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NET ASSETS | 12 Months Ended
--- | ---
Dec. 31, 2024
Equity [Abstract] |
NET ASSETS | NET ASSETS Equity The following table shows the components of total distributable earnings (loss) as shown on the Consolidated Statements of Assets and Liabilities:
|  | As of
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Total distributable earnings (loss), beginning of period |  | $ | 8,459 |  |  | $ | (54,779) |  |  | $ | 15,782 |
Net investment income (loss) after taxes |  | 220,235 |  |  | 198,061 |  |  | 128,010 |
Net realized gain (loss) |  | (16,467) |  |  | 118 |  |  | 537 |
Net unrealized appreciation (depreciation) |  | 11,796 |  |  | 32,835 |  |  | (80,005) |
Dividends declared |  | (195,729) |  |  | (169,291) |  |  | (119,437) |
Tax reclassification of stockholders’ equity |  | 1,330 |  |  | 1,515 |  |  | 334 |
Total distributable earnings (loss), end of period |  | $ | 29,624 |  |  | $ | 8,459 |  |  | $ | (54,779) |
On January 26, 2024, the Company closed its IPO, issuing 5,000,000 shares of its Common Stock at a public offering price of $20.67 per share. Net of underwriting fees, the Company received net cash proceeds, before offering expenses, of approximately $97.1 million. The Company’s Common Stock began trading on the NYSE under the symbol “MSDL” on January 24, 2024. In connection with the IPO, the Company redeemed any fractional shares of Common Stock outstanding for cash in an amount equal to the pro rata portion of $20.67 per share of Common Stock, which was the initial public offering price in the IPO. The following table summarizes the total shares issued and proceeds received from the Company’s capital drawdowns delivered pursuant to the Subscription Agreements for the year ended December 31, 2023:
Share Issuance Date |  | Shares Issued |  | Amount
October 04, 2023 |  | 10,680,808 |  |  | $ | 220,238 |
Total |  | 10,680,808 |  |  | $ | 220,238 |
Following the above capital call, the Company did not have any remaining undrawn capital commitments. Distributions Prior to January 26, 2024, the Company had an “opt in” dividend reinvestment plan, or the Prior DRIP. As a result, the Company’s stockholders who elected to “opt in” to the Prior DRIP had their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. The Company adopted an “opt out” DRIP on January 26, 2024 as amended and restated effective December 7, 2024, the DRIP. As a result, the Company’s stockholders who have not “opted out” of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of Common Stock, rather than receiving cash. The shares of Common Stock distributed in the Company’s DRIP are either through (i) newly issued shares of Common Stock or (ii) acquired by the plan administrator through the purchase of outstanding shares of Common Stock on the open market. If, on the payment date for any distribution, the most recently computed net asset value per share as of the DRIP is equal to or less than the closing market price plus estimated per share fees, the plan administrator will invest the distribution amount in newly issued shares of Common Stock. Otherwise, the plan administrator will invest the dividend amount in shares acquired by purchasing shares of Common Stock on the open market. The following table summarizes the distributions declared on shares of the Company’s Common Stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP. The following table summarizes the Company’s distributions declared as well as the DRIP shares issued for the year ended December 31, 2024, and December 31, 2023:
Date Declared |  | Record Date |  | Payment Date |  | Per Share Amount |  |  |  | Shares(1) |
For the year ended December 31, 2024 |  |  |  |  |  |  |  |  |
February 29, 2024 |  | March 29, 2024 |  | April 25, 2024 |  | $ | 0.50 |  |  |  |  | 512,519 |  |
May 08, 2024 |  | June 28, 2024 |  | July 25, 2024 |  | 0.50 |  |  |  |  | 553,637 |  | (2)
January 11, 2024 |  | August 05, 2024 |  | October 25, 2024 |  | 0.10 |  |  |  |  | 111,159 |  | (2)(3)
August 06, 2024 |  | September 30, 2024 |  | October 25, 2024 |  | 0.50 |  |  |  |  | 546,673 |  | (2)
January 11, 2024 |  | November 04, 2024 |  | January 24, 2025 |  | 0.10 |  |  |  |  | 101,485 |  | (2)(3)
November 04, 2024 |  | December 31, 2024 |  | January 24, 2025 |  | 0.50 |  |  |  |  | 473,635 |  | (2)
|  |  |  |  |  | $ | 2.20 |  |  |  |  | 2,299,108 |  |
For the year ended December 31, 2023 |  |  |  |  |  |  |
March 28, 2023 |  | March 28, 2023 |  | April 25, 2023 |  | $ | 0.50 |  |  |  |  | 482,721 |  |
June 27, 2023 |  | June 27, 2023 |  | July 25, 2023 |  | 0.57 |  |  |  |  | 554,001 |  | (4)
September 26, 2023 |  | September 26, 2023 |  | October 25, 2023 |  | 0.60 |  |  |  |  | 579,388 |  | (5)
December 28, 2023 |  | December 28, 2023 |  | January 25, 2024 |  | 0.60 |  |  |  |  | 615,660 |  | (5)
|  |  |  |  |  | $ | 2.27 |  |  |  |  | 2,231,770 |  |
(1) In connection with the distributions with payment dates on January 25, 2024 and January 25, 2023, 615,660 and 445,235 DRIP shares were issued, respectively. (2) In accordance with the Company’s DRIP, shares were purchased in the open market. (3) Represents a special distribution declared by the Board on January 11, 2024. (4) Includes a supplemental distribution of $0.07. (5) Includes a supplemental distribution of $0.10. Share Repurchase Plan On January 25, 2024, the Company entered into a share repurchase plan, or the Company 10b5-1 Plan, to acquire up to $100 million in the aggregate of the Company’s Common Stock at prices below the Company’s net asset value per share over a specified period, in accordance with the guidelines specified in Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The Company 10b5-1 Plan was approved by the Board of Directors on September 11, 2023. The Company 10b5-1 Plan requires Wells Fargo Securities, LLC, as the Company’s agent, to repurchase Common Stock on its behalf when the market price per share is below the most recently reported net asset value per share (including any updates, corrections or adjustments publicly announced by the Company to any previously announced net asset value per share, including any distributions declared). Under the Company 10b5-1 Plan, the volume of purchases would be expected to increase as the price of the Company’s Common Stock declines, subject to volume restrictions. The timing and amount of any share repurchases will depend on the terms and conditions of the Company 10b5-1 Plan, the market price of the Company’s Common Stock and trading volumes, and no assurance can be given that Common Stock will be repurchased in any particular amount or at all. The repurchase of shares pursuant to the Company 10b5-1 Plan is intended to satisfy the conditions of Rule 10b5-1 and Rule 10b-18 under the Exchange Act, and will otherwise be subject to applicable law, including Regulation M, which may prohibit repurchases under certain circumstances. The Company 10b5-1 Plan commenced beginning 60 calendar days following the end of the “restricted period” under Regulation M and will terminate upon the earliest to occur of (i) 12-months from the commencement date of the Company 10b5-1 Plan, (ii) the end of the trading day on which the aggregate purchase price for all shares purchased under the Company 10b5-1 Plan equals $100 million and (iii) the occurrence of certain other events described in the Company 10b5-1 Plan. The “restricted period” under Regulation M ended upon the closing of the Company's IPO and, therefore, the Common Stock repurchases/purchases described above began on March 26, 2024. The following table summarizes the shares repurchased under the Company 10b5-1 Plan during the year ended December 31, 2024:
Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (in millions)
July 1, 2024 - July 31, 2024 |  | 39,344 |  |  | $ | 19.99 |  |  | 39,344 |  |  | $ | 99.2 |
August 1, 2024 - August 31, 2024 |  | 217,796 |  |  | 20.10 |  |  | 217,796 |  |  | 94.8 |
September 1, 2024 - September 30, 2024 |  | 172,513 |  |  | 20.04 |  |  | 172,513 |  |  | 91.4 |
October 1, 2024 - October 31, 2024 |  | 187,607 |  |  | 19.99 |  |  | 187,607 |  |  | 87.6 |
November 1, 2024 - November 30, 2024 |  | 307,336 |  |  | 20.34 |  |  | 307,336 |  |  | 81.9 |
December 1, 2024 - December 31, 2024 |  | — |  |  | — |  |  | — |  |  | 81.9 |
Total Repurchases |  | 924,596 |  |  |  |  | 924,596 |  |  |
No shares were repurchased under the Company's 10b5-1 plan during the six months ended June 30, 2024. No shares were repurchased under the Company's 10b5-1 Plan during the year ended December 31, 2023.

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