Financial Performance - For the quarter ended September 30, 2025, net investment income was $43.7 million, or $0.50 per share, consistent with the previous quarter [7]. - Total investment income for the quarter was $99.7 million, slightly up from $99.5 million in the prior quarter [6]. - Total investment income for the three months ended September 30, 2025, was $99.722 million, a decrease of 9.3% from $109.752 million in the same period of 2024 [25]. - Net investment income after taxes for the three months ended September 30, 2025, was $43.730 million, down 25.5% from $58.729 million in the prior year [25]. - Earnings per share (basic and diluted) for the three months ended September 30, 2025, was $0.32, down from $0.60 in the same period of 2024, representing a decline of 46.7% [25]. - Net investment income per share (basic and diluted) for the three months ended September 30, 2025, was $0.50, down from $0.66 in the same period of 2024, indicating a decline of 24.2% [25]. Asset and Investment Details - The net asset value per share decreased to $20.41 from $20.59 as of June 30, 2025 [9]. - The investment portfolio had a fair value of approximately $3.8 billion, comprised of 218 portfolio companies across 33 industries [11]. - New investment commitments totaled $183.0 million, with fundings of $198.0 million and repayments of $199.9 million, resulting in a net funded deployment of ($1.9) million [9]. - The Company successfully priced and closed its inaugural CLO with approximately $401 million of aggregate principal [9]. Expenses and Financial Ratios - Total expenses for the three months ended September 30, 2025, increased to $55.590 million, compared to $54.477 million in the same period of 2024, reflecting a rise of 2.0% [25]. - The debt-to-equity ratio increased to 1.17x from 1.15x in the previous quarter [9]. - The combined weighted average interest rate on debt outstanding was 5.85% for the quarter [13]. - Management fees for the three months ended September 30, 2025, were $9.628 million, an increase from $9.100 million in the same period of 2024, reflecting a rise of 5.8% [25]. Unrealized Gains and Losses - Net realized gain on non-controlled/non-affiliated investments for the three months ended September 30, 2025, was $22,000, compared to a loss of $10.965 million in the same period of 2024 [25]. - Net change in unrealized depreciation on non-controlled/non-affiliated investments for the three months ended September 30, 2025, was $(15.909) million, contrasting with an appreciation of $5.442 million in the prior year [25]. Shareholder Information - The Company declared a regular dividend of $0.50 per share, payable to shareholders of record as of September 30, 2025 [9]. - Weighted average shares outstanding for the three months ended September 30, 2025, was 86,844,648, compared to 89,264,686 in the same period of 2024 [25]. - Net increase in net assets resulting from operations for the three months ended September 30, 2025, was $27.601 million, a decrease of 48.2% from $53.206 million in the prior year [25].
Morgan Stanley Direct Lending Fund(MSDL) - 2025 Q3 - Quarterly Results