Key Metrics

Market Cap	1.76B
Total Shares Outstanding	89.00M
Book Value	-
PE Ratio	8.19

PS Ratio	6.97
PB Ratio	0.96
Forward PE Ratio	9.26
ROIC	-

Return on Aseets	-
Return on Equity	-
Dividend	-
Dividend Yield	-

Balancesheet Metrics

Total Assets
Total Liability
Assets-to-Libability Ratio

Total Current Assets
Total Current Liability
Current Ratio

Quick Ratio
Debt to Equity Ratio

Income Statement Metrics

Net Income	-
EPS	-
EBITA	-

Gross Profit	-
Gross Profit Margin	-
Operating Margin	-

Net Profit Margin

Price Metrics

5 Days MA	20.1
10 Days MA	20.13
20 Days MA	20.47
50 Days MA	20.72
200 Days MA	20.91

52 Weeks High	24.18
52 Weeks low	19.28
All Time High	24.18

RSI	36.9
MACD	-

Share Stats

Shares Float	-
Shares Short	-

% Short	-
% Insider	-

% Institutions	-

% Institutions

News

Morgan Stanley Direct Lending Fund (MSDL) Q2 2024 Earnings Call Highlights: Strong Portfolio ...Net Asset Value (NAV) per Share: Increased by $0.16 to $20.83 per share. Net Investment Income: $0.63 per share, consistent with the first quarter. New Investment Commitments: Totaled approximately $673.9 million in 46 portfolio companies. Net Funded Deployment: $210 million, compared to $97 million...
Net Asset Value (NAV) per Share: Increased by $0.16 to $20.83 per share. Net Investment Income: $0.63 per share, consistent with the first quarter. New Investment Commitments: Totaled approximately $673.9 million in 46 portfolio companies. Net Funded Deployment: $210 million, compared to $97 million in the first quarter. Debt to NAV Ratio: Increased to 0.9 times from 0.81 times. Total Portfolio at Fair Value: $3.5 billion. Total Investment Income: $104.2 million for the second quarter. Total Expenses: $48.1 million for the second quarter. Total Assets: $3.7 billion as of June 30. Total Net Assets: $1.9 billion as of June 30. Debt-to-Equity Ratio: 0.9 times as of June 30. Regular Distribution: $0.50 per share for the third quarter. Estimated Spillover Net Investment Income: $63.5 million or $0.71 per share. Warning! GuruFocus has detected 5 Warning Signs with MSDL. Release Date: August 09, 2024 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Morgan Stanley Direct Lending Fund (NYSE:MSDL) reported a strong second quarter with net asset value per share increasing by $0.16 to $20.83. The fund generated net investment income of $0.63 per share, exceeding the regular dividend of $0.50 per share. New investment commitments totaled approximately $673.9 million across 46 portfolio companies, showcasing robust portfolio growth. MSDL's debt to NAV increased to 0.9 times, with expectations to reach target leverage of 1 to 1.25 in the second half of the year. The fund's portfolio is diversified across 34 industries, with nearly 100% of investments in floating rate debt, providing resilience against interest rate fluctuations. Negative Points The fund's debt-to-equity ratio increased from 0.81 times to 0.9 times, indicating higher leverage. Total expenses for the second quarter rose to $48.1 million from $44.5 million in the prior quarter. The market outlook remains uncertain with potential volatility affecting private credit and LBO activity. Repayments and repricings are unpredictable, which could impact future capital deployment strategies. There is a high level of portfolio overlap with other large BDCs, which may limit differentiation in investment opportunities. Q & A Highlights Q: You currently have a high level of portfolio overlap with a number of large BDCs in the space. How long do you think it will take to rotate into more unique, non-overlapping positions? A: Jeffrey Levin, President and CEO, explained that the overlap is due to their strategy of focusing on high-quality opportunities. They leverage Morgan Stanley's unique origination platform and work closely with the investment banking division to lead or co-lead deals. The focus remains on expanding their origination footprint and investing in the best opportunities. Q: What are your expectations for repayments in the second half of the year? Should we expect a lot of refinancing activity? A: Jeffrey Levin noted that predicting repayments is challenging, but there has been an increase in repricing and repayments. The focus remains on deploying capital in high-quality deals and monitoring the portfolio closely. While repayments are less controllable, they offer opportunities to exit certain situations. Q: Could you discuss the relative attractiveness of the upper middle market versus the middle market for potential originations? A: Jeffrey Levin stated that their deal flow spans the size spectrum, with a focus on companies with EBITDA above $25 million to $30 million. The opportunity set varies, and they invest based on the quality of cash flows, management, and equity support. The market is expected to see increased LBO activity, which will drive deal flow. Q: What percentage of originations are in the BDC across the overall Morgan Stanley Direct Lending platform? A: Jeffrey Levin explained that they have a robust allocation policy for deals across their capital pools. The allocation is based on available capital and investment objectives, ensuring that all deals are distributed across funds, including the BDC. Q: Are you getting call protection on new investments, and what level of call protection is typical? A: Jeffrey Levin mentioned that call protection varies by deal, typically offering around one year at 101. The focus is on investing at the top of the capital structure with low loan-to-value ratios. Call protection is considered additional benefit, but not a primary factor in underwriting returns. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. View comments
MS-PA MS-PE MS-PF MS-PI MS-PK MS MSDL | finance.yahoo | about 5 months ago | Neutral

Morgan Stanley Direct Lending Fund Announces March 31, 2024 Financial Results and Declares Second Quarter 2024 Dividend of $0.50 per ShareNEW YORK, May 09, 2024--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company"), a business development company externally managed by MS Capital Partners Adviser Inc. (the "Adviser"), today announced its financial results for the first quarter ended March 31, 2024....
NEW YORK, May 09, 2024--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company"), a business development company externally managed by MS Capital Partners Adviser Inc. (the "Adviser"), today announced its financial results for the first quarter ended March 31, 2024. "MSDL generated strong first quarter operating results, supported by continued stable credit performance," said Jeffrey Levin, President and Chief Executive Officer of Morgan Stanley Direct Lending Fund. "We have constructed what we believe to be a resilient middle-market portfolio of senior, sponsor-backed loans and believe we are well positioned to generate strong risk-adjusted returns for our investors as market trends evolve." QUARTERLY HIGHLIGHTS Net investment income of $54.7 million, or $0.63 per share; Net asset value of $20.67 per share, unchanged as compared to December 31, 2023, despite dilution from our Initial Public Offering ("IPO"); Debt-to-equity was 0.81x as of March 31, 2024, as compared to 0.87x as of December 31, 2023; New investment commitments of $232.1 million, fundings of $168.4 million and sales and repayments of $71.7 million, resulting in net funded portfolio increase of $96.7 million; and The Company’s Board of Directors (the "Board") declared a regular dividend of $0.50 per share, paid on April 25, 2024 to stockholders of record as of March 29, 2024. SELECTED FINANCIAL HIGHLIGHTS For the Quarter Ended March 31, 2024 December 31, 2023 Net investment income per share $0.63 $0.67 Net realized and unrealized gains (losses) per share1 ($0.05) $0.03 Earnings per share $0.59 $0.70 Regular dividend per share $0.50 $0.50 Special dividend per share - $0.10 As of ($ in thousands, except per share information) March 31, 2024 December 31, 2023 Investments, at fair value $3,293,205 $3,193,561 Total debt outstanding, at principal $1,492,257 $1,502,263 Net assets $1,837,027 $1,721,151 Net asset value per share $20.67 $20.67 Debt to equity 0.81x 0.87x Net debt to equity 0.77x 0.83x 1 Amount shown may not correspond for the period as it includes the effect of the timing of the distribution and the issuance of common stock. RESULTS OF OPERATIONS Total investment income for the first quarter ended March 31, 2024 was $99.1 million, compared to $100.8 million for the fourth quarter ended December 31, 2023. The slight decrease was driven by a reduction in non-recurring repayment related income. Total operating expenses for the quarter ended March 31, 2024 were $44.5 million, compared to $45.3 million for the quarter ended December 31, 2023. The decrease in operating expenses quarter over quarter was attributable to lower interest and other financing expenses and lower incentive fees due to the partial incentive fee waiver for one year after the Company’s IPO and partially offset by higher management fees. Story continues Net investment income for the quarter ended March 31, 2024 was $54.7 million, or $0.63 per share, compared to $55.5 million, or $0.67 per share, for the quarter ended December 31, 2023. For the quarter ended March 31, 2024, net change in unrealized appreciation on investments was $2.7 million offset by realized losses of $5.6 million. PORTFOLIO AND INVESTMENT ACTIVITY As of March 31, 2024, the Company’s investment portfolio had a fair value of approximately $3.3 billion, comprised of 178 portfolio companies across 31 industries, with an average investment size of $18.5 million, or 0.6% of our total portfolio on a fair value basis. The composition of the Company’s investments was the following: March 31, 2024 December 31, 2023 ($ in thousands) Cost Fair Value % of Total Investments at Fair Value Cost Fair Value % of Total Investments Fair Value First Lien Debt $ 3,131,129 $ 3,115,404 94.6 % $ 3,027,413 $ 3,004,544 94.1 % Second Lien Debt 136,708 118,107 3.6 146,014 132,415 4.1 Other Investments 55,930 59,694 1.8 53,349 56,602 1.8 Total $ 3,323,767 $ 3,293,205 100.0 % $ 3,226,776 $ 3,193,561 100.0 % Investment activity for the three months ended March 31, 2024 and December 31, 2023, was as follows: Investment Activity: March 31, 2024 December 31, 2023 New investment commitments, at par $232,120 $242,891 Investment fundings $168,357 $253,867 Number of new Investment commitments in portfolio companies 9 12 Number of portfolio companies exited or fully repaid 3 5 Total weighted average yield of investments in debt securities at amortized cost and fair value was 11.9% and 12.0%, respectively, as of March 31, 2024, compared to 12.0% and 12.1%, respectively as of December 31, 2023. Floating rate debt investments as a percentage of total portfolio on a fair value basis remained unchanged from December 31, 2023 at 99.9% as of March 31, 2024. As of March 31, 2024, three investments were on non-accrual status, representing approximately 0.4% of total investments at amortized cost. CAPITAL AND LIQUIDITY As of March 31, 2024, the Company had total principal debt outstanding of $1,492.3 million, including $300.0 million outstanding in the Company’s BNP funding facility, $492.3 million outstanding in the Company’s Truist credit facility, $275.0 million outstanding in the Company’s senior unsecured notes due September 2025, and $425.0 million outstanding in the Company’s senior unsecured notes due February 2027. The combined weighted average interest rate on debt outstanding was 6.69% for the quarter ended March 31, 2024. As of March 31, 2024, the Company had $923.7 million of availability under its credit facilities and $64.8 million in cash. Debt to equity was 0.81x and 0.87x as of March 31, 2024 and December 31, 2023, respectively, with the decline primarily attributable to the IPO being executed during the first quarter. RECENT DEVELOPMENTS On May 8, 2024, the Board declared a distribution of $0.50 per share, which is payable on July 25, 2024 to shareholders of record as of June 28, 2024. On April 19, 2024, the Company executed an amendment to its Senior Secured Revolving Credit Facility with Truist Bank, extending the maturity from January 2028 to April 2029. As part of the amendment, the total commitment was increased from $1.12 to $1.30 billion and pricing terms were maintained. In late March, Fitch Ratings affirmed MSDL’s BBB- (stable) rating. CONFERENCE CALL INFORMATION Morgan Stanley Direct Lending Fund will host a conference call on Friday, May 10, 2024 at 10:00 am ET to review its financial results and conduct a question-and-answer session. All interested parties are invited to participate in the live earnings conference call by using the following dial-in numbers or audio webcast link available on the MSDL Investor Relations website: Audio Webcast Conference Call Domestic: 888-256-1007 International: 323-701-0225 Passcode: 6641924 To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. An archived replay will also be available on the MSDL Investor Relations website. About Morgan Stanley Direct Lending Fund Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. MSDL is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley. MSDL is not a subsidiary of or consolidated with Morgan Stanley. For more information about Morgan Stanley Direct Lending Fund, please visit www.msdl.com. Forward-Looking Statements Statements included herein or on the webcast/conference call may constitute "forward-looking statements," which relate to future events or MSDL’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in MSDL’s filings with the U.S. Securities and Exchange Commission. MSDL undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call. Consolidated Statements of Assets and Liabilities (In thousands, except share and per share amounts) As of March 31, 2024 December 31, 2023 (Unaudited) (Audited) Assets Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,323,767 and $3,226,776) $ 3,293,205 $ 3,193,561 Cash 64,762 69,705 Deferred financing costs 13,391 14,317 Interest and dividend receivable from non-controlled/non-affiliated investments 29,341 28,884 Subscription receivable — 41 Receivable for investments sold/repaid 348 173 Prepaid expenses and other assets 300 53 Total assets 3,401,347 3,306,734 Liabilities Debt (net of unamortized debt issuance costs of $4,982 and $5,564) 1,486,661 1,496,032 Payable for investment purchased 2,972 8 Payable to affiliates (Note 3) 2,511 2,870 Dividends payable 44,447 49,968 Management fees payable 5,132 2,012 Income based incentive fees payable 10,126 11,766 Interest payable 8,963 18,823 Accrued expenses and other liabilities 3,508 4,104 Total liabilities 1,564,320 1,585,583 Commitments and Contingencies (Note 7) Net assets Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding) — — Common stock, par value $0.001 (100,000,000 shares authorized; 88,894,490 and 83,278,831 shares issued and outstanding) 89 83 Paid-in capital in excess of par value 1,821,242 1,712,609 Total distributable earnings (loss) 15,696 8,459 Total net assets $ 1,837,027 $ 1,721,151 Total liabilities and net assets $ 3,401,347 $ 3,306,734 Net asset value per share $ 20.67 $ 20.67 Consolidated Statements of Operations (unaudited) (In thousands, except share amounts) For the Three Months Ended March 31, 2024 March 31, 2023 Investment Income: From non-controlled/non-affiliated investments: Interest income $ 94,631 $ 81,717 Payment-in-kind 2,644 441 Dividend income 565 496 Other income 1,261 985 Total investment income 99,101 83,639 Expenses: Interest and other financing expenses 27,260 26,667 Management fees 8,230 7,304 Income based incentive fees 11,336 9,381 Professional fees 1,217 1,241 Directors’ fees 146 80 Administrative service fees 25 54 General and other expenses 108 168 Total expenses 48,322 44,895 Management fees waiver (Note 3) (3,098 ) (5,478 ) Incentive fees waiver (Note 3) (1,210 ) — Net expenses 44,014 39,417 Net investment income (loss) before taxes 55,087 44,222 Excise tax expense 436 — Net investment income (loss) after taxes 54,651 44,222 Net realized and unrealized gain (loss): Net realized gain (loss) on non-controlled/non-affiliated investments (5,625 ) 122 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments 2,658 (567 ) Net realized and unrealized gain (loss) (2,967 ) (445 ) Net increase (decrease) in net assets resulting from operations $ 51,684 $ 43,777 Net investment income (loss) per share (basic and diluted) $ 0.63 $ 0.62 Earnings per share (basic and diluted) $ 0.59 $ 0.62 Weighted average shares outstanding: 87,358,527 70,863,184 View source version on businesswire.com: https://www.businesswire.com/news/home/20240509710535/en/ Contacts Investors Michael Occi msdl@morganstanley.com Media Alyson Barnes 212-762-0514 alyson.barnes@morganstanley.com View comments
MS-PA MS-PE MS-PF MS-PI MS-PK MS MSDL | finance.yahoo | about 11 months ago | Neutral

Morgan Stanley Direct Lending Fund Announces First Quarter 2024 Earnings Release and Conference CallNEW YORK, April 08, 2024--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL"), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the first quarter ended March 31, 2024 on Thursday, Ma...
NEW YORK, April 08, 2024--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL"), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the first quarter ended March 31, 2024 on Thursday, May 9, 2024, after the market closes. MSDL will host a conference call at 10:00 am ET on Friday, May 10, 2024, to review its financial results and conduct a question-and-answer session. Conference Call Information All interested parties are invited to participate in the live earnings conference call by using the following audio webcast link or dial-in details below: Audio Webcast Conference Call Domestic: 888-256-1007 International: 323-701-0225 Passcode: 6641924 To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. An archived replay will also be available on the Investor Relations section of the Morgan Stanley Direct Lending Fund website. About Morgan Stanley Direct Lending Fund Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. MSDL is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley. MSDL is not a subsidiary of or consolidated with Morgan Stanley. For more information about Morgan Stanley Direct Lending Fund, please visit www.msdl.com. Forward-Looking Statements This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent MSDL’s belief regarding future events that, by their nature, are uncertain and outside of MSDL’s control. There are likely to be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Story continues View source version on businesswire.com: https://www.businesswire.com/news/home/20240408367979/en/ Contacts Investors Michael Occi msdl@morganstanley.com Media Alyson Barnes 212-762-0514 alyson.barnes@morganstanley.com
MS-PA MS-PE MS-PF MS-PI MS-PK MS MSDL | finance.yahoo | about 12 months ago | Neutral

Morgan Stanley Direct Lending Fund Announces December 31, 2023 Financial Results and Declares First Quarter 2024 Dividend of $0.50 per ShareNEW YORK, March 01, 2024--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company"), a business development company externally managed by MS Capital Partners Adviser Inc. (the "Adviser"), today announced its financial results for the fourth quarter and fiscal year en...
NEW YORK, March 01, 2024--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company"), a business development company externally managed by MS Capital Partners Adviser Inc. (the "Adviser"), today announced its financial results for the fourth quarter and fiscal year ended December 31, 2023. "MSDL generated record performance to complete 2023, positioning the Company well for its debut to the public markets," said Jeffrey Levin, President and Chief Executive Officer of Morgan Stanley Direct Lending Fund. "Our team’s rigorous investment selection and portfolio management process resulted in solid year-over-year performance. We are confident in MSDL's ability to navigate the current market environment. The team continues to focus on showcasing the strength of our platform to deliver strong risk-adjusted returns to our shareholders." QUARTERLY HIGHLIGHTS Net investment income of $55.5 million, or $0.67 per share; Net asset value of $20.67 per share, an increase from $20.57 per share as of September 30, 2023; Debt-to-equity was 0.87x as of December 31, 2023, as compared to 1.16x as of September 30, 2023; New investment commitments of $242.9 million, fundings of $253.9 million and sales and repayments of $192.2 million, resulting in net funded portfolio increase of $61.6 million; and The Company’s Board of Directors (the "Board") declared a regular dividend of $0.50 per share and a special dividend of $0.10 per share. The dividend was paid on January 25, 2024 to stockholders of record as of December 28, 2023. SELECTED FINANCIAL HIGHLIGHTS For the Quarter Ended December 31, 2023 September 30, 2023 Net investment income per share $0.67 $0.70 Net realized and unrealized gains per share $0.03 $0.32 Earnings per share $0.70 $1.02 Regular dividend per share $0.50 $0.50 Special dividend per share $0.10 $0.10 As of ($ in thousands, except per share information) December 31, 2023 September 30, 2023 Investments, at fair value $3,193,561 $3,123,450 Total debt outstanding, at principal $1,502,263 $1,725,252 Net assets $1,721,151 $1,481,472 Net asset value per share $20.67 $20.57 Debt to equity 0.87x 1.16x Net debt to equity 0.83x 1.11x RESULTS OF OPERATIONS Total investment income for the fourth quarter ended December 31, 2023 was $100.8 million, compared to $94.5 million for the third quarter ended September 30, 2023. The increase was primarily driven by the deployment of capital and rising SOFR rates on floating-rate debt investments. Story continues Total operating expenses for the quarter ended December 31, 2023 was $45.3 million, compared to $43.9 million for the quarter ended September 30, 2023. The increase was primarily driven by interest and other financing expenses. Net investment income for the quarter ended December 31, 2023 was $55.5 million, or $0.67 per share, compared to $50.6 million, or $0.70 per share, for the quarter ended September 30, 2023. For the three months ended December 31, 2023, net change in unrealized appreciation on investments was $1.9 million. PORTFOLIO AND INVESTMENT ACTIVITY As of December 31, 2023, the Company’s investment portfolio had a fair value of approximately $3.2 billion, comprised of 172 portfolio companies across 30 industries, with an average investment size of $18.6 million, or 0.6% of our total portfolio on a fair value basis. The composition of Company’s investments was the following: December 31, 2023 September 30, 2023 ($ in thousands) Cost Fair Value % of Total Investments at Fair Value Cost Fair Value % of Total Investments at Fair Value First Lien Debt $ 3,027,413 $ 3,004,544 94.1% $ 2,960,107 $ 2,933,870 93.9% Second Lien Debt 146,014 132,415 4.1 145,809 134,712 4.3 Other Investments 53,349 56,602 1.8 52,685 54,868 1.8 Total $ 3,226,776 $ 3,193,561 100.0% $ 3,158,601 $ 3,123,450 100.0% Investment activity for the three months ended December 31, 2023 and September 30, 2023, was as follows: Investment Activity: December 31, 2023 September 30, 2023 New investment commitments, at par $242,891 $195,426 Investment fundings $253,867 $155,072 Number of new Investment commitments in portfolio companies 12 7 Number of portfolio companies exited or fully repaid 5 1 Total weighted average yield of investments in debt securities at amortized cost and fair value was 12.0% and 12.1%, respectively, which was unchanged from September 30, 2023. Floating rate debt investments as a percentage of total portfolio on a fair value basis remained unchanged from September 30, 2023 at 99.9% as of December 31, 2023. As of December 31, 2023, three investments were on non-accrual status, representing approximately 0.6% of total investments at amortized cost. CAPITAL AND LIQUIDITY As of December 31, 2023, the Company had total principal debt outstanding of $1,502.3 million, including $282.0 million outstanding in the Company’s BNP funding facility, $520.3 million outstanding in the Company’s Truist credit facility, $275.0 million outstanding in the Company’s senior unsecured notes due September 2025, and $425.0 million outstanding in the Company’s senior unsecured notes due February 2027. The combined weighted average interest rate on debt outstanding was 6.51% for the year ended December 31, 2023. As of December 31, 2023, the Company had $917.5 million of availability under its credit facilities and $69.7 million in cash. Debt to equity was 0.87x and 1.16x as of December 31, 2023 and September 30, 2023, respectively. RECENT DEVELOPMENTS On January 23, 2024, MSDL priced its initial public offering, raising net proceeds of approximately $97 million; The Company’s Board approved a share repurchase program, under which the Company may repurchase up to $100.0 million of the Company’s common stock at prices below NAV, adjusted for dividends; The Company’s Board declared a regular first quarter dividend of $0.50 per share and two $0.10 per share special dividends, timed to follow the two IPO lock-up release dates that occur in 2024; and The Company entered into a new advisory agreement with the Adviser that includes a waiver to reduce management and incentive fees through January 24, 2025, the first anniversary of the Company’s IPO, as well as institute an incentive fee lookback commencing with the quarter ended June 30, 2024. CONFERENCE CALL INFORMATION Morgan Stanley Direct Lending Fund will host a conference call on Friday, March 1, 2024 at 10:00 am ET to review its financial results and conduct a question-and-answer session. All interested parties are invited to participate in the live earnings conference call by using the following dial-in numbers or audio webcast link available on the MSDL Investor Relations website: Audio Webcast Conference Call Domestic: 877-400-0505 International: 323-701-0225 Passcode: 1562166 To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. An archived replay will also be available on the MSDL Investor Relations website. About Morgan Stanley Direct Lending Fund Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. MSDL is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley. MSDL is not a subsidiary of or consolidated with Morgan Stanley. For more information about Morgan Stanley Direct Lending Fund, please visit www.msdl.com. Forward-Looking Statements Statements included herein or on the webcast/conference call may constitute "forward-looking statements," which relate to future events or MSDL’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in MSDL’s filings with the SEC. MSDL undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call. Consolidated Statements of Assets and Liabilities (In thousands, except share and per share amounts) As of December 31, 2023 December 31, 2022 Assets Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,226,776 and $2,939,646 at December 31, 2023 and December 31, 2022, respectively) $ 3,193,561 $ 2,873,588 Cash 69,705 81,215 Deferred financing costs 14,317 7,624 Interest and dividend receivable from non-controlled/non-affiliated investments 28,884 20,911 Subscription receivable 41 2,556 Receivable for investments sold/repaid 173 188 Prepaid expenses and other assets 53 40 Total assets 3,306,734 2,986,122 Liabilities Debt (net of unamortized debt issuance costs of $5,564 and $7,899 at December 31, 2023 and December 31, 2022, respectively) 1,496,032 1,523,475 Payable for investment purchased 8 — Payable to affiliates 2,870 2,086 Dividends payable 49,968 33,058 Management fees payable 2,012 1,783 Income based incentive fees payable 11,766 8,118 Interest payable 18,823 17,019 Accrued expenses and other liabilities 4,104 3,278 Total liabilities $ 1,585,583 $ 1,588,817 Commitments and Contingencies Net assets Preferred stock, $0.01 par value; (1,000,000 shares authorized; no shares issued and outstanding) — — Common stock, par value $0.001 (100,000,000 shares authorized and 83,278,831 and 70,536,678 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively) 83 71 Paid-in capital in excess of par value 1,712,609 1,452,013 Total distributable earnings (loss) 8,459 (54,779 ) Total net assets $ 1,721,151 $ 1,397,305 Total liabilities and net assets $ 3,306,734 $ 2,986,122 Net asset value per share $ 20.67 $ 19.81 Consolidated Statements of Operations (In thousands, except share amounts) For the Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Investment Income: From non-controlled/non-affiliated investments: Interest income $ 355,530 $ 223,119 $ 108,277 Payment-in-kind 4,276 1,626 1,021 Dividend income 2,124 1,488 409 Other income 5,808 4,360 10,109 Total investment income 367,738 230,593 119,816 Expenses: Interest and other financing expenses 112,883 67,182 21,015 Management fees 30,550 26,715 13,860 Income based incentive fees 42,012 26,635 15,852 Capital gains incentive fees — (2,441 ) 1,809 Professional fees 4,470 3,206 2,440 Offering costs — — 42 Directors’ fees 345 362 336 Administrative service fees 178 72 212 General and other expenses 633 510 1,538 Total expenses 191,071 122,241 57,104 Expense support — 44 98 Management fees waiver (22,913 ) (20,036 ) (10,395 ) Net expenses 168,158 102,249 46,807 Net investment income (loss) before taxes 199,580 128,344 73,009 Excise tax expense 1,519 334 80 Net investment income/(loss) after taxes 198,061 128,010 72,929 Net realized and unrealized gain (loss) on investment transactions: Net Realized gain (loss) on non-controlled/non-affiliated investments: 118 537 1,895 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments 32,835 (80,005 ) 8,431 Net realized and unrealized gain (loss) 32,953 (79,468 ) 10,326 Net increase (decrease) in net assets resulting from operations $ 231,014 $ 48,542 $ 83,255 Per share information—basic and diluted Net investment income (loss) per share (basic and diluted) $ 2.67 $ 2.08 $ 2.34 Earnings (loss) per share (basic and diluted) $ 3.11 $ 0.79 $ 2.67 Weighted average shares outstanding 74,239,743 61,676,363 31,159,302 View source version on businesswire.com: https://www.businesswire.com/news/home/20240229360545/en/ Contacts Investors Michael Occi msdl@morganstanley.com Media Alyson Barnes 212-762-0514 alyson.barnes@morganstanley.com
MS-PA MS-PE MS-PF MS-PI MS-PK MS MSDL | finance.yahoo | about 2 years ago | Neutral

Profile

Morgan Stanley Direct Lending Fund (MSDL)

Exchange: NYSE

IPO Date: 1/24/2024

Sector:

Industry:

Employees:

Address:

Quarterly Yearly

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2024	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	Totals
	12/31/2024	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	Totals
Assets	3.91M	3.79M	3.66M	3.40M	3.31M	3.28M	21.35M
Current Assets	70.37K	90.43K	-	-	-	-	160.80K
Cash And Short Term Investments	70.37K	90.43K	94.97K	64.76K	69.70K	88.08K	478.32K
Net Receivables	31.02K	33.66K	27.73K	29.69K	29.10K	26.20K	177.40K
Other Current Assets	-31.02K	-33.66K	-122.70K	-94.45K	-98.80K	-114.28K	-494.92K
Non Current Assets	3.84M	3.70M	-	-	-	-	7.54M
Long Term Investments	3.79M	3.64M	3.51M	3.29M	3.19M	3.12M	20.56M
Non Currrent Assets Other	-3.79M	-3.64M	-3.51M	-3.29M	-3.19M	-3.12M	-20.56M
Liabilities	2.07M	1.94M	1.79M	1.56M	1.59M	1.80M	10.75M
Current Liabilities	-	-	114.73K	56.38K	68.80K	52.14K	292.05K
Accounts Payable	74.63K	76.92K	96.84K	56.38K	68.80K	52.14K	425.71K
Other Current Liabilities	-74.63K	-76.92K	-96.84K	-56.38K	-68.80K	-52.14K	-425.71K
Non Current Liabilities	-	-	1.79M	1.56M	1.59M	1.80M	6.74M
Stockholder Equity	1.84M	1.85M	1.86M	1.84M	1.72M	1.48M	10.60M
Liabilities And Stockholders Equity	3.91M	3.79M	3.66M	3.40M	3.31M	3.28M	21.35M
Totals		15.72M	15.26M	12.88M	11.82M	11.57M	11.68M	78.94M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	Totals
	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	Totals
Assets	3.91M	3.31M	2.99M	2.49M	656.81K	13.35M
Current Assets	70.37K	3.41M	3.09M	2.59M	670.43K	9.82M
Cash And Short Term Investments	70.37K	69.70K	81.22K	74.15K	11.26K	306.71K
Net Receivables	31.02K	29.10K	23.66K	19.89K	2.36K	106.03K
Other Current Assets	-31.02K	3.31M	2.99M	2.49M	656.81K	9.41M
Non Current Assets	3.84M	6.50M	5.86M	4.88M	1.29M	22.38M
Long Term Investments	3.79M	3.19M	2.87M	2.39M	636.98K	12.88M
Non Currrent Assets Other	-3.79M	-6.50M	-5.86M	-4.88M	-1.29M	-22.33M
Liabilities	2.07M	1.59M	71	57	15	3.66M
Current Liabilities	-	85.45K	3.16M	2.59M	699.36K	6.53M
Accounts Payable	74.63K	68.80K	50.08K	32.97K	10.32K	236.79K
Other Current Liabilities	-74.63K	16.65K	-1.57M	-1.28M	-344.17K	-3.26M
Non Current Liabilities	-	1.59M	3.01M	2.46M	675.41K	7.73M
Stockholder Equity	1.84M	1.72M	2.99M	2.49M	656.81K	9.70M
Liabilities And Stockholders Equity	3.91M	3.31M	1.52M	1.25M	333.85K	10.33M
Totals		15.72M	21.68M	21.20M	17.60M	4.67M	80.86M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	Totals
	Totals
Totals		-

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	Totals
	Totals
Totals		-

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2024	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	Totals
	12/31/2024	09/30/2024	06/30/2024	03/31/2024	12/31/2023	09/30/2023	Totals
Cash From Operating Activities	-96.18K	-117.03K	75.02K	40.23K	84.71K	13.35K	100
Net Income	51.63K	53.21K	59.05K	51.68K	57.39K	73.41K	346.36K
Extraordinary Items	-	-	-	-	-	-	-
Capital Expenditures	-	-	-	-	-	-	-
Cash From Financing Activities	78.11K	112.49K	136.87K	48.71K	-41.33K	134.57K	469.43K
Sale Purchase Of Stock	-10.06K	-	-	-	-	-	-10.06K
Dividends Paid	-53.44K	-44.63K	-33.83K	-37.18K	31.19K	-29.76K	-167.66K
Other Cashflows From Financing Activities	-16	-1.37K	-8.64K	-93.89K	-61.76K	-112.68K	-278.35K
Totals		-29.96K	2.66K	228.47K	9.56K	70.20K	78.88K	359.82K

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	Totals
	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	Totals
Cash From Operating Activities	-373.54K	185.78K	121.59K	67.69K	12.43K	13.96K
Net Income	215.56K	231.01K	48.54K	83.25K	18.30K	596.67K
Extraordinary Items	-	-	-	-	-	-
Capital Expenditures	-	-	-	-	-	-
Other Cashflows From Investing Activities	-	362.49K	-	-	-	362.49K
Cash From Financing Activities	376.19K	72.31K	436.90K	1.72M	624.58K	3.23M
Sale Purchase Of Stock	-18.06K	-	-	-	-	-18.06K
Dividends Paid	-169.08K	-110.50K	-85.75K	-38.22K	3.74K	-399.81K
Other Cashflows From Financing Activities	-10.02K	-9.94K	-13.27K	-8.21K	-2.88K	-44.32K
Totals		21.05K	731.16K	508.02K	1.83M	656.17K	3.75M

Profile

Free Stocks

Company

Features

Contact Us