MSDL is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a Business Development Company, or BDC, under the Investment Company Act of 1940, as amended. In addition, MSDLF has elected to be treated as a Regulated Investment Company (RIC) under Subchapter M of the U.S. Internal Revenue Code for U.S. federal income tax purposes. MSDL is not a subsidiary of or consolidated with Morgan Stanley.

A BDC is a specialized investment vehicle that elects to be regulated under the Investment Company Act of 1940, as amended, as an investment company but is generally subject to less onerous requirements than other registered investment companies under a regime designed to encourage tending to and investment in U.S.-based small and mid-sized businesses. Unlike many similar types of investment vehicles that are restricted to being private entities, the stock of a BDC is permitted to trade in the public equity markets. BDCs are also eligible to elect to be treated as a Regulated Investment Company (RIC) under Subchapter M of the U.S. Internal Revenue Code. A RIC typically does not incur significant entity-level income taxes, because it is generally entitled to deduct distributions made to its stockholders.

MSDL’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies backed by private equity sponsors. MSDL generally refers to “middle-market companies” as those companies that, in general, generate annual earnings before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all portfolio companies will meet this criteria.

MS Capital Partners Adviser Inc. is the investment adviser to the MSDL (the “Adviser” or “Investment Adviser”).

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

The quarterly net asset value (NAV) per share may be obtained in MSDL’s public filings (i.e., Forms 10-Q and 10-K) with the Securities and Exchange Commission via its website www.sec.gov or by visiting MSDL’s SEC Filings page.

MSDL’s common stock is listed and traded on NYSE under the ticker symbol “MSDL”. Information about MSDL’s stock price and other related data can be found within the Stock Information page of this website.

Yes, to the extent that MSDL has income available, MSDL intends to distribute quarterly dividends to its stockholders. The amount of MSDL’s dividends, if any, will be determined by the Board of Directors. MSDL has elected to be taxed as a Regulated Investment Company (RIC) under Subchapter M of the U.S. Internal Revenue Code (the "Code"). To obtain and maintain its RIC tax status, MSDL intends to distribute at least 90% of its investment company taxable income (as defined by the Code, which generally includes net ordinary income and net short-term taxable gains) to its stockholders in respect of each taxable year and to distribute net capital gains (that is, net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions as well as satisfy other applicable requirements under the Code. For further information on dividends paid by MSDL, please visit the Stock Information page of this site.

MSDL’s Transfer Agent and Custodian is State Street Bank and Trust Company, 100 Summer Street, Floor 5, Boston, Massachusetts 02110.

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