Melissa Wedel

Ameeta Lobo Nelson

Heli Sheth

Douglas Harter

Marissa Lobo

Paul Johnson

Sean-Paul Adams

- **Morgan Stanley Direct Lending Fund's** indirect, wholly-owned subsidiary, **North Haven Private Credit CLO 1 LLC**, completed a **$401.2 million term debt securitization** on **September 17, 2025**.  **[1782524_0001193125-25-211335_d932015d8k.htm:1]** **[1782524_0001193125-25-211335_d932015d8k.htm:1]** 
- This collateralized loan obligation (CLO) involves **Morgan Stanley Direct Lending Fund** being appointed as the **Collateral Servicer** for the agreement.  **[1782524_0001193125-25-211335_d932015dex103.htm:0]** **[1782524_0001193125-25-211335_d932015d8k.htm:1]** **[1782524_0001193125-25-211335_d932015d8k.htm:1]** 
- The securitization includes various debt classes: **$50 million Class A-1 Loans**, **$182 million Class A-1 Notes**, **$16 million Class A-2 Notes**, **$24 million Class B Notes**, **$32 million Class C Notes**, **$24 million Class D Notes**, and **$73.2 million Subordinated Notes**.  **[1782524_0001193125-25-211335_d932015d8k.htm:1]** **[1782524_0001193125-25-211335_d932015d8k.htm:1]** **[1782524_0001193125-25-211335_d932015dex101.htm:70]** 
- Most secured debt classes bear interest at **3-month Term SOFR plus a spread** and have a stated maturity of **October 2037**, while the Subordinated Notes mature in **October 2125** and do not bear interest.  **[1782524_0001193125-25-211335_d932015d8k.htm:1]** **[1782524_0001193125-25-211335_d932015d8k.htm:1]** **[1782524_0001193125-25-211335_d932015dex101.htm:70]**

Morgan Stanley Direct Lending Fund (MSDL)