Financial Performance - For the quarter ended December 31, 2024, net investment income was $50.7 million, or $0.57 per share, down from $58.7 million, or $0.66 per share for the previous quarter[6]. - Total investment income for the quarter was $103.0 million, compared to $109.8 million for the quarter ended September 30, 2024, primarily due to lower base rates and repayment-related income[5]. - Total investment income for the year ended December 31, 2024, was $416,075, an increase of 13.0% from $367,738 in 2023[20]. - Net investment income after taxes for 2024 was $220,235, up from $198,061 in 2023, reflecting an increase of 11.1%[20]. - Earnings per share (EPS) for 2024 was $2.43, down from $3.11 in 2023, representing a decrease of 21.9%[20]. - Interest income rose to $396,421 in 2024, up 11.5% from $355,530 in 2023[20]. - Total expenses for 2024 were $209,374, an increase of 9.6% from $191,071 in 2023[20]. - Management fees increased to $35,415 in 2024, compared to $30,550 in 2023, reflecting an increase of 16.1%[20]. - The net increase in net assets resulting from operations for 2024 was $215,564, a decrease from $231,014 in 2023[20]. - The net change in unrealized appreciation on non-controlled/non-affiliated investments was $11,904 in 2024, down from $32,835 in 2023[20]. Investment Activity - New investment commitments for the quarter were $188.3 million, with fundings of $187.3 million and sales and repayments totaling $43.6 million, resulting in a net funded deployment of $143.7 million[6]. - The investment portfolio comprised 208 companies across 33 industries, with an average investment size of $18.2 million, representing 0.5% of the total portfolio on a fair value basis[9]. Debt and Leverage - Total debt outstanding as of December 31, 2024, was $1.983 billion, compared to $1.842 billion as of September 30, 2024, reflecting an increase in leverage with a debt-to-equity ratio of 1.08x[10]. - The Company executed an amendment to the Truist Credit Facility, extending the maturity to February 2030 and increasing the total commitment to $1.45 billion[15]. - As of December 31, 2024, the Company had $964.8 million of availability under its credit facilities and $70.4 million in unrestricted cash[10]. Investment Valuation - The fair value of investments as of December 31, 2024, was approximately $3.8 billion, an increase from $3.6 billion as of September 30, 2024[9]. - The total weighted average yield of investments in debt securities was 10.4% at amortized cost and 10.5% at fair value as of December 31, 2024, down from 11.0% in the previous quarter[9].
Morgan Stanley Direct Lending Fund(MSDL) - 2024 Q4 - Annual Results