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 Q1 2024 Earnings Call

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.

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.

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.