Morgan Stanley Direct Lending Fund · NYSE:MSDL
Morgan Stanley Direct Lending Fund — Q4 2025 Earnings Presentation
17 slides from Morgan Stanley Direct Lending Fund's earnings presentation, February 2026
Slide 1: Morgan Stanley Direct Lending Fund Fourth Quarter 2025 Earnings Presentation
Morgan Stanley Direct Lending Fund (NYSE:MSDL) Fourth Quarter 2025 Earnings Presentation
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Morgan Stanley Direct Lending Fund (together with its consolidated subsidiaries, “we,” “us,” “our,” “MSDL”, or the “Company”). This Presentation is not intended to be taken by, and should not be take
Slide 3: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Net investment income per share of $0.49 in Q4’25, as compared to $0.50 in Q3’25 FINANCIAL Earnings per share was $0.33 in Q4’25, as compared to $0.32 in Q3’25 RESULTS NAV per share was $20.26 as of Q4’25, as compared to $20.41 in Q3’25 Q4’25 regular dividend p
Slide 4: Overview of Morgan Stanley Direct Lending Fund (MSDL:NYSE)
Overview of Morgan Stanley Direct Lending Fund (MSDL:NYSE) 9.8% ANNUALIZED DIVIDEND YIELD (4) DIFFERENTIATED PLATFORM Scaled private credit business, leveraging the broader Morgan Stanley platform (1) DEFENSIVE PORTFOLIO Primarily floating rate, first lien loans to borrowers in non-cyclical industri
Slide 5: Supported by Morgan Stanley's Global Footprint
Supported by Morgan Stanley’s Global Footprint Morgan Stanley Investment Management, a Division of Morgan Stanley, Offers a Wide Range of Investment Solutions to Investors Around the World MSIM BY THE NUMBERS $1.9Tn MORGAN STANLEY MORGAN STANLEY WEALTH INSTITUTIONAL SECURITIES TOTAL AUM (1) INVESTME
Slide 6: Investment Strategy Built to Deliver Strong Risk-Adjusted Returns
Investment Strategy Built to Deliver Strong Risk-Adjusted Returns PILLARS OF OUR INVESTMENT STRATEGY LONG-TERM CREDIT PRESERVATION RISK PERFORMANCE OF CAPITAL MITIGATION FOCUSED INVESTMENT CRITERIA BORROWER CHARACTERISTICS (3) Strong management teams U.S. Sponsor-Backed Middle MARKET SEGMENT Marke
Slide 7: Morgan Stanley Direct Lending Fund Key Statistics
Morgan Stanley Direct Lending Fund Key Statistics FUND STATISTICS $7.1Bn $1.4Bn 11.3% 1.0%/17.5% 1.20x CUMULATIVE GROSS MARKET CAP (1) MORGAN STANLEY FEE STRUCTURE (3) DEBT-TO-EQUITY INVESTMENT OWNERSHIP (2) COMMITMENTS BORROWER STATISTICS $90.3MM 40% 1.7x 3.9% 1.6% MEDIAN EBITDA (4) WEIGHTED AVERAG
Slide 8: Non-Cyclical Industries and Low Borrower Concentration
Non-Cyclical Industries and Low Borrower Concentration INDUSTRY CONCENTRATION (1) BORROWER CONCENTRATION (1)(4) VRC Companies, GS Acquisition, 1.9% 1.6% High Street Buyer, Others (25 Industries), Software, 1.5% 26.0% 20.2% Turbo Buyer, 2.0% Patriot Growth, 1.4% Automobile 35 227 Components, Foundati
Slide 9: Focused on Floating Rate, First Lien Assets
Focused on Floating Rate, First Lien Assets ASSET MIX BY CAPITAL DEPLOYMENT ASSET MIX AT PERIOD END (by Gross Commitments, Dollar Amounts in Millions) (by Fair Market Value, Dollar Amounts in Millions) $3,791 $3,788 $3,785 $3,776 $3,771 $233 <1% 1% 2% 2% 2% 2% 2% 2% 2% 2% $188 $183 2% <1% $149 $146
Slide 10: Selected Financial Highlights and Portfolio Information
Selected Financial Highlights and Portfolio Information (Dollars In Thousands, Except Per Share Data) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net Investment Income Per Share $0.57 $0.52 $0.50 $0.50 $0.49 Net Realized And Unrealized Gain (Loss) Per Share (1) $0.01 ($0.18) ($0.09) ($0.18) ($0.16) Capital Transa
Slide 11: Credit Quality of Investments
Credit Quality of Investments As of December 31, 2025, approximately 96% of the portfolio, at fair value, had a risk rating of two or better (1) As of December 31, 2025, certain investments in four portfolio companies were on non-accrual status, representing $60.4 million, or approximately 1.6%
Slide 12: Quarterly Operating Results
Quarterly Operating Results (Dollar In Thousands, Except Per Share Data) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Investment Income: Interest And Dividend Income $98,299 $95,561 $94,446 $94,198 $90,650 Payment-in-kind 3,065 4,202 3,887 4,057 3,726 Other Income 1,670 1,695 1,175 1,467 2,221 Total Investment Inc
Slide 13: Quarterly Balance Sheet
Quarterly Balance Sheet (Dollar In Thousands, Except Per Share Data) Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Assets Investments At Fair Value $3,791,494 $3,788,178 $3,785,496 $3,775,797 $3,771,546 Cash And Cash Equivalents (1) 72,372 69,400 79,626 75,523 94,410 Interest And Dividend Receivable 30,554 26,934 2
Slide 14: NAV per Share Bridge for the Quarter Ended December 31, 2025
NAV per Share Bridge for the Quarter Ended December 31, 2025 $0.49 $20.41 $20.26 $(0.50) $(0.14) (1) Q3'25 NAV Net Investment Income Q4'25 Regular Dividend Realized & Unrealized Gain (Loss) Q4'25 NAV September 30, 2025 NAV is based on ending shares outstanding as of such date. December 31, 2025 NAV
Slide 15: Conservative Balance Sheet Strategy
Conservative Balance Sheet Strategy • As of December 31, 2025, the Company had total liquidity of $1,471.7 million, including unrestricted cash and cash equivalents of $90.6 million (1) and undrawn committed debt capacity of $1,381.1 million (2)(3) Debt Principal Available Interest Maturity Commitme
Slide 16: Dividend History
Dividend History (1) $0.18 $0.11 $0.07 $0.10 $0.10 $0.10 $0.10 $0.56 $0.49 $0.48 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.45 $0.46 $0.47 $0.47 $0.43 $0.40 Q3’20 Q4'20 Q1’21 Q2’21 Q3'21 Q4'21 Q1’22 Q2’22 Q3'22 Q4’22 Q1’23 Q2’23 Q3'23 Q4’23 Q1’24 Q2’24 Q3’24 Q4'
Slide 17: Investor Relations
Investor Relations msdl@morganstanley.com
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