MSDL subsidiary prices ~$401M CLO notes; retains $73.2M subordinated notes

Morgan Stanley Direct Lending Fund

Aggregate principal amount of notes: approximately $401.2 million.
Notes include $232M A-1 (SOFR+1.54%), $16M A-2 (SOFR+1.70%), $24M B (SOFR+1.90%), $32M C (SOFR+2.40%), $24M D (SOFR+3.55%).
Company retains $73.2M in Subordinated Notes due 2125 and will serve as Collateral Servicer.
Transaction expected to close on or about September 17, 2025.
CLO is consolidated by MSDL and subject to asset coverage requirements under the Investment Company Act.

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