Morgan Stanley Direct Lending Fund · NYSE:MSDL
Morgan Stanley Direct Lending Fund — Q3 2025 Earnings Presentation
17 slides from Morgan Stanley Direct Lending Fund's earnings presentation, Nov 7, 2025
Slide 1: Morgan Stanley Direct Lending Fund Third Quarter 2025 Earnings Presentation
Morgan Stanley Direct Lending Fund (NYSE:MSDL) Third 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: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights Net investment income per share of $0.50 in Q3’25, as compared to $0.50 in Q2’25 FINANCIAL Earnings per share was $0.32 in Q3’25, as compared to $0.41 in Q2’25 RESULTS NAV per share was $20.41 as of Q3’25, as compared to $20.59 in Q2’25 Q3’25 regular dividend pe
Slide 4: Overview of Morgan Stanley Direct Lending Fund
Overview of Morgan Stanley Direct Lending Fund (MSDL:NYSE) 9.7% 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 $1.8Tn 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 $6.9B $1.4Bn 11.2% 1.0%/17.5% 1.17x CUMULATIVE GROSS MARKET CAP (1) MORGAN STANLEY FEE STRUCTURE (3) DEBT-TO-EQUITY INVESTMENT OWNERSHIP (2) COMMITMENTS BORROWER STATISTICS $86.5MM 40% 1.7x 4.1% 1.2% MEDIAN EBITDA (4) WEIGHTED AVERAGE
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 (23 Industries), Software, 1.5% 26.4% 19.5% Turbo Buyer, 2.0% Patriot Growth, 1.4% 33 218 Financial Services, World 3.4%
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) $455 $3,640 $3,791 $3,788 $3,776 $3,785 1% 2% 1% 2% 2% 2% 2% 2% 2% 2% 2% $233 99% $188 <1% $183 96
Slide 10: Selected Financial Highlights and Portfolio Information
Selected Financial Highlights and Portfolio Information (Dollars In Thousands, Except Per Share Data) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Net Investment Income Per Share $0.66 $0.57 $0.52 $0.50 $0.50 Net Realized And Unrealized Gain (Loss) Per Share (1) ($0.06) $0.01 ($0.18) ($0.09) ($0.18) Capital Transa
Slide 11: Credit Quality of Investments
Credit Quality of Investments As of September 30, 2025, approximately 97% of the portfolio, at fair value, had a risk rating of two or better (1) As of September 30, 2025, certain investments in four portfolio companies were on non-accrual status, representing $47.6 million, or approximately 1.2
Slide 12: Quarterly Operating Results
Quarterly Operating Results (Dollar In Thousands, Except Per Share Data) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Investment Income: Interest And Dividend Income $105,799 $98,299 $95,561 $94,446 $94,198 Payment-in-kind 2,150 3,065 4,202 3,887 4,057 Other Income 1,803 1,670 1,695 1,175 1,467 Total Investment In
Slide 13: Quarterly Balance Sheet
Quarterly Balance Sheet (Dollar In Thousands, Except Per Share Data) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Assets Investments At Fair Value $3,640,324 $3,791,494 $3,788,178 $3,785,496 $3,775,797 Cash And Cash Equivalents (1) 90,428 72,372 69,400 79,626 75,523 Interest And Dividend Receivable 31,793 30,554 2
Slide 14: NAV per Share Bridge for the Quarter Ended September 30, 2025
NAV per Share Bridge for the Quarter Ended September 30, 2025 $0.50 $20.59 $(0.50) $20.41 $(0.18) Q2'25 NAV Net Investment Income Q3'25 Regular Dividend Realized & Unrealized Gain Q3'25 NAV (1) (Loss) June 30, 2025 NAV is based on ending shares outstanding as of such date. September 30, 2025, NAV is
Slide 15: Conservative Balance Sheet Strategy
Conservative Balance Sheet Strategy • As of September 30, 2025, the Company had total liquidity of $1,467.8 million, including unrestricted cash and cash equivalents of $71.7 million (1) and undrawn committed debt capacity of $1,396.1 million (2)(3) Debt Commitment Principal Outstanding Available Am
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 $0.45 $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 Q4'24 Q1'
Slide 17: Investor Relations
Investor Relations msdl@morganstanley.com
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