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Morgan Stanley Direct Lending Fund
   
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   About MSDL
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 * About
   About MSDL
   Governance
   
 * Holdings
   
 * Investment Relations
   Stock Information
   Events & Presentations
   SEC Filings
   Credit Rating
   Analyst Coverage
   Newsroom
   FAQs
   
 * More
   MS Private Credit
   MS Investment Management
 * Contact Us

 

Morgan Stanley
Direct Lending Fund (NYSE: MSDL)

Morgan Stanley Direct Lending Fund is a business development company (BDC), with
the objective to achieve attractive risk-adjusted returns by investing primarily
in directly originated senior secured term loans issued by U.S. middle market
companies.

Listen to the MSDL Q4 2023 Earnings Call Replay

 
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94.1%

First Lien
Senior Secured 1

100%

Floating Rate
Loans 1,2

94.0%

Non-Cyclical
Sectors 1,3

11.7%

Annualized
Dividend Yield 4


 

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The information presented above should be read in conjunction with the most
recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and the End
Notes below. Past performance is not indicative of future results.

 
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Morgan Stanley Direct Lending Fund
Business Highlights

01

Differentiated Origination and Investing Model, Complemented by Morgan Stanley5

02

Defensive Portfolio With Focus on Senior Secured, First Lien & Floating Rate
Loans

03

Rigorous Investment Process & Oversight

04

Strong Financial Performance & Conservative Financing Strategy

05

Focus on Shareholder Alignment

06

Well Positioned in Attractive, Direct Lending Asset Class

Business Highlights

01

Differentiated Origination and Investing Model, Complemented by Morgan Stanley1

02

Defensive Portfolio With Focus on Senior Secured, First Lien & Floating Rate
Loans

03

Rigorous Investment Process & Oversight

04

Strong Financial Performance & Conservative Financing Strategy

05

Focus on Shareholder Alignment

06

Well Positioned in Attractive, Direct Lending Asset Class



Morgan Stanley Private Credit


TENETS OF OUR INVESTMENT APPROACH

Long-term Credit Performance

Preservation of capital

Value-add through relationships


Our Investment Strategy

 

1 Measured as percent of total fair value of debt investments as of September
30, 2023.

2 Fixed rate investments represent less than 0.1% of total fair value of debt
investments.

3 Cyclical industries are defined as restaurants, retail, energy, and other
businesses that MS Capital Partners Adviser Inc. (the "Adviser") believes may be
subject to business cycle volatility. There is no guarantee that exposure to
cyclical industries will be limited.

4 As of September 30, 2023. Annualized dividend yield of the MSDL (the
"Company") is not indicative of performance results of the Company and should
not be interpreted as such and is not indicative of future results. Annualized
dividend yield (annualized) is calculated by dividing the declared dividend by
the weighted average of the net asset value at the beginning of the quarter, the
capital called and dividend reinvested during the quarter and annualizing over 4
quarterly periods. For the quarter ended September 30, 2023, the Company
declared a regular dividend to stockholders in the amount of $0.50 per share,
representing an annualized dividend yield of approximately 9.9% and a
supplemental dividend to stockholders in the amount of $0.10 per share,
representing an annualized dividend yield of approximately 2.0%. The Company's
dividend rate may be affected by numerous factors, including, but not limited
to, changes in realized and projected market returns. There can be no assurance
that a change in market conditions or other factors will not result in a change
in the Company's dividend rate at a future time.

5 Access to certain parts of Morgan Stanley may be limited in certain instances
by a number of factors, including third party confidentiality obligations and
information barriers established by Morgan Stanley in order to manage potential
conflicts of interest and regulatory restrictions, including without limitation
joint transaction restrictions pursuant to the Investment Company Act of 1940,
as amended and internal policies and procedures.

 
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Past performance is not indicative of future results. All information provided
herein is as of September 30, 2023 unless stated otherwise and is subject to
change. The information presented above should be read in conjunction with the
most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. The
information herein is qualified in its entirety by the information set forth
therein.

The information contained herein may not be used, reproduced, referenced,
quoted, linked by website, or distributed to others, in whole or in part, except
as agreed in writing by the Company.

Please also refer to "Important Information" at the bottom of this page.

 
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Morgan Stanley Direct Lending Fund
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