Financial Performance - Net investment income for Q3 2024 was $58.7 million, or $0.66 per share, up from $56.1 million, or $0.63 per share in Q2 2024, representing a 4.6% increase in income per share [2][6]. - Total investment income increased to $109.8 million in Q3 2024 from $104.2 million in Q2 2024, driven by capital deployment and repayment-related income [5]. - Total investment income for the three months ended September 30, 2024, was $109,752,000, an increase of 16.5% compared to $94,451,000 for the same period in 2023 [18]. - Net investment income after taxes for the nine months ended September 30, 2024, was $169,501,000, up from $142,591,000 in the prior year, reflecting an increase of 18.9% [18]. - Earnings per share (basic and diluted) for the three months ended September 30, 2024, was $0.60, a decrease of 41.2% from $1.02 in the same period last year [18]. - Net increase in net assets resulting from operations for the three months ended September 30, 2024, was $59,045,000, compared to $73,408,000 for the same period in 2023, representing a decrease of 19.6% [18]. Investment Activity - New investment commitments totaled $455.4 million with fundings of $377.0 million and sales and repayments of $252.9 million, resulting in a net funded deployment of $124.1 million [2][9]. - The fair value of the investment portfolio was approximately $3.6 billion, comprised of 200 portfolio companies across 33 industries, with an average investment size of $18.2 million [8]. Debt and Expenses - Debt-to-equity ratio increased to 0.99x as of September 30, 2024, compared to 0.90x as of June 30, 2024 [4][10]. - Total principal debt outstanding was $1.842 billion, with a combined weighted average interest rate of 6.45% for the quarter [10]. - The total expenses for Q3 2024 were $51.0 million, up from $48.1 million in Q2 2024, primarily due to higher interest and financing expenses [6]. - Total expenses for the nine months ended September 30, 2024, were $154,177,000, an increase of 9.1% from $141,271,000 in the prior year [18]. - Management fees for the three months ended September 30, 2024, were $9,100,000, an increase of 17.3% compared to $7,754,000 for the same period in 2023 [18]. Investment Income and Gains - Interest income for the three months ended September 30, 2024, was $105,129,000, up 15.5% from $90,977,000 in the same period last year [18]. - The total weighted average yield of investments in debt securities was 11.0% as of September 30, 2024, down from 11.6% in Q2 2024 [9]. - Net realized and unrealized gain (loss) for the three months ended September 30, 2024, was a loss of $5,523,000, compared to a gain of $22,834,000 in the same period last year [18]. - The net change in unrealized appreciation on investments was $5.4 million, offset by realized losses of $11.0 million [7]. - Payment-in-kind income for the nine months ended September 30, 2024, was $7,644,000, significantly higher than $2,204,000 for the same period last year, indicating a growth of 247.5% [18]. Dividends - The Company declared a regular dividend of $0.50 per share and a special dividend of $0.10 per share, both payable in January 2025 [12]. Share Information - Weighted average shares outstanding increased to 89,264,686 for the three months ended September 30, 2024, compared to 71,874,113 for the same period in 2023 [18].
Morgan Stanley Direct Lending Fund(MSDL) - 2024 Q3 - Quarterly Results