MORGAN STANLEY DIRECT LENDIN

Ticker: MSDL CUSIP: 61774A103 Class: COM SHS

DENALI ADVISORS LLC's Holding History (CIK: 0001142941)

Note: Option positions (PUT/CALL) are excluded.

Q4 2025

Shares 57,793 Value ($000) $952 Avg Close $16.42 Range $15.24 - $17.38

Q3 2025

Shares 71,968 Value ($000) $1,157 Avg Close $17.18 Range $15.53 - $18.77

Q2 2025

Shares 86,581 Value ($000) $1,621 Avg Close $17.74 Range $16.13 - $18.75

Q1 2025

Shares 89,262 Value ($000) $1,782 Avg Close $18.51 Range $17.78 - $19.46

Q4 2024

Shares 92,836 Value ($000) $1,918 Avg Close $17.85 Range $16.94 - $18.98

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	57,793	$952	$16.42	$15.24 - $17.38
Q3 2025	71,968	$1,157	$17.18	$15.53 - $18.77
Q2 2025	86,581	$1,621	$17.74	$16.13 - $18.75
Q1 2025	89,262	$1,782	$18.51	$17.78 - $19.46
Q4 2024	92,836	$1,918	$17.85	$16.94 - $18.98