Why do .NET 5 projects create two identically named DLLs, one in the main binaries folder and one in a refs subfolder, in addition to the EXE?

If I build a .NET 5 project that produces an executable, I get the following files:

• bin/Debug/net5.0-windows/MyProject.exe
• bin/Debug/net5.0-windows/MyProject.dll
• bin/Debug/net5.0-windows/ref/MyProject.dll

Why are all these three files created? Older versions of .NET just generated an EXE. Why do we need two identically named DLLs in different folders to go along with the EXE?

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