MORGAN STANLEY DIRECT LENDIN

Ticker: MSDL CUSIP: 61774A103 Class: COM SHS

SFMG, LLC's Holding History (CIK: 0001512026)

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

Q4 2025

Shares 238,045 Value ($000) $3,923 Avg Close $16.42 Range $15.24 - $17.38

Q3 2025

Shares 259,345 Value ($000) $4,170 Avg Close $17.18 Range $15.53 - $18.77

Q2 2025

Shares 258,445 Value ($000) $4,838 Avg Close $17.74 Range $16.13 - $18.75

Q1 2025

Shares 256,815 Value ($000) $5,126 Avg Close $18.51 Range $17.78 - $19.46

Q4 2024

Shares 138,620 Value ($000) $2,864 Avg Close $17.85 Range $16.94 - $18.98

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	238,045	$3,923	$16.42	$15.24 - $17.38
Q3 2025	259,345	$4,170	$17.18	$15.53 - $18.77
Q2 2025	258,445	$4,838	$17.74	$16.13 - $18.75
Q1 2025	256,815	$5,126	$18.51	$17.78 - $19.46
Q4 2024	138,620	$2,864	$17.85	$16.94 - $18.98