(Principal Executive Officer) |
|  |  | Michael Occi<br>Director and Chief Executive Officer<br>(Principal Executive Officer) |
|  |  | Michael Occi<br>Director and Chief Executive Officer<br>(Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| Dated: November 6, 2025 | By: | /s/ David Pessah |
|  |  | David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |
|  |  | David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |
|  |  | David Pessah<br>Chief Financial Officer<br>(Principal Financial Officer) |

---

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## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

**CERTIFICATION**

I, Michael Occi, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of MORGAN STANLEY DIRECT LENDING FUND;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Exchange Act Rule 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, if any, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (or persons performing the equivalent functions):

&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.

Dated:November 6, 2025

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| |
|:---|
| /s/ Michael Occi |
| **Michael Occi**<br>**Director and Chief Executive Officer**<br>**(Principal Executive Officer)** |

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## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

**CERTIFICATION**

I, David Pessah, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of MORGAN STANLEY DIRECT LENDING FUND;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Exchange Act Rule 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, if any, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (or persons performing the equivalent functions):

&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.

Dated: November 6, 2025

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| |
|:---|
| /s/ David Pessah |
| **David Pessah**<br>**Chief Financial Officer**<br>**(Principal Financial Officer)** |

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## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER, SECTION 906

**CERTIFICATION PURSUANT TO**

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

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Form 10-Q of the Company for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: November 6, 2025 |
| /s/ Michael Occi |
| **Michael Occi**<br>**Director and Chief Executive Officer**<br>**(Principal Executive Officer)** |

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## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER, SECTION 906

**CERTIFICATION PURSUANT TO**

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

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Form 10-Q of the Company for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Form 10-Q"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| Dated: November 6, 2025 |
| /s/ David Pessah |
| **David Pessah**<br>**Chief Financial Officer**<br>**(Principal Financial Officer)** |

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