Morgan Stanley Direct Lending Fund
 

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.

 
96.0%

First Lien
Senior Secured 1

99.6%

Floating Rate
Loans 1,2

95.4%

Non-Cyclical
Sectors 1,3

9.6%/11.5%

Annualized Dividend
Yield / Total
Dividend Yield4

 

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.

 
Morgan Stanley Direct Lending Fund
About
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

About
Morgan Stanley Private Credit

Tenets of our investment approach

Long-term Credit Performance

Long-term Credit Performance

Risk Mitigation

Preservation of capital

Preservation of Capital

Value-add through relationships

 

1 Measured as percent of total fair value of debt investments as of September 30, 2024.

2 Fixed rate investments represent 0.4% 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, 2024. 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. 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 and capital transactions during the quarter, annualized over four quarterly periods.  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, 2024 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.