MORGAN STANLEY DIRECT LENDIN

Ticker: MSDL CUSIP: 61774A103 Class: COM SHS

Adams Asset Advisors, LLC's Holding History (CIK: 0001386929)

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

Q4 2025

Shares 111,397 Value ($000) $1,836 Avg Close $16.42 Range $15.24 - $17.38

Q3 2025

Shares 109,633 Value ($000) $1,763 Avg Close $17.18 Range $15.53 - $18.77

Q2 2025

Shares 90,516 Value ($000) $1,694 Avg Close $17.74 Range $16.13 - $18.75

Q1 2025

Shares 62,992 Value ($000) $1,257 Avg Close $18.51 Range $17.78 - $19.46

Q4 2024

Shares 62,992 Value ($000) $1,301 Avg Close $17.85 Range $16.94 - $18.98

Q3 2024

Shares 25,000 Value ($000) $495 Avg Close $17.54 Range $16.26 - $19.97

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	111,397	$1,836	$16.42	$15.24 - $17.38
Q3 2025	109,633	$1,763	$17.18	$15.53 - $18.77
Q2 2025	90,516	$1,694	$17.74	$16.13 - $18.75
Q1 2025	62,992	$1,257	$18.51	$17.78 - $19.46
Q4 2024	62,992	$1,301	$17.85	$16.94 - $18.98
Q3 2024	25,000	$495	$17.54	$16.26 - $19.97