MORGAN STANLEY DIRECT LENDIN

Ticker: MSDL CUSIP: 61774A103 Class: COM SHS

CONFLUENCE INVESTMENT MANAGEMENT LLC's Holding History (CIK: 0001442056)

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

Q4 2025

Shares 72,156 Value ($000) $1,189 Avg Close $16.42 Range $15.24 - $17.38

Q3 2025

Shares 70,848 Value ($000) $1,139 Avg Close $17.18 Range $15.53 - $18.77

Q2 2025

Shares 86,943 Value ($000) $1,628 Avg Close $17.74 Range $16.13 - $18.75

Q1 2025

Shares 26,921 Value ($000) $537 Avg Close $18.51 Range $17.78 - $19.46

Q4 2024

Shares 26,142 Value ($000) $540 Avg Close $17.85 Range $16.94 - $18.98

Q3 2024

Shares 25,777 Value ($000) $510 Avg Close $17.54 Range $16.26 - $19.97

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	72,156	$1,189	$16.42	$15.24 - $17.38
Q3 2025	70,848	$1,139	$17.18	$15.53 - $18.77
Q2 2025	86,943	$1,628	$17.74	$16.13 - $18.75
Q1 2025	26,921	$537	$18.51	$17.78 - $19.46
Q4 2024	26,142	$540	$17.85	$16.94 - $18.98
Q3 2024	25,777	$510	$17.54	$16.26 - $19.97