MSD Investment, LLC

CIK 0001849894

MSD Investment, LLC is a non-traded business development company. With $6.6 billion in total assets, it is a mid-sized fund in the coverage universe. The portfolio is concentrated in direct lending, with 100% in first-lien senior secured loans and 99% floating-rate, at a weighted-average spread of 546 bps over the base rate. Its largest sector exposure is Industrials (11% of holdings).

NAV/Share

$23.71

AUM

$6.6B

Positions

217

Strategy

Private Credit

Wtd. Avg. Coupon

9.1%

Wtd. Avg. Spread

5 bps

Wtd. Avg. Maturity

4.4 yrs

100% coverage

Top 10 Concentration

22.4%

Instrument type

Share of portfolio fair value

First Lien

99%

of fair value

First Lien Senior Loans99.3%

Second Lien Loans0.4%

Equity0.2%

Industry exposure

Share of holdings fair value

Top 5

95%

of holdings

Industrials10.7%

Health Care4.8%

Other2.5%

Consumer Discretionary2.4%

Financials1.5%

Information Technology1.2%

Consumer Staples1.0%

Communication Services0.9%

Materials0.2%

Unknown74.9%

Unknown sector positions lack GICS classification in the source filing or could not be reconciled.

Maturity profile

Share of debt fair value by years to maturity.

Risk & Credit Indicators

PIK in Terms

7.2%