0001782524Majesco 22022-12-310001782524msdlf:InvestmentOwnedAtFairValueMembermsdlf:InvestmentTypeConcentrationRiskMembermsdlf:DebtSecuritiesSecondLienMember2024-01-012024-03-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 20232024
OR
        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 814-01332
Morgan Stanley Direct Lending Fund
(Exact name of registrant as specified in its charter)
 Delaware
 84-2009506
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
1585 Broadway10036
New York, NY(Zip Code)
(Address of principal executive offices)
1 (212) 761-4000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s) Name of each exchange on which registered
NoneCommon Stock, $0.001 par value per shareNoneMSDL NoneThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒   No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filer¨
Non-accelerated filer
x 
Smaller reporting company¨
Emerging growth company
x 
1


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
1


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No ☒
As of May 10, 2023, there was no established public market for the registrant’s common stock.
As of May 10, 2023,9, 2024, the Registrant had 71,464,63489,407,008 shares of common stock, $0.001 par value, outstanding.
MORGAN STANLEY DIRECT LENDING FUND
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024
TABLE OF CONTENTS
Part I. Financial Information
Item 1.
Consolidated Statements of Assets and LiabilitiesOperations as of March 31, 2023 (unaudited) and December 31, 2022
Consolidated Statements of Operations for the three months ended March 31, 2023 and March 31, 2022 (unaudited)
Consolidated Statements of Changes in Net Assetsfor the three months ended March 31, 2023 and March 31, 2022 (unaudited)
Consolidated StatementsSchedules of Cash Flows for the Investmentsthree months ended March 31, 2023 and March 31, 2022 (unaudited)
Consolidated Schedule of Investments as of March 31, 2023 (unaudited) and December 31, 2022
Item 2.
Item 3.
Item 4.
Part II. Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
SIGNATURES

SIGNATURES

2

Table of Contents


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the stockholders and the Board of Directors of Morgan Stanley Direct Lending Fund
Results of Review of Interim Financial Information
We have reviewed the accompanying consolidated statement of assets and liabilities of Morgan Stanley Direct Lending Fund and subsidiaries (the “Company”), including the consolidated schedule of investments as of March 31, 2023, and the related consolidated statements of operations, changes in net assets and cash flows for the three-month period ended March 31, 2023 and 2022, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company including the consolidated schedule of investments as of December 31, 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated March 9, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statements of assets and liabilities as of December 31, 2022, is fairly stated, in all material respects, in relation to the consolidated statements of assets and liabilities from which it has been derived.
Basis for Review Results
This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP
New York, NY
May 10, 2023
3

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

As of
March 31, 2023December 31, 2022
(Unaudited)(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $2,992,717 and $2,939,646 at March 31, 2023 and December 31, 2022, respectively)$2,926,097 $2,873,588 
Cash99,606 81,215 
Deferred financing costs10,864 7,624 
Interest and dividend receivable from non-controlled/non-affiliated investments22,524 20,911 
Subscription receivable— 2,556 
Receivable for investments sold/repaid91 188 
Prepaid expenses and other assets488 40 
Total assets3,059,670 2,986,122 
Liabilities
Debt (net of unamortized debt issuance costs of $7,324 and $7,899 at March 31, 2023 and December 31, 2022, respectively)1,584,108 1,523,475 
Payable to affiliates (Note 3)1,392 2,086 
Dividends payable35,682 33,058 
Management fees payable1,826 1,783 
Income based incentive fees payable9,381 8,118 
Interest payable9,300 17,019 
Accrued expenses and other liabilities3,385 3,278 
Total liabilities1,645,074 1,588,817 
Commitments and Contingencies (Note 7)
Net Assets
Common stock, par value $0.001 (100,000,000 shares authorized and 70,981,913 and 70,536,678 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)71 71 
Paid-in capital in excess of par value1,460,904 1,452,013 
Net distributable earnings (accumulated losses)(46,379)(54,779)
Total net assets$1,414,596 $1,397,305 
Total liabilities and net assets$3,059,670 $2,986,122 
Net asset value per share$19.93 $19.81 





As of
March 31, 2024December 31, 2023
(Unaudited)(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,323,767 and $3,226,776)$3,293,205 $3,193,561 
Cash64,762 69,705 
Deferred financing costs13,391 14,317 
Interest and dividend receivable from non-controlled/non-affiliated investments29,341 28,884 
Subscription receivable— 41 
Receivable for investments sold/repaid348 173 
Prepaid expenses and other assets300 53 
Total assets3,401,347 3,306,734 
Liabilities
Debt (net of unamortized debt issuance costs of $4,982 and $5,564)1,486,661 1,496,032 
Payable for investment purchased2,972 
Payable to affiliates (Note 3)2,511 2,870 
Dividends payable44,447 49,968 
Management fees payable5,132 2,012 
Income based incentive fees payable10,126 11,766 
Interest payable8,963 18,823 
Accrued expenses and other liabilities3,508 4,104 
Total liabilities1,564,320 1,585,583 
Commitments and Contingencies (Note 7)
Net assets
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)— — 
Common stock, par value $0.001 (100,000,000 shares authorized; 88,894,490 and 83,278,831 shares issued and outstanding)89 83 
Paid-in capital in excess of par value1,821,242 1,712,609 
Total distributable earnings (loss)15,696 8,459 
Total net assets$1,837,027 $1,721,151 
Total liabilities and net assets$3,401,347 $3,306,734 
Net asset value per share$20.67 $20.67 

The accompanying notes are an integral part of these unaudited consolidated financial statements
3


Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of Operations (Unaudited)
(In thousands, except share and per share amounts)
For the Three Months Ended
 March 31, 2024March 31, 2023
Investment Income:
From non-controlled/non-affiliated investments:
Interest income$94,631 $81,717 
Payment-in-kind2,644 441 
Dividend income565 496 
Other income1,261 985 
Total investment income99,101 83,639 
Expenses:
Interest and other financing expenses27,260 26,667 
Management fees8,230 7,304 
Income based incentive fees11,336 9,381 
Professional fees1,217 1,241 
Directors’ fees146 80 
Administrative service fees25 54 
General and other expenses108 168 
Total expenses48,322 44,895 
Management fees waiver (Note 3)(3,098)(5,478)
Incentive fees waiver (Note 3)(1,210)— 
Net expenses44,014 39,417 
Net investment income (loss) before taxes55,087 44,222 
Excise tax expense436 — 
Net investment income (loss) after taxes54,651 44,222 
Net realized and unrealized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments(5,625)122 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments2,658 (567)
Net realized and unrealized gain (loss)(2,967)(445)
Net increase (decrease) in net assets resulting from operations$51,684 $43,777 
Net investment income (loss) per share (basic and diluted)$0.63 $0.62 
Earnings per share (basic and diluted)$0.59 $0.62 
Weighted average shares outstanding:87,358,527 70,863,184 


The accompanying notes are an integral part of these unaudited consolidated financial statements
4

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of OperationsChanges in Net Assets (Unaudited)
(In thousands, except share and per share amounts)amount)
For the Three Months Ended
 March 31, 2023March 31, 2022
Investment Income:
From non-controlled/non-affiliated investments:
Interest income$81,717 $42,715 
Payment-in-kind interest income441 272 
Dividend income496 309 
Other income985 1,008 
Total investment income83,639 44,304 
Expenses:
Interest expense and other financing expenses26,667 10,349 
Management fees7,304 6,183 
Income based incentive fees9,381 5,466 
Capital gains incentive fees— (747)
Professional fees1,241 624 
Directors’ fees80 87 
Administrative service fees54 16 
General and other expenses168 410 
Total expenses44,895 22,388 
Expense support (Note 3)— 39 
Management fees waiver (Note 3)(5,478)(4,637)
Net expenses39,417 17,790 
Net investment income (loss)44,222 26,514 
Net realized and unrealized gain (loss) on investment transactions:
Net realized gain (loss) on non-controlled/non-affiliated investments122 74 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments(567)(4,342)
Net realized and unrealized gain (loss)(445)(4,268)
Net increase (decrease) in net assets resulting from operations$43,777 $22,246 
Per share information—basic and diluted
Net investment income (loss) per share$0.62 $0.46 
Earnings (loss) per share$0.62 $0.39 
Weighted average shares outstanding (Note 9)70,863,184 57,101,214 









For the Three Months Ended
 March 31, 2024March 31, 2023
Net assets at the beginning of period$1,721,151 $1,397,305 
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)54,651 44,222 
Net realized gain (loss)(5,625)122 
Net change in unrealized appreciation (depreciation)2,658 (567)
Net increase in net assets resulting from operations51,684 43,777 
Distributions to stockholders from:
Distributable earnings(44,447)(35,377)
Total distributions to stockholders(44,447)(35,377)
Capital transactions:
Issuance of common stock, net of underwriting and offering costs95,847 — 
Reinvestment of dividends12,792 8,891 
Net increase (decrease) in net assets resulting from capital transactions108,639 8,891 
Total increase (decrease) in net assets115,876 17,291 
Net assets at end of period$1,837,027 $1,414,596 
Dividends per share$0.50 $0.50 

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

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of Changes in Net AssetsCash Flows (Unaudited)
(In thousands)

For the Three Months Ended
 March 31, 2023March 31, 2022
Net assets at beginning of period$1,397,305 $1,188,587 
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)44,222 26,514 
Net realized gain (loss)122 74 
Net change in unrealized appreciation (depreciation)(567)(4,342)
Net increase (decrease) in net assets resulting from operations43,777 22,246 
Capital transactions:
Reinvestment of dividends8,891 7,540 
Dividends declared(35,377)(27,455)
Net increase (decrease) in net assets resulting from capital transactions(26,486)(19,915)
Total increase (decrease) in net assets17,291 2,331 
Net assets at end of period$1,414,596 $1,190,918 
For the Three Months Ended
March 31, 2024March 31, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$51,684 $43,777 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments(2,658)567 
Net realized (gain) loss on investments5,625 (122)
Net accretion of discount and amortization of premium on investments(2,714)(2,530)
Payment-in-kind interest and dividend capitalized(3,226)(1,003)
Amortization of deferred financing costs926 699 
Amortization of debt issuance costs and original issuance discount on Unsecured Notes635 628 
Purchases of investments and change in payable for investments purchased(165,393)(139,566)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid71,505 90,247 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments(457)(1,613)
(Increase) decrease in prepaid expenses and other assets(247)(448)
(Decrease) increase in payable to affiliates(359)(694)
(Decrease) increase in management fees payable3,120 43 
(Decrease) increase in incentive fees payable(1,640)1,263 
(Decrease) increase in interest payable(9,860)(7,719)
(Decrease) increase in accrued expenses and other liabilities(596)107 
Net cash provided by (used in) operating activities(53,655)(16,364)
Cash flows from financing activities:
Borrowings on debt102,000 60,000 
Repayments on debt(112,000)— 
Deferred financing costs paid— (3,939)
Dividends paid in cash(37,176)(23,862)
Proceeds from issuance of common stock, net of underwriting & offering costs95,888 2,556 
Net cash provided by (used in) financing activities48,712 34,755 
Net increase (decrease) in cash(4,943)18,391 
Cash, beginning of period69,705 81,215 
Cash, end of period$64,762 $99,606 
Supplemental information and non-cash activities:
Excise tax paid$1,457 $361 
Interest expense paid$35,558 $33,059 
Reinvestment of dividends$12,792 $8,891 
Dividends payable$44,447 $35,682 
Non-cash purchases of investments$(24,636)$— 
Non-cash sales of investments$24,636 $— 

The accompanying notes are an integral part of these unaudited consolidated financial statements
6

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company(5) (7)S +5.00%10.40%12/22/20262,677 $2,638 $2,657 0.14 %
Mantech International CP(5) (8)S +5.75%11.06%9/14/20293,877 3,873 3,877 0.21 
Mantech International CP(5) (8) (13)S +5.75%11.06%9/14/2029349 348 349 0.02 
Mantech International CP(5) (8) (13)S +5.75%11.06%9/14/2028— (1)— — 
PCX Holding Corp.(5) (6) (7)S +6.25%11.71%4/22/202718,001 17,897 17,950 0.98 
PCX Holding Corp.(5) (7)S +6.25%11.71%4/22/202718,125 17,906 18,074 0.98 
PCX Holding Corp.(5) (7) (13)S +6.25%11.71%4/22/20271,234 1,224 1,229 0.07 
Two Six Labs, LLC(5) (6) (8)S +5.50%10.81%8/20/202725,829 25,425 25,343 1.38 
Two Six Labs, LLC(5) (8)S +5.50%10.81%8/20/20274,226 4,167 4,112 0.22 
Two Six Labs, LLC(5) (8) (13)S +5.50%10.81%8/20/2027— (24)(58)— 
73,453 73,533 4.00 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(5) (8)S +5.75%11.06%6/11/202714,227 14,025 14,168 0.77 
RoadOne IntermodaLogistics(5) (7)S +6.25%11.56%12/29/20281,651 1,610 1,625 0.09 
RoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.56%12/29/2028151 144 144 0.01 
RoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.56%12/29/202820 12 15 — 
15,791 15,952 0.87 
Automobile Components
Continental Battery Company(5) (7)S +7.00% (incl. 4.08% PIK)12.46%1/20/20276,251 6,175 5,113 0.28 
Randy's Holdings, Inc.(5) (7)S +6.50%11.81%11/1/20286,659 6,495 6,659 0.36 
Randy's Holdings, Inc.(5) (7) (13)S +6.50%11.81%11/1/2028270 240 270 0.01 
Randy's Holdings, Inc.(5) (7) (13)S +6.50%11.81%11/1/2028237 217 237 0.01 
Sonny's Enterprises, LLC(5) (6) (7)S +6.75%12.22%8/5/202845,901 45,372 45,901 2.50 
Spectrum Automotive Holdings Corp.(5) (6) (8)S +5.75%11.19%6/29/202823,350 23,113 22,932 1.25 
Spectrum Automotive Holdings Corp.(5) (8) (13)S +5.75%11.19%6/29/20285,352 5,290 5,235 0.28 
Spectrum Automotive Holdings Corp.(5) (8) (13)S +5.75%11.19%6/29/2027— (7)(16)— 
86,895 86,331 4.70 
Automobiles
ARI Network Services, Inc.(5) (6) (8)S +5.25%10.68%2/28/202520,459 20,347 20,187 1.10 
ARI Network Services, Inc.(5) (6) (8)S +5.25%10.68%2/28/20253,584 3,565 3,536 0.19 
ARI Network Services, Inc.(5) (8) (13)S +5.25%10.68%2/28/2025606 591 566 0.03 
COP Collisionright Parent, LLC(5) (6) (7)S +5.50%10.82%1/29/20306,396 6,271 6,271 0.34 
COP Collisionright Parent, LLC(5) (7) (13)S +5.50%10.82%1/29/2030175 137 137 0.01 
COP Collisionright Parent, LLC(5) (7) (13)S +5.50%10.82%1/29/2030154 134 134 0.01 
7

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
ARI Network Services, Inc.(5) (8)S +5.25%10.68%2/28/2026315 $309 $309 0.02 %
Summit Buyer, LLC(5) (7)S +5.75%11.00%1/14/202721,840 21,586 20,960 1.14 
Summit Buyer, LLC(5) (7) (13)S +5.75%11.00%1/14/202731,982 31,617 30,687 1.67 
Summit Buyer, LLC(5) (13)P +4.25%12.75%1/14/2027452 427 354 0.02 
Turbo Buyer, Inc.(5) (7)S +6.00%11.46%12/2/202537,459 37,144 36,919 2.01 
Turbo Buyer, Inc.(5) (7)S +6.00%11.46%12/2/202537,642 37,262 37,100 2.02 
159,390 157,160 8.56 
Biotechnology
GraphPad Software, LLC(5) (6) (7)S +5.50%11.15%4/27/202714,768 14,682 14,752 0.80 
GraphPad Software, LLC(5) (7)S +6.00%11.46%4/27/20271,750 1,741 1,748 0.10 
16,423 16,500 0.90 
Chemicals
Tank Holding Corp.(8)S +5.75%11.20%3/31/202815,674 15,426 15,428 0.84 
Tank Holding Corp.(8) (13)S +5.75%11.20%3/31/2028334 320 322 0.02 
Tank Holding Corp.(8) (13)S +5.75%11.20%3/31/2028200 189 187 0.01 
V Global Holdings, LLC(5) (6) (8)S +5.75%11.22%12/22/20274,842 4,772 4,546 0.25 
V Global Holdings, LLC(5) (8) (13)S +5.75%11.22%12/22/2025414 407 373 0.02 
21,114 20,856 1.14 
Commercial Services & Supplies
365 Retail Markets, LLC(5) (7)S +4.75%10.23%12/23/202617,061 16,892 17,061 0.93 
365 Retail Markets, LLC(5) (7)S +4.75%10.23%12/23/20265,474 5,431 5,474 0.30 
365 Retail Markets, LLC(5) (7) (13)S +4.75%10.23%12/23/2026— (25)— — 
Atlas Us Finco, Inc.(5) (10)S +7.25%12.55%12/9/20296,984 6,849 6,899 0.38 
Atlas Us Finco, Inc.(5) (7) (10)S +7.25%12.55%12/9/20292,009 1,956 2,009 0.11 
Atlas Us Finco, Inc.(5) (7) (10) (13)S +7.25%12.55%12/9/2028— (4)— — 
BPG Holdings IV Corp.(5) (8)S +6.00%11.31%7/29/202911,618 10,966 11,404 0.62 
Encore Holdings, LLC(5) (8)S +5.25%10.65%11/23/20281,826 1,803 1,826 0.10 
Encore Holdings, LLC(5) (8) (13)S +5.25%10.65%11/23/20283,552 3,427 3,475 0.19 
Encore Holdings, LLC(5) (8) (13)S +5.25%10.65%11/23/2027— (6)— — 
Energy Labs Holdings Corp.(5) (7)S +5.25%10.68%4/7/2028383 379 379 0.02 
Energy Labs Holdings Corp.(5) (7)S +5.25%10.68%4/7/202836 36 36 — 
Energy Labs Holdings Corp.(5) (7) (13)S +5.25%10.68%4/7/202817 17 17 — 
FLS Holding, Inc.(5) (7) (10)S +5.25%10.73%12/15/202818,977 18,697 18,871 1.03 
FLS Holding, Inc.(5) (7) (10)S +5.25%10.73%12/15/20284,449 4,381 4,425 0.24 
FLS Holding, Inc.(5) (7) (10) (13)S +5.25%10.73%12/17/2027— (22)(10)— 
Helios Service Partners, LLC(5) (7)S +6.25%11.81%3/19/20276,841 6,696 6,778 0.37 
Helios Service Partners, LLC(5) (7) (13)S +6.25%11.81%3/19/20279,846 9,599 9,727 0.53 
8

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Helios Service Partners, LLC(5) (7) (13)S +6.00%11.56%3/19/2027748 $722 $736 0.04 %
Iris Buyer, LLC(5) (7)S +6.25%11.56%10/2/20306,990 6,807 6,841 0.37 
Iris Buyer, LLC(5) (7) (13)S +6.25%11.56%10/2/2030659 637 638 0.03 
Iris Buyer, LLC(5) (7) (13)S +6.25%11.56%10/2/2029— (25)(21)— 
Helios Service Partners, LLC(5) (7) (13)S +6.25%11.84%3/19/2027— (41)(41)— 
PDFTron Systems, Inc.(5) (6) (7) (10)S +5.50%10.81%7/15/202729,953 29,638 29,824 1.62 
PDFTron Systems, Inc.(5) (7) (10)S +5.50%10.81%7/15/20279,702 9,579 9,660 0.53 
PDFTron Systems, Inc.(5) (7) (10) (13)S +5.50%10.81%7/15/20261,283 1,213 1,250 0.07 
Procure Acquireco, Inc. (Procure Analytics)(5) (8)S +5.00%10.49%12/20/20283,879 3,822 3,856 0.21 
Procure Acquireco, Inc. (Procure Analytics)(5) (8)S +5.00%10.49%12/20/2028192 189 191 0.01 
Procure Acquireco, Inc. (Procure Analytics)(5) (8) (13)S +5.00%10.49%12/20/2028— (3)(1)— 
Sherlock Buyer Corp.(5) (7)S +5.75%11.16%12/8/202810,922 10,761 10,922 0.59 
Sherlock Buyer Corp.(5) (7) (13)S +5.75%11.16%12/8/2027— (16)— — 
Surewerx Purchaser III, Inc.(5) (8) (10)S +6.75%12.05%12/28/20295,433 5,291 5,433 0.30 
Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%12.05%12/28/2029— (19)— — 
Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%12.05%12/28/2028453 428 453 0.02 
Sweep Purchaser, LLC(5) (7)S +5.75% PIK11.07%6/30/20275,689 5,689 5,689 0.31 
Sweep Purchaser, LLC(5) (7)S +5.75%11.07%6/30/20273,187 3,187 3,187 0.17 
Tamarack Intermediate, LLC(5) (8)S +5.50%10.97%3/13/20285,534 5,453 5,432 0.30 
Tamarack Intermediate, LLC(5) (8) (13)S +5.50%10.97%3/13/2028202 192 191 0.01 
Tamarack Intermediate, LLC(5) (8) (13)S +5.50%10.97%3/13/2028— (12)(16)— 
United Flow Technologies Intermediate Holdco II, LLC(5) (7)S +5.75%11.21%10/29/202716,758 16,536 16,577 0.90 
United Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)S +5.75%11.21%10/29/202719,603 19,317 19,390 1.06 
United Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)S +5.75%11.18%10/29/20261,275 1,244 1,243 0.07 
US Infra Svcs Buyer, LLC(5) (6) (7)S +7.00% (incl. 0.50% PIK)12.68%4/13/202615,006 14,887 14,106 0.77 
US Infra Svcs Buyer, LLC(5) (6) (7)S +7.00% (incl. 0.50% PIK)12.68%4/13/20262,118 2,101 1,990 0.11 
US Infra Svcs Buyer, LLC(5) (7)S +7.00% (incl. 0.50% PIK)12.68%4/13/20262,250 2,235 2,115 0.12 
Vensure Employer Services, Inc.(5) (8) (13)S +5.25%10.57%4/1/2027774 750 744 0.04 
VRC Companies, LLC(5) (6) (7)S +5.75%11.07%6/29/202772,816 72,136 72,816 3.96 
VRC Companies, LLC(5) (7) (13)S +5.75%11.07%6/29/202755 48 48 — 
VRC Companies, LLC(5) (7) (13)S +5.75%11.07%6/29/2027— (14)— — 
299,804 301,624 16.42 
Construction & Engineering
Arcoro Holdings Corp.(5) (7)S +5.50%10.82%3/28/203013,043 12,783 12,783 0.70 
Arcoro Holdings Corp.(5) (7) (13)S +5.50%10.82%3/28/2030— (39)(39)— 
9

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
KPSKY Acquisition, Inc.(5) (8)S +5.25%10.66%10/19/202833,778 $33,294 $33,156 1.80 %
KPSKY Acquisition, Inc.(5) (8)S +5.25%10.66%10/19/20287,734 7,615 7,592 0.41 
LJ Avalon Holdings, LLC(5) (7)S +6.25%11.67%2/1/20304,121 4,012 4,077 0.22 
LJ Avalon Holdings, LLC(5) (7) (13)S +6.25%11.67%2/1/2030656 625 638 0.03 
LJ Avalon Holdings, LLC(5) (7) (13)S +6.25%11.67%2/1/2029— (16)(7)— 
Superman Holdings, LLC(5) (7)S +6.13%11.43%8/31/20271,597 1,564 1,582 0.09 
Superman Holdings, LLC(5) (7) (13)S +6.13%11.43%8/31/2027— (4)(4)— 
59,834 59,778 3.25 
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.(5) (8)S +5.50%10.83%2/3/203120,100 19,902 19,902 1.08 
PDI TA Holdings, Inc.(5) (8) (13)S +5.50%10.83%2/3/2031— (37)(37)— 
PDI TA Holdings, Inc.(5) (8) (13)S +5.50%10.83%2/3/2031— (22)(22)— 
19,843 19,843 1.08 
Containers & Packaging
BP Purchaser, LLC(5) (8)S +5.50%11.08%12/11/202817,117 16,865 16,304 0.89 
FORTIS Solutions Group, LLC(5) (8)S +5.50%10.90%10/13/202826,704 26,320 26,704 1.45 
FORTIS Solutions Group, LLC(5) (8) (13)S +5.50%10.90%10/13/2028227 220 227 0.01 
FORTIS Solutions Group, LLC(5) (8) (13)S +5.50%10.90%10/15/2027135 103 135 0.01 
43,508 43,370 2.36 
Distributors
48Forty Solutions, LLC(5) (6) (7)S +6.00%11.43%11/30/202617,677 17,430 15,423 0.84 
48Forty Solutions, LLC(5) (7) (13)S +6.00%11.43%11/30/20261,900 1,869 1,554 0.08 
ABB Concise Optical Group, LLC(5) (8)S +7.50%12.96%2/23/202817,008 16,701 14,805 0.81 
Avalara, Inc.(5) (8)S +7.25%12.56%10/19/202810,402 10,197 10,402 0.57 
Avalara, Inc.(5) (8) (13)S +7.25%12.56%10/19/2028— (19)— — 
Bradyifs Holdings, LLC(5) (6) (7)S +6.00%11.31%10/31/20297,425 7,284 7,327 0.40 
Bradyifs Holdings, LLC(5) (7) (13)S +6.00%11.31%10/31/2029200 191 190 0.01 
Bradyifs Holdings, LLC(5) (7) (13)S +6.00%11.31%10/31/2029— (12)(8)— 
PT Intermediate Holdings III, LLC(5) (8)S +5.98%11.43%11/1/202828,270 28,065 27,334 1.49 
PT Intermediate Holdings III, LLC(5) (8)S +5.98%11.43%11/1/202815,728 15,611 15,207 0.83 
97,317 92,234 5.02 
Diversified Consumer Services
Apex Service Partners, LLC(5) (6) (7)S +7.00% (incl. 2.00% PIK)12.32%10/24/203032,050 31,467 31,473 1.71 
Apex Service Partners, LLC(5) (7) (13)S +7.00% (incl. 2.00% PIK)12.32%10/24/20304,181 4,060 4,044 0.22 
Apex Service Partners, LLC(5) (7) (13)S +7.00% (incl. 2.00% PIK)12.32%10/24/2029964 920 919 0.05 
10

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Assembly Intermediate, LLC(5) (7)S +6.00%11.41%10/19/202720,741 $20,467 $20,042 1.09 %
Assembly Intermediate, LLC(5) (7) (13)S +6.00%11.41%10/19/20273,630 3,571 3,455 0.19 
Assembly Intermediate, LLC(5) (7) (13)S +6.00%11.41%10/19/2027— (25)(70)— 
EVDR Purchaser, Inc.(5) (8)S +5.50%10.83%2/14/203120,583 20,176 20,176 1.10 
EVDR Purchaser, Inc.(5) (8) (13)S +5.50%10.83%2/14/2031— (58)(58)— 
EVDR Purchaser, Inc.(5) (8) (13)S +5.50%10.83%2/14/20311,411 1,342 1,342 0.07 
FPG Intermediate Holdco, LLC(5) (7) (15)S +6.50%12.18%3/5/2027418 412 379 0.02 
Heartland Home Services, Inc.(5) (8)S +5.75%11.08%12/15/20261,941 1,932 1,925 0.10 
Lightspeed Solution, LLC(5) (8)S +6.50% (incl. 2.17% PIK)11.84%3/1/20287,959 7,851 7,942 0.43 
Lightspeed Solution, LLC(5) (8)S +6.50% (incl. 2.17% PIK)11.84%3/1/2028525 517 524 0.03 
LUV Car Wash Group, LLC(5) (7) (13)S +7.00%12.32%12/9/2026893 887 892 0.05 
Magnolia Wash Holdings(5) (7)S +6.50%12.09%7/14/20283,263 3,212 2,901 0.16 
Magnolia Wash Holdings(5) (7)S +6.50%12.09%7/14/2028697 686 620 0.03 
Magnolia Wash Holdings(5) (7) (13)S +6.50%12.09%7/14/202887 85 70 — 
Project Accelerate Parent, LLC(5) (8)S +5.25%10.58%2/24/20318,750 8,663 8,663 0.47 
Project Accelerate Parent, LLC(5) (8) (13)S +5.25%10.58%2/24/2031— (12)(12)— 
Spotless Brands, LLC(5) (7)S +6.50%11.98%7/25/20284,492 4,421 4,468 0.24 
Spotless Brands, LLC(5) (7)S +6.50%11.98%7/25/2028850 838 846 0.05 
Spotless Brands, LLC(5) (7) (13)S +6.50%11.98%7/25/2028— (2)(1)— 
Vertex Service Partners, LLC(5) (6) (8)S +5.50%10.90%11/8/20301,774 1,731 1,736 0.09 
Vertex Service Partners, LLC(5) (8) (13)S +5.50%10.90%11/8/20301,550 1,491 1,478 0.08 
Vertex Service Partners, LLC(5) (8) (13)S +5.50%10.90%11/8/2030— (11)(10)— 
114,621 113,744 6.19 
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC(5) (8)S +6.00%11.46%7/6/20286,021 5,932 4,477 0.24 
Abracon Group Holdings, LLC(5) (8) (13)S +6.00%11.46%7/6/2028— (7)(113)(0.01)
Abracon Group Holdings, LLC(5) (8)S +6.00%11.46%7/6/2028401 395 298 0.02 
Dwyer Instruments, Inc.(5) (8)S +5.75%11.15%7/21/202710,492 10,332 10,371 0.56 
Dwyer Instruments, Inc.(5) (8) (13)S +5.75%11.15%7/21/20272,018 1,959 1,956 0.11 
Dwyer Instruments, Inc.(5) (8) (13)S +5.75%11.15%7/21/2027— (13)(11)— 
Infinite Bidco, LLC(5) (9)S +6.25%11.83%3/2/202812,329 12,027 12,296 0.67 
Magneto Components Buyco, LLC(5) (6) (8)S +6.00%11.33%12/5/203015,302 15,031 15,002 0.82 
Magneto Components Buyco, LLC(5) (8) (13)S +6.00%11.33%12/5/2030— (27)(60)— 
Magneto Components Buyco, LLC(5) (8) (13)S +6.00%11.33%12/5/2029— (44)(50)— 
45,585 44,166 2.40 
11

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Financial Services
Applitools, Inc.(5) (8) (10)S +6.25% PIK11.58%5/25/20293,690 $3,648 $3,613 0.20 %
Applitools, Inc.(5) (8) (10) (13)S +6.25%11.58%5/25/2028— (6)(9)— 
Cerity Partners, LLC(5) (8)S +6.75%12.09%7/30/20294,743 4,620 4,743 0.26 
Cerity Partners, LLC(5) (8)S +6.75%12.09%7/30/20296,697 6,535 6,697 0.36 
GC Waves Holdings, Inc.(5) (8)S +6.00%10.68%8/10/20292,296 2,254 2,263 0.12 
GC Waves Holdings, Inc.(5) (8) (13)S +6.00%10.68%8/10/20291,037 889 941 0.05 
GC Waves Holdings, Inc.(5) (8) (13)S +6.00%10.68%8/10/2029— (6)(5)— 
SitusAMC Holdings Corp.(5) (8)S +5.50%10.90%12/22/20273,346 3,322 3,346 0.18 
Smarsh, Inc.(5) (8)S +5.75%11.06%2/16/20294,286 4,220 4,226 0.23 
Smarsh, Inc.(5) (8) (13)S +5.75%11.06%2/16/2029536 524 521 0.03 
Smarsh, Inc.(5) (8) (13)S +5.75%11.06%2/16/2029107 103 104 0.01 
Trintech, Inc.(5) (6) (7)S +6.50%11.83%7/25/202934,001 33,377 33,521 1.82 
Trintech, Inc.(5) (7) (13)S +6.50%11.83%7/25/2029837 785 796 0.04 
60,265 60,757 3.31 
Food Products
AMCP Pet Holdings, Inc. (Brightpet)(5) (6) (7)S +7.00% (incl. 0.75% PIK)12.31%10/5/202641,734 41,043 40,955 2.23 
AMCP Pet Holdings, Inc. (Brightpet)(5) (7) (13)S +7.00% (incl. 0.75% PIK)12.31%10/5/20264,242 4,167 4,133 0.22 
Nellson Nutraceutical, Inc.(5) (6) (7)S +5.75%11.23%12/23/202518,386 18,251 18,334 1.00 
Teasdale Foods, Inc. (Teasdale Latin Foods)(5) (7)S +7.25% (incl. 1.00% PIK)12.68%12/18/202510,836 10,752 10,005 0.54 
74,213 73,427 4.00 
Health Care Equipment & Supplies
Performance Health Holdings, Inc.(5) (6) (7)S +5.75%11.16%7/12/20279,398 9,282 9,378 0.51 
PerkinElmer U.S., LLC(5) (6) (7)S +6.75%12.07%3/13/20294,373 4,263 4,366 0.24 
Tidi Legacy Products, Inc.(5) (7)S +5.50%10.83%12/19/20291,872 1,836 1,842 0.10 
Tidi Legacy Products, Inc.(5) (7) (13)S +5.50%10.83%12/19/2029— (5)(8)— 
Tidi Legacy Products, Inc.(5) (7) (13)S +5.50%10.83%12/19/2029— (7)(5)— 
YI, LLC(5) (6) (7)S +5.75%11.07%12/3/20295,640 5,531 5,569 0.30 
YI, LLC(5) (7) (13)S +5.75%11.07%12/3/2029— (11)(15)— 
YI, LLC(5) (7) (13)S +5.75%11.07%12/3/202918 — 
20,890 21,134 1.15 
Health Care Providers & Services
Advarra Holdings, Inc.(5) (9)S +5.25%10.58%8/24/2029453 446 448 0.02 
Advarra Holdings, Inc.(5) (9) (13)S +5.25%10.58%8/24/2029— — — — 
DCA Investment Holdings, LLC(5) (6) (8)S +6.50%11.74%4/3/202820,448 20,140 20,062 1.09 
12

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
DCA Investment Holdings, LLC(5) (8)S +6.50%11.74%4/3/20281,797 $1,756 $1,763 0.10 %
Gateway US Holdings, Inc.(5) (8) (10)S +6.00%11.45%9/22/2026748 744 748 0.04 
Gateway US Holdings, Inc.(5) (8) (10)S +6.00%11.45%9/22/2026211 210 211 0.01 
Gateway US Holdings, Inc.(5) (8) (10) (13)S +6.00%11.45%9/22/2026— — — — 
Heartland Veterinary Partners, LLC(5) (7)S +4.75%10.18%12/10/20261,842 1,832 1,831 0.10 
Heartland Veterinary Partners, LLC(5) (7)S +4.75%10.18%12/10/20264,171 4,149 4,145 0.23 
Heartland Veterinary Partners, LLC(5) (7) (13)S +4.75%10.18%12/10/2026— (2)(2)— 
iCIMS, Inc.(5) (8)S +7.25% (incl. 3.88% PIK)12.55%8/18/20287,068 6,972 7,068 0.38 
iCIMS, Inc.(5) (8) (13)S +7.25% (incl. 3.88% PIK)12.55%8/18/2028— (1)— — 
iCIMS, Inc.(5) (8) (13)S +7.25% (incl. 3.88%PIK)12.55%8/18/2028— 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%11.96%8/21/2026494 484 473 0.03 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%11.96%8/21/202634 33 32 — 
mPulse Mobile, Inc.(5) (8)S +6.50%11.91%12/17/202728,385 27,839 27,900 1.52 
mPulse Mobile, Inc.(5) (8)S +6.50%11.91%12/17/20273,775 3,698 3,708 0.20 
mPulse Mobile, Inc.(5) (8) (13)S +6.50%11.91%12/17/2027— (56)(53)— 
Pareto Health Intermediate Holdings, Inc.(5) (7)S +6.25%11.55%5/31/20306,729 6,605 6,709 0.37 
Pareto Health Intermediate Holdings, Inc.(5) (7) (13)S +6.25%11.55%5/31/2029— (14)(2)— 
PPV Intermediate Holdings, LLC(5) (8)S +5.75%11.09%8/31/20294,357 4,204 4,296 0.23 
PPV Intermediate Holdings, LLC(5) (8) (13)S +5.75%11.09%8/31/2029— (68)(57)— 
Promptcare Infusion Buyer, Inc.(5) (7)S +6.00%11.45%9/1/20278,958 8,844 8,863 0.48 
Promptcare Infusion Buyer, Inc.(5) (7)S +6.00%11.45%9/1/20271,395 1,382 1,380 0.08 
Stepping Stones Healthcare Services, LLC(5) (8)S +5.50%10.91%1/2/20294,288 4,239 4,245 0.23 
Stepping Stones Healthcare Services, LLC(5) (8)S +5.50%10.91%1/2/2029962 951 953 0.05 
Stepping Stones Healthcare Services, LLC(5) (8) (13)S +5.50%10.91%12/30/2026— (5)(6)— 
Suveto(5) (8)S +4.25%9.68%9/9/202711,807 11,728 11,347 0.62 
Suveto(5) (8) (13)S +4.25%9.68%9/9/2027399 386 348 0.02 
Tivity Health, Inc.(5) (8)S +6.00%11.31%6/28/20293,664 3,620 3,664 0.20 
Vardiman Black Holdings, LLC(5) (9)S +7.00%12.43%3/18/20275,397 5,397 5,397 0.29 
Vardiman Black Holdings, LLC(5) (9) (13) (15)S +7.00%12.43%3/18/2027— (20)(20)— 
Vermont Aus Pty Ltd.(5) (8) (10)S +5.50%10.96%3/23/20288,330 8,177 8,207 0.45 
123,673 123,661 6.73 
Health Care Technology
Hyland Software, Inc.(5) (6) (8)S +6.00%11.33%9/19/203039,556 38,995 39,315 2.14 
Hyland Software, Inc.(5) (8) (13)S +6.00%11.33%9/19/2029— (26)(12)— 
Lightspeed Buyer, Inc.(5) (6) (7)S +5.25%10.71%2/3/202611,860 11,726 11,787 0.64 
13

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Lightspeed Buyer, Inc.(5) (7)S +5.25%10.71%2/3/20269,885 $9,763 $9,824 0.53 %
60,458 60,914 3.32 
Industrial Conglomerates
Aptean, Inc.(5) (6) (8)S +5.25%10.57%1/30/203110,611 10,506 10,507 0.57 
Aptean, Inc.(5) (8) (13)S +5.25%10.57%1/30/203193 84 83 — 
Aptean, Inc.(5) (8) (13)S +5.25%10.57%1/30/2031— (10)(10)— 
Excelitas Technologies Corp.(5) (8)S +5.75%11.16%8/13/20291,577 1,551 1,570 0.09 
Excelitas Technologies Corp.(5) (8)E +5.75%9.65%8/13/2029239 243 257 0.01 
Excelitas Technologies Corp.(5) (8) (13)S +5.75%11.16%8/13/2029— — — — 
Excelitas Technologies Corp.(5) (8) (13)S +5.75%11.16%8/14/202897 95 96 0.01 
Raptor Merger Sub Debt, LLC(5) (6) (8)S +6.75%12.05%4/1/202832,151 31,349 32,151 1.75 
Raptor Merger Sub Debt, LLC(5) (8) (13)S +6.75%12.05%4/1/2028488 434 488 0.03 
44,252 45,142 2.46 
Insurance Services
Amerilife Holdings, LLC(5) (8)S +5.75%11.08%8/31/20292,019 1,985 2,002 0.11 
Amerilife Holdings, LLC(5) (8)S +5.75%11.08%8/31/2029866 852 859 0.05 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%11.08%8/31/2028— (6)(4)— 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.41%10/29/202842,425 41,965 42,425 2.31 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.41%10/29/20289,227 9,127 9,227 0.50 
Foundation Risk Partners Corp.(5) (8) (13)S +6.00%11.41%10/29/2027— (41)— — 
Galway Borrower, LLC(5) (8)S +5.25%10.67%9/29/202833,292 32,816 32,490 1.77 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.67%9/29/2028— (20)(47)— 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.67%9/29/2028358 327 304 0.02 
Higginbotham Insurance Agency, Inc.(5) (6) (7)S +5.50%10.93%11/24/202818,248 18,078 18,248 0.99 
Higginbotham Insurance Agency, Inc.(5) (7) (13)S +5.50%10.93%11/24/20283,738 3,664 3,698 0.20 
High Street Buyer, Inc.(5) (6) (8)S +5.25%10.56%4/14/20289,865 9,737 9,767 0.53 
High Street Buyer, Inc.(5) (6) (8) (13)S +5.25%10.56%4/14/202839,617 38,996 39,139 2.13 
High Street Buyer, Inc.(5) (8) (13)S +5.25%10.56%4/16/2027— (22)(21)— 
Long Term Care Group, Inc.(5) (8) (15)S +7.00% (incl. 6.00% PIK)12.57%9/8/20275,193 5,125 4,290 0.23 
Inszone Mid, LLC(5) (7)S +5.75%10.98%11/12/20294,449 4,363 4,376 0.24 
Inszone Mid, LLC(5) (7) (13)S +5.75%10.98%11/12/20291,126 1,053 1,018 0.06 
Inszone Mid, LLC(5) (7) (13)S +5.75%10.98%11/12/2029— (15)(13)— 
Integrity Marketing Acquisition, LLC(5) (6) (8)S +6.00%11.34%8/27/2026391 385 386 0.02 
Integrity Marketing Acquisition, LLC(5) (6) (8)S +6.00%11.34%8/27/202685,130 84,527 84,210 4.58 
Integrity Marketing Acquisition, LLC(5) (8) (13)S +6.00%11.34%8/27/2026— (2)(1)— 
Keystone Agency Investors(5) (7)S +5.50%10.95%5/3/20273,471 3,435 3,432 0.19 
14

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Keystone Agency Investors(5) (7)S +5.50%10.95%5/3/20273,997 $3,957 $3,951 0.22 %
Majesco(5) (6) (7)S +7.25%12.56%9/21/202833,817 33,256 33,310 1.81 
Majesco(5) (7) (13)S +7.25%12.56%9/21/2027— (19)(24)— 
Patriot Growth Insurance Services, LLC(5) (6) (8)S +5.50%10.95%10/16/202862,199 61,301 61,838 3.37 
Patriot Growth Insurance Services, LLC(5) (8) (13)S +5.50%10.95%10/16/2028— (58)(26)— 
Peter C. Foy & Associates Insurance Services, LLC(5) (6) (8)S +6.00%11.45%11/1/202820,153 19,985 19,972 1.09 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.45%11/1/20287,128 7,050 7,057 0.38 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.45%11/1/2027— (5)(8)— 
RSC Acquisition, Inc.(5) (6) (8)S +5.50%10.96%11/1/202932,379 31,985 32,253 1.76 
RSC Acquisition, Inc.(5) (8) (13)S +5.50%10.96%11/1/20293,393 3,366 3,378 0.18 
Summit Acquisition, Inc.(5) (6) (8)S +6.75%12.06%5/1/20307,334 7,134 7,334 0.40 
Summit Acquisition, Inc.(5) (8) (13)S +6.75%12.06%5/1/2030— (21)— — 
Summit Acquisition, Inc.(5) (8) (13)S +6.75%12.06%5/1/2029— (21)— — 
World Insurance Associates, LLC(5) (6) (7)S +6.00%11.32%4/3/202867,178 65,783 65,346 3.56 
World Insurance Associates, LLC(5) (7) (13)S +6.00%11.32%4/3/2028— (10)(35)— 
490,012 490,131 26.68 
Interactive Media & Services
FMG Suite Holdings, LLC(5) (7)S +5.50%10.68%10/30/202623,574 23,293 23,434 1.28 
FMG Suite Holdings, LLC(5) (7)S +5.50%10.68%10/30/20264,568 4,525 4,546 0.25 
FMG Suite Holdings, LLC(5) (7) (13)S +5.50%10.68%10/30/2026313 291 302 0.02 
Spectrio, LLC(5) (6) (7)S +6.00% (incl. 5.00% PIK)11.34%12/9/202631,966 31,686 29,897 1.63 
Spectrio, LLC(5) (7)S +6.00% (incl. 5.00% PIK)11.34%12/9/202612,895 12,858 12,060 0.66 
Spectrio, LLC(5) (7) (13)S +6.00% (incl. 5.00% PIK)11.34%12/9/20263,049 3,014 2,788 0.15 
Triple Lift, Inc.(5) (6) (8)S +5.75%11.23%5/5/202827,229 26,873 25,508 1.39 
Triple Lift, Inc.(5) (8) (13)S +5.75%11.23%5/5/20281,533 1,487 1,281 0.07 
104,027 99,816 5.43 
IT Services
Atlas Purchaser, Inc.(5) (6) (8)S +7.50% (incl. 6.50% PIK)4.25%5/5/20282,352 2,352 1,881 0.10 
Atlas Purchaser, Inc.(5) (6) (8)S +7.50% (incl. 5.50% PIK)4.25%5/5/20285,487 5,487 3,292 0.18 
Catalis Intermediate, Inc.(5) (6) (8)S +5.50%10.95%8/4/202739,256 38,648 37,847 2.06 
Catalis Intermediate, Inc.(5) (8)S +5.50%10.95%8/4/20278,833 8,708 8,516 0.46 
Catalis Intermediate, Inc.(5) (8) (13)S +5.50%10.95%8/4/20271,460 1,401 1,307 0.07 
Donuts, Inc.(5) (6) (7)S +6.00%11.53%12/29/202724,791 24,566 24,791 1.35 
15

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Recovery Point Systems, Inc.(5) (6) (7)S +6.50%11.98%8/12/202640,530 $40,159 $40,530 2.21 %
Recovery Point Systems, Inc.(5) (7) (13)S +6.50%11.98%8/12/2026— (32)— — 
Redwood Services Group, LLC(5) (8)S +6.25%11.66%6/15/202910,802 10,685 10,802 0.59 
Redwood Services Group, LLC(5) (8) (13)S +6.25%11.66%6/15/20296,396 6,290 6,371 0.35 
Syntax Systems, Ltd.(5) (8) (10)S +5.50%10.93%10/29/202835,003 34,752 34,531 1.88 
Syntax Systems, Ltd.(5) (8) (10) (13)S +5.50%10.93%10/29/20262,695 2,675 2,644 0.14 
Thrive Buyer, Inc. (Thrive Networks)(5) (6) (7)S +6.00%11.46%1/22/202722,877 22,597 22,543 1.23 
Thrive Buyer, Inc. (Thrive Networks)(5) (7)S +6.00%11.46%1/22/202716,869 16,677 16,599 0.90 
Thrive Buyer, Inc. (Thrive Networks)(5) (13)P +6.00%11.46%1/22/2027661 641 629 0.03 
UpStack, Inc.(5) (7)S +6.00%11.33%8/20/20278,229 8,102 8,023 0.44 
UpStack, Inc.(5) (7) (13)S +6.00%11.33%8/20/20277,463 7,250 7,140 0.39 
UpStack, Inc.(5) (7) (13)S +6.00%11.33%8/20/2027569 555 547 0.03 
231,513 227,993 12.41 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(5) (6) (7)S +5.00%10.44%11/16/202617,224 17,134 17,142 0.93 
GSM Acquisition Corp. (GSM Outdoors)(5) (7)S +5.00%10.44%11/16/20264,433 4,402 4,412 0.24 
GSM Acquisition Corp. (GSM Outdoors)(5) (7) (13)S +5.00%10.44%11/16/2026— (26)(21)— 
21,510 21,533 1.17 
Machinery
Answer Acquisition, LLC(5) (7)S +5.75%11.20%12/30/202611,166 11,029 11,061 0.60 
Answer Acquisition, LLC(5) (7) (13)S +5.75%11.20%12/30/2026415 400 403 0.02 
Chase Intermediate, LLC(5) (13)S +5.25%10.95%10/30/2028— (94)(245)(0.01)
Chase Intermediate, LLC(5) (13)S +5.25%10.95%10/30/2028— (9)(10)— 
Komline Sanderson Engineering Corp.(5) (6) (9)S +6.00%11.58%3/17/202616,705 16,623 16,581 0.90 
Komline Sanderson Engineering Corp.(5) (9) (13)S +6.00%11.58%3/17/202617,776 17,648 17,578 0.96 
Komline Sanderson Engineering Corp.(5) (13)P +5.00%13.50%3/17/2026— (19)(36)— 
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.00%11.53%7/21/202718,148 17,916 18,042 0.98 
MHE Intermediate Holdings, LLC(5) (7)S +6.00%11.53%7/21/20273,664 3,618 3,639 0.20 
MHE Intermediate Holdings, LLC(5) (7) (13)S +6.00%11.53%7/21/2027— (28)(17)— 
67,084 66,996 3.65 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6) (7)S +5.50%10.90%12/24/20296,137 5,909 6,073 0.33 
AWP Group Holdings, Inc.(5) (7) (13)S +5.50%10.90%12/24/202979 63 62 — 
AWP Group Holdings, Inc.(5) (7) (13)S +5.50%10.90%12/24/2029229 214 221 0.01 
Ground Penetrating Radar Systems, LLC(5) (6) (7)S +4.50%9.97%6/26/202610,175 10,082 10,175 0.55 
Ground Penetrating Radar Systems, LLC(5) (7) (13)S +4.50%9.97%6/26/2025— (9)— — 
Vessco Midco Holdings, LLC(5) (6) (7)S +4.50%9.93%11/2/20262,680 2,667 2,680 0.15 
16

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Vessco Midco Holdings, LLC(5) (7)S +4.50%9.93%11/2/20261,746 $1,738 $1,746 0.10 %
Vessco Midco Holdings, LLC(5) (13)P +3.50%12.00%10/18/202610 10 — 
20,672 20,967 1.14 
Pharmaceuticals
Caerus US 1, Inc.(5) (8) (10)S +5.75%11.06%5/25/202911,010 10,826 11,010 0.60 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%11.06%5/25/2029711 692 711 0.04 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%11.06%5/25/2029— (19)— — 
11,499 11,721 0.64 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(5) (6) (7)S +6.25%11.17%3/10/202718,380 18,150 18,380 1.00 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7)S +6.25%11.17%3/10/20271,926 1,915 1,926 0.10 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7) (13)S +6.25%11.17%3/10/20271,298 1,281 1,297 0.07 
Bridgepointe Technologies, LLC(5) (7)S +6.50%11.96%12/31/202717,186 16,708 16,948 0.92 
Bridgepointe Technologies, LLC(5) (7) (13)S +6.50%11.96%12/31/202710,065 9,585 9,864 0.54 
Bullhorn, Inc.(5) (6) (7)S +5.50%10.93%9/30/202615,407 15,331 15,312 0.83 
Bullhorn, Inc.(5) (7)S +5.50%10.93%9/30/202662 62 61 — 
Bullhorn, Inc.(5) (7) (13)S +5.50%10.93%9/30/2026— (4)(4)— 
Citrin Cooperman Advisors, LLC(5) (8)S +5.00%10.57%10/1/202724,446 24,085 24,165 1.32 
Citrin Cooperman Advisors, LLC(5) (8) (13)S +5.00%10.57%10/1/202711,060 10,841 10,850 0.59 
GPS Merger Sub, LLC(5) (6) (7)S +6.00%11.32%10/2/20294,914 4,822 4,833 0.26 
GPS Merger Sub, LLC(5) (7) (13)S +6.00%11.32%10/2/2029— (12)(21)— 
GPS Merger Sub, LLC(5) (7) (13)S +6.00%11.32%10/2/2029— (19)(17)— 
KENG Acquisition, Inc.(5) (7)S +6.25%11.56%8/1/20293,213 3,139 3,181 0.17 
KENG Acquisition, Inc.(5) (7) (13)S +6.25%11.56%8/1/2029399 367 375 0.02 
KENG Acquisition, Inc.(5) (7) (13)S +6.25%11.56%8/1/202998 78 89 — 
KWOR Acquisition, Inc.(5) (7)S +5.25%10.68%12/22/20285,320 5,240 5,266 0.29 
KWOR Acquisition, Inc.(5) (7) (13)S +5.25%10.68%12/22/20281,298 1,252 1,250 0.07 
KWOR Acquisition, Inc.(5) (13)P +4.25%12.75%12/22/202769 68 68 — 
Project Boost Purchaser, LLC(5) (8)S +5.25%10.59%5/2/20295,654 5,610 5,654 0.31 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.59%5/2/2029— (3)— — 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.59%5/2/2028— (3)— — 
118,493 119,477 6.50 
Real Estate Management & Development
Associations, Inc.(5) (6) (7)S +6.50% (incl. 2.50% PIK)12.09%7/2/202717,352 17,251 17,213 0.94 
17

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)12.09%7/2/202721,999 $21,869 $21,823 1.19 %
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)12.09%7/2/2027955 945 940 0.05 
MRI Software, LLC(5) (6) (7)S +5.50%10.90%2/10/202759,109 58,716 58,866 3.20 
MRI Software, LLC(5) (7) (13)S +5.50%10.90%2/10/2027— — — — 
MRI Software, LLC(5) (7) (13)S +5.50%10.90%2/10/2027— (10)(9)— 
Pritchard Industries, LLC(5) (8)S +5.50%10.93%10/13/202725,209 24,881 24,612 1.34 
Pritchard Industries, LLC(5) (8)S +5.50%10.93%10/13/20276,027 5,945 5,884 0.32 
Zarya Intermediate, LLC(5) (7) (10)S +6.50%11.84%7/1/202735,408 35,408 35,149 1.91 
Zarya Intermediate, LLC(5) (7) (10) (13)S +6.50%11.84%7/1/2027— — (27)— 
165,005 164,451 8.95 
Software
Alert Media, Inc.(5) (6) (7)S +6.25%11.57%4/12/202719,438 19,219 19,008 1.03 
Alert Media, Inc.(5) (7) (13)S +6.25%11.57%4/12/2026— (33)(84)— 
Anaplan, Inc.(5) (8)S +6.50%11.81%6/21/202923,040 22,666 23,040 1.25 
Appfire Technologies, LLC(5) (7)S +5.50%10.95%3/9/202718,671 18,586 18,491 1.01 
Appfire Technologies, LLC(5) (7) (13)S +5.50%10.95%3/9/2027— (8)(10)— 
Appfire Technologies, LLC(5) (13)P +4.50%13.00%3/9/202738 37 37 — 
Bottomline Technologies, Inc.(5) (8)S +5.75%11.08%5/14/20293,684 3,624 3,676 0.20 
Bottomline Technologies, Inc.(5) (8) (13)S +5.75%11.08%5/15/2028— (4)— — 
CLEO Communications Holding, LLC(5) (6) (7)S +5.50%10.93%6/9/202739,998 39,759 39,470 2.15 
CLEO Communications Holding, LLC(5) (7) (13)S +5.50%10.93%6/9/2027— (66)(165)(0.01)
Coupa Holdings, LLC(5) (8)S +7.50%12.81%2/27/20302,264 2,213 2,250 0.12 
Coupa Holdings, LLC(5) (8) (13)S +7.50%12.81%2/27/2030— (11)(7)— 
Coupa Holdings, LLC(5) (8) (13)S +7.50%12.81%2/27/2029— (17)(5)— 
Cyara AcquisitionCo, LLC(5) (7)S +6.75% (incl. 2.75% PIK)12.06%6/28/20294,696 4,581 4,626 0.25 
Cyara AcquisitionCo, LLC(5) (7) (13)S +6.75% (incl. 2.75%PIK)12.06%6/28/2029— (8)(5)— 
Diligent Corporation(5) (6) (7)S +5.75%11.21%8/4/202529,663 29,569 29,646 1.61 
Diligent Corporation(5) (6) (7)S +6.25%11.71%8/4/20252,173 2,166 2,172 0.12 
Diligent Corporation(5) (7) (13)S +6.25%11.71%8/4/20251,980 1,966 1,977 0.11 
E-Discovery AcquireCo, LLC(5) (7)S +6.50%11.84%8/29/202917,795 17,381 17,539 0.95 
E-Discovery AcquireCo, LLC(5) (7) (13)S +6.50%11.84%8/29/2029— (36)(23)— 
Formstack Acquisition Co(5) (7)S +5.25%10.57%3/28/203012,500 12,313 12,312 0.67 
Formstack Acquisition Co(5) (7) (13)S +5.25%10.57%3/28/2030— (38)(38)— 
Formstack Acquisition Co(5) (7) (13)S +5.25%10.57%3/28/2030— (38)(38)— 
18

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Fullsteam Operations, LLC(5) (7)S +8.25%13.73%11/27/202910,860 $10,547 $10,780 0.59 %
Fullsteam Operations, LLC(5) (7) (13)S +8.25%13.73%11/27/20292,565 2,416 2,488 0.14 
Fullsteam Operations, LLC(5) (7) (13)S +8.25%13.73%11/27/2029— (17)(4)— 
Granicus, Inc.(5) (8)S +5.25%10.62%1/17/203112,719 12,596 12,596 0.69 
Granicus, Inc.(5) (8) (13)S +5.25%10.62%1/17/2031— (9)(9)— 
Granicus, Inc.(5) (8) (13)S +5.25%10.62%1/17/2031— (17)(17)— 
GS AcquisitionCo, Inc.(5) (6) (7)S +5.00%10.30%5/25/202875,000 74,673 75,000 4.08 
GS AcquisitionCo, Inc.(5) (7) (13)S +5.00%10.30%5/25/2028— (1)(1)— 
GS AcquisitionCo, Inc.(5) (7) (13)S +5.00%10.30%5/25/2028— (12)— — 
Icefall Parent, Inc.(5) (7)S +6.50%11.80%1/25/20305,323 5,219 5,219 0.28 
Icefall Parent, Inc.(5) (7) (13)S +6.50%11.80%1/25/2030— (10)(10)— 
Kaseya, Inc.(5) (8)S +6.00% (incl. 2.50% PIK)11.31%6/25/202914,310 14,141 14,306 0.78 
Kaseya, Inc.(5) (8) (13)S +6.00% (incl. 2.50% PIK)11.31%6/25/202953 48 53 — 
Kaseya, Inc.(5) (8) (13)S +6.00% (incl. 2.50% PIK)11.31%6/25/2029216 207 216 0.01 
LegitScript, LLC(5) (8)S +5.75%11.08%6/24/202926,502 26,077 26,340 1.43 
LegitScript, LLC(5) (8) (13)S +5.75%11.08%6/24/2029701 642 656 0.04 
LegitScript, LLC(5) (8) (13)S +5.75%11.08%6/24/20281,000 941 975 0.05 
Matrix Parent, Inc.(5) (8) (11)S +5.00%10.50%3/1/2029497 369 313 0.02 
Montana Buyer, Inc.(5) (8)S +5.75%11.08%7/22/20294,079 4,012 4,063 0.22 
Montana Buyer, Inc.(5) (13)P +4.75%13.25%7/22/202867 60 65 — 
Netwrix Corporation And Concept Searching, Inc.(5) (8)S +5.00%10.38%6/11/20296,852 6,797 6,781 0.37 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%10.38%6/11/2029102 101 101 0.01 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%10.38%6/11/2029— (3)(4)— 
Oak Purchaser, Inc.(5) (8)S +5.50%10.81%4/28/20283,336 3,304 3,271 0.18 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.81%4/28/20281,861 1,838 1,833 0.10 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.81%4/28/2028— (3)(4)— 
Pound Bidco, Inc.(5) (6) (7) (10)S +6.50%11.92%1/30/202610,832 10,721 10,832 0.59 
Pound Bidco, Inc.(5) (7) (10) (13)S +6.50%11.92%1/30/2026— — — — 
Pound Bidco, Inc.(5) (6) (7) (10) (13)S +6.50%11.92%1/30/2026— (9)— — 
Project Leopard Holdings, Inc.(9) (10)S +5.25%10.66%7/20/20296,202 5,846 5,708 0.31 
Revalize, Inc.(5) (7)S +5.75%11.21%4/15/202719,406 19,334 18,248 0.99 
Revalize, Inc.(5) (7) (13)S +5.75%11.21%4/15/202718 17 13 — 
Riskonnect Parent, LLC(5) (8)S +5.50%10.82%12/7/20285,722 5,614 5,614 0.31 
Riskonnect Parent, LLC(5) (8) (13)S +5.50%10.82%12/7/2028557 535 537 0.03 
19

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Riskonnect Parent, LLC(5) (8) (13)S +5.50%10.82%12/7/2028— $(18)$(18)— %
Securonix, Inc.(5) (8)S +6.00%11.33%4/5/202821,010 20,741 19,945 1.09 
Securonix, Inc.(5) (8) (13)S +6.00%11.33%4/5/2028— (44)(192)(0.01)
Skykick, Inc.(5) (7)S +10.25% (incl. 7.00% PIK)15.84%9/1/20278,337 8,237 7,462 0.41 
Skykick, Inc.(5) (7)S +10.25% (incl. 7.00% PIK)15.84%9/1/20272,515 2,473 2,250 0.12 
Trunk Acquisition, Inc.(5) (7)S +5.75%11.21%2/19/20278,960 8,905 8,829 0.48 
Trunk Acquisition, Inc.(5) (7) (13)S +5.75%11.21%2/19/2026— (4)(13)— 
User Zoom Technologies, Inc.(5) (8)S +7.00%12.49%4/5/202938,689 38,071 38,244 2.08 
458,156 456,335 24.84 
Wireless Telecommunication Services
Mobile Communications America, Inc.(5) (6) (7)S +6.00%11.31%10/16/20295,940 5,855 5,885 0.32 
Mobile Communications America, Inc.(5) (7) (13)S +6.00%11.31%10/16/2029— (13)(18)— 
Mobile Communications America, Inc.(5) (7) (13)S +6.00%11.31%10/16/2029— (13)(9)— 
5,829 5,858 0.32 
Total First Lien Debt$3,131,129 $3,115,404 169.59 %
Second Lien Debt
Automobile Components
PAI Holdco, Inc.(5) (7)S +7.50% (incl. 2.00% PIK)12.96%10/28/202826,701 $26,209 $25,107 1.37 %
Commercial Services & Supplies
Sweep Midco LLC(5) (7) (14)3/12/20364,872 — — — 
Sweep Midco LLC(5) (7) (14)3/12/20341,674 836 837 0.05 
836 837 0.05 
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(9)S +7.00%12.57%3/2/202925,500 25,448 21,440 1.17 
Energy Equipment & Services
QBS Parent, Inc.(5)S +8.50%13.96%9/21/202615,000 14,864 14,471 0.79 
Health Care Providers & Services
Heartland Veterinary Partners, LLC(5) (7)S +8.00%13.43%12/10/20273,960 3,905 3,892 0.21 
Heartland Veterinary Partners, LLC(5) (7)S +8.00%13.43%12/10/20271,540 1,518 1,513 0.08 
5,423 5,405 0.29 
IT Services
Help/Systems Holdings, Inc.(8)S +6.75%12.19%11/19/202717,500 17,500 14,481 0.79 
20

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Idera, Inc.(5) (8)S +6.75%12.21%3/2/20293,887 $3,866 $3,887 0.21 %
Red Dawn SEI Buyer, Inc.(5) (7)S +8.50%13.91%11/20/202619,000 18,747 18,979 1.03 
40,113 37,347 2.03 
Software
Flexera Software, LLC(5) (7)S +7.00%12.45%3/3/202913,500 13,310 13,500 0.73 
Matrix Parent, Inc.(5) (9) (11)S +8.00%13.53%3/1/203010,880 10,505 — — 
23,815 13,500 0.73 
Total Second Lien Debt$136,708 $118,107 6.43 %
Other Securities
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(5) (11)16.25% PIK6/18/20261,500 $1,500 $251 0.01 %
Fetch Insurance Services, LLC(5)12.75% (incl. 3.75% PIK)10/31/20271,972 1,930 1,912 0.10 
Total Unsecured Debt$3,430 $2,163 0.12 %
21

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments-non-controlled/non-affiliated(1) (2)
FootnotesReference Rate and SpreadAcquisition Date
Par Amount/ Shares(16)
Cost(4)
Fair ValuePercentage of Net Assets
Preferred Equity
Diligent Corporation(5) (12)10.50%4/5/20215,000 $6,674 $6,704 0.36 %
FORTIS Solutions Group, LLC(5) (12)12.25%6/24/20221,000,000 1,217 970 0.05 
Integrity Marketing Acquisition, LLC(5) (12)10.50%12/21/20213,250,000 4,062 4,030 0.22 
Knockout Intermediate Holdings I, Inc.(5) (12)11.75%6/25/20222,790 3,264 3,267 0.18 
Revalize, Inc.(5) (7) (12)S +10.00%12/14/20212,255 2,776 2,846 0.15 
RSK Holdings, Inc. (Riskonnect)(5) (7) (12)S +10.50%7/7/20221,012,200 1,228 1,273 0.07 
Skykick, Inc.(5) (12)8/31/2021134,101 1,275 1,275 0.07 
Vardiman Black Holdings, LLC(5) (12)6.00% PIK3/29/20242,649,446 1,688 1,688 0.09 
Total Preferred Equity$22,184 $22,053 1.20 %
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(5) (12)3/9/202129,441 $2,944 $2,586 0.14 %
Amerilife Holdings, LLC(5) (12)9/1/2022908 25 33 0.00 
BP Purchaser, LLC(5) (12)12/10/20211,383,156 1,378 1,105 0.06 
BP Purchaser, LLC Rights(5) (12)3/12/20241,250,241 57 56 0.00 
CSC Thrive Holdings, LP (Thrive Networks)(5) (12)3/1/2021162,309 421 776 0.04 
Encore Holdings, LLC(5) (12)11/23/20212,796 348 696 0.04 
Frisbee Holdings, LP (Fetch)(5) (12)10/31/202221,744 277 277 0.02 
Fullsteam Operations, LLC(5) (12)11/27/20232,966 100 100 0.01 
GSM Equity Investors, LP (GSM Outdoors)(5) (12)11/16/20204,500 450 1,195 0.07 
Help HP SCF Investor, LP (Help/Systems)(10) (12)5/12/20219,619,564 12,460 15,966 0.87 
LUV Car Wash(5) (12)4/6/2022123 123 76 0.00 
mPulse Mobile, Inc.(5) (12)12/17/2021165,761 1,220 1,513 0.08 
PCX Holding Corp.(5) (12)4/22/20216,538 654 845 0.05 
Pet Holdings, Inc. (Brightpet)(5) (12)10/6/202017,543 2,012 1,905 0.10 
Pritchard Industries, Inc.(5) (12)10/13/20211,882,739 1,938 1,996 0.11 
Procure Acquiom Financial, LLC (Procure Analytics)(5) (12)12/20/20211,000,000 1,000 1,300 0.07 
Recovery Point Systems, Inc.(5) (12)3/5/20211,000,000 1,000 760 0.04 
Reveal Data Solutions(5) (12)8/29/2023477,846 621 674 0.04 
Shelby Co-invest, LP. (Spectrum Automotive)(5) (12)6/29/20218,500 850 1,316 0.07 
SDB Holdco, LLC(5) (12)3/29/20245,460,555 — — 0.00 
Surewerx Topco, LP(5) (10) (12)12/28/2022512 512 602 0.03 
Suveto Buyer, LLC(5) (10) (12)11/19/202119,257 1,926 1,701 0.09 
Total Common Equity$30,316 $35,478 1.93 %
Total Other Securities$55,930 $59,694 3.25 %
Total Portfolio Investments$3,323,767 $3,293,205 179.27 %
22

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)



(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 March 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 March 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 EURIBOR ("E") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 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 March 31, 2024. As of March 31, 2024, the reference rates for our variable rate loans were the 3-month E at 3.89%, 1-month S at 5.33%, 3-month S at 5.30%, 6-month S at 5.22% and the P at 8.50%.
(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company's Valuation Designee, under the supervision of the Board of Directors (the "Board of Directors" or the "Board") (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(6)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(7)Loan includes interest rate floor of 1.00%.
(8)Loan includes interest rate floor of 0.75%.
(9)Loan includes interest rate floor of 0.50%.
(10)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, non-qualifying assets represented 6.20% of total assets as calculated in accordance with regulatory requirements.
(11)Investment was on non-accrual status as of March 31, 2024.
(12)Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act") and may be deemed to be “restricted securities”. As of March 31, 2024, the aggregate fair value of these securities is $57,531 or 3.13% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of March 31, 2024:
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLCRevolver12/23/2026$2,800 $— 
48Forty Solutions, LLCRevolver11/30/2026814 (104)
AMCP Pet Holdings, Inc. (Brightpet)Revolver10/5/20261,604 (30)
ARI Network Services, Inc.Revolver2/28/20252,424 (32)
AWP Group Holdings, Inc.Delayed Draw Term Loan8/1/20251,579 (16)
AWP Group Holdings, Inc.Revolver12/24/2029561 (6)
Abacus Data Holdings, Inc. (AbacusNext)Revolver3/10/2027140 — 
Abracon Group Holdings, LLCDelayed Draw Term Loan7/6/2024441 (113)
Advarra Holdings, Inc.Delayed Draw Term Loan8/26/202441 — 
Alert Media, Inc.Revolver4/10/20263,043 (84)
23

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Amerilife Holdings, LLCRevolver8/31/2028$437 $(4)
Answer Acquisition, LLCRevolver12/30/2026835 (8)
Apex Service Partners, LLCDelayed Draw Term Loan10/24/20253,445 (62)
Apex Service Partners, LLCRevolver10/24/20291,574 (28)
Appfire Technologies, LLCDelayed Draw Term Loan6/13/20241,031 (10)
Appfire Technologies, LLCRevolver3/9/2027129 (1)
Applitools, Inc.Revolver5/25/2028433 (9)
Aptean, Inc.Delayed Draw Term Loan1/30/20261,824 (9)
Aptean, Inc.Revolver1/30/2031984 (10)
Arcoro Holdings Corp.Revolver3/28/20301,957 (39)
Assembly Intermediate, LLCDelayed Draw Term Loan4/15/20241,556 (52)
Assembly Intermediate, LLCRevolver10/19/20272,074 (70)
Associations, Inc.Delayed Draw Term Loan6/10/202460 — 
Associations, Inc.Revolver7/2/2027905 (7)
Atlas Us Finco, Inc.Revolver12/9/2028186 — 
Avalara, Inc.Revolver10/19/20281,040 — 
Bottomline Technologies, Inc.Revolver5/15/2028267 — 
Bradyifs Holdings, LLCDelayed Draw Term Loan10/31/2025619 (8)
Bradyifs Holdings, LLCRevolver10/31/2029631 (8)
Bridgepointe Technologies, LLCDelayed Draw Term Loan4/1/20254,426 (62)
Bullhorn, Inc.Revolver9/30/2026593 (4)
CLEO Communications Holding, LLCRevolver6/9/202712,502 (165)
COP Collisionright Parent, LLCDelayed Draw Term Loan1/29/20263,535 (36)
COP Collisionright Parent, LLCRevolver1/29/2030884 (17)
Caerus US 1, Inc.Delayed Draw Term Loan10/28/2024893 — 
Caerus US 1, Inc.Revolver5/25/20291,171 — 
Catalis Intermediate, Inc.Revolver8/4/20272,778 (100)
Chase Intermediate, LLCDelayed Draw Term Loan8/31/202510,602 (245)
Chase Intermediate, LLCRevolver10/30/2028530 (10)
Citrin Cooperman Advisors, LLCDelayed Draw Term Loan12/13/20255,521 (79)
Coupa Holdings, LLCDelayed Draw Term Loan8/27/20241,085 (7)
Coupa Holdings, LLCRevolver2/27/2029831 (5)
Cyara AcquisitionCo, LLCRevolver6/28/2029313 (5)
Diligent CorporationRevolver8/4/20252,520 (2)
Dwyer Instruments, Inc.Delayed Draw Term Loan12/22/20252,954 (40)
Dwyer Instruments, Inc.Revolver7/21/20271,014 (11)
E-Discovery AcquireCo, LLCRevolver8/29/20291,618 (23)
EVDR Purchaser, Inc.Delayed Draw Term Loan10/2/20245,881 (58)
24

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
EVDR Purchaser, Inc.Revolver2/14/2031$2,117 $(42)
Encore Holdings, LLCDelayed Draw Term Loan3/28/20268,776 (77)
Encore Holdings, LLCRevolver11/23/2027539 — 
Energy Labs Holdings Corp.Revolver4/7/202846 — 
Excelitas Technologies Corp.Delayed Draw Term Loan8/12/202444 — 
Excelitas Technologies Corp.Revolver8/14/202834 — 
FLS Holding, Inc.Revolver12/17/20271,802 (10)
FMG Suite Holdings, LLCRevolver10/30/20262,006 (10)
FORTIS Solutions Group, LLCDelayed Draw Term Loan6/24/2024784 — 
FORTIS Solutions Group, LLCRevolver10/15/20272,564 — 
Formstack Acquisition CoDelayed Draw Term Loan3/30/20265,000 (38)
Formstack Acquisition CoRevolver3/28/20302,500 (38)
Foundation Risk Partners Corp.Revolver10/29/20274,571 — 
Fullsteam Operations, LLCDelayed Draw Term Loan5/27/20251,273 (9)
Fullsteam Operations, LLCDelayed Draw Term Loan11/27/20251,099 (8)
Fullsteam Operations, LLCDelayed Draw Term Loan8/25/20254,500 (33)
Fullsteam Operations, LLCDelayed Draw Term Loan2/23/20261,125 (8)
Fullsteam Operations, LLCRevolver11/27/2029608 (4)
GC Waves Holdings, Inc.Delayed Draw Term Loan12/31/20245,683 (81)
GC Waves Holdings, Inc.Revolver8/10/2029331 (5)
GPS Merger Sub, LLCDelayed Draw Term Loan10/2/20251,274 (21)
GPS Merger Sub, LLCRevolver10/2/20291,019 (17)
GS AcquisitionCo, Inc.Delayed Draw Term Loan3/26/2026200 (1)
GS AcquisitionCo, Inc.Revolver5/25/20282,470 — 
GSM Acquisition Corp. (GSM Outdoors)Revolver11/16/20264,280 (21)
Galway Borrower, LLCDelayed Draw Term Loan2/2/20261,280 (6)
Galway Borrower, LLCDelayed Draw Term Loan4/28/20241,712 (41)
Galway Borrower, LLCRevolver9/29/20281,856 (45)
Gateway US Holdings, Inc.Revolver9/22/202630 — 
Granicus, Inc.Delayed Draw Term Loan1/17/20261,900 (9)
Granicus, Inc.Revolver1/17/20311,800 (17)
Ground Penetrating Radar Systems, LLCRevolver6/26/20251,641 — 
Heartland Veterinary Partners, LLCRevolver12/10/2026375 (2)
Helios Service Partners, LLCDelayed Draw Term Loan2/7/20253,053 (28)
Helios Service Partners, LLCRevolver3/19/2027542 (5)
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan3/23/20257,970 (40)
High Street Buyer, Inc.Delayed Draw Term Loan3/11/20268,711 (86)
High Street Buyer, Inc.Revolver4/16/20272,136 (21)
25

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Hyland Software, Inc.Revolver9/19/2029$1,879 $(11)
Icefall Parent, Inc.Revolver1/25/2030507 (10)
Inszone Mid, LLCDelayed Draw Term Loan11/10/20255,406 (89)
Inszone Mid, LLCRevolver11/12/2029817 (13)
Integrity Marketing Acquisition, LLCRevolver8/27/202652 (1)
Iris Buyer, LLCDelayed Draw Term Loan10/2/2030340 (7)
Iris Buyer, LLCRevolver10/2/20291,001 (21)
KENG Acquisition, Inc.Delayed Draw Term Loan8/1/20252,040 (20)
KENG Acquisition, Inc.Revolver8/1/2029781 (8)
KWOR Acquisition, Inc.Delayed Draw Term Loan6/22/20243,473 (35)
KWOR Acquisition, Inc.Revolver12/22/202753 (1)
Kaseya, Inc.Delayed Draw Term Loan6/23/2025803 — 
Kaseya, Inc.Revolver6/25/2029642 — 
Komline Sanderson Engineering Corp.Delayed Draw Term Loan5/27/20248,529 (64)
Komline Sanderson Engineering Corp.Revolver3/17/20264,746 (36)
LJ Avalon Holdings, LLCDelayed Draw Term Loan8/1/20241,028 (11)
LJ Avalon Holdings, LLCRevolver2/1/2029675 (7)
LUV Car Wash Group, LLCDelayed Draw Term Loan4/15/202493 — 
LegitScript, LLCDelayed Draw Term Loan6/24/20246,612 (40)
LegitScript, LLCRevolver6/24/20283,167 (19)
MHE Intermediate Holdings, LLCRevolver7/21/20272,500 (17)
MRI Software, LLCDelayed Draw Term Loan12/19/202574 — 
MRI Software, LLCRevolver2/10/20272,245 (9)
MRI Software, LLCRevolver2/10/2027— 
Magneto Components Buyco, LLCDelayed Draw Term Loan6/5/20253,035 (59)
Magneto Components Buyco, LLCRevolver12/5/20292,529 (50)
Magnolia Wash HoldingsRevolver7/14/202871 (8)
MajescoRevolver9/21/20271,575 (24)
Mantech International CPDelayed Draw Term Loan9/14/2024636 — 
Mantech International CPRevolver9/14/2028507 — 
Mobile Communications America, Inc.Delayed Draw Term Loan10/16/20251,921 (18)
Mobile Communications America, Inc.Revolver10/16/2029960 (9)
Montana Buyer, Inc.Revolver7/22/2028400 (2)
Netwrix Corporation And Concept Searching, Inc.Delayed Draw Term Loan6/10/202449 (1)
Netwrix Corporation And Concept Searching, Inc.Revolver6/11/2029431 (4)
Oak Purchaser, Inc.Delayed Draw Term Loan2/2/20251,010 (10)
Oak Purchaser, Inc.Revolver4/28/2028372 (4)
Orion Group Holdco, LLCDelayed Draw Term Loan7/24/20253,473 (41)
26

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
PCX Holding Corp.Revolver4/22/2027$617 $(2)
PDFTron Systems, Inc.Revolver7/15/20266,417 (28)
PDI TA Holdings, Inc.Delayed Draw Term Loan2/1/20267,620 (37)
PDI TA Holdings, Inc.Revolver2/3/20312,280 (22)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/202515,090 (57)
Pareto Health Intermediate Holdings, Inc.Revolver6/1/2029792 (2)
Patriot Growth Insurance Services, LLCRevolver10/16/20284,485 (26)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan10/19/20241,695 (2)
Peter C. Foy & Associates Insurance Services, LLCRevolver11/1/2027832 (8)
Pound Bidco, Inc.Delayed Draw Term Loan12/31/2025297 — 
Pound Bidco, Inc.Revolver1/30/20261,163 — 
Procure Acquireco, Inc. (Procure Analytics)Revolver12/20/2028238 (1)
Project Accelerate Parent, LLCRevolver2/24/20311,250 (12)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2024589 — 
Project Boost Purchaser, LLCRevolver5/2/2028449 — 
RSC Acquisition, Inc.Delayed Draw Term Loan2/14/2025416 (2)
Randy's Holdings, Inc.Delayed Draw Term Loan11/1/20241,978 — 
Randy's Holdings, Inc.Revolver11/1/2028662 — 
Raptor Merger Sub Debt, LLCRevolver4/1/20291,953 — 
Recovery Point Systems, Inc.Revolver8/12/20264,000 — 
Redwood Services Group, LLCDelayed Draw Term Loan1/31/2025— 
Redwood Services Group, LLCDelayed Draw Term Loan2/5/20262,640 (23)
Revalize, Inc.Revolver4/15/202753 (3)
Riskonnect Parent, LLCDelayed Draw Term Loan7/22/20243,662 — 
Riskonnect Parent, LLCDelayed Draw Term Loan3/1/20251,264 (12)
Riskonnect Parent, LLCRevolver12/7/2028915 (17)
RoadOne IntermodaLogisticsDelayed Draw Term Loan6/30/2024273 (4)
RoadOne IntermodaLogisticsRevolver12/29/2028309 (5)
Securonix, Inc.Revolver4/5/20283,782 (192)
Sherlock Buyer Corp.Revolver12/8/20271,286 — 
Smarsh, Inc.Delayed Draw Term Loan2/18/2025536 (7)
Smarsh, Inc.Revolver2/16/2029161 (2)
Spectrio, LLCRevolver12/9/2026987 (64)
Spectrum Automotive Holdings Corp.Delayed Draw Term Loan6/29/20241,154 (21)
Spectrum Automotive Holdings Corp.Revolver6/29/2027881 (16)
Spotless Brands, LLCRevolver7/25/2028145 (1)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026625 (6)
Summit Acquisition, Inc.Delayed Draw Term Loan11/1/20241,638 — 
27

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Summit Acquisition, Inc.Revolver5/1/2029$819 $— 
Summit Buyer, LLCDelayed Draw Term Loan8/25/2025145 (6)
Summit Buyer, LLCRevolver1/14/20271,991 (80)
Superman Holdings, LLCDelayed Draw Term Loan5/1/2025380 (3)
Surewerx Purchaser III, Inc.Delayed Draw Term Loan6/28/20241,128 — 
Surewerx Purchaser III, Inc.Revolver12/28/2028613 — 
SuvetoRevolver9/9/2027898 (35)
Sweep Purchaser, LLCRevolver6/30/20271,406 — 
Syntax Systems, Ltd.Revolver10/29/20261,048 (14)
Tamarack Intermediate, LLCDelayed Draw Term Loan10/6/2025398 (7)
Tamarack Intermediate, LLCRevolver3/13/2028900 (17)
Tank Holding Corp.Delayed Draw Term Loan5/22/2024410 (7)
Tank Holding Corp.Revolver3/31/2028600 (9)
Thrive Buyer, Inc. (Thrive Networks)Revolver1/22/20271,321 (21)
Tidi Legacy Products, Inc.Delayed Draw Term Loan6/19/2025494 (8)
Tidi Legacy Products, Inc.Revolver12/19/2029355 (6)
Trintech, Inc.Revolver7/25/20292,092 (30)
Triple Lift, Inc.Revolver5/5/20282,467 (156)
Trunk Acquisition, Inc.Revolver2/19/2026857 (13)
Two Six Labs, LLCRevolver8/20/20272,134 (58)
United Flow Technologies Intermediate Holdco II, LLCDelayed Draw Term Loan4/15/202432 — 
United Flow Technologies Intermediate Holdco II, LLCRevolver10/29/20261,725 (19)
UpStack, Inc.Delayed Draw Term Loan6/30/20255,483 (137)
UpStack, Inc.Revolver8/20/2027306 (8)
V Global Holdings, LLCRevolver12/22/2025258 (16)
VRC Companies, LLCDelayed Draw Term Loan8/15/2025443 (6)
VRC Companies, LLCRevolver6/29/20271,653 — 
Vardiman Black Holdings, LLCDelayed Draw Term Loan3/29/2026662 (20)
Vensure Employer Services, Inc.Delayed Draw Term Loan5/15/20251,915 (21)
Vertex Service Partners, LLCDelayed Draw Term Loan11/8/20251,866 (40)
Vertex Service Partners, LLCRevolver11/8/2030460 (10)
Vessco Midco Holdings, LLCRevolver10/18/2026437 — 
World Insurance Associates, LLCRevolver4/3/20281,269 (35)
YI, LLCDelayed Draw Term Loan5/1/20251,178 (15)
YI, LLCRevolver12/3/2029866 (11)
Zarya Intermediate, LLCRevolver7/1/20273,649 (27)
iCIMS, Inc.Delayed Draw Term Loan8/18/202597 — 
iCIMS, Inc.Revolver8/18/202842 — 
28

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited) (continued)
March 31, 2024
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
mPulse Mobile, Inc.Revolver12/17/2027$504 $(5)
mPulse Mobile, Inc.Revolver12/17/20272,164 (48)
Total First Lien Debt Unfunded Commitments$363,779 $(4,411)
Total Unfunded Commitments$363,779 $(4,411)

(14)Non-income producing security.
(15)The investment includes an exit fee that is receivable upon certain conditions being met. See Note 2 “Significant Accounting Policies".
(16)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").

































The accompanying notes are an integral part of these unaudited consolidated financial statements
6

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
For the Three Months Ended
March 31, 2023March 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations$43,777 $22,246 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments567 4,342 
Net realized (gain) loss on investments(122)(74)
Net accretion of discount and amortization of premium on investments(2,530)(1,982)
Payment-in-kind interest and dividend capitalized(1,003)(370)
Amortization of deferred financing costs699 1,110 
Amortization of debt issuance costs and original issue discount on Unsecured Notes628 177 
Purchases of investments and change in payable for investments purchased(139,566)(177,705)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid90,247 28,478 
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments(1,613)(86)
(Increase) decrease in prepaid expenses and other assets(448)(129)
(Decrease) increase in payable to affiliates(694)(1,545)
(Decrease) increase in management fees payable43 240 
(Decrease) increase in incentive fees payable1,263 (1,499)
(Decrease) increase in interest payable(7,719)1,917 
(Decrease) increase in accrued expenses and other liabilities107 (287)
Net cash provided by (used in) operating activities(16,364)(125,167)
Cash flows from financing activities:
Borrowings on debt60,000 554,458 
Repayments on debt— (443,000)
Deferred financing costs paid(3,939)(2,064)
Debt issuance costs paid— (5,145)
Dividends paid in cash(23,862)(22,151)
Proceeds from issuance of common stock2,556 7,778 
Net cash provided by (used in) financing activities34,755 89,876 
Net increase (decrease) in cash18,391 (35,291)
Cash, beginning of period81,215 74,153 
Cash, end of period$99,606 $38,862 
Supplemental information and non-cash activities:
Excise tax paid$361 $57 
Interest expense paid$33,059 $6,480 
Dividend reinvestment paid$8,891 $7,540 
Subscriptions receivable$— $72 
Accrued but unpaid dividends$35,682 $27,455 
Accrued but unpaid debt issuance costs$— $425 


The accompanying notes are an integral part of these unaudited consolidated financial statements
729

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)


Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
First Lien Debt
First Lien Debt
First Lien DebtFirst Lien Debt
Aerospace & DefenseAerospace & Defense
Aerospace & Defense
Aerospace & Defense
Jonathan Acquisition CompanyJonathan Acquisition Company(5) (7)L +5.00%10.16%12/22/20262,705 $2,653 $2,636 0.19 %
Jonathan Acquisition Company
Jonathan Acquisition Company(5) (7)S +5.00%10.45%12/22/20262,684 $2,641 $2,659 0.15 %
Mantech International CP
Mantech International CP
Mantech International CP
Mantech International CP
Mantech International CPMantech International CP(5) (8)S +5.75%10.43%09/14/2029358 351 352 0.02 
Mantech International CPMantech International CP(5) (8) (13)S +5.75%10.43%09/14/2029— (1)(2)— 
Mantech International CPMantech International CP(5) (8) (13)S +5.75%10.43%09/14/2028— (1)(1)— 
PCX Holding Corp.PCX Holding Corp.(5) (6) (7)L +6.25%11.41%04/22/202718,186 18,053 17,678 1.25 
PCX Holding Corp.PCX Holding Corp.(5) (7)L +6.25%11.41%04/22/202718,310 18,032 17,800 1.26 
PCX Holding Corp.PCX Holding Corp.(5) (7) (13)L +6.25%11.41%04/22/2027555 543 504 0.04 
PCX Holding Corp.
PCX Holding Corp.
PCX Holding Corp.
PCX Holding Corp.
PCX Holding Corp.
PCX Holding Corp.
Two Six Labs, LLCTwo Six Labs, LLC(5) (8)S +5.50%10.40%08/20/202710,931 10,762 10,694 0.76 
Two Six Labs, LLCTwo Six Labs, LLC(5) (8) (13)S +5.50%10.40%08/20/20272,113 2,063 2,021 0.14 
Two Six Labs, LLCTwo Six Labs, LLC(5) (8) (13)S +5.50%10.40%08/20/2027— (31)(46)— 
52,424 51,636 3.65 
Two Six Labs, LLC
Two Six Labs, LLC
Two Six Labs, LLC
Two Six Labs, LLC
Two Six Labs, LLC
Two Six Labs, LLC
69,354
69,354
69,354
Air Freight & Logistics
Air Freight & Logistics
Air Freight & LogisticsAir Freight & Logistics
AGI-CFI Holdings, Inc.AGI-CFI Holdings, Inc.(5) (8)S +5.75%10.79%06/11/202714,371 14,117 13,942 0.99 
AGI-CFI Holdings, Inc.
AGI-CFI Holdings, Inc.
Omni Intermediate Holdings, LLC
Omni Intermediate Holdings, LLC
Omni Intermediate Holdings, LLC
Omni Intermediate Holdings, LLC
Omni Intermediate Holdings, LLC
Omni Intermediate Holdings, LLCOmni Intermediate Holdings, LLC(5) (7)S +5.00%10.05%12/30/202612,515 12,410 12,092 0.85 
Omni Intermediate Holdings, LLCOmni Intermediate Holdings, LLC(5) (7)S +5.00%10.05%12/30/20261,263 1,247 1,221 0.09 
Omni Intermediate Holdings, LLCOmni Intermediate Holdings, LLC(5) (7) (13)S +5.00%10.05%12/30/2026— (2)(5)— 
Omni Intermediate Holdings, LLCOmni Intermediate Holdings, LLC(5) (7) (13)S +5.00%10.05%12/30/2025— (9)(36)— 
RoadOne IntermodaLogisticsRoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.12%12/30/20281,668 1,619 1,619 0.11 
RoadOne IntermodaLogisticsRoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.12%12/30/2028130 122 122 0.01 
RoadOne IntermodaLogisticsRoadOne IntermodaLogistics(5) (7) (13)S +6.25%11.12%12/30/202875 66 66 — 
29,570 29,021 2.05 
RoadOne IntermodaLogistics
RoadOne IntermodaLogistics
RoadOne IntermodaLogistics
RoadOne IntermodaLogistics
RoadOne IntermodaLogistics
RoadOne IntermodaLogistics
30,213
30,213
30,213
Automobile Components
Automobile Components
Automobile ComponentsAutomobile Components
Continental Battery CompanyContinental Battery Company(5) (7)L +6.75%11.91%01/20/20276,172 6,073 5,513 0.39 
Continental Battery Company
Continental Battery Company
Randy's Holdings, Inc.
Randy's Holdings, Inc.
Randy's Holdings, Inc.
Randy's Holdings, Inc.
Randy's Holdings, Inc.
Randy's Holdings, Inc.
Randy's Holdings, Inc.Randy's Holdings, Inc.(5) (7)S +6.50%11.36%11/01/20286,726 6,535 6,557 0.46 
Randy's Holdings, Inc.Randy's Holdings, Inc.(5) (7) (13)S +6.50%11.36%11/01/2028— (31)(56)— 
Randy's Holdings, Inc.Randy's Holdings, Inc.(5) (7) (13)S +6.50%11.36%11/01/2028170 144 147 0.01 
Sonny's Enterprises, LLCSonny's Enterprises, LLC(5) (7)S +5.50%10.33%08/05/20266,987 6,883 6,747 0.48 
Sonny's Enterprises, LLCSonny's Enterprises, LLC(5) (6) (7)S +6.75%10.76%08/05/20265,346 5,275 5,162 0.36 
Sonny's Enterprises, LLCSonny's Enterprises, LLC(5) (7)S +6.75%11.57%08/05/202634,038 33,572 32,871 2.32 
Spectrum Automotive Holdings Corp.Spectrum Automotive Holdings Corp.(5) (6) (8)L +5.75%10.91%06/29/202823,590 23,308 22,446 1.59 
Spectrum Automotive Holdings Corp.Spectrum Automotive Holdings Corp.(5) (8) (13)L +5.75%10.91%06/29/20284,644 4,576 4,326 0.31 
Spectrum Automotive Holdings Corp.Spectrum Automotive Holdings Corp.(5) (8) (13)L +5.75%10.91%06/29/2027— (9)(43)— 
86,326 83,670 5.91 
Spectrum Automotive Holdings Corp.
Spectrum Automotive Holdings Corp.
Spectrum Automotive Holdings Corp.
Spectrum Automotive Holdings Corp.
Spectrum Automotive Holdings Corp.
Spectrum Automotive Holdings Corp.
86,754
86,754
86,754
Automobiles
Automobiles
Automobiles
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
ARI Network Services, Inc.
830

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Automobiles
ARI Network Services, Inc.(5) (6) (8)S +5.50%10.16%02/28/202520,670 $20,440 $20,219 1.43 %
ARI Network Services, Inc.(5) (6) (8)S +5.50%10.16%02/28/20253,621 3,581 3,542 0.25 
ARI Network Services, Inc.(5) (8) (13)S +5.50%10.16%02/28/20251,757 1,726 1,691 0.12 
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
Summit Buyer, LLC
Summit Buyer, LLC
Summit Buyer, LLC(5) (7)S +5.75%11.26%1/14/202621,896 $21,670 $21,370 1.24 %
Summit Buyer, LLC
Summit Buyer, LLCSummit Buyer, LLC(5) (7)S +5.75%10.74%01/14/202622,064 21,763 21,305 1.51 
Summit Buyer, LLCSummit Buyer, LLC(5) (7) (13)S +5.75%10.74%01/14/202628,920 28,503 27,812 1.97 
Summit Buyer, LLCSummit Buyer, LLC(5) (7) (13)S +5.75%10.74%01/14/2026— (29)(83)(0.01)
Turbo Buyer, Inc.Turbo Buyer, Inc.(5) (7)L +6.00%11.15%12/02/202537,844 37,362 36,758 2.60 
Turbo Buyer, Inc.Turbo Buyer, Inc.(5) (7)L +6.00%11.20%12/02/202538,027 37,445 36,935 2.61 
150,791 148,179 10.48 
Turbo Buyer, Inc.
Turbo Buyer, Inc.
Turbo Buyer, Inc.
Turbo Buyer, Inc.
151,741
151,741
151,741
Biotechnology
Biotechnology
BiotechnologyBiotechnology
GraphPad Software, LLCGraphPad Software, LLC(5) (6) (7)L +5.50%10.48%04/27/202712,036 11,948 11,739 0.83 
GraphPad Software, LLCGraphPad Software, LLC(5) (7)L +5.50%10.48%04/27/20272,885 2,863 2,814 0.20 
GraphPad Software, LLCGraphPad Software, LLC(5) (7) (13)L +5.50%10.48%04/27/2027— (12)(43)— 
14,799 14,510 1.03 
GraphPad Software, LLC
GraphPad Software, LLC
GraphPad Software, LLC
15,580
15,580
15,580
ChemicalsChemicals
Chemicals
Chemicals
Tank Holding Corp.
Tank Holding Corp.
Tank Holding Corp.
Tank Holding Corp.
Tank Holding Corp.
Tank Holding Corp.
Tank Holding Corp.
Tank Holding Corp.Tank Holding Corp.(6) (8)S +5.75%10.66%03/31/202814,094 13,849 13,512 0.96 
Tank Holding Corp.Tank Holding Corp.(8) (13)S +5.75%10.66%03/31/2028227 213 194 0.01 
V Global Holdings, LLCV Global Holdings, LLC(5) (6) (8)S +5.75%10.87%12/22/20274,891 4,806 4,692 0.33 
V Global Holdings, LLCV Global Holdings, LLC(5) (8) (13)S +5.75%10.87%12/22/2025103 92 75 0.01 
18,960 18,473 1.31 
V Global Holdings, LLC
V Global Holdings, LLC
V Global Holdings, LLC
V Global Holdings, LLC
20,940
20,940
20,940
Commercial Services & SuppliesCommercial Services & Supplies
Commercial Services & Supplies
Commercial Services & Supplies
365 Retail Markets, LLC
365 Retail Markets, LLC
365 Retail Markets, LLC
365 Retail Markets, LLC
365 Retail Markets, LLC
365 Retail Markets, LLC
365 Retail Markets, LLC365 Retail Markets, LLC(5) (7)L +4.75%9.50%12/23/202617,237 17,014 16,985 1.20 
365 Retail Markets, LLC365 Retail Markets, LLC(5) (7)L +4.75%9.50%12/23/20265,529 5,473 5,449 0.39 
365 Retail Markets, LLC365 Retail Markets, LLC(5) (7) (13)L +4.75%9.50%12/23/20261,200 1,166 1,159 0.08 
Atlas Us Finco, Inc.Atlas Us Finco, Inc.(5) (7) (10)S +7.25%11.98%12/09/20292,009 1,950 1,959 0.14 
Atlas Us Finco, Inc.Atlas Us Finco, Inc.(5) (7) (10) (13)S +7.25%11.98%12/09/2028— (5)(5)— 
Atlas Us Finco, Inc.
Atlas Us Finco, Inc.
Atlas Us Finco, Inc.
Atlas Us Finco, Inc.
BPG Holdings IV Corp.BPG Holdings IV Corp.(5) (8)S +6.00%10.90%07/29/202911,739 10,997 11,138 0.79 
BPG Holdings IV Corp.
BPG Holdings IV Corp.
Encore Holdings, LLC
Encore Holdings, LLC
Encore Holdings, LLC
Encore Holdings, LLC
Encore Holdings, LLC
Encore Holdings, LLC
Encore Holdings, LLCEncore Holdings, LLC(5) (8)L +4.75%9.91%11/23/20281,845 1,818 1,807 0.13 
Encore Holdings, LLCEncore Holdings, LLC(5) (8) (13)L +4.75%9.91%11/23/20282,310 2,266 2,236 0.16 
Encore Holdings, LLCEncore Holdings, LLC(5) (8) (13)L +4.75%9.91%11/23/2027— (7)(11)— 
Energy Labs Holdings Corp.Energy Labs Holdings Corp.(5) (7)S +5.25%10.08%04/07/2028387 382 376 0.03 
Energy Labs Holdings Corp.Energy Labs Holdings Corp.(5) (7) (13)S +5.25%10.08%04/07/2028— — (1)— 
Energy Labs Holdings Corp.Energy Labs Holdings Corp.(5) (7) (13)S +5.25%10.08%04/07/202812 11 10 — 
Energy Labs Holdings Corp.
Energy Labs Holdings Corp.
Energy Labs Holdings Corp.
Energy Labs Holdings Corp.
Energy Labs Holdings Corp.
Energy Labs Holdings Corp.
FLS Holding, Inc.FLS Holding, Inc.(5) (7) (10)L +5.25%10.21%12/15/202820,675 20,322 20,390 1.44 
FLS Holding, Inc.FLS Holding, Inc.(5) (7) (10)L +5.25%10.25%12/15/20284,495 4,415 4,433 0.31 
FLS Holding, Inc.FLS Holding, Inc.(5) (7) (10) (13)L +5.25%10.21%12/17/2027— (28)(25)— 
FLS Holding, Inc.
FLS Holding, Inc.
FLS Holding, Inc.
FLS Holding, Inc.
FLS Holding, Inc.
FLS Holding, Inc.
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Helios Service Partners, LLC
Iris Buyer, LLC
Iris Buyer, LLC
Iris Buyer, LLC
931

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
Iris Buyer, LLC
Iris Buyer, LLC
Iris Buyer, LLC(5) (7) (13)S +6.25%11.60%10/2/2030145 $130 $130 0.01 %
Iris Buyer, LLC
Atlas Us Finco, Inc.
Atlas Us Finco, Inc.
Atlas Us Finco, Inc.
PDFTron Systems, Inc.
PDFTron Systems, Inc.
PDFTron Systems, Inc.
PDFTron Systems, Inc.
PDFTron Systems, Inc.
PDFTron Systems, Inc.
PDFTron Systems, Inc.PDFTron Systems, Inc.(5) (6) (7) (10)S +5.50%10.31%07/15/202730,338 $29,940 $29,395 2.08 %
PDFTron Systems, Inc.PDFTron Systems, Inc.(5) (7) (10)S +5.50%10.26%07/15/20279,800 9,645 9,495 0.67 
PDFTron Systems, Inc.PDFTron Systems, Inc.(5) (7) (10)S +5.50%10.29%07/15/20267,700 7,599 7,461 0.53 
Procure Acquireco, Inc. (Procure Analytics)Procure Acquireco, Inc. (Procure Analytics)(5) (8)L +5.00%9.84%12/20/20283,919 3,852 3,716 0.26 
Procure Acquireco, Inc. (Procure Analytics)Procure Acquireco, Inc. (Procure Analytics)(5) (8) (13)L +5.00%9.84%12/20/2028— (7)(41)— 
Procure Acquireco, Inc. (Procure Analytics)Procure Acquireco, Inc. (Procure Analytics)(5) (8) (13)L +5.00%9.84%12/20/2028— (4)(12)— 
QW Holding Corporation(5) (6) (7)L +5.50%10.32%08/31/20268,883 8,774 8,883 0.63 
QW Holding Corporation(5) (7) (13)P +4.50%12.50%08/31/20262,054 2,027 2,054 0.15 
QW Holding Corporation(5) (7) (13)P +4.50%12.50%08/31/2026755 728 755 0.05 
Procure Acquireco, Inc. (Procure Analytics)
Procure Acquireco, Inc. (Procure Analytics)
Procure Acquireco, Inc. (Procure Analytics)
Procure Acquireco, Inc. (Procure Analytics)
Procure Acquireco, Inc. (Procure Analytics)
Procure Acquireco, Inc. (Procure Analytics)
Sherlock Buyer Corp.Sherlock Buyer Corp.(5) (8)S +5.75%10.75%12/08/202811,033 10,845 10,856 0.77 
Sherlock Buyer Corp.Sherlock Buyer Corp.(5) (8) (13)S +5.75%10.75%12/08/2028— (26)(52)— 
Sherlock Buyer Corp.Sherlock Buyer Corp.(5) (8) (13)S +5.75%10.75%12/08/2027— (20)(21)— 
Sherlock Buyer Corp.
Sherlock Buyer Corp.
Sherlock Buyer Corp.
Sherlock Buyer Corp.
Sherlock Buyer Corp.
Sherlock Buyer Corp.
Surewerx Purchaser III, Inc.
Surewerx Purchaser III, Inc.
Surewerx Purchaser III, Inc.
Surewerx Purchaser III, Inc.
Surewerx Purchaser III, Inc.
Surewerx Purchaser III, Inc.
Surewerx Purchaser III, Inc.Surewerx Purchaser III, Inc.(5) (8) (10)S +6.75%11.65%12/28/20295,488 5,328 5,385 0.38 
Surewerx Purchaser III, Inc.Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%11.65%12/28/2029— (22)(21)— 
Surewerx Purchaser III, Inc.Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%11.65%12/28/2028— (31)(20)— 
Sweep Purchaser, LLCSweep Purchaser, LLC(5) (7)L +5.75%10.91%11/30/20268,682 8,567 8,292 0.59 
Sweep Purchaser, LLCSweep Purchaser, LLC(5) (7)L +5.75%10.91%11/30/20264,966 4,898 4,743 0.34 
Sweep Purchaser, LLCSweep Purchaser, LLC(5) (7) (13)L +5.75%10.91%11/30/2026953 934 898 0.06 
Sweep Purchaser, LLCSweep Purchaser, LLC(5) (7) (13)L +5.75%10.91%11/30/2026759 742 696 0.05 
Sweep Purchaser, LLC
Sweep Purchaser, LLC
Sweep Purchaser, LLC
Sweep Purchaser, LLC
Sweep Purchaser, LLC
Tamarack Intermediate, LLCTamarack Intermediate, LLC(5) (8)S +5.50%10.76%03/13/20285,459 5,365 5,183 0.37 
Tamarack Intermediate, LLCTamarack Intermediate, LLC(5) (8) (13)S +5.50%10.33%03/13/2028149 134 103 0.01 
Tamarack Intermediate, LLC
Tamarack Intermediate, LLC
Tamarack Intermediate, LLC
Tamarack Intermediate, LLC
Tamarack Intermediate, LLC
Tamarack Intermediate, LLC
Tamarack Intermediate, LLC
United Flow Technologies Intermediate Holdco II, LLC
United Flow Technologies Intermediate Holdco II, LLC
United Flow Technologies Intermediate Holdco II, LLC
United Flow Technologies Intermediate Holdco II, LLC
United Flow Technologies Intermediate Holdco II, LLC
United Flow Technologies Intermediate Holdco II, LLCUnited Flow Technologies Intermediate Holdco II, LLC(5) (7)L +5.75%10.58%10/29/202716,929 16,656 16,462 1.16 
United Flow Technologies Intermediate Holdco II, LLCUnited Flow Technologies Intermediate Holdco II, LLC(5) (7)L +5.75%10.58%10/29/20279,808 9,646 9,537 0.67 
United Flow Technologies Intermediate Holdco II, LLCUnited Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)L +5.75%10.58%10/29/20271,268 1,169 992 0.07 
United Flow Technologies Intermediate Holdco II, LLCUnited Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)L +5.75%10.58%10/29/2026— (43)(83)(0.01)
US Infra Svcs Buyer, LLCUS Infra Svcs Buyer, LLC(5) (6) (7)L +6.75%11.67%04/13/202616,194 16,012 15,490 1.10 
US Infra Svcs Buyer, LLCUS Infra Svcs Buyer, LLC(5) (6) (7)L +6.75%11.89%04/13/20262,286 2,261 2,186 0.15 
US Infra Svcs Buyer, LLCUS Infra Svcs Buyer, LLC(5) (7)L +6.75%11.73%04/13/20262,250 2,227 2,152 0.15 
Valcourt Holdings II, LLC(5) (7)S +5.25%10.30%01/07/202725,081 24,740 24,892 1.76 
Valcourt Holdings II, LLC(5) (6) (7)S +5.25%10.30%01/07/20279,904 9,766 9,829 0.69 
Valcourt Holdings II, LLC(5) (7)S +5.25%10.30%01/07/20276,842 6,752 6,790 0.48 
US Infra Svcs Buyer, LLC
US Infra Svcs Buyer, LLC
US Infra Svcs Buyer, LLC
US Infra Svcs Buyer, LLC
US Infra Svcs Buyer, LLC
US Infra Svcs Buyer, LLC
Vensure Employer Services, Inc.
Vensure Employer Services, Inc.
Vensure Employer Services, Inc.
VRC Companies, LLCVRC Companies, LLC(5) (6) (8)L +5.50%10.65%06/29/202756,909 56,265 55,401 3.92 
VRC Companies, LLCVRC Companies, LLC(5) (8)S +5.75%10.57%06/29/20277,521 7,421 7,321 0.52 
VRC Companies, LLCVRC Companies, LLC(5) (8) (13)S +5.75%10.57%06/29/20278,108 7,991 7,866 0.56 
VRC Companies, LLCVRC Companies, LLC(5) (8) (13)L +5.50%10.65%06/29/2027— (18)(44)— 
325,887 322,439 22.79 
VRC Companies, LLC
VRC Companies, LLC
VRC Companies, LLC
VRC Companies, LLC
VRC Companies, LLC
306,475
306,475
306,475
Construction & Engineering
Construction & Engineering
Construction & Engineering
KPSKY Acquisition, Inc.
KPSKY Acquisition, Inc.
KPSKY Acquisition, Inc.
1032

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Construction & Engineering
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
KPSKY Acquisition, Inc.KPSKY Acquisition, Inc.(5) (8)L +5.50%10.41%10/19/202834,124 $33,555 $32,722 2.31 %
KPSKY Acquisition, Inc.KPSKY Acquisition, Inc.(5) (8)L +5.50%10.41%10/19/20283,930 3,863 3,768 0.27 
KPSKY Acquisition, Inc.KPSKY Acquisition, Inc.(5) (8) (13)L +5.50%10.41%10/19/2028921 879 761 0.05 (5) (8)S +5.25%10.74%10/19/20287,754 $$7,630 $$7,576 0.44 0.44 %%
LJ Avalon Holdings, LLCLJ Avalon Holdings, LLC(5) (7)S +6.50%11.33%02/01/20304,163 4,040 4,040 0.29 
LJ Avalon Holdings, LLCLJ Avalon Holdings, LLC(5) (7) (13)S +6.50%11.33%02/01/2030— (25)(25)— 
LJ Avalon Holdings, LLCLJ Avalon Holdings, LLC(5) (7) (13)S +6.50%11.33%02/01/2029— (20)(20)— 
42,292 41,246 2.92 
LJ Avalon Holdings, LLC
LJ Avalon Holdings, LLC
LJ Avalon Holdings, LLC
LJ Avalon Holdings, LLC
Superman Holdings, LLC
Superman Holdings, LLC
Superman Holdings, LLC
Superman Holdings, LLC
Superman Holdings, LLC
Superman Holdings, LLC
47,178
47,178
47,178
Containers & Packaging
Containers & Packaging
Containers & PackagingContainers & Packaging
BP Purchaser, LLCBP Purchaser, LLC(5) (8)L +5.50%10.65%12/11/202817,292 16,998 16,320 1.15 
Fortis Solutions Group, LLC(5) (8)L +5.50%10.34%10/13/202826,912 26,461 26,299 1.86 
Fortis Solutions Group, LLC(5) (8)L +5.50%10.34%10/13/202876 75 75 0.01 
Fortis Solutions Group, LLC(5) (8) (13)L +5.50%10.34%10/15/2028(1)(17)— 
Fortis Solutions Group, LLC(5) (8) (13)L +5.50%10.34%10/15/2027360 319 298 0.02 
43,852 42,975 3.04 
BP Purchaser, LLC
BP Purchaser, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
FORTIS Solutions Group, LLC
43,466
43,466
43,466
DistributorsDistributors
Distributors
Distributors
48Forty Solutions, LLC
48Forty Solutions, LLC
48Forty Solutions, LLC
48Forty Solutions, LLC48Forty Solutions, LLC(5) (6) (7)S +5.50%10.27%11/30/202616,066 15,800 15,378 1.09 
48Forty Solutions, LLC48Forty Solutions, LLC(5) (7)S +6.00%10.77%11/30/20261,791 1,728 1,742 0.12 
48Forty Solutions, LLC48Forty Solutions, LLC(5) (7) (13)P +4.50%12.50%11/30/2026271 228 155 0.01 
ABB Concise Optical Group, LLCABB Concise Optical Group, LLC(5) (8)L +7.50%12.67%02/23/202817,932 17,547 16,539 1.17 
ABB Concise Optical Group, LLCABB Concise Optical Group, LLC(5) (8) (13)P +6.50%14.50%02/23/20281,792 1,754 1,646 0.12 
ABB Concise Optical Group, LLC
Avalara, Inc.Avalara, Inc.(5) (8)S +7.25%12.15%10/19/202810,712 10,459 10,587 0.75 
Avalara, Inc.Avalara, Inc.(5) (8) (13)S +7.25%12.15%10/19/2028— (25)(13)— 
Avalara, Inc.
Avalara, Inc.
Avalara, Inc.
Avalara, Inc.
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
PT Intermediate Holdings III, LLCPT Intermediate Holdings III, LLC(5) (8)S +5.98%11.02%11/01/202817,183 17,038 16,028 1.13 
PT Intermediate Holdings III, LLCPT Intermediate Holdings III, LLC(5) (8)S +5.98%11.02%11/01/202811,377 11,281 10,612 0.75 
PT Intermediate Holdings III, LLCPT Intermediate Holdings III, LLC(5) (8)S +5.98%11.02%11/01/202815,889 15,752 14,821 1.05 
91,562 87,495 6.19 
PT Intermediate Holdings III, LLC
PT Intermediate Holdings III, LLC
PT Intermediate Holdings III, LLC
98,033
98,033
98,033
Diversified Consumer ServicesDiversified Consumer Services
Diversified Consumer Services
Diversified Consumer Services
Apex Service Partners, LLC
Apex Service Partners, LLC
Apex Service Partners, LLC
Apex Service Partners, LLC
Apex Service Partners, LLC
Apex Service Partners, LLC
Apex Service Partners, LLC
Apex Service Partners, LLCApex Service Partners, LLC(5) (7)S +5.50%10.25%07/31/20258,272 7,815 7,815 0.55 
Apex Service Partners, LLCApex Service Partners, LLC(5) (7) (13)S +5.50%10.25%07/31/20254,042 3,595 3,595 0.25 
Assembly Intermediate, LLCAssembly Intermediate, LLC(5) (7)L +6.50%11.66%10/19/202720,741 20,407 20,004 1.41 
Assembly Intermediate, LLCAssembly Intermediate, LLC(5) (7) (13)L +6.50%11.66%10/19/20272,904 2,839 2,720 0.19 
Assembly Intermediate, LLCAssembly Intermediate, LLC(5) (7) (13)L +6.50%11.66%10/19/2027830 798 756 0.05 
Assembly Intermediate, LLC
Assembly Intermediate, LLC
Assembly Intermediate, LLC
Assembly Intermediate, LLC
Assembly Intermediate, LLC
Assembly Intermediate, LLC
FPG Intermediate Holdco, LLC
FPG Intermediate Holdco, LLC
FPG Intermediate Holdco, LLCFPG Intermediate Holdco, LLC(5) (7)S +6.50%11.41%03/05/2027496 487 475 0.03 
Groundworks, LLCGroundworks, LLC(5) (6) (7)S +6.50%11.44%03/14/20301,059 1,028 1,028 0.07 
Groundworks, LLCGroundworks, LLC(5) (7) (13)S +6.50%11.44%03/14/2030— (3)(3)— 
Groundworks, LLCGroundworks, LLC(5) (7) (13)S +6.50%11.44%03/14/2029— (2)(2)— 
Groundworks, LLC
Groundworks, LLC
Groundworks, LLC
1133

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Heartland Home Services(5) (8) (13)L +5.75%10.59%12/15/20261,960 $1,944 $1,905 0.13 %
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
Groundworks, LLC
Groundworks, LLC
Groundworks, LLC(5) (7) (13)S +6.50%11.90%3/14/2029— $(2)$— — %
Heartland Home Services, Inc.
Lightspeed Solution, LLCLightspeed Solution, LLC(5) (8)S +6.50%11.37%03/01/20287,656 7,527 7,397 0.52 
Lightspeed Solution, LLCLightspeed Solution, LLC(5) (8) (13)S +6.50%11.37%03/01/2028171 150 89 0.01 
Lightspeed Solution, LLC
Lightspeed Solution, LLC
Lightspeed Solution, LLC
Lightspeed Solution, LLC
LUV Car Wash Group, LLC
LUV Car Wash Group, LLCLUV Car Wash Group, LLC(5) (7) (13)S +7.00%11.74%12/09/2026371 367 363 0.03 
LUV Car Wash Group, LLCLUV Car Wash Group, LLC(5) (7)S +7.00%11.74%12/09/2026348 345 343 0.02 
Magnolia Wash HoldingsMagnolia Wash Holdings(5) (7)S +6.50%11.35%07/14/20283,757 3,689 3,507 0.25 
Magnolia Wash HoldingsMagnolia Wash Holdings(5) (7)S +6.50%11.35%07/14/2028704 691 657 0.05 
Magnolia Wash HoldingsMagnolia Wash Holdings(5) (7) (13)S +6.50%11.35%07/14/202887 84 77 0.01 
Mammoth Holdings, LLC(5) (6) (7)S +6.00%10.85%10/16/20248,013 7,976 7,914 0.56 
Mammoth Holdings, LLC(5) (7)S +6.00%10.85%10/16/202435,875 35,718 35,434 2.50 
Mammoth Holdings, LLC(5) (7) (13)S +6.00%10.85%10/16/2024— (4)(12)— 
Magnolia Wash Holdings
Magnolia Wash Holdings
Magnolia Wash Holdings
Magnolia Wash Holdings
Magnolia Wash Holdings
Magnolia Wash Holdings
Spotless Brands, LLCSpotless Brands, LLC(5) (7)S +6.50%11.31%07/25/20284,526 4,443 4,371 0.31 
Spotless Brands, LLCSpotless Brands, LLC(5) (7)S +6.50%11.31%07/25/2028857 841 827 0.06 
Spotless Brands, LLCSpotless Brands, LLC(5) (7) (13)S +6.50%11.31%07/25/202829 26 24 — 
100,761 99,284 7.02 
Financial Services
Applitools, Inc.(5) (8) (10)S +6.25% PIK11.06% PIK05/25/20293,287 3,240 3,126 0.22 
Applitools, Inc.(5) (8) (10) (13)S +6.25%11.06%05/25/2028— (7)(21)— 
Cerity Partners, LLC(5) (8)S +6.75%11.54%12/29/20294,551 4,417 4,465 0.32 
Cerity Partners, LLC(5) (8) (13)S +6.75%11.54%12/29/2029240 39 108 0.01 
SitusAMC Holdings Corp.(5) (8)L +5.50%10.66%12/22/20273,564 3,535 3,442 0.24 
Smarsh, Inc.(5) (8)S +6.50%11.29%02/16/20294,286 4,210 4,138 0.29 
Smarsh, Inc.(5) (8) (13)S +6.50%11.29%02/16/2029536 522 499 0.04 
Smarsh, Inc.(5) (8) (13)S +6.50%11.29%02/16/202954 49 44 — 
16,005 15,801 1.12 
Spotless Brands, LLC
Spotless Brands, LLC
Spotless Brands, LLC
Spotless Brands, LLC
Spotless Brands, LLC
Spotless Brands, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
Vertex Service Partners, LLC
81,164
81,164
81,164
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components
Electronic Equipment, Instruments & Components
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC
Abracon Group Holdings, LLC
Abracon Group Holdings, LLC
Abracon Group Holdings, LLC
Abracon Group Holdings, LLC
Abracon Group Holdings, LLC
Abracon Group Holdings, LLCAbracon Group Holdings, LLC(5) (8)P +4.75%12.75%07/06/20285,520 5,421 5,323 0.38 
Abracon Group Holdings, LLCAbracon Group Holdings, LLC(5) (8) (13)P +4.75%12.75%07/06/2028— (9)(36)— 
Abracon Group Holdings, LLCAbracon Group Holdings, LLC(5) (8) (13)P +4.75%12.75%07/06/2028— (7)(14)— 
Dwyer Instruments, Inc.Dwyer Instruments, Inc.(5) (8)L +6.00%11.16%07/21/20278,039 7,897 7,744 0.55 
Dwyer Instruments, Inc.Dwyer Instruments, Inc.(5) (8) (13)L +6.00%11.16%07/21/2027— (17)(74)(0.01)
Dwyer Instruments, Inc.Dwyer Instruments, Inc.(5) (8) (13)L +6.00%11.16%07/21/2027225 208 188 0.01 
Dwyer Instruments, Inc.
Dwyer Instruments, Inc.
Dwyer Instruments, Inc.
Dwyer Instruments, Inc.
Dwyer Instruments, Inc.
Dwyer Instruments, Inc.
Infinite Bidco, LLCInfinite Bidco, LLC(5) (9)L +6.25%10.91%03/02/202812,454 12,091 12,090 0.85 
Infinite Bidco, LLC
Infinite Bidco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
Magneto Components Buyco, LLC
45,611
45,611
45,611
25,584 25,221 1.78 
Food Products
AMCP Pet Holdings, Inc. (Brightpet)(5) (6) (7)L +6.25%11.40%10/05/202617,106 16,774 16,792 1.19 
AMCP Pet Holdings, Inc. (Brightpet)(5) (7)L +6.25%11.40%10/05/202616,292 15,967 15,992 1.13 
Financial Services
Financial Services
Financial Services
Applitools, Inc.
Applitools, Inc.
Applitools, Inc.
Applitools, Inc.
Applitools, Inc.
Applitools, Inc.
Cerity Partners, LLC
Cerity Partners, LLC
Cerity Partners, LLC
Cerity Partners, LLC
Cerity Partners, LLC
Cerity Partners, LLC
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.
1234

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Investments-non-controlled/non-affiliated(1)(2)
Investments-non-controlled/non-affiliated(1)(2)
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.
GC Waves Holdings, Inc.(5) (8) (13)S +6.00%11.46%8/11/2028— $(6)$(6)— %
SitusAMC Holdings Corp.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Smarsh, Inc.
Trintech, Inc.
Trintech, Inc.
Trintech, Inc.
Trintech, Inc.
Trintech, Inc.
Trintech, Inc.
59,701
59,701
59,701
Food Products
Food Products
Food Products
AMCP Pet Holdings, Inc. (Brightpet)
AMCP Pet Holdings, Inc. (Brightpet)
AMCP Pet Holdings, Inc. (Brightpet)
AMCP Pet Holdings, Inc. (Brightpet)
AMCP Pet Holdings, Inc. (Brightpet)
AMCP Pet Holdings, Inc. (Brightpet)AMCP Pet Holdings, Inc. (Brightpet)(5) (7)L +6.25%11.08%10/05/20265,833 $5,729 $5,726 0.40 %
Nellson Nutraceutical, Inc.Nellson Nutraceutical, Inc.(5) (6) (7)S +5.75%10.49%12/23/202523,545 23,284 23,243 1.64 
Nellson Nutraceutical, Inc.
Nellson Nutraceutical, Inc.
Teasdale Foods, Inc. (Teasdale Latin Foods)Teasdale Foods, Inc. (Teasdale Latin Foods)(5) (7)S +7.25% (incl. 1.00% PIK)12.29%12/18/202510,839 10,712 9,156 0.65 
72,466 70,909 5.01 
Teasdale Foods, Inc. (Teasdale Latin Foods)
Teasdale Foods, Inc. (Teasdale Latin Foods)
73,733
73,733
73,733
Health Care Equipment & SuppliesHealth Care Equipment & Supplies
Performance Health & Wellness(5) (6) (7)L +6.00%11.16%07/12/20279,398 9,255 9,039 0.64 
Health Care Equipment & Supplies
Health Care Equipment & Supplies
Performance Health Holdings, Inc.
Performance Health Holdings, Inc.
Performance Health Holdings, Inc.
PerkinElmer U.S., LLCPerkinElmer U.S., LLC(5) (6) (7)S +6.75%11.86%03/13/20293,903 3,786 3,786 0.27 
13,041 12,825 0.91 
PerkinElmer U.S., LLC
PerkinElmer U.S., LLC
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
Tidi Legacy Products, Inc.
YI, LLC
YI, LLC
YI, LLC
YI, LLC
YI, LLC
YI, LLC
YI, LLC
YI, LLC
YI, LLC
22,434
22,434
22,434
Health Care Providers & Services
Health Care Providers & Services
Health Care Providers & ServicesHealth Care Providers & Services
Advarra Holdings, Inc.Advarra Holdings, Inc.(5) (8)S +5.75%10.56%08/24/2029457 450 438 0.03 
Advarra Holdings, Inc.Advarra Holdings, Inc.(5) (8) (13)S +5.75%10.56%08/24/2029— — (2)— 
Advarra Holdings, Inc.
Advarra Holdings, Inc.
Advarra Holdings, Inc.
Advarra Holdings, Inc.
DCA Investment Holdings, LLC
DCA Investment Holdings, LLC
DCA Investment Holdings, LLC
DCA Investment Holdings, LLCDCA Investment Holdings, LLC(5) (6) (8)S +6.41%11.30%04/03/202811,022 10,896 10,660 0.75 
DCA Investment Holdings, LLCDCA Investment Holdings, LLC(5) (8)S +6.41%11.30%04/03/20282,743 2,700 2,653 0.19 
DCA Investment Holdings, LLCDCA Investment Holdings, LLC(5) (8) (13)S +6.50%11.40%04/03/2028237 221 208 0.01 
Gateway US Holdings, Inc.Gateway US Holdings, Inc.(5) (8) (10)S +6.50%11.55%09/22/2026752 746 742 0.05 
Gateway US Holdings, Inc.Gateway US Holdings, Inc.(5) (8) (10) (13)S +6.50%11.55%09/22/2026206 204 203 0.01 
Gateway US Holdings, Inc.Gateway US Holdings, Inc.(5) (8) (10) (13)S +6.50%11.55%09/22/202617 16 16 — 
Gateway US Holdings, Inc.
Gateway US Holdings, Inc.
Gateway US Holdings, Inc.
Gateway US Holdings, Inc.
Gateway US Holdings, Inc.
Gateway US Holdings, Inc.
Heartland Veterinary Partners, LLCHeartland Veterinary Partners, LLC(5) (7)S +4.75%9.56%12/10/20261,861 1,847 1,831 0.13 
Heartland Veterinary Partners, LLCHeartland Veterinary Partners, LLC(5) (7) (13)S +4.75%9.56%12/10/20264,061 4,030 3,993 0.28 
Heartland Veterinary Partners, LLCHeartland Veterinary Partners, LLC(5) (7) (13)S +4.75%9.56%12/10/2026— (3)(6)— 
iCIMS, Inc.(5) (8)S +7.25%12.05%08/18/20286,568 6,459 6,496 0.46 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%11.41%08/21/2026499 486 477 0.03 
mPulse Mobile, Inc.(5) (8)L +5.25%10.19%12/17/202717,456 17,169 16,983 1.20 
mPulse Mobile, Inc.(5) (8) (13)L +5.25%10.19%12/17/2027— (16)(54)— 
mPulse Mobile, Inc.(5) (8) (13)L +5.25%10.19%12/17/2027212 204 198 0.01 
PPV Intermediate Holdings, LLC(5) (8)S +5.75%10.58%08/31/20294,357 4,184 4,184 0.30 
Promptcare Infusion Buyer, Inc.(5) (7)L +6.00%10.72%09/01/20279,050 8,908 8,760 0.62 
Promptcare Infusion Buyer, Inc.(5) (7) (13)L +6.00%10.72%09/01/20271,244 1,209 1,138 0.08 
Southern Veterinary Partners, LLC(5) (7)S +5.50%10.36%10/05/2027897 881 860 0.06 
Stepping Stones Healthcare Services, LLC(5) (8)L +5.75%10.91%01/02/20294,331 4,275 4,144 0.29 
Stepping Stones Healthcare Services, LLC(5) (8) (13)L +5.75%10.91%01/02/2029722 710 668 0.05 
Stepping Stones Healthcare Services, LLC(5) (8) (13)P +4.75%12.75%12/30/2026400 393 373 0.03 
Suveto(5) (8) (13)L +5.00%9.86%09/09/202711,335 11,236 10,761 0.76 
Suveto(5) (8) (13)L +5.00%9.86%09/09/2027567 551 521 0.04 
Tivity Health, Inc.(5) (8)S +6.00%10.90%06/28/20293,701 3,650 3,621 0.26 
Vardiman Black Holdings, LLC(5) (9)S +7.00%11.77%03/18/20273,403 3,375 3,265 0.23 
Heartland Veterinary Partners, LLC
Heartland Veterinary Partners, LLC
Heartland Veterinary Partners, LLC
Heartland Veterinary Partners, LLC
Heartland Veterinary Partners, LLC
Heartland Veterinary Partners, LLC
1335

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Vardiman Black Holdings, LLC(5) (9) (13)S +7.00%11.61%03/18/20273,978 $3,944 $3,814 0.27 %
Vermont Aus Pty Ltd(5) (8) (10)S +5.50%10.55%03/23/20288,415 8,230 8,036 0.57 
96,955 94,981 6.71 
Health Care Technology
Lightspeed Buyer, Inc.(5) (6) (7)L +5.50%10.43%02/03/20269,164 9,002 8,926 0.63 
Lightspeed Buyer, Inc.(5) (7)L +5.50%10.43%02/03/20263,472 3,425 3,382 0.24 
Lightspeed Buyer, Inc.(5) (7)L +5.50%10.34%02/03/20269,987 9,805 9,727 0.69 
22,232 22,035 1.56 
Industrial Conglomerates
Excelitas Technologies Corp.(5) (8)S +5.75%10.61%08/13/20291,469 1,443 1,414 0.10 
Excelitas Technologies Corp.(5) (8)E +5.75%8.36%08/13/2029242 245 253 0.02 
Excelitas Technologies Corp.(5) (8) (13)S +5.75%10.61%08/13/2029— (2)(7)— 
Excelitas Technologies Corp.(5) (8) (13)S +5.75%10.61%08/14/202851 49 46 — 
Raptor Merger Sub Debt, LLC(5) (6) (8)S +6.75%11.65%04/01/202932,477 31,554 31,574 2.23 
Raptor Merger Sub Debt, LLC(5) (8) (13)S +6.75%11.56%04/01/2028326 258 258 0.02 
33,547 33,538 2.37 
Insurance Services
Amerilife Holdings, LLC(5) (8)S +5.75%10.88%08/31/20292,039 2,001 1,950 0.14 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%10.88%08/31/2029582 568 543 0.04 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%10.88%08/31/2028— (8)(19)— 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.00%10/29/202842,858 42,319 39,408 2.79 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.00%10/29/20289,321 9,203 8,571 0.61 
Foundation Risk Partners Corp.(5) (8) (13)S +6.00%11.00%10/29/2027— (52)(368)(0.03)
Galway Borrower, LLC(5) (8)S +5.25%10.24%09/29/202832,189 31,661 31,095 2.20 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.24%09/29/2028— (7)(10)— 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.24%09/30/2027441 410 372 0.03 
Higginbotham Insurance Agency, Inc.(5) (6) (8)L +5.25%10.09%11/25/202618,435 18,251 18,085 1.28 
High Street Buyer, Inc.(5) (6) (8)L +6.00%11.05%04/14/20289,967 9,813 9,769 0.69 
High Street Buyer, Inc.(5) (6) (8)L +6.00%11.05%04/14/202840,023 39,383 39,231 2.77 
High Street Buyer, Inc.(5) (8) (13)L +6.00%11.05%04/16/2027— (29)(42)— 
Integrity Marketing Acquisition, LLC(5) (6) (8)L +6.05%11.00%08/27/202543,946 43,606 42,878 3.03 
Integrity Marketing Acquisition, LLC(5) (8)L +6.05%11.00%08/27/202524,536 24,329 23,940 1.69 
Integrity Marketing Acquisition, LLC(5) (8)L +6.05%11.00%08/27/202517,246 17,080 16,827 1.19 
Keystone Agency Investors(5) (7)S +5.75%10.80%05/03/20273,507 3,461 3,447 0.24 
Keystone Agency Investors(5) (7)S +5.75%10.80%05/03/20274,038 3,986 3,969 0.28 
Long Term Care Group, Inc.(5) (8)S +6.00%10.90%09/08/20274,950 4,866 4,438 0.31 
Majesco(5) (6) (7)L +7.25%12.41%09/21/202723,361 22,908 22,585 1.60 
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
iCIMS, Inc.(5) (8)S +7.25% (incl. 3.88% PIK)12.62%8/18/20287,064 $6,963 $7,064 0.41 %
iCIMS, Inc.(5) (8) (13)S +7.25% (incl. 3.88% PIK)12.62%8/18/2028— (1)— — 
iCIMS, Inc.(5) (8) (13)S +7.25% (incl. 3.88% PIK)12.62%8/18/2028— 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%12.03%8/21/2026495 484 466 0.03 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%12.03%8/21/202634 33 32 — 
mPulse Mobile, Inc.(5) (8)S +6.50%11.83%12/17/202740,740 39,916 39,947 2.32 
mPulse Mobile, Inc.(5) (8)S +6.50%11.98%12/17/20275,417 5,300 5,308 0.31 
mPulse Mobile, Inc.(5) (8) (13)S +6.50%11.83%12/17/2027— (60)(59)— 
Pareto Health Intermediate Holdings, Inc.(5)(7)S +6.50%11.97%5/31/20306,745 6,619 6,695 0.39 
Pareto Health Intermediate Holdings, Inc.(5) (7)(13)S +6.50%11.97%5/31/2029— (14)(6)— 
PPV Intermediate Holdings, LLC(5) (8)S +5.75%11.14%8/31/20294,357 4,198 4,275 0.25 
PPV Intermediate Holdings, LLC(5) (8) (13)S +5.75%11.14%8/31/2029— (71)(124)(0.01)
Promptcare Infusion Buyer, Inc.(5) (7)S +6.00%11.46%9/1/20278,981 8,860 8,865 0.52 
Promptcare Infusion Buyer, Inc.(5) (7)S +6.00%11.46%9/1/20271,399 1,385 1,381 0.08 
Stepping Stones Healthcare Services, LLC(5) (8)S +5.75%11.20%1/2/20294,288 4,237 4,227 0.25 
Stepping Stones Healthcare Services, LLC(5) (8) (13)S +5.75%11.20%1/2/2029965 952 947 0.06 
Stepping Stones Healthcare Services, LLC(5) (8) (13)S +5.75%11.20%12/30/2026— (6)(9)— 
Suveto(5) (8)S +4.25%9.71%9/9/202711,837 11,753 11,597 0.67 
Suveto(5) (8) (13)S +4.25%9.71%9/9/2027366 352 340 0.02 
Tivity Health, Inc.(5) (8)S +6.00%11.35%6/28/20293,674 3,627 3,668 0.21 
Vardiman Black Holdings, LLC(5) (9) (11)S +9.00% (incl. 2.00% PIK)14.40%3/18/20273,386 3,360 2,815 0.16 
Vardiman Black Holdings, LLC(5) (9) (11)S +9.00% (incl. 2.00% PIK)14.40%3/18/20274,020 3,988 3,342 0.19 
Vermont Aus Pty Ltd(5) (8) (10)S +5.50%11.00%3/23/20288,351 8,190 8,194 0.48 
139,406 138,138 8.03 
Health Care Technology
Hyland Software, Inc.(5) (6) (8)S +6.00%11.36%9/19/203039,656 39,077 39,212 2.28 
Hyland Software, Inc.(5) (8) (13)S +6.00%11.36%9/19/2029— (27)(21)— 
Lightspeed Buyer, Inc.(5) (6) (7)S +5.25%10.71%2/3/202612,540 12,381 12,429 0.72 
Lightspeed Buyer, Inc.(5) (7)S +5.25%10.71%2/3/20269,911 9,774 9,823 0.57 
61,205 61,443 3.57 
Industrial Conglomerates
Excelitas Technologies Corp.(5) (8)S +5.75%11.23%8/13/20291,455 1,431 1,442 0.08 
Excelitas Technologies Corp.(5) (8)E +5.75%9.74%8/13/2029239 244 262 0.02 
1436

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Majesco(5) (7) (13)L +7.25%12.41%09/21/2026— $(27)$(52)— %
Oakbridge Insurance Agency, LLC(5) (7)S +5.75%10.66%12/31/20261,077 1,062 1,054 0.07 
Oakbridge Insurance Agency, LLC(5) (7) (13)S +5.75%10.66%12/31/202692 89 83 0.01 
Oakbridge Insurance Agency, LLC(5) (7) (13)S +5.75%10.66%12/31/202624 23 23 — 
Patriot Growth Insurance Services, LLC(5) (6) (8)L +5.50%10.44%10/16/202862,833 61,777 60,546 4.28 
Patriot Growth Insurance Services, LLC(5) (8) (13)L +5.50%10.44%10/16/2028— (71)(163)(0.01)
Peter C. Foy & Associates Insurance Services, LLC(5) (8)L +6.00%11.21%11/01/202817,748 17,598 17,059 1.21 
Peter C. Foy & Associates Insurance Services, LLC(5) (8)S +6.00%11.12%11/01/2028907 895 872 0.06 
Peter C. Foy & Associates Insurance Services, LLC(5) (8)L +6.00%11.21%11/01/20284,930 4,888 4,739 0.34 
Peter C. Foy & Associates Insurance Services, LLC(5) (8)S +6.00%11.47%11/01/20282,271 2,239 2,183 0.15 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)L +6.00%11.21%11/01/2027— (6)(32)— 
RSC Acquisition, Inc.(5) (6) (8)S +5.50%10.45%10/30/202616,486 16,211 16,099 1.14 
RSC Acquisition, Inc.(5) (8)S +5.50%10.45%10/30/202616,163 16,043 15,783 1.12 
World Insurance Associates, LLC(5) (6) (7)S +5.75%10.65%04/01/202633,246 32,470 32,448 2.29 
World Insurance Associates, LLC(5) (6) (7)S +5.75%10.65%04/01/202631,091 30,492 30,344 2.15 
World Insurance Associates, LLC(5) (7) (13)S +5.75%10.65%04/01/2026825 809 794 0.06 
458,241 448,449 31.70 
Interactive Media & Services
FMG Suite Holdings, LLC(5) (7)S +5.50%10.23%10/30/202624,055 23,714 23,601 1.67 
FMG Suite Holdings, LLC(5) (7)S +5.50%10.23%10/30/20265,211 5,143 5,112 0.36 
FMG Suite Holdings, LLC(5) (7) (13)S +5.50%10.23%10/30/2026551 517 502 0.04 
Spectrio, LLC(5) (6) (7)L +6.00%11.00%12/09/202631,490 31,120 30,957 2.19 
Spectrio, LLC(5) (7)L +6.00%11.00%12/09/202612,711 12,662 12,496 0.88 
Spectrio, LLC(5) (7) (13)L +6.00%11.00%12/09/20262,477 2,428 2,410 0.17 
Triple Lift, Inc.(5) (6) (8)S +5.50%10.44%05/08/202827,510 27,083 26,520 1.87 
Triple Lift, Inc.(5) (8) (13)S +5.25%9.58%05/08/20281,533 1,475 1,389 0.10 
104,142 102,987 7.28 
IT Services
Atlas Purchaser, Inc.(6) (8)L +5.25%10.39%05/08/20288,899 8,761 6,089 0.43 
Catalis Intermediate, Inc.(5) (6) (8)L +5.50%10.66%08/04/202739,659 38,897 34,927 2.47 
Catalis Intermediate, Inc.(5) (8) (13)L +5.50%10.66%08/04/20278,923 8,716 7,359 0.52 
Catalis Intermediate, Inc.(5) (8) (13)L +5.50%10.66%08/04/20273,814 3,737 3,308 0.23 
Donuts, Inc.(5) (6) (7)S +6.00%10.97%12/29/202718,328 18,055 18,013 1.27 
Donuts, Inc.(5) (7)S +6.00%10.97%12/29/20276,718 6,718 6,603 0.47 
Donuts, Inc.(5) (7) (13)S +6.00%10.97%12/29/2027— — (55)— 
Recovery Point Systems, Inc.(5) (6) (7)L +6.50%11.25%08/12/202640,950 40,441 40,950 2.89 
Recovery Point Systems, Inc.(5) (7) (13)L +6.50%11.25%08/12/2026— (45)— — 
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Excelitas Technologies Corp.(5) (8) (13)S +5.75%11.23%8/13/2029126 $124 $125 0.01 %
Excelitas Technologies Corp.(5) (8) (13)S +5.75%11.23%8/14/202880 78 79 — 
Raptor Merger Sub Debt, LLC(5) (6) (8)S +6.75%12.10%4/1/202932,233 31,399 32,201 1.87 
Raptor Merger Sub Debt, LLC(5) (8) (13)S +6.75%12.10%4/1/2028488 431 486 0.03 
33,707 34,595 2.01 
Insurance Services
Amerilife Holdings, LLC(5) (8)S +5.75%11.15%8/31/20292,024 1,989 1,997 0.12 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%11.15%8/31/2029722 708 710 0.04 
Amerilife Holdings, LLC(5) (8) (13)S +5.75%11.15%8/31/2028— (7)(6)— 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.45%10/29/202842,533 42,053 42,533 2.47 
Foundation Risk Partners Corp.(5) (8)S +6.00%11.45%10/29/20289,251 9,146 9,251 0.54 
Foundation Risk Partners Corp.(5) (8) (13)S +6.00%11.45%10/29/2027— (44)— — 
Galway Borrower, LLC(5) (8)S +5.25%10.71%9/29/202833,377 32,879 32,430 1.88 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.71%9/29/2028— (15)(18)— 
Galway Borrower, LLC(5) (8) (13)S +5.25%10.71%9/30/2027— (26)(59)— 
Higginbotham Insurance Agency, Inc.(5) (6) (7)S +5.50%10.96%11/24/202818,295 18,118 18,290 1.06 
Higginbotham Insurance Agency, Inc.(5) (7) (13)S +5.50%10.96%11/24/20282,494 2,464 2,493 0.14 
High Street Buyer, Inc.(5) (6) (8)S +5.75%11.25%4/14/20289,890 9,756 9,890 0.57 
High Street Buyer, Inc.(5) (6) (8)S +5.75%11.25%4/14/202839,719 39,156 39,719 2.31 
High Street Buyer, Inc.(5) (8) (13)S +5.75%11.25%4/16/2027— (23)— — 
Long Term Care Group, Inc.(5) (8)S +7.00% (incl. 6.00% PIK)12.66%9/8/20275,115 5,043 4,235 0.25 
Inszone Mid, LLC(5) (7)S +5.75%11.11%11/12/20294,460 4,372 4,372 0.25 
Inszone Mid, LLC(5) (7) (13)S +5.75%11.11%11/12/2029533 463 464 0.03 
Inszone Mid, LLC(5) (7) (13)S +5.75%11.11%11/12/2029— (16)(16)— 
Integrity Marketing Acquisition, LLC(5) (6) (8)S +6.00%11.39%8/27/2026392 385 384 0.02 
Integrity Marketing Acquisition, LLC(5) (6) (8)S +6.00%11.54%8/27/202685,345 84,685 83,705 4.86 
Integrity Marketing Acquisition, LLC(5) (8) (13)S +6.00%11.39%8/27/2026— (2)(1)— 
Keystone Agency Investors(5) (7)S +5.50%11.00%5/3/20273,480 3,442 3,429 0.20 
Keystone Agency Investors(5) (7)S +5.50%11.00%5/3/20274,007 3,964 3,948 0.23 
Majesco(5) (6) (7)S +7.25%12.60%9/21/202723,182 22,792 22,920 1.33 
Majesco(5) (7) (13)S +7.25%12.60%9/21/2026— (21)(18)— 
Patriot Growth Insurance Services, LLC(5) (6) (8)S +5.50%11.00%10/16/202862,358 61,419 61,747 3.59 
Patriot Growth Insurance Services, LLC(5) (8) (13)S +5.50%11.00%10/16/2028— (61)(44)— 
Peter C. Foy & Associates Insurance Services, LLC(5) (6) (8)S +6.00%11.47%11/1/202820,205 20,029 19,938 1.16 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.47%11/1/20287,140 7,060 7,033 0.41 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.47%11/1/2027— (5)(12)— 
1537

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Redwood Services Group, LLC(5) (8)S +6.00%11.15%06/15/202910,911 $10,711 $10,547 0.75 %
Redwood Services Group, LLC(5) (8) (13)S +6.00%11.15%06/15/20292,590 2,560 2,503 0.18 
Syntax Systems Ltd(5) (8) (10)L +5.75%10.59%10/29/202835,362 35,067 33,789 2.39 
Syntax Systems Ltd(5) (8) (10) (13)L +5.75%10.59%10/29/2028— (75)(416)(0.03)
Syntax Systems Ltd(5) (8) (10) (13)L +5.75%10.59%10/29/20262,495 2,468 2,328 0.16 
Thrive Buyer, Inc. (Thrive Networks)(5) (6) (7)L +6.00%11.16%01/22/202720,509 20,221 20,168 1.43 
Thrive Buyer, Inc. (Thrive Networks)(5) (7)L +6.00%11.16%01/22/202717,042 16,792 16,759 1.18 
Thrive Buyer, Inc. (Thrive Networks)(5) (7) (13)P +5.00%13.00%01/22/2027661 634 628 0.04 
UpStack, Inc.(5) (7)S +5.75%10.93%08/20/20279,712 9,523 9,421 0.67 
UpStack, Inc.(5) (7)S +5.75%10.91%08/20/20274,333 4,237 4,203 0.30 
UpStack, Inc.(5) (7) (13)S +5.75%10.93%08/20/2027— (18)(26)— 
227,400 217,098 15.35 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(5) (6) (7)S +5.00%10.16%11/16/202617,402 17,282 16,249 1.15 
GSM Acquisition Corp. (GSM Outdoors)(5) (7)S +5.00%10.16%11/16/20264,479 4,438 4,182 0.30 
GSM Acquisition Corp. (GSM Outdoors)(5) (7) (13)S +5.00%10.16%11/16/2026— (37)(284)(0.02)
21,683 20,147 1.42 
Machinery
Answer Acquisition, LLC(5) (7)L +5.75%10.91%12/30/202610,692 10,524 10,357 0.73 
Answer Acquisition, LLC(5) (7) (13)L +5.75%10.91%12/30/2026— (13)(26)— 
Komline Sanderson Engineering Corp.(5) (9)L +6.00%10.93%03/17/202627,016 26,834 25,692 1.82 
Komline Sanderson Engineering Corp.(5) (6) (9)S +6.00%11.10%03/17/20269,035 8,970 8,593 0.61 
Komline Sanderson Engineering Corp.(5) (9) (13)S +6.00%11.10%03/17/2026— (66)(418)(0.03)
Komline Sanderson Engineering Corp.(5) (9) (13)S +6.00%11.10%03/17/2026— (28)(233)(0.02)
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.00%10.91%07/21/202728,319 27,886 27,509 1.94 
MHE Intermediate Holdings, LLC(5) (7)S +6.50%11.46%07/21/20274,408 4,327 4,320 0.31 
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.25%11.16%07/21/2027120 117 117 0.01 
MHE Intermediate Holdings, LLC(5) (7)S +6.25%10.91%07/21/20273,702 3,644 3,596 0.25 
MHE Intermediate Holdings, LLC(5) (7) (13)S +6.00%10.82%07/21/2027350 314 278 0.02 
82,509 79,785 5.64 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6) (7)S +4.75%9.63%12/22/20271,946 1,811 1,811 0.13 
AWP Group Holdings, Inc.(5) (6) (7)L +4.75%9.80%12/22/20271,019 1,007 949 0.07 
AWP Group Holdings, Inc.(5) (7)L +4.75%9.80%12/22/2027131 130 122 0.01 
AWP Group Holdings, Inc.(5) (7) (13)L +4.75%9.80%12/22/202654 52 43 — 
Ground Penetrating Radar Systems, LLC(5) (6) (7)S +4.75%10.01%06/26/20268,660 8,547 8,480 0.60 
Ground Penetrating Radar Systems, LLC(5) (7)S +4.75%10.01%06/26/20261,620 1,602 1,586 0.11 
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
RSC Acquisition, Inc.(5) (6) (8)S +5.50%11.02%11/1/202932,400 $31,989 $32,125 1.87 %
RSC Acquisition, Inc.(5) (8) (13)S +6.00%11.39%11/1/2029135 124 128 0.01 
Summit Acquisition, Inc.(5) (6) (8)S +6.75%12.10%5/1/20307,353 7,146 7,242 0.42 
Summit Acquisition, Inc.(5) (8) (13)S +6.75%12.10%5/1/2030— (22)(25)— 
Summit Acquisition, Inc.(5) (8) (13)S +6.75%12.10%5/1/2029— (22)(12)— 
World Insurance Associates, LLC(5) (6) (7)S +6.00%11.36%4/3/202864,847 63,382 62,776 3.65 
World Insurance Associates, LLC(5) (7) (13)S +6.00%11.36%4/3/2028— (11)(41)— 
472,289 471,507 27.39 
Interactive Media & Services
FMG Suite Holdings, LLC(5) (7)S +5.50%10.78%10/30/202623,574 23,267 23,392 1.36 
FMG Suite Holdings, LLC(5) (7)S +5.50%10.78%10/30/20264,568 4,521 4,538 0.26 
FMG Suite Holdings, LLC(5) (13)P +4.25%12.75%10/30/2026777 753 762 0.04 
Spectrio, LLC(5) (6) (7)S +6.00% (incl. 5.00% PIK)11.38%12/9/202631,645 31,343 30,028 1.74 
Spectrio, LLC(5) (7)S +6.00% (incl. 5.00% PIK)11.38%12/9/202612,765 12,725 12,113 0.70 
Spectrio, LLC(5) (7) (13)S +6.00% (incl. 5.00% PIK)11.38%12/9/20263,498 3,460 3,294 0.19 
Triple Lift, Inc.(5) (6) (8)S +5.75%11.17%5/5/202827,300 26,926 25,400 1.48 
Triple Lift, Inc.(5) (8) (13)S +5.75%11.17%5/5/20281,533 1,484 1,255 0.07 
104,479 100,782 5.86 
IT Services
Atlas Purchaser, Inc.(6) (8)S +5.25%10.88%5/8/20288,831 8,710 5,210 0.30 
Catalis Intermediate, Inc.(5) (6) (8)S +5.50%11.00%8/4/202739,357 38,709 37,192 2.16 
Catalis Intermediate, Inc.(5) (8)S +5.50%11.00%8/4/20278,855 8,723 8,368 0.49 
Catalis Intermediate, Inc.(5) (8) (13)S +5.50%11.00%8/4/20271,460 1,396 1,227 0.07 
Donuts, Inc.(5) (6) (7)S +6.00%11.59%12/29/202724,855 24,618 24,838 1.44 
Recovery Point Systems, Inc.(5) (6) (7)S +6.50%11.07%8/12/202640,635 40,229 40,635 2.36 
Recovery Point Systems, Inc.(5) (7) (13)S +6.50%11.07%8/12/2026— (35)— — 
Redwood Services Group, LLC(5) (8)S +6.25%11.70%6/15/202910,829 10,648 10,563 0.61 
Redwood Services Group, LLC(5) (8) (13)S +6.25%11.70%6/15/20295,706 5,645 5,553 0.32 
Syntax Systems Ltd(5) (8) (10)S +5.50%10.96%10/29/202835,093 34,830 34,469 2.00 
Syntax Systems Ltd(5) (8) (10) (13)S +5.50%10.96%10/29/20262,295 2,274 2,229 0.13 
Thrive Buyer, Inc. (Thrive Networks)(5) (6) (7)S +6.00%11.55%1/22/202722,937 22,634 22,516 1.31 
Thrive Buyer, Inc. (Thrive Networks)(5) (7)S +6.00%11.50%1/22/202716,912 16,705 16,577 0.96 
Thrive Buyer, Inc. (Thrive Networks)(5) (13)P +5.00%13.50%1/22/2027661 639 621 0.04 
UpStack, Inc.(5) (7)S +5.75%11.60%8/20/20278,250 8,115 8,044 0.47 
UpStack, Inc.(5) (7) (13)S +6.25%11.60%8/20/20276,767 6,548 6,442 0.37 
1638

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Ground Penetrating Radar Systems, LLC(5) (7) (13)S +4.75%10.01%06/26/2025722 $705 $688 0.05 %
Vessco Midco Holdings, LLC(5) (6) (7)L +4.50%9.34%11/02/20262,701 2,684 2,671 0.19 
Vessco Midco Holdings, LLC(5) (7)L +4.50%9.63%11/02/20261,760 1,749 1,740 0.12 
Vessco Midco Holdings, LLC(5) (7) (13)P +3.50%11.50%10/18/2026179 176 174 0.01 
18,463 18,264 1.29 
Pharmaceuticals
Caerus US 1, Inc.(5) (8) (10)S +5.75%10.65%05/25/202911,121 10,909 10,927 0.77 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%10.65%05/25/2029— (15)(28)— 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%10.65%05/25/2029366 344 345 0.02 
11,238 11,244 0.79 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(5) (6) (7)L +6.25%10.95%03/10/202718,569 18,272 18,467 1.31 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7)L +6.25%10.95%03/10/20271,945 1,931 1,935 0.14 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7) (13)L +6.25%10.95%03/10/2027700 678 692 0.05 
Bridgepointe Technologies, LLC(5) (7)S +6.50%11.55%12/31/202715,136 14,556 14,526 1.03 
Bridgepointe Technologies, LLC(5) (7) (13)S +6.50%11.41%12/31/20271,147 753 739 0.05 
Bullhorn, Inc.(5) (6) (7)L +5.75%10.91%09/30/202612,913 12,820 12,638 0.89 
Bullhorn, Inc.(5) (7)L +5.75%10.91%09/30/20262,716 2,706 2,657 0.19 
Bullhorn, Inc.(5) (7) (13)L +5.75%10.91%09/30/2026— (5)(13)— 
Citrin Cooperman Advisors, LLC(5) (8)L +5.00%9.96%10/01/202719,975 19,659 19,435 1.37 
Citrin Cooperman Advisors, LLC(5) (8)S +6.25%11.03%10/01/20273,708 3,599 3,599 0.25 
Citrin Cooperman Advisors, LLC(5) (8)L +5.00%9.96%10/01/20278,561 8,422 8,330 0.59 
Citrin Cooperman Advisors, LLC(5) (8) (13)S +6.25%11.03%10/01/2027— (16)(16)— 
KWOR Acquisition, Inc.(5) (8)L +5.25%10.09%12/22/20285,360 5,267 5,137 0.36 
KWOR Acquisition, Inc.(5) (8) (13)L +5.25%10.09%12/22/2028— (42)(199)(0.01)
KWOR Acquisition, Inc.(5) (8) (13)P +4.25%12.25%12/22/202755 54 50 — 
Project Boost Purchaser, LLC(5) (8)S +5.25%10.14%05/02/20295,401 5,352 5,342 0.38 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.12%05/02/202985 79 72 0.01 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.12%05/02/2028— (4)(5)— 
94,081 93,386 6.60 
Real Estate Management & Development
Associations, Inc.(5) (6) (7)S +6.50% (incl. 2.50% PIK)11.36%07/02/202716,363 16,246 15,768 1.11 
Associations, Inc.(5) (7)S +6.50% (incl. 2.50% PIK)11.36%07/02/202714,355 14,251 13,833 0.98 
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)11.36%07/02/20271,930 1,869 1,666 0.12 
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
UpStack, Inc.(5) (7) (13)S +6.25%11.60%8/20/2027263 $248 $241 0.01 %
230,636 224,725 13.06 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(5) (6) (7)S +5.00%10.47%11/16/202617,269 17,170 17,096 0.99 
GSM Acquisition Corp. (GSM Outdoors)(5) (7)S +5.00%10.47%11/16/20264,445 4,411 4,400 0.26 
GSM Acquisition Corp. (GSM Outdoors)(5) (7) (13)S +5.00%10.47%11/16/2026— (29)(43)— 
21,552 21,453 1.25 
Machinery
Answer Acquisition, LLC(5) (7)S +5.75%11.25%12/30/202610,611 10,472 10,454 0.61 
Answer Acquisition, LLC(5) (7) (13)S +5.75%11.25%12/30/2026641 631 629 0.04 
Chase Intermediate, LLC(5) (13)S +5.25%11.00%10/30/2028— (99)(196)(0.01)
Chase Intermediate, LLC(5) (13)S +5.25%11.00%10/30/2028— (10)(10)— 
Komline Sanderson Engineering Corp.(5) (6) (9)S +6.00%11.78%3/17/202617,218 17,124 16,681 0.97 
Komline Sanderson Engineering Corp.(5) (9) (13)S +6.00%11.78%3/17/202617,776 17,634 16,955 0.99 
Komline Sanderson Engineering Corp.(5) (13)P +5.00%13.50%3/17/2026— (21)(148)(0.01)
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.00%11.60%7/21/202719,165 18,905 18,990 1.10 
MHE Intermediate Holdings, LLC(5) (7)S +6.00%11.60%7/21/20273,674 3,624 3,636 0.21 
MHE Intermediate Holdings, LLC(5) (7) (13)S +6.00%11.60%7/21/2027— (30)(25)— 
68,230 66,966 3.89 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6) (7)S +5.50%10.95%12/24/20296,152 5,917 6,058 0.35 
AWP Group Holdings, Inc.(5) (7) (13)S +5.50%10.95%12/24/202979 63 54 — 
AWP Group Holdings, Inc.(5) (7) (13)S +5.50%10.95%12/24/2029170 154 158 0.01 
Ground Penetrating Radar Systems, LLC(5) (6) (7)S +4.50%10.03%6/26/202610,202 10,098 10,114 0.59 
Ground Penetrating Radar Systems, LLC(5) (7) (13)S +4.50%10.03%6/26/2025— (11)(14)— 
Vessco Midco Holdings, LLC(5) (6) (7)S +4.50%9.97%11/2/20262,687 2,673 2,687 0.16 
Vessco Midco Holdings, LLC(5) (7)S +4.50%9.97%11/2/20261,751 1,742 1,751 0.10 
Vessco Midco Holdings, LLC(5) (13)P +3.50%12.00%10/18/202620 18 20 — 
20,654 20,828 1.21 
Pharmaceuticals
Caerus US 1, Inc.(5) (8) (10)S +5.75%11.11%5/25/202911,038 10,846 11,038 0.64 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%11.11%5/25/2029713 693 713 0.04 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%11.11%5/25/2029878 859 878 0.05 
12,398 12,629 0.73 
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(5) (6) (7)S +6.25%11.71%3/10/202718,427 18,180 18,427 1.07 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7)S +6.25%11.71%3/10/20271,931 1,919 1,931 0.11 
1739

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)11.36%07/02/2027— $(13)$(68)— %
MRI Software, LLC(5) (7)L +5.50%10.66%02/10/202631,815 31,627 31,384 2.22 
MRI Software, LLC(5) (6) (7)L +5.50%10.66%02/10/202627,517 27,325 27,143 1.92 
MRI Software, LLC(5) (7) (13)L +5.50%10.66%02/10/2026— (11)(30)— 
Pritchard Industries, LLC(5) (8)S +5.50%10.33%10/13/202725,467 25,062 24,402 1.73 
Pritchard Industries, LLC(5) (8)S +5.50%10.33%10/13/20276,089 5,988 5,834 0.41 
Zarya Intermediate, LLC(5) (7) (10)S +6.50%11.31%07/01/202735,408 35,408 35,408 2.50 
Zarya Intermediate, LLC(5) (7) (10) (13)S +6.50%11.31%07/01/2027— — — — 
157,752 155,340 10.98 
Software
Alert Media, Inc.(5) (6) (7)S +5.00%9.85%04/12/202714,000 13,850 13,576 0.96 
Alert Media, Inc.(5) (7) (13)S +5.00%9.85%04/10/2026— (16)(53)— 
Anaplan, Inc.(5) (8)S +6.50%11.31%06/21/202924,000 23,558 23,628 1.67 
Appfire Technologies, LLC(5) (7)S +5.50%10.33%03/09/202718,394 18,288 17,851 1.26 
Appfire Technologies, LLC(5) (7) (13)S +5.50%10.33%03/09/2027— (10)(44)— 
Appfire Technologies, LLC(5) (7) (13)S +5.50%10.33%03/09/202710 — 
Bottomline Technologies, Inc.(5) (8)S +5.50%10.26%05/14/20293,184 3,126 3,095 0.22 
Bottomline Technologies, Inc.(5) (8) (13)S +5.50%10.26%05/15/2028— (5)(7)— 
CLEO Communications Holding, LLC(5) (6) (7)L +6.50%11.22%06/09/202739,998 39,699 38,686 2.73 
CLEO Communications Holding, LLC(5) (7) (13)L +6.50%11.22%06/09/2027— (87)(410)(0.03)
Coupa Holdings,LLC(5) (8)S +7.50%12.29%02/27/20302,264 2,208 2,208 0.16 
Coupa Holdings,LLC(5) (8) (13)S +7.50%12.29%02/27/2030— (13)(13)— 
Coupa Holdings,LLC(5) (8) (13)S +7.50%12.29%02/27/2029— (21)(21)— 
Diligent Corporation(5) (6) (7)L +5.75%10.59%08/04/202527,440 27,282 27,009 1.91 
Diligent Corporation(5) (6) (7)L +5.75%10.90%08/04/20252,195 2,183 2,161 0.15 
Diligent Corporation(5) (7) (13)L +6.25%11.09%08/04/20251,350 1,326 1,279 0.09 
GS AcquisitionCo, Inc.(5) (6) (7)S +5.75%10.80%05/22/202675,731 75,269 74,466 5.26 
GS AcquisitionCo, Inc.(5) (7) (13)S +5.75%10.80%05/22/2026— (18)(40)— 
Gurobi Optimization, LLC(5) (6) (7)L +5.00%9.84%12/19/202313,058 13,026 13,058 0.92 
Gurobi Optimization, LLC(5) (7) (13)L +5.00%9.84%12/19/2023— (4)— — 
Kaseya, Inc.(5) (8)S +5.75%10.65%06/25/202914,099 13,905 13,631 0.96 
Kaseya, Inc.(5) (8) (13)S +5.75%10.65%06/25/2029— (6)(28)— 
Kaseya, Inc.(5) (8) (13)S +5.75%10.65%06/25/2029— (11)(28)— 
LegitScript(5) (8)S +5.25%10.04%06/24/202928,038 27,526 27,300 1.93 
LegitScript(5) (8) (13)S +5.25%10.06%06/24/2029— (66)(201)(0.01)
LegitScript(5) (8) (13)S +5.25%10.06%06/24/2028250 177 140 0.01 
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Abacus Data Holdings, Inc. (AbacusNext)(5) (7) (13)S +6.25%11.71%3/10/20271,050 $1,032 $1,050 0.06 %
Bridgepointe Technologies, LLC(5) (7)S +6.50%12.00%12/31/202717,230 16,726 16,944 0.98 
Bridgepointe Technologies, LLC(5) (7) (13)S +6.50%12.00%12/31/202710,091 9,582 9,850 0.57 
Bullhorn, Inc.(5) (6) (7)S +5.50%10.96%9/30/202615,447 15,364 15,399 0.89 
Bullhorn, Inc.(5) (7)S +5.50%10.96%9/30/202663 61 62 — 
Bullhorn, Inc.(5) (7) (13)S +5.50%10.96%9/30/2026— (4)(2)— 
Citrin Cooperman Advisors, LLC(5) (8)S +5.75%11.37%10/1/202724,505 24,123 24,486 1.42 
Citrin Cooperman Advisors, LLC(5) (8) (13)S +5.75%11.37%10/1/20279,330 9,115 9,260 0.54 
GPS Merger Sub, LLC(5) (6) (7)S +6.00%11.38%10/2/20294,927 4,831 4,831 0.28 
GPS Merger Sub, LLC(5) (7) (13)S +6.00%11.38%10/2/2029— (12)(12)— 
GPS Merger Sub, LLC(5) (7) (13)S +6.00%11.38%10/2/2029— (20)(20)— 
KENG Acquisition, Inc.(5) (7)S +6.25%11.60%8/1/20293,221 3,144 3,180 0.18 
KENG Acquisition, Inc.(5) (7) (13)S +6.25%11.60%8/1/2029400 367 369 0.02 
KENG Acquisition, Inc.(5) (7) (13)S +6.25%11.60%8/1/202998 77 86 — 
KWOR Acquisition, Inc.(5) (7)S +5.25%10.71%12/22/20285,333 5,250 5,257 0.31 
KWOR Acquisition, Inc.(5) (7) (13)S +5.25%10.71%12/22/20281,301 1,253 1,233 0.07 
KWOR Acquisition, Inc.(5) (13)P +4.25%12.75%12/22/202752 51 51 — 
Project Boost Purchaser, LLC(5) (8)S +5.25%10.64%5/2/20295,668 5,623 5,662 0.33 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.64%5/2/2029— (4)(1)— 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%10.64%5/2/2028— (3)— — 
116,655 118,043 6.86 
Real Estate Management & Development
Associations, Inc.(5) (6) (7)S +6.50% (incl. 2.50% PIK)12.17%7/2/202717,780 17,669 17,610 1.02 
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)12.17%7/2/202721,896 21,757 21,687 1.26 
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)12.17%7/2/2027657 646 640 0.04 
MRI Software, LLC(5) (6) (7)S +5.50%10.90%2/10/202759,262 58,975 58,936 3.42 
MRI Software, LLC(5) (7) (13)S +5.50%10.90%2/10/2027— — — — 
MRI Software, LLC(5) (7) (13)S +5.50%10.90%2/10/2027— (8)(12)— 
Pritchard Industries, LLC(5) (8)S +5.50%10.94%10/13/202725,274 24,925 24,771 1.44 
Pritchard Industries, LLC(5) (8)S +5.50%10.94%10/13/20276,043 5,956 5,922 0.34 
Zarya Intermediate, LLC(5) (7) (10)S +6.50%11.89%7/1/202735,408 35,408 35,408 2.06 
Zarya Intermediate, LLC(5) (7) (10) (13)S +6.50%11.89%7/1/20273,128 3,128 3,128 0.18 
168,456 168,090 9.77 
1840

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Montana Buyer, Inc.(5) (8)S +5.75%10.57%07/22/20294,120 $4,043 $3,992 0.28 %
Montana Buyer, Inc.(5) (8) (13)S +5.75%10.57%07/22/2028— (8)(15)— 
Netwrix Corporation And Concept Searching, Inc.(5) (8)S +5.00%9.71%06/11/20295,426 5,378 5,193 0.37 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%9.71%06/11/2029— (8)(70)— 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%9.88%06/11/2029108 104 89 0.01 
Oak Purchaser, Inc.(5) (8)S +5.50%10.37%04/28/20282,792 2,767 2,684 0.19 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.37%04/28/2028696 680 625 0.04 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.37%04/28/2028— (3)(14)— 
Pound Bidco, Inc.(5) (6) (7) (10)L +6.50%11.20%01/30/20269,012 8,897 8,983 0.64 
Pound Bidco, Inc.(5) (6) (7) (10) (13)L +6.50%11.20%01/30/2026— (13)(4)— 
Project Leopard Holdings, Inc.(9) (10)S +5.25%9.80%07/20/20296,264 5,859 5,769 0.41 
Revalize, Inc.(5) (7)S +5.75%10.66%04/15/202719,603 19,501 18,733 1.32 
Revalize, Inc.(5) (7) (13)S +5.75%10.66%04/15/2027— (1)(3)— 
Riskonnect Parent, LLC(5) (8)S +5.50%10.55%12/07/2028523 514 508 0.04 
Riskonnect Parent, LLC(5) (8) (13)S +5.50%10.55%12/07/2028— (6)(16)— 
Securonix, Inc.(5) (8)S +6.50%11.10%04/05/202821,010 20,690 20,098 1.42 
Securonix, Inc.(5) (8) (13)S +6.50%11.10%04/05/2028— (55)(164)(0.01)
Skykick, Inc.(5) (7)L +7.25%12.04%09/01/20276,300 6,176 5,827 0.41 
Skykick, Inc.(5) (7) (13)L +7.25%12.04%09/01/20272,289 2,238 2,092 0.15 
Trunk Acquisition, Inc.(5) (7)L +5.50%10.66%02/19/20279,029 8,957 8,693 0.61 
Trunk Acquisition, Inc.(5) (7) (13)L +5.50%10.66%02/19/2026— (6)(32)— 
User Zoom Technologies, Inc.(5) (8)S +7.00%11.60%04/05/202938,689 37,987 38,101 2.69 
384,864 378,317 26.74 
Total First Lien Debt$2,797,427 $2,739,255 193.64 %
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC(5) (7)S +9.00%13.82%12/30/20274,500 $4,379 $4,415 0.31 %
Automobile Components
PAI Holdco, Inc.(5) (7)L +7.50% (incl. 2.00% PIK)12.33%10/28/202826,167 25,596 24,720 1.75 
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(5) (9)L +7.00%12.16%03/02/202917,000 16,940 16,485 1.17 
Infinite Bidco, LLC(5) (9)L +7.00%11.83%03/02/20298,500 8,500 8,242 0.58 
25,440 24,727 1.75 
Energy Equipment & Services
QBS Parent, Inc.(5)L +8.50%13.34%09/21/202615,000 14,819 13,905 0.98 
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Software
Alert Media, Inc.(5) (6) (7)S +6.25%13.08%4/12/202719,283 $19,048 $18,983 1.10 %
Alert Media, Inc.(5) (7) (13)S +6.25%13.08%4/12/2027— (37)(53)— 
Anaplan, Inc.(5) (8)S +6.50%11.85%6/21/202924,000 23,597 24,000 1.39 
Appfire Technologies, LLC(5) (7)S +5.65%11.03%3/9/202718,667 18,576 18,426 1.07 
Appfire Technologies, LLC(5) (7) (13)S +5.65%11.03%3/9/2027— (9)(14)— 
Appfire Technologies, LLC(5) (13)P +4.50%13.00%3/9/202738 36 36 — 
Bottomline Technologies, Inc.(5) (8)S +5.25%10.68%5/14/20293,692 3,630 3,682 0.21 
Bottomline Technologies, Inc.(5) (8) (13)S +5.25%10.68%5/15/2028— (4)— — 
CLEO Communications Holding, LLC(5) (6) (7)S +6.50%11.96%6/9/202739,998 39,743 39,370 2.29 
CLEO Communications Holding, LLC(5) (7) (13)S +6.50%11.96%6/9/2027— (72)(196)(0.01)
Coupa Holdings, LLC(5) (8)S +7.50%12.86%2/27/20302,264 2,212 2,239 0.13 
Coupa Holdings, LLC(5) (8) (13)S +7.50%12.86%2/27/2030— (12)(12)— 
Coupa Holdings, LLC(5) (8) (13)S +7.50%12.86%2/27/2029— (18)(9)— 
Cyara AcquisitionCo, LLC(5) (7)S +6.75% (incl. 2.75% PIK)12.08%6/28/20294,664 4,545 4,580 0.27 
Cyara AcquisitionCo, LLC(5) (7) (13)S +6.75% (incl. 2.75% PIK)12.08%6/28/2029— (8)(6)— 
Diligent Corporation(5) (6) (7)S +5.75%11.28%8/4/202529,740 29,629 29,678 1.72 
Diligent Corporation(5) (6) (7)S +5.75%11.23%8/4/20252,179 2,170 2,174 0.13 
Diligent Corporation(5) (7) (13)S +5.75%11.23%8/4/20252,430 2,413 2,421 0.14 
E-Discovery AcquireCo, LLC(5) (7)S +6.50%11.89%8/29/202917,795 17,368 17,482 1.02 
E-Discovery AcquireCo, LLC(5) (7) (13)S +6.50%11.89%8/29/2029— (38)(29)— 
Fullsteam Operations, LLC(5) (7)S +8.25%13.78%11/27/202910,860 10,538 10,538 0.61 
Fullsteam Operations, LLC(5) (7) (13)S +8.25%13.78%11/27/20291,034 947 946 0.05 
Fullsteam Operations, LLC(5) (7) (13)S +8.25%13.78%11/27/2029— (18)(18)— 
GS AcquisitionCo, Inc.(5) (6) (7)S +5.50%11.00%5/22/202675,145 74,784 75,145 4.37 
GS AcquisitionCo, Inc.(5) (7) (13)S +5.50%11.00%5/22/2026— (13)— — 
Kaseya, Inc.(5) (8)S +6.00% (incl. 2.50% PIK)11.38%6/25/202914,219 14,043 14,155 0.82 
Kaseya, Inc.(5) (8) (13)S +6.00% (incl. 2.50% PIK)11.38%6/25/202953 47 49 — 
Kaseya, Inc.(5) (8) (13)S +6.00% (incl. 2.50% PIK)11.38%6/25/2029216 206 212 0.01 
LegitScript, LLC(5) (8)S +5.75%11.11%6/24/202926,569 26,128 26,332 1.53 
LegitScript, LLC(5) (8) (13)S +5.75%11.11%6/24/2029702 641 637 0.04 
LegitScript, LLC(5) (8) (13)S +5.75%11.11%6/24/20281,000 938 963 0.06 
1941

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair Value Percentage of Net Assets
Health Care Providers & Services
Heartland Veterinary Partners, LLC(5) (7)S +8.00%12.81%12/10/20273,960 $3,895 $3,749 0.27 %
Heartland Veterinary Partners, LLC(5) (7) (13)S +8.00%12.84%12/10/20271,452 1,427 1,370 0.10 
5,322 5,119 0.36 
Industrial Conglomerates
Aptean, Inc.(8)S +7.00%11.91%04/23/20275,950 5,950 5,470 0.39 
IT Services
Help/Systems Holdings, Inc.(8)S +6.75%11.56%11/19/202717,500 17,500 14,204 1.00 
Idera, Inc.(5) (8)L +6.75%11.51%03/02/20293,887 3,863 3,765 0.27 
Red Dawn SEI Buyer, Inc.(5) (7)L +8.50%13.34%11/20/202619,000 18,671 18,341 1.30 
40,034 36,310 2.57 
Software
Flexera Software, LLC(5) (7)L +7.00%11.84%03/03/202913,500 13,283 13,009 0.92 
Matrix Parent, Inc.(5) (8)S +8.00%13.06%03/01/203010,667 10,497 7,409 0.52 
23,780 20,418 1.44 
Total Second Lien Debt$145,320 $135,084 9.55 %
Other Securities
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(5) (11)16.25% PIK06/18/20261,500 $1,500 $599 0.04 %
Fetch Insurance Services, LLC(5)12.75% (incl. 3.75% PIK)10/31/20271,899 1,846 1,846 0.13 
Total Unsecured Debt$3,346 $2,445 0.17 %
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Matrix Parent, Inc.(8)S +5.00%10.35%3/1/2029499 $370 $339 0.02 %
Montana Buyer, Inc.(5) (8)S +5.75%11.11%7/22/20294,089 4,020 4,056 0.24 
Montana Buyer, Inc.(5) (13)P +4.75%13.25%7/22/202867 60 63 — 
Netwrix Corporation And Concept Searching, Inc.(5) (8)S +5.00%10.39%6/11/20295,489 5,446 5,407 0.31 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%10.39%6/11/2029— (7)(23)— 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%10.39%6/11/2029— (3)(6)— 
Oak Purchaser, Inc.(5) (8)S +5.50%10.85%4/28/20282,792 2,770 2,732 0.16 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.85%4/28/20281,735 1,721 1,694 0.10 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%10.85%4/28/2028— (3)(8)— 
Pound Bidco, Inc.(5) (6) (7) (10)S +6.50%11.96%1/30/202610,832 10,707 10,796 0.63 
Pound Bidco, Inc.(5) (7) (10) (13)S +6.50%11.96%1/30/2026— — — — 
Pound Bidco, Inc.(5) (6) (7) (10) (13)S +6.50%11.96%1/30/2026— (10)— — 
Project Leopard Holdings, Inc.(9) (10)S +5.25%10.73%7/20/20296,217 5,849 5,590 0.32 
Revalize, Inc.(5) (7)S +5.75%11.21%4/15/202719,455 19,376 19,053 1.11 
Revalize, Inc.(5) (7) (13)S +5.75%11.21%4/15/202718 17 16 — 
Riskonnect Parent, LLC(5) (8)S +5.50%11.00%12/7/2028519 511 518 0.03 
Riskonnect Parent, LLC(5) (8) (13)S +5.50%11.00%12/7/2028— (5)(1)— 
Securonix, Inc.(5) (8)S +6.00%11.41%4/5/202821,010 20,727 19,846 1.15 
Securonix, Inc.(5) (8) (13)S +6.00%11.41%4/5/2028— (47)(210)(0.01)
Skykick, Inc.(5) (7)S +10.25% (incl. 7.00% PIK)15.91%9/1/20277,754 7,647 7,181 0.42 
Skykick, Inc.(5) (7)S +10.25% (incl. 7.00% PIK)15.91%9/1/20272,470 2,426 2,250 0.13 
Trunk Acquisition, Inc.(5) (7)S +5.75%11.25%2/19/20278,960 8,901 8,797 0.51 
Trunk Acquisition, Inc.(5) (7) (13)S +5.75%11.25%2/19/2026— (4)(16)— 
User Zoom Technologies, Inc.(5) (8)S +7.00%12.49%4/5/202938,689 38,050 38,070 2.21 
419,529 417,855 24.28 
Wireless Telecommunication Services
Mobile Communications America, Inc.(5) (6) (7)S +6.00%11.35%10/16/20295,955 5,868 5,868 0.34 
Mobile Communications America, Inc.(5) (7) (13)S +6.00%11.35%10/16/2029— (14)(14)— 
Mobile Communications America, Inc.(5) (7) (13)S +6.00%11.35%10/16/2029— (14)(14)— 
5,840 5,840 0.34 
Total First Lien Debt$3,027,413 $3,004,544 174.57 %
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC(5) (7)S +9.15%14.53%12/30/20274,500 $4,393 $4,223 0.25 %
Automobile Components
2042

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
MarchDecember 31, 2023
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and SpreadAcquisition DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Preferred Equity
Diligent Corporation(5) (12)10.50%04/05/20215,000 $6,002 $5,968 0.42 %
FORTIS Solutions Group, LLC(5) (12)12.25%06/24/20221,000,000 1,073 1,060 0.07 
Integrity Marketing Acquisition, LLC(5) (12)10.50%12/21/20213,250,000 3,650 3,640 0.26 
Knockout Intermediate Holdings I, Inc.(5) (12)11.75%06/25/20222,790 2,895 2,930 0.21 
Revalize, Inc.(5) (7) (12)S +10.00%12/14/20212,255 2,391 2,472 0.17 
RSK Holdings, Inc. (Riskonnect)(5) (8) (12)S +10.50%07/07/20221,012,200 1,053 1,073 0.08 
Skykick, Inc.(5) (12)08/31/2021134,101 1,275 850 0.06 
Total Preferred Equity18,339 17,993 1.27 
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(5) (12)03/09/202129,441 2,944 2,193 0.16 
Amerilife Holdings, LLC(5) (12)09/01/2022908 25 25 — 
BP Purchaser, LLC(5) (12)12/10/20211,233,333 1,233 1,283 0.09 
CSC Thrive Holdings, LP (Thrive Networks)(5) (12)03/01/2021160,016 411 666 0.05 
Encore Holdings, LLC(5) (12)11/23/20212,796 348 479 0.03 
Frisbee Holdings, LP (Fetch)(5) (12)10/31/202221,744 277 277 0.02 
GSM Equity Investors, LP (GSM Outdoors)(5) (12)11/16/20204,500 450 550 0.04 
Help HP SCF Investor, LP (Help/Systems)(10) (12)05/12/202112,460 14,705 1.04 
LUV Car Wash(5) (12)04/06/2022116 116 115 0.01 
mPulse Mobile, Inc.(5) (12)12/17/2021165,761 1,220 1,127 0.08 
PCX Holding Corp.(5) (12)04/22/20216,538 654 885 0.06 
Pet Holdings, Inc. (Brightpet)(5) (12)10/06/202013,847 1,385 818 0.06 
Pritchard Industries, Inc.(5) (12)10/13/20211,700,000 1,700 1,972 0.14 
Procure Acquiom Financial, LLC (Procure Analytics)(5) (12)12/20/20211,000,000 1,000 1,500 0.11 
Recovery Point Systems, Inc.(5) (12)03/05/20211,000,000 1,000 940 0.07 
Shelby Co-invest, LP. (Spectrum Automotive)(5) (12)06/29/20218,500 850 1,194 0.08 
Surewerx Topco, LP(5) (10) (12)12/28/2022512 512 512 0.04 
Suveto Buyer, LLC(5) (10) (12)11/19/202117,000 1,700 2,079 0.15 
Total Common Equity28,285 31,320 2.21 
Total Other Securities$49,970 $51,758 3.66 %
Total Portfolio Investments$2,992,717 $2,926,097 206.85 %
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
PAI Holdco, Inc.(5) (7)S +7.50% (incl. 2.00% PIK)13.03%10/28/202826,565 $26,053 $24,823 1.44 %
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(9)S +7.00%12.65%3/2/202925,500 25,446 21,420 1.24 
Energy Equipment & Services
QBS Parent, Inc.(5)S +8.50%14.04%9/21/202615,000 14,853 14,400 0.84 
Health Care Providers & Services
Heartland Veterinary Partners, LLC(5) (7)S +8.00%13.46%12/10/20273,960 3,903 3,879 0.23 
Heartland Veterinary Partners, LLC(5) (7)S +8.00%13.46%12/10/20271,540 1,516 1,508 0.09 
5,419 5,387 0.31 
Industrial Conglomerates
Aptean, Inc.(5)(8)S +7.00%12.46%4/23/20275,950 5,950 5,950 0.35 
IT Services
Help/Systems Holdings, Inc.(8)S +6.75%12.35%11/19/202717,500 17,500 14,147 0.82 
Idera, Inc.(5) (8)S +6.75%12.28%3/2/20293,887 3,865 3,887 0.23 
Red Dawn SEI Buyer, Inc.(5) (7)S +8.50%13.86%11/20/202619,000 18,727 18,945 1.10 
40,092 36,979 2.15 
Software
Flexera Software, LLC(5) (7)S +7.00%12.47%3/3/202913,500 13,303 13,500 0.78 
Matrix Parent, Inc.(5) (9) (11)S +8.00%13.53%3/1/203010,667 10,505 5,733 0.33 
23,808 19,233 1.12 
Total Second Lien Debt$146,014 $132,415 7.69 %
Other Investments
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(5) (11)16.25% PIK6/18/20261,500 $1,500 $170 0.01 %
Fetch Insurance Services, LLC(5)12.75% (incl. 3.75% PIK)10/31/20271,953 1,910 1,894 0.11 
Total Unsecured Debt$3,410 $2,064 0.12 %
2143

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

44

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2023
(In thousands)
(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company (where such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of MarchDecember 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of MarchDecember 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)Unless otherwise indicated, the Company’s investments are pledged as collateral supporting the amounts outstanding under the Truist Credit Facility (as defined below). See Note 6 “Debt”.
(3)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR (“E”), LIBOR (“L” or “LIBOR”) or SOFR (“S”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”)), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of MarchDecember 31, 2023. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at MarchDecember 31, 2023. As of MarchDecember 31, 2023, the reference rates for our LIBOR-basedvariable rate loans were the 3-month E at 3.04%3.91%, the 1-month L at 4.86% , the 3-month L at 5.19% , the 6-month L at 5.31%; the reference rates for our SOFR-based loans were the 1-month S at 4.80%5.35%, the 3-month S at 4.91% ,5.33%; the 6-month S at 4.90%;5.16% and the reference rate for our Prime rate-based loans wereP at 8.00%8.50% .
(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, (the “Valuation Designee”), under the supervision of the Board of Directors (the “Board of Directors” or the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(6)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(7)Loan includes interest rate floor of 1.00%.
(8)Loan includes interest rate floor of 0.75%.
(9)Loan includes interest rate floor of 0.50%.
(10)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of MarchDecember 31, 2023, non-qualifying assets represented 6.71% of total assets as calculated in accordance with regulatory requirements.
(11)Investment was on non-accrual status as of March 31, 2023.
(12)Securities exempt from registration under the Securities Act of 1933, and may be deemed to be “restricted securities”. As of March 31, 2023, the aggregate fair value of these securities is $49,313 or 3.49% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of March 31, 2023:
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLC0.50%Revolver12/23/2026$1,600 $(23)
48Forty Solutions, LLC0.50%Revolver11/30/20262,443 (105)
ABB Concise Optical Group, LLC0.50%Revolver02/23/202894 (7)
ARI Network Services, Inc.0.50%Revolver02/28/20251,273 (28)
AWP Group Holdings, Inc.0.50%Revolver12/22/2026104 (7)
Abacus Data Holdings, Inc. (AbacusNext)0.50%Revolver03/10/2027700 (4)
Abracon Group Holdings, LLC1.00%Delayed Draw Term Loan07/06/20241,003 (36)
Abracon Group Holdings, LLC0.50%Revolver07/06/2028401 (14)
Advarra Holdings, Inc.1.00%Delayed Draw Term Loan08/26/202441 (2)
Alert Media, Inc.0.50%Revolver04/10/20261,750 (53)
Amerilife Holdings, LLC1.00%Delayed Draw Term Loan08/31/2024292 (13)
Amerilife Holdings, LLC0.50%Revolver08/31/2028437 (19)
Answer Acquisition, LLC0.50%Revolver12/30/2026833 (26)
22

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Apex Service Partners, LLC1.00%Delayed Draw Term Loan01/06/2024$4,230 $(229)
Appfire Technologies, LLC0.50%Delayed Draw Term Loan06/13/20241,498 (44)
Appfire Technologies, LLC0.50%Revolver03/09/2027157 (5)
Applitools, Inc.0.50%Revolver05/25/2028433 (21)
Assembly Intermediate, LLC1.00%Delayed Draw Term Loan10/19/20232,281 (81)
Assembly Intermediate, LLC0.50%Revolver10/19/20271,244 (44)
Associations, Inc.1.00%Delayed Draw Term Loan06/10/20245,310 (193)
Associations, Inc.0.50%Revolver07/02/20271,860 (68)
Atlas Us Finco, Inc.0.50%Revolver12/09/2028186 (5)
Avalara, Inc.0.50%Revolver10/19/20281,071 (13)
Bottomline Technologies, Inc.0.50%Revolver05/15/2028267 (7)
Bridgepointe Technologies, LLC0.50%Delayed Draw Term Loan12/19/20238,969 (361)
Bullhorn, Inc.0.50%Revolver09/30/202639 (1)
Bullhorn, Inc.0.50%Revolver09/30/2026554 (12)
CLEO Communications Holding, LLC0.50%Revolver06/09/202712,502 (410)
Caerus US 1, Inc.1.00%Delayed Draw Term Loan10/31/20241,608 (28)
Caerus US 1, Inc.0.50%Revolver05/25/2029805 (14)
Catalis Intermediate, Inc.1.00%Delayed Draw Term Loan08/04/20234,185 (499)
Catalis Intermediate, Inc.0.50%Revolver08/04/2027424 (51)
Cerity Partners, LLC1.00%Delayed Draw Term Loan12/30/20236,724 (127)
Citrin Cooperman Advisors, LLC1.00%Delayed Draw Term Loan08/01/20241,092 (16)
Coupa Holdings,LLC1.00%Delayed Draw Term Loan08/27/20241,085 (13)
Coupa Holdings,LLC0.50%Revolver02/27/2029831 (20)
DCA Investment Holdings, LLC1.00%Delayed Draw Term Loan12/28/2023663 (22)
Diligent Corporation0.50%Revolver08/04/20253,150 (49)
Donuts, Inc.0.25%Delayed Draw Term Loan08/14/20233,166 (54)
Dwyer Instruments, Inc.1.00%Delayed Draw Term Loan07/01/20242,028 (74)
Dwyer Instruments, Inc.0.50%Revolver07/21/2027789 (29)
Encore Holdings, LLC0.75%Delayed Draw Term Loan11/23/20241,268 (26)
Encore Holdings, LLC0.50%Revolver11/23/2027539 (11)
Energy Labs Holdings Corp.1.00%Delayed Draw Term Loan04/13/202347 (1)
Energy Labs Holdings Corp.0.50%Revolver04/07/202851 (1)
Excelitas Technologies Corp.0.50%Delayed Draw Term Loan08/11/2024170 (6)
Excelitas Technologies Corp.0.50%Revolver08/14/202879 (3)
FLS Holding, Inc.0.50%Revolver12/17/20271,802 (25)
FMG Suite Holdings, LLC0.50%Revolver10/30/20262,074 (39)
Fortis Solutions Group, LLC0.50%Delayed Draw Term Loan06/24/2024994 (23)
Fortis Solutions Group, LLC0.50%Revolver10/15/20272,339 (53)
23

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Foundation Risk Partners Corp.0.38%Revolver10/29/2027$4,571 $(368)
GS AcquisitionCo, Inc.0.50%Revolver05/22/20262,420 (40)
GSM Acquisition Corp. (GSM Outdoors)0.50%Revolver11/16/20264,280 (284)
Galway Borrower, LLC1.00%Delayed Draw Term Loan09/30/2023298 (10)
Galway Borrower, LLC0.50%Revolver09/30/20271,611 (55)
Gateway US Holdings, Inc.1.00%Delayed Draw Term Loan04/15/2024— 
Gateway US Holdings, Inc.0.50%Revolver09/22/202614 — 
GraphPad Software, LLC0.50%Revolver04/27/20271,750 (43)
Ground Penetrating Radar Systems, LLC0.50%Revolver06/26/2025919 (19)
Groundworks, LLC1.00%Delayed Draw Term Loan09/14/2024193 (3)
Groundworks, LLC0.50%Revolver03/14/202962 (2)
Gurobi Optimization, LLC0.50%Revolver12/19/20231,607 — 
Heartland Home Services0.75%Delayed Draw Term Loan08/10/2023524 (12)
Heartland Veterinary Partners, LLC0.75%Delayed Draw Term Loan11/17/2023163 (3)
Heartland Veterinary Partners, LLC0.50%Revolver12/10/2026375 (6)
High Street Buyer, Inc.0.50%Revolver04/16/20272,136 (42)
KPSKY Acquisition, Inc.1.00%Delayed Draw Term Loan06/17/20242,974 (122)
KWOR Acquisition, Inc.1.00%Delayed Draw Term Loan06/22/20244,777 (199)
KWOR Acquisition, Inc.0.50%Revolver12/22/202767 (3)
Kaseya, Inc.0.50%Delayed Draw Term Loan06/24/2024856 (28)
Kaseya, Inc.0.50%Revolver06/25/2029856 (28)
Komline Sanderson Engineering Corp.0.50%Delayed Draw Term Loan05/27/20248,529 (418)
Komline Sanderson Engineering Corp.0.50%Revolver03/17/20264,746 (233)
LJ Avalon Holdings, LLC1.00%Delayed Draw Term Loan08/01/20241,688 (25)
LJ Avalon Holdings, LLC0.50%Revolver02/01/2029675 (20)
LUV Car Wash Group, LLC1.00%Delayed Draw Term Loan03/14/2024274 (4)
LegitScript1.00%Delayed Draw Term Loan06/24/20247,654 (201)
LegitScript0.50%Revolver06/24/20283,917 (103)
Lightspeed Solution, LLC0.50%Delayed Draw Term Loan03/01/20242,268 (77)
MHE Intermediate Holdings, LLC0.50%Revolver07/21/20272,150 (62)
MRI Software, LLC0.50%Revolver02/10/20262,215 (30)
Magnolia Wash Holdings0.50%Revolver07/14/202871 (5)
Majesco0.50%Revolver09/21/20261,575 (52)
Mammoth Holdings, LLC0.50%Revolver10/16/2024953 (12)
Mantech International CP0.50%Delayed Draw Term Loan09/16/202487 (1)
Mantech International CP0.50%Revolver09/14/202853 (1)
Montana Buyer, Inc.0.50%Revolver07/22/2028466 (15)
Netwrix Corporation And Concept Searching, Inc.0.50%Delayed Draw Term Loan06/10/20241,632 (70)
24

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Netwrix Corporation And Concept Searching, Inc.0.25%Revolver06/11/2029$323 $(14)
Oak Purchaser, Inc.0.50%Delayed Draw Term Loan04/28/20241,165 (45)
Oak Purchaser, Inc.0.50%Revolver04/28/2028372 (14)
Oakbridge Insurance Agency, LLC1.00%Delayed Draw Term Loan03/31/2024367 (8)
Oakbridge Insurance Agency, LLC0.50%Revolver12/31/202631 (1)
Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan06/24/2024138 (5)
Omni Intermediate Holdings, LLC0.50%Revolver12/30/20251,065 (36)
PCX Holding Corp.0.50%Revolver04/22/20271,296 (36)
Patriot Growth Insurance Services, LLC0.50%Revolver10/16/20284,485 (163)
Peter C. Foy & Associates Insurance Services, LLC0.50%Revolver11/01/2027832 (32)
Pound Bidco, Inc.0.50%Revolver01/30/20261,163 (4)
Procure Acquireco, Inc. (Procure Analytics)1.00%Delayed Draw Term Loan12/20/2023794 (41)
Procure Acquireco, Inc. (Procure Analytics)0.50%Revolver12/20/2028238 (12)
Project Boost Purchaser, LLC1.00%Delayed Draw Term Loan05/02/20241,038 (11)
Project Boost Purchaser, LLC0.38%Revolver05/02/2028449 (5)
Promptcare Infusion Buyer, Inc.1.00%Delayed Draw Term Loan09/01/20232,066 (66)
QW Holding Corporation1.00%Delayed Draw Term Loan03/11/2024191 — 
QW Holding Corporation0.50%Revolver08/31/20261,495 — 
Randy's Holdings, Inc.1.00%Delayed Draw Term Loan11/01/20242,248 (57)
Randy's Holdings, Inc.0.50%Revolver11/01/2028729 (18)
Raptor Merger Sub Debt, LLC0.38%Revolver04/01/20282,116 (59)
Recovery Point Systems, Inc.0.50%Revolver08/12/20264,000 — 
Redwood Services Group, LLC1.00%Delayed Draw Term Loan12/22/202318 (1)
Revalize, Inc.0.50%Revolver04/15/202771 (3)
Riskonnect Parent, LLC0.50%Delayed Draw Term Loan07/07/2024558 (16)
RoadOne IntermodaLogistics1.00%Delayed Draw Term Loan06/30/2024295 (6)
RoadOne IntermodaLogistics0.50%Revolver12/30/2028255 (7)
Securonix, Inc.0.50%Revolver04/05/20283,782 (164)
Sherlock Buyer Corp.1.00%Delayed Draw Term Loan12/08/20233,215 (52)
Sherlock Buyer Corp.0.50%Revolver12/08/20271,286 (21)
Skykick, Inc.1.00%Delayed Draw Term Loan05/01/2023336 (25)
Smarsh, Inc.1.00%Delayed Draw Term Loan02/18/2024536 (18)
Smarsh, Inc.0.50%Revolver02/16/2029214 (7)
Spectrio, LLC0.50%Revolver12/09/20261,470 (25)
Spectrum Automotive Holdings Corp.1.00%Delayed Draw Term Loan06/29/20231,916 (93)
Spectrum Automotive Holdings Corp.0.50%Revolver06/29/2027881 (43)
Spotless Brands, LLC0.50%Revolver07/25/2028116 (4)
Stepping Stones Healthcare Services, LLC1.00%Delayed Draw Term Loan12/30/2023525 (23)
25

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (Unaudited)
March 31, 2023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Stepping Stones Healthcare Services, LLC0.50%Revolver12/30/2026$225 $(10)
Summit Buyer, LLC1.00%Delayed Draw Term Loan06/23/20233,305 (114)
Summit Buyer, LLC0.50%Revolver01/14/20262,420 (83)
Surewerx Purchaser III, Inc.1.00%Delayed Draw Term Loan06/28/20241,128 (21)
Surewerx Purchaser III, Inc.0.50%Revolver12/28/20281,067 (20)
Suveto1.00%Delayed Draw Term Loan09/09/20234,732 (169)
Suveto0.50%Revolver09/09/2027729 (26)
Sweep Purchaser, LLC1.00%Delayed Draw Term Loan05/05/2024273 (12)
Sweep Purchaser, LLC0.50%Revolver11/30/2026647 (29)
Syntax Systems Ltd1.00%Delayed Draw Term Loan10/29/20239,357 (416)
Syntax Systems Ltd0.50%Revolver10/29/20261,248 (56)
Tamarack Intermediate, LLC0.50%Revolver03/13/2028752 (38)
Tank Holding Corp.0.38%Revolver03/31/2028573 (24)
Thrive Buyer, Inc. (Thrive Networks)0.38%Revolver01/22/20271,321 (22)
Triple Lift, Inc.0.25%Revolver05/08/20282,467 (89)
Trunk Acquisition, Inc.0.50%Revolver02/19/2026857 (32)
Two Six Labs, LLC0.50%Delayed Draw Term Loan08/20/20232,134 (46)
Two Six Labs, LLC0.50%Revolver08/20/20272,134 (46)
United Flow Technologies Intermediate Holdco II, LLC1.00%Delayed Draw Term Loan10/29/20238,732 (241)
United Flow Technologies Intermediate Holdco II, LLC0.50%Revolver10/29/20263,000 (83)
UpStack, Inc.0.50%Revolver08/20/2027875 (26)
V Global Holdings, LLC0.50%Revolver12/22/2025570 (23)
VRC Companies, LLC0.75%Delayed Draw Term Loan01/06/20241,018 (27)
VRC Companies, LLC0.50%Revolver06/29/20271,653 (44)
Vardiman Black Holdings, LLC1.25%Delayed Draw Term Loan03/18/202461 (3)
Vessco Midco Holdings, LLC0.50%Revolver10/18/2026269 (3)
World Insurance Associates, LLC0.50%Revolver04/01/2026444 (11)
Zarya Intermediate, LLC0.50%Revolver07/01/20273,649 — 
mPulse Mobile, Inc.1.00%Delayed Draw Term Loan12/17/20231,996 (54)
mPulse Mobile, Inc.0.50%Revolver12/17/2027292 (8)
Total First Lien Debt Unfunded Commitments$256,900 $(8,522)
Second Lien Debt
Heartland Veterinary Partners, LLC0.50%Delayed Draw Term Loan11/17/2023$88 $(5)
Total Second Lien Debt Unfunded Commitments$88 $(5)
Total Unfunded Commitments$256,988 $(8,527)


26

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
First Lien Debt
Aerospace & Defense
Jonathan Acquisition Company(5) (7)L +5.00%9.73%12/22/20262,712 $2,656 $2,641 0.19 %
Mantech International CP(5) (8)S +5.75%9.58%09/14/2029359 352 350 0.03 
Mantech International CP(5) (8) (13)S +5.75%9.58%09/14/2029— (1)(2)— 
Mantech International CP(5) (8) (13)S +5.75%9.58%09/14/2028— (1)(2)— 
PCX Holding Corp.(5) (6) (7)L +6.25%10.98%04/22/202718,232 18,093 17,636 1.26 
PCX Holding Corp.(5) (7)L +6.25%10.98%04/22/202718,356 18,064 17,756 1.27 
PCX Holding Corp.(5) (7) (13)L +6.25%10.98%04/22/2027555 542 495 0.04 
Two Six Labs, LLC(5) (8)S +5.50%10.08%08/20/202710,959 10,782 10,694 0.77 
Two Six Labs, LLC(5) (8) (13)S +5.50%10.08%08/20/20272,118 2,066 2,015 0.14 
Two Six Labs, LLC(5) (8) (13)S +5.50%10.08%08/20/2027— (33)(52)— 
52,520 51,531 3.69 
Air Freight & Logistics
AGI-CFI Holdings, Inc.(5) (8)S +5.75%10.48%06/11/202714,408 14,140 13,851 0.99 
Omni Intermediate Holdings, LLC(5) (7)S +5.00%9.73%12/30/202612,131 12,027 11,617 0.83 
Omni Intermediate Holdings, LLC(5) (7) (13)S +5.00%9.73%12/30/2026531 519 471 0.03 
Omni Intermediate Holdings, LLC(5) (7)S +5.00%9.73%12/30/2026385 378 368 0.03 
Omni Intermediate Holdings, LLC(5) (7) (13)S +5.00%9.73%12/30/2025— (9)(45)— 
RoadOne IntermodaLogistics(5) (7)S +6.25%10.81%12/30/20281,672 1,622 1,622 0.12 
RoadOne IntermodaLogistics(5) (7) (13)S +6.25%10.81%12/30/2028— (6)(6)— 
RoadOne IntermodaLogistics(5) (7) (13)S +6.25%10.81%12/30/202875 65 65 — 
28,736 27,943 2.00 
Automobile Components
Continental Battery Company(5) (7)L +6.75%11.48%01/20/20276,188 6,083 5,903 0.42 
Randy's Holdings, Inc.(5) (7)S +6.50%10.59%11/01/20286,743 6,545 6,545 0.47 
Randy's Holdings, Inc.(5) (7) (13)S +6.50%10.59%11/01/2028— (31)(31)— 
Randy's Holdings, Inc.(5) (7) (13)S +6.50%10.59%11/01/2028142 116 116 0.01 
Sonny's Enterprises, LLC(5) (6) (7)S +6.04%10.29%08/05/202612,363 12,178 11,839 0.85 
Sonny's Enterprises, LLC(5) (7)S +6.75%11.00%08/05/202634,154 33,656 32,706 2.34 
Spectrum Automotive Holdings Corp.(5) (6) (8)L +5.75%10.48%06/29/202823,650 23,358 22,274 1.59 
Spectrum Automotive Holdings Corp.(5) (8) (13)L +5.75%10.48%06/29/20284,656 4,585 4,273 0.31 
Spectrum Automotive Holdings Corp.(5) (8) (13)L +5.75%10.48%06/29/2027— (10)(51)— 
86,480 83,574 5.98 
Automobiles
ARI Network Services, Inc.(5) (6) (8)S +5.50%9.92%02/28/202520,723 20,465 20,134 1.44 
ARI Network Services, Inc.(5) (6) (8)S +5.50%9.92%02/28/20253,630 3,586 3,527 0.25 
27

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
ARI Network Services, Inc.(5) (8) (13)S +5.50%9.92%02/28/2025909 $873 $823 0.06 %
Summit Buyer, LLC(5) (7)L +5.75%10.13%01/14/202622,120 21,795 21,142 1.51 
Summit Buyer, LLC(5) (7) (13)L +5.75%10.13%01/14/202628,996 28,544 27,569 1.97 
Summit Buyer, LLC(5) (7) (13)L +5.75%10.13%01/14/2026— (32)(107)(0.01)
Turbo Buyer, Inc.(5) (7)L +6.00%11.15%12/02/202537,940 37,419 36,574 2.62 
Turbo Buyer, Inc.(5) (7)L +6.00%11.15%12/02/202538,123 37,494 36,751 2.63 
150,144 146,413 10.48 
Biotechnology
GraphPad Software, LLC(5) (6) (7)L +5.50%10.39%04/27/202712,066 11,974 11,668 0.84 
GraphPad Software, LLC(5) (7)L +5.50%10.39%04/27/20272,892 2,869 2,797 0.20 
GraphPad Software, LLC(5) (7) (13)L +5.50%10.39%04/27/2027— (13)(58)— 
14,830 14,407 1.03 
Chemicals
Tank Holding Corp.(6) (8)S +5.75%10.17%03/31/202814,129 13,875 13,352 0.96 
Tank Holding Corp.(8) (13)P +4.75%12.25%03/31/2028133 119 89 0.01 
V Global Holdings, LLC(5) (6) (8)S +5.75%8.99%12/22/20274,903 4,814 4,659 0.33 
V Global Holdings, LLC(5) (8) (13)S +5.75%8.99%12/22/2025— (11)(34)— 
18,797 18,066 1.29 
Commercial Services & Supplies
365 Retail Markets, LLC(5) (7)L +4.75%8.45%12/23/202617,280 17,045 16,890 1.21 
365 Retail Markets, LLC(5) (7)L +4.75%8.45%12/23/20265,543 5,484 5,418 0.39 
365 Retail Markets, LLC(5) (7) (13)L +4.75%8.45%12/23/20261,600 1,563 1,537 0.11 
Atlas Us Finco, Inc.(5) (7) (10)S +7.25%11.48%12/09/20292,009 1,949 1,949 0.14 
Atlas Us Finco, Inc.(5) (7) (10) (13)S +7.25%11.48%12/09/2028— (6)(6)— 
BPG Holdings IV Corp.(5) (8)S +6.00%10.54%07/29/202911,765 11,001 11,001 0.79 
Encore Holdings, LLC(5) (8)L +4.50%9.23%11/23/20281,850 1,821 1,806 0.13 
Encore Holdings, LLC(5) (8) (13)L +4.50%9.23%11/23/20282,118 2,074 2,034 0.15 
Encore Holdings, LLC(5) (8) (13)L +4.50%9.23%11/23/2027— (8)(13)— 
FLS Holding, Inc.(5) (7) (10)L +5.25%10.40%12/15/202820,727 20,361 20,389 1.46 
FLS Holding, Inc.(5) (7) (10)L +5.25%10.40%12/15/20284,506 4,424 4,432 0.32 
FLS Holding, Inc.(5) (7) (10) (13)L +5.25%10.40%12/17/2027— (30)(29)— 
PDFTron Systems, Inc.(5) (6) (7) (10)S +5.50%9.82%07/15/202730,415 29,998 29,402 2.10 
PDFTron Systems, Inc.(5) (7) (10)S +5.50%9.82%07/15/20279,800 9,638 9,474 0.68 
PDFTron Systems, Inc.(5) (7) (10) (13)S +5.50%9.82%07/15/20263,850 3,741 3,594 0.26 
Procure Acquireco, Inc. (Procure Analytics)(5) (8)L +5.00%9.35%12/20/20283,929 3,859 3,755 0.27 
Procure Acquireco, Inc. (Procure Analytics)(5) (8) (13)L +5.00%9.35%12/20/2028— (7)(35)— 
Procure Acquireco, Inc. (Procure Analytics)(5) (8) (13)L +5.00%9.35%12/20/2028— (4)(11)— 
28

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
QW Holding Corporation(5) (6) (7)L +5.50%9.44%08/31/20268,907 $8,791 $8,575 0.61 %
QW Holding Corporation(5) (7) (13)L +5.50%9.44%08/31/20261,851 1,824 1,767 0.13 
QW Holding Corporation(5) (7) (13)L +5.50%9.44%08/31/2026— (29)(84)(0.01)
Sherlock Buyer Corp.(5) (8)L +5.75%10.48%12/08/202811,061 10,867 10,816 0.77 
Sherlock Buyer Corp.(5) (8) (13)L +5.75%10.48%12/08/2028— (27)(71)(0.01)
Sherlock Buyer Corp.(5) (8) (13)L +5.75%10.48%12/08/2027— (21)(28)— 
Surewerx Purchaser III, Inc.(5) (8) (10)S +6.75%11.30%12/28/202917,527 17,002 17,002 1.22 
Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%11.30%12/28/2029— (72)(72)(0.01)
Surewerx Purchaser III, Inc.(5) (8) (10) (13)S +6.75%11.30%12/28/2028240 183 183 0.01 
Sweep Purchaser, LLC(5) (7)L +5.75%10.47%11/30/20268,704 8,582 8,239 0.59 
Sweep Purchaser, LLC(5) (7) (13)L +5.75%10.47%11/30/20265,934 5,843 5,601 0.40 
Sweep Purchaser, LLC(5) (7) (13)L +5.75%10.47%11/30/2026253 235 178 0.01 
Tamarack Intermediate, LLC(5) (8)S +5.75%9.23%03/13/20285,473 5,375 5,232 0.37 
Tamarack Intermediate, LLC(5) (8) (13)S +5.75%9.23%03/13/202891 76 52 — 
United Flow Technologies Intermediate Holdco II, LLC(5) (7)L +5.75%10.17%10/29/202716,972 16,687 16,457 1.18 
United Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)L +5.75%10.17%10/29/20279,668 9,409 9,067 0.65 
United Flow Technologies Intermediate Holdco II, LLC(5) (7) (13)L +5.75%10.17%10/29/2026— (46)(91)(0.01)
US Infra Svcs Buyer, LLC(5) (6) (7)L +6.75% (incl. 0.25% PIK)11.67%04/13/202616,193 15,998 15,427 1.10 
US Infra Svcs Buyer, LLC(5) (6) (7)L +6.75% (incl. 0.25% PIK)11.67%04/13/20262,285 2,259 2,177 0.16 
US Infra Svcs Buyer, LLC(5) (7)L +6.75% (incl. 0.25% PIK)11.67%04/13/20262,250 2,225 2,144 0.15 
Valcourt Holdings II, LLC(5) (7)S +5.25%9.98%01/07/202725,145 24,785 24,850 1.78 
Valcourt Holdings II, LLC(5) (6) (7)S +5.25%9.98%01/07/20279,929 9,783 9,813 0.70 
Valcourt Holdings II, LLC(5) (7) (13)S +5.25%9.98%01/07/20275,738 5,643 5,658 0.40 
VRC Companies, LLC(5) (8)S +5.75%8.52%06/29/20277,540 7,435 7,276 0.52 
VRC Companies, LLC(5) (8) (13)S +5.75%8.52%06/29/20273,074 2,950 2,754 0.20 
VRC Companies, LLC(5) (6) (8)S +5.50%10.65%06/29/202748,840 48,260 47,130 3.37 
VRC Companies, LLC(5) (6) (8) (13)L +5.50%10.22%06/29/20278,214 8,119 7,927 0.57 
VRC Companies, LLC(5) (8) (13)L +5.50%10.22%06/29/2027— (19)(58)— 
325,020 319,508 22.87 
Construction & Engineering
KPSKY Acquisition, Inc.(5) (8)L +5.50%9.89%10/19/202834,211 33,621 32,668 2.34 
KPSKY Acquisition, Inc.(5) (8) (13)P +4.53%12.03%10/19/20284,420 4,311 4,066 0.29 
37,932 36,734 2.63 
29

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Containers & Packaging
BP Purchaser, LLC(5) (8)L +5.50%10.24%12/11/202817,336 $17,031 $16,185 1.16 %
Fortis Solutions Group, LLC(5) (8)L +5.50%9.73%10/13/202826,980 26,513 26,101 1.87 
Fortis Solutions Group, LLC(5) (8) (13)L +5.50%9.73%10/13/2028— (2)(3)— 
Fortis Solutions Group, LLC(5) (8) (13)L +5.50%9.73%10/15/2028— (7)(33)— 
Fortis Solutions Group, LLC(5) (8) (13)L +5.50%9.73%10/15/2027360 317 272 0.02 
43,852 42,522 3.04 
Distributors
48Forty Solutions LLC(5) (7)S +6.00%10.26%11/30/20261,796 1,728 1,732 0.12 
48Forty Solutions LLC(5) (6) (7)S +5.50%9.76%11/30/202616,106 15,825 15,283 1.09 
48Forty Solutions LLC(5) (7) (13)S +5.50%9.76%11/30/2026— (46)(139)(0.01)
ABB Concise Optical Group, LLC(5) (8)L +7.50%12.67%02/23/202817,977 17,578 17,165 1.23 
ABB Concise Optical Group, LLC(5) (8) (13)P +6.50%13.99%02/23/20281,792 1,752 1,707 0.12 
Avalara, Inc.(5) (8)S +7.25%11.83%10/19/202810,712 10,451 10,451 0.75 
Avalara, Inc.(5) (8) (13)S +7.25%11.83%10/19/2028— (26)(26)— 
PT Intermediate Holdings III, LLC(5) (8)L +5.50%10.23%11/01/202828,632 28,383 27,804 1.99 
PT Intermediate Holdings III, LLC(5) (8)L +5.50%10.23%11/01/202815,929 15,787 15,469 1.11 
Radwell Parent, LLC(5) (6) (8)S +6.75%11.33%04/01/202932,558 31,607 31,607 2.26 
Radwell Parent, LLC(5) (8) (13)S +6.75%11.33%04/01/2028— (71)(71)(0.01)
122,968 120,982 8.66 
Diversified Consumer Services
Assembly Intermediate, LLC(5) (7)L +6.50%11.23%10/19/202720,741 20,393 19,944 1.43 
Assembly Intermediate, LLC(5) (7) (13)L +6.50%11.23%10/19/20272,904 2,836 2,705 0.19 
Assembly Intermediate, LLC(5) (7) (13)L +6.50%11.23%10/19/2027830 796 750 0.05 
FPG Intermediate Holdco, LLC(5) (7)S +6.50%10.92%03/05/2027497 488 472 0.03 
Heartland Home Services, Inc.(5) (8) (13)L +5.75%10.10%12/15/20261,877 1,860 1,802 0.13 
Lightspeed Solution, LLC(5) (8)S +6.50%10.82%03/01/20287,585 7,451 7,308 0.52 
Lightspeed Solution, LLC(5) (8) (13)S +6.50%10.82%03/01/2028— (21)(89)(0.01)
LUV Car Wash Group, LLC(5) (7) (13)L +5.50%9.24%12/09/2026372 367 359 0.03 
LUV Car Wash Group, LLC(5) (7)L +5.50%9.24%12/09/2026349 346 341 0.02 
Magnolia Wash Holdings(5) (7)S +6.50%10.32%07/14/20283,767 3,696 3,608 0.26 
Magnolia Wash Holdings(5) (7)S +6.50%10.32%07/14/2028706 692 676 0.05 
Magnolia Wash Holdings(5) (7) (13)S +6.50%10.32%07/14/202887 84 81 0.01 
Mammoth Holdings, LLC(5) (6) (7)S +6.00%9.82%10/16/20238,033 8,008 8,033 0.57 
Mammoth Holdings, LLC(5) (7)S +6.00%9.82%10/16/202335,966 35,846 35,966 2.57 
Mammoth Holdings, LLC(5) (7) (13)S +6.00%9.82%10/16/2023— (3)— — 
Spotless Brands, LLC(5) (7)S +6.50%10.71%07/25/20284,549 4,463 4,371 0.31 
30

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Spotless Brands, LLC(5) (7)S +6.50%10.71%07/25/2028860 $843 $826 0.06 %
Spotless Brands, LLC(5) (7) (13)S +6.50%10.71%07/25/2028— (3)(6)— 
88,142 87,147 6.24 
Financial Services
Applitools, Inc.(5) (8) (10)S +6.25%10.57%05/25/20293,200 3,143 3,145 0.23 
Applitools, Inc.(5) (8) (10) (13)S +6.25%10.57%05/25/2028— (8)(7)— 
Cerity Partners, LLC(5) (8)S +6.75%11.32%12/29/20298,617 8,359 8,359 0.60 
Cerity Partners, LLC(5) (8) (13)S +6.75%11.32%12/29/2029454 60 60 — 
SitusAMC Holdings Corp.(5) (8)L +5.50%10.23%12/22/20273,573 3,542 3,417 0.24 
Smarsh, Inc.(5) (8)S +6.50%11.29%02/16/20294,286 4,208 4,126 0.30 
Smarsh, Inc.(5) (8) (13)S +6.50%11.29%02/16/2029536 521 496 0.04 
Smarsh, Inc.(5) (8) (13)S +6.50%11.29%02/16/2029— (5)(10)— 
19,820 19,586 1.40 
Electronic Equipment, Instruments & Components
Abracon Group Holdings, LLC(5) (8)S +5.75%10.48%07/06/20285,534 5,431 5,249 0.38 
Abracon Group Holdings, LLC(5) (8) (13)S +5.75%10.48%07/06/2028— (9)(51)— 
Abracon Group Holdings, LLC(5) (8) (13)S +5.75%10.48%07/06/2028— (7)(21)— 
Dwyer Instruments, Inc.(5) (8)L +6.00%10.73%07/21/20278,059 7,911 7,694 0.55 
Dwyer Instruments, Inc.(5) (8) (13)L +6.00%10.73%07/21/2027— (18)(92)(0.01)
Dwyer Instruments, Inc.(5) (8) (13)L +6.00%10.73%07/21/2027158 140 113 0.01 
13,448 12,892 0.92 
Food Products
AMCP Pet Holdings, Inc. (Brightpet)(5) (6) (7)L +6.25%10.98%10/05/202617,150 16,798 16,795 1.20 
AMCP Pet Holdings, Inc. (Brightpet)(5) (7)L +6.25%10.98%10/05/202616,333 15,989 15,995 1.14 
AMCP Pet Holdings, Inc. (Brightpet)(5) (7)L +6.25%10.98%10/05/20265,833 5,721 5,713 0.41 
Nellson Nutraceutical, Inc.(5) (6) (7)S +5.75%10.17%12/23/202523,592 23,439 23,476 1.68 
Teasdale Foods, Inc. (Teasdale Latin Foods)(5) (7)L +7.25% (incl. 1.00% PIK)12.29%12/18/202510,812 10,675 9,017 0.65 
72,622 70,996 5.08 
Health Care Equipment & Supplies
Performance Health & Wellness(5) (6) (7)L +6.00%10.73%07/12/20279,398 9,248 8,956��0.64 
Health Care Providers & Services
Advarra Holdings, Inc.(5) (8)S +5.75%10.15%08/24/2029459 451 434 0.03 
Advarra Holdings, Inc.(5) (8) (13)S +5.75%10.15%08/24/2029— — (2)— 
DCA Investment Holdings, LLC(5) (6) (8)S +6.00%10.39%04/03/202811,053 10,922 10,887 0.78 
DCA Investment Holdings, LLC(5) (8) (13)S +6.00%10.39%04/03/20282,629 2,572 2,575 0.18 
Gateway US Holdings, Inc.(5) (8) (10)S +6.50%11.23%09/22/2026750 744 736 0.05 
31

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Gateway US Holdings, Inc.(5) (8) (10) (13)S +6.50%11.23%09/22/2026165 $164 $162 0.01 %
Gateway US Holdings, Inc.(5) (8) (10) (13)S +6.50%11.23%09/22/202617 16 16 — 
Heartland Veterinary Partners, LLC(5) (7)S +4.75%9.56%12/10/20261,866 1,851 1,812 0.13 
Heartland Veterinary Partners, LLC(5) (7) (13)S +4.75%9.56%12/10/20262,969 2,936 2,847 0.20 
Heartland Veterinary Partners, LLC(5) (7) (13)S +4.75%9.56%12/10/2026— (3)(11)— 
iCIMS, Inc.(5) (8)S +7.25% (incl. 3.88% PIK)11.52%08/18/20286,568 6,455 6,455 0.46 
Intelerad Medical Systems Incorporated(5) (7) (10)S +6.50%11.23%08/21/2026500 486 489 0.03 
mPulse Mobile, Inc.(5) (8)L +5.25%9.32%12/17/202717,500 17,200 16,977 1.21 
mPulse Mobile, Inc.(5) (8) (13)L +5.25%9.32%12/17/2027— (17)(60)— 
mPulse Mobile, Inc.(5) (8) (13)L +5.25%9.32%12/17/2027151 143 136 0.01 
Promptcare Infusion Buyer, Inc.(5) (7)L +6.00%10.22%09/01/20279,073 8,925 8,757 0.63 
Promptcare Infusion Buyer, Inc.(5) (7) (13)L +6.00%10.22%09/01/2027881 849 766 0.05 
Southern Veterinary Partners, LLC(5) (7)S +5.50%9.93%10/05/2027899 883 854 0.06 
Stepping Stones Healthcare Services, LLC(5) (8)L +5.75%10.48%01/02/20294,342 4,284 4,111 0.29 
Stepping Stones Healthcare Services, LLC(5) (8) (13)L +5.75%10.48%01/02/2029511 500 444 0.03 
Stepping Stones Healthcare Services, LLC(5) (8) (13)P +4.75%12.25%12/30/2026450 442 417 0.03 
Suveto(5) (8) (13)L +5.00%9.38%09/09/202711,038 10,935 10,461 0.75 
Suveto(5) (8) (13)L +5.00%9.38%09/09/2027810 793 764 0.05 
Tivity Health, Inc.(5) (8)S +6.00%10.58%06/28/20293,711 3,658 3,592 0.26 
Vardiman Black Holdings, LLC(5) (9)S +7.00%11.22%03/18/20273,412 3,382 3,227 0.23 
Vardiman Black Holdings, LLC(5) (9) (13)S +7.00%11.22%03/18/20273,907 3,871 3,687 0.26 
Vermont Aus Pty Ltd(5) (8) (10)S +5.65%10.23%03/23/20288,436 8,244 7,927 0.57 
90,686 88,460 6.33 
Health Care Technology
Lightspeed Buyer, Inc.(5) (6) (7)L +5.50%9.98%02/03/202612,669 12,442 12,300 0.88 
Lightspeed Buyer, Inc.(5) (7)L +5.50%9.98%02/03/20269,234 9,053 8,966 0.64 
Lightspeed Buyer, Inc.(5) (7) (13)L +5.50%9.98%02/03/2026— (28)(118)(0.01)
21,467 21,148 1.51 
Industrial Conglomerates
Excelitas Technologies Corp.(5) (8)S +5.75%10.12%08/13/20291,378 1,351 1,311 0.09 
Excelitas Technologies Corp.(5) (8)E +5.75%7.55%08/13/2029242 245 246 0.02 
Excelitas Technologies Corp.(5) (8) (13)S +5.75%10.12%08/13/2029— (2)(13)— 
Excelitas Technologies Corp.(5) (8) (13)S +5.75%10.12%08/14/202874 72 68 — 
1,666 1,612 0.12 
Insurance Services
Amerilife Holdings, LLC(5) (8)S +5.75%9.58%08/31/20292,044 2,005 2,005 0.14 
32

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Amerilife Holdings, LLC(5) (8) (13)S +5.75%10.15%08/31/2029583 $569 $569 0.04 %
Amerilife Holdings, LLC(5) (8) (13)S +5.75%10.15%08/31/2028— (8)(8)— 
Foundation Risk Partners Corp.(5) (8)S +6.00%10.68%10/29/202842,966 42,408 42,218 3.02 
Foundation Risk Partners Corp.(5) (8)S +6.00%10.68%10/29/20289,345 9,222 9,182 0.66 
Foundation Risk Partners Corp.(5) (8) (13)S +6.00%10.32%10/29/20271,882 1,827 1,803 0.13 
Galway Borrower, LLC(5) (8)L +5.25%9.98%09/29/202832,271 31,721 30,880 2.21 
Galway Borrower, LLC(5) (8) (13)L +5.25%9.98%09/29/2028— (7)(13)— 
Galway Borrower, LLC(5) (8) (13)L +5.25%9.98%09/30/2027— (32)(88)(0.01)
Higginbotham Insurance Agency, Inc.(5) (6) (8)L +5.25%9.63%11/25/202618,482 18,287 17,986 1.29 
High Street Buyer, Inc.(5) (6) (8)L +6.00%10.73%04/14/20289,992 9,832 9,702 0.69 
High Street Buyer, Inc.(5) (6) (8)L +6.00%10.73%04/14/202840,125 39,459 38,961 2.79 
High Street Buyer, Inc.(5) (8) (13)L +6.00%10.73%04/16/2027— (31)(62)— 
Integrity Marketing Acquisition, LLC(5) (6) (8)L +6.05%10.81%08/27/202544,059 43,688 42,808 3.06 
Integrity Marketing Acquisition, LLC(5) (8)L +6.05%10.81%08/27/202524,599 24,373 23,900 1.71 
Integrity Marketing Acquisition, LLC(5) (8)L +6.05%10.81%08/27/202517,290 17,108 16,799 1.20 
Keystone Agency Investors(5) (7)S +6.25%10.98%05/03/20273,516 3,467 3,467 0.25 
Keystone Agency Investors(5) (7)S +6.25%10.98%05/03/20274,047 3,993 3,993 0.29 
Majesco(5) (6) (7)L +7.25%11.98%09/21/202723,421 22,948 22,447 1.61 
Majesco(5) (7) (13)L +7.25%11.98%09/21/2026— (29)(66)— 
Oakbridge Insurance Agency, LLC(5) (7)S +5.75%10.17%12/31/20261,078 1,062 1,062 0.08 
Oakbridge Insurance Agency, LLC(5) (7) (13)S +5.75%10.17%12/31/202660 56 56 — 
Oakbridge Insurance Agency, LLC(5) (7) (13)S +5.75%10.17%12/31/202619 18 18 — 
Patriot Growth Insurance Services, LLC(5) (6) (8)L +5.50%8.86%10/16/202861,902 60,837 59,042 4.23 
Patriot Growth Insurance Services, LLC(5) (8)L +5.50%8.86%10/16/20281,089 1,060 1,039 0.07 
Patriot Growth Insurance Services, LLC(5) (8) (13)L +5.50%8.86%10/16/2028— (74)(207)(0.01)
Peter C. Foy & Associates Insurance Services, LLC(5) (8)S +6.00%11.12%11/01/2028910 897 866 0.06 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)S +6.00%11.12%11/01/20281,985 1,955 1,874 0.13 
Peter C. Foy & Associates Insurance Services, LLC(5) (8)L +6.00%11.21%11/01/202817,793 17,638 16,930 1.21 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)L +6.00%11.21%11/01/20284,942 4,899 4,703 0.34 
Peter C. Foy & Associates Insurance Services, LLC(5) (8) (13)L +6.00%11.21%11/01/2027— (7)(40)— 
RSC Acquisition, Inc.(5) (6) (8)S +5.50%9.97%10/30/202624,774 24,417 23,999 1.72 
RSC Acquisition, Inc.(5) (8)S +5.50%9.97%10/30/20267,961 7,900 7,712 0.55 
World Insurance Associates, LLC(5) (6) (7)S +5.75%10.33%04/01/202633,331 32,499 32,288 2.31 
World Insurance Associates, LLC(5) (6) (7)S +5.75%10.33%04/01/202631,170 30,528 30,194 2.16 
World Insurance Associates, LLC(5) (7) (13)S +5.75%10.33%04/01/2026825 808 785 0.06 
455,293 446,804 31.98 
33

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Interactive Media & Services
FMG Suite Holdings, LLC(5) (7)S +5.50%9.34%10/30/202624,060 $23,699 $23,546 1.69 %
FMG Suite Holdings, LLC(5) (7)S +5.50%9.34%10/30/20265,224 5,151 5,112 0.37 
FMG Suite Holdings, LLC(5) (7) (13)S +5.50%9.34%10/30/2026551 515 495 0.04 
MSM Acquisitions, Inc.(5) (6) (7)L +6.00%10.75%12/09/202631,570 31,179 30,815 2.21 
MSM Acquisitions, Inc.(5) (7) (13)L +6.00%10.75%12/09/202612,743 12,493 11,878 0.85 
MSM Acquisitions, Inc.(5) (7) (13)L +6.00%10.75%12/09/20261,836 1,784 1,741 0.12 
Triple Lift, Inc.(5) (6) (8)S +5.50%10.12%05/08/202827,580 27,136 26,162 1.87 
Triple Lift, Inc.(5) (8) (13)S +5.25%9.58%05/08/20281,533 1,472 1,328 0.10 
103,429 101,077 7.23 
IT Services
Atlas Purchaser, Inc.(6) (8)L +5.25%9.81%05/08/20288,922 8,778 6,225 0.45 
Donuts, Inc.(5) (6) (7)S +6.00%10.43%12/29/202718,375 18,108 17,910 1.28 
Donuts, Inc.(5) (7)S +6.00%10.43%12/29/20276,735 6,735 6,565 0.47 
Donuts, Inc.(5) (7) (13)S +6.00%10.43%12/29/2027— — (80)(0.01)
Govbrands Intermediate, Inc.(5) (6) (8)L +5.50%10.23%08/04/202739,759 38,962 37,942 2.72 
Govbrands Intermediate, Inc.(5) (8) (13)L +5.50%10.23%08/04/20278,969 8,751 8,367 0.60 
Govbrands Intermediate, Inc.(5) (8) (13)L +5.50%10.23%08/04/20273,814 3,733 3,620 0.26 
Long Term Care Group, Inc.(5) (8)L +6.00%10.34%09/08/20274,963 4,875 4,768 0.34 
Recovery Point Systems, Inc.(5) (6) (7)S +6.50%10.26%08/12/202641,055 40,514 41,002 2.93 
Recovery Point Systems, Inc.(5) (7) (13)S +6.50%10.26%08/12/2026— (48)(5)— 
Redwood Services Group, LLC(5) (8)S +6.00%10.68%06/15/202910,939 10,732 10,462 0.75 
Redwood Services Group, LLC(5) (8) (13)S +6.00%10.68%06/15/20291,880 1,848 1,766 0.13 
Syntax Systems Ltd(5) (8) (10)L +5.50%10.13%10/29/202835,452 35,146 33,520 2.40 
Syntax Systems Ltd(5) (8) (10) (13)L +5.50%10.13%10/29/2028— (78)(510)(0.04)
Syntax Systems Ltd(5) (8) (10) (13)L +5.61%10.08%10/29/20262,495 2,466 2,291 0.16 
Thrive Buyer, Inc. (Thrive Networks)(5) (6) (7)L +6.00%10.73%01/22/202720,561 20,258 20,059 1.44 
Thrive Buyer, Inc. (Thrive Networks)(5) (7)L +6.00%10.73%01/22/202717,085 16,820 16,668 1.19 
Thrive Buyer, Inc. (Thrive Networks)(5) (7) (13)P +5.00%12.50%01/22/2027264 236 216 0.02 
UpStack, Inc.(5) (7)L +5.75%10.32%08/20/20279,737 9,539 9,444 0.68 
UpStack, Inc.(5) (7) (13)L +5.75%10.32%08/20/20273,292 3,205 3,162 0.23 
UpStack, Inc.(5) (7) (13)L +5.75%10.32%08/20/2027— (19)(26)— 
230,561 223,366 15.99 
Leisure Products
GSM Acquisition Corp. (GSM Outdoors)(5) (6) (7)S +5.00%9.84%11/16/202617,447 17,319 17,194 1.23 
GSM Acquisition Corp. (GSM Outdoors)(5) (7)S +5.00%9.84%11/16/20264,490 4,446 4,425 0.32 
34

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
GSM Acquisition Corp. (GSM Outdoors)(5) (7) (13)S +5.00%9.84%11/16/2026— $(39)$(62)— %
21,726 21,557 1.54 
Machinery
Answer Acquisition, LLC(5) (7)L +5.50%10.23%12/30/202610,719 10,541 10,265 0.73 
Answer Acquisition, LLC(5) (7) (13)L +5.50%10.23%12/30/2026— (13)(35)— 
Komline Sanderson Engineering Corp.(5) (6) (9)S +6.00%11.14%03/17/20264,080 4,045 3,837 0.27 
Komline Sanderson Engineering Corp.(5) (9) (13)S +6.00%11.14%03/17/2026— (72)(507)(0.04)
Komline Sanderson Engineering Corp.(5) (6) (9)L +6.00%10.67%03/17/202616,629 16,507 15,640 1.12 
Komline Sanderson Engineering Corp.(5) (9)L +6.00%10.67%03/17/202619,118 18,984 17,981 1.29 
Komline Sanderson Engineering Corp.(5) (9) (13)L +6.00%10.67%03/17/20262,689 2,659 2,407 0.17 
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.25%9.75%07/21/2027121 117 117 0.01 
MHE Intermediate Holdings, LLC(5) (7)S +6.50%11.46%07/21/20274,419 4,332 4,332 0.31 
MHE Intermediate Holdings, LLC(5) (6) (7)S +6.25%9.50%07/21/202728,391 27,937 27,550 1.97 
MHE Intermediate Holdings, LLC(5) (7)S +6.25%9.50%07/21/20273,711 3,650 3,601 0.26 
MHE Intermediate Holdings, LLC(5) (7) (13)S +6.00%10.94%07/21/2027350 312 276 0.02 
88,999 85,464 6.12 
Multi-Utilities
AWP Group Holdings, Inc.(5) (6) (7)L +4.75%9.38%12/22/20271,021 1,010 991 0.07 
AWP Group Holdings, Inc.(5) (7)L +4.75%9.41%12/22/2027131 130 127 0.01 
AWP Group Holdings, Inc.(5) (7) (13)L +4.75%9.41%12/22/202654 52 49 — 
Ground Penetrating Radar Systems, LLC(5) (6) (7)S +4.75%9.39%06/26/202610,306 10,166 10,045 0.72 
Ground Penetrating Radar Systems, LLC(5) (7) (13)S +4.75%9.39%06/26/2025459 440 418 0.03 
Vessco Midco Holdings, LLC(5) (6) (7)L +4.50%8.88%11/02/20262,715 2,696 2,679 0.19 
Vessco Midco Holdings, LLC(5) (7)L +4.50%8.88%11/02/20261,769 1,757 1,746 0.12 
Vessco Midco Holdings, LLC(5) (7) (13)P +3.50%11.00%10/18/2026179 176 173 0.01 
16,427 16,228 1.16 
Oil, Gas & Consumable Fuels
Energy Labs Holdings Corp.(5) (7)S +5.25%9.57%04/07/2028388 382 376 0.03 
Energy Labs Holdings Corp.(5) (7) (13)S +5.25%9.57%04/07/2028— — (2)— 
Energy Labs Holdings Corp.(5) (7) (13)S +5.25%9.57%04/07/202818 17 16 — 
399 390 0.03 
Pharmaceuticals
Caerus US 1, Inc.(5) (8) (10)S +5.75%9.83%05/25/202911,121 10,903 10,903 0.78 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%9.83%05/25/2029— (16)(16)— 
Caerus US 1, Inc.(5) (8) (10) (13)S +5.75%9.83%05/25/2029293 270 270 0.02 
11,157 11,157 0.80 
35

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Professional Services
Abacus Data Holdings, Inc. (AbacusNext)(5) (6) (7)L +6.25%9.99%03/10/202718,617 $18,303 $18,479 1.32 %
Abacus Data Holdings, Inc. (AbacusNext)(5) (7)L +6.25%9.99%03/10/20271,950 1,935 1,936 0.14 
Abacus Data Holdings, Inc. (AbacusNext)(5) (7) (13)L +6.25%9.99%03/10/2027700 677 690 0.05 
Bridgepointe Technologies, LLC(5) (7)S +6.50%11.23%12/31/202715,174 14,570 14,570 1.04 
Bridgepointe Technologies, LLC(5) (7) (13)S +6.50%11.23%12/31/2027— (403)(403)(0.03)
Bullhorn, Inc.(5) (6) (7)L +5.75%10.48%09/30/202612,948 12,847 12,571 0.90 
Bullhorn, Inc.(5) (7)L +5.75%10.48%09/30/20262,723 2,712 2,643 0.19 
Bullhorn, Inc.(5) (7) (13)L +5.75%10.48%09/30/2026273 267 256 0.02 
Citrin Cooperman Advisors, LLC(5) (8)L +5.00%9.21%10/01/202720,025 19,695 19,428 1.39 
Citrin Cooperman Advisors, LLC(5) (8)L +5.00%9.21%10/01/20278,582 8,437 8,326 0.60 
KWOR Acquisition, Inc.(5) (8)L +5.25%9.63%12/22/20285,376 5,280 5,096 0.36 
KWOR Acquisition, Inc.(5) (8) (13)L +5.25%9.63%12/22/2028— (44)(248)(0.02)
KWOR Acquisition, Inc.(5) (8) (13)P +4.25%11.75%12/22/2027— (1)(6)— 
Project Boost Purchaser, LLC(5) (8)S +5.25%9.65%05/02/20295,414 5,364 5,362 0.38 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%9.65%05/02/202985 79 74 0.01 
Project Boost Purchaser, LLC(5) (8) (13)S +5.25%9.65%05/02/2028— (4)(4)— 
89,714 88,770 6.35 
Real Estate Management & Development
Associations, Inc.(5) (6) (7)S +6.50% (incl. 2.50% PIK)10.36%07/02/202730,525 30,293 29,139 2.09 
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)10.36%07/02/2027546 481 218 0.02 
Associations, Inc.(5) (7) (13)S +6.50% (incl. 2.50% PIK)10.36%07/02/2027— (14)(84)(0.01)
MRI Software, LLC(5) (6) (7)L +5.50%10.23%02/10/202659,485 59,075 58,278 4.17 
MRI Software, LLC(5) (7) (13)L +5.50%10.23%02/10/2026— (12)(45)— 
Pritchard Industries, LLC(5) (8)L +5.50%10.54%10/13/202725,532 25,108 24,112 1.73 
Pritchard Industries, LLC(5) (8) (13)L +5.50%10.54%10/13/20275,413 5,315 5,074 0.36 
Zarya Intermediate, LLC(5) (7) (10)S +6.50%10.90%07/01/202735,408 35,408 35,344 2.53 
Zarya Intermediate, LLC(5) (7) (10) (13)S +6.50%10.90%07/01/2027— — (7)— 
155,654 152,029 10.88 
Software
Alert Media, Inc.(5) (6) (7)S +5.00%9.26%04/12/202714,000 13,842 13,534 0.97 
Alert Media, Inc.(5) (7) (13)S +5.00%9.26%04/10/2026— (17)(58)— 
Anaplan, Inc.(5) (8)S +6.50%10.82%06/21/202924,000 23,546 23,578 1.69 
Appfire Technologies, LLC(5) (7)S +5.50%9.92%03/09/202714,617 14,549 14,063 1.01 
Appfire Technologies, LLC(5) (7) (13)S +5.50%9.92%03/09/20273,696 3,653 3,491 0.25 
36

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Appfire Technologies, LLC(5) (7) (13)S +5.50%9.92%03/09/202710 $$— %
Bottomline Technologies, Inc.(5) (8)S +5.50%9.83%05/14/20293,192 3,133 3,070 0.22 
Bottomline Technologies, Inc.(5) (8) (13)S +5.50%9.83%05/15/2028— (5)(10)— 
CLEO Communications Holding, LLC(5) (6) (7)L +6.50%10.74%06/09/202739,998 39,685 38,574 2.76 
CLEO Communications Holding, LLC(5) (7) (13)L +6.50%10.74%06/09/2027— (92)(445)(0.03)
Diligent Corporation(5) (6) (7)L +5.75%10.13%08/04/202527,510 27,337 26,905 1.93 
Diligent Corporation(5) (6) (7)L +5.75%10.13%08/04/20252,201 2,187 2,152 0.15 
Diligent Corporation(5) (7) (13)L +6.25%10.63%08/04/20251,350 1,323 1,251 0.09 
GS AcquisitionCo, Inc.(5) (6) (7)L +5.75%9.91%05/22/202675,927 75,432 74,120 5.30 
GS AcquisitionCo, Inc.(5) (7)L +5.75%9.91%05/22/2026— — — — 
GS AcquisitionCo, Inc.(5) (7) (13)L +5.75%9.91%05/22/2026— (19)(58)— 
Gurobi Optimization, LLC(5) (6) (7)L +5.00%9.38%12/19/202313,091 13,048 13,091 0.94 
Gurobi Optimization, LLC(5) (7) (13)L +5.00%9.38%12/19/2023— (5)— — 
Kaseya, Inc.(5) (8)S +5.75%10.33%06/25/202914,099 13,899 13,484 0.97 
Kaseya, Inc.(5) (8) (13)S +5.75%10.33%06/25/2029— (6)(37)— 
Kaseya, Inc.(5) (8) (13)S +5.75%10.33%06/25/2029— (12)(37)— 
LegitScript(5) (8)S +5.25%8.23%06/24/202928,108 27,580 27,580 1.97 
LegitScript(5) (8) (13)S +5.25%9.57%06/24/2029— (68)(68)— 
LegitScript(5) (8) (13)S +5.25%9.57%06/24/2028250 174 174 0.01 
Montana Buyer, Inc.(5) (8)S +5.75%8.70%07/22/20294,131 4,051 3,991 0.29 
Montana Buyer, Inc.(5) (8) (13)S +5.75%8.70%07/22/2028— (9)(16)— 
Netwrix Corporation And Concept Searching, Inc.(5) (8)S +5.00%9.70%06/11/20294,605 4,562 4,358 0.31 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%9.70%06/11/2029812 798 680 0.05 
Netwrix Corporation And Concept Searching, Inc.(5) (8) (13)S +5.00%9.70%06/11/2029— (4)(23)— 
Oak Purchaser, Inc.(5) (8)S +5.50%9.48%04/28/20282,792 2,766 2,752 0.20 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%9.48%04/28/2028625 609 599 0.04 
Oak Purchaser, Inc.(5) (8) (13)S +5.50%9.48%04/28/2028— (3)(5)— 
Pound Bidco, Inc.(5) (6) (7) (10)L +6.50%10.67%01/30/20269,012 8,888 8,970 0.64 
Pound Bidco, Inc.(5) (6) (7) (10) (13)L +6.50%10.67%01/30/2026— (14)(5)— 
Project Leopard Holdings, Inc.(9) (10)S +5.25%9.80%07/20/20296,280 5,862 5,696 0.41 
Revalize, Inc.(5) (7)S +5.75%10.48%04/15/202719,652 19,543 18,737 1.34 
Revalize, Inc.(5) (7) (13)S +5.75%10.48%04/15/2027— (1)(3)— 
Riskonnect Parent, LLC(5) (8)S +5.50%10.08%12/07/2028444 436 427 0.03 
Riskonnect Parent, LLC(5) (8) (13)S +5.50%10.08%12/07/202880 73 55 — 
Securonix, Inc.(5) (8)S +6.50%10.10%04/05/202821,010 20,678 20,249 1.45 
Securonix, Inc.(5) (8) (13)S +6.50%10.10%04/05/2028— (58)(137)(0.01)
37

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Skykick, Inc.(5) (7)L +7.25%11.00%09/01/20276,300 $6,171 $6,142 0.44 %
Skykick, Inc.(5) (7) (13)L +7.25%11.00%09/01/20271,470 1,427 1,404 0.10 
Trunk Acquisition, Inc.(5) (7)L +5.50%10.23%02/19/20279,051 8,976 8,638 0.62 
Trunk Acquisition, Inc.(5) (7) (13)L +5.50%10.23%02/19/2026— (6)(39)— 
User Zoom Technologies, Inc.(5) (8)S +5.75%9.35%04/05/202938,689 37,967 37,965 2.72 
381,883 374,792 26.82 
Total First Lien Debt$2,753,620 $2,694,111 192.81 %
Second Lien Debt
Air Freight & Logistics
Omni Intermediate Holdings, LLC(5) (7)S +9.00%13.69%12/30/20274,500 $4,374 $4,319 0.31 %
Automobile Components
PAI Holdco, Inc.(5) (7)L +7.50% (incl. 2.00% PIK)11.92%10/28/202826,033 25,444 23,787 1.70 
Electronic Equipment, Instruments & Components
Infinite Bidco, LLC(5) (9)L +7.00%11.73%03/02/202917,000 16,939 16,463 1.18 
Infinite Bidco, LLC(5) (9) (13)L +7.00%11.73%03/02/2029— — (269)(0.02)
16,939 16,194 1.16 
Energy Equipment & Services
QBS Parent, Inc.(5)L +8.50%12.88%09/21/202615,000 14,809 13,569 0.97 
Health Care Providers & Services
Heartland Veterinary Partners, LLC(5) (7)S +8.00%12.81%12/10/20273,960 3,892 3,624 0.26 
Heartland Veterinary Partners, LLC(5) (7) (13)S +8.00%12.81%12/10/20271,452 1,426 1,322 0.09 
5,318 4,946 0.35 
Industrial Conglomerates
Aptean, Inc.(8)S +7.00%11.74%04/23/20275,950 5,950 5,459 0.39 
IT Services
Help/Systems Holdings, Inc.(5) (8)S +6.75%10.94%11/19/202717,500 17,500 16,189 1.16 
Idera, Inc.(5) (8)L +6.75%10.50%03/02/20293,887 3,863 3,642 0.26 
Red Dawn SEI Buyer, Inc.(5) (7)L +8.50%12.67%11/20/202619,000 18,653 17,904 1.28 
40,016 37,735 2.70 
Software
Flexera Software, LLC(5) (7)L +7.00%11.39%03/03/202913,500 13,277 12,584 0.90 
Matrix Parent, Inc.(5) (8)S +8.00%12.55%03/01/203010,667 10,493 9,757 0.70 
23,770 22,341 1.60 
Total Second Lien Debt$136,620 $128,350 9.19 %
38

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and Spread
Interest Rate(3)
Maturity DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Other Securities
Unsecured Debt
Familia Intermediate Holdings I Corp. (Teasdale Latin Foods)(5) (11)16.25% PIK06/18/20261,500 $1,500 $372 0.03 %
Fetch Insurance Services, LLC (Fetch)(5)12.75% (incl. 3.75% PIK)10/31/20271,881 1,826 1,826 0.13 
Total Unsecured Debt$3,326 $2,198 0.16 %
Investments-non-controlled/non-affiliated(1)(2)
FootnotesReference Rate and SpreadAcquisition DatePar Amount/ Shares
Cost(4)
Fair ValuePercentage of Net Assets
Preferred Equity
Diligent Corporation(5) (12)10.50%04/05/20215,000 $5,693 $5,766 0.41 %
Fortis Solutions Group, LLC(5) (12)12.25%06/24/20221,000,000 1,041 1,024 0.07 
Integrity Marketing Acquisition, LLC(5) (12)10.50%12/21/20213,250,000 3,555 3,165 0.23 
Knockout Intermediate Holdings I, Inc.(5) (12)11.75%06/25/20222,790 2,895 2,787 0.20 
Revalize, Inc.(5) (7) (12)S +10.00%12/14/20212,255 2,391 2,281 0.16 
RSK Holdings, Inc. (Riskonnect)(5) (8) (12)S +10.50%07/07/20221,012,200 1,019 1,053 0.08 
Skykick, Inc.(5) (12)08/31/2021134,101 1,275 963 0.07 
Total Preferred Equity17,869 17,039 1.22 
Common Equity
Abacus Data Holdings, Inc. (AbacusNext)(5) (12)03/09/202129,441 2,944 2,193 0.16 
Amerilife Holdings, LLC(5) (12)09/01/2022873 24 24 0.00 
BP Purchaser, LLC(5) (12)12/10/20211,233,333 1,233 1,468 0.11 
CSC Thrive Holdings, LP (Thrive Networks)(5) (12)03/01/2021160,016 411 640 0.05 
Encore Holdings, LLC(5) (12)11/23/20212,391 275 449 0.03 
Frisbee Holding, LP (Fetch)(5) (12)10/31/202221,744 277 277 0.02 
GSM Equity Investors, LP (GSM Outdoors)(5) (12)11/16/20204,500 450 916 0.07 
Help HP SCF Investor, LP (Help/Systems)(10) (12)05/12/202112,460 14,732 1.05 
LUV Car Wash Holdings, LLC(5) (12)04/06/2022116 116 116 0.01 
mPulse Mobile, Inc.(5) (12)12/17/2021165,761 1,220 1,281 0.09 
PCX Holding Corp.(5) (12)04/22/20216,538 654 747 0.05 
Pet Holdings, Inc. (Brightpet)(5) (12)10/06/202013,846 1,385 1,028 0.07 
Pritchard Industries, Inc.(5) (12)10/13/20211,700,000 1,700 2,210 0.16 
Procure Acquiom Financial, LLC (Procure Analytics)(5) (12)12/20/20211,000,000 1,000 1,380 0.10 
Recovery Point Systems, Inc.(5) (12)03/05/20211,000,000 1,000 760 0.05 
Shelby Co-invest, LP (Spectrum Automotive)(5) (12)06/29/20218,500 850 1,194 0.09 
Surewerx Topco, LP(5) (10) (12)12/28/2022512 512 512 0.04 
Suveto Co-Invest, LP(5) (10) (12)11/19/202117,000 1,700 1,963 0.14 
Total Common Equity28,211 31,890 2.28 
Total Other Securities$49,406 $51,127 3.66 %
Total Portfolio Investments$2,939,646 $2,873,588 205.65 %

39

Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 2022
(In thousands)
(1)Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the 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, 2022 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, 2022, 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. See Note 6 “Debt”.
(3)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either E, L or S or an alternate base rate (commonly based on F or 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, 2022. 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, 2022. As of December 31, 2022, the reference rates for our LIBOR-based loans were the 3-month E at 2.13%, the 1-month L at 4.39%, the 3-month L at 4.77%, the 6-month L at 5.14%; the reference rates for our SOFR-based loans were the 1-month S at 4.36%, the 3-month S at 4.59%, the 6-month S at 4.78%; and the reference rate for our Prime rate-based loans were at 7.50%.
(4)The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee, under the supervision of the Board of Directors (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(6)Assets or a portion thereof are pledged as collateral for the BNP Funding Facility (as defined below). See Note 6 “Debt”.
(7)Loan includes interest rate floor of 1.00%.
(8)Loan includes interest rate floor of 0.75%.
(9)Loan includes interest rate floor of 0.50%.
(10)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, non-qualifying assets represented 7.10%6.55% of total assets as calculated in accordance with regulatory requirements.
(11)Investment was on non-accrual status as of December 31, 2022.2023.
(12)Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of December 31, 2022,2023, the aggregate fair value of these securities is $48,929$54,538 or 3.50%3.17% of the Company’s net assets. The initial acquisition dates have been included for such securities.
(13) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022:2023:
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLC0.50%Revolver12/23/2026$1,200 $(27)
48Forty Solutions LLC0.50%Revolver11/30/20262,715 (139)
ABB Concise Optical Group, LLC0.50%Revolver02/23/202894 (4)
ARI Network Services, Inc.0.50%Revolver02/28/20252,121 (60)
AWP Group Holdings, Inc.0.50%Revolver12/22/2026104 (3)
Abacus Data Holdings, Inc. (AbacusNext)0.50%Revolver03/10/2027700 (5)
Abracon Group Holdings, LLC1.00%Delayed Draw Term Loan07/06/20241,003 (52)
Abracon Group Holdings, LLC0.50%Revolver07/06/2028401 (21)
Advarra Holdings, Inc.1.00%Delayed Draw Term Loan08/26/202441 (2)
Alert Media, Inc.0.50%Revolver04/10/20261,750 (58)
Amerilife Holdings, LLC1.00%Delayed Draw Term Loan08/31/2024292 (5)
Amerilife Holdings, LLC0.50%Revolver08/31/2028437 (8)
Answer Acquisition, LLC0.50%Revolver12/30/2026833 (35)

Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
First Lien Debt
365 Retail Markets, LLCRevolver12/23/2026$2,800 $— 
48Forty Solutions, LLCRevolver11/30/20261,086 (68)
AMCP Pet Holdings, Inc. (Brightpet)Revolver10/5/20262,042 (44)
ARI Network Services, Inc.Revolver2/28/20253,030 (29)
AWP Group Holdings, Inc.Delayed Draw Term Loan8/1/20251,579 (24)
AWP Group Holdings, Inc.Revolver12/24/2029620 (9)
Abacus Data Holdings, Inc. (AbacusNext)Revolver3/10/2027350 — 
Abracon Group Holdings, LLCDelayed Draw Term Loan7/6/2024441 (77)
Advarra Holdings, Inc.Delayed Draw Term Loan8/26/202441 (1)
Alert Media, Inc.Revolver4/10/20263,043 (53)
Amerilife Holdings, LLCDelayed Draw Term Loan10/7/2025147 (2)
Amerilife Holdings, LLCRevolver8/31/2028437 (6)
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Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 20222023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Investments — non-controlled/non-affiliated
Investments — non-controlled/non-affiliated
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Answer Acquisition, LLC
Apex Service Partners, LLC
Apex Service Partners, LLC
Appfire Technologies, LLCAppfire Technologies, LLC0.50%Delayed Draw Term Loan06/13/2024$1,674 $(63)
Appfire Technologies, LLCAppfire Technologies, LLC0.50%Revolver03/09/2027157 (6)
Applitools, Inc.Applitools, Inc.0.50%Revolver05/25/2028433 (7)
Assembly Intermediate, LLCAssembly Intermediate, LLC1.00%Delayed Draw Term Loan10/19/20232,281 (88)
Assembly Intermediate, LLCAssembly Intermediate, LLC0.50%Revolver10/19/20271,244 (48)
Associations, Inc.Associations, Inc.1.00%Delayed Draw Term Loan06/10/20246,694 (304)
Associations, Inc.Associations, Inc.0.50%Revolver07/02/20271,860 (84)
Atlas Us Finco, Inc.Atlas Us Finco, Inc.0.50%Revolver12/09/2028186 (6)
Avalara, Inc.Avalara, Inc.0.50%Revolver10/19/20281,071 (26)
Bottomline Technologies, Inc.Bottomline Technologies, Inc.0.50%Revolver05/15/2028267 (10)
Bradyifs Holdings, LLC
Bradyifs Holdings, LLC
Bridgepointe Technologies, LLCBridgepointe Technologies, LLC0.50%Delayed Draw Term Loan09/23/202410,116 (403)
Bullhorn, Inc.Bullhorn, Inc.0.50%Revolver09/30/2026320 (10)
CLEO Communications Holding, LLCCLEO Communications Holding, LLC0.50%Revolver06/09/202712,502 (445)
Caerus US 1, Inc.Caerus US 1, Inc.—%Delayed Draw Term Loan10/31/20241,608 (16)
Caerus US 1, Inc.Caerus US 1, Inc.0.50%Revolver05/25/2029878 (17)
Cerity Partners, LLC1.00%Delayed Draw Term Loan12/30/202312,699 (381)
DCA Investment Holdings, LLC1.00%Delayed Draw Term Loan03/02/20231,026 (15)
Catalis Intermediate, Inc.
Chase Intermediate, LLC
Chase Intermediate, LLC
Citrin Cooperman Advisors, LLC
Coupa Holdings, LLC
Coupa Holdings, LLC
Cyara AcquisitionCo, LLC
Diligent CorporationDiligent Corporation0.50%Revolver08/04/20253,150 (69)
Donuts, Inc.0.25%Delayed Draw Term Loan08/14/20233,166 (80)
Dwyer Instruments, Inc.Dwyer Instruments, Inc.1.00%Delayed Draw Term Loan07/01/20242,028 (92)
Dwyer Instruments, Inc.Dwyer Instruments, Inc.0.50%Revolver07/21/2027855 (39)
E-Discovery AcquireCo, LLC
Encore Holdings, LLCEncore Holdings, LLC0.75%Delayed Draw Term Loan11/23/20241,469 (35)
Encore Holdings, LLC0.50%Revolver11/23/2027539 (13)
Energy Labs Holdings Corp.1.00%Delayed Draw Term Loan04/13/202347 (1)
Energy Labs Holdings Corp.Energy Labs Holdings Corp.0.50%Revolver04/07/202845 (1)
Excelitas Technologies Corp.Excelitas Technologies Corp.0.50%Delayed Draw Term Loan08/11/2024262 (13)
Excelitas Technologies Corp.Excelitas Technologies Corp.0.50%Revolver08/14/202857 (3)
FLS Holding, Inc.FLS Holding, Inc.0.50%Revolver12/17/20271,802 (29)
FMG Suite Holdings, LLCFMG Suite Holdings, LLC0.50%Revolver10/30/20262,074 (44)
Fortis Solutions Group, LLC0.50%Delayed Draw Term Loan10/15/202376 (2)
Fortis Solutions Group, LLC0.50%Delayed Draw Term Loan06/24/20241,000 (33)
Fortis Solutions Group, LLC0.50%Revolver10/15/20272,339 (76)
Foundation Risk Partners Corp.0.38%Revolver10/29/20272,689 (47)
GS AcquisitionCo, Inc.0.50%Revolver05/22/20262,420 (58)
GSM Acquisition Corp.0.50%Revolver11/16/20264,280 (62)
Galway Borrower, LLC0.50%Delayed Draw Term Loan09/30/2023298 (12)
Galway Borrower, LLC0.50%Revolver09/30/20272,053 (88)
Gateway US Holdings, Inc.1.00%Delayed Draw Term Loan03/09/2024— 
FORTIS Solutions Group, LLC
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 20222023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Gateway US Holdings, Inc.0.50%Revolver09/22/2026$14 $— 
Govbrands Intermediate, Inc.1.00%Delayed Draw Term Loan08/04/20234,185 (191)
Govbrands Intermediate, Inc.0.50%Revolver08/04/2027424 (19)
GraphPad Software, LLC0.50%Revolver04/27/20271,750 (58)
Ground Penetrating Radar Systems, LLC0.50%Revolver06/26/20251,181 (30)
Gurobi Optimization, LLC0.50%Revolver12/19/20231,607 — 
Heartland Home Services, Inc.0.75%Delayed Draw Term Loan08/10/2023612 (18)
Heartland Veterinary Partners, LLC1.00%Delayed Draw Term Loan11/17/20231,255 (36)
Heartland Veterinary Partners, LLC0.50%Revolver12/10/2026375 (11)
High Street Buyer, Inc.0.50%Revolver04/16/20272,136 (62)
KPSKY Acquisition, Inc.1.00%Delayed Draw Term Loan06/17/20243,413 (154)
KWOR Acquisition, Inc.1.00%Delayed Draw Term Loan06/22/20244,777 (248)
KWOR Acquisition, Inc.0.50%Revolver12/22/2027122 (6)
Kaseya, Inc.0.50%Delayed Draw Term Loan06/22/2024856 (37)
Kaseya, Inc.0.50%Revolver06/25/2029856 (37)
Komline Sanderson Engineering Corp.0.50%Delayed Draw Term Loan05/27/20248,529 (507)
Komline Sanderson Engineering Corp.0.50%Revolver03/17/20262,057 (122)
LUV Car Wash Group, LLC1.00%Delayed Draw Term Loan03/14/2024257 (5)
LegitScript1.00%Delayed Draw Term Loan06/24/20247,654 (68)
LegitScript0.50%Revolver06/24/20283,917 (72)
Lightspeed Buyer, Inc.1.00%Delayed Draw Term Loan02/28/20234,050 (118)
Lightspeed Solution, LLC0.50%Delayed Draw Term Loan03/01/20242,439 (89)
MHE Intermediate Holdings, LLC0.50%Revolver07/21/20272,150 (64)
MRI Software, LLC0.50%Revolver02/10/20262,215 (45)
Magnolia Wash Holdings0.50%Revolver07/14/202871 (3)
Majesco0.50%Revolver09/21/20261,575 (66)
Mammoth Holdings, LLC0.50%Revolver10/16/2023953 — 
Mantech International CP0.50%Delayed Draw Term Loan09/14/202487 (2)
Mantech International CP0.50%Revolver09/14/202853 (1)
Montana Buyer, Inc.0.50%Revolver07/22/2028466 (16)
Netwrix Corporation And Concept Searching, Inc.0.50%Delayed Draw Term Loan06/09/20241,652 (89)
Netwrix Corporation And Concept Searching, Inc.0.50%Revolver06/11/2029431 (23)
Oak Purchaser, Inc.0.50%Delayed Draw Term Loan04/28/20241,236 (18)
Oak Purchaser, Inc.0.50%Revolver04/28/2028372 (5)
Oakbridge Insurance Agency, LLC1.00%Delayed Draw Term Loan03/31/2024399 (3)
Oakbridge Insurance Agency, LLC0.50%Revolver12/31/202636 — 
Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan06/24/2024732 (31)
Omni Intermediate Holdings, LLC1.00%Delayed Draw Term Loan06/24/2024173 (7)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
FORTIS Solutions Group, LLCRevolver10/15/2027$2,564 $— 
Foundation Risk Partners Corp.Revolver10/29/20274,571 — 
Fullsteam Operations, LLCDelayed Draw Term Loan5/27/20253,902 (68)
Fullsteam Operations, LLCRevolver11/27/2029608 (18)
GC Waves Holdings, Inc.Delayed Draw Term Loan12/31/20246,095 (113)
GC Waves Holdings, Inc.Revolver8/11/2028331 (6)
GPS Merger Sub, LLCDelayed Draw Term Loan10/2/20251,274 (12)
GPS Merger Sub, LLCRevolver10/2/20291,019 (20)
GS AcquisitionCo, Inc.Revolver5/22/20262,420 — 
GSM Acquisition Corp. (GSM Outdoors)Revolver11/16/20264,280 (43)
Galway Borrower, LLCDelayed Draw Term Loan4/28/20241,712 (18)
Galway Borrower, LLCRevolver9/30/20272,053 (60)
Gateway US Holdings, Inc.Revolver9/22/202630 — 
GraphPad Software, LLCRevolver4/27/2027875 (3)
Ground Penetrating Radar Systems, LLCRevolver6/26/20251,641 (14)
Groundworks, LLCDelayed Draw Term Loan9/14/202454 — 
Groundworks, LLCRevolver3/14/202962 — 
Heartland Veterinary Partners, LLCRevolver12/10/2026375 (3)
Helios Service Partners, LLCDelayed Draw Term Loan2/7/20255,933 (59)
Helios Service Partners, LLCRevolver3/19/2027542 (5)
Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan8/23/20251,254 — 
High Street Buyer, Inc.Revolver4/16/20272,136 — 
Hyland Software, Inc.Revolver9/19/20291,879 (21)
Inszone Mid, LLCDelayed Draw Term Loan11/10/20256,000 (64)
Inszone Mid, LLCRevolver11/12/2029817 (16)
Integrity Marketing Acquisition, LLCRevolver8/27/202652 (1)
Iris Buyer, LLCDelayed Draw Term Loan10/2/2030856 (13)
Iris Buyer, LLCRevolver10/2/20291,001 (26)
KENG Acquisition, Inc.Delayed Draw Term Loan8/1/20252,040 (26)
KENG Acquisition, Inc.Revolver8/1/2029781 (10)
KWOR Acquisition, Inc.Delayed Draw Term Loan6/22/20243,473 (50)
KWOR Acquisition, Inc.Revolver12/22/202770 (1)
Kaseya, Inc.Delayed Draw Term Loan6/23/2024803 (4)
Kaseya, Inc.Revolver6/25/2029642 (3)
Komline Sanderson Engineering Corp.Delayed Draw Term Loan5/27/20248,529 (266)
Komline Sanderson Engineering Corp.Revolver3/17/20264,746 (148)
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Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 20222023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Omni Intermediate Holdings, LLC0.50%Revolver12/30/2025$1,065 $(45)
PCX Holding Corp.0.50%Revolver04/22/20271,296 (42)
PDFTron Systems, Inc.0.50%Revolver07/15/20263,850 (128)
Patriot Growth Insurance Services, LLC0.50%Revolver10/16/20284,485 (207)
Peter C. Foy & Associates Insurance Services, LLC1.00%Delayed Draw Term Loan12/14/2023292 (14)
Peter C. Foy & Associates Insurance Services, LLC0.50%Revolver11/01/2027832 (40)
Pound Bidco, Inc.0.50%Revolver01/30/20261,163 (5)
Pritchard Industries, LLC1.00%Delayed Draw Term Loan10/13/2023691 (38)
Procure Acquireco, Inc. (Procure Analytics)1.00%Delayed Draw Term Loan12/20/2023794 (35)
Procure Acquireco, Inc. (Procure Analytics)0.50%Revolver12/20/2028238 (11)
Project Boost Purchaser, LLC1.00%Delayed Draw Term Loan05/02/20241,038 (10)
Project Boost Purchaser, LLC0.50%Revolver05/02/2028449 (4)
Promptcare Infusion Buyer, Inc.1.00%Delayed Draw Term Loan09/01/20232,431 (85)
QW Holding Corporation1.00%Delayed Draw Term Loan05/02/2024394 (15)
QW Holding Corporation0.50%Revolver08/31/20262,250 (84)
Randy's Holdings, Inc.1.00%Delayed Draw Term Loan11/01/20242,248 (31)
Randy's Holdings, Inc.0.50%Revolver10/31/2027757 (22)
Radwell Parent, LLC0.38%Revolver04/01/20282,442 (71)
Recovery Point Systems, Inc.0.50%Revolver08/12/20264,000 (5)
Redwood Services Group, LLC1.00%Delayed Draw Term Loan12/22/2023729 (32)
Revalize, Inc.0.50%Revolver04/15/202771 (3)
Riskonnect Parent, LLC0.50%Delayed Draw Term Loan07/07/2024558 (21)
RoadOne IntermodaLogistics1.00%Delayed Draw Term Loan06/30/2024426 (6)
RoadOne IntermodaLogistics0.50%Revolver12/30/2028255 (8)
Securonix, Inc.0.50%Revolver04/05/20283,782 (137)
Sherlock Buyer Corp.1.00%Delayed Draw Term Loan02/08/20233,215 (71)
Sherlock Buyer Corp.0.50%Revolver12/08/20271,286 (28)
Skykick, Inc.1.00%Delayed Draw Term Loan03/01/20231,155 (29)
Smarsh, Inc.1.00%Delayed Draw Term Loan02/18/2024536 (20)
Smarsh, Inc.0.50%Revolver02/16/2029268 (10)
MSM Acquisitions, Inc.1.00%Delayed Draw Term Loan01/30/202323,439 (560)
MSM Acquisitions, Inc.0.50%Revolver12/09/20262,112 (51)
Spectrum Automotive Holdings Corp.1.00%Delayed Draw Term Loan06/29/20231,917 (112)
Spectrum Automotive Holdings Corp.0.50%Revolver06/29/2027881 (51)
Spotless Brands, LLC0.50%Revolver07/25/2028145 (6)
Stepping Stones Healthcare Services, LLC1.00%Delayed Draw Term Loan01/14/2024737 (39)
Stepping Stones Healthcare Services, LLC0.50%Revolver12/30/2026175 (9)
Summit Buyer, LLC1.00%Delayed Draw Term Loan06/23/20233,304 (146)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
LJ Avalon Holdings, LLCDelayed Draw Term Loan8/1/2024$1,028 $(24)
LJ Avalon Holdings, LLCRevolver2/1/2029675 (16)
LUV Car Wash Group, LLCDelayed Draw Term Loan3/14/2024274 (1)
LegitScript, LLCDelayed Draw Term Loan6/24/20246,612 (59)
LegitScript, LLCRevolver6/24/20283,167 (28)
Lightspeed Solution, LLCDelayed Draw Term Loan3/1/20242,024 (36)
MHE Intermediate Holdings, LLCRevolver7/21/20272,500 (25)
MRI Software, LLCDelayed Draw Term Loan12/19/202574 — 
MRI Software, LLCRevolver2/10/20262,252 (12)
Magneto Components Buyco, LLCDelayed Draw Term Loan6/5/20253,035 (28)
Magneto Components Buyco, LLCRevolver12/5/20292,529 (46)
Magnolia Wash HoldingsRevolver7/14/202871 (7)
MajescoRevolver9/21/20261,575 (18)
Mantech International CPDelayed Draw Term Loan9/14/202456 — 
Mantech International CPRevolver9/14/202853 — 
Mobile Communications America, Inc.Delayed Draw Term Loan10/16/20251,921 (14)
Mobile Communications America, Inc.Revolver10/16/2029960 (14)
Montana Buyer, Inc.Revolver7/22/2028400 (3)
Netwrix Corporation And Concept Searching, Inc.Delayed Draw Term Loan6/10/20241,528 (23)
Netwrix Corporation And Concept Searching, Inc.Revolver6/11/2029431 (6)
Oak Purchaser, Inc.Delayed Draw Term Loan4/28/2024127 (3)
Oak Purchaser, Inc.Revolver4/28/2028372 (8)
Omni Intermediate Holdings, LLCDelayed Draw Term Loan6/24/2024138 (7)
Omni Intermediate Holdings, LLCRevolver12/30/2025233 (11)
PCX Holding Corp.Revolver4/22/2027987 (6)
PDFTron Systems, Inc.Revolver7/15/20263,850 (62)
PPV Intermediate Holdings, LLCDelayed Draw Term Loan8/31/202515,090 (124)
Pareto Health Intermediate Holdings, Inc.Revolver6/1/2029792 (6)
Patriot Growth Insurance Services, LLCRevolver10/16/20284,485 (44)
Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan10/19/20241,695 (8)
Peter C. Foy & Associates Insurance Services, LLCRevolver11/1/2027832 (12)
Pound Bidco, Inc.Delayed Draw Term Loan12/31/2024297 — 
Pound Bidco, Inc.Revolver1/30/20261,163 
Procure Acquireco, Inc. (Procure Analytics)Revolver12/20/2028238 (7)
Project Boost Purchaser, LLCDelayed Draw Term Loan5/2/2024589 (1)
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Table of Contents
Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 20222023
(In thousands)
Investments-non-controlled/non-affiliatedUnused Fee RateCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Summit Buyer, LLC0.50%Revolver01/14/2026$2,420 $(107)
Surewerx Purchaser III, Inc.0.50%Revolver12/28/20281,681 (50)
Surewerx Purchaser III, Inc.1.00%Delayed Draw Term Loan06/27/20243,601 (72)
Suveto1.00%Delayed Draw Term Loan09/09/20235,081 (182)
Suveto0.50%Revolver09/09/2027486 (18)
Sweep Purchaser, LLC1.00%Delayed Draw Term Loan05/05/2024273 (15)
Sweep Purchaser, LLC0.50%Revolver11/30/20261,153 (62)
Syntax Systems Ltd1.00%Delayed Draw Term Loan10/29/20239,356 (510)
Syntax Systems Ltd0.50%Revolver10/29/20261,247 (68)
Tamarack Intermediate, LLC0.50%Revolver03/13/2028808 (36)
Tank Holding Corp.0.38%Revolver03/31/2028667 (37)
Thrive Buyer, Inc. (Thrive Networks)0.50%Revolver01/22/20271,717 (42)
Triple Lift, Inc.0.25%Revolver05/08/20282,467 (127)
Trunk Acquisition, Inc.0.50%Revolver02/19/2026857 (39)
Two Six Labs, LLC1.00%Delayed Draw Term Loan08/20/20232,134 (52)
Two Six Labs, LLC0.50%Revolver08/20/20272,134 (52)
United Flow Technologies Intermediate Holdco II, LLC1.00%Delayed Draw Term Loan10/29/2023164 (5)
United Flow Technologies Intermediate Holdco II, LLC1.00%Delayed Draw Term Loan10/29/202310,000 (303)
United Flow Technologies Intermediate Holdco II, LLC0.50%Revolver10/29/20263,000 (91)
UpStack, Inc.1.00%Delayed Draw Term Loan08/26/20231,050 (32)
UpStack, Inc.0.50%Revolver08/20/2027875 (26)
V Global Holdings, LLC0.50%Revolver12/22/2025672 (34)
VRC Companies, LLC0.75%Delayed Draw Term Loan01/06/20246,059 (212)
VRC Companies, LLC0.50%Revolver06/29/20271,653 (58)
Valcourt Holdings II, LLC1.00%Delayed Draw Term Loan01/07/20231,121 (13)
Vardiman Black Holdings, LLC1.25%Delayed Draw Term Loan03/18/2024142 (8)
Vessco Midco Holdings, LLC0.50%Revolver10/18/2026268 (4)
World Insurance Associates, LLC0.50%Revolver04/01/2026444 (14)
Zarya Intermediate, LLC0.50%Revolver07/01/20273,649 (7)
mPulse Mobile, Inc.1.00%Delayed Draw Term Loan02/17/20231,996 (60)
mPulse Mobile, Inc.0.50%Revolver12/17/2027353 (11)
Total First Lien Debt Unfunded Commitments$305,663 $(9,984)
Second Lien Debt
Heartland Veterinary Partners, LLC0.50%Delayed Draw Term Loan11/17/2023$88 $(7)
Infinite Bidco, LLC1.00%Delayed Draw Term Loan03/14/20238,500 (269)
Total Second Lien Debt Unfunded Commitments$8,588 $(276)
Total Unfunded Commitments$314,251 $(10,260)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Project Boost Purchaser, LLCRevolver5/2/2028$449 $— 
RSC Acquisition, Inc.Delayed Draw Term Loan2/14/2025610 (5)
Randy's Holdings, Inc.Delayed Draw Term Loan11/1/20242,248 (8)
Randy's Holdings, Inc.Revolver11/1/2028639 (2)
Raptor Merger Sub Debt, LLCRevolver4/1/20281,953 (2)
Recovery Point Systems, Inc.Revolver8/12/20264,000 — 
Redwood Services Group, LLCDelayed Draw Term Loan1/31/2025505 (12)
Revalize, Inc.Revolver4/15/202753 (1)
Riskonnect Parent, LLCDelayed Draw Term Loan7/7/2024558 (1)
RoadOne IntermodaLogisticsDelayed Draw Term Loan6/30/2024273 (5)
RoadOne IntermodaLogisticsRevolver12/29/2028309 (6)
Securonix, Inc.Revolver4/5/20283,782 (210)
Sherlock Buyer Corp.Delayed Draw Term Loan9/6/20253,215 (2)
Sherlock Buyer Corp.Revolver12/8/20271,286 (1)
Smarsh, Inc.Delayed Draw Term Loan2/18/2024536 (9)
Smarsh, Inc.Revolver2/16/2029268 (5)
Spectrio, LLCRevolver12/9/2026493 (25)
Spectrum Automotive Holdings Corp.Delayed Draw Term Loan6/29/20241,154 (26)
Spectrum Automotive Holdings Corp.Revolver6/29/2027881 (20)
Spotless Brands, LLCRevolver7/25/2028114 (1)
Stepping Stones Healthcare Services, LLCDelayed Draw Term Loan1/1/2024276 (4)
Stepping Stones Healthcare Services, LLCRevolver12/30/2026625 (9)
Summit Acquisition, Inc.Delayed Draw Term Loan11/1/20241,638 (25)
Summit Acquisition, Inc.Revolver5/1/2029819 (12)
Summit Buyer, LLCDelayed Draw Term Loan8/25/2025197 (5)
Summit Buyer, LLCRevolver1/14/20262,443 (59)
Superman Holdings, LLCDelayed Draw Term Loan5/1/2025380 (5)
Surewerx Purchaser III, Inc.Delayed Draw Term Loan6/28/20241,128 — 
Surewerx Purchaser III, Inc.Revolver12/28/2028494 — 
SuvetoRevolver9/9/2027930 (19)
Sweep Purchaser, LLCDelayed Draw Term Loan5/5/2024273 (55)
Sweep Purchaser, LLCRevolver11/30/202628 (6)
Syntax Systems LtdRevolver10/29/20261,447 (26)
Tamarack Intermediate, LLCDelayed Draw Term Loan10/6/2025398 (6)
Tamarack Intermediate, LLCRevolver3/13/2028900 (22)
Tank Holding Corp.Delayed Draw Term Loan5/22/2024494 (10)
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Morgan Stanley Direct Lending Fund
Consolidated Schedule of Investments (continued)
December 31, 20222023
(In thousands)
Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair Value
Tank Holding Corp.Revolver3/31/2028$587 $(26)
Thrive Buyer, Inc. (Thrive Networks)Revolver1/22/20271,321 (26)
Tidi Legacy Products, Inc.Delayed Draw Term Loan6/19/2025913 (9)
Tidi Legacy Products, Inc.Revolver12/19/2029657 (13)
Trintech, Inc.Revolver7/25/20292,092 (39)
Triple Lift, Inc.Revolver5/5/20282,467 (172)
Trunk Acquisition, Inc.Revolver2/19/2026857 (16)
Two Six Labs, LLCRevolver8/20/20272,134 (48)
United Flow Technologies Intermediate Holdco II, LLCDelayed Draw Term Loan1/1/202432 — 
United Flow Technologies Intermediate Holdco II, LLCRevolver10/29/20261,155 (15)
UpStack, Inc.Delayed Draw Term Loan6/30/20256,197 (155)
UpStack, Inc.Revolver8/20/2027613 (15)
V Global Holdings, LLCRevolver12/22/2025396 (8)
VRC Companies, LLCRevolver6/29/20271,653 (2)
Vensure Employer Services, Inc.Delayed Draw Term Loan6/15/20252,362 (20)
Vertex Service Partners, LLCDelayed Draw Term Loan11/8/20252,562 (39)
Vertex Service Partners, LLCRevolver11/8/2030460 (11)
Vessco Midco Holdings, LLCRevolver10/18/2026428 — 
World Insurance Associates, LLCRevolver4/3/20281,269 (41)
YI, LLCDelayed Draw Term Loan6/6/20251,178 (12)
YI, LLCRevolver12/3/2029883 (17)
Zarya Intermediate, LLCRevolver7/1/2027521 — 
iCIMS, Inc.Delayed Draw Term Loan8/18/2025101 — 
iCIMS, Inc.Revolver8/18/202838 — 
mPulse Mobile, Inc.Revolver12/18/20272,668 (59)
Total First Lien Debt Unfunded Commitments$294,950 $(4,552)
Total Unfunded Commitments$294,950 $(4,552)

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Morgan Stanley Direct Lending Fund
Notes to Consolidated Financial Statements (Unaudited)
March 31, 2024
(In thousands, except shares and per share amounts)



(1) OrganizationORGANIZATION
Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.
The Company was formed as a Delaware limited liability company on May 30, 2019 and, effective November 25, 2019, converted to a Delaware corporation. The Company commenced investment operations in January 2020. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.
The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed byin which private equity sponsors.sponsors have a controlling equity stake in the portfolio company.
The Company has conducted and from time to time may conduct private offerings of its common stock, of the Company, par value $0.001 per share (the “Common Stock”), to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of anyeach private offering, each investor makesmade a capital commitment (a “Capital Commitment”) to purchase shares of Common Stock pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchaseAs of October 4, 2023, all Capital Commitments had been fully funded.
On January 26, 2024, the Company closed its initial public offering (“IPO”), issuing 5,000,000 shares of its Common Stock up to the amountat a public offering price of their respective Capital Commitments each time$20.67 per share. Net of underwriting fees, the Company delivers a notice toreceived net cash proceeds, before offering expenses, of approximately $97.1 million. The Company’s Common Stock began trading on the investors. In accordance withNYSE under the terms of the subscription agreements (the “Subscription Agreements”) entered into by investors in the Company, the Company’s Board of Directors (the “Board of Directors”) approved a one-year extension of the Investment Period (as defined in the Subscription Agreements) such that the Investment Period will expiresymbol “MSDL” on December 23, 2023.January 24, 2024.
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. As of March 31, 2023, theThe Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included:include: DLF CA SPV LLC (“CA SPV”), DLF SPV LLC (“DLF SPV”), DLF Financing SPV LLC (“DLF LLC”Financing SPV”) and DLF Equity Holdings LLC (“DLF Equity Holdings,” and collectively with CA SPV, DLF SPV and DLF LLC,Financing SPV, the “subsidiaries”). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.statements.
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Morgan Stanley Direct Lending Fund
Notes to Consolidated Financial Statements
March 31, 2023
(In thousands, except shares and per share amounts)


(2) Summary of Significant Accounting PoliciesSIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).
The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments and reclassifications, consisting solely of normal recurring accruals considered necessary for the fair presentation of consolidated financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that the Company may ultimately achieve for the year ending December 31, 2023.
The Company reclassified certain industry groupings of its portfolio companies presented in the accompanying consolidated financial statements as of December 31, 2022 to align with the recently updated Global Industry Classification Standards (“GICS”), where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.2024.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.
Consolidation
As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly owned subsidiaries in the consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
Cash
Cash is carried at cost, which approximates fair value. The Company deposits its cash with multiple financial institutions and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.
Foreign Currency Translation
The functional currency of the Company is the U.S. Dollar. Investments denominated in foreign currencies are translated into U.S. Dollars based upon currency exchange rates effective on the last business day of the current reporting period. Net changes in fair value of investments due to foreign exchange rates fluctuation is recorded as change in unrealized appreciation (depreciation) from translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investment and non-investment activities denominated in foreign currencies, including purchase and sales of investments, borrowings and repayments of debt, income and expenses, are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.
Investments
Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Assets and Liabilities consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.
The Company's Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurements (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the Valuation Designeevaluation 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
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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
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transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—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.
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 incomeIncome
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 and on the ex-dividend date for publicly traded 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 IncomeInvestments
Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
OrganizationAs of March 31, 2024 and Offering Costs
Costs associated with the organization ofDecember 31, 2023, the Company are expensedhad three and three investments, respectively, that were on non-accrual status. The amortized cost of investments on non-accrual status as incurred, subject to the limitations discussed in Note 3. These costs consist primarily of legal feesMarch 31, 2024 and other costs of organizing the Company.December 31, 2023 was $12,374 and $19,353, respectively.
Offering Costs associated with the offering of Common Stock are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from the initial capital call, subject to the limitation described in Note 3 below. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Common Stock.
Expenses
The Company is responsible for investment expenses, professional fees and other general and administrativerecords expenses related to the Company’s operations. Such fees and expenses, including expenses incurred by the Adviser on behalfpublic equity offerings as a reduction of the Company, will be reimbursed by the Company, subject to contractual thresholds.
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The Company pays the Investment Adviser a base management fee and an incentive fee under the Investment Advisory Agreement between the Company and the Investment Adviser (the “Investment Advisory Agreement”) as described in Note 3 below. The fees are recorded on the Consolidated Statementsoffering of Operations.registered securities.
Deferred Financing Costs and Debt Issuance Costs
The Company records upfrontDeferred financing and debt issuance costs consist of fees legal and other direct costs incurredexpenses paid in connection with the closing of and amendments to the Company’s issuance of revolving debt facilities (the “Deferred Financing Costs”). Theseborrowings. The aforementioned costs are deferred and amortized over the life of the related revolving credit facilities using the straight-line method.method over each instrument’s term. Deferred Financing Costsfinancing costs related to a revolving credit facilities arefacility is presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. The amortization of such Deferred Financing Costs are presented on the Consolidated Statements of Operations as interest expense and other financing expenses.
The Company recordsdebt issuance costs related to the issuance of term debt obligations (the “Debt Issuance Costs”) on the consolidated financial statements. The costs, including upfront fees, legal and other direct costs incurred in connection with the issuance are deferred and amortized over the life of the related term obligation using the straight-line method. The amortization of Debt Issuance Costsany notes are presented on the Consolidated Statements of Operations as interest expense and other financing expenses. Any unamortized Debt Issuance Costs are presented as a reduction tonet against the outstanding term debt principal amountbalance 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 dividends.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 dividenddistribution 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. TheFor the three months ended March 31, 2024 and March 31, 2023, the Company currently intends to make sufficient distributions each taxable year to satisfy theaccrued $436 and $0 of U.S. federal excise distribution requirements.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.
For the three months ended March 31, 2023 and March 31, 2022, the Company did not accrue any U.S. federal excise tax.
New Accounting StandardsPronouncements
In March 2020, the FASB issued Accounting Standards Update 2020-04 (“ASU 2020-04”) “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This accounting update provides optional accounting relief to entities with contracts, hedge accounting relationships or other transactions that reference LIBOR or other interest rate benchmarks for which the referenced rate is expected to be discontinued or replaced. This optional relief generally allows for contract modifications solely related to the replacement of the reference rate to be accounted for as a continuation of the existing contract instead of as an extinguishment of the contract, and would therefore not trigger certain accounting impacts that would otherwise be required. In December 2022,2023, the FASB issued ASU No. 2022-06, Reference Rate Reform2023-09 “Income Taxes (Topic 848)740): Deferral ofImprovements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the Sunset Date of Topic 848, which deferredentity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the sunset day of this guidance tooption for retrospective application, for annual periods beginning after December 31, 2024.15, 2024 and early adoption is permitted. The Company adopteddoes not expect the accounting relief on January 1, 2022, and noted noadoption of ASU 2023-09 to have a material impact on theits consolidated financial statements, as relevant contract relationship modifications are made during the course of the reference rate reform transition period.statements.
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(3)Related Party TransactionsSIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS
Investment Advisory Agreement
On November 25, 2019, the Company entered into thean investment advisory agreement with our Adviser (the "Original Investment Advisory Agreement.Agreement"). The Original Investment Advisory Agreement had an initial term of two years and continuescontinued thereafter from year to year if approved annually by the Board of Directors or the Company’s stockholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”). The renewal of the Original Investment Advisory Agreement was most recently approved in August 2022.2023.
On January 24, 2024, the Company entered into the Amended and Restated Investment Advisory Agreement with the Adviser (as amended and restated, the “Investment Advisory Agreement”). The Investment Advisory Agreement incorporates (i) a cumulative three-year lookback provision and (ii) a cap on quarterly income incentive fee payments based on net realized capital loss, if any, during the applicable three-year lookback period. The Investment Advisory Agreement will continue from year to year if approved annually the Board of Directors or the Company’s stockholders, including, in each case, a majority of the Independent Directors. The Investment Advisory Agreement was initially approved by the Board in September 2023, which was subject to the completion of the IPO.
The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee. The cost of both the Base Management Fee and the incentive fee are ultimately be borne by the stockholders.
Base Management Fee
The Base Management Fee is calculated at an annual rate of 1.0% of the Company’sCompany'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. Prior
Pursuant to a listing of the Common Stock on a national securities exchange,Original Investment Advisory Agreement, the Adviser has agreed to irrevocably waive the portion of the Base Management Fee in excess of 0.25% of the Company’s average gross assets calculated in accordance with the Original Investment Advisory Agreement. AnyAgreement prior to a listing of the Common Stock on a national securities exchange.
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Pursuant to the Investment Advisory Agreement, the Adviser has agreed to irrevocably waive any portion of the Base Management Fee in excess of 0.75% of the Company's average gross assets calculated in accordance with the Investment Advisory Agreement for the period from January 24, 2024 to January 24, 2025 (the “Waiver Period”).
Waived Base Management Fees so waived are not subject to recoupment by the Adviser. TheFor services rendered under the Investment Advisory Agreement, the Base Management Fee is payable quarterly in arrears, and no management fee is charged on committed but undrawn Capital Commitments.arrears. Base Management Fees for any partial month or quarter will be appropriately pro-rated.
For the three months ended March 31, 20232024 and March 31, 2022,2023, Base Management Fees were $1,826,$5,132 and $1,546$1,826, net of waiver, respectively. As of March 31, 20232024 and December 31, 2022, $1,8262023, $5,132 and $1,783$2,012 were payable to the Investment Adviser relating to Base Management Fees.
Incentive Fee
The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.
i.Incentive Fee Based on Income
The first part is determined and paid quarterly based on the Company's pre-incentive fee net investment income, and is subject to an Incentive Fee Cap (as defined below) pursuant to the Investment Advisory Agreement. Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below), any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the incentive fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
ThePursuant to the Original Investment Advisory Agreement, the Company payspaid its Adviser an income basedincome-based incentive fee with respect to the Company’s pre-incentive fee net investment income in each calendar quarter as follows:
No income based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5% (6.0% annualized);
100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% (7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.8182%) is referred to as the “catch-up”. This “catch-up” portion is meant to provide the Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch up” is achieved; and
17.5% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.8182% (7.2728% annualized).
Pursuant to the Investment Advisory Agreement, the Company pays its Adviser an incentive fee on its aggregate pre-incentive fee net investment income in respect of (1) for the quarter ending March 31, 2024 (the “First Calendar Quarter”), the First Calendar Quarter, and (2) commencing with the quarter ending June 30, 2024, the current calendar quarter and eleven preceding calendar quarters beginning with the calendar quarter commencing on April 1, 2024 (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commence on or after April 1, 2024) (in either case, the “Trailing Twelve Quarters”).
Pre-incentive fee net investment income in respect of the First Calendar Quarter will be compared to a hurdle rate equal to 1.5% (6.0% annualized), and, if pre-incentive fee net investment income for the First Calendar Quarter exceeds the hurdle rate, the incentive fee will be 100% of pre-incentive fee net investment income until the Adviser has received a “catch up” equal to 17.5%, plus 17.5% of pre-incentive fee net investment income above the catch up.
Commencing with the quarter ending June 30, 2024, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters will be compared to a “Hurdle Rate” equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The incentive fee based on income for each calendar quarter will be determined as follows:

No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate;
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100% of pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% in any calendar quarter (7.2728% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.8182%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 17.5% of our pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter; and
17.5% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds 1.8182% in any calendar quarter (7.2728% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all pre-incentive fee net investment income is paid to the Adviser.

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

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

For the Waiver Period, the Adviser has irrevocably waived its right to receive each component of the income incentive fee in excess of amounts calculated as described above using (1) 15.0% instead of 17.5% and (2) a catch-up amount (as applicable) calculated using 1.7647% in place of 1.8182%. For periods in which the waiver described in this paragraph is in effect for less than a full quarter or calendar year, as applicable, the applicable incentive fee shall be calculated at a weighted rate during the applicable days in such period during the Waiver Period.
For the three months ended March 31, 2024 and March 31, 2023, income based incentive fees were $10,126 and $9,381, net of waiver respectively. As of March 31, 2024 and December 31, 2023, $10,126 and $11,766 were payable to the Investment Adviser relating to income based incentive fees.

ii.Incentive Fee Based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 17.5% of the 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.

49For 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.

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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 months ended March 31, 2023 and March 31, 2022, $9,381 and $5,466 respectively,
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For the three months ended March 31, 2024 and March 31, 2023, there were nothe Investment Adviser accrued $0 and $0 capital gains incentive fees accrued to the Investment Adviser. For the three months ended March 31, 2022, $747 of previously accrued capital gains incentive fees to the Investment Adviser were reversed due to changes in unrealized depreciation on investments during the period.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 March 31, 2024 and December 31, 2023, $9,381$0 and $0, respectively, were payable to the Investment Adviser relating to income based incentive fees and capital gains incentive fees payable. As of December 31, 2022, $8,118 and $0 were payable to the Investment Adviser relating to income based incentive fees and capital gains incentive fees, respectively.
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 equal to an amount that reimbursesfrom the AdministratorCompany for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the compensation paid to ourits Chief ComplianceFinancial Officer and Chief FinancialCompliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement had an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors, which most recently approved the renewal of the Administration Agreement in August 2022.2023.
For the three months ended March 31, 20232024 and March 31, 2022,2023, the Company incurred $54$25 and $16,$54, 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 March 31, 20232024 and December 31, 20222023 were $164$181 and $110,$178, respectively.
Expense Support and WaiverSub-Administration Agreement
On December 31, 2019, theThe Company has entered into an expense supportsub-administration agreement with State Street Bank and waiver agreementTrust Company (the “Expense Support“Sub-Administrator”) under which the Sub-Administrator provides various accounting and Waiver Agreement”) withadministrative services to the Investment Adviser. Under the terms of the Expense Support and Waiver Agreement, the Investment Adviser agreed to waive any reimbursement by the Company of offering and organizational expenses incurred by the Investment Adviser on behalf of the Company in excess of $1,000 or 0.10% of the aggregate Capital Commitments of the Company, whichever is greater. If actual organization and offering costs incurred exceed the greater of $1,000 or 0.10% ofCompany. The Sub-Administrator also serves as the Company’s total Capital Commitments, the Investment Adviser or its affiliate will bear the excess costs.
For the three months ended March 31, 2023custodian, transfer agent, distribution paying agent and March 31, 2022, the Company did not incur any organization costs. For the three months ended March 31, 2023 and March 31, 2022, the Investment Adviser recaptured $0 and $39 of previously waived amounts from the Company. As of March 31, 2023 and December 31, 2022, the Company had reimbursed the Investment Adviser all organization and offering costs incurred and there were no organization and offering costs payable on the Consolidated Statements of Assets and Liabilities.
License Agreement
The Company entered into the license agreement (the License Agreement) with Morgan Stanley under which Morgan Stanley Investment Management, Inc. has granted the Company a non-exclusive, royalty-free license to use the name “Morgan Stanley” for specified purposes in the Company’s business. Under the License Agreement, the Company has a right to use the “Morgan Stanley” name, subject to certain conditions, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Morgan Stanley” name.registrar.
Placement Agent Agreement
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On August 30, 2019, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with Morgan Stanley Distribution Inc. (the “Paying Agent”), Morgan Stanley Smith Barney LLC (the “Placement Agent”) and the Investment Adviser. Under the terms of the Placement Agent Agreement, the Placement Agent and certain of its affiliates will assistassisted in the placement of Common Stock in the Company’s private offerings. The Company iswas not liable for any payments to the Placement Agent pursuant to the Placement Agent Agreement. Payments arewere made by the Investment Adviser to the Placement Agent. To the extent the Paying Agent receivesreceived any payments it remitswould remit the payment to the Placement Agent.
Indemnification Agreements
The Company has entered into indemnification agreements with its directors and officers. The indemnification agreements are intended to provide the directors and officers the maximum indemnification permitted under Delaware law and the 1940 Act and are generally consistent with the indemnification provisions of the Company’s certificate of incorporation and bylaws. Each indemnification agreement provides that the Company will indemnify the director or officer who is a party to the agreement (an “Indemnitee”), including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Delaware law and the 1940 Act.Placement Agent Agreement terminated on January 24, 2024.
MS Credit Partners Holdings, Inc. Investment
MS Credit Partners Holdings, Inc., or MS Credit Partners Holdings, a wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, made an aggregate capital commitment of $200.0 million$200,000 to usthe Company pursuant to a subscription agreement entered into in December 2019.2019, which had been fully funded as of October 4, 2023. As of March 31, 20232024 and December 31, 2022,2023, MS Credit Partners Holdings held approximately 11.9%10.9% and 11.9%11.7% of the Company’s outstanding shares of Common Stock, respectively. Morgan Stanley has no further capital, liquidity or other financial obligation to the Company beyond this equity investment.
Morgan Stanley & Co. Related Transactions
Morgan Stanley & Co. LLC, aan indirect, wholly owned subsidiary of Morgan Stanley and an affiliate of the Investment Adviser, served as an initial purchaser in connection with the private placement of the Company’s 2027 Notes (as defined below in Note 6)6. “Debt”) and received fees of $213 at closing on February 11, 2022, under the purchase agreement entered into by the Company in connection with such private placement.
Morgan Stanley & Co. LLC served as a co-agent in connection with the private placement of the Company’s 2025 Notes (as defined below in Note 6)6. “Debt”) and received fees of $138.$138 at closing on September 13, 2022.
Morgan Stanley & Co. LLC served as an underwriter in the IPO and received $1,241 of underwriting fees at closing on January 26, 2024.
(4) InvestmentsINVESTMENTS
The composition of the Company’s investment portfolio at cost and fair value was as follows:
March 31, 2023December 31, 2022
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$2,797,427 $2,739,255 93.6 %$2,753,620 $2,694,111 93.8 %
Second Lien Debt145,320 135,084 4.6 136,620 128,350 4.5 
Other Securities49,970 51,758 1.8 49,406 51,127 1.7 
Total$2,992,717 $2,926,097 100.0 %$2,939,646 $2,873,588 100.0 %
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March 31, 2024December 31, 2023
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$3,131,129 $3,115,404 94.6 %$3,027,413 $3,004,544 94.1 %
Second Lien Debt136,708 118,107 3.6 146,014 132,415 4.1 
Other Investments55,930 59,694 1.8 53,349 56,602 1.8 
Total$3,323,767 $3,293,205 100.0 %$3,226,776 $3,193,561 100.0 %
The industry composition of investments at fair value was as follows:
March 31, 2023
December 31, 2022(1)
March 31, 2024
Aerospace & Defense
Aerospace & Defense
Aerospace & DefenseAerospace & Defense1.8 %1.8 %2.3 %%2.2 %%
Air Freight & LogisticsAir Freight & Logistics1.1 1.1 
Automobile ComponentsAutomobile Components3.8 3.8 
Automobile Components
Automobile Components
Automobiles
Automobiles
AutomobilesAutomobiles5.1 5.1 
BiotechnologyBiotechnology0.5 0.5 
Biotechnology
Biotechnology
Chemicals
Chemicals
ChemicalsChemicals0.6 0.6 
Commercial Services & SuppliesCommercial Services & Supplies11.1 11.2 
Commercial Services & Supplies
Commercial Services & Supplies
Construction & EngineeringConstruction & Engineering1.4 1.3 
Construction & Engineering
Construction & Engineering
Consumer Staples Distribution & Retail
Consumer Staples Distribution & Retail
Consumer Staples Distribution & Retail
Containers & Packaging
Containers & Packaging
Containers & PackagingContainers & Packaging1.6 1.6 
DistributorsDistributors3.0 4.2 
Distributors
Distributors
Diversified Consumer Services
Diversified Consumer Services
Diversified Consumer ServicesDiversified Consumer Services3.4 3.0 
Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components1.7 1.0 
Electronic Equipment, Instruments & Components
Electronic Equipment, Instruments & Components
Energy Equipment & Services
Energy Equipment & Services
Energy Equipment & ServicesEnergy Equipment & Services0.5 0.5 
Financial ServicesFinancial Services0.5 0.7 
Financial Services
Financial Services
Food Products
Food Products
Food ProductsFood Products2.5 2.5 
Health Care Equipment & SuppliesHealth Care Equipment & Supplies0.4 0.3 
Health Care Equipment & Supplies
Health Care Equipment & Supplies
Health Care Providers & Services
Health Care Providers & Services
Health Care Providers & ServicesHealth Care Providers & Services3.5 3.4 
Health Care TechnologyHealth Care Technology0.8 0.7 
Health Care Technology
Health Care Technology
Industrial Conglomerates
Industrial Conglomerates
Industrial ConglomeratesIndustrial Conglomerates1.3 0.2 
Insurance ServicesInsurance Services15.5 15.7 
Insurance Services
Insurance Services
Interactive Media & Services
Interactive Media & Services
Interactive Media & ServicesInteractive Media & Services3.5 3.5 
IT ServicesIT Services9.2 9.6 
IT Services
IT Services
Leisure Products
Leisure Products
Leisure ProductsLeisure Products0.7 0.8 
MachineryMachinery2.7 3.0 
Machinery
Machinery
Multi-UtilitiesMulti-Utilities0.6 0.6 
Oil, Gas & Consumable Fuels— 0.0 (2)
Multi-Utilities
Multi-Utilities
Pharmaceuticals
Pharmaceuticals
PharmaceuticalsPharmaceuticals0.4 0.4 
Professional ServicesProfessional Services3.3 3.2 
Professional Services
Professional Services
Real Estate Management & Development
Real Estate Management & Development
Real Estate Management & DevelopmentReal Estate Management & Development5.4 5.4 
SoftwareSoftware14.1 14.3 
Software
Software
Wireless Telecommunication Services
Wireless Telecommunication Services
Wireless Telecommunication Services
TotalTotal100.0 %100.0 %
Total
Total100.0 %100.0 %
(1) The Company reclassified certain industry groupings of its portfolio companies presented in the consolidated financial statements as of December 31, 2022 to align with the recently updated GICS, where applicable. These reclassifications had no impact on the Consolidated Statement of Assets and Liabilities as of December 31, 2022.
(2) Amount rounds to 0.0%.
The geographic composition of investments at cost and fair value was as follows:
March 31, 2023December 31, 2022
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
Australia$10,175 $9,990 0.3 %$10,187 $9,870 0.3 %
Canada100,767 98,325 3.4 108,820 105,764 3.7 
United Kingdom11,238 11,244 0.4 11,157 11,157 0.4 
United States2,870,537 2,806,538 95.9 2,809,482 2,746,797 95.6 
Total$2,992,717 $2,926,097 100.0 %$2,939,646 $2,873,588 100.0 %
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March 31, 2024December 31, 2023
CostFair Value% of Total
Investments at
Fair Value
CostFair Value% of Total
Investments at
Fair Value
Australia$16,978 $17,115 0.5 %$16,985 $17,048 0.5 %
Canada96,252 96,693 2.9 98,674 98,387 3.1 
United Kingdom11,499 11,721 0.4 12,398 12,629 0.4 
United States3,199,038 3,167,676 96.2 3,098,719 3,065,497 96.0 
Total$3,323,767 $3,293,205 100.0 %$3,226,776 $3,193,561 100.0 %

(5) Fair Value MeasurementsFAIR VALUE MEASUREMENTS
ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.
The three-level hierarchy for fair value measurements is defined as follows:
Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.
Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.
Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers’ quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.
Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors undertakes a multi-step valuation process each quarter, as described below:
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1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;
2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;
3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment will beis reviewed by an independent valuation firm at least once on a rolling twelve-month basis) including review of management’s preliminary valuation and conclusion of fair value;
4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provideprovides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and
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5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.
The fair value is generally determined based on the assessment of the following factors, as relevant:
•     the nature and realizable value of any collateral;
•     call features, put features and other relevant terms of debt;
•     the portfolio company’s leverage and ability to make payments;
•     the portfolio company’s public or private letter credit ratings;
•     the portfolio company’s actual and expected earnings and discounted cash flow;
•     prevailing interest rates for like securities and expected volatility in future interest rates;
•     the markets in which the issuer does business and recent economic and/or market events; and
•     comparisons to publicly traded securities.
Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.
The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.
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 the fair value hierarchy of investments:
March 31, 2023
Level 1Level 2Level 3Total
First Lien Debt$— $25,564 $2,713,691 $2,739,255 
Second Lien Debt— 19,674 115,410 135,084 
Other Securities  37,053 37,053 
Subtotal$— $45,238 $2,866,154 $2,911,392 
Investment measured at net asset value(1)
$14,705 
Total$2,926,097 
December 31, 2022
Level 1Level 2Level 3Total
March 31, 2024March 31, 2024December 31, 2023
Level 1Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
First Lien DebtFirst Lien Debt$— $25,362 $2,668,749 $2,694,111 
Second Lien DebtSecond Lien Debt— 5,459 122,891 128,350 
Other Securities  36,395 36,395 
Other Investments
SubtotalSubtotal$— $30,821 $2,828,035 $2,858,856 
Investment measured at net asset value(1)
Investment measured at net asset value(1)
$14,732 
TotalTotal$2,873,588 
(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.
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The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023:2024:
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
First Lien DebtFirst Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of periodFair value, beginning of period$2,668,749 $122,891 $36,395 $2,828,035 
Purchases of investments130,460 8,500 74 139,034 
Proceeds from principal repayments and sales of investments(89,636)— — (89,636)
Purchases of investments(1)
Proceeds from principal repayments and sales of investments(1)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium2,433 67 2,502 
Payment-in-kindPayment-in-kind382 133 488 1,003 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)1,181 94 1,283 
Net realized gains (losses)Net realized gains (losses)122 — — 122 
Transfers into/(out) of Level 3— (16,189)— (16,189)
Transfers into/(out) of Level 3(2)
Fair value, end of periodFair value, end of period$2,713,691 $115,410 $37,053 $2,866,154 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023$1,183 $$94 $1,285 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024
(1)     Includes transactions relating to restructurings.
(2)     Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.
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 March 31, 2022:2023:
First Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
First Lien DebtFirst Lien DebtSecond Lien DebtOther SecuritiesTotal Investments
Fair value, beginning of periodFair value, beginning of period$2,207,036 $121,550 $27,973 $2,356,559 
Purchases of investmentsPurchases of investments167,225 10,480 — 177,705 
Proceeds from principal repayments and sales of investmentsProceeds from principal repayments and sales of investments(20,314)— (48)(20,362)
Accretion of discount/amortization of premiumAccretion of discount/amortization of premium1,898 77 — 1,975 
Payment-in-kindPayment-in-kind221 133 16 370 
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(3,538)(811)487 (3,862)
Net realized gains (losses)Net realized gains (losses)30 — 48 78 
Transfers into/(out) of Level 3— (17,500)— (17,500)
Transfers into/(out) of Level 3(1)
Fair value, end of periodFair value, end of period$2,352,558 $113,929 $28,476 $2,494,963 
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2022$(3,516)$(791)$487 $(3,820)
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2023
(1)     Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.
The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.
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March 31, 2023
Range
Fair
Value
Valuation TechniqueUnobservable
Input
LowHighWeighted
Average
March 31, 2024March 31, 2024
Range
Fair
Value
Fair
Value
Fair
Value
Valuation TechniqueSignificant Unobservable
Input
LowHigh
Weighted
Average(1)
Investments in first lien debtInvestments in first lien debt$2,701,999 Yield AnalysisDiscount Rate8.97 %20.19 %11.09 %Investments in first lien debt$3,093,759 Yield AnalysisYield AnalysisDiscount Rate8.99 %25.19 %11.37 %
11,692 Transaction PriceRecent Transaction100.00 %100.00 %100.00 %
Investments in second lien debtInvestments in second lien debt$115,410 Yield AnalysisDiscount Rate11.66 %21.46 %13.82 %
Investments in second lien debt
Investments in second lien debt$82,186 Yield AnalysisDiscount Rate11.19 %15.77 %13.79 %
Investments in other securities:
Investments in other securities:
Investments in other securities:Investments in other securities:
Unsecured debt Unsecured debt$1,846 Income ApproachDiscount Rate14.50 %14.50 %14.50 %
Unsecured debt
Unsecured debt$1,912 Income ApproachDiscount Rate14.70 %14.70 %14.70 %
251 251 Market ApproachEBITDA Multiple9.00x
Preferred equity Preferred equity20,778 Income ApproachDiscount Rate9.90 %24.76 %12.45 %
1,275 1,275 Market ApproachRevenue Multiple7.50x
Common equity Common equity17,225 Market ApproachEBITDA Multiple8.05x18.72x13.03x
2,287 2,287 Market ApproachRevenue Multiple7.58x8.75x8.35x
599 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Preferred equity17,142 Income ApproachDiscount Rate12.19 %15.54 %13.43 %
850 Market ApproachRevenue Multiple7.50x7.50x7.50x
Common equity15,489 Market ApproachEBITDA Multiple8.10x19.60x13.65x
1,127 Market ApproachRevenue Multiple8.75x8.75x8.75x
Total investments in other securities$37,053 
Total InvestmentsTotal Investments$2,866,154 
Total Investments
Total Investments
December 31, 2022
Range
Fair
Value
Valuation TechniqueUnobservable
Input
LowHighWeighted
Average
Investments in first lien debt$2,624,749 Yield AnalysisDiscount Rate9.20 %20.44 %11.27 %
44,000 Transaction PriceRecent Transaction100.00 %100.00 %100.00 %
Investments in second lien debt$122,891 Yield AnalysisDiscount Rate12.14 %17.20 %14.24 %
Investments in other securities:
Unsecured debt$1,826 Income ApproachDiscount Rate16.60 %16.60 %16.60 %
372 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Preferred equity16,076 Income ApproachDiscount Rate12.20 %15.69 %13.62 %
963 Market ApproachRevenue Multiple8.78x8.78x8.78x
Common equity15,877 Market ApproachEBITDA Multiple8.10x18.70x13.25x
1,281 Market ApproachRevenue Multiple10.20x10.20x10.20x
Total investments in other securities$36,395 
Total Investments$2,828,035 
(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.
December 31, 2023
Range
Fair
Value
Valuation TechniqueSignificant Unobservable
Input
LowHigh
Weighted
Average(1)
Investments in first lien debt$2,979,870 Yield AnalysisDiscount Rate8.61 %25.09 %11.00 %
Investments in second lien debt$96,848 Yield AnalysisDiscount Rate10.80 %31.13 %14.37 %
Investments in other securities
Unsecured debt$1,894 Income ApproachDiscount Rate14.60 %14.60 %14.60 %
170 Market ApproachEBITDA Multiple9.00x9.00x9.00x
Preferred equity18,758 Income ApproachDiscount Rate12.19 %15.68 %13.47 %
1,275 Market ApproachRevenue Multiple7.50x7.50x7.50x
Common equity16,600 Market ApproachEBITDA Multiple8.10x18.70x13.26x
1,939 Market ApproachRevenue Multiple7.60x9.80x8.47x
Total Investments$3,117,354 
(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

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

Financial instruments disclosed but not carried at fair value
The Company’s debt including its credit facilities, 2027 Notes (as defined below in Note 6) and 2025 Notes (as defined below in Note 6), areis presented at carrying value on the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s 2027 Notes is(as defined below in Note 6. “Debt”) are based on vendorthird party pricing received by the Company, which is categorized as Level 2 within the fair value hierarchy, and as of March 31, 2023, the fair value of the Company’s 2027 Notes was $398,548.Company. The fair value of the Company’s credit facilities and 2025 Notes are estimated using Level 3 inputs by discounting remaining payments usingin accordance with the appropriate discount rates, if available.Company's valuation policy. The carrying value, and fair value and level of the Company’s debt were as follows:
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March 31, 2024March 31, 2024December 31, 2023
LevelLevelCarrying ValueFair ValueCarrying ValueFair Value
March 31, 2023December 31, 2022
Carrying ValueFair ValueCarrying ValueFair Value
BNP Funding Facility
BNP Funding Facility
BNP Funding FacilityBNP Funding Facility$400,000 $400,000 $400,000 $400,000 
Truist Credit FacilityTruist Credit Facility492,259 492,259 432,254 432,254 
2027 Notes(1)
2027 Notes(1)
419,827 398,548 419,498 394,995 
2025 Notes(1)
2025 Notes(1)
272,022 275,000 271,723 275,000 
TotalTotal$1,584,108 $1,565,807 $1,523,475 $1,502,249 
(1)TheAs of March 31, 2024, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $4,346$3,219 and $2,978,$1,763, and unamortized original issuance discount of $828$614 and $0, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented net of unamortized debt issuance costs of $3,499 and $2,065, and unamortized original issuance discount of $667 and $0, respectively.
The carrying amounts of the Company’s other assets and liabilities, approximates theirother than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the hierarchy.
(6) DebtDEBT
CIBC Subscription FacilityThe Company’s debt obligations were as follows.
On
March 31, 2024December 31, 2023
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
BNP Funding Facility$600,000 $300,000 $300,000 $600,000 $282,000 $318,000 
Truist Credit Facility(1)
1,120,000 492,257 623,745 1,120,000 520,263 599,484 
2027 Notes(2)
425,000 425,000 — 425,000 425,000 — 
2025 Notes(2)
275,000 275,000 — 275,000 275,000 — 
Total$2,420,000 $1,492,257 $923,745 $2,420,000 $1,502,263 $917,484 
(1)As of March 31, 2024 and December 31, 2019,2023, a letter of credit of $3,998 and $253, respectively, was outstanding, which reduced the Company entered into a revolving credit agreement with CIBC Bank USA as administrative agent and arranger, which was subsequently amended on February 3, 2020, November 17, 2020, January 18, 2022 and February 3, 2022 (as amended, the “CIBC Subscription Facility”). The maximum revolving commitment of CIBC Subscription Facility was permanently reduced to $0 effective December 31, 2022, upon maturity. The CIBC Subscription Facility allows the Company to borrow up to the maximum revolving commitment at any one time outstanding, subject to certain restrictions, includingunused availability under the borrowing base, which is based on unused Capital Commitments. The CIBC SubscriptionTruist Credit Facility bore interest at a rate atby the same amount. Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2024 and December 31, 2023, the Company had borrowings denominated in Euros (EUR) of 238 and 238, respectively.
(2)As of March 31, 2024, the carrying value of the Company’s election2027 Notes and 2025 Notes were presented on the Consolidated Statements of either (i)Assets and Liabilities net of unamortized debt issuance costs of $3,219 and $1,763, and unamortized original issuance discount of $614 and $0, respectively. As of December 31, 2023, the per annum one or three-month LIBOR, divided by a number determined by subtracting from 1.00 the then stated maximum reserve percentage for determining reserves to be maintained by member bankscarrying value of the Federal Reserve System for Eurocurrency funding or liabilities, plus 1.65% or (ii)Company’s 2027 Notes and 2025 Notes were presented on the primeConsolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,499 and $2,065, and unamortized original issuance discount of $667 and $0, respectively.
The combined weighted average interest rate plus 0.65%, as calculated under the CIBC Subscription Facility. The CIBC Subscription Facility was secured by the unfunded commitments of certain stockholders(excluding unused fees and financing costs) of the Company. Foraggregate borrowings outstanding for the three months ended March 31, 2022,2024 and March 31, 2023 was 6.69% and 6.23%, respectively. The combined weighted average effective interest rate (excluding unused fees only) of the aggregate borrowings outstanding for the three months ended March 31, 2024 and March 31, 2023 was 7.12% and 6.57%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2024 and March 31, 2023 was $1,462,796 and $1,584,809, respectively.
As of March 31, 2024 and December 31, 2023, the Company did not make any borrowings or repayments under the CIBC Subscription Facility.
The summary informationwas in compliance with all covenants and other requirements of each of the CIBC Subscription Facility is as follows:
For the Three Months Ended
 March 31, 2023March 31, 2022
Borrowing interest expense$— $1,396 
Facility unused commitment fees— 
Amortization of deferred financing costs— 510 
Total$— $1,914 
Weighted average interest rate (excluding unused fees and financing costs)— %1.80 %
Weighted average outstanding balance$— $310,350 
credit facilities, the 2027 Notes and the 2025 Notes.
BNP Funding Facility
On October 14, 2020, DLF LLC entered into a Revolving Credit and Security Agreement (the(as amended, restated or otherwise modified from time to time, the “Credit and Security Agreement”, which was subsequently amended on December 11, 2020 and March 2, 2021)) with DLF LLC, as the borrower, BNP Paribas (“BNP”), as the administrative agent and lender, the Company, as the equity holder and as the servicer, and U.S. Bank National Association, as collateral agent to (as amended, the “BNP Funding Facility”). As of March 31, 2023,2024, the borrowing capacity under the BNP Funding Facility was $600,000. The applicable margin on borrowings during the reinvestment period ranges between 1.95% and 2.75%is 2.85% and, after the reinvestment period, between 2.45% and 3.25%3.35%. The obligations of DLF LLC under the BNP Funding Facility are secured by the assets held by DLF LLC. The BNP Funding Facility reinvestment period ends on September 22, 2026 and the facility has a final maturity date of October 13, 2025.September 22, 2028.
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The summary information of the BNP Funding Facility is as follows:
For the Three Months Ended
 March 31, 2023March 31, 2022
Borrowing interest expense$6,903 $2,827 
Facility unused commitment fees100 14 
Amortization of deferred financing costs260 280 
Total$7,263 $3,121 
Weighted average interest rate (excluding unused fees and financing costs)6.90 %2.52 %
Weighted average outstanding balance$400,000 $449,500 
During the three months ended March 31, 2023 and March 31, 2022, the Company borrowed $0 and $0, and repaid $0 and $28,000 under the BNP Funding Facility, respectively. As of March 31, 2023 and December 31, 2022, the Company had $400,000 and $400,000 outstanding under the BNP Funding Facility, respectively. As of March 31, 2023 and December 31, 2022, the Company had $200,000 and $200,000, respectively, of available capacity under the BNP Funding Facility (subject to borrowing base restrictions).
For the Three Months Ended
 March 31, 2024March 31, 2023
Borrowing interest expense$6,149 $6,903 
Facility unused commitment fees314 100 
Amortization of deferred financing costs413 260 
Total$6,876 $7,263 
Weighted average interest rate8.19 %6.90 %
Weighted average outstanding balance$297,165 $400,000 
Truist Credit Facility
On July 16, 2021, the Company entered into a Senior Secured Revolving Credit Agreement with Truist Bank (the(as amended, restated or otherwise modified from time to time, the “Truist Credit Facility, which was subsequently amended on December 3, 2021, May 20, 2022 and January 31, 2023)Facility). The maximum principal amount of the Truist Credit Facility is $1,120,000, subject to availability under the borrowing base. The Truist Credit Facility includes an uncommitted accordion feature that, as of March 31, 2023,2024, allows the Company, under certain circumstances, to increase the borrowing capacity to up to $1,500,000. As of March 31, 2023,2024, the availability period of the Truist Credit Facility will terminate on January 29, 2027. 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) one month Term SOFR (as defined in the Truist Credit Facility) plus 1% per annum) plus and (y) for loans for which the Company elects the term benchmark option, Term SOFR, for borrowings denominated in U.S. dollars, or the applicable term benchmark rate for borrowings denominated in certain foreign currencies, in each case for the related interest period for such borrowing plus 1.875% per annum or such other applicable margin as is applicable to such foreign currency borrowings. The Company pays an unused fee of 0.375% per annum on the daily unused amount of the revolver commitments. The Company pays letter of credit participation fees and a fronting fee on the average daily amount of any letter of credit issued and outstanding under the Truist Credit Facility, as applicable. TheAs of March 31, 2024, the Truist Credit Facility has a maturity date of January 31, 2028. For more information, see Note 11 "Subsequent Events."
The summary information of the Truist Credit Facility is as follows:
For the Three Months Ended
 March 31, 2023March 31, 2022
For the Three Months EndedFor the Three Months Ended
March 31, 2024 March 31, 2024March 31, 2023
Borrowing interest expenseBorrowing interest expense$7,822 $1,517 
Facility unused commitment feesFacility unused commitment fees543 643 
Amortization of deferred financing costsAmortization of deferred financing costs439 320 
TotalTotal$8,804 $2,480 
Weighted average interest rate (excluding unused fees and financing costs)6.45 %2.04 %
Weighted average interest rateWeighted average interest rate7.33 %6.45 %
Weighted average outstanding balanceWeighted average outstanding balance$484,809 $297,161 
For the three months ended March 31, 2023 and March 31, 2022, the Company borrowed $60,000 and $130,500, and repaid $0 and $415,000 under the Truist Credit Facility. As of March 31, 2023 and December 31, 2022, the Company had $492,259 and $432,254 outstanding under the Truist Credit Facility, respectively. As of March 31, 2023 and December 31, 2022, the Company had $623,516 and $538,521, respectively, of available capacity under the Truist Credit Facility (subject to borrowing base restrictions).
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,
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the “2027 Notes”). 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 indenture governing the 2027 Notes. 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,
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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.
The summary information of 2027 Notes is as follows:
For the three months ended
 March 31, 2023March 31, 2022
For the Three Months EndedFor the Three Months Ended
March 31, 2024 March 31, 2024March 31, 2023
Borrowing interest expenseBorrowing interest expense$4,781 $2,657 
Accretion of original issuance discountAccretion of original issuance discount53 28 
Amortization of debt issuance costsAmortization of debt issuance costs276 149 
TotalTotal$5,110 $2,834 
Stated interest rateStated interest rate4.50 %4.50 %Stated interest rate4.50 %4.50 %
2025 Notes
On September 13, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $275,000 in aggregate principal amount of Series A Senior Notes due September 13, 2025 (the “2025 Notes”) to certain qualified institutional investors in a private placement. The 2025 Notes were delivered and paid for on September 13, 2022, subject to certain customary closing conditions. The 2025 Notes have a fixed interest rate of 7.55% per year. The 2025 Notes will mature on September 13, 2025 unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the Note Purchase Agreement. Interest on the 2025 Notes is due semiannually in February and August of each year. Subject to the terms of the Note Purchase Agreement, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before June 13, 2025, a make-whole premium. The Company’s obligations under the Note Purchase Agreement are general unsecured obligations that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.
The summary information of 2025 Notes is as follows:
For the three months ended March 31, 2023
Borrowing interest expense$5,191 
Amortization of debt issuance costs299 
Total$5,490 
Stated interest rate7.55 %
The Company’s debt obligations were as follows. Unused debt capacity of credit facilities were subject to certain borrowing base restrictions:
March 31, 2023December 31, 2022
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
CIBC Subscription Facility(1)
$— $— $— $— $— $— 
BNP Funding Facility600,000 400,000 200,000 600,000 400,000 200,000 
Truist Credit Facility(2)(3)
1,120,000 492,259 623,516 975,000 432,254 538,521 
2027 Notes(4)
425,000 425,000 — 425,000 425,000 — 
2025 Notes(4)
275,000 275,000 — 275,000 275,000 — 
Total$2,420,000 $1,592,259 $823,516 $2,275,000 $1,532,254 $738,521 
(1)The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off.
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(2)As of March 31, 2023, $4,225 letter of credit was outstanding, which reduced the unused availability under the Truist Credit Facility of the same amount. As of March 31, 2022, no letter of credit was outstanding.
(3)Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2023, the Company had borrowings denominated in Euros (EUR) of 238.
(4)The carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,346 and $2,978, and unamortized original issuance discount of $828 and $0, respectively.
The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three months ended March 31, 2023 and March 31, 2022 was 6.23% and 2.64%, respectively. The combined weighted average debt of the aggregate borrowings outstanding for the three months ended March 31, 2023 and March 31, 2022 was $1,584,809 and $1,288,400, respectively.
As of March 31, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of each of the credit facilities, the 2027 Notes and the 2025 Notes.
For the Three Months Ended
 March 31, 2024March 31, 2023
Borrowing interest expense$5,191 $5,191 
Amortization of debt issuance costs302 299 
Total$5,493 $5,490 
Stated interest rate7.55 %7.55 %
(7) Commitments and ContingenciesCOMMITMENTS 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 March 31, 2024 and December 31, 2023, the Company had $256,988$363,779 and $294,950 of unfunded commitments to fund delayed draw and revolving senior secured loans. As of December 31, 2022, the Company had $314,251 unfunded commitments to fund delayed draw and revolving senior secured loans.
As of March 31, 2023 and December 31, 2022, the Company had $1,629,389 and $1,629,389, respectively, in total capital commitments from stockholders, of which $220,271 and $220,271, respectively, were unfunded. loans, respectively.
(8) NET ASSETS
Equity
On January 26, 2024, the Company closed its IPO, issuing 5,000,000 shares of its Common Stock at a public offering price of $20.67 per share. Net Assetsof 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 $20.67 per share of Common Stock, which was the initial public offering price in the IPO.
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The following table shows the components of nettotal distributable earnings (accumulated losses)(loss) as shown on the Consolidated Statements of Assets and Liabilities:
As of
March 31, 2023December 31, 2022
Net distributable earnings (accumulated losses), beginning of period$(54,779)$15,782 
Net investment income/(loss) after taxes44,222 128,010 
Accumulated net realized gain (loss)122 537 
Net unrealized appreciation (depreciation)(567)(80,005)
Dividends declared(35,377)(119,437)
Tax reclassification of stockholders’ equity— 334 
Net distributable earnings (accumulated losses), end of period$(46,379)$(54,779)
As of
March 31, 2024December 31, 2023
Total distributable earnings (loss), beginning of period$8,459 $(54,779)
Net investment income (loss) after taxes54,651 198,061 
Net realized gain (loss)(5,625)118 
Net unrealized appreciation (depreciation)2,658 32,835 
Dividends declared(44,447)(169,291)
Tax reclassification of stockholders’ equity— 1,515 
Total distributable earnings (loss), end of period$15,696 $8,459 
For the three months ended March 31, 2023 and March 31, 2022,Distributions
Prior to January 26, 2024, the Company did not issue any capital calls pursuant to the Subscription Agreements.
The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2023:
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
March 28, 2023March 28, 2023April 25, 2023$0.50 $35,377 
Total Distributions$0.50 $35,377 

The following table summarizes the Company’s distributions declared and payable for the three months ended March 31, 2022:
Date DeclaredRecord DatePayment DatePer Share AmountTotal Amount
March 25, 2022March 25, 2022April 27, 2022$0.48 $27,455 
Total Distributions$0.48 $27,455 
The Company adoptedhad an “opt in” dividend reinvestment plan, or the DRIP. As a result, the Company’s stockholders who electelected to “opt in” to the DRIP had their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. The Company adopted an “opt out” DRIP on January 26, 2024. As a result, the Company’s stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form ofThe 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 generallyinvest the distribution amount in newly issued shares of Common Stock. Otherwise, the plan administrator will invest the dividend amount in shares acquired by purchasing shares of Common Stock on the open market. The following table summarizes the distributions declared on shares of the Company’s Common Stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP.
The following table summarizes the Company’s distributions declared as well as the DRIP shares issued for the three months ended March 31, 2024, and March 31, 2023:

Date DeclaredRecord DatePayment DatePer Share Amount
Shares(1)
For the Three Months Ended March 31, 2024
February 29, 2024March 29, 2024April 25, 2024$0.50 513,697 
For the Three Months Ended March 31, 2023
March 28, 2023March 28, 2023April 25, 2023$0.50 482,781 
(1) In connection with the distributions with payment dates on January 25, 2024 and January 25, 2023, 618,878 and 445,235 DRIP shares were issued, respectively.

On January 11, 2024, the Board also declared the following special distributions
Record DatePayment DatePer Share Amount
August 5, 2024October 25, 2024$0.10 
November 4, 2024January 24, 20250.10 
$0.20 

Share Repurchase Plan
On January 25, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100 million in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The Company 10b5-1 Plan was approved by the Board of Directors on September 11, 2023. The Company 10b5-1 Plan requires Wells Fargo Securities, LLC, as the Company’s agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the same U.S. federal, stateterms and local tax consequences as if they received cash distributions; however, those stockholdersconditions of the Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common Stock will not receive
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cash with whichbe repurchased in any particular amount or at all. The repurchase of shares pursuant to pay any applicable taxes. Shares issuedthe Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the DRIPExchange Act, and will not reduce an investor’s outstanding capital commitment.otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced beginning 60 calendar days following the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) 12-months from the commencement date of the Company 10b5-1 Plan, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan.
The following table summarizes“restricted period” under Regulation M ended upon the DRIP shares issued to stockholders who have “opted in” toclosing of the DRIP forCompany's IPO and, therefore, the three months endedCommon Stock repurchases/purchases described above began on March 26, 2024.
As of March 31, 2023 and2024, no shares were repurchased under the value of such shares as of the payment dates:
Payment DateDRIP Shares IssuedDRIP Shares Value
January 25, 2023445,235 $8,891 
Total445,235 $8,891 
The following table summarizes the DRIP shares issued to stockholders who have “opted in” to the DRIP for the three months ended March 31, 2022 and the value of such shares as of the payment dates:
Payment DateDRIP Shares IssuedDRIP Shares Value
January 25, 2022358,891 $7,540 
Total358,891 $7,540 
10b5-1 Plan.
(9) Earnings Per ShareEARNINGS (LOSS) PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:
For the Three Months Ended
 March 31, 2023March 31, 2022
For the Three Months EndedFor the Three Months Ended
March 31, 2024 March 31, 2024March 31, 2023
Numerator—net increase/(decrease) in net assets resulting from operationsNumerator—net increase/(decrease) in net assets resulting from operations$43,777 $22,246 
Denominator—weighted average shares outstandingDenominator—weighted average shares outstanding70,863,184 57,101,214 
Basic and diluted earnings (loss) per shareBasic and diluted earnings (loss) per share$0.62 $0.39 
(10) Consolidated Financial HighlightsCONSOLIDATED FINANCIAL HIGHLIGHTS
The following are the financial highlights (dollar amounts in thousands, except per share amounts):
For the Three Months Ended
 March 31, 2023March 31, 2022
Per Share Data:(1)
For the Three Months EndedFor the Three Months Ended
March 31, 2024 March 31, 2024March 31, 2023
Per Share Data(1):
Net asset value, beginning of period
Net asset value, beginning of period
Net asset value, beginning of periodNet asset value, beginning of period$19.81 $20.91 
Net investment income (loss)Net investment income (loss)0.62 0.46 
Net unrealized and realized gain (loss)(2)
Net unrealized and realized gain (loss)(2)
— (0.07)
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations0.62 0.39 
Dividends declaredDividends declared(0.50)(0.48)
Issuance of common stock, net of underwriting and offering costs
Total increase (decrease) in net assetsTotal increase (decrease) in net assets0.12 (0.09)
Net asset value, end of periodNet asset value, end of period$19.93 $20.82 
Per share market value, end of periodPer share market value, end of period21.55 N/A
Shares outstanding, end of periodShares outstanding, end of period70,981,913 57,196,918 Shares outstanding, end of period88,894,490 70,981,91370,981,913
Weighted average shares outstandingWeighted average shares outstanding87,358,527 70,863,184
Total return based on net asset value(3)
Total return based on net asset value(3)
3.11 %1.85 %
Total return based on net asset value(3)
2.42 %3.11 %
Ratio/Supplemental Data (all amounts in thousands except ratios and shares):
Total return based on market value(4)
Total return based on market value(4)
6.78 %N/A
Ratio/Supplemental Data (all amounts in thousands except ratios):
Net assets, end of periodNet assets, end of period$1,414,596 $1,190,918 
Weighted average shares outstanding70,863,184 57,101,214 
Ratio of net expenses to average net assets(4)
9.19 %4.79 %
Ratio of expenses before waivers to average net assets(4)
10.74 %6.35 %
Ratio of net investment income to average net assets(4)
14.57 %10.15 %
Net assets, end of period
Net assets, end of period$1,837,027$1,414,598
Ratio of net expenses to average net assets(5)
Ratio of net expenses to average net assets(5)
8.10 %9.19 %
Ratio of expenses before waivers to average net assets(5)
Ratio of expenses before waivers to average net assets(5)
8.85 %10.74 %
Ratio of net investment income to average net assets(5)
Ratio of net investment income to average net assets(5)
13.69 %14.57 %
Ratio of total contributed capital to total committed capital, end of period86.48 %71.34 %
Asset coverage ratio188.84 %187.83 %
Asset coverage ratio(6)
Asset coverage ratio(6)
Asset coverage ratio(6)
223.10 %188.84 %
Portfolio turnover ratePortfolio turnover rate3.08 %1.17 %Portfolio turnover rate2.21 %3.08 %
(1)The per share data was derived by using the weighted average shares outstanding during the period.period, except otherwise noted.
(2)For the three months ended March 31, 2023 and March 31, 2022, theThe amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
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(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.
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(4)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s DRIP. The beginning market value per share is based on the initial public offering price of $20.67 per share and not annualized.
(5)Amounts are annualized except for incentive fees, organization and offering costs and expense support amounts relating to organization and offering costs.
(6)Effective December 17, 2019, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to December 17, 2019, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.
(11) Subsequent EventsSUBSEQUENT 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.issued, except as disclosed below.

On April 19, 2024, the Company entered into an amendment (the “Fourth Amendment”) to the Truist Credit Facility. The Fourth Amendment amended certain terms of the Truist Credit Facility, including, but not limited to amendments to (a) increase the size of the facility to $1,300,000, (b) extend the revolving period and maturity date of the Truist Credit Facility with respect to the loans and commitments held by the lenders who consented to the maturity extension until April 19, 2028 and April 19, 2029, respectively, and (c) modify certain covenant restrictions.

On May 8, 2024, the Board declared a distribution of $0.50 per share, which is payable on July 25, 2024 to shareholders of record as of June 28, 2024.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per share amounts, unless otherwise indicated)
In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to Morgan Stanley Direct Lending Fund and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Furthermore, Morgan Stanley has no obligation, contractual or otherwise, to financially support us beyond the aggregate capital commitment to purchase shares of our common stock (as defined below) pursuant to a subscription agreement entered into by MS Credit Partners Holdings, Inc., a wholly owned subsidiary of Morgan Stanley.us. Morgan Stanley has no history of financially supporting any business development company (“BDC”) on the MS Private Credit platform, even during periods of financial distress. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “potential,” “predicts,” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:
our future operating results;
our business prospects and the prospects of our portfolio companies;
risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events, such as COVID-19, also referred to as the “Coronavirus” pandemic;events;
uncertainty and changes in the general interest rate environment, including as a result of recent rate increases by the Federal Reserve System (“Federal Reserve”);environment;
general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;
the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;
the impact of interruptions in the supply chain on our portfolio companies;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or the “Investment Adviser”), and its affiliates;
the dependence of our future success on the general economy and its effect on the industries in which we invest;
the ability of our portfolio companies to achieve their objectives;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
the use of borrowed money to finance a portion of our investments;
the adequacy of our financing sources and working capital;
the timing and amount of cash flows, if any, from the operations of our portfolio companies;
the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;
the ability of our Adviser and its affiliates to attract and retain highly talented professionals;
our ability to maintain our qualification as a BDC, and as a regulated investment company (a “RIC”), under the Internal Revenue Code of 1986, as amended (the “Code”);
the impact on our business of U.S. and international financial reform legislation, rules and regulations;
currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;
the effect of changes in tax laws and regulations and interpretations thereof; and
the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.
The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2022,2023, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that
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we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private
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Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.
OVERVIEW
We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”"1940 Act"). In addition, for U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are externally managed by our Adviser, an indirect, wholly owned subsidiary of Morgan Stanley. We are not a subsidiary of, or consolidated with, Morgan Stanley.
Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed byin which private equity sponsors.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”("EBITDA") in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criteria.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”("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 (historically, the London Interbank Offer Rate, or LIBOR, and currently,(such as the Secured Overnight Financing Rate, or SOFR).
We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity investments and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.
Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”"Order"), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order) in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our stockholders and do not involve overreaching in respect of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment objective and strategies.
Recent Market Developments
The current inflationary environmentWe have applied for a new exemptive relief order which, if granted, would supersede the Order with respect to negotiated co-investment transactions alongside certain Regulated Funds and uncertaintyAffiliated Funds (each as to the probability of, and length and depth of a global recession could affect our portfolio companies. Government spending, government policies, including recent increases in certain interest rates by the Federal Reserve and other global central banks, recent eventsdefined in the regional bank sector andapplication). There can be no assurance that we will obtain such new exemptive relief from the potential for disruptions in the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described elsewhere in this Report and in other filings we have made with the SEC could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market environment. In these circumstances, developments outside our control could require us to adjust our plan of operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current environment.SEC.
KEY COMPONENTS OF OUR RESULTS OF OPERATIONS
Investments
Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.
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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 LIBORSOFR, or SOFR.historically LIBOR. Interest on these debt investments is generally paid quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities.
We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.
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Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by our Administrator in performing its administrative obligations under the administration agreement (the “Administration Agreement”) between us and MS Private Credit Administrative Services LLC (the “Administrator”); and (iii) other operating expenses as detailed below:
initial organization costs and offering costs incurred prior to the filing of our election to be regulated as a BDC (subject to the expense waiver described below)
costs associated with our initial private offering;
costs of any other offerings of our common stock, par value $0.001 per share (“Common Stock”)Stock and other securities;
calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);
out of pocket expenses, including travel, entertainment, lodging, and meal expenses, incurred by the Investment Adviser, or members of its investment team or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies (including, without limitation, any reverse termination fees and any liquidated damage and any costs related to broken deals) and monitoring actual portfolio companies and, if necessary, enforcing our rights;
base management fee and any incentive fees payable under the Investment Advisory Agreement;
certain costs and expenses relating to distributions paid by us;
administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;
arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;
the allocated costs incurred by the Investment Adviser in providing managerial assistance to those portfolio companies that request it;
amounts payable to third parties relating to, or associated with, making or holding investments;
the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments;
transfer agent and custodial fees;
costs of derivatives and hedging;
commissions and other compensation payable to brokers or dealers;
any stock exchange listing fees and fees payable to rating agencies;
cost of effecting any sales and repurchases of our Common Stock and other securities;
federal and state registration fees;
U.S. federal, state and local taxes, including any excise taxes;
independent director fees and expenses;
costs of preparing consolidated financial statements and maintaining books and records, costs of preparing tax returns, costs of Sarbanes-Oxley Act compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing;
the costs of any reports, proxy statements or other notices to our stockholders (including printing and mailing costs), the costs of any stockholders’ meetings, and costs and expenses of preparation for the foregoing and related matters;
the costs of specialty and custom software for monitoring risk, compliance and overall investments;
fees and expenses associated with marketing efforts;
any fidelity bond required by applicable law;
any necessary insurance premiums;
indemnification payments;
any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);
direct fees and expenses associated with independent audits, agency, consulting and legal costs;
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cost of winding up; and
all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement based upon our allocable portion of the compensation paid to our Chief Financial Officer and Chief Compliance Officer and reimbursing third-party expenses incurred by the Administrator in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.
We reimburse the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement or otherwise. We expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.
PORTFOLIO AND INVESTMENT ACTIVITY AND RESULTS OF OPERATIONS
As of March 31, 2023, we had investments in 156 portfolio companies across 29 industries. Based on fair value as of March 31, 2023, approximately 100%The composition of our debt portfolio was invested in debt bearing a floating interest rate, which floating rate debt investments primarily are subject to interest rate floors. is presented below:
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Approximately 99.4%Table of our debt portfolio at fair value had an interest rate floor denoted in LIBOR or SOFR.Contents
March 31, 2024December 31, 2023
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$3,131,129 $3,115,404 94.6 %$3,027,413 $3,004,544 94.1 %
Second Lien Debt136,708 118,107 3.6 146,014 132,415 4.1 
Other Investments55,930 59,694 1.8 53,349 56,602 1.8 
Total$3,323,767 $3,293,205 100.0 %$3,226,776 $3,193,561 100.0 %

Approximately 98.5% of our debt investments were in loans and other debt issued by middle market companies backed by private equity sponsors, approximately 79.0% of which were loans and other debt in support of LBOs and acquisitions. In addition, our
Our debt portfolio displayed the following characteristics of each of our investments1,2 unless otherwise noted:
Borrower Characteristics as of Closing Date of each Investment
Weighted average last 12-month EBITDA of approximately $128.0 million;
Weighted average net leverage through tranche of approximately 6.0x3;
Weighted average of approximately 44.0% loan to value4;
Portfolio Characteristics as of March 31, 2023
Weighted average yield on debt investments, at amortized cost, of 11.5%5;
Approximately 77.0% of debt investments with one or more financial covenants;
Approximately 6.3% of our debt portfolio is in loans that the Investment Adviser believes may be subject to business cycle volatility;
No realized losses as a result of loan defaults and/or credit deterioration since January 31, 2020 (commencement of investment operations) through March 31, 2023;
One investment of $1.5 million, or approximately 0.1% of total investments at amortized cost on non-accrual; and
The average position size of our investments was approximately $18.8 million, or 0.6% of total fair value and our top ten portfolio companies represented approximately 21.7% of total fair value.
As of December 31, 2022, we had investments in 150 portfolio companies across 30 industries. Based on fair value as of December 31, 2022, approximately 100% of our debt portfolio was invested in debt bearing a floating interest rate, which floating rate debt investments primarily are subject to interest rate floors. Approximately 99.4% of our debt portfolio at fair value had an interest rate floor denoted in LIBOR or SOFR. Our weighted average total yield of investments in debt securities at amortized cost was 10.9%. Weighted average yields include the effect of accretion of discounts and amortization of premiums and are based on interest rates as of December 31, 2022.
As of
March 31, 2024December 31, 2023
Number of portfolio companies178172
Percentage of performing debt bearing a floating rate, at fair value99.9 %99.9 %
Percentage of performing debt bearing a fixed rate, at fair value0.1 %0.1 %
Weighted average yield on debt and income producing investments, at cost(3)
11.9 %12.0 %
Weighted average yield on debt and income producing investments, at fair value(3)
12.0 %12.1 %
Weighted average 12-month EBITDA$155.1 $153.1 
Weighted average net leverage through tranche(4)
6.0x6.0x
Weighted average interest coverage(5)
1.5x1.5x
Weighted average loan to value(6)
42.9 %43.0 %
Percentage of debt investments with one or more financial covenants73.2 %74.6 %
Percentage of our debt investments that are sponsor backed98.6 %98.5 %
Percentage of loans and other debt in support of LBOs and acquisitions72.6 %76.3 %
Percentage of our debt portfolio subject to business cycle volatility5.7 %6.0 %
Percentage of our total portfolio on non-accrual, at cost0.4 %0.6 %
Average position size of our investments$18.5 $18.6 
1 Calculated as a percentage of gross debt commitments (funded and unfunded). Weighted average EBITDA, net leverage through the tranche that the Company is a lender, interest coverage and loan to value exclude recurring revenue investments, which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA.
2 Amounts were derived from investment due diligence information provided by the portfolio company. Such amounts have not been independently estimated by us, and accordingly, we take no responsibility for such numbers and make no representation or warranty in respect of this information.
3 Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that we are a lender, excluding recurring revenue investments.
4 Calculated using total outstanding debt through the tranche that the Company is a lender divided by enterprise value from the private equity sponsor or market comparables.
5 Weighted average yield includes the effect of accretion of discounts and amortization of premiums and are based on interest rates as of March 31, 2023.
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Our portfolio is presented below:
March 31, 2023December 31, 2022
CostFair Value% of Total Investments at Fair ValueCostFair Value% of Total Investments at Fair Value
First Lien Debt$2,797,427 $2,739,255 93.6 %$2,753,620 $2,694,111 93.8 %
Second Lien Debt145,320 135,084 4.6 136,620 128,350 4.5 
Other Securities49,970 51,758 1.8 49,406 51,127 1.7 
Total$2,992,717 $2,926,097 100.0 %$2,939,646 $2,873,588 100.0 %
Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):
As of and For the Three Months Ended
March 31, 2023March 31, 2022
New Investments Committed
Gross Principal Balance(1)
$126,539 $105,623 
Net New Investments Committed$126,539 $105,623 
Investments, at Cost
Investments, beginning of period$2,939,646 $2,373,435 
New investments purchased139,566 177,705 
Net accretion of discount on investments2,530 1,982 
Payment-in-kind1,003 370 
Net realized gain (loss) on investments122 74 
Investments sold or repaid(90,150)(28,627)
Investments, end of period$2,992,717 $2,524,939 
Amount of investments funded, at principal
First lien debt investments$136,288 $169,220 
Second lien debt investments8,500 10,667 
Other securities(2)
74 — 
Total$144,862 $179,887 
Amount of investments sold/fully repaid, at principal
First lien debt investments$71,558 $12,054 
Total$71,558 $12,054 
Weighted average yield on debt investments, at cost(3)
11.5 %7.2 %
Weighted average yield on debt investments, at fair value(3)
11.7 %7.2 %
Number of portfolio companies156 109 
Percentage of debt investments bearing a floating rate, at fair value99.9 %100.0 %
Percentage of debt investments bearing a fixed rate, at fair value0.1 %0.0 %
(1)Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
(2)Represents dollar amount of other securities funded.
(3)Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities held as of March 31, 2023 and March 31, 2022, respectively, 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. herein..
4 Net leverage is the ratio of total debt minus cash divided by EBITDA and taking into account leverage through the tranche that the Company is a lender, excluding recurring revenue investments.
5Interest coverage for a particular portfolio company is calculated by taking credit agreement EBITDA and dividing by annualized latest reported interest expense. Total interest coverage is calculated on a weighted average basis based on total gross debt commitments (funded and unfunded). Calculation excludes recurring revenue deals which are investments in portfolio companies in which the Company lends based on a multiple of recurring revenue generated by the portfolio company and not based on a multiple of EBITDA. Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.
6 Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

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Investment Activity
Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):
As of and For the Three Months Ended
March 31, 2024March 31, 2023
New investments committed
Gross principal balance(1)
$232,120 $126,539 
Net new investments committed$232,120 $126,539 
Investments, at cost
Investments, beginning of period$3,226,776 $2,939,646 
New investments purchased168,357 139,566 
Net accretion of discount on investments2,714 2,530 
Payment-in-kind3,226 1,003 
Net realized gain (loss) on investments(5,625)122 
Investments sold or repaid(71,681)(90,150)
Investments, end of period$3,323,767 $2,992,717 
Amount of investments funded, at principal
First lien debt investments$171,068 $136,288 
Second lien debt investments— 8,500 
Other Investments(2)
294 74 
Total$171,362 $144,862 
Amount of investments sold/fully repaid, at principal
First lien debt investments$16,185 $71,558 
Second lien debt investments10,450 — 
Total$26,635 $71,558 
Number of new investment commitments in portfolio companies
Number of investment commitments exited or fully repaid— 
(1)Includes new investment commitments, excluding sale/repayments and including new unfunded investment commitments.
(2)Represents dollar amount of 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:
CategoryRisk Rating 1 — In the opinion of our Investment Adviser, investments in CategoryRisk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. CategoryRisk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.
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CategoryRisk Rating 2 — In the opinion of our Investment Adviser, investments in CategoryRisk Rating 2 involve a level of risk relative to our initial cost basis at the time of origination or acquisition. CategoryRisk 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 CategoryRisk Rating 2.
CategoryRisk Rating 3 — In the opinion of our Investment Adviser, investments in CategoryRisk Rating 3 indicate that the risk to our ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.
CategoryRisk Rating 4 — In the opinion of our Investment Adviser, investments in CategoryRisk 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 CategoryRisk Rating 4 investments, it is anticipated that we
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will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis at the time of origination or acquisition upon exit.
The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:
March 31, 2023December 31, 2022
Fair Value% of PortfolioNumber of Portfolio CompaniesFair Value% of PortfolioNumber of Portfolio Companies
March 31, 2024March 31, 2024December 31, 2023
Fair Value
Risk rating 1
Risk rating 1
Risk rating 1Risk rating 1$— — %$— — %
Risk rating 2Risk rating 22,892,076 98.8 1532,844,451 99.0 148
Risk rating 2
Risk rating 2
Risk rating 3
Risk rating 3
Risk rating 3Risk rating 334,021 1.2 329,137 1.0 2
Risk rating 4Risk rating 4— — — — 
$2,926,097 100.0 %156$2,873,588 100.0 %150
Risk rating 4
Risk rating 4
$
$
$
CONSOLIDATED RESULTS OF OPERATIONS
The following table represents our operating results:
For the Three Months Ended
March 31, 2023March 31, 2022
For the Three Months EndedFor the Three Months Ended
March 31, 2024March 31, 2024March 31, 2023
Total investment incomeTotal investment income$83,639 $44,304 
Less: Net expensesLess: Net expenses39,417 17,790 
Net investment income44,222 26,514 
Net investment income (loss) before taxes
Less: Excise tax expense
Net investment income (loss) after taxes
Net change in unrealized appreciation (depreciation)Net change in unrealized appreciation (depreciation)(567)(4,342)
Net realized gain (loss)Net realized gain (loss)122 74 
Net increase (decrease) in net assets resulting from operationsNet increase (decrease) in net assets resulting from operations$43,777 $22,246 
Investment Income
Investment income was as follows:
For the Three Months Ended
For the Three Months EndedFor the Three Months Ended


 March 31, 2023March 31, 2022

 March 31, 2024March 31, 2023
Investment income:Investment income:
Interest income
Interest income
Interest incomeInterest income$81,717 $42,715 
Payment-in-kind interest incomePayment-in-kind interest income441 272 
Dividend incomeDividend income496 309 
Other incomeOther income985 1,008 
Total investment incomeTotal investment income$83,639 $44,304 
TotalIn the table above, total investment income increased from $44,304 for the three months ended March 31, 2022 to $83,639 for the three months ended March 31, 2023.2023 to $99,101 for the three months ended March 31, 2024. The increase was primarily driven by our deployment of capital and rising LIBOR and SOFR rates ofon our floating-rate debt investments. The size of our investment portfolio at fair valueamortized cost increased from $2,534,536$2,992,717 as of March 31, 20222023 to $2,926,097$3,323,767 as of March 31, 2023.2024. Weighted average asset yield of debt investments at cost increased from 7.2% at March 31, 2022 to 11.5% at March 31, 2023. As of such dates, all of our first and second lien senior secured debt investments were income-producing. The amortized cost of an unsecured debt investment on non-accrual status as of2023 to 11.9% at March 31, 2023 was $1,500.2024.
Expenses
Expenses were as follows:
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Interest income on our debt investments is dependent on the composition and credit quality of the portfolio. Generally, we expect the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement. As of March 31, 2023 and March 31, 2022, and for the periods then ended, all of our first and second lien secured debt investments were performing and current on their interest payments.
Expenses
The Company is responsible for investment expenses, professional fees, and other general and administrative expenses related to the Company’s operations. Expenses were as follows:
For the Three Months Ended
 March 31, 2023March 31, 2022
For the Three Months EndedFor the Three Months Ended
March 31, 2024 March 31, 2024March 31, 2023
Expenses:Expenses:
Interest expense and other financing expenses$26,667 $10,349 
Interest and other financing expenses
Interest and other financing expenses
Interest and other financing expenses
Management feesManagement fees7,304 6,183 
Income based incentive feesIncome based incentive fees9,381 5,466 
Capital gains incentive fees— (747)
Professional feesProfessional fees1,241 624 
Directors’ feesDirectors’ fees80 87 
Administrative service feesAdministrative service fees54 16 
General and other expensesGeneral and other expenses168 410 
Total expensesTotal expenses44,895 22,388 
Expense support— 39 
Management fees waiver(5,478)(4,637)
Management fees waiver (Note 3)
Management fees waiver (Note 3)
Management fees waiver (Note 3)
Incentive fees waiver (Note 3)
Net expensesNet expenses$39,417 $17,790 
Excise tax expense
Interest Expenseand Other Financing Expenses
Interest expense and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, were $26,667$27,260 and $10,349$26,667 for the three months ended March 31, 20232024 and March 31, 2022,2023, respectively. The increases wereincrease was primarily due to higher average borrowings outstanding over time, increased reference rates and higher cost of unsecured debt issued.issued partially offset by lower average borrowings outstanding. For the three months ended March 31, 20232024 and March 31, 2022,2023, average borrowings outstanding were $1,584,809$1,462,796 and $1,288,400,$1,584,809, respectively. The combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding for the three months ended March 31, 20232024 and March 31, 2022 were2023 was 6.69% and 6.23% and 2.64%, respectively. For more information on ourThe combined weighted average effective interest rate (excluding unused fees only) of the aggregate borrowings including the terms thereof, see Note 6. Debt in the Notes to Consolidated Financial Statements.
Base Management Fee
The base management fees, net of waiver, were $1,826 and $1,546outstanding for the three months ended March 31, 20232024 and March 31, 2022, respectively,2023 was 7.12% and 6.57%, respectively.
Management Fees
Base management fees, net of waiver, were $5,132 and $1,826 for the increase wasthree months ended March 31, 2024 and March 31, 2023. The increases were primarily due to an increase in average gross assets. For moreRefer to Note 3 “Related Party Transactions” for additional information on baseabout the management fees, including terms thereof, see Note 3. Related Party Transactions in the Notes to Consolidated Financial Statements.fee waiver.
Incentive Fee
The incentive fee consists of two components: (1) income based incentive fee and (2) capital gains incentive fee. The income based incentive feefees, net of waiver, were $9,381$10,126 and $5,466$9,381 for the three months ended March 31, 20232024 and March 31, 2022, respectively, the increase was2023. The increases were primarily due to an increase in pre-incentive fee net investment income. ForRefer to Note 3 “Related Party Transactions” for additional information about the three months ended March 31, 2023, there was no capital gains incentive fees accrued to the Investment Adviser. For the three months ended March 31, 2022, $747 of previously accrued capital gains incentive fees to the Investment Adviser were reversed due to changes in unrealized depreciation on investments during the period. For more information on incentive fee, including terms thereof, see Note 3. Related Party Transactions in the Notes to Consolidated Financial Statements.waiver.
Professional Fees, Administrative Service Fee and Other Expenses
Professional fees include legal, audit, tax, valuation and other professional fees incurred related to the management of our Company. Administrative service fee represents fees paid to the Administrator for our allocable portion of the cost of certain of our executive officers that perform duties for us. Other general and administrative expenses include insurance, filing, research, subscriptions and other costs.
Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments
For the Three Months Ended
 March 31, 2024March 31, 2023
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments$(5,625)$122 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments2,658 (567)
Net realized and unrealized gains (losses)$(2,967)$(445)
For the three months ended March 31, 2023, we incurred administrative service fee2024 net realized losses on our investments was $5,625, which was primarily due to the restructuring of $54, professional fees of $1,241, fees to Independent Directors of $80, other expenses of $168, and expense support recoupment of previously waived organization and offering costs by the Investment Adviser of $0, respectively.three portfolio companies.
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For the three months ended March 31, 2022, we incurred administrative service fee of $16, professional fees of $624, fees to Independent Directors of $87, other expenses of $410, and expense support recoupment of previously waived organization and offering costs by the Investment Adviser of $39, respectively.
Income Taxes, Including Excise Taxes
We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our stockholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our stockholders, which generally relieve us from corporate-level U.S. federal income taxes. For the three months ended March 31, 2023 and March 31, 2022, we did not accrue any U.S. federal excise tax.
Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments
For the Three Months Ended
 March 31, 2023March 31, 2022
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss):
Non-controlled/non-affiliated investments$122 $74 
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments(567)(4,342)
Net realized and unrealized gains (losses)$(445)$(4,268)
For the three months ended March 31, 2023 and March 31, 2022, net realized gain on our investments was $122 and $74, respectively, driven by the sale of debt and equity investments in our portfolio.
We determine the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation. For the three months ended March 31, 2023,2024, net change in unrealized depreciationappreciation on our investments of $567$2,658, was primarily driven by the net decreases of valuations of our debt and equity investments as a result of the volatile credit environment and changes in spreads in the primary and secondary markets. For the three months ended March 31, 2022, net change in unrealized depreciation on our investments of $4,342 was primarily driven by the net decreases of valuations of our debt and equity investments in a widening credit spread environment. See Note 5. Fair Value Measurement in the Notes to Consolidated Financial Statements.
FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES
We generate cash from the net proceeds of offerings of our Common Stock, net borrowings from our credit facilities, and net proceeds of our unsecured debt issuances and through cash flows from operations, including investment sales and repayments as well as income earned on investments. Details of our Credit Facilitiescredit facilities and unsecured debt issuance are described in “—Debt” below. We may from time to time enter into new credit facilities, increase the size of existing credit facilities or issue additional debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.
As of March 31, 2023,2024, we had approximately $99.6$64.8 million of cash, which taken together with our approximately $200.0$300.0 million and $623.5$623.7 million of availability under the BNP Funding Facility and the Truist Credit Facility (subject to borrowing base availability) (each as defined in Note 6. “Debt” in the notes to the accompanying consolidated financial statements), respectively, and our approximately $220.3 million of uncalled investor capital commitments to purchase shares of Common Stock, or capital commitments, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of March 31, 2023,2024, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments.commitments of $363.8 million.
Equity
AsOn January 26, 2024, we closed our Initial Public Offering ("IPO"), issuing 5,000,000 shares of March 31, 2023,our Common Stock at a public offering price of $20.67 per share. Net of underwriting fees, we had received aggregate investor capital commitments to purchasenet cash proceeds, before offering expenses, of approximately $97.1 million. Our Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024.
In connection with the IPO, the Company redeemed any fractional shares of Common Stock outstanding for cash in an amount equal to the pro rata portion of approximately $1,629.4 million pursuant to subscription agreements. $20.67 per share of Common Stock, which was the initial public offering price in the IPO.
During the three months ended March 31, 2023, we did not issue any capital calls to purchase Common Stock pursuant to such subscription agreements.
Distributions and Dividend Reinvestment
The following tables summarize our distributions declared and payable for the three months ended March 31, 2023 and March 31, 2022, respectively:
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Date DeclaredRecord DatePayment DatePer Share Amount
Dividend Yield(1)
Total Amount
March 28, 2023March 28, 2023April 25, 2023$0.50 10.3 %$35,377 
Total Distributions$0.50 $35,377 
Date DeclaredRecord DatePayment DatePer Share Amount
Dividend Yield(1)
Total Amount
March 25, 2022March 25, 2022April 27, 2022$0.48 9.3 %$27,455 
Total Distributions$0.48 $27,455 
(1)Dividend yield (annualized) is calculated by dividing the declared dividend by the weighted average of the net asset value at the beginning of the quarter, the capital called and dividend reinvested during the quarter and annualizing over 4 quarterly periods.
We adoptedPrior to January 26, 2024, we had an “opt in” dividend reinvestment plan, or the DRIP. As a result, our stockholders who electelected to “opt in” to the DRIP had their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. We adopted an “opt out” DRIP effective as of January 26, 2024. As a result, our stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. Stockholders who receive distributions in the form of shares of Common Stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. Shares issued under the DRIP will not reduce an investor’s outstanding capital commitment.
The following tablestable summarize DRIP shares issuedour distributions declared and amountspayable for the three months ended March 31, 20232024 and March 31, 2022,2023, respectively:
Payment DateDRIP Shares IssuedDRIP Shares Value
January 25, 2023445,235 $8,891 
Total445,235 $8,891 
Date DeclaredRecord DatePayment DatePer Share Amount
Shares(1)
For the Three Months Ended March 31, 2024
February 29, 2024March 29, 2024April 25, 2024$0.50 513,697 
For the Three Months Ended March 31, 2023
March 28, 2023March 28, 2023April 25, 2023$0.50 482,781 
Payment DateDRIP Shares IssuedDRIP Shares Value
January 25, 2022358,891 $7,540 
Total358,891 $7,540 
(1) In connection with the distributions with payment dates of January 25, 2024 and January 25, 2023, 618,878 and 445,235 DRIP shares were issued, respectively.
On January 11, 2024, the Board also declared the following special distributions
Record DatePayment DatePer Share Amount
August 05, 2024October 25, 2024$0.10 
November 04, 2024January 24, 20250.10 
$0.20 
Share Repurchase Plan
On January 25, 2024, we entered into a share repurchase plan, or the 10b5-1 Plan, to acquire up to $100 million in the aggregate of our Common Stock at prices below our net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
As of March 31, 2024, no shares were repurchased under the 10b5-1 Plan.

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Debt
Our outstanding debt obligations were as follows:
March 31, 2023December 31, 2022
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
CIBC Subscription Facility(1)
$— $— $— $— $— $— 
BNP Funding Facility600,000 400,000 200,000 600,000 400,000 200,000 
Truist Credit Facility(2)(3)
1,120,000 492,259 623,516 975,000 432,254 538,521 
2027 Notes(4)
425,000 425,000 — 425,000 425,000 — 
2025 Notes(4)
275,000 275,000 — 275,000 275,000 — 
Total$2,420,000 $1,592,259 $823,516 $2,275,000 $1,532,254 $738,521 
March 31, 2024December 31, 2023
Aggregate Principal CommittedOutstanding PrincipalUnused PortionAggregate Principal CommittedOutstanding PrincipalUnused Portion
BNP Funding Facility$600,000 $300,000 $300,000 $600,000 $282,000 $318,000 
Truist Credit Facility(1)
1,120,000 492,257 623,745 1,120,000 520,263 599,484 
2027 Notes(2)
425,000 425,000 — 425,000 425,000 — 
2025 Notes(2)
275,000 275,000 — 275,000 275,000 — 
Total$2,420,000 $1,492,257 $923,745 $2,420,000 $1,502,263 $917,484 
(1)The CIBC Subscription Facility matured on December 31, 2022 and was fully paid off.
(2)As of March 31, 2024 and December 31, 2023, $4,225a letter of credit of $3,998 and $253, respectively, was outstanding, which reduced the unused availability under the Truist Credit Facility ofby the same amount. As of March 31, 2022, no letter of credit was outstanding.
(3)Under the Truist Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of March 31, 2024 and December 31, 2023, the Company had borrowings denominated in Euros (EUR) of 238. 238 and 238, respectively.
(2)As of March 31, 2022,2024, the Company did not have any borrowings denominated in Euros (EUR) or other permitted currencies.
(4)The carrying value of ourthe Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $4,346$3,219 and $2,978,$1,763, and unamortized original issuance discount of $828$614 and $0, respectively. As of December 31, 2023, the carrying value of the Company’s 2027 Notes and 2025 Notes were presented on the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs of $3,499 and $2,065, and unamortized original issuance discount of $667 and $0, respectively.
For additional information on our debt obligations, see Item 1. Consolidated Financial Statements – Notes to Consolidated Financial Statements – Note 6. Debt in the accompanying unaudited“Debt” to our consolidated financial statements.statements included in this report.
RECENT DEVELOPMENTS
SubsequentOn April 19, 2024, we entered into an amendment (the “Fourth Amendment”) to March 31, 2023 throughthe Truist Credit Facility. The Fourth Amendment amended certain terms of the Truist Credit Facility, including, but not limited to amendments to (a) increase the size of the facility to $1,300,000, (b) extend the revolving period and maturity date of the Truist Credit Facility with respect to the loans and commitments held by the lenders who consented to the maturity extension until April 19, 2028 and April 19, 2029, respectively, and (c) modify certain covenant restrictions.
On May 10, 2023, we have closed approximately $23.6 million8, 2024, the Board declared a distribution of new/add-on investments. Of these new commitments, approximately $23.6 million were first lien senior secured loans. We remain highly focused$0.50 per share, which is payable on conducting extensive due diligence and leveraging the Morgan Stanley platform. We continueJuly 25, 2024 to seek to invest in companies that are led by strong management teams, generate substantial free cash flow, have leading market positions, benefit from sustainable business models, and are well positioned to perform well despite recent market volatility. We believe the current market environment offers opportunities to
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seek compelling risk adjusted returns. Our investment pace will depend on several factors including the market environment, deal flow and the impactrecord as of inflation on valuations and the operations of potential portfolio companies.June 28, 2024.
CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, Management’s Discussion and Analysis of Financial Condition and Results of Operations – Criticalincluding Note 2 “Significant Accounting PoliciesPolicies. in Part II, Item 7 of our Form 10-K, and “Risk Factors” in Part I, Item 1A of our Form 10-K.
RELATED PARTY TRANSACTIONS
We have entered into a number of business relationships with affiliated or related parties, including the following (which are defined
in the notes to the accompanying unaudited financial statements if not defined herein):
the Investment Advisory Agreement;
the Administration Agreement;
the Expense Support and Waiver Agreement;
the Placement Agent Agreement; and
the License Agreement.
See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Related“Related Party Transactions” in the accompanying unauditedto our consolidated financial statements.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. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Recent Market Developments. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by the Board based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of the Board of Directors, or Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. If we
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were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.
Market Risk
The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—Risks Relating to Our Business and Structure—We are operating in a period of capital markets disruption and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.of our Form 10-K and "Part I, Item 1A. Risk Factors — General Risk Factors — Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our Form 10-K.
Interest Rate Risk
We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at
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which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
As of March 31, 2023,2024, approximately 100%99.9% of our debt investments were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of March 31, 2023,2024, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of March 31, 2023)2024) (dollar amounts in thousands):
InterestInterestNet
InterestInterestInterestNet
Basis Point Change - Interest RatesBasis Point Change - Interest RatesIncomeExpenseIncomeBasis Point Change - Interest RatesIncomeExpenseIncome
Up 300 basis pointsUp 300 basis points$89,636 $(26,768)$62,868 
Up 200 basis pointsUp 200 basis points$59,757 $(17,845)$41,912 
Up 100 basis pointsUp 100 basis points$29,879 $(8,923)$20,956 
Up 25 basis points
Down 25 basis points
Down 100 basis pointsDown 100 basis points$(29,879)$8,923 $(20,956)
Down 200 basis pointsDown 200 basis points$(59,757)$17,845 $(41,912)
Down 300 basis pointsDown 300 basis points$(89,632)$26,768 $(62,864)
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 March 31, 20232024 (the end of the period covered by this report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Securities Exchange Act)Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.
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Changes in Internal Controls Over Financial Reporting
There have been no changes in our internal control over financial reporting that occurred for the three monthsquarter ended March 31, 20232024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. Other Information
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 set forth below and the risk factors previously disclosed under Item 1A of the Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks described below and disclosed in the Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.
We and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties.
Cash held by us and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our and our portfolio companies’ business, financial condition, results of operations, or prospects.
Although we assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us or our portfolio companies, the financial institutions with which we, or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally.
In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us or our portfolio companies to acquire financing on acceptable terms or at all.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Sales of Unregistered Securities
There were no issuances of our Common Stock during the quarter ended March 31, 2023 as part of our private offering pursuantRefer to Section 4(a)(2) of the Securities Act and Regulation D thereunder.“Item 1. Financial Statements—Notes to Consolidated Financial Statements—Note 8. Net Assets” in this Report.
Issuer Purchases of Equity Securities
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
74During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

Table
Appointment of Contentsan Officer

On May 8, 2023, Thomas P. Torrisi notified the Board of Directors (the “Board”) of the Company of his resignation as the Company’s interim Chief Compliance Officer, effective as of the close of business on May 8, 2023. Mr. Torrisi’s resignation is not a result of any disagreement with the Company.
On May 8, 2023,2024, the Board appointed Gauranga PalJonathan Frohlinger as Chief CompliancePrincipal Accounting Officer of the Company, effective immediately.May 10, 2024.
Effective May 8, 2023,
Mr. Frohlinger, 34, is a Vice President of Morgan Stanley and a member of the Morgan Stanley Private Credit Team where he is responsible for the finance, accounting, valuation and financial reporting functions for the MS BDCs and other direct lending vehicles. Prior to joining Morgan Stanley in 2022, Mr. Frohlinger was a Director at Blackstone Credit (“BXC”) where he held various finance roles for the BXC BDC complex. Prior to BXC, Mr. Frohlinger was an Audit Manager at Ernst & Young LLP. Mr. Frohlinger is a Certified Public Accountant in the State of New York and received his Bachelor of Science with honors in Accounting and Economics from the City University of New York.

There is no arrangement or understanding between Mr. Frohlinger and any other person pursuant to which he was appointed as Principal Accounting Officer. Further, with regard to Mr. Frohlinger, there are no transactions since the beginning of the Company’s last fiscal year, or any currently proposed transaction, in which the Company amended and restated its bylaws (the “Amended and Restated Bylaws”) to conform to recent changes to the Delaware General Corporation Lawis a participant that eliminated the requirements for Delaware corporations to make stockholder lists available for inspection during a meetingwould require disclosure under Item 404(a) of stockholders. The Amended and Restated Bylaws were approvedRegulation S-K promulgated by the Board of Directors.SEC.
Item 6. Exhibits
(b) Exhibits
The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

(b)Exhibits
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ExhibitDescription
3.1*
10.1
31.1*
31.2*
32.1**
32.2**
101.INS*Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)
*Filed herewith
**Furnished herewith
(1)Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on February 6, 2023April 23, 2024 (File No. 814-01332).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Morgan Stanley Direct Lending Fund
Dated: May 10, 20239, 2024By:/s/ Jeffrey S. Levin
Jeffrey S. Levin
Director and Chief Executive Officer (principal executive officer)
(Principal Executive Officer)
Dated: May 10, 20239, 2024By:/s/ Venugopal RathiDavid Pessah
Venugopal RathiDavid Pessah
Chief Financial Officer
(principal financial officer)Principal Financial Officer)




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