Morgan Stanley Direct Lending Fund · NYSE:MSDL
Morgan Stanley Direct Lending Fund — Q1 2026 Earnings Presentation
17 slides from Morgan Stanley Direct Lending Fund's earnings presentation, 2026
Slide 1: Morgan Stanley Direct Lending Fund First Quarter 2026 Earnings Presentation
Morgan Stanley Direct Lending Fund (NYSE:MSDL) First Quarter 2026 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: First Quarter 2026 Highlights
First Quarter 2026 Highlights Net investment income per share of $0.47 in Q1’26, as compared to $0.49 in Q4’25 FINANCIAL Earnings per share was ($0.05) in Q1’26, as compared to $0.33 in Q4’25 RESULTS NAV per share was $19.81 as of Q1’26, as compared to $20.26 in Q4’25 Q1’26 regular dividend
Slide 4: Overview of Morgan Stanley Direct Lending Fund (NYSE:MSDL)
Overview of Morgan Stanley Direct Lending Fund (NYSE:MSDL) 8.9% 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 $7.2Bn $1.2Bn 11.4% 1.0%/17.5% 1.22x CUMULATIVE GROSS MARKET CAP (1) MORGAN STANLEY FEE STRUCTURE (3) DEBT-TO-EQUITY INVESTMENT OWNERSHIP (2) COMMITMENTS BORROWER STATISTICS $91.1MM 39% 1.7x 4.6% 1.5% 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 AcquisitionCo, 2.0% 1.6% High Street Buyer, 1.5% Others (26 Industries), Software, 26.1% 20.7% Foundation Risk Partners, Capstone Lending (JV), 1.4% 2.5% Financial Servic
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) >99% 100% $233 100% $3,788 $3,785 $3,776 $3,771 $3,669 100% 2% 2% 2% 2% 2% 2% $183 2% 2% 2% 2% 2%
Slide 10: Selected Financial Highlights and Portfolio Information
Selected Financial Highlights and Portfolio Information (Dollars In Thousands, Except Per Share Data) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Net Investment Income Per Share $0.52 $0.50 $0.50 $0.49 $0.47 Net Realized And Unrealized Gain (Loss) Per Share (1) ($0.18) ($0.09) ($0.18) ($0.16) ($0.52) Earnings Per
Slide 11: Credit Quality of Investments
Credit Quality of Investments As of March 31, 2026, approximately 95% of the portfolio, at fair value, had a risk rating of two or better (1) As of March 31, 2026, certain investments in six portfolio companies were on non-accrual status, representing $55.4 million, or approximately 1.5% of the
Slide 12: Quarterly Operating Results
Quarterly Operating Results (Dollar In Thousands, Except Per Share Data) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Investment Income: Interest And Dividend Income $95,561 $94,446 $94,198 $90,650 $83,837 Payment-in-kind 4,202 3,887 4,057 3,726 4,104 Other Income 1,695 1,175 1,467 2,221 1,123 Total Investment Inc
Slide 13: Quarterly Balance Sheet
Quarterly Balance Sheet (Dollar In Thousands, Except Per Share Data) Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Assets Investments At Fair Value $3,788,178 $3,785,496 $3,775,797 $3,771,546 $3,668,950 Cash And Cash Equivalents (1) 69,400 79,626 75,523 94,410 100,513 Interest And Dividend Receivable 26,934 25,299
Slide 14: NAV per Share Bridge for the Quarter Ended March 31, 2026
NAV per Share Bridge for the Quarter Ended March 31, 2026 $0.47 $20.26 $(0.45) $0.05 $19.81 $(0.52) Q4'25 NAV Net Investment Income Q1'26 Regular Dividend Realized & Unrealized Gain (Loss) Share Accretion From Q1'26 NAV Share Repurchases December 31, 2025 NAV is based on ending shares outstanding as
Slide 15: Conservative Balance Sheet Strategy
Conservative Balance Sheet Strategy • As of March 31, 2026, the Company had total liquidity of $1,505.9 million, including unrestricted cash and cash equivalents of $96.7 million (1) and undrawn committed debt capacity of $1,409.2 million (2)(3) Debt Principal Available Interest Maturity Commitment
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 $0.45 $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’
Slide 17: Investor Relations
Investor Relations msdl@morganstanley.com
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