We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a business development company, or a BDC, under the Investment Company Act of 1940, as amended, or the 1940 Act. We are externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley, or the Adviser. The U.S. private credit strategies (or MS Private Credit as defined below) within Morgan Stanley managed approximately $18.5 billion in committed capital1 as of January 1, 2024. We are not a subsidiary of or consolidated with Morgan Stanley.As of September 30, 2023, we had an investment portfolio of $3.1 billion measured by fair value, and a net asset value of $1.5 billion. As of September 30, 2023, first lien debt represented 93.9%, second lien debt represented 4.3% and other securities, such as preferred and common equity, represented 1.8% of our investment portfolio as measured by fair value.For U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company, or a RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or together with the rules and regulations promulgated thereunder, the Code.Our 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. For the purposes of this prospectus, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, taxes, depreciation and amortization, or EBITDA, in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criteria.We invest primarily in directly originated senior secured term loans including first lien senior secured term loans (inc
