MSD Investment Corp. is a privately offered BDC that seeks to maximize dividend yield by lending to upper middle market companies, primarily through senior secured first lien loans and notes sourced in both private and broadly syndicated markets. The portfolio is almost entirely first lien and floating rate, diversified across industries, with sourcing drawn from the BDT & MSD network of families, founders, companies and private equity sponsors. Income comes mainly from loan interest, amplified by leverage the sponsor targets near half of assets. The mandate allows second lien, mezzanine, preferred and limited equity, non-U.S. and structured investments.