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Commitment Type Revolver Commitment Expiration Date 05/10/20302024-12-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date June 18, 20252025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Great Day Improvements LLC Commitment Type Revolver Commitment Expiration Date 6/13/20302025-03-310001849894ck0001849894:BorrowingsBaseLessThan16XCombinedDebtAmountMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:RevolvingCreditFacilityMember2024-12-202024-12-200001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 10.43% (Incl 4.00% PIK) Maturity Date 6/18/20272024-12-310001849894ck0001849894:SPVIFacilityMember2022-12-150001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 10.95% Maturity Date 10/31/20282025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Learnosity - Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.55% Maturity Date 1/15/20312025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Delayed Draw Commitment Expiration Date 5/22/20262025-03-310001849894Foreign Currency Forward Contracts Seven - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Red Fox CD Acquisition Corp. Commitment Type Delayed Draw Commitment Expiration Date 3/4/20302024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Best Trash LLC Commitment Type Revolver Commitment Expiration Date 7/10/20312025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 10.95% Maturity Date 10/31/20282025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business RPX Corporation - Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.57% Maturity Date 8/2/20302025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Total Unfunded Commitments2024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 4/28/20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate ALF Finance Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% PIK Maturity Date 12/10/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure2025-03-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date June 30, 20252025-03-310001849894us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. 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Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.08% Maturity Date 5/3/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Great Day Improvements LLC - Revolving Credit Facility Reference Rate and Spread S + 5.76% Interest Rate Floor 1.50% Interest Rate 10.07% Maturity Date 6/13/20302024-01-012024-12-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:FirstLienDebtMember2024-01-012024-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries2024-12-310001849894us-gaap:SubordinatedDebtMember2025-03-310001849894ck0001849894:SeriesANotesMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals CareVet LLC - Term Loan B Interest Rate 14.75% (Incl 7.5% PIK) Maturity Date 6/18/20292025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw One Commitment Expiration Date 7/1/2028 One2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 4/28/2025 One2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Trillium FlowControl Commitment Type Delayed Draw Commitment Expiration Date 12/20/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable Valeron Group, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 5.50% Interest Rate Floor 0.00% Interest Rate 9.83% Maturity Date 10/18/20312025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Total Unfunded Commitments2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Dellner Couplers Group AB Reference Rate and Spread L + 5.50% Interest Rate Floor 0.50% Interest Rate 8.22% Maturity Date 6/29/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 10/29/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Fourth Amended Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 10.67% Maturity Date 6/10/20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. 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Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.61% Maturity Date 7/2/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Cook & Boardman Group Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.33% Maturity Date 3/4/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Legends Hospitality Holding Company - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 8/22/20312025-03-310001849894ck0001849894:SubscriptionFacilityMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. 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Reference Rate and Spread S + 5.75% Interest Rate Floor 1% Interest Rate 10.08% Maturity Date 5/31/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Clarion Events Limited Reference Rate and Spread S + 5.73% Interest Rate Floor 1.00% Interest Rate 9.38% Maturity Date 9/30/20272025-03-310001849894srt:MinimumMemberck0001849894:NotePurchaseAgreementMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Legends Hospitality Holding Company Reference Rate and Spread S + 5.50% Interest Rate Floor 0.75% Interest Rate 9.83% (Incl 2.75% PIK) Maturity Date 8/22/20312025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business ASC Engineered Solutions Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.59% Maturity Date 7/10/20312024-12-310001849894Investments Investments - non-controlled/non-affiliated Subordinated Debt2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.30% Maturity Date 1/31/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate ALF Finance - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% PIK Maturity Date 12/10/20292025-01-012025-03-310001849894us-gaap:PreferredStockMember2024-03-310001849894us-gaap:CollateralizedDebtObligationsMember2025-01-012025-03-310001849894ck0001849894:SixPointTwoFiveZeroPercentageNotesDueTwoThousandAndThirtyMemberus-gaap:SubsequentEventMember2025-04-020001849894us-gaap:RevolvingCreditFacilityMember2024-01-012024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date March 19, 20252024-01-012024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date September 30, 20272025-03-310001849894Investments Investments - 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Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.05% Maturity Date 12/27/20282025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Pharmalogic Holdings Corp Commitment Type Delayed Draw Commitment Expiration Date 6/21/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals PetVet Care Centers - Revolving Credit Facility Reference Rate and Spread S + 6.00% Interest Rate Floor 0.75% Interest Rate 10.31% Maturity Date 11/15/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. 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Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.61% Maturity Date 3/31/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.26% Maturity Date 8/16/20272025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Confluent Holdings LLC Commitment Type Delayed Draw Commitment Expiration Date 3/28/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Revolver Commitment Expiration Date 7/1/20262024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 8.26% Interest Rate Floor 1.00% Interest Rate 12.85% (Incl 5.85% PIK) Maturity Date 9/30/20282024-12-310001849894us-gaap:FixedIncomeInterestRateMember2025-01-012025-03-310001849894us-gaap:RetainedEarningsMember2024-01-012024-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Great Day Improvements LLC - Revolving Credit Facility Reference Rate and Spread S + 5.76% Interest Rate Floor 1.50% Interest Rate 9.93% Maturity Date 6/13/20302025-03-310001849894ck0001849894:ManagementFeesTwoMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Environmental Industries2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Hotel Equities Group, LLC Reference Rate and Spread S + 5.75% Interest Rate Floor 2.00% Interest Rate 10.38% Maturity Date 1/22/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Maxar Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.08% Maturity Date 5/3/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Red Fox CD Acquisition Corp. Commitment Type Delayed Draw Commitment Expiration Date 3/4/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Inmar, Inc. Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.36% Maturity Date 5/1/20262024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Sky Merger Sub, LLC - Revolving Credit Facility Reference Rate and Spread S + 6.60% Interest Rate Floor 1.50% Interest Rate 10.91% Maturity Date 5/28/20292024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Four Winds Interactive LLC Commitment Type Delayed Draw Commitment Expiration Date 2/20/20272025-01-012025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20252025-03-310001849894country:US2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Automotive Titan Purchaser, Inc. 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Reference Rate and Spread S + 6.10% Interest Rate Floor 1.00% Interest Rate 10.46% Maturity Date 5/16/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Alteryx, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.82% Maturity Date 3/19/20312025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt ALF Finance Commitment Type Delayed Draw Commitment Expiration Date 9/10/20252025-03-310001849894us-gaap:MoneyMarketFundsMember2024-01-012024-12-310001849894ck0001849894:FirstLienDebtMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Onbe Inc. Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.82% Maturity Date 7/25/20312025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Four Winds Interactive LLC - Revolving Credit Facility Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.80% Maturity Date 2/20/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable Parfums Holdings Co Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.58% Maturity Date 6/27/20302024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Revolver Commitment Expiration Date 1/9/20282024-12-310001849894country:IE2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business SurveyMonkey Global Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.05% Maturity Date 5/31/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Southampton FC Reference Rate and Spread SO + 6.00% Interest Rate Floor 0.00% Interest Rate 10.85% Maturity Date 9/23/20292024-01-012024-12-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueBlackScholesMember2025-03-310001849894Foreign Currency Forward Contracts2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Inframark Commitment Type Delayed Draw Commitment Expiration Date 7/31/20262025-03-310001849894Cash and Cash Equivalents2025-03-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberck0001849894:ValuationTechniqueBlackScholesMemberus-gaap:WarrantMembersrt:MaximumMember2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 10.75% Maturity Date 6/10/20262024-12-310001849894Investments Investments - non-controlled/non-affiliated Preferred Equity2024-12-310001849894ck0001849894:MarchTwentySevenTwoThousandTwentyFourMemberck0001849894:SubscriptionAgreementsMember2025-03-310001849894ck0001849894:SPVIFacilityMember2024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. Second Incremental Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.54% Maturity Date 1/2/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business AVSC Holding Corporation Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.36% Maturity Date 12/5/20312024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Revolver Commitment Expiration Date 9/9/20282024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 4/28/2025 One2025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Best Trash LLC Commitment Type Delayed Draw Commitment Expiration Date 7/10/20262025-03-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.49% Maturity Date 1/9/20302024-12-310001849894ck0001849894:DecemberTwentyEightTwoThousandTwentyThreeMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business Trace3 Inc. Reference Rate and Spread S + 7.76% Interest Rate Floor 0.50% Interest Rate 12.05% Maturity Date 10/8/20292025-03-310001849894us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001849894:ValuationTechniqueRecentTransactionMemberck0001849894:MeasurementInputTransactionPriceMemberus-gaap:SubordinatedDebtMember2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 5/28/20292024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Red Fox CD Acquisition Corp.Commitment Type Delayed Draw Commitment Expiration Date 3/4/20302024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date March 31, 20252024-01-012024-12-310001849894ck0001849894:AdvisoryAgreementMemberck0001849894:AdviserMember2024-01-012024-03-310001849894Foreign Currency Forward Contracts Two- Derivative Counterparty Macquarie Settlement Date July 31, 20252024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan A Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.28% Maturity Date 8/16/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC – Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.33% Maturity Date 7/10/20312024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt PetVet Care Centers Commitment Type Delayed Draw Commitment Expiration Date 11/15/20252025-01-012025-03-310001849894ck0001849894:SubscriptionAgreementsMember2025-01-012025-03-310001849894country:GB2024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 29, 20282025-03-310001849894Investments Investments - 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Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.73% Maturity Date 1/2/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC – Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.31% Maturity Date 7/10/20312024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt PetVet Care Centers Commitment Type Revolver Commitment Expiration Date 11/15/20292025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Delayed Draw Commitment Expiration Date 3/1/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business BDO USA, P.C. Reference Rate and Spread S + 5.00% Interest Rate Floor 2.00% Interest Rate 9.52% Maturity Date 8/31/20282024-01-012024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date September 30, 20262025-03-310001849894country:CH2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries TIC Bidco LTD - Delayed Draw Term Loan Reference Rate and Spread SO + 5.00% Interest Rate Floor 0.00% Interest Rate 9.70% Maturity Date 6/16/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate ALF Finance Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% PIK Maturity Date 12/10/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC – Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.31% Maturity Date 7/10/20312024-12-310001849894ck0001849894:JulyFifteenTwoThousandTwentyTwoMember2025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 11/17/20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Victra Finance Corp. 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Reference Rate and Spread S + 5.00% Interest Rate Floor 0.50% Interest Rate 9.32% Maturity Date 2/13/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Retail Xponential Fitness LLC Reference Rate and Spread S + 6.61% Interest Rate Floor 1.00% Interest Rate 11.07% Maturity Date 8/1/20272025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt AVSC Holding Corporation Commitment Type Revolver Commitment Expiration Date 12/5/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/20292025-03-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date December 31, 20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Confluent Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 2.00% Interest Rate 11.30% Maturity Date 3/28/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd -Delayed Draw Term Loan Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 10.40% (Incl 3.00% PIK) Maturity Date 6/18/20272025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Hotel Equities Group, LLC Commitment Type Revolver Commitment Expiration Date 1/22/20292025-03-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date June 30, 20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.04% Maturity Date 7/1/20282025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business Trace3 Inc. Term Loan Reference Rate and Spread S + 7.76% Interest Rate Floor 0.50% Interest Rate 12.42% Maturity Date 10/8/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate ALF Finance Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.33% PIK Maturity Date 12/10/20292024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Cadogan Tate Commitment Type Revolver Commitment Expiration Date 10/31/20312025-01-012025-03-310001849894ck0001849894:EnvironmentalIndustriesMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.26% Maturity Date 8/16/20272025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Legends Hospitality Holding Company Reference Rate and Spread S + 5.50% Interest Rate Floor 0.75% Interest Rate 10.02% (Incl 2.75% PIK) Maturity Date 8/22/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate ALF Finance - Delayed Draw Term Loan Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.33% PIK Maturity Date 12/10/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Cook & Boardman Group - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.33% Maturity Date 3/4/20302024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Systems Planning and Analysis, Inc Commitment Type Delayed Draw Commitment Expiration Date 8/16/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals PetVet Care Centers - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 0.75% Interest Rate 10.30% Maturity Date 11/15/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.36% Maturity Date 06/21/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate ALF Finance - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% PIK Maturity Date 12/10/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Cook & Boardman Group - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.33% Maturity Date 3/4/20302024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Delayed Draw Term Loan - Incremental Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.05% Maturity Date 7/1/20282025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt USA Debusk LLC Commitment Type Delayed Draw Commitment Expiration Date 4/30/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Cadogan Tate - Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 10.06% Maturity Date 10/31/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Legends Hospitality Holding Company Reference Rate and Spread S + 5.50% Interest Rate Floor 0.75% Interest Rate 10.02% (Incl 2.75% PIK) Maturity Date 8/22/20312024-12-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date June 30, 20262025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Confluent Holdings LLC Commitment Type Delayed Draw Commitment Expiration Date 3/28/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. Reference Rate and Spread S + 5.60% Interest Rate Floor 0.00% Interest Rate 9.96% Maturity Date 4/9/20262024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Confluent Holdings LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 2.00% Interest Rate 11.33% Maturity Date 3/28/20292024-01-012024-12-310001849894us-gaap:TransportationSectorMember2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Revolver Commitment Expiration Date 6/18/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Sheffield United F.C. Interest Rate 10.70% Maturity Date 7/22/20262024-12-310001849894ck0001849894:SeriesDNotesMember2024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Sky Merger Sub, LLC Reference Rate and Spread S + 6.60% Interest Rate Floor 1.50% Interest Rate 11.11% Maturity Date 5/28/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated Preferred Equity Banking, Finance, Insurance & Real Estate Accession Risk Management - Preferred Stock Interest Rate 13.25% PIK Maturity Date 8/15/20332025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries SMX Group Intermediate Holdings LLC Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.80% Maturity Date 2/6/20322025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 10.75% Maturity Date 6/10/20262024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Delayed Draw Commitment Expiration Date 3/1/20262025-03-310001849894ck0001849894:ServicesConsumerMember2025-03-310001849894us-gaap:CommonStockMember2023-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Delayed Draw Commitment Expiration Date 3/1/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.30% Maturity Date 6/21/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production AVSC Holding Corporation - Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.32% Maturity Date 12/5/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business USA Debusk LLC - Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.54% Maturity Date 4/30/20312025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.34% Maturity Date 7/1/20282024-01-012024-12-310001849894ck0001849894:TransportationConsumerMember2025-03-310001849894ck0001849894:DerivativeCounterpartyMacquarieMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Legends Hospitality Holding Company – Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.31% Maturity Date 8/22/20312024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/20272025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/28/20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 10/29/20302025-03-310001849894ck0001849894:BankingFinanceInsuranceAndRealestateMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Maxar Technologies Inc. Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.05% Maturity Date 5/3/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Confluent Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 2.00% Interest Rate 11.33% Maturity Date 3/28/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 8/16/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Dellner Couplers Group AB Reference Rate and Spread L + 5.50% Interest Rate Floor 0.50% Interest Rate 8.22% Maturity Date 6/29/20292024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Red Fox CD Acquisition Corp. 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Reference Rate and Spread S + 6.10% Interest Rate Floor 1.00% Interest Rate 10.42% Maturity Date 5/16/20312025-01-012025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date July 14, 20282024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt PetVet Care Centers Commitment Type Delayed Draw Commitment Expiration Date 11/15/20302024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/28/20292024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Cadogan Tate Commitment Type Delayed Draw Commitment Expiration Date 10/31/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Brock Holdings III, LLC Reference Rate and Spread S + 6.00% Interest Rate Floor 0.50% Interest Rate 10.33% Maturity Date 5/1/20302024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date June 30, 20262024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt CoreWeave Compute Acquisition Co., IV, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/16/20252025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Ligado Networks LLC Commitment Type Delayed Draw Commitment Expiration Date 6/30/20252025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/28/20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.22% Maturity Date 8/16/20272025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. DDTL B Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.55% Maturity Date 1/2/20292025-01-012025-03-310001849894ck0001849894:DecemberTwentyOneTwoThousandTwentyOneMemberck0001849894:SubscriptionAgreementsMember2025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 2/16/20262025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/20282025-03-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date May 27, 20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Consumer Beacon Mobility Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 8.60% Interest Rate Floor 0.00% Interest Rate 12.92% PIK Maturity Date 12/31/20252025-03-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueBlackScholesMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Automotive Titan Purchaser, Inc. Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.34% Maturity Date 3/1/20302024-12-310001849894Foreign Currency Forward Contracts Three - Derivative Counterparty Macquarie Settlement Date June 18, 20252025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:FirstLienDebtMember2024-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals CareVet LLC - Delayed Draw Term Loan B Reference Rate and Spread S + 6.00% Interest Rate Floor 2.00% Interest Rate 10.30% Maturity Date 6/18/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Innovate Corp. Interest Rate 8.50% Maturity Date 2/1/20262024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Alteryx, Inc. 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DDTL B Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.58% Maturity Date 1/2/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 8.26% Interest Rate Floor 1.00% Interest Rate 12.85% (Incl 5.85% PIK) Maturity Date 9/30/20282024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated Preferred Equity Banking, Finance, Insurance & Real Estate Accession Risk Management - Preferred Stock Interest Rate 13.25% PIK Maturity Date 8/15/20332024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date August 27, 20252025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Parfums Holding Co Inc Commitment Type Revolver Commitment Expiration Date 6/27/20292025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date August 27, 20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Sky Merger Sub, LLC Reference Rate and Spread S + 6.60% Interest Rate Floor 1.50% Interest Rate 10.91% Maturity Date 5/28/20292024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20252024-01-012024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20252024-01-012024-12-310001849894ck0001849894:SeriesANotesMember2025-03-310001849894ck0001849894:MacquarieBankLimitedMemberck0001849894:RepurchaseObligationsMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Carevet LLC Commitment Type Revolver Commitment Expiration Date 6/18/20292025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMembersrt:MinimumMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMember2024-12-310001849894Investments Investments - 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non-controlled/non-affiliated First Lien Debt2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Legends Hospitality Commitment Type Delayed Draw Commitment Expiration Date 8/22/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Clarion Events Limited Reference Rate and Spread S + 5.73% Interest Rate Floor 1.00% Interest Rate 9.38% Maturity Date 9/30/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer FEG, Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.56% Maturity Date 5/10/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Victra Finance Corp. Reference Rate and Spread S + 4.25% Interest Rate Floor 0.75% Interest Rate 8.57% Maturity Date 3/29/20292025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMembersrt:MaximumMember2025-03-310001849894ck0001849894:IndependentPricingServiceOrDirectlyFromIndependentBrokerMember2025-03-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMember2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/20292025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Highgate Hotels, L.P. Commitment Type Revolver Commitment Expiration Date 11/3/20292025-03-310001849894Foreign Currency Forward Contracts Three - Derivative Counterparty Macquarie Settlement Date July 31, 20252024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw One Commitment Expiration Date 7/1/2028 One2024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Delayed Draw Commitment Expiration Date 6/18/20262025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Pharmalogic Holdings Corp Commitment Type Delayed Draw Commitment Expiration Date 6/21/20302024-01-012024-12-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-03-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date February 26, 20272025-01-012025-03-310001849894ck0001849894:AdministratorMemberck0001849894:AdministrationAgreementMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business DISA Holdings Corp Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.50% Maturity Date 9/9/20282024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. - Incremental Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 1/9/20302025-03-310001849894ck0001849894:SeptemberTwentySevenTwoThousandTwentyFourMember2025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Inframark Commitment Type Delayed Draw Commitment Expiration Date 7/31/20262025-01-012025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date November 28, 20252025-01-012025-03-310001849894Portfolio Investments, Cash and Cash Equivalents2025-03-310001849894ck0001849894:SubscriptionAgreementsMember2025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Valeron Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/30/20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries TIC Bidco LTD - Delayed Draw Term Loan Reference Rate and Spread SO + 5.00% Interest Rate Floor 0.00% Interest Rate 9.46% Maturity Date 6/16/20312025-03-310001849894country:US2025-03-310001849894ck0001849894:WholesaleMember2024-12-310001849894ck0001849894:SPVIFacilityMember2024-04-070001849894us-gaap:RevolvingCreditFacilityMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated Subordinated Debt Healthcare & Pharmaceuticals Solvias AG - Holdco Note Interest Rate 12.50% PIK Maturity Date 2/27/20332025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/20272025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 29, 20282025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building2025-03-310001849894ck0001849894:DerivativeCounterpartyMacquarieMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt FEG, Inc. Commitment Type Revolver Commitment Expiration Date 5/10/20302025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Revolver Commitment Expiration Date 6/18/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Neptune Platform Buyer, LLC Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.58% Maturity Date 1/19/20312024-12-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMembersrt:MaximumMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals CareVet LLC - Delayed Draw Term Loan B Reference Rate and Spread S + 6.00% Interest Rate Floor 2.00% Interest Rate 10.31% Maturity Date 6/18/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate2024-12-310001849894ck0001849894:SeriesFNotesMember2024-01-012024-12-310001849894us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 4/28/20252025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Delayed Draw Commitment Expiration Date 3/1/20262025-03-310001849894ck0001849894:CapitalEquipmentMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd -Delayed Draw Term Loan Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 10.40% (Incl 3.00% PIK) Maturity Date 6/18/20272025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 8.50% Interest Rate Floor 2.50% Interest Rate 12.99% ( Incl 2.00% P I K) Maturity Date 3/9/20292024-01-012024-12-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date July 31, 20252024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 11/17/20252025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Azurite Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 3/19/20312024-12-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date March 29, 20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Confluent Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 2.00% Interest Rate 11.33% Maturity Date 3/28/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business DISA Holdings Corp - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.40% Maturity Date 9/9/20282024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.30% Maturity Date 7/10/20312025-03-310001849894Foreign Currency Forward Contracts Six - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-03-310001849894us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001849894:MeasurementInputTransactionPriceMemberck0001849894:ValuationTechniqueRecentTransactionMemberck0001849894:FirstLienDebtMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.04% Maturity Date 7/1/20282025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt K1 Speed Inc. Commitment Type Delayed Draw Commitment Expiration Date 1/2/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Revolver Commitment Expiration Date 7/1/20282024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Delayed Draw Commitment Expiration Date 2/26/2027 One2025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 3/15/20282025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 3/15/20282025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 4/28/20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable Parfums Holdings Co Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.58% Maturity Date 6/27/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Confluent Holdings LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 2.00% Interest Rate 11.30% Maturity Date 3/28/20292025-01-012025-03-310001849894Foreign Currency Forward Contracts Six - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. - Revolving Credit Facility Reference Rate and Spread S + 4.65% Interest Rate Floor 1.00% Interest Rate 8.96% Maturity Date 11/29/20272024-12-310001849894ck0001849894:ManagementFeesTwoMember2024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 7.54% Interest Rate Floor 0.50% Interest Rate 11.86% Maturity Date 3/15/20302025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:FirstLienDebtMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Aviation Institute of Maintenance Reference Rate and Spread S + 7.00% Interest Rate Floor 1.50% Interest Rate 11.30% Maturity Date 5/3/20292025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Delayed Draw Commitment Expiration Date 9/9/20282024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Four Winds Interactive LLC Commitment Type Revolver Commitment Expiration Date 2/20/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Clarion Events Limited Reference Rate and Spread S + 5.73% Interest Rate Floor 1.00% Interest Rate 9.38% Maturity Date 9/30/20272025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 8.50% Interest Rate Floor 2.50% Interest Rate 12.82% (Incl 2.00% PIK) Maturity Date 3/9/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. One Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.49% Maturity Date 1/9/20302024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Revolver Commitment Expiration Date 6/18/20292024-12-310001849894ck0001849894:JuneTwentyThreeTwoThousandTwentyTwoMemberck0001849894:SubscriptionAgreementsMember2025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Trillium FlowControl Commitment Type Delayed Draw Commitment Expiration Date 12/20/20292024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt RPX Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Cadogan Tate Commitment Type Revolver Commitment Expiration Date 10/31/20312024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt USA Debusk LLC Commitment Type Revolver Commitment Expiration Date 4/30/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Spartan College LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.50% Interest Rate 11.30% Maturity Date 3/25/20312025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Boasso Global Commitment Type Revolver Commitment Expiration Date 7/1/20262025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Revolver Commitment Expiration Date 10/29/20292025-03-310001849894ck0001849894:MarchTwentySevenTwoThousandTwentyFourMemberck0001849894:SubscriptionAgreementsMember2025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Parfums Holding Co Inc Commitment Type Revolver Commitment Expiration Date 6/27/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business SurveyMonkey Global Inc. Reference Rate and Spread S + 5.75% Interest Rate Floor 1% Interest Rate 10.08% Maturity Date 5/31/20302024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/20282025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 7.54% Interest Rate Floor 0.50% Interest Rate 11.89% Maturity Date 3/15/20302024-12-3100018498942025-05-140001849894Investments—non-controlled/non-affiliated First Lien Debt Azurite Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 3/19/20312025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Pharmalogic Holdings Corp Commitment Type Delayed Draw Commitment Expiration Date 6/21/20262025-03-310001849894ck0001849894:SecondLienDebtMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Spartan College LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.50% Interest Rate 11.30% Maturity Date 3/25/20312025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMembersrt:MinimumMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMemberck0001849894:FirstLienDebtMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Great Day Improvements LLC Commitment Type Revolver Commitment Expiration Date 6/13/20302025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Trillium FlowControl Commitment Type Revolver Commitment Expiration Date 12/20/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium FlowControl - Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.56% Maturity Date 12/20/20292024-01-012024-12-310001849894ck0001849894:SeriesGNotesMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business USA Debusk LLC - Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.57% Maturity Date 4/30/20302025-01-012025-03-310001849894ck0001849894:SeriesBNotesMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.32% Maturity Date 6/21/20302025-03-310001849894ck0001849894:SeriesFNotesMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd -Delayed Draw Term Loan Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 10.43% (Incl 4.00% PIK) Maturity Date 6/18/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Aviation Institute of Maintenance - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.50% Interest Rate 11.30% Maturity Date 5/3/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business USA Debusk LLC Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.54% Maturity Date 4/30/20312025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Inmar, Inc. Reference Rate and Spread S + 5.00% Interest Rate Floor 0.00% Interest Rate 9.32% Maturity Date 10/30/20312025-01-012025-03-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date March 31, 20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Sky Merger Sub, LLC - Revolving Credit Facility Reference Rate and Spread S + 6.60% Interest Rate Floor 1.50% Interest Rate 10.90% Maturity Date 5/28/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Confluent Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 2.00% Interest Rate 11.30% Maturity Date 3/28/20292025-01-012025-03-310001849894ck0001849894:TelecommunicationsMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure ClubCorp Holdings Inc. Reference Rate and Spread S + 5.26% Interest Rate Floor 0.00% Interest Rate 9.59% Maturity Date 9/18/20262024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 11/17/20252025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:PreferredEquityMember2024-01-012024-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. Second Incremental Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.82% Maturity Date 1/2/20292024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Parfums Holding Co Inc Commitment Type Revolver Commitment Expiration Date 6/27/20292024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Delayed Draw One Commitment Expiration Date 6/18/20292024-12-310001849894ck0001849894:AdvisoryAgreementMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber TPC Group, Inc. Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 10.05% Maturity Date 11/24/20312025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan A Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.32% Maturity Date 8/16/20272025-01-012025-03-310001849894Foreign Currency Forward Contracts Three - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-03-310001849894us-gaap:FairValueInputsLevel2Memberck0001849894:FirstLienDebtMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Carevet LLC Commitment Type Delayed Draw Commitment Expiration Date 6/18/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Highgate Hotels, L.P. Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.80% Maturity Date 11/5/20292025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Parfums Holding Co Inc Commitment Type Revolver Commitment Expiration Date 6/27/20292024-01-012024-12-310001849894Foreign Currency Forward Contracts Four - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Delayed Draw Term Loan Reference Rate and Spread S +4.75% Interest Rate Floor 0.75% Interest Rate 9.34% Maturity Date 7/1/20282024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Ethos Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.32% Maturity Date 12/30/20292024-01-012024-12-310001849894Foreign Currency Forward Contracts Four - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Great Day Improvements LLC Reference Rate and Spread S + 5.76% Interest Rate Floor 1.50% Interest Rate 10.01% Maturity Date 6/13/20302024-12-310001849894ck0001849894:SPVIFacilityMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals CareVet LLC - Term Loan A Reference Rate and Spread S + 6.00% Interest Rate Floor 2.00% Interest Rate 10.33% Maturity Date 6/18/20292024-01-012024-12-310001849894us-gaap:PreferredStockMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. 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Commitment Type Delayed Draw Commitment Expiration Date 11/30/20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Highgate Hotels, L.P. Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.80% Maturity Date 11/5/20292025-01-012025-03-310001849894ck0001849894:SeriesBNotesMember2024-08-070001849894ck0001849894:SeriesDNotesMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated Preferred Equity Services: Consumer2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. One Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.32% Maturity Date 6/21/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.50% Maturity Date 1/31/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium FlowControl Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.60% Maturity Date 12/20/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Sovereign & Public Finance Cotulla Acquisition Co. 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Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.80% Maturity Date 2/23/20322025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Four Winds Interactive LLC Commitment Type Delayed Draw Commitment Expiration Date 2/20/20272025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries2025-03-310001849894ck0001849894:ConsumerGoodsDurableMember2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Delayed Draw Commitment Expiration Date 12/18/20252025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 5/28/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable Parfums Holdings Co. - Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.55% Maturity Date 6/27/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. 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Commitment Type Revolver Commitment Expiration Date 05/10/20302024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. One Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.32% Maturity Date 6/21/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Broadcasting & Subscription E.W. 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Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 10.94% Maturity Date 10/31/20282025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business RPX Corporation Reference Rate and Spread S + 5.50% Interest Rate Floor 1% Interest Rate 9.83% Maturity Date 8/2/20302024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Four Winds Interactive LLC Commitment Type Delayed Draw Commitment Expiration Date 2/20/20272025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business DISA Holdings Corp. 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Commitment Type Delayed Draw Commitment Expiration Date 12/27/20282024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt USA Debusk LLC Commitment Type Revolver Commitment Expiration Date 4/30/20302025-01-012025-03-310001849894us-gaap:CommonStockMember2024-03-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date March 31, 20252024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Cadogan Tate - Revolving Credit Facility Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 10.13% Maturity Date 10/31/20312024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Texas Hydraulics Reference Rate and Spread S + 6.25% Interest Rate Floor 2.00% Interest Rate 10.61% Maturity Date 11/20/20302024-01-012024-12-310001849894ck0001849894:DecemberTwentyOneTwoThousandTwentyOneMemberck0001849894:SubscriptionAgreementsMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Townsquare Media Inc. 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Commitment Type Delayed Draw Commitment Expiration Date 1/2/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan Reference Rate and Spread N/A Interest Rate Floor N/A Interest Rate 17.50% PIK Maturity Date 6/30/20252025-03-310001849894Investments - non-controlled/non-affiliated First Lien Debt Total Unfunded Commitments2025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date March 19, 20252024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. DDTL B Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.55% Maturity Date 1/2/20292025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMemberck0001849894:FirstLienDebtMember2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt SurveyMonkey Global Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Cadogan Tate Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 10.27 Maturity Date 10/31/20312024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Delayed Draw Commitment Expiration Date 5/22/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. Reference Rate and Spread S + 4.65% Interest Rate Floor 1.00% Interest Rate 9.16% Maturity Date 11/29/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Gainwell Acquisition Corp Reference Rate and Spread S + 4.10% Interest Rate Floor 0.75% Interest Rate 8.43% Maturity Date 10/1/20272024-01-012024-12-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMembersrt:MaximumMemberck0001849894:SecondLienDebtMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Sky Merger Sub, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 6.60% Interest Rate Floor 1.50% Interest Rate 10.90% Maturity Date 5/28/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 10/29/20302025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date July 15, 20272025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC – Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.33% Maturity Date 7/10/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Ardonagh Midco 3 PLC Reference Rate and Spread S + 4.75% Interest Rate Floor 0.50% Interest Rate 9.90% Maturity Date 2/15/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Environmental Industries Inframark Reference Rate and Spread S + 5.50% Interest Rate Floor 0.75% Interest Rate 10.09% (Incl 3.00% PIK) Maturity Date 7/31/20312024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Alteryx, Inc. Delayed Draw Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.86% Maturity Date 3/19/20312024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Watchguard Technologies, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.61% Maturity Date 7/2/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Alteryx, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.80% Maturity Date 3/19/20312025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Inframark Commitment Type Delayed Draw Commitment Expiration Date 7/31/20312024-01-012024-12-310001849894 Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date July 14, 20282024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Revolving Credit Facility Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.05% Maturity Date 7/1/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business BDO USA, P.C. Reference Rate and Spread S + 5.00% Interest Rate Floor 2.00% Interest Rate 9.52% Maturity Date 8/31/20282024-12-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date December 31, 20252025-01-012025-03-310001849894country:IE2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners - Revolving Credit Facility Incremental Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.56% Maturity Date 10/29/20292024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date September 30, 20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production AVSC Holding Corporation Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.32% Maturity Date 12/5/20312025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/20292025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Boasso Global Commitment Type Revolver Commitment Expiration Date 7/1/20262025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Revolver Commitment Expiration Date 10/29/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business DISA Holdings Corp - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.40% Maturity Date 9/9/20282024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt PetVet Care Centers Commitment Type Revolver Commitment Expiration Date 11/15/20292025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/28/20292024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Revolver Commitment Expiration Date 10/29/2029 One2025-01-012025-03-310001849894ck0001849894:SecondLienDebtMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Brock Holdings III, LLC Reference Rate and Spread S + 6.00% Interest Rate Floor 0.50% Interest Rate 10.30% Maturity Date 5/1/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business USA Debunk LLC – Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.61% Maturity Date 4/30/20302024-01-012024-12-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:FirstLienDebtMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure ClubCorp Holdings Inc. Reference Rate and Spread S + 5.26% Interest Rate Floor 0.00% Interest Rate 9.56% Maturity Date 9/18/20262025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:ValuationTechniqueRecentTransactionMemberck0001849894:MeasurementInputTransactionPriceMemberck0001849894:FirstLienDebtMembersrt:MaximumMember2024-12-310001849894ck0001849894:SixPointTwoFiveZeroPercentageNotesDueTwoThousandAndThirtyMemberus-gaap:InterestRateSwapMemberus-gaap:SubsequentEventMemberck0001849894:ThreeMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-04-020001849894Investments - non-controlled /non-affiliated First Lien Debt Ligado Networks LLC Commitment Type Delayed Draw Commitment Expiration Date 6/30/20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable GSM Outdoors Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.33% Maturity Date 9/30/20312024-12-310001849894ck0001849894:OctoberThirtyOneTwoThousandTwentyFourMemberck0001849894:SubscriptionAgreementsMember2025-03-310001849894ck0001849894:DecemberTwentyNineTwoThousandTwentyTwoMemberck0001849894:SubscriptionAgreementsMember2025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date June 30, 20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Highgate Hotels, L.P. - Revolving Credit Facility Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.81% Maturity Date 11/3/20292024-01-012024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date May 27, 20262025-01-012025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date J 31, 20252024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable 1440 Foods Topco LLC Reference Rate and Spread S + 5.00% Interest Rate Floor 0.00% Interest Rate 9.32% Maturity Date 10/31/20312025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Onbe Inc. Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.86% Maturity Date 7/25/20312024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Watchguard Technologies, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.57% Maturity Date 7/2/20292025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date November 27, 20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.31% Maturity Date 06/21/20302024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business SurveyMonkey Global Inc. Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.05% Maturity Date 5/31/20302025-03-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date July 31, 20252024-01-012024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date September 30, 20272025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Trillium FlowControl Commitment Type Delayed Draw Commitment Expiration Date 6/20/20262025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Cadogan Tate Commitment Type Revolver Commitment Expiration Date 10/31/20312025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Four Winds Interactive LLC Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.80% Maturity Date 2/20/20302025-03-310001849894ck0001849894:SixPointTwoFiveZeroPercentageNotesDueTwoThousandAndThirtyMemberus-gaap:SubsequentEventMember2025-04-022025-04-020001849894Foreign Currency Forward Contracts Three - Derivative Counterparty Macquarie Settlement Date July 31, 20252025-01-012025-03-310001849894us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 10.67% Maturity Date 6/10/20262025-01-012025-03-310001849894ck0001849894:SPVIFacilityMemberck0001849894:CreditSpreadAdjustmentMember2022-11-212022-11-210001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. Reference Rate and Spread S + 6.50% Interest Rate Floor 1.00% Interest Rate 10.67% Maturity Date 6/10/20262025-01-012025-03-310001849894ck0001849894:DecemberTwentyNineTwoThousandTwentyTwoMemberck0001849894:SubscriptionAgreementsMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Alteryx, Inc. Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.86% Maturity Date 3/19/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Sandlot Baseball Borrower Co. - Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Interest Rate Floor 1.00% Interest Rate 10.05% Maturity Date 12/27/20282025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Highgate Hotels, L.P. Commitment Type Revolver Commitment Expiration Date 11/3/20292024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 2/16/20262025-01-012025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Four Winds Interactive LLC Commitment Type Revolver Commitment Expiration Date 2/20/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber TPC Group, Inc. Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 10.11% Maturity Date 11/24/20312024-01-012024-12-310001849894ck0001849894:MarchTwentySevenTwoThousandTwentyFiveMember2025-01-012025-03-310001849894us-gaap:FairValueInputsLevel2Memberck0001849894:FirstLienDebtMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Broadcasting & Subscription E.W. Scripps Interest Rate 5.88% Maturity Date 7/15/20272024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals CareVet LLC - Term Loan A Reference Rate and Spread S + 6.00% Interest Rate Floor 2.00% Interest Rate 10.33% Maturity Date 6/18/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals PetVet Care Centers - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 0.75% Interest Rate 10.31% Maturity Date 11/15/20302024-12-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date July 31, 20252024-01-012024-12-310001849894ck0001849894:SecondLienDebtMember2025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date September 30, 20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Hotel Equities Group, LLC - Revolving Credit Facility Reference Rate and Spread S + 5.75% Interest Rate Floor 2.00% Interest Rate 10.06% Maturity Date 1/22/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 10.25% Maturity Date 8/16/20272024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Neptune Platform Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 1/19/20312024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Klockner Pentaplast of America Inc. Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 9.23% Maturity Date 2/9/20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners - Delayed Draw Term Loan Second Incremental Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.05% Maturity Date 10/29/20302025-03-310001849894ck0001849894:ContainersPackagingAndGlassMember2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Legends Hospitality Commitment Type Revolver Commitment Expiration Date 8/22/20312024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/20272024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass2024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20252024-12-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date July 31, 20252024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Dellner Couplers Group AB Reference Rate and Spread E + 5.50% Interest Rate Floor 0.50% Interest Rate 7.87% Maturity Date 6/29/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Red Fox CD Acquisition Corp. Commitment Type Delayed Draw Commitment Expiration Date 11/30/20252025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt K1 Speed Inc. Commitment Type Delayed Draw Commitment Expiration Date 1/2/20262025-01-012025-03-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date June 30, 20262025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Legends Hospitality Commitment Type Revolver Commitment Expiration Date 8/22/20302025-01-012025-03-310001849894ck0001849894:LoanRepurchaseObligationsMember2025-03-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date March 29, 20292025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/28/20262025-01-012025-03-310001849894ck0001849894:SixPointTwoFiveZeroPercentageNotesDueTwoThousandAndThirtyMember2025-01-012025-03-310001849894Total derivatives2025-03-310001849894ck0001849894:SeriesBNotesMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business ASC Engineered Solutions Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.59% Maturity Date 7/10/20312024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Azurite Intermediate Holdings, Inc. Commitment Type Revolver Commitment Expiration Date 3/19/20312024-01-012024-12-310001849894ck0001849894:SpvIiFacilityMember2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Hotel Equities Group, LLC Reference Rate and Spread S + 5.75% Interest Rate Floor 2.00% Interest Rate 10.04% Maturity Date 1/22/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Elessent Clean Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% Maturity Date 11/15/20292025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Delayed Draw Commitment Expiration Date 6/18/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners - Delayed Draw Term Loan Incremental Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.61% Maturity Date 10/29/20302024-12-310001849894Foreign Currency Forward Contracts Two - Derivative Counterparty Macquarie Settlement Date June 18, 20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Sotheby's Reference Rate and Spread N/A Interest Rate Floor N/A Interest Rate 7.38% Maturity Date 10/15/20272025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate Foundation Risk Partners - Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 10/29/20292025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/28/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.04% Maturity Date 7/1/20282025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Coreweave - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 0.00% Interest Rate 10.32% Maturity Date 8/29/20302025-01-012025-03-310001849894us-gaap:PreferredStockMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001849894:DebtSecuritizationMember2023-11-152023-11-150001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. 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Commitment Type Revolver Commitment Expiration Date 11/15/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer FEG, Inc Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.61% Maturity Date 5/10/20302024-01-012024-12-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date May 27, 20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas CITGO Petroleum Corp. Interest Rate 6.38% Maturity Date 6/15/20262024-12-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date March 19, 20262024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Elessent Clean Technologies Inc. Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.40% Maturity Date 11/15/20292024-01-012024-12-310001849894ck0001849894:AerospaceAndDefenseMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.30% Maturity Date 7/10/20312025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date July 15, 20272024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Trillium FlowControl Commitment Type Revolver Commitment Expiration Date 12/20/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure J&J Ventures Gaming LLC Reference Rate and Spread S + 5.11% Interest Rate Floor 0.75% Interest Rate 9.47% Maturity Date 4/26/20282024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Disa Holdings Corp. 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Reference Rate and Spread S + 5.75% Interest Rate Floor 0.00% Interest Rate 10.05% Maturity Date 11/24/20312025-01-012025-03-310001849894Foreign Currency Forward Contracts Three - Derivative Counterparty Macquarie Settlement Date December 31, 20252025-01-012025-03-310001849894ck0001849894:SeriesFNotesMemberus-gaap:InterestRateSwapMemberck0001849894:ThreeMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.24% Maturity Date 10/31/20282024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt FEG, Inc. Commitment Type Revolver Commitment Expiration Date 5/10/20302024-12-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Hotel, Gaming & Leisure Mohegan Gaming & Entertainment Interest Rate 8.00% Maturity Date 2/1/20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Cook & Boardman Group - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% Maturity Date 3/4/20302025-01-012025-03-310001849894ck0001849894:SpvIiFacilityMember2025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Valeron Group, LLC Commitment Type Delayed Draw Commitment Expiration Date 5/30/20252025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Pharmalogic Holdings Corp Commitment Type Delayed Draw Commitment Expiration Date 6/21/20262025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20272025-01-012025-03-310001849894ck0001849894:MarchTwentyEightTwoThousandTwentyFourMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Solvias AG Reference Rate and Spread SA + 5.50% Interest Rate Floor 0.75% Interest Rate 6.25% Maturity Date 2/27/20322025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:ValuationTechniqueRecentTransactionMemberck0001849894:MeasurementInputTransactionPriceMemberus-gaap:SubordinatedDebtMember2025-03-310001849894us-gaap:FixedIncomeInterestRateMember2024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Metropolis Technologies Inc. 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Reference Rate and Spread S + 4.61% Interest Rate Floor 0.50% Interest Rate 9.06% Maturity Date 5/30/20302024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Legends Hospitality Commitment Type Revolver Commitment Expiration Date 8/22/20312024-01-012024-12-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueBlackScholesMembersrt:MaximumMember2025-03-310001849894us-gaap:ForeignExchangeForwardMember2024-01-012024-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/20272025-01-012025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date December 31, 20272025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Automotive Titan Purchaser, Inc. Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 9.34% Maturity Date 3/1/20302024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Trillium FlowControl Commitment Type Revolver Commitment Expiration Date 12/20/20292024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 2/16/20262025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Klockner Pentaplast of America Inc. Reference Rate and Spread S + 4.75% Interest Rate Floor 0.00% Interest Rate 9.72% Maturity Date 2/9/20262024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated Preferred Equity2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals CareVet LLC - Delayed Draw Term Loan A Reference Rate and Spread S + 6.00% Interest Rate Floor 2.00% Interest Rate 10.30% Maturity Date 6/18/20292025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Best Trash LLC Commitment Type Delayed Draw Commitment Expiration Date 07/10/20312024-01-012024-12-310001849894us-gaap:InvestmentAffiliatedIssuerMember2024-01-012024-12-310001849894ck0001849894:AutomotiveMember2024-12-310001849894Foreign Currency Forward Contracts One - Derivative Counterparty Macquarie Settlement Date December 31, 20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.50% Maturity Date 1/31/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated Preferred Equity Services: Consumer2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals PetVet Care Centers Reference Rate and Spread S + 6.00% Interest Rate Floor 0.75% Interest Rate 10.32% Maturity Date 11/15/20302025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 11/17/20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Southampton FC - Revolving Credit Facility Reference Rate and Spread SO + 6.00% Interest Rate Floor 0.00% Interest Rate 10.60% Maturity Date 9/20/20292025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Systems Planning and Analysis, Inc Commitment Type Delayed Draw Commitment Expiration Date 8/16/20272024-12-310001849894Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. Reference Rate and Spread S + 8.50% Interest Rate Floor 2.50% Interest Rate 12.99% ( Incl 2.00% P I K) Maturity Date 3/9/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Delayed Draw Term Loan - Incremental Reference Rate and Spread S + 4.75% Interest Rate Floor 0.75% Interest Rate 9.05% Maturity Date 7/1/20282025-01-012025-03-310001849894ck0001849894:SeriesCNotesMember2025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:SecondLienDebtMember2024-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Disa Holdings Corp. Commitment Type Revolver Commitment Expiration Date 9/9/20282025-03-310001849894ck0001849894:MarchSixTwoThousandTwentyFourMember2024-03-280001849894ck0001849894:SubscriptionAgreementsMemberck0001849894:JuneFiveTwoThousandTwentyFourMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Automotive Titan Purchaser, Inc. Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.32% Maturity Date 3/1/20302024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt K1 Speed Inc. Commitment Type Delayed Draw Commitment Expiration Date 1/2/20262025-01-012025-03-310001849894ck0001849894:AdministrationAgreementMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium FlowControl - Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.55% Maturity Date 12/20/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production AVSC Holding Corporation Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.32% Maturity Date 12/5/20312025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt SurveyMonkey Global Inc. Commitment Type Revolver Commitment Expiration Date 05/31/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals PetVet Care Centers Reference Rate and Spread S + 6.00% Interest Rate Floor 0.75% Interest Rate 10.36% Maturity Date 11/15/20302024-01-012024-12-310001849894Foreign Currency Forward Contracts Eight - Derivative Counterparty Macquarie Settlement Date July 31, 20252024-01-012024-12-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberck0001849894:ValuationTechniqueBlackScholesMemberus-gaap:WarrantMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 11.06% Maturity Date 1/9/20282024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Red Fox CD Acquisition Corp. Commitment Type Delayed Draw Commitment Expiration Date 11/30/20252025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMemberck0001849894:PreferredEquityMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Spartan College LLC Commitment Type Delayed Draw Commitment Expiration Date 9/25/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Pharmalogic Holdings Corp. Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.36% Maturity Date 06/21/20302024-01-012024-12-310001849894ck0001849894:SeriesBNotesMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.33% Maturity Date 10/10/20282024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries SMX Group Intermediate Holdings LLC Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.80% Maturity Date 2/6/20322025-01-012025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date March 31, 20272025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt CoreWeave Compute Acquisition Co., IV, LLC Commitment Type Delayed Draw Commitment Expiration Date 8/29/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 7.89% Interest Rate Floor 1.00% Interest Rate 12.20% (Incl 2.20% PIK) Maturity Date 9/30/20282025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Cook & Boardman Group Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% Maturity Date 3/4/20302025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Best Trash LLC Commitment Type Revolver Commitment Expiration Date 7/10/20312024-01-012024-12-310001849894ck0001849894:AdvisoryAgreementMemberck0001849894:AdviserMember2025-01-012025-03-310001849894ck0001849894:MacquarieBankLimitedMemberck0001849894:RepurchaseObligationsMemberck0001849894:ThreeMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. Incremental Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.56% Maturity Date 1/2/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd -Delayed Draw Term Loan Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 10.43% (Incl 4.00% PIK) Maturity Date 6/18/20272024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. 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Commitment Type Revolver Commitment Expiration Date 05/10/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment2024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Highgate Hotels, L.P. Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 9.83% Maturity Date 11/5/20292024-01-012024-12-310001849894us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001849894:SPVIFacilityMember2022-11-212022-11-210001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Banking, Finance, Insurance & Real Estate2025-03-310001849894ck0001849894:SeriesENotesMember2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Legends Hospitality Commitment Type Delayed Draw Commitment Expiration Date 8/22/20262025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Learnosity Commitment Type Revolver Commitment Expiration Date 1/15/20312025-03-310001849894Total derivatives2024-01-012024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/20282025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt AVSC Holding Corporation Commitment Type Revolver Commitment Expiration Date 12/5/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Environmental Industries Inframark Reference Rate and Spread S + 5.50% Interest Rate Floor 0.75% Interest Rate 9.79% (Incl 3.00% PIK) Maturity Date 7/31/20312025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date September 29, 20252024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Containers, Packaging & Glass Dellner Couplers Group AB Reference Rate and Spread E + 5.50% Interest Rate Floor 0.50% Interest Rate 7.87% Maturity Date 6/29/20292025-03-310001849894Investments—non-controlled/non-affiliated First Lien DFS Holding Company Commitment Type Delayed Draw Commitment Expiration Date 1/31/20292024-01-012024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Southampton FC Reference Rate and Spread SO + 6.00% Interest Rate Floor 0.00% Interest Rate 10.85% Maturity Date 9/23/20292024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Consumer2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. Reference Rate and Spread S + 4.65% Interest Rate Floor 1.00% Interest Rate 9.16% Maturity Date 11/29/20272024-12-310001849894ck0001849894:SecondLienDebtMember2024-12-310001849894us-gaap:FairValueInputsLevel2Member2024-12-310001849894us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMemberck0001849894:ValuationTechniqueBlackScholesMemberus-gaap:WarrantMember2025-03-310001849894Investments - non-controlled /non-affiliated First Lien Debt Foundation Risk Partners Commitment Type Revolver Commitment Expiration Date 10/29/2029 One2025-03-310001849894us-gaap:FairValueInputsLevel3Memberck0001849894:MeasurementInputMarketYieldDiscountRateMembersrt:MinimumMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMemberck0001849894:SecondLienDebtMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Sky Merger Sub, LLC Commitment Type Revolver Commitment Expiration Date 5/28/20292025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Inmar, Inc. Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.36% Maturity Date 5/1/20262024-01-012024-12-310001849894country:US2025-01-012025-03-310001849894ck0001849894:SeriesGNotesMember2024-11-200001849894ck0001849894:SovereignAndPublicFinanceMember2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Great Day Improvements LLC Commitment Type Revolver Commitment Expiration Date 6/13/20302024-12-310001849894ck0001849894:ContainersPackagingAndGlassMember2025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt AVSC Holding Corporation Commitment Type Revolver Commitment Expiration Date 12/5/20292024-01-012024-12-310001849894Foreign Currency Forward Contracts Three - Derivative Counterparty Macquarie Settlement Date June 30, 20262025-01-012025-03-310001849894ck0001849894:AdministrationAgreementMemberck0001849894:AdministratorMember2024-01-012024-03-310001849894Investments Investments - non-controlled/non-affiliated Subordinated Debt Services: Business Ethos - PIK Note Interest Rate 13.00% PIK Maturity Date 3/31/20302025-03-310001849894ck0001849894:JuneTwentyThreeTwoThousandTwentyTwoMemberck0001849894:SubscriptionAgreementsMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure ClubCorp Holdings Inc. Reference Rate and Spread S + 5.26% Interest Rate Floor 0.00% Interest Rate 9.56% Maturity Date 9/18/20262025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure K1 Speed Inc. Reference Rate and Spread S + 6.25% Interest Rate Floor 1.00% Interest Rate 10.56% Maturity Date 1/2/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Neptune Platform Buyer, LLC Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.58% Maturity Date 1/19/20312024-01-012024-12-3100018498942024-03-310001849894ck0001849894:LoanRepurchaseObligationsMember2024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Ligado Networks LLC Commitment Type Delayed Draw Commitment Expiration Date 6/30/20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Gainwell Acquisition Corp Reference Rate and Spread S + 4.10% Interest Rate Floor 0.75% Interest Rate 8.40% Maturity Date 10/1/20272025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable Parfums Holdings Co. Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.55% Maturity Date 6/27/20302025-03-310001849894country:GB2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Legends Hospitality Holding Company - Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Interest Rate 9.30% Maturity Date 8/22/20312025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Elessent Clean Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% Maturity Date 11/15/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Best Trash LLC – Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.31% Maturity Date 7/10/20312024-12-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas CITGO Petroleum Corp. Interest Rate 6.38% Maturity Date 6/15/20262025-03-310001849894us-gaap:CollateralizedDebtObligationsMember2024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Carevet LLC Commitment Type Revolver Commitment Expiration Date 6/18/20292025-03-310001849894ck0001849894:ServicesBusinessMember2024-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt Hotel Equities Group, LLC Commitment Type Revolver Commitment Expiration Date 1/22/20292025-01-012025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Four Winds Interactive LLC Commitment Type Revolver Commitment Expiration Date 2/20/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Consumer Beacon Mobility Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 8.60% Interest Rate Floor 0.00% Interest Rate 13.07% PIK Maturity Date 12/31/20252024-01-012024-12-310001849894Investments - nonInvestments - non-controlled /non-affiliated First Lien Debt ALF Finance Commitment Type Delayed Draw Commitment Expiration Date 9/10/20252025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% Maturity Date 10/10/20282025-01-012025-03-310001849894ck0001849894:BankingFinanceInsuranceAndRealestateMember2024-12-310001849894us-gaap:AdditionalPaidInCapitalMember2023-12-310001849894Investments - non-controlled /non-affiliated First Lien Debt RPX Corporation Commitment Type Revolver Commitment Expiration Date 8/2/20302025-03-310001849894Foreign Currency Forward Contracts - Derivative Counterparty Macquarie Settlement Date May 27, 20252025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Elessent Clean Technologies Inc. Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.32% Maturity Date 11/15/20292025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Cook & Boardman Group Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.30% Maturity Date 3/4/20302025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Alteryx, Inc. Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.82% Maturity Date 3/19/20312025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Construction & Building Elessent Clean Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.00% Interest Rate Floor 1.00% Interest Rate 10.31% Maturity Date 11/15/20292024-01-012024-12-310001849894Investments—non-controlled/non-affiliated First Lien Debt Trillium FlowControl Commitment Type Delayed Draw Commitment Expiration Date 6/20/20262025-01-012025-03-310001849894ck0001849894:SpvIiFacilityMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable GSM Outdoors Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.30% Maturity Date 9/30/20312025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable Parfums Holdings Co. Reference Rate and Spread S + 5.25% Interest Rate Floor 1.00% Interest Rate 9.55% Maturity Date 6/27/20302025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Broadcasting & Subscription E.W. Scripps Reference Rate and Spread S + 2.68% Interest Rate Floor 0.75% Interest Rate 7.00% Maturity Date 5/1/20262025-03-310001849894ck0001849894:NonControlledNonAffiliatedInvestmentsMember2025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Four Winds Interactive LLC - Delayed Draw Term Loan Reference Rate and Spread S + 6.50% Interest Rate Floor 0.75% Interest Rate 10.80% Maturity Date 2/20/20302025-03-310001849894Investments—non-controlled/non-affiliated First Lien Debt Learnosity Commitment Type Revolver Commitment Expiration Date 1/15/20312025-01-012025-03-310001849894us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0001849894:MeasurementInputMarketYieldDiscountRateMemberck0001849894:ValuationTechniqueMarketYieldAnalysisMemberck0001849894:FirstLienDebtMember2025-03-310001849894ck0001849894:AprilSeventeenTwoThousandTwentyThreeMember2025-01-012025-03-310001849894Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Non-durable GSM Outdoors Reference Rate and Spread S + 5.00% Interest Rate Floor 1.00% Interest Rate 9.33% Maturity Date 9/30/20312024-01-012024-12-310001849894ck0001849894:SeriesFNotesMemberus-gaap:InterestRateSwapMember2025-03-31iso4217:EURck0001849894:Investmentxbrli:purexbrli:sharesiso4217:CADiso4217:CHFck0001849894:AssetCoverageiso4217:GBPiso4217:USDxbrli:sharesiso4217:USDck0001849894:Segment

 

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________

FORM 10-Q

_______________________________________________________________________

(Mark One)

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

For the quarterly period ended March 31, 2025

OR

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

 

Commission File Number 814-01481

_______________________________________________________________________

MSD Investment Corp.

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

 

Maryland

87-4195402

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

550 Madison Ave, 20th Floor

New York, New York

10022

(Address of principal executive offices)

(Zip Code)

212-303-4728

Registrant’s telephone number, including area code:

_______________________________________________________________________

 

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

Title of each class

Trading
Symbol(s)

Name of each exchange
on which registered

None

None

None

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

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

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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

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

The number of shares of Registrant’s Common Stock, $0.001 par value per share, outstanding as of May 14, 2025 was 102,166,799.

 

 

 

 


 

Table of Contents

 

Page

PART I

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024

2

 

Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)

3

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)

4

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)

5

 

Consolidated Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024

6

 

Notes to Consolidated Financial Statements (Unaudited)

28

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

55

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

63

Item 4.

Controls and Procedures

64

PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

65

Item 6.

Exhibits

65

Signatures

 

67

 

i


Table of Contents

CERTAIN DEFINITIONS

the terms “we,” “us,” “our,” and “Company” refer to MSD Investment, LLC prior to the Conversion (as defined below) and MSD Investment Corp. after the Conversion;
the terms “Adviser” and “MSD” refer to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our investment adviser; and the term “Administrator” refers to MSD Partners, L.P., in its capacity as our administrator.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about MSD Investment Corp. (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

an economic downturn or recession could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;
an economic downturn or recession could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;
an economic downturn or recession could also impact availability and pricing of our financing and our ability to access the debt capital markets;
a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;
interest rate volatility and an elevated interest rate environment could adversely affect our results, particularly if we elect to use leverage as part of our investment strategy;
currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
our limited operating history as a business development company (“BDC”);
our future operating results;
the impact of elevated interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;
the uncertainty associated with the imposition of tariffs and trade barriers and changes in trade policy and its impact on our portfolio companies and the global economy;
our contractual arrangements and relationships with third parties;
the ability of our portfolio companies to achieve their objectives;
competition with other entities and our affiliates for investment opportunities;
the loss of key personnel;
the adequacy of our cash resources, financing sources and working capital;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
our use of financial leverage;
risks related to the uncertainty of the value of our portfolio investments;
the impact of geopolitical conditions, including the potential for increased tariffs and trade barriers, revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine, ongoing conflict in the Middle East, and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, China, and other countries;
the impact that environmental, social, and governance matters could have on our brand and reputation and our portfolio companies;
the ability of MSD Partners, L.P. (the “Adviser”) to source suitable investments for us and to monitor and administer our investments;
the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
our ability to qualify for and maintain our qualification, for U.S. Federal income tax purposes, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and our ability to operate as a BDC;
the effect of legal, tax and regulatory changes on our business and our portfolio companies; and
other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (the “SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company. In addition to the other information set forth in this report, you should carefully consider the risk factors set forth in our most recent Annual Report on Form 10-K filed with the SEC on March 19, 2025, which is accessible on the SEC’s website at sec.gov. These factors could materially affect our business, financial condition and/or operating results.

1


Table of Contents

MSD Investment Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

 

March 31, 2025

 

 

December 31, 2024

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Non-controlled/non-affiliated investments, at fair value (1)

$

4,943,071

 

 

$

4,529,064

 

Cash and cash equivalents

 

89,349

 

 

 

109,302

 

Restricted cash

 

260

 

 

 

410

 

Interest and dividends receivable

 

30,049

 

 

 

31,819

 

Principal receivable

 

8,457

 

 

 

5,503

 

Unrealized appreciation on forward contracts

 

4,113

 

 

 

9,441

 

Prepaid expenses and other assets

 

2,060

 

 

 

124

 

Total assets

$

5,077,359

 

 

$

4,685,663

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

SPV I facility

$

550,000

 

 

$

503,000

 

SPV II facility

 

584,000

 

 

 

537,000

 

Collateralized loan obligations

 

390,000

 

 

 

390,000

 

Unsecured Notes

 

601,912

 

 

 

599,141

 

Revolving credit facility

 

450,000

 

 

 

150,000

 

Loan repurchase obligations

 

30,000

 

 

 

52,043

 

Deferred financing costs net of accumulated amortization

 

(26,873

)

 

 

(28,269

)

Total debt, net of financing costs

 

2,579,039

 

 

 

2,202,915

 

Payable for investments purchased

 

 

 

 

19,113

 

Interest payable

 

28,673

 

 

 

29,984

 

Distributions payable

 

23

 

 

 

 

Income based incentive fee payable

 

11,432

 

 

 

10,398

 

Management fees payable

 

8,966

 

 

 

8,063

 

Capital gains incentive fee payable

 

4,916

 

 

 

5,359

 

Accrued expenses and other liabilities

 

1,748

 

 

 

2,190

 

Accrued professional fees

 

882

 

 

 

1,012

 

Due to affiliates

 

3,826

 

 

 

2,751

 

Financing costs payable

 

1,944

 

 

 

1,944

 

Total liabilities

$

2,641,449

 

 

$

2,283,729

 

Commitments and contingencies (Note 8)

 

 

 

 

 

NET ASSETS

 

 

 

 

 

Preferred Stock, par value $0.001 (250 shares authorized and outstanding) (2)

$

 

 

$

 

Paid-in capital in excess of par value of Preferred Stock

 

750

 

 

 

750

 

Common stock, par value $0.001 (200,000,000 shares authorized, 102,166,799 and 100,611,506 shares issued and outstanding, respectively)

 

102

 

 

 

101

 

Paid-in capital in excess of par value

 

2,445,539

 

 

 

2,408,415

 

Distributable earnings (accumulated losses)

 

(10,481

)

 

 

(7,332

)

Total net assets

$

2,435,910

 

 

$

2,401,934

 

Net asset value per common share

$

23.84

 

 

$

23.87

 

 

(1)
Non-controlled/non-affiliated investments at amortized cost $4,944,769 and $4,534,957 as of March 31, 2025 and December 31, 2024, respectively.
(2)
Preferred Stock par value for both March 31, 2025 and December 31, 2024 is zero due to rounding.

 

 

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

2


Table of Contents

MSD Investment Corp.

Consolidated Statement of Operations (Unaudited)

(in thousands, except share and per share amounts)

 

 

For the Three Months Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

Investment income:

 

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

 

Interest income

 

$

119,989

 

 

$

69,883

 

 

Dividend Income

 

 

1,015

 

 

 

26

 

 

Payment-in-kind interest income

 

 

7,968

 

 

 

3,258

 

 

Payment-in-kind dividend income

 

 

1,208

 

 

 

1,053

 

 

Other income

 

 

3,093

 

 

 

2,763

 

 

Total investment income

 

 

133,273

 

 

 

76,983

 

 

Expenses:

 

 

 

 

 

 

 

Interest expense

 

 

44,231

 

 

 

28,832

 

 

Income based incentive fee

 

 

11,432

 

 

 

6,120

 

 

Management fees

 

 

8,966

 

 

 

4,561

 

 

Administration expense

 

 

1,513

 

 

 

1,946

 

 

Capital gains incentive fee

 

 

(443

)

 

 

1,071

 

 

Professional fees

 

 

1,388

 

 

 

443

 

 

Custody expense

 

 

305

 

 

 

179

 

 

General and other expenses

 

 

529

 

 

 

100

 

 

Board of directors’ fee

 

 

78

 

 

 

78

 

 

Organization and offering costs

 

 

18

 

 

 

25

 

 

Transfer agency fees

 

 

33

 

 

 

16

 

 

Total expenses

 

 

68,050

 

 

 

43,371

 

 

Net investment income (loss)

 

 

65,223

 

 

 

33,612

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss):

 

 

 

 

 

 

 

Net realized gains (losses):

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

406

 

 

 

3,626

 

 

Foreign currency forward contracts

 

 

(1,868

)

 

 

1,031

 

 

Foreign currency transactions

 

 

(377

)

 

 

(111

)

 

Net realized gain (loss)

 

 

(1,839

)

 

 

4,546

 

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

4,195

 

 

 

8,190

 

 

Foreign currency forward contracts

 

 

(5,328

)

 

 

947

 

 

Foreign currency transactions

 

 

20

 

 

 

13

 

 

Net change in unrealized appreciation (depreciation)

 

 

(1,113

)

 

 

9,150

 

 

Net realized and unrealized gain (loss)

 

 

(2,952

)

 

 

13,696

 

 

Net increase (decrease) in net assets resulting from operations

 

$

62,271

 

 

$

47,308

 

 

 

 

 

 

 

 

 

 

Preferred Stock Dividends

 

 

(23

)

 

 

(23

)

 

Net increase (decrease) in net assets resulting from operations applicable to common shareholders

 

$

62,248

 

 

$

47,285

 

 

 

 

 

 

 

 

 

 

Per share information - basic and diluted:

 

 

 

 

 

 

 

Net investment income (loss) per share (basic and diluted)

 

$

0.65

 

 

$

0.82

 

 

Earnings per share (basic and diluted)

 

$

0.62

 

 

$

1.16

 

 

Distributions declared per common share

 

$

0.65

 

 

$

0.65

 

 

Weighted average shares outstanding (basic and diluted)

 

 

100,696,962

 

 

 

40,830,247

 

 

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

3


Table of Contents

MSD Investment Corp.

Consolidated Statement of Changes in Net Assets (Unaudited)

(in thousands, except shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Earnings

 

 

 

 

 

Preferred Shares

 

 

Common Shares

 

 

Paid-in-Capital in

 

 

(Loss), Net of

 

 

Total

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Excess of Par Value

 

 

Distributions

 

 

Net Assets

 

Balance, December 31, 2024

 

250

 

 

$

 

 

 

100,611,506

 

 

$

101

 

 

$

2,409,165

 

 

$

(7,332

)

 

$

2,401,934

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,223

 

 

 

65,223

 

Net realized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,839

)

 

 

(1,839

)

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,113

)

 

 

(1,113

)

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,271

 

 

 

62,271

 

Shareholder distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,420

)

 

 

(65,420

)

Net increase (decrease) in net assets resulting from shareholder distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,420

)

 

 

(65,420

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares issued from reinvestment of distributions

 

 

 

 

 

 

 

1,555,293

 

 

 

1

 

 

 

37,124

 

 

 

 

 

 

37,125

 

Issuance of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) for the period

 

 

 

 

 

 

 

1,555,293

 

 

 

1

 

 

 

37,124

 

 

 

(3,149

)

 

 

33,976

 

Balance, March 31, 2025

 

250

 

 

$

 

 

 

102,166,799

 

 

$

102

 

 

$

2,446,289

 

 

$

(10,481

)

 

$

2,435,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Earnings

 

 

 

 

 

Preferred Shares

 

 

Common Shares

 

 

Paid-in-Capital in

 

 

(Loss), Net of

 

 

Total

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Excess of Par Value

 

 

Distributions

 

 

Net Assets

 

Balance, December 31, 2023 (1)

 

250

 

 

$

 

 

 

40,279,212

 

 

$

40

 

 

$

952,889

 

 

$

(15,343

)

 

$

937,586

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,612

 

 

 

33,612

 

Net realized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,546

 

 

 

4,546

 

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,150

 

 

 

9,150

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,308

 

 

 

47,308

 

Shareholder distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,205

)

 

 

(26,205

)

Net increase (decrease) in net assets resulting from shareholder distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,205

)

 

 

(26,205

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares issued from reinvestment of distributions

 

 

 

 

 

 

 

861,529

 

 

 

1

 

 

 

20,040

 

 

 

 

 

 

20,041

 

Issuance of preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common shares

 

 

 

 

 

 

 

9,449,812

 

 

 

10

 

 

 

224,990

 

 

 

 

 

 

225,000

 

Net increase (decrease) for the period

 

 

 

 

 

 

 

10,311,341

 

 

 

11

 

 

 

245,030

 

 

 

21,103

 

 

 

266,144

 

Balance, March 31, 2024 (1)

 

250

 

 

$

 

 

 

50,590,553

 

 

$

51

 

 

$

1,197,919

 

 

$

5,760

 

 

$

1,203,730

 

 

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

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

4


Table of Contents

MSD Investment Corp.

Consolidated Statement of Cash Flows (Unaudited)

(in thousands, except shares)

 

 

 

 

 

 

 

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Cash flow from operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

62,271

 

 

$

47,308

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

 

 

 

 

 

 

Accrued interest and dividends received in-kind

 

 

(9,176

)

 

 

(4,311

)

Net accretion of discount and amortization of premium

 

 

(6,366

)

 

 

(4,774

)

Proceeds from sale of investments and principal repayments

 

 

196,466

 

 

 

160,018

 

Purchases of investments

 

 

(590,330

)

 

 

(491,415

)

Net realized (gains) losses on investments

 

 

(406

)

 

 

(3,626

)

Net change in unrealized (appreciation) depreciation on investments

 

 

(4,195

)

 

 

(8,190

)

Net receipt of settlement of derivatives

 

 

(1,868

)

 

 

1,031

 

Net realized (gains) losses on derivatives

 

 

1,868

 

 

 

(1,031

)

Net change in unrealized (appreciation) depreciation on foreign currency forward contracts

 

 

5,328

 

 

 

(947

)

Amortization of deferred financing costs

 

 

1,396

 

 

 

835

 

(Increase) decrease in operating assets:

 

 

 

 

 

 

Interest and dividends receivable

 

 

1,770

 

 

 

(1,254

)

Principal receivable

 

 

(2,954

)

 

 

(9,259

)

Prepaid expenses and other assets

 

 

(1,936

)

 

 

1,034

 

Increase (decrease) in operating liabilities:

 

 

 

 

 

 

Due to affiliates

 

 

1,075

 

 

 

210

 

Payable for investments purchased

 

 

(19,113

)

 

 

(155,505

)

Management fees payable

 

 

903

 

 

 

777

 

Income based incentive fee payable

 

 

1,034

 

 

 

997

 

Capital gains incentive fee payable

 

 

(443

)

 

 

1,071

 

Interest payable

 

 

(1,311

)

 

 

8,205

 

Accrued professional fees

 

 

(130

)

 

 

276

 

Accrued expenses and other liabilities

 

 

2,329

 

 

 

129

 

Net cash provided (used in) by operating activities

 

 

(363,788

)

 

 

(458,421

)

Cash flow from financing activities

 

 

 

 

 

 

Proceeds from issuance of common shares (net of change in subscriptions receivable)

 

 

 

 

 

126,761

 

Proceeds from repurchase obligations

 

 

30,000

 

 

 

158,331

 

Repayment of repurchase obligations

 

 

(52,043

)

 

 

(50,025

)

Debt borrowings

 

 

427,000

 

 

 

365,000

 

Debt repayments

 

 

(33,000

)

 

 

(100,000

)

Distributions paid

 

 

(28,272

)

 

 

 

Deferred financing costs paid

 

 

 

 

 

(565

)

Net cash provided by (used in) financing activities

 

 

343,685

 

 

 

499,502

 

Net increase in cash, cash equivalents, and restricted cash

 

 

(20,103

)

 

 

41,081

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

109,712

 

 

 

98,606

 

Cash, cash equivalents, and restricted cash, end of period

 

$

89,609

 

 

$

139,687

 

Reconciliation of cash, cash equivalents, and restricted cash

 

 

 

 

 

 

Cash and cash equivalents

 

$

89,349

 

 

$

139,687

 

Restricted cash

 

$

260

 

 

$

 

Total cash, cash equivalents, and restricted cash

 

$

89,609

 

 

$

139,687

 

Supplemental disclosure of cash flow information and non-cash financing activities

 

 

 

 

 

 

Change in subscription receivable

 

$

 

 

$

98,239

 

Cash paid for interest

 

$

44,143

 

 

$

19,790

 

Reinvestment of shareholder distributions

 

$

37,125

 

 

$

20,041

 

Change in distributions payable

 

$

23

 

 

$

6,165

 

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

5


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frontgrade Technologies Inc.

 

 

S + 5.00%

 

0.75%

 

9.32%

 

1/9/2030

 

 

9,657

 

 

 

9,505

 

 

 

9,657

 

 

 

0.40

%

Frontgrade Technologies Inc.

 

 

S + 5.00%

 

0.75%

 

9.32%

 

1/9/2030

 

 

59,705

 

 

 

58,624

 

 

 

59,706

 

 

 

2.45

 

Frontgrade Technologies Inc. - Incremental Term Loan

 

 

S + 5.00%

 

0.75%

 

9.30%

 

1/9/2030

 

 

5,487

 

 

 

5,433

 

 

 

5,487

 

 

 

0.23

 

Frontgrade Technologies Inc. - Revolving Credit Facility

(11)

 

S + 5.00%

 

0.75%

 

9.30%

 

1/9/2028

 

 

 

 

 

(112

)

 

 

 

 

 

 

Sky Merger Sub, LLC

 

 

S + 6.60%

 

1.50%

 

10.91%

 

5/28/2029

 

 

110,391

 

 

 

107,995

 

 

 

108,094

 

 

 

4.44

 

Sky Merger Sub, LLC - Delayed Draw Term Loan

(11)

 

S + 6.60%

 

1.50%

 

10.90%

 

5/28/2029

 

 

 

 

 

 

 

 

52

 

 

 

 

Sky Merger Sub, LLC - Revolving Credit Facility

(11)

 

S + 6.60%

 

1.50%

 

10.90%

 

5/28/2029

 

 

 

 

 

(519

)

 

 

(520

)

 

 

(0.02

)

Systems Planning and Analysis, Inc.

 

 

S + 5.00%

 

1.00%

 

9.28%

 

8/16/2027

 

 

10,577

 

 

 

10,473

 

 

 

10,491

 

 

 

0.43

 

Systems Planning and Analysis, Inc. - Delayed Draw Term Loan A

(11)

 

S + 5.00%

 

1.00%

 

9.32%

 

8/16/2027

 

 

45,923

 

 

 

45,436

 

 

 

45,550

 

 

 

1.87

 

Systems Planning and Analysis, Inc. - Delayed Draw Term Loan

 

 

S + 5.00%

 

1.00%

 

9.22%

 

8/16/2027

 

 

6,605

 

 

 

6,525

 

 

 

6,552

 

 

 

0.27

 

Systems Planning and Analysis, Inc. - Revolving Credit Facility

(11)

 

S + 5.00%

 

1.00%

 

9.26%

 

8/16/2027

 

 

540

 

 

 

492

 

 

 

493

 

 

 

0.02

 

The Nordam Group Inc.

 

 

S + 5.60%

 

0.00%

 

9.92%

 

4/9/2026

 

 

11,492

 

 

 

11,039

 

 

 

11,444

 

 

 

0.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

254,891

 

 

 

257,006

 

 

 

10.56

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accession Risk Management - Delayed Draw Term Loan

 

 

S + 4.75%

 

0.75%

 

9.06%

 

11/1/2029

 

 

49,153

 

 

 

48,609

 

 

 

49,153

 

 

 

2.02

 

ALF Finance

(10)

 

S + 6.00%

 

1.00%

 

10.30% PIK

 

12/10/2029

 

 

26,834

 

 

 

26,593

 

 

 

26,582

 

 

 

1.09

 

ALF Finance - Delayed Draw Term Loan

(10)(11)

 

S + 6.00%

 

1.00%

 

10.30% PIK

 

12/10/2029

 

 

19,827

 

 

 

19,657

 

 

 

19,651

 

 

 

0.81

 

Foundation Risk Partners

 

 

S + 5.00%

 

0.75%

 

9.30%

 

10/29/2030

 

 

19,739

 

 

 

19,699

 

 

 

19,641

 

 

 

0.81

 

Foundation Risk Partners - Delayed Draw Term Loan

 

 

S + 5.00%

 

0.75%

 

9.30%

 

10/29/2030

 

 

44,701

 

 

 

43,978

 

 

 

44,481

 

 

 

1.83

 

Foundation Risk Partners - Delayed Draw Term Loan Incremental

(11)

 

S + 5.00%

 

0.75%

 

9.30%

 

10/29/2030

 

 

7,834

 

 

 

7,759

 

 

 

7,796

 

 

 

0.32

 

Foundation Risk Partners - Delayed Draw Term Loan Second Incremental

(11)

 

S + 4.75%

 

0.75%

 

9.05%

 

10/29/2030

 

 

 

 

 

(29

)

 

 

(28

)

 

 

 

Foundation Risk Partners - Revolving Credit Facility

(11)

 

S + 5.00%

 

0.75%

 

9.30%

 

10/29/2029

 

 

 

 

 

 

 

 

(8

)

 

 

 

Foundation Risk Partners - Revolving Credit Facility Incremental

(11)

 

S + 5.00%

 

0.75%

 

9.30%

 

10/29/2029

 

 

 

 

 

(32

)

 

 

(18

)

 

 

 

Onbe Inc.

 

 

S + 5.50%

 

1.00%

 

9.82%

 

7/25/2031

 

 

129,675

 

 

 

127,273

 

 

 

127,332

 

 

 

5.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293,507

 

 

 

294,582

 

 

 

12.11

 

Beverage, Food & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LJ Perimeter Buyer, Inc.

 

 

S + 6.65%

 

1.00%

 

10.94%

 

10/31/2028

 

 

19,073

 

 

 

18,695

 

 

 

17,652

 

 

 

0.72

 

LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan

 

 

S + 6.65%

 

1.00%

 

10.95%

 

10/31/2028

 

 

2,452

 

 

 

2,450

 

 

 

2,315

 

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,145

 

 

 

19,967

 

 

 

0.82

 

 

6


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Faraday Buyer, LLC

 

 

S + 6.00%

 

1.00%

 

10.30%

 

10/10/2028

 

 

33,055

 

 

 

32,546

 

 

 

32,578

 

 

 

1.34

 

Faraday Buyer, LLC - Delayed Draw Term Loan

(11)

 

S + 6.00%

 

1.00%

 

10.30%

 

10/10/2028

 

 

 

 

 

(16

)

 

 

(16

)

 

 

 

Texas Hydraulics

 

 

S + 6.25%

 

2.00%

 

10.57%

 

11/20/2030

 

 

89,775

 

 

 

88,092

 

 

 

88,087

 

 

 

3.62

 

Trillium FlowControl

LU(9)(10)

 

S + 5.25%

 

1.00%

 

9.55%

 

12/20/2029

 

 

18,287

 

 

 

18,036

 

 

 

18,028

 

 

 

0.74

 

Trillium FlowControl - Delayed Draw Term Loan

LU(9)(10)(11)

 

S + 5.25%

 

1.00%

 

9.55%

 

12/20/2029

 

 

 

 

 

(24

)

 

 

(24

)

 

 

 

Trillium FlowControl - Revolving Credit Facility

LU(9)(10)(11)

 

S + 5.25%

 

1.00%

 

9.55%

 

12/20/2029

 

 

 

 

 

(42

)

 

 

(21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138,592

 

 

 

138,632

 

 

 

5.70

 

Chemicals, Plastics & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TPC Group, Inc.

 

 

S + 5.75%

 

0.00%

 

10.05%

 

11/24/2031

 

 

45,000

 

 

 

44,370

 

 

 

44,025

 

 

 

1.81

 

Construction & Building

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cook & Boardman Group

 

 

S + 6.00%

 

1.00%

 

10.30%

 

3/4/2030

 

 

123,750

 

 

 

121,608

 

 

 

121,718

 

 

 

5.00

 

Cook & Boardman Group - Delayed Draw Term Loan

(11)

 

S + 6.00%

 

1.00%

 

10.30%

 

3/4/2030

 

 

18,462

 

 

 

18,119

 

 

 

18,135

 

 

 

0.73

 

Elessent Clean Technologies Inc.

 

 

S + 6.00%

 

1.00%

 

10.32%

 

11/15/2029

 

 

136,500

 

 

 

133,932

 

 

 

133,973

 

 

 

5.50

 

Elessent Clean Technologies Inc. - Revolving Credit Facility

(11)

 

S + 6.00%

 

1.00%

 

10.30%

 

11/15/2029

 

 

 

 

 

(243

)

 

 

(244

)

 

 

(0.01

)

Great Day Improvements LLC

 

 

S + 5.76%

 

1.50%

 

9.93%

 

6/13/2030

 

 

85,355

 

 

 

83,841

 

 

 

83,875

 

 

 

3.44

 

Great Day Improvements LLC - Revolving Credit Facility

(11)

 

S + 5.76%

 

1.50%

 

9.93%

 

6/13/2030

 

 

3,500

 

 

 

3,257

 

 

 

3,257

 

 

 

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

360,514

 

 

 

360,714

 

 

 

14.79

 

Consumer Goods: Non-durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1440 Foods Topco LLC

 

 

S + 5.00%

 

0.00%

 

9.32%

 

10/31/2031

 

 

20,000

 

 

 

18,938

 

 

 

19,138

 

 

 

0.79

 

GSM Outdoors

 

 

S + 5.00%

 

1.00%

 

9.30%

 

9/30/2031

 

 

12,381

 

 

 

11,560

 

 

 

11,577

 

 

 

0.48

 

Parfums Holdings Co.

 

 

S + 5.25%

 

1.00%

 

9.55%

 

6/27/2030

 

 

96,024

 

 

 

95,173

 

 

 

95,186

 

 

 

3.91

 

Parfums Holdings Co. - Revolving Credit Facility

(11)

 

S + 5.25%

 

1.00%

 

9.55%

 

6/27/2029

 

 

 

 

 

(51

)

 

 

(51

)

 

 

 

Valeron Group, LLC

 

 

S + 5.50%

 

0.00%

 

9.93%

 

10/18/2031

 

 

149,625

 

 

 

146,077

 

 

 

145,914

 

 

 

5.99

 

Valeron Group, LLC - Delayed Draw Term Loan

(11)

 

S + 5.50%

 

0.00%

 

9.83%

 

10/18/2031

 

 

29,925

 

 

 

29,186

 

 

 

29,187

 

 

 

1.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300,883

 

 

 

300,951

 

 

 

12.36

 

Containers, Packaging & Glass

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Confluent Holdings LLC

 

 

S + 7.00%

 

2.00%

 

11.30%

 

3/28/2029

 

 

28,789

 

 

 

28,063

 

 

 

28,099

 

 

 

1.15

 

Confluent Holdings LLC - Delayed Draw Term Loan

 

 

S + 7.00%

 

2.00%

 

11.30%

 

3/28/2029

 

 

14,394

 

 

 

14,035

 

 

 

14,050

 

 

 

0.58

 

Dellner Couplers Group AB

UK(9)(10)

 

E + 5.50%

 

0.50%

 

7.87%

 

6/29/2029

 

 

EUR 38,000

 

 

 

40,438

 

 

 

40,998

 

 

 

1.68

 

Klockner Pentaplast of America Inc.

(10)

 

S + 4.75%

 

0.00%

 

9.23%

 

2/9/2026

 

 

678

 

 

 

656

 

 

 

613

 

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83,192

 

 

 

83,760

 

 

 

3.44

 

Energy: Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CITGO Petroleum Corp.

 

 

N/A

 

N/A

 

6.38%

 

6/15/2026

 

 

2,121

 

 

 

2,134

 

 

 

2,117

 

 

 

0.09

 

 

7


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Environmental Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inframark

 

 

S + 5.50%

 

0.75%

 

9.79% (Incl 3.00% PIK)

 

7/31/2031

 

 

18,268

 

 

 

18,101

 

 

 

18,102

 

 

 

0.74

 

Inframark - Delayed Draw Term Loan

(11)

 

S + 5.00%

 

0.75%

 

9.30%

 

7/31/2031

 

 

257

 

 

 

242

 

 

 

242

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,343

 

 

 

18,344

 

 

 

0.75

 

Healthcare & Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CareVet LLC - Term Loan A

 

 

S + 6.00%

 

2.00%

 

10.30%

 

6/18/2029

 

 

112,200

 

 

 

111,547

 

 

 

111,421

 

 

 

4.57

 

CareVet LLC - Term Loan B

 

 

N/A

 

N/A

 

14.75% (Incl 7.5% PIK)

 

6/18/2029

 

 

10,567

 

 

 

10,317

 

 

 

10,436

 

 

 

0.43

 

CareVet LLC - Delayed Draw Term Loan A

(11)

 

S + 6.00%

 

2.00%

 

10.30%

 

6/18/2029

 

 

 

 

 

(335

)

 

 

(334

)

 

 

(0.01

)

CareVet LLC - Delayed Draw Term Loan B

(11)

 

S + 6.00%

 

2.00%

 

10.30%

 

6/18/2029

 

 

17,952

 

 

 

17,698

 

 

 

17,696

 

 

 

0.73

 

CareVet LLC - Revolving Credit Facility

(11)

 

S + 6.00%

 

2.00%

 

10.30%

 

6/18/2029

 

 

 

 

 

(56

)

 

 

(56

)

 

 

 

Gainwell Acquisition Corp

 

 

S + 4.10%

 

0.75%

 

8.40%

 

10/1/2027

 

 

990

 

 

 

953

 

 

 

926

 

 

 

0.04

 

LSCS Holdings Inc.

 

 

S + 4.50%

 

0.00%

 

8.80%

 

2/23/2032

 

 

27,531

 

 

 

27,393

 

 

 

27,445

 

 

 

1.13

 

Natural Partners, Inc.

 

 

S + 4.65%

 

1.00%

 

8.96%

 

11/29/2027

 

 

50,717

 

 

 

50,160

 

 

 

50,210

 

 

 

2.06

 

Natural Partners, Inc. - Revolving Credit Facility

(11)

 

S + 4.65%

 

1.00%

 

8.95%

 

11/29/2027

 

 

 

 

 

(79

)

 

 

(66

)

 

 

 

PetVet Care Centers

 

 

S + 6.00%

 

0.75%

 

10.32%

 

11/15/2030

 

 

52,854

 

 

 

51,953

 

 

 

49,614

 

 

 

2.04

 

PetVet Care Centers - Delayed Draw Term Loan

(11)

 

S + 6.00%

 

0.75%

 

10.30%

 

11/15/2030

 

 

 

 

 

(43

)

 

 

(358

)

 

 

(0.01

)

PetVet Care Centers - Revolving Credit Facility

(11)

 

S + 6.00%

 

0.75%

 

10.30%

 

11/15/2029

 

 

 

 

 

(107

)

 

 

(428

)

 

 

(0.02

)

Pharmalogic Holdings Corp.

 

 

S + 5.00%

 

1.00%

 

9.32%

 

6/21/2030

 

 

19,853

 

 

 

19,587

 

 

 

19,593

 

 

 

0.80

 

Pharmalogic Holdings Corp.

 

 

S + 5.00%

 

1.00%

 

9.32%

 

6/21/2030

 

 

CAD 74,437

 

 

 

53,634

 

 

 

51,063

 

 

 

2.10

 

Pharmalogic Holdings Corp. - Delayed Draw Term Loan

(11)

 

S + 5.00%

 

1.00%

 

9.30%

 

6/21/2030

 

 

CAD —

 

 

 

(141

)

 

 

(141

)

 

 

(0.01

)

Solvias AG

CH(9)(10)

 

SA + 5.50%

 

0.75%

 

6.25%

 

2/27/2032

 

 

CHF 132,000

 

 

 

143,100

 

 

 

145,585

 

 

 

5.98

 

Solvias AG - Revolving Credit Facility

CH(9)(10)(11)

 

SA + 5.50%

 

0.75%

 

6.25%

 

2/27/2030

 

 

CHF —

 

 

 

(491

)

 

 

(500

)

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,090

 

 

 

482,106

 

 

 

19.81

 

High Tech Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alteryx, Inc.

 

 

S + 6.50%

 

0.75%

 

10.82%

 

3/19/2031

 

 

26,125

 

 

 

25,773

 

 

 

25,790

 

 

 

1.06

 

Alteryx, Inc. - Revolving Credit Facility

(11)

 

S + 6.50%

 

0.75%

 

10.80%

 

3/19/2031

 

 

 

 

 

(121

)

 

 

(122

)

 

 

(0.01

)

Alteryx, Inc. - Delayed Draw Term Loan

 

 

S + 6.50%

 

0.75%

 

10.82%

 

3/19/2031

 

 

59,375

 

 

 

58,599

 

 

 

58,615

 

 

 

2.41

 

Coreweave - Delayed Draw Term Loan

(11)

 

S + 6.00%

 

0.00%

 

10.32%

 

8/29/2030

 

 

30,471

 

 

 

30,107

 

 

 

30,075

 

 

 

1.23

 

Inmar, Inc.

 

 

S + 5.00%

 

0.00%

 

9.32%

 

10/30/2031

 

 

29,850

 

 

 

29,409

 

 

 

29,794

 

 

 

1.22

 

Learnosity

IE(9)(10)

 

S + 5.25%

 

1.00%

 

9.55%

 

1/15/2031

 

 

92,500

 

 

 

91,553

 

 

 

91,383

 

 

 

3.75

 

Learnosity - Revolving Credit Facility

IE(9)(10)(11)

 

S + 5.25%

 

1.00%

 

9.55%

 

1/15/2031

 

 

 

 

 

(90

)

 

 

(91

)

 

 

 

SMX Group Intermediate Holdings LLC

 

 

S + 4.50%

 

0.00%

 

8.80%

 

2/6/2032

 

 

20,461

 

 

 

20,260

 

 

 

20,393

 

 

 

0.84

 

TIC Bidco LTD

UK(9)(10)

 

SO + 5.00%

 

0.00%

 

9.46%

 

6/16/2031

 

 

GBP 9,240

 

 

 

12,107

 

 

 

11,894

 

 

 

0.48

 

TIC Bidco LTD - Delayed Draw Term Loan

UK(9)(10)

 

SO + 5.00%

 

0.00%

 

9.46%

 

6/16/2031

 

 

GBP 1,260

 

 

 

1,536

 

 

 

1,622

 

 

 

0.07

 

Watchguard Technologies, Inc.

 

 

S + 5.25%

 

0.75%

 

9.57%

 

7/2/2029

 

 

64,529

 

 

 

62,566

 

 

 

63,884

 

 

 

2.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

331,699

 

 

 

333,237

 

 

 

13.67

 

 

8


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel, Gaming & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chuck E. Cheese

 

 

N/A

 

N/A

 

6.75%

 

5/1/2026

 

 

17,534

 

 

 

17,121

 

 

 

17,340

 

 

 

0.71

 

ClubCorp Holdings Inc.

 

 

S + 5.26%

 

0.00%

 

9.56%

 

9/18/2026

 

 

71,257

 

 

 

69,051

 

 

 

71,272

 

 

 

2.93

 

Highgate Hotels, L.P.

 

 

S + 5.50%

 

1.00%

 

9.80%

 

11/5/2029

 

 

98,750

 

 

 

97,198

 

 

 

99,738

 

 

 

4.09

 

Highgate Hotels, L.P. - Revolving Credit Facility

(11)

 

S + 5.50%

 

1.00%

 

9.80%

 

11/3/2029

 

 

4,750

 

 

 

4,559

 

 

 

4,750

 

 

 

0.19

 

Hotel Equities Group, LLC

 

 

S + 5.75%

 

2.00%

 

10.04%

 

1/22/2029

 

 

29,292

 

 

 

28,898

 

 

 

28,845

 

 

 

1.18

 

Hotel Equities Group, LLC - Revolving Credit Facility

(11)

 

S + 5.75%

 

2.00%

 

10.05%

 

1/22/2029

 

 

 

 

 

(152

)

 

 

(153

)

 

 

(0.01

)

J&J Ventures Gaming LLC

 

 

S + 5.11%

 

0.75%

 

9.44%

 

4/26/2028

 

 

134,325

 

 

 

131,014

 

 

 

135,668

 

 

 

5.57

 

K1 Speed Inc.

 

 

S + 6.25%

 

1.00%

 

10.56%

 

1/2/2029

 

 

18,214

 

 

 

17,929

 

 

 

17,886

 

 

 

0.73

 

K1 Speed Inc. Incremental

 

 

S + 6.25%

 

1.00%

 

10.56%

 

1/2/2029

 

 

4,250

 

 

 

4,177

 

 

 

4,173

 

 

 

0.17

 

K1 Speed Inc. Second Incremental

 

 

S + 6.25%

 

1.00%

 

10.54%

 

1/2/2029

 

 

1,943

 

 

 

1,912

 

 

 

1,908

 

 

 

0.08

 

K1 Speed Inc. DDTL B

 

 

S + 6.25%

 

1.00%

 

10.55%

 

1/2/2029

 

 

3,643

 

 

 

3,581

 

 

 

3,577

 

 

 

0.15

 

K1 Speed Inc. - Delayed Draw Term Loan

(11)

 

S + 6.25%

 

1.00%

 

10.57%

 

1/2/2029

 

 

3,643

 

 

 

3,546

 

 

 

3,534

 

 

 

0.15

 

Sandlot Baseball Borrower Co.

 

 

S + 5.75%

 

1.00%

 

10.05%

 

12/27/2028

 

 

65,833

 

 

 

64,816

 

 

 

64,848

 

 

 

2.66

 

Sandlot Baseball Borrower Co. - Delayed Draw Term Loan

 

 

S + 5.75%

 

1.00%

 

10.05%

 

12/27/2028

 

 

30,935

 

 

 

30,483

 

 

 

30,483

 

 

 

1.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

474,133

 

 

 

483,869

 

 

 

19.85

 

Media: Advertising, Printing & Publishing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nottingham Forest

UK(9)(10)

 

N/A

 

N/A

 

12.94% PIK

 

7/15/2028

 

 

GBP 4,184

 

 

 

5,556

 

 

 

5,382

 

 

 

0.22

 

Sheffield United F.C.

UK(9)(10)

 

N/A

 

N/A

 

10.70%

 

7/22/2026

 

 

GBP 9,040

 

 

 

11,207

 

 

 

11,643

 

 

 

0.48

 

Southampton FC

UK(9)(10)

 

SO + 6.00%

 

0.00%

 

10.60%

 

9/20/2029

 

 

GBP 70,000

 

 

 

91,379

 

 

 

89,412

 

 

 

3.67

 

Southampton FC - Revolving Credit Facility

UK(9)(10)

 

SO + 6.00%

 

0.00%

 

10.60%

 

9/20/2029

 

 

GBP 10,000

 

 

 

13,054

 

 

 

12,773

 

 

 

0.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

121,196

 

 

 

119,210

 

 

 

4.89

 

Media: Broadcasting & Subscription

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E.W. Scripps

(10)

 

S + 2.68%

 

0.75%

 

7.00%

 

5/1/2026

 

 

32,849

 

 

 

31,860

 

 

 

32,638

 

 

 

1.34

 

E.W. Scripps

(10)

 

N/A

 

N/A

 

5.88%

 

7/15/2027

 

 

100

 

 

 

72

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,932

 

 

 

32,722

 

 

 

1.34

 

Media: Diversified & Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AVSC Holding Corporation

 

 

S + 5.00%

 

0.75%

 

9.32%

 

12/5/2031

 

 

58,717

 

 

 

57,596

 

 

 

57,596

 

 

 

2.36

 

AVSC Holding Corporation - Revolving Credit Facility

(11)

 

S + 5.00%

 

0.75%

 

9.32%

 

12/5/2029

 

 

503

 

 

 

385

 

 

 

385

 

 

 

0.02

 

Candle Media Co Ltd

 

 

S + 6.10%

 

0.75%

 

10.40% (Incl 3.00% PIK)

 

6/18/2027

 

 

45,533

 

 

 

45,157

 

 

 

43,067

 

 

 

1.77

 

Candle Media Co Ltd -Delayed Draw Term Loan

 

 

S + 6.10%

 

0.75%

 

10.40% (Incl 3.00% PIK)

 

6/18/2027

 

 

18,025

 

 

 

17,890

 

 

 

17,049

 

 

 

0.70

 

Townsquare Media Inc.

 

 

S + 5.00%

 

0.50%

 

9.32%

 

2/13/2030

 

 

50,000

 

 

 

47,554

 

 

 

46,625

 

 

 

1.91

 

Victra Finance Corp.

 

 

S + 4.25%

 

0.75%

 

8.57%

 

3/29/2029

 

 

12,344

 

 

 

12,344

 

 

 

12,290

 

 

 

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

180,926

 

 

 

177,012

 

 

 

7.26

 

 

9


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xponential Fitness LLC

(10)

 

S + 6.61%

 

1.00%

 

11.07%

 

8/1/2027

 

 

91,846

 

 

 

90,872

 

 

 

91,846

 

 

 

3.77

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASC Engineered Solutions

 

 

S + 5.00%

 

0.75%

 

9.29%

 

7/10/2031

 

 

49,875

 

 

 

49,411

 

 

 

49,427

 

 

 

2.03

 

BDO USA, P.C.

 

 

S + 5.00%

 

2.00%

 

9.32%

 

8/31/2028

 

 

65,488

 

 

 

64,533

 

 

 

64,562

 

 

 

2.65

 

Best Trash LLC

 

 

S + 5.00%

 

1.00%

 

9.30%

 

7/10/2031

 

 

52,237

 

 

 

51,637

 

 

 

51,651

 

 

 

2.12

 

Best Trash LLC - Delayed Draw Term Loan

(11)

 

S + 5.00%

 

1.00%

 

9.30%

 

7/10/2031

 

 

 

 

 

(81

)

 

 

(81

)

 

 

 

Best Trash LLC - Revolving Credit Facility

(11)

 

S + 5.00%

 

1.00%

 

9.30%

 

7/10/2031

 

 

190

 

 

 

120

 

 

 

120

 

 

 

 

Brock Holdings III, LLC

 

 

S + 6.00%

 

0.50%

 

10.30%

 

5/1/2030

 

 

24,875

 

 

 

24,436

 

 

 

24,709

 

 

 

1.01

 

Clarion Events Limited

UK(9)(10)

 

S + 5.73%

 

1.00%

 

9.38%

 

9/30/2027

 

 

52,494

 

 

 

52,079

 

 

 

52,319

 

 

 

2.15

 

DISA Holdings Corp.

 

 

S + 5.00%

 

0.75%

 

9.32%

 

9/9/2028

 

 

16,538

 

 

 

16,347

 

 

 

16,349

 

 

 

0.67

 

DISA Holdings Corp. - Delayed Draw Term Loan

(11)

 

S + 5.00%

 

0.75%

 

9.31%

 

9/9/2028

 

 

12,139

 

 

 

12,000

 

 

 

11,999

 

 

 

0.49

 

DISA Holdings Corp. - Revolving Credit Facility

(11)

 

S + 5.00%

 

0.75%

 

9.29%

 

9/9/2028

 

 

833

 

 

 

786

 

 

 

785

 

 

 

0.03

 

Ethos

(10)

 

S + 6.00%

 

1.00%

 

10.30%

 

12/30/2029

 

 

136,500

 

 

 

133,933

 

 

 

133,906

 

 

 

5.50

 

Four Winds Interactive LLC

 

 

S + 6.50%

 

0.75%

 

10.80%

 

2/20/2030

 

 

15,000

 

 

 

14,707

 

 

 

14,706

 

 

 

0.60

 

Four Winds Interactive LLC - Delayed Draw Term Loan

(11)

 

S + 6.50%

 

0.75%

 

10.80%

 

2/20/2030

 

 

 

 

 

(28

)

 

 

(28

)

 

 

 

Four Winds Interactive LLC - Revolving Credit Facility

(11)

 

S + 6.50%

 

0.75%

 

10.80%

 

2/20/2030

 

 

 

 

 

(38

)

 

 

(38

)

 

 

 

Legends Hospitality Holding Company

 

 

S + 5.50%

 

0.75%

 

9.83% (Incl 2.75% PIK)

 

8/22/2031

 

 

64,490

 

 

 

63,294

 

 

 

63,311

 

 

 

2.60

 

Legends Hospitality Holding Company - Delayed Draw Term Loan

(11)

 

S + 5.00%

 

0.75%

 

9.30%

 

8/22/2031

 

 

 

 

 

(31

)

 

 

(31

)

 

 

 

Legends Hospitality Holding Company - Revolving Credit Facility

(11)

 

S + 5.00%

 

0.75%

 

9.32%

 

8/22/2030

 

 

3,487

 

 

 

3,353

 

 

 

3,350

 

 

 

0.14

 

RPX Corporation

 

 

S + 5.25%

 

1.00%

 

9.56%

 

8/2/2030

 

 

68,533

 

 

 

67,606

 

 

 

67,618

 

 

 

2.77

 

RPX Corporation - Revolving Credit Facility

(11)

 

S + 5.25%

 

1.00%

 

9.57%

 

8/2/2030

 

 

 

 

 

(82

)

 

 

(82

)

 

 

 

SurveyMonkey Global Inc.

 

 

S + 5.75%

 

1.00%

 

10.05%

 

5/31/2030

 

 

125,611

 

 

 

124,030

 

 

 

124,515

 

 

 

5.11

 

SurveyMonkey Global Inc. - Revolving Credit Facility

(11)

 

S + 5.75%

 

1.00%

 

10.05%

 

5/31/2029

 

 

 

 

 

(162

)

 

 

(114

)

 

 

 

Townsend

 

 

S + 6.50%

 

1.50%

 

10.79%

 

8/1/2030

 

 

11,940

 

 

 

11,616

 

 

 

11,621

 

 

 

0.48

 

Townsend - Revolving Credit Facility

(11)

 

S + 6.50%

 

1.50%

 

10.80%

 

8/1/2029

 

 

 

 

 

(65

)

 

 

(65

)

 

 

 

Travelport Finance (Luxembourg) S.A.R.L

LU(9)(10)

 

S + 7.89%

 

1.00%

 

12.20% (Incl 2.20% PIK)

 

9/30/2028

 

 

56,430

 

 

 

56,133

 

 

 

50,727

 

 

 

2.08

 

USA Debusk LLC

 

 

S + 5.25%

 

0.75%

 

9.54%

 

4/30/2031

 

 

16,520

 

 

 

16,301

 

 

 

16,304

 

 

 

0.67

 

USA Debusk LLC - Delayed Draw Term Loan

(11)

 

S + 5.25%

 

0.75%

 

9.54%

 

4/30/2031

 

 

874

 

 

 

834

 

 

 

834

 

 

 

0.03

 

USA Debusk LLC - Revolving Credit Facility

(11)

 

S + 5.25%

 

0.75%

 

9.57%

 

4/30/2030

 

 

1,527

 

 

 

1,498

 

 

 

1,498

 

 

 

0.06

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

764,167

 

 

 

759,872

 

 

 

31.19

 

 

10


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aviation Institute of Maintenance

(14)

 

S + 7.00%

 

1.50%

 

11.30%

 

5/3/2029

 

 

32,565

 

 

 

31,759

 

 

 

31,766

 

 

 

1.30

 

Aviation Institute of Maintenance - Delayed Draw Term Loan

(14)

 

S + 7.00%

 

1.50%

 

11.30%

 

5/3/2029

 

 

18,973

 

 

 

18,524

 

 

 

18,507

 

 

 

0.76

 

Cadogan Tate

(10)

 

S + 5.75%

 

0.00%

 

10.06%

 

11/7/2031

 

 

110,500

 

 

 

108,946

 

 

 

108,940

 

 

 

4.47

 

Cadogan Tate - Delayed Draw Term Loan

(10)(11)

 

S + 5.75%

 

0.00%

 

10.05%

 

10/31/2031

 

 

 

 

 

(396

)

 

 

(394

)

 

 

(0.02

)

Cadogan Tate - Revolving Credit Facility

(10)(11)

 

S + 5.75%

 

0.00%

 

10.07%

 

11/7/2031

 

 

6,300

 

 

 

6,017

 

 

 

6,018

 

 

 

0.25

 

FEG, Inc.

 

 

S + 5.25%

 

1.00%

 

9.57%

 

5/10/2030

 

 

85,775

 

 

 

84,263

 

 

 

84,314

 

 

 

3.46

 

FEG, Inc. - Revolving Credit Facility

(11)

 

S + 5.25%

 

1.00%

 

9.55%

 

5/10/2030

 

 

 

 

 

(255

)

 

 

(255

)

 

 

(0.01

)

Metropolis Technologies Inc.

 

 

S + 6.10%

 

1.00%

 

10.42%

 

5/16/2031

 

 

124,706

 

 

 

122,587

 

 

 

122,520

 

 

 

5.03

 

Sotheby's

 

 

N/A

 

N/A

 

7.38%

 

10/15/2027

 

 

17,260

 

 

 

15,002

 

 

 

16,723

 

 

 

0.69

 

Spartan College LLC

 

 

S + 7.00%

 

1.50%

 

11.30%

 

3/25/2031

 

 

33,277

 

 

 

32,281

 

 

 

32,282

 

 

 

1.33

 

Spartan College LLC - Delayed Draw Term Loan

(11)

 

S + 7.00%

 

1.50%

 

11.30%

 

3/25/2031

 

 

 

 

 

1

 

 

 

1

 

 

 

 

Vision Purchaser Corp.

 

 

S + 6.50%

 

1.00%

 

10.67%

 

6/10/2026

 

 

35,663

 

 

 

35,141

 

 

 

34,416

 

 

 

1.41

 

Vision Purchaser Corp. - Fourth Amended Term Loan

 

 

S + 6.50%

 

1.00%

 

10.67%

 

6/10/2026

 

 

4,179

 

 

 

3,957

 

 

 

4,033

 

 

 

0.17

 

Vision Purchaser Corp. - Incremental Term Loan

 

 

S + 6.50%

 

1.00%

 

10.67%

 

6/10/2026

 

 

2,478

 

 

 

2,466

 

 

 

2,392

 

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

460,293

 

 

 

461,263

 

 

 

18.94

 

Telecommunications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Innovate Corp.

(10)

 

N/A

 

N/A

 

8.50%

 

2/1/2026

 

 

24,000

 

 

 

24,015

 

 

 

22,386

 

 

 

0.92

 

Ligado Networks LLC

(12)

 

N/A

 

N/A

 

15.50% PIK

 

11/1/2023

 

 

14,912

 

 

 

9,605

 

 

 

4,697

 

 

 

0.19

 

Ligado Networks LLC - DIP Roll-up

 

 

N/A

 

N/A

 

17.50% PIK

 

6/30/2025

 

 

1,505

 

 

 

1,505

 

 

 

1,340

 

 

 

0.06

 

Ligado Networks LLC - DIP Facility - Delayed Draw Term Loan

(11)

 

N/A

 

N/A

 

17.50% PIK

 

6/30/2025

 

 

1,490

 

 

 

1,490

 

 

 

1,298

 

 

 

0.05

 

Maxar Technologies Inc. - Revolving Credit Facility

(11)

 

S + 5.75%

 

1.00%

 

10.05%

 

5/3/2029

 

 

8,417

 

 

 

8,155

 

 

 

8,417

 

 

 

0.35

 

Maxar Technologies Inc.

 

 

S + 5.75%

 

1.00%

 

10.05%

 

5/3/2030

 

 

98,175

 

 

 

96,224

 

 

 

98,175

 

 

 

4.03

 

ViaSat, Inc.

(10)

 

S + 4.61%

 

0.50%

 

8.94%

 

5/30/2030

 

 

44,886

 

 

 

42,653

 

 

 

40,759

 

 

 

1.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

183,647

 

 

 

177,072

 

 

 

7.27

 

Transportation: Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boasso Global - Delayed Draw Term Loan

(11)

 

S + 4.75%

 

0.75%

 

9.04%

 

7/1/2028

 

 

8,058

 

 

 

7,891

 

 

 

8,057

 

 

 

0.32

 

Boasso Global - Revolving Credit Facility

(11)

 

S + 4.75%

 

0.75%

 

9.05%

 

7/1/2026

 

 

 

 

 

(72

)

 

 

(9

)

 

 

 

Boasso Global

 

 

S + 4.75%

 

0.75%

 

9.04%

 

7/1/2028

 

 

58,194

 

 

 

57,000

 

 

 

58,079

 

 

 

2.38

 

Boasso Global - Delayed Draw Term Loan - Incremental

(11)

 

S + 4.75%

 

0.75%

 

9.05%

 

7/1/2028

 

 

 

 

 

(12

)

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,807

 

 

 

66,139

 

 

 

2.70

 

 

11


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beacon Mobility Corp. - Delayed Draw Term Loan

 

 

S + 8.60%

 

0.00%

 

12.92% PIK

 

12/31/2025

 

 

1,430

 

 

 

1,425

 

 

 

1,427

 

 

 

0.06

 

Beacon Mobility Corp.

 

 

S + 8.60%

 

0.00%

 

12.92% PIK

 

12/31/2025

 

 

58,927

 

 

 

58,458

 

 

 

58,823

 

 

 

2.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,883

 

 

 

60,250

 

 

 

2.47

 

Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DFS Holdings Company, Inc. - Delayed Draw Term Loan

 

 

S + 7.00%

 

1.00%

 

11.22%

 

1/31/2029

 

 

1,591

 

 

 

1,603

 

 

 

1,605

 

 

 

0.07

 

DFS Holdings Company, Inc.

 

 

S + 7.00%

 

1.00%

 

11.30%

 

1/31/2029

 

 

21,711

 

 

 

21,258

 

 

 

21,291

 

 

 

0.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,861

 

 

 

22,896

 

 

 

0.94

 

Total First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,789,077

 

 

 

4,787,592

 

 

 

196.53

 

Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hexion Holdings Corporation

 

 

S + 7.54%

 

0.50%

 

11.86%

 

3/15/2030

 

 

24,706

 

 

 

24,214

 

 

 

23,347

 

 

 

0.96

 

Hotel, Gaming & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mohegan Gaming & Entertainment

 

 

N/A

 

N/A

 

8.00%

 

2/1/2026

 

 

24,295

 

 

 

24,111

 

 

 

24,295

 

 

 

1.00

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISA Holdings Corp.

 

 

S + 8.50%

 

2.50%

 

12.82% (Incl 2.00% PIK)

 

3/9/2029

 

 

15,230

 

 

 

14,906

 

 

 

15,051

 

 

 

0.62

 

DISA Holdings Corp. - Delayed Draw Term Loan

 

 

S + 8.50%

 

2.50%

 

12.82% (Incl 2.00% PIK)

 

3/9/2029

 

 

2,856

 

 

 

2,797

 

 

 

2,822

 

 

 

0.12

 

Trace3 Inc.

 

 

S + 7.76%

 

0.50%

 

12.05%

 

10/8/2029

 

 

24,250

 

 

 

23,803

 

 

 

24,250

 

 

 

1.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,506

 

 

 

42,123

 

 

 

1.74

 

Total Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,831

 

 

 

89,765

 

 

 

3.70

 

Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ethos - PIK Note

(10)

 

N/A

 

N/A

 

13.00% PIK

 

3/31/2030

 

 

1,033

 

 

 

1,024

 

 

 

1,023

 

 

 

0.04

 

Healthcare & Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Solvias AG - Holdco Note

CH(9)(10)

 

N/A

 

N/A

 

12.50% PIK

 

2/27/2033

 

 

CHF 253

 

 

 

274

 

 

 

279

 

 

 

0.01

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,298

 

 

 

1,302

 

 

 

0.05

 

 

12


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accession Risk Management - Preferred Stock

 

 

 

 

 

 

13.25% PIK

 

8/15/2033

 

 

 

 

 

121

 

 

 

123

 

 

 

0.01

 

Consumer goods: Non-durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protective Industrial Products Inc. - Series A Preferred

 

 

 

 

 

 

13.00% PIK

 

 

 

 

38

 

 

 

38,236

 

 

 

38,362

 

 

 

1.57

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xponential Fitness LLC - Series A Preferred Stock

(10)

 

 

 

 

 

6.50%

 

6/25/2029

 

 

 

 

 

261

 

 

 

174

 

 

 

0.01

 

Services: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolis Technologies Inc. - Class A Preferred Stock

 

 

 

 

 

 

16.00% (Incl 11.00% PIK)

 

2/13/2034

 

 

19,184

 

 

 

19,044

 

 

 

19,009

 

 

 

0.78

 

Metropolis Technologies Inc. - Class B Preferred Stock

 

 

 

 

 

 

17.5% PIK

 

2/13/2034

 

 

6,950

 

 

 

6,712

 

 

 

6,696

 

 

 

0.27

 

Metropolis Technologies Inc. - Warrant

 

 

 

 

 

 

 

 

2/13/2034

 

 

4

 

 

 

189

 

 

 

48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,945

 

 

 

25,753

 

 

 

1.05

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,563

 

 

 

64,412

 

 

 

2.64

 

Total Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,944,769

 

 

$

4,943,071

 

 

 

202.92

 

Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

(13)

 

 

 

 

 

 

 

 

 

 

 

 

$

89,349

 

 

$

89,349

 

 

 

3.67

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,349

 

 

 

89,349

 

 

 

3.67

 

Total Portfolio Investments, Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,034,118

 

 

$

5,032,420

 

 

 

206.59

 

 

13


Table of Contents

 

March 31, 2025

 

Derivative Counterparty

 

Settlement Date

 

Amount Purchased

 

 

Amount Sold

 

 

Fair Value

 

 

% of Net Assets

 

Foreign Currency Forward Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie

 

June 18, 2025

 

$

25,288

 

 

 

GBP 19,478

 

 

$

123

 

 

 

0.0

%

Macquarie

 

July 31, 2025

 

 

GBP 1,064

 

 

$

854

 

 

$

520

 

 

 

0.0

%

Macquarie

 

July 31, 2025

 

$

105,726

 

 

 

GBP 80,000

 

 

$

2,382

 

 

 

0.1

%

Macquarie

 

July 31, 2025

 

$

1,024

 

 

 

GBP 790

 

 

$

3

 

 

 

0.0

%

Macquarie

 

July 31, 2025

 

$

1,251

 

 

 

GBP 988

 

 

$

(25

)

 

 

(0.0

)%

Macquarie

 

July 15, 2027

 

$

3,341

 

 

 

GBP 2,557

 

 

$

58

 

 

 

0.0

%

Macquarie

 

July 14, 2028

 

$

4,655

 

 

 

GBP 3,578

 

 

$

76

 

 

 

0.0

%

Macquarie

 

June 30, 2025

 

$

1,340

 

 

 

CAD 1,823

 

 

$

67

 

 

 

0.0

%

Macquarie

 

September 29, 2025

 

$

1,315

 

 

 

CAD 1,786

 

 

$

62

 

 

 

0.0

%

Macquarie

 

December 31, 2025

 

$

1,268

 

 

 

CAD 1,719

 

 

$

55

 

 

 

0.0

%

Macquarie

 

March 31, 2026

 

$

1,268

 

 

 

CAD 1,718

 

 

$

54

 

 

 

0.0

%

Macquarie

 

June 30, 2026

 

$

56,704

 

 

 

CAD 76,721

 

 

$

2,295

 

 

 

0.1

%

Macquarie

 

June 18, 2025

 

$

40,852

 

 

 

EUR 37,240

 

 

$

394

 

 

 

0.0

%

Macquarie

 

May 27, 2025

 

$

2,124

 

 

 

CHF 1,887

 

 

$

(24

)

 

 

(0.0

)%

Macquarie

 

June 30, 2025

 

$

372

 

 

 

CHF 329

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

August 27, 2025

 

$

2,176

 

 

 

CHF 1,914

 

 

$

(25

)

 

 

(0.0

)%

Macquarie

 

September 30, 2025

 

$

380

 

 

 

CHF 333

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

November 28, 2025

 

$

2,179

 

 

 

CHF 1,898

 

 

$

(26

)

 

 

(0.0

)%

Macquarie

 

December 31, 2025

 

$

383

 

 

 

CHF 333

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

February 27, 2026

 

$

2,197

 

 

 

CHF 1,895

 

 

$

(26

)

 

 

(0.0

)%

Macquarie

 

March 31, 2026

 

$

379

 

 

 

CHF 325

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

May 27, 2026

 

$

2,159

 

 

 

CHF 1,845

 

 

$

(25

)

 

 

(0.0

)%

Macquarie

 

June 30, 2026

 

$

386

 

 

 

CHF 329

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

August 27, 2026

 

$

2,250

 

 

 

CHF 1,906

 

 

$

(25

)

 

 

(0.0

)%

Macquarie

 

September 30, 2026

 

$

394

 

 

 

CHF 333

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

November 27, 2026

 

$

2,297

 

 

 

CHF 1,928

 

 

$

(25

)

 

 

(0.0

)%

Macquarie

 

December 31, 2026

 

$

398

 

 

 

CHF 333

 

 

$

(4

)

 

 

(0.0

)%

Macquarie

 

February 26, 2027

 

$

158,188

 

 

 

CHF 131,613

 

 

$

(1,742

)

 

 

(0.1

)%

Macquarie

 

March 31, 2027

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

June 30, 2027

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

September 30, 2027

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

December 31, 2027

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

March 31, 2028

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

June 30, 2028

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

September 29, 2028

 

$

12

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

December 29, 2028

 

$

13

 

 

 

CHF 10

 

 

$

 

 

 

(0.0

)%

Macquarie

 

March 29, 2029

 

$

417

 

 

 

CHF 323

 

 

$

(5

)

 

 

(0.0

)%

 

 

 

 

 

 

 

 

 

 

$

4,113

 

 

 

0.1

%

 

14


Table of Contents

 

 

Interest Rate Swaps as of March 31, 2025

 

 

Company Receives

 

Company Pays

 

Maturity Date

 

Notional Amount

 

 

Fair Market Value

 

 

Upfront (Payments) / Receipts

 

 

Change in Unrealized Gains / (Losses)

 

Interest rate swap

7.11%

 

SOFR + 3.117%

 

5/20/2030

 

$

165,000

 

 

$

1,912

 

 

$

 

 

$

2,771

 

Cash collateral

 

 

 

 

 

 

 

 

 

 

260

 

 

 

 

 

 

 

Total derivatives

 

 

 

 

 

 

$

165,000

 

 

$

2,172

 

 

$

 

 

$

2,771

 

 

(1)
Security may be an obligation of one or more entities affiliated with the named portfolio company.
(2)
All debt and equity investments are income producing unless otherwise noted.
(3)
All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(4)
All investments are pledged as collateral under the Company's Credit Facilities (as defined below) (see Note 7. Borrowings). A single investment may be divided into parts that are individually pledged as collateral to our credit facilities.
(5)
Variable rate loans to the portfolio companies are indexed to the Secured Overnight Financing Rate ("SOFR") (denoted as "S"), Euro Interbank Offered Rate (“EURIBOR”) (denoted as “E”), Swiss Average Rate Overnight (“SARON”) (denoted as “SA”), or Sterling Overnight Index Average (“SONIA”) (denoted as “SO”) and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025
(6)
For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2025.
(7)
Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned.
(8)
Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIKs"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.
(9)
The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Luxembourg (denoted as “LU”), the United Kingdom (denoted as “UK”), Switzerland (denoted as “CH”), and Ireland (denoted as “IE”). Portfolio companies domiciled in a foreign country are not “qualifying assets” under Section 55(a) of the 1940 Act.
(10)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, qualifying assets represented approximately 80.0% of total assets as calculated in accordance with regulatory requirements.
(11)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted).
(12)
Investment was on non-accrual status as of March 31, 2025, meaning that the Company has ceased recognizing interest income on these investments. As of March 31, 2025, debt investments on non-accrual status represented 0.2% and 0.1% of total investments on an amortized cost basis and fair value basis, respectively.
(13)
Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of March 31, 2025, $55,379 was held in FGTXX and had an average one year yield of 4.82%.
(14)
Portfolio company formerly known as Cotulla Acquisition Co.

15


Table of Contents

March 31, 2025

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

ALF Finance

 

Delayed Draw

 

9/10/2025

 

$

17,000

 

 

$

10

 

Azurite Intermediate Holdings, Inc.

 

Revolver

 

3/19/2031

 

 

9,500

 

 

 

(122

)

AVSC Holding Corporation

 

Revolver

 

12/5/2029

 

 

5,780

 

 

 

(108

)

Best Trash LLC

 

Delayed Draw

 

7/10/2026

 

 

16,250

 

 

 

(81

)

Best Trash LLC

 

Revolver

 

7/10/2031

 

 

6,060

 

 

 

(68

)

Boasso Global

 

Delayed Draw

 

4/28/2025

 

 

1,175

 

 

 

15

 

Boasso Global

 

Delayed Draw

 

4/28/2025

 

 

4,038

 

 

 

12

 

Boasso Global

 

Revolver

 

7/1/2026

 

 

6,250

 

 

 

(9

)

Cadogan Tate

 

Delayed Draw

 

10/31/2026

 

 

59,500

 

 

 

(394

)

Cadogan Tate

 

Revolver

 

10/31/2031

 

 

13,700

 

 

 

(193

)

Carevet LLC

 

Delayed Draw

 

12/18/2025

 

 

19,800

 

 

 

(334

)

Carevet LLC

 

Delayed Draw

 

6/18/2026

 

 

15,048

 

 

 

47

 

Carevet LLC

 

Revolver

 

6/18/2029

 

 

6,600

 

 

 

(56

)

CoreWeave Compute Acquisition Co., IV, LLC

 

Delayed Draw

 

5/16/2025

 

 

22,325

 

 

 

26

 

Disa Holdings Corp.

 

Revolver

 

9/9/2028

 

 

3,333

 

 

 

(38

)

Disa Holdings Corp.

 

Delayed Draw

 

3/1/2026

 

 

354

 

 

 

(1

)

Elessent Clean Technologies Inc.

 

Revolver

 

11/15/2029

 

 

13,158

 

 

 

(244

)

Faraday Buyer, LLC

 

Delayed Draw

 

11/17/2025

 

 

3,514

 

 

 

(16

)

FEG, Inc.

 

Revolver

 

5/10/2030

 

 

15,000

 

 

 

(255

)

Foundation Risk Partners

 

Delayed Draw

 

5/22/2026

 

 

2,149

 

 

 

 

Foundation Risk Partners

 

Delayed Draw

 

2/26/2027

 

 

11,694

 

 

 

(28

)

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

1,589

 

 

 

(8

)

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

3,748

 

 

 

(18

)

Four Winds Interactive LLC

 

Delayed Draw

 

2/20/2027

 

 

2,903

 

 

 

(28

)

Four Winds Interactive LLC

 

Revolver

 

2/20/2030

 

 

1,935

 

 

 

(38

)

Frontgrade Technologies Inc.

 

Revolver

 

1/9/2028

 

 

8,263

 

 

 

 

Great Day Improvements LLC

 

Revolver

 

6/13/2030

 

 

10,500

 

 

 

(182

)

Highgate Hotels, L.P.

 

Revolver

 

11/3/2029

 

 

7,750

 

 

 

 

Hotel Equities Group, LLC

 

Revolver

 

1/22/2029

 

 

10,000

 

 

 

(153

)

Inframark

 

Delayed Draw

 

7/31/2026

 

 

3,248

 

 

 

(13

)

K1 Speed Inc.

 

Delayed Draw

 

1/2/2026

 

 

2,429

 

 

 

(44

)

Learnosity

 

Revolver

 

1/15/2031

 

 

7,500

 

 

 

(91

)

Legends Hospitality

 

Delayed Draw

 

8/22/2026

 

 

3,750

 

 

 

(31

)

Legends Hospitality

 

Revolver

 

8/22/2030

 

 

4,013

 

 

 

(73

)

Ligado Networks LLC

 

Delayed Draw

 

6/30/2025

 

 

252

 

 

 

(28

)

 

16


Table of Contents

March 31, 2025

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

Maxar Technologies Inc.

 

Revolver

 

5/3/2029

 

 

7,088

 

 

 

 

Natural Partners, Inc.

 

Revolver

 

3/15/2028

 

 

6,563

 

 

 

(66

)

Parfums Holding Co Inc

 

Revolver

 

6/27/2029

 

 

6,000

 

 

 

(51

)

PetVet Care Centers

 

Delayed Draw

 

11/15/2025

 

 

6,981

 

 

 

(358

)

PetVet Care Centers

 

Revolver

 

11/15/2029

 

 

6,981

 

 

 

(428

)

Pharmalogic Holdings Corp

 

Delayed Draw

 

6/21/2026

 

 

25,253

 

 

 

(141

)

Red Fox CD Acquisition Corp.

 

Delayed Draw

 

11/30/2025

 

 

1,455

 

 

 

(24

)

RPX Corporation

 

Revolver

 

8/2/2030

 

 

6,122

 

 

 

(82

)

Sky Merger Sub, LLC

 

Delayed Draw

 

5/28/2026

 

 

12,500

 

 

 

52

 

Sky Merger Sub, LLC

 

Revolver

 

5/28/2029

 

 

25,000

 

 

 

(520

)

Solvias AG

 

Revolver

 

2/27/2030

 

 

20,355

 

 

 

(500

)

Spartan College LLC

 

Delayed Draw

 

9/25/2026

 

 

13,702

 

 

 

1

 

SurveyMonkey Global Inc.

 

Revolver

 

5/31/2029

 

 

13,440

 

 

 

(114

)

Systems Planning and Analysis, Inc.

 

Delayed Draw

 

2/16/2026

 

 

4,000

 

 

 

(2

)

Systems Planning and Analysis, Inc.

 

Revolver

 

8/16/2027

 

 

5,288

 

 

 

(43

)

Townsend

 

Revolver

 

8/1/2030

 

 

2,500

 

 

 

(65

)

Trillium FlowControl

 

Delayed Draw

 

6/20/2026

 

 

3,667

 

 

 

(24

)

Trillium FlowControl

 

Revolver

 

12/20/2029

 

 

3,000

 

 

 

(21

)

USA Debusk LLC

 

Delayed Draw

 

4/30/2026

 

 

5,229

 

 

 

(29

)

USA Debusk LLC

 

Revolver

 

4/30/2030

 

 

763

 

 

 

(10

)

Valeron Group, LLC

 

Delayed Draw

 

5/30/2025

 

 

20,000

 

 

 

4

 

Total Unfunded Commitments

 

 

 

 

 

$

515,995

 

 

$

(4,965

)

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

17


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frontgrade Technologies Inc.

 

 

S + 5.00%

 

0.75%

 

9.49%

 

1/9/2030

 

 

9,681

 

 

 

9,520

 

 

 

9,681

 

 

 

0.40

%

Frontgrade Technologies Inc.

 

 

S + 5.00%

 

0.75%

 

9.49%

 

1/9/2030

 

 

59,858

 

 

 

58,714

 

 

 

59,858

 

 

 

2.49

 

Frontgrade Technologies Inc. - Revolving Credit Facility

(12)

 

S + 5.00%

 

0.75%

 

11.06%

 

1/9/2028

 

 

 

 

 

(122

)

 

 

 

 

 

 

Sky Merger Sub, LLC

 

 

S + 6.60%

 

1.50%

 

11.11%

 

5/28/2029

 

 

111,094

 

 

 

108,544

 

 

 

108,646

 

 

 

4.52

 

Sky Merger Sub, LLC - Delayed Draw Term Loan

(12)

 

S + 6.60%

 

1.50%

 

10.91%

 

5/28/2029

 

 

 

 

 

 

 

 

37

 

 

 

 

Sky Merger Sub, LLC - Revolving Credit Facility

(12)

 

S + 6.60%

 

1.50%

 

10.91%

 

5/28/2029

 

 

 

 

 

(550

)

 

 

(551

)

 

 

(0.02

)

Systems Planning and Analysis, Inc.

 

 

S + 5.00%

 

1.00%

 

9.28%

 

8/16/2027

 

 

10,604

 

 

 

10,488

 

 

 

10,510

 

 

 

0.44

 

Systems Planning and Analysis, Inc. - Delayed Draw Term Loan A

(12)

 

S + 5.00%

 

1.00%

 

9.28%

 

8/16/2027

 

 

7,656

 

 

 

7,400

 

 

 

7,529

 

 

 

0.31

 

Systems Planning and Analysis, Inc. - Delayed Draw Term Loan

 

 

S + 5.00%

 

1.00%

 

9.28%

 

8/16/2027

 

 

6,622

 

 

 

6,532

 

 

 

6,563

 

 

 

0.27

 

Systems Planning and Analysis, Inc. - Revolving Credit Facility

(12)

 

S + 5.00%

 

1.00%

 

10.25%

 

8/16/2027

 

 

 

 

 

(53

)

 

 

(52

)

 

 

 

The Nordam Group Inc.

 

 

S + 5.60%

 

0.00%

 

9.96%

 

4/9/2026

 

 

11,522

 

 

 

10,963

 

 

 

11,465

 

 

 

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

211,436

 

 

 

213,686

 

 

 

8.89

 

Automotive

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Titan Purchaser, Inc.

 

 

S + 6.00%

 

1.00%

 

10.32%

 

3/1/2030

 

 

10,979

 

 

 

10,893

 

 

 

11,075

 

 

 

0.46

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accession Risk Management - Delayed Draw Term Loan

 

 

S + 4.75%

 

0.75%

 

9.34%

 

11/1/2029

 

 

49,277

 

 

 

48,703

 

 

 

49,277

 

 

 

2.05

 

ALF Finance

(11)

 

S + 6.00%

 

1.00%

 

10.33% PIK

 

12/10/2029

 

 

26,158

 

 

 

25,898

 

 

 

25,900

 

 

 

1.08

 

ALF Finance - Delayed Draw Term Loan

(11)(12)

 

S + 6.00%

 

1.00%

 

10.33% PIK

 

12/10/2029

 

 

7,524

 

 

 

7,453

 

 

 

7,453

 

 

 

0.31

 

Ardonagh Midco 3 PLC

UK(10)(11)

 

S + 4.75%

 

0.50%

 

9.90%

 

2/15/2031

 

 

29,398

 

 

 

28,999

 

 

 

29,009

 

 

 

1.21

 

Foundation Risk Partners

 

 

S + 5.25%

 

0.75%

 

9.58%

 

10/29/2030

 

 

19,789

 

 

 

19,742

 

 

 

19,745

 

 

 

0.82

 

Foundation Risk Partners - Delayed Draw Term Loan

 

 

S + 5.25%

 

0.75%

 

9.58%

 

10/29/2030

 

 

44,813

 

 

 

44,038

 

 

 

44,712

 

 

 

1.86

 

Foundation Risk Partners - Delayed Draw Term Loan Incremental

(12)

 

S + 5.25%

 

0.75%

 

9.61%

 

10/29/2030

 

 

5,098

 

 

 

5,031

 

 

 

5,100

 

 

 

0.21

 

Foundation Risk Partners - Revolving Credit Facility

(12)

 

S + 5.25%

 

0.75%

 

9.56%

 

10/29/2029

 

 

 

 

 

 

 

 

(4

)

 

 

 

Foundation Risk Partners - Revolving Credit Facility Incremental

(12)

 

S + 5.25%

 

0.75%

 

9.56%

 

10/29/2029

 

 

 

 

 

(33

)

 

 

(8

)

 

 

 

Onbe Inc.

 

 

S + 5.50%

 

1.00%

 

9.86%

 

7/25/2031

 

 

130,000

 

 

 

127,478

 

 

 

127,560

 

 

 

5.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

307,309

 

 

 

308,744

 

 

 

12.85

 

Beverage, Food & Tobacco

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LJ Perimeter Buyer, Inc.

 

 

S + 6.65%

 

1.00%

 

11.24%

 

10/31/2028

 

 

19,073

 

 

 

18,667

 

 

 

18,410

 

 

 

0.77

 

LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan

 

 

S + 6.65%

 

1.00%

 

11.24%

 

10/31/2028

 

 

2,452

 

 

 

2,446

 

 

 

2,412

 

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,113

 

 

 

20,822

 

 

 

0.87

 

 

18


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Faraday Buyer, LLC

 

 

S + 6.00%

 

1.00%

 

10.33%

 

10/10/2028

 

 

33,139

 

 

 

32,587

 

 

 

32,627

 

 

 

1.36

 

Faraday Buyer, LLC - Delayed Draw Term Loan

(12)

 

S + 6.00%

 

1.00%

 

10.31%

 

10/10/2028

 

 

 

 

 

(19

)

 

 

(19

)

 

 

 

Neptune Platform Buyer, LLC

 

 

S + 5.25%

 

0.75%

 

9.58%

 

1/19/2031

 

 

7,402

 

 

 

7,301

 

 

 

7,306

 

 

 

0.30

 

Neptune Platform Buyer, LLC - Delayed Draw Term Loan

(12)

 

S + 5.25%

 

0.75%

 

9.58%

 

1/19/2031

 

 

 

 

 

(9

)

 

 

(8

)

 

 

 

Texas Hydraulics

 

 

S + 6.25%

 

2.00%

 

10.61%

 

11/20/2030

 

 

90,000

 

 

 

88,223

 

 

 

88,234

 

 

 

3.67

 

Trillium FlowControl

LU(10)(11)

 

S + 5.25%

 

1.00%

 

9.60%

 

12/20/2029

 

 

18,333

 

 

 

18,061

 

 

 

18,060

 

 

 

0.75

 

Trillium FlowControl - Delayed Draw Term Loan

LU(10)(11)(12)

 

S + 5.25%

 

1.00%

 

9.56%

 

12/20/2029

 

 

 

 

 

(27

)

 

 

(27

)

 

 

 

Trillium FlowControl - Revolving Credit Facility

LU(10)(11)(12)

 

S + 5.25%

 

1.00%

 

9.56%

 

12/20/2029

 

 

 

 

 

(45

)

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

146,072

 

 

 

146,151

 

 

 

6.08

 

Chemicals, Plastics & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TPC Group, Inc.

 

 

S + 5.75%

 

0.00%

 

10.11%

 

11/24/2031

 

 

45,000

 

 

 

44,329

 

 

 

44,719

 

 

 

1.86

 

Construction & Building

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cook & Boardman Group

 

 

S + 6.00%

 

1.00%

 

10.33%

 

3/4/2030

 

 

124,062

 

 

 

121,795

 

 

 

121,923

 

 

 

5.08

 

Cook & Boardman Group - Delayed Draw Term Loan

(12)

 

S + 6.00%

 

1.00%

 

10.33%

 

3/4/2030

 

 

12,584

 

 

 

12,221

 

 

 

12,240

 

 

 

0.51

 

Elessent Clean Technologies Inc.

 

 

S + 6.00%

 

1.00%

 

10.40%

 

11/15/2029

 

 

136,842

 

 

 

134,147

 

 

 

134,174

 

 

 

5.59

 

Elessent Clean Technologies Inc. - Revolving Credit Facility

(12)

 

S + 6.00%

 

1.00%

 

10.31%

 

11/15/2029

 

 

 

 

 

(256

)

 

 

(257

)

 

 

(0.01

)

Great Day Improvements LLC

 

 

S + 5.76%

 

1.50%

 

10.01%

 

6/13/2030

 

 

85,570

 

 

 

83,964

 

 

 

84,016

 

 

 

3.50

 

Great Day Improvements LLC - Revolving Credit Facility

(12)

 

S + 5.76%

 

1.50%

 

10.07%

 

6/13/2030

 

 

 

 

 

(254

)

 

 

(254

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

351,617

 

 

 

351,842

 

 

 

14.66

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Victra Finance Corp.

 

 

S + 5.25%

 

0.75%

 

9.61%

 

3/31/2029

 

 

88,861

 

 

 

88,590

 

 

 

89,860

 

 

 

3.74

 

Consumer Goods: Non-durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1440 Foods Topco LLC

 

 

S + 5.00%

 

0.00%

 

9.36%

 

10/31/2031

 

 

20,000

 

 

 

18,903

 

 

 

19,025

 

 

 

0.79

 

GSM Outdoors

 

 

S + 5.00%

 

1.00%

 

9.33%

 

9/30/2031

 

 

14,963

 

 

 

13,938

 

 

 

14,607

 

 

 

0.61

 

Parfums Holdings Co.

 

 

S + 5.25%

 

1.00%

 

9.58%

 

6/27/2030

 

 

96,266

 

 

 

95,345

 

 

 

95,386

 

 

 

3.97

 

Parfums Holdings Co. - Revolving Credit Facility

(12)

 

S + 5.25%

 

1.00%

 

9.56%

 

6/27/2029

 

 

 

 

 

(54

)

 

 

(54

)

 

 

 

Valeron Group, LLC

 

 

S + 5.50%

 

0.00%

 

9.93%

 

10/18/2031

 

 

150,000

 

 

 

146,310

 

 

 

146,358

 

 

 

6.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

274,442

 

 

 

275,322

 

 

 

11.46

 

Containers, Packaging & Glass

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cadogan Tate - Delayed Draw Term Loan

(11)(12)

 

S + 5.75%

 

0.00%

 

10.06%

 

10/31/2031

 

 

 

 

 

(428

)

 

 

(425

)

 

 

(0.02

)

Cadogan Tate - Revolving Credit Facility

(11)(12)

 

S + 5.75%

 

0.00%

 

10.13%

 

10/31/2031

 

 

1,300

 

 

 

1,006

 

 

 

1,007

 

 

 

0.04

 

Confluent Holdings LLC

 

 

S + 7.00%

 

2.00%

 

11.33%

 

3/28/2029

 

 

28,789

 

 

 

28,015

 

 

 

28,057

 

 

 

1.17

 

Dellner Couplers Group AB

UK(10)(11)

 

L + 5.50%

 

0.50%

 

8.22%

 

6/29/2029

 

 

EUR 38,000

 

 

 

40,389

 

 

 

38,792

 

 

 

1.62

 

Confluent Holdings LLC - Delayed Draw Term Loan

(12)

 

S + 7.00%

 

2.00%

 

11.33%

 

3/28/2029

 

 

10,076

 

 

 

9,823

 

 

 

9,840

 

 

 

0.41

 

Klockner Pentaplast of America Inc.

(11)

 

S + 4.75%

 

0.00%

 

9.72%

 

2/9/2026

 

 

680

 

 

 

651

 

 

 

617

 

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,456

 

 

 

77,888

 

 

 

3.25

 

 

19


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy: Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CITGO Petroleum Corp.

 

 

N/A

 

N/A

 

6.38%

 

6/15/2026

 

 

2,121

 

 

 

2,136

 

 

 

2,123

 

 

 

0.09

 

Environmental Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inframark

 

 

S + 5.50%

 

0.75%

 

10.09% (Incl 3.00% PIK)

 

7/31/2031

 

 

18,129

 

 

 

17,952

 

 

 

17,958

 

 

 

0.75

 

Inframark - Delayed Draw Term Loan

(12)

 

S + 5.00%

 

0.75%

 

9.36%

 

7/31/2031

 

 

140

 

 

 

124

 

 

 

124

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,076

 

 

 

18,082

 

 

 

0.76

 

Healthcare & Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CareVet LLC - Term Loan A

 

 

S + 6.00%

 

2.00%

 

10.33%

 

6/18/2029

 

 

112,200

 

 

 

111,475

 

 

 

111,375

 

 

 

4.64

 

CareVet LLC - Term Loan B

 

 

N/A

 

N/A

 

14.75% (Incl 7.5% PIK)

 

6/18/2029

 

 

10,385

 

 

 

10,114

 

 

 

10,260

 

 

 

0.43

 

CareVet LLC - Delayed Draw Term Loan A

(12)

 

S + 6.00%

 

2.00%

 

10.31%

 

6/18/2029

 

 

 

 

 

(354

)

 

 

(354

)

 

 

(0.01

)

CareVet LLC - Delayed Draw Term Loan B

(12)

 

S + 6.00%

 

2.00%

 

10.31%

 

6/18/2029

 

 

 

 

 

69

 

 

 

71

 

 

 

 

CareVet LLC - Revolving Credit Facility

(12)

 

S + 6.00%

 

2.00%

 

10.31%

 

6/18/2029

 

 

 

 

 

(59

)

 

 

(59

)

 

 

 

Gainwell Acquisition Corp

 

 

S + 4.10%

 

0.75%

 

8.43%

 

10/1/2027

 

 

992

 

 

 

951

 

 

 

959

 

 

 

0.04

 

PetVet Care Centers

 

 

S + 6.00%

 

0.75%

 

10.36%

 

11/15/2030

 

 

52,988

 

 

 

52,035

 

 

 

52,921

 

 

 

2.20

 

PetVet Care Centers - Delayed Draw Term Loan

(12)

 

S + 6.00%

 

0.75%

 

10.31%

 

11/15/2030

 

 

 

 

 

(47

)

 

 

61

 

 

 

 

PetVet Care Centers - Revolving Credit Facility

(12)

 

S + 6.00%

 

0.75%

 

10.31%

 

11/15/2029

 

 

 

 

 

(113

)

 

 

(66

)

 

 

 

Pharmalogic Holdings Corp.

 

 

S + 5.00%

 

1.00%

 

9.36%

 

6/21/2030

 

 

19,903

 

 

 

19,620

 

 

 

19,630

 

 

 

0.82

 

Pharmalogic Holdings Corp.

 

 

S + 5.00%

 

1.00%

 

9.36%

 

6/21/2030

 

 

CAD 74,625

 

 

 

53,726

 

 

 

51,170

 

 

 

2.13

 

Pharmalogic Holdings Corp. - Delayed Draw Term Loan

(12)

 

S + 5.00%

 

1.00%

 

9.31%

 

6/21/2030

 

 

 

 

 

(157

)

 

 

(156

)

 

 

(0.01

)

Natural Partners, Inc.

 

 

S + 4.65%

 

1.00%

 

9.16%

 

11/29/2027

 

 

50,847

 

 

 

50,239

 

 

 

49,903

 

 

 

2.08

 

Natural Partners, Inc. - Revolving Credit Facility

(12)

 

S + 4.65%

 

1.00%

 

8.96%

 

11/29/2027

 

 

 

 

 

(83

)

 

 

(122

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

297,416

 

 

 

295,593

 

 

 

12.31

 

High Tech Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alteryx, Inc.

 

 

S + 6.50%

 

0.75%

 

10.86%

 

3/19/2031

 

 

26,125

 

 

 

25,752

 

 

 

25,777

 

 

 

1.07

 

Alteryx, Inc. - Revolving Credit Facility

(12)

 

S + 6.50%

 

0.75%

 

10.81%

 

3/19/2031

 

 

 

 

 

(126

)

 

 

(127

)

 

 

(0.01

)

Alteryx, Inc. - Delayed Draw Term Loan

 

 

S + 6.50%

 

0.75%

 

10.86%

 

3/19/2031

 

 

59,375

 

 

 

58,552

 

 

 

58,583

 

 

 

2.44

 

Coreweave - Delayed Draw Term Loan

(12)

 

S + 6.00%

 

0.00%

 

10.66%

 

8/29/2029

 

 

26,703

 

 

 

26,356

 

 

 

26,332

 

 

 

1.10

 

Inmar, Inc.

 

 

S + 5.00%

 

1.00%

 

9.36%

 

5/1/2026

 

 

29,925

 

 

 

29,378

 

 

 

29,972

 

 

 

1.25

 

TIC Bidco LTD

UK(10)(11)

 

SO + 5.00%

 

0.00%

 

9.70%

 

6/16/2031

 

 

GBP 9,240

 

 

 

12,100

 

 

 

11,497

 

 

 

0.48

 

TIC Bidco LTD - Delayed Draw Term Loan

UK(10)(11)(12)

 

SO + 5.00%

 

0.00%

 

9.70%

 

6/16/2031

 

 

 

 

 

(16

)

 

 

(9

)

 

 

 

Watchguard Technologies, Inc.

 

 

S + 5.25%

 

0.75%

 

9.61%

 

7/2/2029

 

 

59,695

 

 

 

57,654

 

 

 

59,005

 

 

 

2.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

209,650

 

 

 

211,030

 

 

 

8.79

 

 

20


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel, Gaming & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chuck E. Cheese

 

 

N/A

 

N/A

 

6.75%

 

5/1/2026

 

 

17,534

 

 

 

17,032

 

 

 

17,389

 

 

 

0.72

 

ClubCorp Holdings Inc.

 

 

S + 5.26%

 

0.00%

 

9.59%

 

9/18/2026

 

 

71,257

 

 

 

68,706

 

 

 

71,376

 

 

 

2.97

 

Highgate Hotels, L.P.

 

 

S + 5.50%

 

1.00%

 

9.83%

 

11/5/2029

 

 

99,000

 

 

 

97,338

 

 

 

99,166

 

 

 

4.13

 

Highgate Hotels, L.P. - Revolving Credit Facility

(12)

 

S + 5.50%

 

1.00%

 

9.81%

 

11/3/2029

 

 

 

 

 

(201

)

 

 

 

 

 

 

Hotel Equities Group, LLC

 

 

S + 5.75%

 

2.00%

 

10.38%

 

1/22/2029

 

 

29,292

 

 

 

28,869

 

 

 

28,816

 

 

 

1.20

 

Hotel Equities Group, LLC - Revolving Credit Facility

(12)

 

S + 5.75%

 

2.00%

 

10.06%

 

1/22/2029

 

 

 

 

 

(162

)

 

 

(162

)

 

 

(0.01

)

J&J Ventures Gaming LLC

 

 

S + 5.11%

 

0.75%

 

9.47%

 

4/26/2028

 

 

134,662

 

 

 

131,066

 

 

 

131,176

 

 

 

5.46

 

K1 Speed Inc.

 

 

S + 6.25%

 

1.00%

 

10.73%

 

1/2/2029

 

 

18,214

 

 

 

17,907

 

 

 

17,865

 

 

 

0.74

 

K1 Speed Inc. Incremental

 

 

S + 6.25%

 

1.00%

 

10.73%

 

1/2/2029

 

 

6,193

 

 

 

6,077

 

 

 

6,074

 

 

 

0.25

 

K1 Speed Inc. Second Incremental

 

 

S + 6.25%

 

1.00%

 

10.82%

 

1/2/2029

 

 

 

 

 

 

 

 

 

 

 

 

K1 Speed Inc. DDTL B

 

 

S + 6.25%

 

1.00%

 

10.58%

 

1/2/2029

 

 

3,643

 

 

 

3,576

 

 

 

3,573

 

 

 

0.15

 

K1 Speed Inc. - Delayed Draw Term Loan

(12)

 

S + 6.25%

 

1.00%

 

10.89%

 

1/2/2029

 

 

2,429

 

 

 

2,325

 

 

 

2,312

 

 

 

0.10

 

Sandlot Baseball Borrower Co.

 

 

S + 5.75%

 

1.00%

 

10.08%

 

12/27/2028

 

 

66,000

 

 

 

64,898

 

 

 

64,947

 

 

 

2.70

 

Sandlot Baseball Borrower Co. - Delayed Draw Term Loan

(12)

 

S + 5.75%

 

1.00%

 

10.08%

 

12/27/2028

 

 

19,413

 

 

 

19,149

 

 

 

19,159

 

 

 

0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

456,580

 

 

 

461,691

 

 

 

19.21

 

Media: Advertising, Printing & Publishing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nottingham Forest

UK(10)(11)

 

N/A

 

N/A

 

12.94% PIK

 

7/15/2028

 

 

GBP 4,184

 

 

 

5,550

 

 

 

5,212

 

 

 

0.22

 

Sheffield United F.C.

UK(10)(11)

 

N/A

 

N/A

 

10.70%

 

7/22/2026

 

 

GBP 10,783

 

 

 

13,354

 

 

 

13,445

 

 

 

0.56

 

Southampton FC

UK(10)(11)

 

SO + 6.00%

 

0.00%

 

10.85%

 

9/23/2029

 

 

GBP 70,000

 

 

 

91,300

 

 

 

86,576

 

 

 

3.60

 

Southampton FC - Revolving Credit Facility

UK(10)(11)

 

SO + 6.00%

 

0.00%

 

10.85%

 

9/23/2029

 

 

GBP 10,000

 

 

 

13,043

 

 

 

12,368

 

 

 

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

123,247

 

 

 

117,601

 

 

 

4.89

 

Media: Broadcasting & Subscription

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E.W. Scripps

(11)

 

S + 2.68%

 

0.75%

 

7.03%

 

5/1/2026

 

 

22,722

 

 

 

21,839

 

 

 

21,983

 

 

 

0.92

 

E.W. Scripps

(11)

 

N/A

 

N/A

 

5.88%

 

7/15/2027

 

 

100

 

 

 

70

 

 

 

81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,909

 

 

 

22,064

 

 

 

0.92

 

Media: Diversified & Production

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Candle Media Co Ltd

 

 

S + 6.10%

 

0.75%

 

10.43% (Incl 4.00% PIK)

 

6/18/2027

 

 

45,194

 

 

 

44,764

 

 

 

43,197

 

 

 

1.80

 

Candle Media Co Ltd -Delayed Draw Term Loan

 

 

S + 6.10%

 

0.75%

 

10.43% (Incl 4.00% PIK)

 

6/18/2027

 

 

17,891

 

 

 

17,736

 

 

 

17,101

 

 

 

0.71

 

Getty Images Inc.

(11)

 

S + 4.60%

 

0.00%

 

8.88%

 

2/19/2026

 

 

15,927

 

 

 

15,909

 

 

 

15,854

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78,409

 

 

 

76,152

 

 

 

3.17

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xponential Fitness LLC

(11)

 

S + 6.61%

 

1.00%

 

11.28%

 

3/15/2026

 

 

87,015

 

 

 

85,883

 

 

 

87,015

 

 

 

3.62

 

 

21


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASC Engineered Solutions

 

 

S + 5.00%

 

0.75%

 

9.59%

 

7/10/2031

 

 

50,000

 

 

 

49,511

 

 

 

49,534

 

 

 

2.06

 

AVSC Holding Corporation

 

 

S + 5.00%

 

0.75%

 

9.36%

 

12/5/2031

 

 

58,717

 

 

 

57,546

 

 

 

57,555

 

 

 

2.40

 

AVSC Holding Corporation - Revolving Credit Facility

(12)

 

S + 5.00%

 

0.75%

 

9.33%

 

12/5/2029

 

 

 

 

 

(124

)

 

 

(124

)

 

 

(0.01

)

BDO USA, P.C.

 

 

S + 5.00%

 

2.00%

 

9.52%

 

8/31/2028

 

 

65,654

 

 

 

64,615

 

 

 

64,661

 

 

 

2.69

 

Best Trash LLC

 

 

S + 5.00%

 

1.00%

 

9.33%

 

7/10/2031

 

 

52,369

 

 

 

51,732

 

 

 

51,758

 

 

 

2.14

 

Best Trash LLC - Delayed Draw Term Loan

(12)

 

S + 5.00%

 

1.00%

 

9.31%

 

7/10/2031

 

 

 

 

 

(89

)

 

 

(88

)

 

 

 

Best Trash LLC - Revolving Credit Facility

(12)

 

S + 5.00%

 

1.00%

 

9.33%

 

7/10/2031

 

 

190

 

 

 

117

 

 

 

117

 

 

 

 

Brock Holdings III, LLC

 

 

S + 6.00%

 

0.50%

 

10.33%

 

5/1/2030

 

 

24,937

 

 

 

24,473

 

 

 

25,021

 

 

 

1.03

 

Clarion Events Limited

UK(10)(11)

 

S + 5.73%

 

1.00%

 

9.38%

 

9/30/2027

 

 

52,494

 

 

 

52,029

 

 

 

52,641

 

 

 

2.19

 

DISA Holdings Corp.

 

 

S + 5.00%

 

0.75%

 

9.50%

 

9/9/2028

 

 

16,580

 

 

 

16,371

 

 

 

16,376

 

 

 

0.68

 

DISA Holdings Corp. - Delayed Draw Term Loan

(12)

 

S + 5.00%

 

0.75%

 

9.40%

 

9/9/2028

 

 

1,434

 

 

 

1,364

 

 

 

1,364

 

 

 

0.06

 

DISA Holdings Corp. - Revolving Credit Facility

(12)

 

S + 5.00%

 

0.75%

 

9.31%

 

9/9/2028

 

 

 

 

 

(51

)

 

 

(51

)

 

 

 

Ethos

(11)

 

S + 6.00%

 

1.00%

 

10.32%

 

12/30/2029

 

 

136,500

 

 

 

133,774

 

 

 

133,770

 

 

 

5.57

 

Legends Hospitality Holding Company

 

 

S + 5.50%

 

0.75%

 

10.02% (Incl 2.75% PIK)

 

8/22/2031

 

 

64,198

 

 

 

62,955

 

 

 

62,979

 

 

 

2.62

 

Legends Hospitality Holding Company - Delayed Draw Term Loan

(12)

 

S + 5.00%

 

0.75%

 

9.31%

 

8/22/2031

 

 

 

 

 

(34

)

 

 

(34

)

 

 

 

Legends Hospitality Holding Company - Revolving Credit Facility

(12)

 

S + 5.00%

 

0.75%

 

9.45%

 

8/22/2031

 

 

750

 

 

 

608

 

 

 

608

 

 

 

0.03

 

RPX Corporation

 

 

S + 5.50%

 

1.00%

 

10.02%

 

8/2/2030

 

 

68,705

 

 

 

67,717

 

 

 

67,746

 

 

 

2.82

 

RPX Corporation

(12)

 

S + 5.50%

 

1.00%

 

9.83%

 

8/2/2030

 

 

 

 

 

(85

)

 

 

(85

)

 

 

 

SurveyMonkey Global Inc.

(15)

 

S + 5.75%

 

1.00%

 

10.08%

 

5/31/2030

 

 

125,927

 

 

 

124,248

 

 

 

124,777

 

 

 

5.19

 

SurveyMonkey Global Inc. - Revolving Credit Facility

(12)(15)

 

S + 5.75%

 

1.00%

 

10.06%

 

5/31/2029

 

 

 

 

 

(177

)

 

 

(120

)

 

 

 

Townsend

 

 

S + 6.50%

 

1.50%

 

11.09%

 

8/1/2030

 

 

11,970

 

 

 

11,625

 

 

 

11,636

 

 

 

0.48

 

Townsend - Revolving Credit Facility

(12)

 

S + 6.50%

 

1.50%

 

10.81%

 

8/1/2029

 

 

 

 

 

(71

)

 

 

(69

)

 

 

 

Travelport Finance (Luxembourg) S.A.R.L

LU(10)(11)

 

S + 8.26%

 

1.00%

 

12.85% (Incl 5.85% PIK)

 

9/30/2028

 

 

55,615

 

 

 

55,283

 

 

 

51,890

 

 

 

2.16

 

USA Debusk LLC

 

 

S + 5.25%

 

0.75%

 

9.61%

 

4/30/2031

 

 

16,562

 

 

 

16,329

 

 

 

16,337

 

 

 

0.67

 

USA Debusk LLC - Delayed Draw Term Loan

(12)

 

S + 5.25%

 

0.75%

 

9.89%

 

4/30/2031

 

 

687

 

 

 

644

 

 

 

645

 

 

 

0.03

 

USA Debusk LLC - Revolving Credit Facility

(12)

 

S + 5.25%

 

0.75%

 

9.61%

 

4/30/2030

 

 

687

 

 

 

656

 

 

 

656

 

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

790,966

 

 

 

789,500

 

 

 

32.84

 

Services: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cadogan Tate

(11)

 

S + 5.75%

 

0.00%

 

10.27%

 

10/31/2031

 

 

110,500

 

 

 

108,860

 

 

 

108,882

 

 

 

4.53

 

FEG, Inc.

 

 

S + 5.25%

 

1.00%

 

9.61%

 

5/10/2030

 

 

85,775

 

 

 

84,177

 

 

 

84,244

 

 

 

3.51

 

FEG, Inc. - Revolving Credit Facility

(12)

 

S + 5.25%

 

1.00%

 

9.56%

 

5/10/2030

 

 

 

 

 

(268

)

 

 

(268

)

 

 

(0.01

)

Metropolis Technologies Inc.

 

 

S + 6.10%

 

1.00%

 

10.46%

 

5/16/2031

 

 

125,020

 

 

 

122,788

 

 

 

122,741

 

 

 

5.11

 

Sotheby's

 

 

N/A

 

N/A

 

7.38%

 

10/15/2027

 

 

17,260

 

 

 

14,818

 

 

 

17,064

 

 

 

0.71

 

Vision Purchaser Corp.

 

 

S + 6.50%

 

1.00%

 

10.75%

 

6/10/2026

 

 

35,616

 

 

 

34,982

 

 

 

35,326

 

 

 

1.46

 

Vision Purchaser Corp. - Fourth Amended Term Loan

 

 

S + 6.50%

 

1.00%

 

10.75%

 

6/10/2026

 

 

4,190

 

 

 

3,926

 

 

 

4,156

 

 

 

0.17

 

Vision Purchaser Corp. - Incremental Term Loan

 

 

S + 6.50%

 

1.00%

 

10.75%

 

6/10/2026

 

 

2,473

 

 

 

2,457

 

 

 

2,452

 

 

 

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

371,740

 

 

 

374,597

 

 

 

15.58

 

 

22


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

First Lien Debt (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sovereign & Public Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cotulla Acquisition Co.

 

 

S + 7.00%

 

1.50%

 

11.33%

 

5/3/2029

 

 

32,565

 

 

 

31,708

 

 

 

31,717

 

 

 

1.32

 

Cotulla Acquisition Co. - Delayed Draw Term Loan

 

 

S + 7.00%

 

1.50%

 

11.33%

 

5/3/2029

 

 

18,973

 

 

 

18,497

 

 

 

18,479

 

 

 

0.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,205

 

 

 

50,196

 

 

 

2.09

 

Telecommunications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Innovate Corp.

(11)

 

N/A

 

N/A

 

8.50%

 

2/1/2026

 

 

24,000

 

 

 

24,019

 

 

 

19,908

 

 

 

0.83

 

Ligado Networks LLC

(13)

 

N/A

 

N/A

 

15.5% PIK

 

11/1/2023

 

 

12,853

 

 

 

11,071

 

 

 

4,391

 

 

 

0.18

 

Maxar Technologies Inc. - Revolving Credit Facility

(12)

 

S + 5.75%

 

1.00%

 

10.08%

 

5/3/2029

 

 

7,088

 

 

 

6,811

 

 

 

7,088

 

 

 

0.30

 

Maxar Technologies Inc.

 

 

S + 5.75%

 

1.00%

 

10.08%

 

5/3/2030

 

 

98,424

 

 

 

96,365

 

 

 

98,424

 

 

 

4.10

 

ViaSat, Inc.

(11)

 

S + 4.61%

 

0.50%

 

9.06%

 

5/30/2030

 

 

58,595

 

 

 

55,673

 

 

 

52,113

 

 

 

2.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193,939

 

 

 

181,924

 

 

 

7.58

 

Transportation: Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boasso Global - Delayed Draw Term Loan

(12)

 

S + 4.75%

 

0.75%

 

9.34%

 

7/1/2028

 

 

8,078

 

 

 

7,896

 

 

 

8,076

 

 

 

0.34

 

Boasso Global - Revolving Credit Facility

(12)

 

S + 4.75%

 

0.75%

 

9.06%

 

7/1/2026

 

 

 

 

 

(86

)

 

 

(11

)

 

 

 

Boasso Global

 

 

S + 4.75%

 

0.75%

 

9.34%

 

7/1/2028

 

 

58,341

 

 

 

57,048

 

 

 

58,217

 

 

 

2.42

 

Boasso Global - Delayed Draw Term Loan - Incremental

(12)

 

S + 4.75%

 

0.75%

 

9.06%

 

7/1/2028

 

 

 

 

 

(14

)

 

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,844

 

 

 

66,294

 

 

 

2.76

 

Transportation: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beacon Mobility Corp. - Delayed Draw Term Loan

 

 

S + 8.60%

 

0.00%

 

13.07% PIK

 

12/31/2025

 

 

1,387

 

 

 

1,378

 

 

 

1,386

 

 

 

0.06

 

Beacon Mobility Corp.

 

 

S + 8.60%

 

0.00%

 

13.07% PIK

 

12/31/2025

 

 

57,179

 

 

 

56,524

 

 

 

57,133

 

 

 

2.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,902

 

 

 

58,519

 

 

 

2.44

 

Wholesale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DFS Holdings Company, Inc. - Delayed Draw Term Loan

(12)

 

S + 6.25%

 

1.00%

 

10.50%

 

1/31/2029

 

 

1,595

 

 

 

1,543

 

 

 

1,546

 

 

 

0.06

 

DFS Holdings Company, Inc.

 

 

S + 6.25%

 

1.00%

 

10.50%

 

1/31/2029

 

 

21,766

 

 

 

21,279

 

 

 

21,319

 

 

 

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,822

 

 

 

22,865

 

 

 

0.95

 

Total First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,380,981

 

 

 

4,375,355

 

 

 

182.12

%

 

23


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)(4)

Footnotes

 

Reference Rate and Spread (5)

 

Interest Rate Floor

 

Interest Rate (6)

 

Maturity Date

 

Par Amount / Shares (7)

 

 

Cost (8)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals, Plastics & Rubber

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hexion Holdings Corporation

 

 

S + 7.54%

 

0.50%

 

11.89%

 

3/15/2030

 

 

24,706

 

 

 

24,186

 

 

 

23,316

 

 

 

0.97

 

Hotel, Gaming & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mohegan Gaming & Entertainment

 

 

N/A

 

N/A

 

8.00%

 

2/1/2026

 

 

24,295

 

 

 

24,038

 

 

 

24,150

 

 

 

1.01

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISA Holdings Corp.

 

 

S + 8.50%

 

2.50%

 

12.99% (Incl 2.00% PIK)

 

3/9/2029

 

 

15,153

 

 

 

14,810

 

 

 

14,963

 

 

 

0.62

 

DISA Holdings Corp. - Delayed Draw Term Loan

 

 

S + 8.50%

 

2.50%

 

12.99% (Incl 2.00% PIK)

 

3/9/2029

 

 

2,841

 

 

 

2,779

 

 

 

2,806

 

 

 

0.12

 

Trace3 Inc.

 

 

S + 7.76%

 

0.50%

 

12.42%

 

10/8/2029

 

 

24,250

 

 

 

23,776

 

 

 

24,250

 

 

 

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,365

 

 

 

42,019

 

 

 

1.75

 

Total Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

89,589

 

 

 

89,485

 

 

 

3.73

%

Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services: Business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ethos - PIK Note

(9)(11)

 

N/A

 

N/A

 

13.00% PIK

 

3/31/2030

 

 

1,000

 

 

 

990

 

 

 

990

 

 

 

0.04

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

990

 

 

 

990

 

 

 

0.04

%

Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accession Risk Management - Preferred Stock

 

 

 

 

 

 

13.25% PIK

 

8/15/2033

 

 

 

 

 

117

 

 

 

118

 

 

 

 

Consumer goods: Non-durable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protective Industrial Products Inc. - Series A Preferred

 

 

 

 

 

 

13.00% PIK

 

 

 

 

37

 

 

 

37,027

 

 

 

37,155

 

 

 

1.55

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xponential Fitness LLC - Series A Preferred Stock

(11)

 

 

 

 

 

6.50%

 

6/25/2029

 

 

 

 

 

267

 

 

 

189

 

 

 

0.01

 

Services: Consumer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolis Technologies Inc. - Class A Preferred Stock

 

 

 

 

 

 

16.00% (Incl 11.00% PIK)

 

2/13/2034

 

 

19,184

 

 

 

19,073

 

 

 

19,004

 

 

 

0.79

 

Metropolis Technologies Inc. - Class B Preferred Stock

 

 

 

 

 

 

17.5% PIK

 

2/13/2034

 

 

6,950

 

 

 

6,724

 

 

 

6,689

 

 

 

0.29

 

Metropolis Technologies Inc. - Warrant

 

 

 

 

 

 

 

 

2/13/2034

 

 

4

 

 

 

189

 

 

 

79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,986

 

 

 

25,772

 

 

 

1.08

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63,397

 

 

 

63,234

 

 

 

2.64

%

Total Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,534,957

 

 

$

4,529,064

 

 

 

188.53

%

Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

(14)

 

 

 

 

 

 

 

 

 

 

 

 

$

109,302

 

 

$

109,302

 

 

 

4.54

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,302

 

 

 

109,302

 

 

 

4.54

%

Total Portfolio Investments, Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,644,259

 

 

$

4,638,366

 

 

 

193.07

%

 

24


Table of Contents

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2024

(in thousands, except shares)

December 31, 2024

 

Derivative Counterparty

 

Settlement Date

 

Amount Purchased

 

 

Amount Sold

 

 

Fair Value

 

 

% of Net Assets

 

Foreign Currency Forward Contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Macquarie

 

March 19, 2025

 

$

25,407

 

 

 

GBP 20,029

 

 

$

338

 

 

 

0.0

%

Macquarie

 

July 14, 2028

 

$

4,655

 

 

 

GBP 3,578

 

 

$

176

 

 

 

0.0

%

Macquarie

 

July 15, 2027

 

$

3,341

 

 

 

GBP 2,557

 

 

$

146

 

 

 

0.0

%

Macquarie

 

July 31, 2025

 

$

105,726

 

 

 

GBP 80,000

 

 

$

5,598

 

 

 

0.2

%

Macquarie

 

July 31, 2025

 

$

1,024

 

 

 

GBP 790

 

 

$

36

 

 

 

0.0

%

Macquarie

 

July 31, 2025

 

$

1,251

 

 

 

GBP 988

 

 

$

16

 

 

 

0.0

%

Macquarie

 

March 31, 2025

 

$

1,354

 

 

 

CAD 1,845

 

 

$

67

 

 

 

0.0

%

Macquarie

 

March 31, 2026

 

$

1,268

 

 

 

CAD 1,718

 

 

$

52

 

 

 

0.0

%

Macquarie

 

June 30, 2025

 

$

1,340

 

 

 

CAD 1,823

 

 

$

63

 

 

 

0.0

%

Macquarie

 

June 30, 2026

 

$

56,704

 

 

 

CAD 76,721

 

 

$

2,224

 

 

 

0.1

%

Macquarie

 

September 29, 2025

 

$

1,315

 

 

 

CAD 1,786

 

 

$

60

 

 

 

0.0

%

Macquarie

 

December 31, 2025

 

$

1,268

 

 

 

CAD 1,719

 

 

$

54

 

 

 

0.0

%

Macquarie

 

March 19, 2025

 

$

39,318

 

 

 

EUR 37,240

 

 

$

611

 

 

 

0.0

%

 

 

 

 

 

 

 

 

 

 

$

9,441

 

 

 

0.4

%

 

 

Interest Rate Swaps as of December 31, 2024

 

 

Company Receives

 

Company Pays

 

Maturity Date

 

Notional Amount

 

 

Fair Market Value

 

 

Upfront (Payments) / Receipts

 

 

Change in Unrealized Gains / (Losses)

 

Interest rate swap

7.11%

 

SOFR + 3.117%

 

5/20/2030

 

$

165,000

 

 

$

(859

)

 

$

 

 

$

(859

)

Cash collateral

 

 

 

 

 

 

 

 

 

 

410

 

 

 

 

 

 

 

Total derivatives

 

 

 

 

 

 

$

165,000

 

 

$

(449

)

 

$

 

 

$

(859

)

 

(1)
Security may be an obligation of one or more entities affiliated with the named portfolio company.
(2)
All debt and equity investments are income producing unless otherwise noted.
(3)
All investments are non-controlled/non-affiliated investments as defined by the 1940 Act. The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(4)
All debt investments are pledged as collateral under the Company's credit facilities. As defined below (see Note 7. Borrowings), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.
(5)
Variable rate loans to the portfolio companies are indexed to the Secured Overnight Financing Rate (SOFR”) (denoted as “S”), Euro Interbank Offered Rate (“EURIBOR”) (denoted as “E”), or Sterling Overnight Index Average (“SONIA”) (denoted as “SO”) and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024
(6)
For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2024.
(7)
Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares owned.
(8)
Cost represents amortized cost, inclusive of any capitalized paid-in-kind income ("PIK"), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.
(9)
These debt investments are not pledged as collateral under any of the Company's Credit Facilities. For other debt investments that are pledged to the Company's Credit Facilities, as defined below (see Note 7. Borrowings), a single investment may be divided into parts that are individually pledged as collateral to our Credit Facilities.
(10)
The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Luxembourg (denoted as “LU”), and the United Kingdom (denoted as “UK”). Portfolio companies domiciled in a foreign country are not “qualifying assets” under Section 55(a) of the 1940 Act.
(11)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, qualifying assets represented approximately 83.0% of total assets as calculated in accordance with regulatory requirements.
(12)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted).
(13)
Investment was on non-accrual status as of December 31, 2024, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2024, debt investments on non-accrual status represented 0.0% and 0.0% of total investments on an amortized cost basis and fair value basis, respectively.
(14)
Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2024, $76,832 was held in FGTXX and had an average one year yield of 5.06%.

25


Table of Contents

(15)
Portfolio company formerly known as Momentive Global.

 

 

December 31, 2024

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

ALF Finance

 

Delayed Draw

 

12/10/2029

 

$

29,000

 

 

$

3

 

Azurite Intermediate Holdings, Inc.

 

Revolver

 

3/19/2031

 

 

9,500

 

 

 

(127

)

AVSC Holding Corporation

 

Revolver

 

12/5/2029

 

 

6,283

 

 

 

(124

)

Best Trash LLC

 

Delayed Draw

 

7/10/2031

 

 

16,250

 

 

 

(88

)

Best Trash LLC

 

Revolver

 

7/10/2031

 

 

6,060

 

 

 

(71

)

Boasso Global

 

Delayed Draw

 

7/1/2028

 

 

1,175

 

 

 

15

 

Boasso Global

 

Delayed Draw

 

7/1/2028

 

 

4,038

 

 

 

12

 

Boasso Global

 

Revolver

 

7/1/2026

 

 

6,250

 

 

 

(11

)

Cadogan Tate

 

Delayed Draw

 

10/31/2031

 

 

59,500

 

 

 

(425

)

Cadogan Tate

 

Revolver

 

10/31/2031

 

 

18,700

 

 

 

(274

)

Carevet LLC

 

Delayed Draw

 

6/18/2029

 

 

19,800

 

 

 

(354

)

Carevet LLC

 

Delayed Draw

 

6/18/2029

 

 

33,000

 

 

 

71

 

Carevet LLC

 

Revolver

 

6/18/2029

 

 

6,600

 

 

 

(59

)

Confluent Holdings LLC

 

Delayed Draw

 

3/28/2029

 

 

4,318

 

 

 

20

 

CoreWeave Compute Acquisition Co., IV, LLC

 

Delayed Draw

 

8/29/2029

 

 

26,094

 

 

 

15

 

DFS Holding Company

 

Delayed Draw

 

1/31/2029

 

 

3,000

 

 

 

(17

)

Disa Holdings Corp.

 

Revolver

 

9/9/2028

 

 

4,166

 

 

 

(51

)

Disa Holdings Corp.

 

Delayed Draw

 

9/9/2028

 

 

11,063

 

 

 

(53

)

Elessent Clean Technologies Inc.

 

Revolver

 

11/15/2029

 

 

13,158

 

 

 

(257

)

Faraday Buyer, LLC

 

Delayed Draw

 

10/10/2028

 

 

3,514

 

 

 

(19

)

FEG, Inc.

 

Revolver

 

5/10/2030

 

 

15,000

 

 

 

(268

)

Foundation Risk Partners

 

Delayed Draw

 

10/29/2030

 

 

4,898

 

 

 

13

 

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

1,589

 

 

 

(4

)

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

3,748

 

 

 

(8

)

Frontgrade Technologies Inc.

 

Revolver

 

1/9/2028

 

 

8,263

 

 

 

 

Great Day Improvements LLC

 

Revolver

 

6/13/2030

 

 

14,000

 

 

 

(254

)

Highgate Hotels, L.P.

 

Revolver

 

11/3/2029

 

 

12,500

 

 

 

 

Hotel Equities Group, LLC

 

Revolver

 

1/22/2029

 

 

10,000

 

 

 

(162

)

Inframark

 

Delayed Draw

 

7/31/2031

 

 

3,364

 

 

 

(15

)

K1 Speed Inc.

 

Delayed Draw

 

1/2/2029

 

 

3,643

 

 

 

(70

)

 

26


Table of Contents

December 31, 2024

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

Legends Hospitality

 

Delayed Draw

 

8/22/2031

 

 

3,750

 

 

 

(34

)

Legends Hospitality

 

Revolver

 

8/22/2031

 

 

6,750

 

 

 

(128

)

Maxar Technologies Inc.

 

Revolver

 

5/3/2029

 

 

8,417

 

 

 

-

 

Natural Partners, Inc.

 

Revolver

 

11/29/2027

 

 

6,563

 

 

 

(122

)

Neptune Platform Buyer, LLC

 

Delayed Draw

 

1/19/2031

 

 

1,544

 

 

 

(8

)

Parfums Holding Co Inc

 

Revolver

 

6/27/2029

 

 

6,000

 

 

 

(54

)

PetVet Care Centers

 

Delayed Draw

 

11/15/2030

 

 

6,981

 

 

 

61

 

PetVet Care Centers

 

Revolver

 

11/15/2029

 

 

6,981

 

 

 

(66

)

Pharmalogic Holdings Corp

 

Delayed Draw

 

6/21/2030

 

 

25,253

 

 

 

(156

)

Red Fox CD Acquisition Corp.

 

Delayed Draw

 

3/4/2030

 

 

7,364

 

 

 

(127

)

RPX Corporation

 

Revolver

 

8/2/2030

 

 

6,122

 

 

 

(85

)

Sandlot Baseball Borrower Co.

 

Delayed Draw

 

12/27/2028

 

 

13,800

 

 

 

56

 

Sky Merger Sub, LLC

 

Delayed Draw

 

5/28/2029

 

 

12,500

 

 

 

37

 

Sky Merger Sub, LLC

 

Revolver

 

5/28/2029

 

 

25,000

 

 

 

(551

)

SurveyMonkey Global Inc.

 

Revolver

 

5/31/2029

 

 

13,440

 

 

 

(120

)

Systems Planning and Analysis, Inc.

 

Delayed Draw

 

8/16/2027

 

 

42,286

 

 

 

(59

)

Systems Planning and Analysis, Inc.

 

Revolver

 

8/16/2027

 

 

5,827

 

 

 

(52

)

TIC Bidco LTD

 

Delayed Draw

 

6/16/2031

 

 

1,577

 

 

 

(9

)

Townsend

 

Revolver

 

8/1/2029

 

 

2,500

 

 

 

(69

)

Trillium FlowControl

 

Delayed Draw

 

12/20/2029

 

 

3,667

 

 

 

(27

)

Trillium FlowControl

 

Revolver

 

12/20/2029

 

 

3,000

 

 

 

(22

)

USA Debusk LLC

 

Delayed Draw

 

4/30/2031

 

 

5,420

 

 

 

(33

)

USA Debusk LLC

 

Revolver

 

4/30/2030

 

 

1,603

 

 

 

(21

)

Total Unfunded Commitments

 

 

 

 

 

$

574,819

 

 

$

(4,151

)

 

 

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

 

27


Table of Contents

MSD Investment Corp.

Notes to Consolidated Financial Statements (Unaudited)

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

Note 1. Organization

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

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

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

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

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

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

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

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

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

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

 

 

Note 2. Significant Accounting Policies

Basis of Presentation

Management has determined that the Company meets the definition of an investment company and adheres to the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Accounting principles generally accepted in the United States (“U.S. GAAP”) for an investment company requires investments to be recorded at fair value.

The accompanying consolidated financial statements and related financial information have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act.

Use of Estimates

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

Basis of Consolidation

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

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted Cash

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

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Valuation of Investments

The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurement and Disclosures (“ASC 820”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

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

Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.
Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category are less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.
Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

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

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

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

Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee;
Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;
Agreed upon valuation recommendations are presented to the audit committee of the Board (the “Audit Committee”);
At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and
The Valuation Designee will provide the Board with the information relating to the fair value determination pursuant to the Company’s valuation policy in connection with each quarterly Board meeting, will comply with the periodic board reporting requirements set forth in the Company’s valuation policy, and will provide the Board with its determination of the fair value of each investment in good faith.

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

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

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

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

Receivables/Payables From Investments Sold/Purchased

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

Foreign Currency Transactions

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

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

Financial and Derivative Instruments

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

Revenue Recognition

Interest Income

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

The Company has investments in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Consolidated Statement of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

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

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Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

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

Organization Expenses and Offering Expenses

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

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

Deferred Financing Costs and Debt Issuance Costs

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

Income Taxes

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

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

The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years.

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

The Company’s tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both March 31, 2025 and December 31, 2024. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three months ended March 31, 2025, the Company did not incur any interest or penalties.

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

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Distributions

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

Segment Reporting

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

Recent Accounting Pronouncements

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

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

Initial Portfolio Acquisition

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

Investment Advisory Agreement

On November 24, 2021, the Company entered into the Original Advisory Agreement with the Adviser. Effective January 1, 2023, the Company entered into the Advisory Agreement. The terms of the Advisory Agreement are substantially identical to those of the Original Advisory Agreement. Pursuant to the Advisory Agreement the Adviser is responsible for managing the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, in accordance with the investment objective, policies and restrictions that are set forth in the Company’s registration statement on Form 10. The Adviser is also responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis. For its services, the Adviser is entitled to receive a base management fee and an incentive fee as set forth in the Advisory Agreement.

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

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

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

Management Fee

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

Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “Exchange Listing), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters.
Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or

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for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter).

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

Incentive Fees

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income (the “Income-Based Fee”) and the other component is based on capital gains (the “Capital Gains Fee”), each as described below:

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

No income-based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of our net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5%;
100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765% (7.06% annualized) of the value of the Company’s net assets at the beginning of each applicable calendar quarter. This “catch-up” portion is meant to provide the Adviser with approximately 15% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch-up” is achieved; and
15% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.765% (7.06% annualized).

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

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

Administration Agreement

On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Effective January 1, 2023, the Company entered into the Administration Agreement. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to Shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. The terms of the Administration Agreement are substantially similar to the Original Administration Agreement, except that the reimbursements required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15% of the total gross assets of the Company in any one calendar year. Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities.

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

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

Co-Investment Transactions Exemptive Relief

The Company was granted an SEC exemptive order which grants the Company exemptive relief permitting the Company subject to the satisfaction of specific conditions and requirements, to co-invest in privately negotiated investment transactions with certain affiliates of the Company and the Adviser.

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License Agreement

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

The following table presents the related party fees, expenses and transactions for the three months ended March 31, 2025 and 2024:

 

 

 

For the Three Months Ended March 31,

 

Related Party

 

Source Agreement & Description

2025

 

 

2024

 

 

Consolidated statement of operations:

 

 

 

 

 

Adviser

 

Advisory Agreement - management fees

$

8,966

 

 

$

4,561

 

Adviser

 

Advisory Agreement - income based incentive fee

 

11,432

 

 

 

6,120

 

Adviser

 

Advisory Agreement - board of directors' fees

 

78

 

 

 

78

 

Adviser

 

Advisory Agreement - capital gains incentive fee

 

(443

)

 

 

1,071

 

Administrator

 

Administration Agreement - administration expense

 

1,075

 

 

 

1,708

 

 

Note 4. Investments

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

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

First lien debt

 

$

4,789,077

 

 

$

4,787,592

 

 

 

96.86

%

 

$

4,380,981

 

 

$

4,375,355

 

 

 

96.61

%

Second lien debt

 

 

89,831

 

 

 

89,765

 

 

 

1.82

 

 

 

89,589

 

 

 

89,485

 

 

 

1.98

 

Subordinated debt

 

 

1,298

 

 

 

1,302

 

 

 

0.03

 

 

 

990

 

 

 

990

 

 

 

0.02

 

Equity and Other Investments

 

 

64,563

 

 

 

64,412

 

 

 

1.29

 

 

 

63,397

 

 

 

63,234

 

 

 

1.39

 

Total investments

 

$

4,944,769

 

 

$

4,943,071

 

 

 

100.00

%

 

$

4,534,957

 

 

$

4,529,064

 

 

 

100.00

%

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

 

 

March 31, 2025

 

 

December 31, 2024

 

Aerospace & Defense

 

 

5.20

%

 

 

4.72

%

Automotive

 

 

 

 

 

0.24

 

Banking, Finance, Insurance & Real Estate

 

 

5.96

 

 

 

6.82

 

Beverage, Food & Tobacco

 

 

0.40

 

 

 

0.46

 

Capital Equipment

 

 

2.81

 

 

 

3.23

 

Chemicals, Plastics & Rubber

 

 

1.36

 

 

 

1.50

 

Construction & Building

 

 

7.30

 

 

 

7.77

 

Consumer Goods: Durable

 

 

 

 

 

1.98

 

Consumer Goods: Non-durable

 

 

6.87

 

 

 

6.90

 

Containers, Packaging & Glass

 

 

1.70

 

 

 

1.72

 

Energy: Oil & Gas

 

 

0.04

 

 

 

0.05

 

Environmental Industries

 

 

0.37

 

 

 

0.40

 

Healthcare & Pharmaceuticals

 

 

9.76

 

 

 

6.53

 

High Tech Industries

 

 

6.74

 

 

 

4.66

 

Hotel, Gaming & Leisure

 

 

10.28

 

 

 

10.73

 

Media: Advertising, Printing & Publishing

 

 

2.41

 

 

 

2.60

 

Media: Broadcasting & Subscription

 

 

0.66

 

 

 

0.49

 

Media: Diversified & Production

 

 

3.58

 

 

 

1.68

 

Retail

 

 

1.86

 

 

 

1.92

 

Services: Business

 

 

16.25

 

 

 

18.38

 

Services: Consumer

 

 

9.85

 

 

 

8.84

 

Sovereign & Public Finance

 

 

3.58

 

 

 

1.11

 

Telecommunications

 

 

1.34

 

 

 

4.02

 

Transportation: Cargo

 

 

1.22

 

 

 

1.46

 

Transportation: Consumer

 

 

0.46

 

 

 

1.29

 

Wholesale

 

 

 

 

 

0.50

 

Total

 

 

100.00

%

 

 

100.00

%

 

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Table of Contents

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

 

 

March 31, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

4,408,964

 

 

$

4,411,662

 

 

 

89.25

%

 

 

181.11

%

Luxembourg

 

 

74,103

 

 

 

68,710

 

 

 

1.39

 

 

 

2.82

 

United Kingdom

 

 

227,356

 

 

 

226,043

 

 

 

4.57

 

 

 

9.28

 

Switzerland

 

 

142,883

 

 

 

145,364

 

 

 

2.94

 

 

 

5.97

 

Ireland

 

 

91,463

 

 

 

91,292

 

 

 

1.85

 

 

 

3.75

 

Total

 

$

4,944,769

 

 

$

4,943,071

 

 

 

100.00

%

 

 

202.93

%

 

 

December 31, 2024

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

4,204,937

 

 

$

4,209,632

 

 

 

92.95

%

 

 

175.26

%

Luxembourg

 

 

73,272

 

 

 

69,901

 

 

 

1.54

 

 

 

2.91

 

United Kingdom

 

 

256,748

 

 

 

249,531

 

 

 

5.51

 

 

 

10.39

 

Total

 

$

4,534,957

 

 

$

4,529,064

 

 

 

100.00

%

 

 

188.56

%

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

As of March 31, 2025, on a fair value basis, approximately 97.6% of our performing debt investments bore interest at a floating rate and approximately 2.4% of our performing debt investments bore interest at a fixed rate.

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

Note 5. Derivative Instruments

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

The following tables present the open foreign currency forward contracts as of March 31, 2025 and December 31, 2024:

March 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

GBP

 

June 18, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 19,478

 

 

$

25,288

 

 

$

25,166

 

 

$

122

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP (1,064)

 

 

$

(854

)

 

$

(1,375

)

 

$

521

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 80,000

 

 

$

105,726

 

 

$

103,344

 

 

$

2,382

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 790

 

 

$

1,024

 

 

$

1,021

 

 

$

3

 

GBP

 

July 31, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 988

 

 

$

1,251

 

 

$

1,276

 

 

$

(25

)

 

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Table of Contents

March 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

GBP

 

July 15, 2027

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 2,557

 

 

$

3,341

 

 

$

3,282

 

 

$

59

 

GBP

 

July 14, 2028

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,578

 

 

$

4,655

 

 

$

4,579

 

 

$

76

 

CAD

 

June 30, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,823

 

 

$

1,340

 

 

$

1,273

 

 

$

67

 

CAD

 

September 29, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,786

 

 

$

1,315

 

 

$

1,253

 

 

$

62

 

CAD

 

December 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,719

 

 

$

1,267

 

 

$

1,211

 

 

$

56

 

CAD

 

March 31, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,718

 

 

$

1,268

 

 

$

1,214

 

 

$

54

 

CAD

 

June 30, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 76,721

 

 

$

56,704

 

 

$

54,409

 

 

$

2,295

 

EUR

 

June 18, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 37,240

 

 

$

40,852

 

 

$

40,458

 

 

$

394

 

CHF

 

May 27, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,887

 

 

$

2,124

 

 

$

2,147

 

 

$

(23

)

CHF

 

June 30, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 329

 

 

$

372

 

 

$

376

 

 

$

(4

)

CHF

 

August 27, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,914

 

 

$

2,176

 

 

$

2,201

 

 

$

(25

)

CHF

 

September 30, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 333

 

 

$

380

 

 

$

384

 

 

$

(4

)

CHF

 

November 28, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,898

 

 

$

2,179

 

 

$

2,205

 

 

$

(26

)

CHF

 

December 31, 2025

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 333

 

 

$

383

 

 

$

388

 

 

$

(5

)

CHF

 

February 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,895

 

 

$

2,197

 

 

$

2,223

 

 

$

(26

)

CHF

 

March 31, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 325

 

 

$

379

 

 

$

383

 

 

$

(4

)

CHF

 

May 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,845

 

 

$

2,159

 

 

$

2,183

 

 

$

(24

)

CHF

 

June 30, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 329

 

 

$

386

 

 

$

391

 

 

$

(5

)

CHF

 

August 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,906

 

 

$

2,250

 

 

$

2,275

 

 

$

(25

)

CHF

 

September 30, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 333

 

 

$

394

 

 

$

399

 

 

$

(5

)

 

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Table of Contents

 

March 31, 2025

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

CHF

 

November 27, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 1,928

 

 

$

2,297

 

 

$

2,322

 

 

$

(25

)

CHF

 

December 31, 2026

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 333

 

 

$

398

 

 

$

402

 

 

$

(4

)

CHF

 

February 26, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 131,613

 

 

$

158,188

 

 

$

159,931

 

 

$

(1,743

)

CHF

 

March 31, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

12

 

 

$

 

CHF

 

June 30, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

12

 

 

$

 

CHF

 

September 30, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

12

 

 

$

 

CHF

 

December 31, 2027

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

12

 

 

$

 

CHF

 

March 31, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

12

 

 

$

 

CHF

 

June 30, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

12

 

 

$

 

CHF

 

September 29, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

12

 

 

$

13

 

 

$

(1

)

CHF

 

December 29, 2028

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 10

 

 

$

13

 

 

$

13

 

 

$

 

CHF

 

March 29, 2029

 

Unrealized depreciation on foreign currency forward contracts

 

Macquarie

 

 

CHF 323

 

 

$

417

 

 

$

421

 

 

$

(4

)

Total

 

 

 

 

 

 

 

 

 

 

$

419,953

 

 

$

415,840

 

 

$

4,113

 

 

38


Table of Contents

December 31, 2024

 

Foreign Currency

 

Settlement Date

 

Statement of Assets and Liabilities Location

 

Counterparty

 

Amount Transacted

 

 

Notional Value at Settlement

 

 

Notional Value at Period End

 

 

Fair Value

 

GBP

 

March 19, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 20,029

 

 

$

25,407

 

 

$

25,068

 

 

$

338

 

GBP

 

July 14, 2028

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 3,578

 

 

$

4,655

 

 

$

4,479

 

 

$

176

 

GBP

 

July 15, 2027

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 2,557

 

 

$

3,341

 

 

$

3,195

 

 

$

146

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 80,000

 

 

$

105,726

 

 

$

100,128

 

 

$

5,598

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 790

 

 

$

1,024

 

 

$

988

 

 

$

36

 

GBP

 

July 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

GBP 988

 

 

$

1,251

 

 

$

1,235

 

 

$

16

 

CAD

 

March 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,845

 

 

$

1,354

 

 

$

1,287

 

 

$

67

 

CAD

 

March 31, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,718

 

 

$

1,268

 

 

$

1,216

 

 

$

52

 

CAD

 

June 30, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,823

 

 

$

1,340

 

 

$

1,276

 

 

$

63

 

CAD

 

June 30, 2026

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 76,721

 

 

$

56,704

 

 

$

54,480

 

 

$

2,224

 

CAD

 

September 29, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,786

 

 

$

1,315

 

 

$

1,255

 

 

$

60

 

CAD

 

December 31, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

CAD 1,719

 

 

$

1,268

 

 

$

1,213

 

 

$

54

 

EUR

 

March 19, 2025

 

Unrealized appreciation on foreign currency forward contracts

 

Macquarie

 

 

EUR 37,240

 

 

$

39,318

 

 

$

38,707

 

 

$

611

 

Total

 

 

 

 

 

 

 

 

 

 

$

243,971

 

 

$

234,527

 

 

$

9,441

 

 

39


Table of Contents

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three months ended March 31, 2025 and 2024.

 

 

 

 

For the Three Months Ended March 31,

 

 

 

Statement of Operations Location

 

2025

 

 

2024

 

Net realized gains (losses)

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Net realized gains (losses) on foreign currency forward contracts

 

$

(1,868

)

 

$

1,031

 

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

Foreign currency forward contracts

 

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts

 

 

(5,328

)

 

 

947

 

Net realized and unrealized gains on foreign currency forward contracts

 

 

 

$

(7,196

)

 

$

1,978

 

 

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

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of March 31, 2025 and December 31, 2024:

As of

 

Counterparty

 

Gross Amounts of Recognized Derivative Assets

 

 

Gross Amounts Offset in the Statement of Assets and Liabilities

 

 

Net Amounts of Assets Presented in the Statement of Financial Position

 

 

Collateral Received (1)

 

 

Net position of Derivative Assets and Collateral Received

 

March 31, 2025

 

Macquarie

 

$

6,091

 

 

$

(1,978

)

 

$

4,113

 

 

$

 

 

$

4,113

 

 

As of

 

Counterparty

 

Gross Amounts of Recognized Derivative Liabilities

 

 

Gross Amounts Offset in the Statement of Assets and Liabilities

 

 

Net Amounts of Liabilities Presented in the Statement of Financial Position

 

 

Collateral Pledged (1)

 

 

Net position of Derivative Liabilities and Pledged Collateral

 

March 31, 2025

 

Macquarie

 

$

(1,978

)

 

$

1,978

 

 

$

 

 

$

 

 

$

 

 

As of

 

Counterparty

 

Gross Amounts of Recognized Derivative Assets

 

 

Gross Amounts Offset in the Statement of Assets and Liabilities

 

 

Net Amounts of Assets Presented in the Statement of Financial Position

 

 

Collateral Pledged (1)

 

 

Net position of Derivative Assets and Collateral Received

 

December 31, 2024

 

Macquarie

 

$

9,441

 

 

$

 

 

$

9,441

 

 

$

 

 

$

9,441

 

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

 

The Company may also enter into interest rate swap transactions from time to time to hedge fixed rate debt obligations to align with our predominantly floating rate portfolio. In connection with the offering of the Series F Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $165 million maturing on May 20, 2030, which aligns with the Series F Notes. The Company shall receive fixed rate interest semi-annually at 7.11%, and pay variable rate interest semi-annually based on 3-month SOFR plus 3.117%. The Company made $0.2 million in net periodic payments for the three months ended March 31, 2025. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. For the three months ended March 31, 2025 the interest rate swap had a change in fair value of $2.8 million, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the Series F Notes. For the three months ended March 31, 2025 and 2024, the Company recognized no net change in realized or unrealized gains or losses on interest rate swaps not designated as hedging instruments in the Consolidated Statements of Operations.

40


Table of Contents

 

 

Note 6. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments, as of March 31, 2025 and December 31, 2024, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies:

 

 

March 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First lien debt

 

$

 

 

$

627,117

 

 

$

4,160,475

 

 

$

4,787,592

 

Second lien debt

 

 

 

 

 

47,642

 

 

 

42,123

 

 

 

89,765

 

Subordinated debt

 

 

 

 

 

 

 

 

1,302

 

 

 

1,302

 

Equity and Other Investments

 

 

 

 

 

 

 

 

64,412

 

 

 

64,412

 

Cash and cash equivalents

 

 

89,349

 

 

 

 

 

 

 

 

 

89,349

 

Total Portfolio Investments, Cash and Cash Equivalents

 

$

89,349

 

 

$

674,759

 

 

$

4,268,312

 

 

$

5,032,420

 

Percentage of total

 

 

1.77

%

 

 

13.41

%

 

 

84.82

%

 

 

100.00

%

Interest rate swaps

 

$

 

 

$

1,912

 

 

$

 

 

$

1,912

 

Foreign currency forward contracts

 

$

 

 

$

4,113

 

 

$

 

 

$

4,113

 

 

 

December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

First lien debt

 

$

 

 

$

720,868

 

 

$

3,654,487

 

 

$

4,375,355

 

Second lien debt

 

 

 

 

 

47,466

 

 

 

42,019

 

 

 

89,485

 

Subordinated debt

 

 

 

 

 

 

 

 

990

 

 

 

990

 

Equity and Other Investments

 

 

 

 

 

 

 

 

63,234

 

 

 

63,234

 

Cash and cash equivalents

 

 

109,302

 

 

 

 

 

 

 

 

 

109,302

 

Total Portfolio Investments, Cash and Cash Equivalents

 

$

109,302

 

 

$

768,334

 

 

$

3,760,730

 

 

$

4,638,366

 

Percentage of total

 

 

2.36

%

 

 

16.55

%

 

 

81.08

%

 

 

100.00

%

Interest rate swaps

 

$

 

 

$

(859

)

 

 

 

 

$

(859

)

Foreign currency forward contracts

 

$

 

 

$

9,441

 

 

$

 

 

$

9,441

 

 

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2025 and 2024:

 

For the Three Months Ended March 31, 2025

 

 

First Lien Debt

 

 

Second Lien Debt

 

 

Subordinated Debt

 

 

Equity and Other Investments

 

 

Total Investments

 

Fair value, beginning of year

$

3,654,487

 

 

$

42,019

 

 

$

990

 

 

$

63,234

 

 

$

3,760,730

 

Purchase of investments (including PIK)

 

507,557

 

 

 

92

 

 

 

307

 

 

 

1,208

 

 

 

509,164

 

Proceeds from principal repayments and sales of investments

 

(63,307

)

 

 

 

 

 

 

 

 

 

 

 

(63,307

)

Amortization of premium/accretion of discount, net

 

4,730

 

 

 

49

 

 

 

1

 

 

 

(42

)

 

 

4,738

 

Net realized gain (loss) on investments

 

808

 

 

 

 

 

 

 

 

 

 

 

 

808

 

Net change in unrealized appreciation (depreciation) on investments

 

3,283

 

 

 

(37

)

 

 

4

 

 

 

12

 

 

 

3,262

 

Transfers to Level 3 (1)

 

52,917

 

 

 

 

 

 

 

 

 

 

 

 

52,917

 

Fair value, end of period

$

4,160,475

 

 

$

42,123

 

 

$

1,302

 

 

$

64,412

 

 

$

4,268,312

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025

$

3,470

 

 

$

(37

)

 

$

 

 

$

11

 

 

$

3,444

 

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

 

41


Table of Contents

 

For the Three Months Ended March 31, 2024

 

 

First Lien Debt

 

 

Second Lien Debt

 

 

Preferred Equity

 

 

Total Investments

 

Fair value, beginning of period

$

1,200,165

 

 

$

130,876

 

 

$

27,892

 

 

$

1,358,933

 

Purchase of investments (including PIK)

 

381,680

 

 

 

94

 

 

 

1,054

 

 

 

382,828

 

Proceeds from principal repayments and sales of investments

 

(104,610

)

 

 

 

 

 

 

 

 

(104,610

)

Amortization of premium/accretion of discount, net

 

2,345

 

 

 

130

 

 

 

(3

)

 

 

2,472

 

Net realized gain (loss) on investments

 

2,955

 

 

 

 

 

 

 

 

 

2,955

 

Net change in unrealized appreciation (depreciation) on investments

 

2,712

 

 

 

449

 

 

 

(366

)

 

 

2,795

 

Transfers out of Level 3 (1)

 

 

 

 

44,794

 

 

 

 

 

 

44,794

 

Fair value, end of period

$

1,485,247

 

 

$

176,343

 

 

$

28,577

 

 

$

1,690,167

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024

$

3,472

 

 

$

449

 

 

$

(366

)

 

$

3,555

 

(1)
Transfers are done at the value of the investment at the beginning of the period. For the three months ended March 31, 2024, one investment was transferred from Level 2 to Level 3, as valuation coverage decreased to less than two independent pricing services. For the three months ended March 31, 2024, there were no investments transferred from Level 3 to Level 2, as valuation coverage on level 2 investments did not increase to more than one independent pricing services.

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

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

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

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2025 and December 31, 2024, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

 

March 31, 2025

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input (1)

 

Low

 

 

High

 

 

Weighted Average (2)

 

First lien debt

 

$

4,039,838

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

6.43

%

 

 

16.72

%

 

 

10.09

%

 

 

 

66,957

 

 

Recent Transaction

 

Transaction Price

 

 

97.01

 

 

 

100.00

 

 

 

97.48

 

 

 

 

4,106,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second lien debt

 

 

42,122

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

10.54

%

 

 

13.45

%

 

 

11.85

%

Subordinated debt

 

 

1,023

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

13.42

%

 

 

14.42

%

 

 

13.92

%

Preferred equity

 

 

64,363

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

10.06

%

 

 

20.23

%

 

 

15.49

%

 

 

 

 

 

Black-Scholes

 

Volatility

 

 

38.28

%

 

 

38.28

%

 

 

38.28

%

Warrants

 

 

48

 

 

Black-Scholes

 

Volatility

 

 

29.29

%

 

 

29.29

%

 

 

29.29

%

Total

 

$

4,214,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42


Table of Contents

 

December 31, 2024

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input (1)

 

Low

 

 

High

 

 

Weighted Average (2)

 

First lien debt

 

$

3,396,459

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

7.72

%

 

 

16.69

%

 

 

10.62

%

 

 

 

242,563

 

 

Recent Transaction

 

Transaction Price

 

 

98.00

 

 

 

99.25

 

 

 

98.18

 

 

 

 

3,639,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second lien debt

 

 

42,019

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

10.45

%

 

 

13.82

%

 

 

11.95

%

Subordinated debt

 

 

990

 

 

Recent Transaction

 

Transaction Price

 

 

99.00

 

 

 

99.00

 

 

 

99.00

 

Preferred equity

 

 

63,155

 

 

Market Yield Analysis

 

Market Yield Discount Rates

 

 

9.33

%

 

 

9.33

%

 

 

15.54

%

 

 

 

 

 

Black-Scholes

 

Volatility

 

 

34.20

%

 

 

34.20

%

 

 

34.20

%

Warrants

 

 

79

 

 

Black-Scholes

 

Volatility

 

 

29.13

%

 

 

29.13

%

 

 

29.13

%

Total

 

$

3,745,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of March 31, 2025 and December 31, 2024, the Company had investments of this nature measured at fair value totaling $54.0 million and $15.5 million, respectively.
(2)
Weighted averages are calculated based on fair value of investments.

Financial Instruments Disclosed, But Not Carried at Fair Value

Debt

The fair value of the Company’s variable interest Credit Facilities, which would be categorized as Level 3 within the fair value hierarchy, as of both March 31, 2025 and December 31, 2024, respectively, approximates their carrying value. The fair value of the Company's Series A Notes, Series C Notes, and Series F Notes (see Note 7. Borrowings) is based on vendor pricing received by the Company, which is considered a Level 3 input.

The following table presents the fair value of the Company’s Series A Notes, Series C Notes, and Series F Notes as of March 31, 2025 and December 31, 2024:

 

March 31, 2025

 

 

Outstanding Principal

 

 

Fair Value

 

Series A Notes

$

69,000

 

 

$

69,431

 

Series C Notes

 

116,000

 

 

 

117,160

 

Series F Notes

 

165,000

 

 

 

166,856

 

Total

$

350,000

 

 

$

353,447

 

 

 

December 31, 2024

 

 

Outstanding Principal

 

 

Fair Value

 

Series A Notes

$

69,000

 

 

$

68,914

 

Series C Notes

 

116,000

 

 

 

115,420

 

Series F Notes

 

165,000

 

 

 

164,175

 

Total

$

350,000

 

 

$

348,509

 

Other

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

43


Table of Contents

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

The Company’s outstanding debt obligations as of March 31, 2025 and December 31, 2024 were as follows:

 

March 31, 2025

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Carrying
Value
(1)

 

 

Unused
Portion
(2)

 

 

Maturity Date

SPV I facility

 

$

550,000

 

 

$

550,000

 

 

$

544,033

 

 

$

 

 

4/8/2029

SPV II facility

 

 

595,000

 

 

 

584,000

 

 

 

578,707

 

 

 

11,000

 

 

8/15/2028

Collateralized loan obligations

 

 

390,000

 

 

 

390,000

 

 

 

386,775

 

 

 

 

 

10/15/2035

Revolving credit facility

 

 

450,000

 

 

 

450,000

 

 

 

445,008

 

 

 

 

 

11/19/2029

Loan repurchase obligations

 

 

30,000

 

 

 

30,000

 

 

 

30,000

 

 

 

 

 

6/10/2025

Series A Notes

 

 

69,000

 

 

 

69,000

 

 

 

68,211

 

 

 

 

 

8/7/2027

Series B Notes

 

 

75,000

 

 

 

75,000

 

 

 

73,528

 

 

 

 

 

8/7/2027

Series C Notes

 

 

116,000

 

 

 

116,000

 

 

 

115,142

 

 

 

 

 

8/7/2029

Series D Notes

 

 

75,000

 

 

 

75,000

 

 

 

74,048

 

 

 

 

 

8/7/2029

Series E Notes

 

 

50,000

 

 

 

50,000

 

 

 

49,393

 

 

 

 

 

5/20/2028

Series F Notes

 

 

165,000

 

 

 

165,000

 

 

 

164,826

 

 

 

 

 

5/20/2030

Series G Notes

 

 

50,000

 

 

 

50,000

 

 

 

49,368

 

 

 

 

 

5/20/2030

Total

 

$

2,615,000

 

 

$

2,604,000

 

 

$

2,579,039

 

 

$

11,000

 

 

 

 

 

 

December 31, 2024

 

Aggregate
Principal
Committed

 

 

Outstanding
Principal

 

 

Carrying
Value
(1)

 

 

Unused
Portion
(2)

 

 

Maturity Date

SPV I facility

 

$

550,000

 

 

$

503,000

 

 

$

496,667

 

 

$

47,000

 

 

4/8/2029

SPV II facility

 

 

595,000

 

 

 

537,000

 

 

 

531,322

 

 

 

58,000

 

 

8/15/2028

Collateralized loan obligations

 

 

390,000

 

 

 

390,000

 

 

 

386,697

 

 

 

 

 

10/15/2035

Revolving credit facility

 

 

450,000

 

 

 

150,000

 

 

 

144,890

 

 

 

300,000

 

 

11/19/2029

Loan repurchase obligations

 

 

52,043

 

 

 

52,043

 

 

 

52,043

 

 

 

 

 

2/21/2025

Series A Notes

 

 

69,000

 

 

 

69,000

 

 

 

68,128

 

 

 

 

 

8/7/2027

Series B Notes

 

 

75,000

 

 

 

75,000

 

 

 

74,052

 

 

 

 

 

8/7/2027

Series C Notes

 

 

116,000

 

 

 

116,000

 

 

 

114,444

 

 

 

 

 

8/7/2029

Series D Notes

 

 

75,000

 

 

 

75,000

 

 

 

73,994

 

 

 

 

 

8/7/2029

Series E Notes

 

 

50,000

 

 

 

50,000

 

 

 

49,356

 

 

 

 

 

5/20/2028

Series F Notes

 

 

165,000

 

 

 

165,000

 

 

 

161,978

 

 

 

 

 

5/20/2030

Series G Notes

 

 

50,000

 

 

 

50,000

 

 

 

49,344

 

 

 

 

 

5/20/2030

Total

 

$

2,637,043

 

 

$

2,232,043

 

 

$

2,202,915

 

 

$

405,000

 

 

 

(1)
Carrying value is equal to outstanding principal amount net of unamortized financing costs, in addition to the fair value of any interest rate swap designated as a fair value hedge.
(2)
The unused portion is the amount upon which commitment fees are based, if any.

 

44


Table of Contents

The components of interest expense for the three months ended March 31, 2025 and 2024 were as follows:

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Stated interest expense

 

 

42,189

 

 

$

27,477

 

Unused/undrawn fees

 

 

135

 

 

 

214

 

Administration fees

 

 

354

 

 

 

306

 

Amortization of deferred financing costs

 

 

1,396

 

 

 

835

 

Interest rate swap

 

 

157

 

 

 

 

Total interest expense

 

$

44,231

 

 

$

28,832

 

Average borrowings

 

$

2,427,873

 

 

$

1,353,025

 

 

 

 

 

 

 

Weighted average interest rate (1)

 

 

7.13

%

 

 

8.28

%

Amortization of financing costs

 

 

0.23

%

 

 

0.25

%

Total borrowing costs

 

 

7.36

%

 

 

8.53

%

 

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

Description of the Company's Credit Facilities

SPV I Facility

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

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

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

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

As of both March 31, 2025 and December 31, 2024, respectively, the Company was in compliance with all covenants associated with the SPV I Facility.

SPV II Facility

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

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

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

As of both March 31, 2025 and December 31, 2024, respectively, the Company was in compliance with all covenants associated with the SPV II Facility.

Subscription Facility

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

45


Table of Contents

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

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

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

The Subscription Facility was terminated effective December 18, 2024.

Repurchase Obligations

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

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

As of March 31, 2025, the Company had outstanding Repurchase Obligations of $30.0 million associated with repurchase agreements that were entered into on March 12, 2025. Such Repurchase Obligations are collateralized by a portion of the Company’s term loan holdings in Ethos. Interest under these Repurchase Obligations is calculated at the inception of each repurchase agreement, as the 3 month SOFR rate in effect, plus the applicable margin of 3.50%. As of March 31, 2025, the remaining contractual maturity of the sole repurchase agreement was 71 days.

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

2023 Debt Securitization

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

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

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

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

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

46


Table of Contents

Unsecured Notes

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

Interest on the Series A Notes and the Series C Notes shall be payable semi-annually on February 7 and August 7, commencing on February 7, 2025, and interest on the Series B Notes and Series D Notes shall be payable quarterly on February 7, May 7, August 7, and November 7. The Series A Notes and the Series B Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to August 7, 2027, at a redemption price of 100% of the outstanding principal amount of the Initial Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Series C Notes and the Series D Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to August 7, 2029, at a redemption price of 100% of the outstanding principal amount of the Initial Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

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

Interest on the Series F Notes shall be payable semi-annually on February 7 and August 7, commencing on February 7, 2025, and interest on the Series E Notes and Series G Notes shall be payable quarterly on February 7, May 7, August 7, and November 7, commencing on February 7, 2025. The Series E Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to May 20, 2028, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Series F Notes and the Series G Notes shall be redeemable in whole or in part at the option of the Company at any time or from time to time prior to May 20, 2030, at a redemption price of 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon and the Make-Whole Amount (as defined in the Note Purchase Agreement), and thereafter at par, upon not less than 10 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof. The Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

In connection with the offering of the Series F Notes, the Company entered into an interest rate swap to align the interest rates of its liabilities with the Company’s investment portfolio, which predominately consists of floating rate loans. The notional amount of the interest rate swap was $165 million maturing on May 20, 2030, which aligns with the Series F Notes. The Company shall receive fixed rate interest semi-annually at 7.11%, and pay variable rate interest semi-annually based on 3-month SOFR plus 3.117%. The Company made $0.2 million in net periodic payments for the three months ended March 31, 2025. The swap adjusted interest expense is included as a component of interest expense on the Company’s Consolidated Statements of Operations. As of March 31, 2025, the effective hedge interest rate swap had a fair value of $1.9 million, which is offset within interest expense by an equal, but opposite, fair value change for the hedged risk on the Series F Notes.

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

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

47


Table of Contents

Revolving Credit Facility

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

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

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments consisted of the following:

48


Table of Contents

March 31, 2025

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

ALF Finance

 

Delayed Draw

 

9/10/2025

 

$

17,000

 

 

$

10

 

Azurite Intermediate Holdings, Inc.

 

Revolver

 

3/19/2031

 

 

9,500

 

 

 

(122

)

AVSC Holding Corporation

 

Revolver

 

12/5/2029

 

 

5,780

 

 

 

(108

)

Best Trash LLC

 

Delayed Draw

 

7/10/2026

 

 

16,250

 

 

 

(81

)

Best Trash LLC

 

Revolver

 

7/10/2031

 

 

6,060

 

 

 

(68

)

Boasso Global

 

Delayed Draw

 

4/28/2025

 

 

1,175

 

 

 

15

 

Boasso Global

 

Delayed Draw

 

4/28/2025

 

 

4,038

 

 

 

12

 

Boasso Global

 

Revolver

 

7/1/2026

 

 

6,250

 

 

 

(9

)

Cadogan Tate

 

Delayed Draw

 

10/31/2026

 

 

59,500

 

 

 

(394

)

Cadogan Tate

 

Revolver

 

10/31/2031

 

 

13,700

 

 

 

(193

)

Carevet LLC

 

Delayed Draw

 

12/18/2025

 

 

19,800

 

 

 

(334

)

Carevet LLC

 

Delayed Draw

 

6/18/2026

 

 

15,048

 

 

 

47

 

Carevet LLC

 

Revolver

 

6/18/2029

 

 

6,600

 

 

 

(56

)

CoreWeave Compute Acquisition Co., IV, LLC

 

Delayed Draw

 

5/16/2025

 

 

22,325

 

 

 

26

 

Disa Holdings Corp.

 

Revolver

 

9/9/2028

 

 

3,333

 

 

 

(38

)

Disa Holdings Corp.

 

Delayed Draw

 

3/1/2026

 

 

354

 

 

 

(1

)

Elessent Clean Technologies Inc.

 

Revolver

 

11/15/2029

 

 

13,158

 

 

 

(244

)

Faraday Buyer, LLC

 

Delayed Draw

 

11/17/2025

 

 

3,514

 

 

 

(16

)

FEG, Inc.

 

Revolver

 

5/10/2030

 

 

15,000

 

 

 

(255

)

Foundation Risk Partners

 

Delayed Draw

 

5/22/2026

 

 

2,149

 

 

 

 

Foundation Risk Partners

 

Delayed Draw

 

2/26/2027

 

 

11,694

 

 

 

(28

)

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

1,589

 

 

 

(8

)

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

3,748

 

 

 

(18

)

Four Winds Interactive LLC

 

Delayed Draw

 

2/20/2027

 

 

2,903

 

 

 

(28

)

Four Winds Interactive LLC

 

Revolver

 

2/20/2030

 

 

1,935

 

 

 

(38

)

Frontgrade Technologies Inc.

 

Revolver

 

1/9/2028

 

 

8,263

 

 

 

 

Great Day Improvements LLC

 

Revolver

 

6/13/2030

 

 

10,500

 

 

 

(182

)

Highgate Hotels, L.P.

 

Revolver

 

11/3/2029

 

 

7,750

 

 

 

 

Hotel Equities Group, LLC

 

Revolver

 

1/22/2029

 

 

10,000

 

 

 

(153

)

Inframark

 

Delayed Draw

 

7/31/2026

 

 

3,248

 

 

 

(13

)

K1 Speed Inc.

 

Delayed Draw

 

1/2/2026

 

 

2,429

 

 

 

(44

)

Learnosity

 

Revolver

 

1/15/2031

 

 

7,500

 

 

 

(91

)

Legends Hospitality

 

Delayed Draw

 

8/22/2026

 

 

3,750

 

 

 

(31

)

Legends Hospitality

 

Revolver

 

8/22/2030

 

 

4,013

 

 

 

(73

)

Ligado Networks LLC

 

Delayed Draw

 

6/30/2025

 

 

252

 

 

 

(28

)

Maxar Technologies Inc.

 

Revolver

 

5/3/2029

 

 

7,088

 

 

 

 

Natural Partners, Inc.

 

Revolver

 

3/15/2028

 

 

6,563

 

 

 

(66

)

Parfums Holding Co Inc

 

Revolver

 

6/27/2029

 

 

6,000

 

 

 

(51

)

PetVet Care Centers

 

Delayed Draw

 

11/15/2025

 

 

6,981

 

 

 

(358

)

PetVet Care Centers

 

Revolver

 

11/15/2029

 

 

6,981

 

 

 

(428

)

Pharmalogic Holdings Corp

 

Delayed Draw

 

6/21/2026

 

 

25,253

 

 

 

(141

)

Red Fox CD Acquisition Corp.

 

Delayed Draw

 

11/30/2025

 

 

1,455

 

 

 

(24

)

RPX Corporation

 

Revolver

 

8/2/2030

 

 

6,122

 

 

 

(82

)

Sky Merger Sub, LLC

 

Delayed Draw

 

5/28/2026

 

 

12,500

 

 

 

52

 

Sky Merger Sub, LLC

 

Revolver

 

5/28/2029

 

 

25,000

 

 

 

(520

)

Solvias AG

 

Revolver

 

2/27/2030

 

 

20,355

 

 

 

(500

)

Spartan College LLC

 

Delayed Draw

 

9/25/2026

 

 

13,702

 

 

 

1

 

SurveyMonkey Global Inc.

 

Revolver

 

5/31/2029

 

 

13,440

 

 

 

(114

)

Systems Planning and Analysis, Inc.

 

Delayed Draw

 

2/16/2026

 

 

4,000

 

 

 

(2

)

Systems Planning and Analysis, Inc.

 

Revolver

 

8/16/2027

 

 

5,288

 

 

 

(43

)

Townsend

 

Revolver

 

8/1/2030

 

 

2,500

 

 

 

(65

)

Trillium FlowControl

 

Delayed Draw

 

6/20/2026

 

 

3,667

 

 

 

(24

)

Trillium FlowControl

 

Revolver

 

12/20/2029

 

 

3,000

 

 

 

(21

)

USA Debusk LLC

 

Delayed Draw

 

4/30/2026

 

 

5,229

 

 

 

(29

)

USA Debusk LLC

 

Revolver

 

4/30/2030

 

 

763

 

 

 

(10

)

Valeron Group, LLC

 

Delayed Draw

 

5/30/2025

 

 

20,000

 

 

 

4

 

Total Unfunded Commitments

 

 

 

 

 

$

515,995

 

 

$

(4,965

)

 

49


Table of Contents

 

December 31, 2024

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

ALF Finance

 

Delayed Draw

 

12/10/2029

 

$

29,000

 

 

$

3

 

Azurite Intermediate Holdings, Inc.

 

Revolver

 

3/19/2031

 

 

9,500

 

 

 

(127

)

AVSC Holding Corporation

 

Revolver

 

12/5/2029

 

 

6,283

 

 

 

(124

)

Best Trash LLC

 

Delayed Draw

 

7/10/2031

 

 

16,250

 

 

 

(88

)

Best Trash LLC

 

Revolver

 

7/10/2031

 

 

6,060

 

 

 

(71

)

Boasso Global

 

Delayed Draw

 

7/1/2028

 

 

1,175

 

 

 

15

 

Boasso Global

 

Delayed Draw

 

7/1/2028

 

 

4,038

 

 

 

12

 

Boasso Global

 

Revolver

 

7/1/2026

 

 

6,250

 

 

 

(11

)

Cadogan Tate

 

Delayed Draw

 

10/31/2031

 

 

59,500

 

 

 

(425

)

Cadogan Tate

 

Revolver

 

10/31/2031

 

 

18,700

 

 

 

(274

)

Carevet LLC

 

Delayed Draw

 

6/18/2029

 

 

19,800

 

 

 

(354

)

Carevet LLC

 

Delayed Draw

 

6/18/2029

 

 

33,000

 

 

 

71

 

Carevet LLC

 

Revolver

 

6/18/2029

 

 

6,600

 

 

 

(59

)

Confluent Holdings LLC

 

Delayed Draw

 

3/28/2029

 

 

4,318

 

 

 

20

 

CoreWeave Compute Acquisition Co., IV, LLC

 

Delayed Draw

 

8/29/2029

 

 

26,094

 

 

 

15

 

DFS Holding Company

 

Delayed Draw

 

1/31/2029

 

 

3,000

 

 

 

(17

)

Disa Holdings Corp.

 

Revolver

 

9/9/2028

 

 

4,166

 

 

 

(51

)

Disa Holdings Corp.

 

Delayed Draw

 

9/9/2028

 

 

11,063

 

 

 

(53

)

Elessent Clean Technologies Inc.

 

Revolver

 

11/15/2029

 

 

13,158

 

 

 

(257

)

Faraday Buyer, LLC

 

Delayed Draw

 

10/10/2028

 

 

3,514

 

 

 

(19

)

FEG, Inc.

 

Revolver

 

5/10/2030

 

 

15,000

 

 

 

(268

)

Foundation Risk Partners

 

Delayed Draw

 

10/29/2030

 

 

4,898

 

 

 

13

 

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

1,589

 

 

 

(4

)

Foundation Risk Partners

 

Revolver

 

10/29/2029

 

 

3,748

 

 

 

(8

)

Frontgrade Technologies Inc.

 

Revolver

 

1/9/2028

 

 

8,263

 

 

 

 

Great Day Improvements LLC

 

Revolver

 

6/13/2030

 

 

14,000

 

 

 

(254

)

Highgate Hotels, L.P.

 

Revolver

 

11/3/2029

 

 

12,500

 

 

 

 

Hotel Equities Group, LLC

 

Revolver

 

1/22/2029

 

 

10,000

 

 

 

(162

)

Inframark

 

Delayed Draw

 

7/31/2031

 

 

3,364

 

 

 

(15

)

K1 Speed Inc.

 

Delayed Draw

 

1/2/2029

 

 

3,643

 

 

 

(70

)

Legends Hospitality

 

Delayed Draw

 

8/22/2031

 

 

3,750

 

 

 

(34

)

Legends Hospitality

 

Revolver

 

8/22/2031

 

 

6,750

 

 

 

(128

)

Maxar Technologies Inc.

 

Revolver

 

5/3/2029

 

 

8,417

 

 

 

-

 

Natural Partners, Inc.

 

Revolver

 

11/29/2027

 

 

6,563

 

 

 

(122

)

Neptune Platform Buyer, LLC

 

Delayed Draw

 

1/19/2031

 

 

1,544

 

 

 

(8

)

Parfums Holding Co Inc

 

Revolver

 

6/27/2029

 

 

6,000

 

 

 

(54

)

PetVet Care Centers

 

Delayed Draw

 

11/15/2030

 

 

6,981

 

 

 

61

 

PetVet Care Centers

 

Revolver

 

11/15/2029

 

 

6,981

 

 

 

(66

)

Pharmalogic Holdings Corp

 

Delayed Draw

 

6/21/2030

 

 

25,253

 

 

 

(156

)

Red Fox CD Acquisition Corp.

 

Delayed Draw

 

3/4/2030

 

 

7,364

 

 

 

(127

)

RPX Corporation

 

Revolver

 

8/2/2030

 

 

6,122

 

 

 

(85

)

Sandlot Baseball Borrower Co.

 

Delayed Draw

 

12/27/2028

 

 

13,800

 

 

 

56

 

Sky Merger Sub, LLC

 

Delayed Draw

 

5/28/2029

 

 

12,500

 

 

 

37

 

Sky Merger Sub, LLC

 

Revolver

 

5/28/2029

 

 

25,000

 

 

 

(551

)

SurveyMonkey Global Inc.

 

Revolver

 

5/31/2029

 

 

13,440

 

 

 

(120

)

Systems Planning and Analysis, Inc.

 

Delayed Draw

 

8/16/2027

 

 

42,286

 

 

 

(59

)

Systems Planning and Analysis, Inc.

 

Revolver

 

8/16/2027

 

 

5,827

 

 

 

(52

)

TIC Bidco LTD

 

Delayed Draw

 

6/16/2031

 

 

1,577

 

 

 

(9

)

Townsend

 

Revolver

 

8/1/2029

 

 

2,500

 

 

 

(69

)

Trillium FlowControl

 

Delayed Draw

 

12/20/2029

 

 

3,667

 

 

 

(27

)

Trillium FlowControl

 

Revolver

 

12/20/2029

 

 

3,000

 

 

 

(22

)

USA Debusk LLC

 

Delayed Draw

 

4/30/2031

 

 

5,420

 

 

 

(33

)

USA Debusk LLC

 

Revolver

 

4/30/2030

 

 

1,603

 

 

 

(21

)

Total Unfunded Commitments

 

 

 

 

 

$

574,819

 

 

$

(4,151

)

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both March 31, 2025 and December 31, 2024, management was not aware of any pending or threatened material litigation.

50


Table of Contents

Note 9. Net Assets

Subscriptions and Drawdowns

The Company has the authority to issue up to 200,000,250 shares of stock, of which 200,000,000 shares are classified as common stock, par value $0.001 per share, and 250 shares are classified as preferred stock, par value $0.001 per share, which have been previously designated the “12.0% Series A Cumulative Non-Voting Preferred Stock”. Through its Private Offerings the Company will from time to time enter into subscription agreements (the “Subscription Agreements”) with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of March 31, 2025, the Company had received Capital Commitments totaling approximately $2.9 billion ($763.7 million remaining undrawn).

The following table summarizes the total shares issued and proceeds received related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements as of March 31, 2025:

Share Issuance Date

 

Number of
Shares Issued

 

 

Aggregate
Offering Proceeds

 

December 21, 2021

 

 

12,000,000

 

 

$

299,988

 

June 23, 2022

 

 

2,509,410

 

 

$

60,000

 

September 21, 2022

 

 

2,787,307

 

 

$

65,000

 

December 29, 2022

 

 

2,991,256

 

 

$

65,000

 

March 8, 2023

 

 

2,601,909

 

 

$

60,000

 

April 21, 2023

 

 

4,446,421

 

 

$

100,000

 

August 8, 2023

 

 

3,225,807

 

 

$

75,000

 

December 29, 2023

 

 

4,310,345

 

 

$

100,000

 

March 27, 2024

 

 

9,449,812

 

 

$

225,000

 

June 5, 2024

 

 

16,366,612

 

 

$

400,000

 

July 10, 2024

 

 

4,163,197

 

 

$

100,000

 

September 27, 2024

 

 

14,553,015

 

 

$

350,000

 

October 31, 2024

 

 

10,300,783

 

 

$

250,000

 

Total

 

 

89,705,874

 

 

$

2,149,988

 

Distributions

The Company declared the following distributions for the three months ended March 31, 2025 and 2024:

 

 

 

 

 

 

Regular

 

 

Special

 

 

Per Share

 

 

 

 

Date Declared

 

Record Date

 

Payment Date

 

Distribution

 

 

Distribution

 

 

Amount

 

 

Total Amount

 

For Calendar Year 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 4, 2025

 

March 13, 2025

 

March 27, 2025

 

$

0.65

 

 

$

 

 

$

0.65

 

 

$

65,397

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.65

 

 

$

65,397

 

For Calendar Year 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 6, 2024

 

March 15, 2024

 

March 28, 2024

 

$

0.65

 

 

$

 

 

$

0.65

 

 

$

26,182

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.65

 

 

$

26,182

 

 

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Table of Contents

Dividend Reinvestment

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

The following table summarizes the DRP Shares issued to shareholders who have “opted in” to the DRP as of March 31, 2025 and the value of such Shares as of the payment dates:

Payment Date

 

DRP Shares Issued

 

 

DRP Shares Value

 

April 15, 2022

 

 

286,055

 

 

$

7,200

 

July 15, 2022

 

 

373,593

 

 

$

9,321

 

October 17, 2022

 

 

377,076

 

 

$

8,646

 

December 30, 2022

 

 

801,437

 

 

$

18,056

 

April 17, 2023

 

 

637,800

 

 

$

13,892

 

June 28, 2023

 

 

754,571

 

 

$

16,789

 

September 28, 2023

 

 

828,460

 

 

$

18,945

 

December 28, 2023

 

 

1,347,765

 

 

$

31,456

 

March 28, 2024

 

 

861,529

 

 

$

20,039

 

June 27, 2024

 

 

1,246,983

 

 

$

29,653

 

September 27, 2024

 

 

1,179,974

 

 

$

28,260

 

December 27, 2024

 

 

2,210,389

 

 

$

53,204

 

March 27, 2025

 

 

1,555,293

 

 

$

37,125

 

 

 

$

12,460,925

 

 

 

292,586

 

 

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per Share during the three months ended March 31, 2025 and 2024:

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Net increase in net assets resulting from operations

 

$

62,271

 

 

$

47,308

 

Weighted average shares outstanding

 

 

100,696,962

 

 

 

40,830,247

 

Earnings per share

 

$

0.62

 

 

$

1.16

 

 

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Note 11. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2025 and 2024:

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

2024

 

Per Share Data:

 

 

 

 

 

 

 

Net assets, beginning of period

 

$

 

23.87

 

$

 

23.26

 

Net investment income (1)

 

 

 

0.65

 

 

 

0.82

 

Net realized gain (loss) (1)

 

 

 

(0.02

)

 

 

0.11

 

Net change in unrealized appreciation (depreciation) (2)

 

 

 

(0.01

)

 

 

0.25

 

Net increase in net assets resulting from operations

 

 

 

0.62

 

 

 

1.18

 

Distributions declared from net investment income (3)

 

 

 

(0.65

)

 

 

(0.65

)

Issuance of shares in connection with our DRP program

 

 

 

0.00

 

 

 

(0.01

)

Total increase (decrease) in net assets

 

 

 

(0.03

)

 

 

0.52

 

Net assets, end of period

 

$

 

23.84

 

$

 

23.78

 

Shares outstanding, end of period

 

 

 

102,166,799

 

 

 

50,590,553

 

Total return based on NAV (4)

 

 

 

2.57

%

 

 

5.09

%

Ratios:

 

 

 

 

 

 

 

Expenses to average net assets (5)

 

 

 

11.43

%

 

 

15.94

%

Net investment income to average net assets (5)

 

 

 

10.52

%

 

 

12.12

%

Portfolio turnover rate (6)

 

 

 

4.15

%

 

 

6.74

%

Supplemental Data:

 

 

 

 

 

 

 

Net assets, end of period

 

$

 

2,435,910

 

$

 

1,203,730

 

Total capital commitments, end of period

 

$

 

2,913,733

 

$

 

1,886,973

 

Ratios of total contributed capital to total committed capital, end of period

 

 

 

73.79

%

 

 

55.64

%

Average debt outstanding

 

$

 

2,427,873

 

$

 

1,353,025

 

Asset coverage ratio (7)

 

 

 

193.6

%

 

 

179.1

%

 

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
For the three months ended March 31, 2025 and 2024 the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)
The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9. Net Assets).
(4)
Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.
(5)
Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).
(6)
Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.
(7)
In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

 

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Table of Contents

Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of May 14, 2025, the date that the consolidated financial statements were issued. There have been no subsequent events, except as disclosed below, that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended March 31, 2025.

 

Issuance of 6.250% Notes Due 2030

 

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

The Notes will mature on May 31, 2030, and may be redeemed in whole or in part at the Company’s option at any time at the redemption price set forth in the First Supplemental Indenture. The Notes bear interest at a rate of 6.250% per year payable semiannually on May 31 and November 30 of each year, commencing on November 30, 2025. The Notes are direct unsecured obligations of the Company.

 

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

 

Registration Rights Agreement

In connection with the sale of the Notes, the Company entered into a Registration Rights Agreement, dated April 2, 2025 (the “Registration Rights Agreement”), with J.P. Morgan Securities LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., SMBC Nikko Securities America, Inc. and TCBI Securities, Inc. doing business as Texas Capital Securities as the representatives of the Initial Purchasers. Pursuant to the Registration Rights Agreement, the Company is obligated to file with the SEC a registration statement relating to an offer to exchange the Notes for new notes issued by the Company that are registered under the Securities Act and otherwise have terms substantially identical to those of the Notes (except for provisions relating to transfer restrictions and payment of additional interest) and to use its commercially reasonable efforts to consummate such exchange offer on the earliest practicable date after the registration statement has been declared effective but in no event later than 365 days after the initial issuance of the Notes. Alternatively, in accordance with the terms of the Registration Rights Agreement, the Company may consummate such exchange offer through use of an existing registration statement. If the Company fails to satisfy its registration obligations under the Registration Rights Agreement, it will be required to pay additional interest to the holders of the Notes.

54


Table of Contents

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

The information in this management's discussion and analysis of financial condition and results of operations relates to MSD Investment Corp., including its wholly-owned subsidiaries (collectively, "we", "us", "our" or the "Company"). The terms “Adviser” and “MSD” refer to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our investment adviser, and the term “Administrator” refers to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our administrator. The information contained in this section should be read in conjunction with “Item 1. Financial Statements.” The discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those risks set forth in section entitled “Part I Item 1A Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC on March 19, 2025.

 

Overview

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

We have elected, and intend to qualify annually, to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a BDC and a RIC, we will be required to comply with certain regulatory requirements.

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

Financial and Operating Highlights

The following table presents financial and operating highlights (i) as of March 31, 2025 and December 31, 2024 and (ii) for the three months ended March 31, 2025 and 2024:

 

 

As of

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Total assets

 

$

5,077,359

 

 

$

4,685,663

 

Investments in portfolio companies, at fair value

 

$

4,943,071

 

 

$

4,529,064

 

Borrowings

 

$

2,604,000

 

 

$

2,232,043

 

Net assets

 

$

2,435,910

 

 

$

2,401,934

 

Net asset value per common share

 

$

23.84

 

 

$

23.87

 

Leverage ratio (borrowings / total assets)

 

 

51.3

%

 

 

47.6

%

 

 

For the Three Months Ended March 31,

 

 

2025

 

 

2024

 

Average net assets

$

2,418,922

 

 

$

1,070,658

 

Average borrowings

$

2,427,873

 

 

$

1,353,025

 

Cost of investments purchased

$

590,330

 

 

$

491,415

 

Sales of investments

$

47,110

 

 

$

11,819

 

Principal repayments

$

149,356

 

 

$

148,199

 

Net investment income

$

65,223

 

 

$

33,612

 

Net realized gains (losses)

$

(1,839

)

 

$

4,546

 

Net change in unrealized appreciation (depreciation)

$

(1,113

)

 

$

9,150

 

Net increase (decrease) in net assets resulting from operations

$

62,271

 

 

$

47,308

 

Net investment income per share - basic and diluted

$

0.65

 

 

$

0.82

 

Earnings per share - basic and diluted

$

0.62

 

 

$

1.16

 

 

55


Table of Contents

Portfolio and Investment Activity for the three months ended March 31, 2025 and 2024

The following table presents our portfolio company activity for the three months ended March 31, 2025 and 2024:

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Portfolio companies at beginning of period

 

 

84

 

 

 

61

 

Number of added portfolio companies

 

 

6

 

 

 

11

 

Number of exited portfolio companies

 

 

(4

)

 

 

(5

)

Portfolio companies at period end

 

 

86

 

 

 

67

 

 

 

 

 

 

 

Number of debt investments period end

 

 

168

 

 

 

107

 

Number of preferred equity investments at period end

 

 

6

 

 

 

3

 

 

The following table presents a roll-forward of all investment purchase, sale and repayment activity and changes in fair value, within our investment portfolio for the three months ended March 31, 2025 and 2024:

 

Three Months Ended March 31, 2025

 

 

First Lien Debt

 

 

Second Lien Debt

 

 

Subordinated Debt

 

 

Equity and Other Investments

 

 

Total Investments

 

Fair value, beginning of period

$

4,375,355

 

 

$

89,485

 

 

$

990

 

 

$

63,234

 

 

$

4,529,064

 

Purchase of investments

 

590,059

 

 

 

 

 

 

271

 

 

 

 

 

 

590,330

 

Proceeds from principal repayments and sales of investments

 

(196,466

)

 

 

 

 

 

 

 

 

 

 

 

(196,466

)

Other changes in fair value (1)

 

18,644

 

 

 

280

 

 

 

41

 

 

 

1,178

 

 

 

20,143

 

Fair value, end of period

$

4,787,592

 

 

$

89,765

 

 

$

1,302

 

 

$

64,412

 

 

$

4,943,071

 

 

 

Three Months Ended March 31, 2024

 

 

First Lien Debt

 

 

Second Lien Debt

 

 

Preferred Equity

 

 

Total Investments

 

Fair value, beginning of year

$

1,942,841

 

 

$

226,320

 

 

$

27,892

 

 

$

2,197,053

 

Purchase of investments

 

491,416

 

 

 

 

 

 

 

 

 

491,416

 

Proceeds from principal repayments and sales of investments

 

(160,017

)

 

 

 

 

 

 

 

 

(160,017

)

Other changes in fair value (1)

 

17,194

 

 

 

3,020

 

 

 

685

 

 

 

20,899

 

Fair value, end of period

$

2,291,434

 

 

$

229,340

 

 

$

28,577

 

 

$

2,549,351

 

 

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

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

As of

March 31, 2025

 

December 31, 2024

Investments:

 

 

 

 

 

 

 

Number of portfolio companies

 

86

 

 

 

 

84

 

 

Number of investments

 

174

 

 

 

 

161

 

 

Average investment at fair value

$

28,408

 

 

 

$

28,131

 

 

Average cost of debt investments as a percentage of par (1)

 

98.09

 

%

 

 

98.25

 

%

Debt investments on non-accrual status as a percent of amortized cost of total debt investments

 

0.20

 

%

 

 

0.25

 

%

Debt investments on non-accrual status as a percent of fair value of total debt investments

 

0.10

 

%

 

 

0.10

 

%

Number of debt investments on non-accrual status

 

1

 

 

 

 

1

 

 

Weighted Average EBITDA (mm) (2)

 

179.8

 

 

 

 

193.0

 

 

Median EBITDA (mm) (2)

 

142.4

 

 

 

 

134.5

 

 

Weighted average net debt through tranche (2)

4.2x

 

 

 

4.2x

 

 

Weighted average interest rate coverage (2)

2.4x

 

 

 

2.3x

 

 

Percentage of sponsored investments

 

84.90

 

%

 

 

83.50

 

%

 

 

 

 

 

 

 

 

Floating interest rate debt investments:

 

 

 

 

 

 

 

Percent of debt portfolio (3)

 

97.6

 

%

 

 

97.4

 

%

Weighted average interest rate floors

 

0.88

 

%

 

 

0.89

 

%

Weighted average coupon spread to base interest rate

 

572

 

bps

 

 

575

 

bps

Weighted average effective yield on floating rate debt investments at amortized cost (4)

 

10.44

 

%

 

 

10.65

 

%

3 Month SOFR

 

4.29

 

%

 

 

4.31

 

%

 

 

 

 

 

 

 

Fixed interest debt investments: (5)

 

 

 

 

 

 

 

Percent of debt portfolio (3)

 

2.4

 

%

 

 

2.6

 

%

Weighted average coupon rate

 

9.23

 

%

 

 

9.03

 

%

Weighted average effective yield on fixed rate debt investments at amortized cost (4)

 

10.93

 

%

 

 

10.45

 

%

 

 

 

 

 

 

 

Other metrics:

 

 

 

 

 

 

 

Weighted average years to maturity on debt investments

 

4.63

 

years

 

 

4.69

 

years

Weighted average effective yield on the portfolio at amortized cost (4) (5)

 

10.50

 

%

 

 

10.70

 

%

(1)
Calculated as amortized cost of all debt investments divided by the par value of all debt investments.
(2)
Figures are based on portfolio company financial statements available to the Company at period end.
(3)
Percent is calculated as a percentage of fair value of total debt investments.
(4)
Weighted average effective yield is calculated as the effective yield of each investment and weighted by its amortized cost as compared to the aggregate amortized cost of all investments.
(5)
Calculations exclude non-performing debt investments.

The following table presents the maturity schedule of our funded debt investments based on their principal amount as of March 31, 2025 and December 31, 2024:

 

March 31, 2025

 

 

 

December 31, 2024

 

 

Maturity Year

 

Principal Amount

 

 

Percentage of Debt Portfolio

 

 

 

Principal Amount

 

 

Percentage of Debt Portfolio

 

 

2023

 

$

14,912

 

 

 

0.3

 

%

 

$

12,853

 

 

 

0.3

 

%

2025

 

 

63,351

 

 

 

1.30

 

 

 

 

 

 

 

 

 

2026

 

 

238,225

 

 

 

4.8

 

 

 

 

58,566

 

 

 

1.3

 

 

2027

 

 

340,609

 

 

 

6.8

 

 

 

 

362,772

 

 

 

8.0

 

 

2028

 

 

508,758

 

 

 

10.2

 

 

 

 

209,661

 

 

 

4.6

 

 

2029

 

 

1,193,292

 

 

 

24.0

 

 

 

 

485,678

 

 

 

10.7

 

 

2030

 

 

1,274,455

 

 

 

25.6

 

 

 

 

1,244,911

 

 

 

27.3

 

 

2031

 

 

1,144,232

 

 

 

23.0

 

 

 

 

1,184,200

 

 

 

26.0

 

 

2032

 

 

197,263

 

 

 

4.0

 

 

 

 

992,388

 

 

 

21.8

 

 

2033

 

 

286

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,975,383

 

 

 

100.0

 

%

 

$

4,551,029

 

 

 

100.0

 

%

 

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Table of Contents

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

Investment Rating 1 - Investment is performing materially above expectations.
Investment Rating 2 - Investment is performing above expectations.
Investment Rating 3 - Investment is performing materially in-line with expectations. All new loans received a rating of 3 at initial investment.
Investment Rating 4 - Investment is performing materially below expectations. Investments with a rating of 4 receive more frequent attention from our team as the risks of impairment have increased substantially since investment. Loss of principal is not expected, however there may be lost interest.
Investment Rating 5 - Investment is performing materially below expectations and there is a high probability of impairment. Loss of principal and interest is probable.

The following tables show the investment rankings of the debt investments in our portfolio as of March 31, 2025 and December 31, 2024:

 

As of March 31, 2025

 

 

As of December 31, 2024

 

Risk Rating

 

Fair Value

 

 

% of Portfolio

 

 

# of Investments

 

 

Fair Value

 

 

% of Portfolio

 

 

# of Investments

 

1

 

$

 

 

 

0.0

%

 

 

 

 

$

 

 

 

0.0

%

 

 

 

2

 

 

102,534

 

 

 

2.1

 

 

 

5

 

 

 

138,919

 

 

 

3.1

 

 

 

4

 

3

 

 

4,681,905

 

 

 

94.7

 

 

 

158

 

 

 

4,325,456

 

 

 

95.5

 

 

 

154

 

4

 

 

151,297

 

 

 

3.1

 

 

 

8

 

 

 

60,298

 

 

 

1.3

 

 

 

2

 

5

 

 

7,335

 

 

 

0.1

 

 

 

3

 

 

 

4,391

 

 

 

0.1

 

 

 

1

 

 

$

4,943,071

 

 

 

100.0

%

 

 

174

 

 

$

4,529,064

 

 

 

100.0

%

 

 

161

 

Results of Operations

Revenues

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

Operating Expenses

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

Operating Results for the three months ended March 31, 2025 and 2024 are presented below:

 

For the Three Months Ended March 31,

 

 

2025

 

 

2024

 

Total investment income

$

133,273

 

 

$

76,983

 

Total expenses

 

68,050

 

 

 

43,371

 

Net investment income

 

65,223

 

 

 

33,612

 

Net realized gain (loss)

 

(1,839

)

 

 

4,546

 

Net change in unrealized appreciation (depreciation)

 

(1,113

)

 

 

9,150

 

Net increase (decrease) in net assets resulting from operations

$

62,271

 

 

$

47,308

 

 

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Table of Contents

Investment Income

Investment income consisted of the following components for the three months ended March 31, 2025 and 2024:

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Interest income on debt securities

 

 

 

 

 

 

Cash interest

 

$

113,583

 

 

$

65,109

 

PIK interest

 

 

7,968

 

 

 

3,258

 

Net accretion/amortization of discounts/premiums

 

 

6,406

 

 

 

4,774

 

Total interest on debt securities

 

 

127,957

 

 

 

73,141

 

Dividend Income

 

 

1,015

 

 

 

26

 

PIK dividend

 

 

1,208

 

 

 

1,053

 

Total interest and dividend income

 

 

130,180

 

 

 

74,220

 

Other income

 

 

3,093

 

 

 

2,763

 

Total investment income

 

$

133,273

 

 

$

76,983

 

Average investments at cost (1)

 

$

4,739,863

 

 

$

2,380,871

 

Income return (2)

 

 

2.75

%

 

 

3.12

%

 

(1)
Average investments at cost is calculated as the simple average of the total investments at amortized cost of each quarterly reporting period.
(2)
Income return is calculated as total interest and dividend income for the period divided by Average Investments at cost.

Operating Expenses

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

The table below shows a breakdown of our operating expenses for the three months ended March 31, 2025 and 2024:

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Fixed Operating Expenses

 

 

 

 

 

 

Professional fees (1)

 

$

1,388

 

 

$

443

 

Board of directors' fees

 

 

78

 

 

 

78

 

General and other expenses

 

 

529

 

 

 

100

 

Organization and offering costs (2)

 

 

18

 

 

 

25

 

Total fixed operating expenses

 

 

2,013

 

 

 

646

 

 

 

 

 

 

 

Variable operating expenses:

 

 

 

 

 

 

Interest expense (3)

 

 

44,231

 

 

 

28,832

 

Management fees

 

 

8,966

 

 

 

4,561

 

Administrative expense (4)

 

 

1,513

 

 

 

1,946

 

Custody expense

 

 

305

 

 

 

179

 

Transfer agency fees

 

 

33

 

 

 

16

 

Total variable operating expenses

 

 

55,048

 

 

 

35,534

 

 

 

 

 

 

 

Performance-dependent expenses:

 

 

 

 

 

 

Income based incentive fee

 

 

11,432

 

 

 

6,120

 

Capital gains incentive fee

 

 

(443

)

 

 

1,071

 

Total performance-dependent expenses

 

 

10,989

 

 

 

7,191

 

 

 

 

 

 

 

Total expenses

 

$

68,050

 

 

$

43,371

 

 

(1)
Professional fees includes the expenses for third-party service providers such as internal and independent auditors, tax return preparer and tax consultant, third-party investment valuation firms, and fund legal counsel.
(2)
Organization and offering costs are associated with the initial formation, setup and distribution of the Company and may not be recurring.
(3)
The composition of our interest expense for the three months ended March 31, 2025 and 2024 are described more fully in Note 7. Borrowings of our accompanying consolidated financial statements.
(4)
Administrative services include the expenses for third-party services providers such as fund accountant, fund sub-administrator, and independent pricing services. Additionally, administrative expense includes costs reimbursable to the Administrator according to the terms of the administration agreement.

Net Realized and Unrealized Gains

For the three months ended March 31, 2025 and 2024, we recognized net realized losses of $1.8 million and net realized gains of $4.5 million, respectively, and recorded net unrealized depreciation of $1.1 million and net unrealized appreciation of $9.2 million, respectively.

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Table of Contents

Critical Accounting Policies and Estimates

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

Valuation of Portfolio Investments and Net Asset Value of Shares

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

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

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

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

Securities for which no such market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party's estimate, of the fair value as of the date of determination, and provided to the Adviser's valuation committee;
Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;
Agreed upon valuation recommendations are presented to the Audit Committee;
At least once annually, the valuation for each investment that constitutes a material portion of the Company's portfolio and that does not have readily available market quotation will be reviewed by an independent valuation firm; and
The Valuation Designee will provide the Board with the information relating to the fair value determination pursuant to the Company’s valuation policy in connection with each quarterly Board meeting, will comply with the periodic board reporting requirements set forth in the Company’s valuation policy, and will provide the Board with its determination of the fair value of each investment in good faith.

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

The ranges of unobservable inputs used in the fair value measurement of our investments classified as Level 3 fair valued as of March 31, 2025 and December 31, 2024, respectively, are presented in Note 6. Fair Value Measurements in the accompanying consolidated financial statements

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Table of Contents

In addition to impacting the fair value recorded for our investments on our consolidated statement of assets and liabilities, had we used different key unobservable inputs to determine the fair value of our investments, amounts recorded in our consolidated statement of operations, including the net change in unrealized appreciation and depreciation on investments, management and performance-based incentive fees would also be impacted. The table below outlines the impact on our results of a 5% increase in the fair value of our Level 3 investments for the three months ended March 31, 2025 and 2024:

 

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Fair value of level 3 investments at the end of the period

 

$

4,268,312

 

 

$

1,690,167

 

Fair value assuming a 5% increase in value

 

 

4,481,728

 

 

 

1,774,675

 

 

 

 

 

 

 

Increase in unrealized appreciation

 

 

213,416

 

 

 

84,508

 

(Increase) in management fees

 

 

(400

)

 

 

(158

)

(Increase) in capital gains incentive fees (1)

 

 

(32,012

)

 

 

(12,676

)

Increase in net assets resulting from operations

 

$

181,004

 

 

$

71,674

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

100,696,962

 

 

 

40,830,246

 

Shares outstanding at the end of the period

 

 

102,166,799

 

 

 

50,590,552

 

 

 

 

 

 

 

Increase in earnings per share

 

$

1.80

 

 

$

1.76

 

Increase in net assets per share

 

$

1.77

 

 

$

1.42

 

 

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

Determination of Net Asset Value

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

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

Hedging

The Company may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. As of March 31, 2025 the Company had entered into foreign currency forward contracts in order to hedge its economic exposure to certain foreign currencies in which its investments were denominated, in addition to an interest rate swap to offset fixed rate exposure on our Series F Note (see Note 5. Derivative Instruments in the accompanying consolidated financial statements). However, no assurance can be given that such hedging transactions will be effective.

Financial Condition, Liquidity and Capital Resources

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

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

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Table of Contents

Liquidity

The tables below present a summary of our liquidity position as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

December 31, 2024

 

Cash and cash equivalents

 

$

89,349

 

 

$

109,302

 

Unused borrowing capacity

 

 

11,000

 

 

 

405,000

 

Principal receivable

 

 

8,457

 

 

 

5,503

 

Unfunded investment commitments (1)

 

 

(515,995

)

 

 

(574,819

)

Undrawn capital commitments

 

 

763,745

 

 

 

456,800

 

Other net working capital (2)

 

 

(32,361

)

 

 

(48,995

)

 

 

$

324,195

 

 

$

352,791

 

(1)
For a comprehensive list of our unfunded investment commitments see the footnotes to our consolidated schedule of investments included in our accompanying consolidated financial statements.
(2)
Other networking capital is interest receivable less all liabilities exclusive of debt.

Capital Resources

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

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

 

 

Payments Due by Period

 

 

 

Total

 

 

Less than
1 year

 

 

1-3 years

 

 

3-5 years

 

 

After 5 years

 

SPV I facility

 

$

550,000

 

 

$

 

 

$

 

 

$

550,000

 

 

$

 

SPV II facility

 

 

584,000

 

 

 

 

 

 

 

 

 

584,000

 

 

 

 

Collateralized loan obligations

 

 

390,000

 

 

 

 

 

 

 

 

 

 

 

 

390,000

 

Revolving credit facility

 

 

450,000

 

 

 

 

 

 

 

 

 

450,000

 

 

 

 

Loan repurchase obligations

 

 

30,000

 

 

 

30,000

 

 

 

 

 

 

 

 

 

 

Series A Notes

 

 

69,000

 

 

 

 

 

 

69,000

 

 

 

 

 

 

 

Series B Notes

 

 

75,000

 

 

 

 

 

 

75,000

 

 

 

 

 

 

 

Series C Notes

 

 

116,000

 

 

 

 

 

 

 

 

 

116,000

 

 

 

 

Series D Notes

 

 

75,000

 

 

 

 

 

 

 

 

 

75,000

 

 

 

 

Series E Notes

 

 

50,000

 

 

 

 

 

 

 

 

 

50,000

 

 

 

 

Series F Notes

 

 

165,000

 

 

 

 

 

 

 

 

 

 

 

 

165,000

 

Series G Notes

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 

50,000

 

Total Contractual Obligations

 

$

2,604,000

 

 

$

30,000

 

 

$

144,000

 

 

$

1,825,000

 

 

$

605,000

 

 

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Table of Contents

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined by the Valuation Designee, subject to the continued oversight of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

We will be subject to financial market risks, including changes in interest rates. As of March 31, 2025, 97.6% of our debt investments (96.3% of our total investments), or $4.76 billion measured at fair value, are subject to floating interest rates. Additionally, the SPV I Facility, the SPV II Facility, the collateralized loan obligations, the Revolving Credit Facility, and certain of the Notes are subject to floating interest rates. In connection with our Series F Notes, which bear interest at fixed rates, we entered into an interest rate swap in order to align the interest rate risk of our liabilities with our investment portfolio. A prolonged period of elevated interest rates can be expected to lead to (i) higher interest income from our floating rate debt investments, (ii) value declines for fixed interest rate investments we may hold and (iii) higher interest expense in connection with our floating rate debt securities. Since the majority of our investments consist of floating rating investments, an increase in interest rates could also make it more difficult for borrowers to repay their loans, and a rise in interest rates may also make it easier for the Adviser to meet or exceed the quarterly threshold for Income-Based Fee as described in Note 3. Agreements and Related Party Transactions.

The Federal Reserve held interest rates steady in the first quarter of 2025, following three consecutive rate reductions in the third and fourth quarter of 2024. The Federal Reserve has indicated that there may be additional rate cuts in the future; however, future reductions to benchmark rates are not certain. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as SOFR and other alternate rates, are not offset by corresponding increases in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with our borrowings.

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 or 300 basis points, or decrease by 100, 200, or 300 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on March 31, 2025. Interest expense is calculated based on the terms of the Financing Facility, using the outstanding balance as of March 31, 2025. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of March 31, 2025. These hypothetical calculations are based on a model of the investments in our portfolio, held as of March 31, 2025, and are only adjusted for assumed changes in the underlying base interest rates. Actual results could differ significantly from those estimated in the table.

Change in Interest Rates

 

Interest
Income

 

 

Interest
Expense

 

 

Net
Income

 

Up 300 basis points

 

$

151,923

 

 

$

(68,827

)

 

$

83,096

 

Up 200 basis points

 

 

103,491

 

 

 

(44,637

)

 

 

58,854

 

Up 100 basis points

 

 

55,059

 

 

 

(20,447

)

 

 

34,612

 

Down 100 basis points

 

 

(40,615

)

 

 

27,933

 

 

 

(12,682

)

Down 200 basis points

 

 

(87,447

)

 

 

52,123

 

 

 

(35,324

)

Down 300 basis points

 

 

(130,698

)

 

 

76,313

 

 

 

(54,385

)

Currency Risk

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

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Item 4. Controls and Procedures.

(a)
Evaluation of Disclosure Controls and Procedures

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

(b)
Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

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

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 19, 2025 (See “Part I Item 1A. Risk Factors”), which is accessible on the SEC’s website at sec.gov. These factors could materially affect our business, financial condition and/or operating results. There have been no material changes during the three months ended March 31, 2025 to the risk factors discussed in Part I Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 other than those set forth below.


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

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

 

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

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

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

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Item 5. Other Information.

(a)
Item 7.01. Regulation FD Disclosure.

On May 12, 2025, the board of directors of the Company declared a regular distribution to common stockholders in the amount of $0.65 per share
and a special distribution to common stockholders in the amount of $0.02 per share. The distributions will be payable on June 27, 2025 to
common stockholders of record as of June 13, 2025.
(b)
None.
(c)
For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

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

 

 

 

Item 6. Exhibits.

 

Exhibit
Number

 

Description of Exhibits

3.1

 

Articles of Incorporation effective as of January 1, 2022 (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

3.2

 

Amended and Restated By Laws (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form 10 (File No. 000-56375) filed on March 3, 2022)

3.3

 

Articles Supplementary for 12.0% Series A Cumulative Preferred Stock (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on December 4, 2023)

3.4

 

Articles of Amendment, dated November 6, 2024 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed on November 6, 2024)

4.1

 

Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K filed on March 25, 2024)

4.2

 

Indenture, dated as of April 2, 2025, by and between MSD Investment Corp. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed on April 2, 2025).

4.3

 

First Supplemental Indenture, dated as of April 2, 2025, relating to the 6.250% Notes due 2030, between MSD Investment Corp. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed on April 2, 2025).

4.4

 

Form of 6.250% Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed on April 2, 2025).

4.5

 

Registration Rights Agreement, dated as of April 2, 2025, relating to the 6.250% Notes due 2030 by and among J.P. Morgan Securities LLC, Citizens JMP Securities, LLC, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., SMBC Nikko Securities America, Inc. and TCBI Securities, Inc. doing business as Texas Capital Securities (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed on April 2, 2025).

10.1

 

Investment Advisory Agreement between the Company and the Adviser dated November 24, 2021 (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

10.2

 

Investment Advisory Agreement between the Company and the Adviser effective January 1, 2023 (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K filed March 23, 2023)

10.3

 

Administration Agreement Advisory Agreement between the Company and the Adviser dated November 24, 2021 (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

10.4

 

Administration Agreement Advisory Agreement between the Company and the Adviser effective January 1, 2023 (incorporated by reference to Exhibit 10.4 to the Annual Report on Form 10-K filed on March 23, 2023)

10.5

 

Distribution Reinvestment Plan (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

10.6

 

Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

10.7

 

First Amendment to the Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K filed on March 23, 2023)

10.8

 

Transfer Agent Servicing Agreement between the Company and U.S. Bancorp Fund Services, LLC (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

10.9

 

Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian. (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

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10.10

 

Amendment No.1 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.10 to the Annual Report on Form 10-K filed on March 23, 2023)

10.11

 

Amendment No. 2 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.11 to the Annual Report on Form 10-K filed on March 23, 2023)

10.12

 

Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)

10.13

 

First Amendment to the Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.13 to the Annual Report on Form 10-K filed on March 25, 2024)

10.14

 

Loan and Servicing Agreement by and among MSD BDC SPV II, LLC as borrower, Citizens Bank N.A as lender and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on August 21, 2023).

10.15

 

Amendment No. 1 to Loan and Servicing Agreement by and among MSD BDC SPV II, LLC as borrower, Citizens Bank N.A as lender and administrative agent, MSD Investment Corp. as collateral manager, the other lenders party thereto, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.14 to the Quarterly Report on Form 10-Q filed on November 9, 2023).

10.16

 

Indenture, dated as of November 15, 2023, by and between MSD BDC CLO I, LLC and U.S. Bank Trust Company, National Association. (incorporated by reference to Exhibit 10.16 to the Annual Report on Form 10-K filed on March 25, 2024)

10.17

 

Collateral Management Agreement, dated November 15, 2023, by and between MSD BDC CLO I, LLC and MSD Partners, L.P. (incorporated by reference to Exhibit 10.17 to the Annual Report on Form 10-K filed on March 25, 2024)

10.18

 

Master Transfer Agreement, dated as of November 15, 2023, by and between MSD Investment Corp., as seller, and MSD BDC CLO I, LLC, as purchaser. (incorporated by reference to Exhibit 10.18 to the Annual Report on Form 10-K filed on March 25, 2024)

10.19

 

Amendment No. 2 to the Loan and Servicing Agreement by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, Everbank, N.A. as a lender, Texas Capital Bank as a lender, Western Alliance Bank as a lender, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.19 of the Quarterly Report on Form 10-Q filed on May 10, 2024)

10.20

 

Amendment No. 4 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC, as borrower, the several banks and other financial institutions or entities that are party thereto from time to time, as lenders, Deutsche Bank AG, New York Branch as facility agent, U.S. Bank Trust Company National Association as collateral agent and U.S. Bank National Association as collateral custodian (incorporated by reference to Exhibit 10.20 of the Quarterly Report on Form 10-Q filed on May 10, 2024)

10.21

 

Amendment No. 3 to the Loan and Servicing Agreement by and among MSD BDC SPV II, LLC, as borrower, Citizens Bank, N.A. as a required lender, a lender, and administrative agent, MSD Investment Corp. as collateral manager, Everbank, N.A. as a lender, Texas Capital Bank as a lender, Western Alliance Bank as a lender, U.S. Bank Trust Company, National Association as collateral agent, and U.S. Bank National Association as account bank and collateral custodian (incorporated by reference to Exhibit 10.21 of the Quarterly Report on Form 10-Q filed on May 10, 2024)

10.22

 

Note Purchase Agreement, dated August 7, 2024, by and between MSD Investment Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.22 of the Quarterly Report on Form 10-Q filed on August 14, 2024)

10.23

 

Note Purchase Agreement, dated November 20, 2024, by and between MSD Investment Corp. and the purchasers party thereto (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on November 22, 2024)

10.24

 

Senior Secured Credit Agreement by and among MSD Investment Corp., as borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on December 26, 2024)

14.1

 

Code of Ethics (incorporated by reference to Exhibit 14.1 to the Annual Report on Form 10-K filed on March 25, 2024)

31.1

 

Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2

 

Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1

 

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2

 

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS

 

Inline XBRL Instance Document

101.SCH

 

Inline XBRL Taxonomy Extension Schema

 

 

Inline XBRL Taxonomy Extension Calculation Linkbase

 

 

Inline XBRL Taxonomy Extension Definition Linkbase

 

 

Inline XBRL Taxonomy Extension Label Linkbase

 

 

Inline XBRL Taxonomy Extension Presentation Linkbase

 

 

Cover page formatted as Inline XBRL and contained in Exhibit 101

 

* Filed herewith.

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SIGNATURES

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

 

 

 

 

MSD Investment Corp.

 

 

 

 

Date:

May 14, 2025

 

/s/ Robert Platek

 

 

 

Robert Platek

 

 

 

Chief Executive Officer

 

 

 

 

Date:

May 14, 2025

 

/s/ Brian S. Williams

 

 

 

Brian S. Williams

 

 

 

Chief Financial Officer & Treasurer

 

67