Investment Overview - Total investments at fair value as of June 30, 2024, amounted to $3,514,286, with first lien debt representing 95.3% of total investments [182]. - The company’s portfolio composition includes $3,356,586 in first lien debt, $122,416 in second lien debt, and $53,735 in equity investments [182]. - As of June 30, 2024, the fair value of second lien debt investments decreased to $103,144, representing 2.9% of total investments [182]. - The total amount of investments at cost increased to $3,542,035 as of June 30, 2024, from $3,041,700 as of June 30, 2023, showing a growth of approximately 16.5% [191]. - The net new investments committed amounted to $673,902 as of June 30, 2024, significantly higher than $62,263 for the same period in 2023, indicating a substantial increase in investment activity [186]. - The company plans to continue investing primarily in illiquid debt and equity securities of portfolio companies [209]. Revenue and Income - The company generated revenue primarily from interest income on debt investments, with a typical interest rate based on benchmarks like SOFR [180]. - The total investment income increased to $104,188 for the three months ended June 30, 2024, up from $88,894 for the same period in 2023, representing a growth of approximately 17.5% [190]. - The net investment income after taxes was $56,121 for the three months ended June 30, 2024, compared to $47,795 for the same period in 2023, reflecting an increase of approximately 17.7% [190]. - The company reported a significant increase in revenue, achieving $1.5 billion for the quarter, representing a 15% year-over-year growth [220]. Expenses and Financial Metrics - For the three months ended June 30, 2024, total expenses increased to $51,378 from $46,683 for the same period in 2023, representing an increase of 14.9% [193]. - Interest and other financing expenses rose to $29,302 for the three months ended June 30, 2024, compared to $27,907 in 2023, reflecting an increase of 4.7% due to higher reference rates [194]. - Base management fees, net of waiver, increased to $6,479 for the three months ended June 30, 2024, from $7,446 in 2023, a decrease of 13.0% [195]. - The weighted average yield on debt and income-producing investments at fair value was 11.7% as of June 30, 2024, down from 12.1% as of December 31, 2023 [183]. - The weighted average net leverage through tranche decreased to 5.7x as of June 30, 2024, from 6.0x as of December 31, 2023, indicating improved leverage metrics [183]. Debt and Financing - As of June 30, 2024, total outstanding debt obligations amounted to $2,950,000, with $1,675,474 outstanding and $1,270,364 unused [206]. - The company had borrowings denominated in Euros (EUR) of 238 and Canadian dollars (CAD) of $300 as of June 30, 2024 [206]. - Approximately 99.6% of the company's debt investments were at floating rates as of June 30, 2024 [211]. - A hypothetical increase of 300 basis points in interest rates would result in an income of $105,256 and an expense of $29,250, leading to a net income of $76,006 [212]. Company Operations and Management - The company is externally managed by an adviser that is a wholly owned subsidiary of Morgan Stanley [178]. - The company closed its Initial Public Offering on January 26, 2024, issuing 5,000,000 shares at a price of $20.67 per share, resulting in net cash proceeds of approximately $97.1 million [201]. - The company entered into a share repurchase plan on January 25, 2024, to acquire up to $100 million of its Common Stock, although no shares were repurchased under this plan for the six months ended June 30, 2024 [205]. - There were no changes in internal control over financial reporting that materially affected the company for the quarter ended June 30, 2024 [214]. - The company is not currently subject to any material legal proceedings, nor is any material proceeding threatened against it [215]. Strategic Initiatives - The company expects general and administrative expenses to remain stable or decline as a percentage of total assets during periods of asset growth [181]. - The company has applied for a new exemptive relief order from the SEC to facilitate negotiated co-investment transactions [178]. - The company’s investment objective focuses on achieving attractive risk-adjusted returns through current income and capital appreciation [178]. - The company’s investment strategy includes primarily investing in senior secured term loans issued by U.S. middle-market companies [178]. - The company is exploring potential acquisitions to bolster its market position, with a focus on companies in the tech sector [220]. - A new strategic partnership was announced, expected to enhance distribution channels and increase market reach [220]. - The management emphasized a commitment to sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025 [220]. User and Market Growth - User data showed a total of 5 million active users, up from 4 million in the previous quarter, indicating a 25% increase [220]. - The company provided guidance for the next quarter, projecting revenue growth of 10% to 12% [220]. - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year [220]. - Market expansion efforts include entering three new international markets by the end of the year [220]. - The company has successfully reduced operational costs by 8% through efficiency improvements [220].

Morgan Stanley | Direct Lending Fund First Quarter 2024 Earnings Presentation 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 taken by, any individual recipient as investment advice, a recommendation to buy, hold or sell, or an offer to sell or a solicitation of of ...

Morgan Stanley Direct Lending Fund (NYSE:MSDL) Q1 2024 Earnings Conference Call May 10, 2024 10:00 AM ET Company Participants Michael Occi - Head, Investor Relations and CAO Jeff Levin - President and CEO David Pessah - Chief Financial Officer Orit Mizrachi - Chief Operating Officer Rebecca Shaoul - Head, Portfolio Management Conference Call Participants Robert Dodd - Raymond James Melissa Whittle - JPMorgan Paul Johnson - KBW Vilas Abraham - UBS Operator Welcome to Morgan Stanley’s Direct Lending Fund’s Fi ...

Morgan Stanley Direct Lending Fund Announces March 31, 2024 Financial Results and Declares Second Quarter 2024 Dividend of $0.50 per Share NEW YORK, NY, May 9, 2024 — 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 ...

Investment Overview - The total investments as of March 31, 2024, amounted to $3,323,767,000, with a fair value of $3,293,205,000, representing a 3.0% increase from December 31, 2023[248] - First lien debt constituted 94.6% of total investments at fair value, amounting to $3,115,404,000 as of March 31, 2024[248] - The second lien debt represented 3.6% of total investments at fair value, totaling $118,107,000 as of March 31, 2024[248] - The investment portfolio at amortized cost grew from $2,992,717 as of March 31, 2023, to $3,323,767 as of March 31, 2024[260] - The number of portfolio companies increased from 172 as of December 31, 2023, to 178 as of March 31, 2024[252] Revenue Generation - The company primarily generates revenue through interest income from debt investments, with a typical term of five to eight years and interest rates based on benchmarks like SOFR[239] - Total investment income increased from $83,639 in Q1 2023 to $99,101 in Q1 2024, driven by capital deployment and rising SOFR rates[260] - Net investment income after taxes rose from $44,222 in Q1 2023 to $54,651 in Q1 2024[259] Investment Strategy - The investment strategy focuses on middle-market companies with annual EBITDA between $15 million and $200 million, primarily through senior secured term loans[237] - The company’s investment objective is to achieve attractive risk-adjusted returns primarily through current income and, to a lesser extent, capital appreciation[237] Financial Management - The company expects general and administrative expenses to remain stable or decline as a percentage of total assets during periods of asset growth[246] - As of March 31, 2024, total outstanding debt was $2.42 billion, with $1.49 billion principal outstanding and $923.745 million unused[277] - The company had approximately $64.8 million in cash as of March 31, 2024, with additional availability under credit facilities totaling approximately $923.7 million[270] Shareholder Returns - The company closed its Initial Public Offering on January 26, 2024, raising approximately $97.1 million from the issuance of 5,000,000 shares[271] - The company adopted an "opt out" dividend reinvestment plan (DRIP) effective January 26, 2024, allowing stockholders who do not opt out to have cash dividends automatically reinvested in additional shares[273] - For the three months ended March 31, 2024, the declared distribution was $0.50 per share, with 513,697 shares issued, compared to $0.50 per share and 482,781 shares for the same period in 2023[274] - The company declared a distribution of $0.50 per share on May 8, 2024, payable on July 25, 2024[279] - The company issued 618,878 and 445,235 DRIP shares in connection with distributions on January 25, 2024, and January 25, 2023, respectively[274] Debt and Interest Rates - The company’s debt portfolio is characterized by a weighted average interest coverage ratio based on total gross debt commitments, excluding recurring revenue deals[251] - The percentage of performing debt bearing a floating rate remained stable at 99.9% as of March 31, 2024[252] - As of March 31, 2024, approximately 99.9% of the company's debt investments were at floating rates, with potential net income impacts from interest rate changes detailed in a table[287] - Weighted average yield on debt and income-producing investments at cost decreased slightly from 12.0% in Q4 2023 to 11.9% in Q1 2024[259] Risk Factors - The company is subject to financial market risks, including valuation risk, market risk, and interest rate risk, which could materially affect its operations[282][285][286] - The company has not engaged in interest rate hedging activities during the periods covered by the report[286] New Investments - New investments committed in Q1 2024 amounted to $232,120, significantly higher than $126,539 in Q1 2023[253] - Net realized losses on investments were $5,625 in Q1 2024, primarily due to the restructuring of three portfolio companies[267] Management and Governance - The company is externally managed by an adviser that is a wholly owned subsidiary of Morgan Stanley, but it is not a subsidiary of Morgan Stanley[236] - The company has applied for a new exemptive relief order from the SEC to enhance co-investment opportunities, which is currently pending approval[241] Credit Facilities - On April 19, 2024, the company amended the Truist Credit Facility, increasing the facility size to $1.3 billion and extending the maturity date to April 19, 2029[278] - The company entered into a share repurchase plan on January 25, 2024, to acquire up to $100 million of its Common Stock, but no shares were repurchased under this plan as of March 31, 2024[276]

Morgan Stanley Direct Lending Fund (NYSE:MSDL) Q4 2023 Earnings Conference Call March 1, 2024 10:00 AM ET Company Participants Michael Occi - Head of Investor Relations and Chief Administrative Officer Jeff Levin - President and Chief Executive Officer David Pessah - Chief Finance Officer Orit Mizrachi - Chief Operating Officer Conference Call Participants Finian O'Shea - Wells Fargo Securities Robert Dodd - Raymond James Melissa Whittle - JP Morgan Kenneth Lee - RBC Capital Markets Vilas Abraham - UBS Oper ...

Exhibit 99.1 Morgan Stanley Direct Lending Fund Announces December 31, 2023 Financial Results and Declares First Quarter 2024 Dividend of $0.50 per Share NEW YORK, NY, March 1, 2024 — 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 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 814-01332 Morgan Stanley Direct Lending Fund (Exact name of registrant as specified in charter) Delaware (State or other jurisdiction of incorporation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________________________________________ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 814-01332 Morgan Stanley Direct Lending Fund For the Quarterly Period Ended September 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, DC 20549 ______________________________________________________________________________________________________ FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF For the transition period from _____ to _____ (State or other jurisdiction of incorporation or organizat ...