Morgan Stanley Direct Lending Fund Q2 Earnings Call Highlights

Morgan Stanley Direct Lending Fund (MSDL) reported Q2 net investment income of $0.45 per share, down from $0.47, but maintained its $0.45 dividend, which management believes is consistent with normalized earnings. The fund's NAV declined to $19.50 due to credit marks, with non-accruals rising to 2.9% after three companies were added, although 95% of the portfolio remained risk-rated 2 or better. MSDL expanded financing by issuing $350 million in unsecured notes, repurchased $12.5 million of shares below NAV, and invested an additional $10 million in its Capstone JV.