Morgan Stanley Direct Lending Fund reported its financial results for the quarter ending March 31, 2025, revealing a total investment income of $101.5 million, an increase from $99.1 million in the same period last year. The fund's net investment income after taxes was $46.2 million, down from $54.7 million a year earlier. The decrease in net investment income was attributed to higher expenses, which rose to $55.6 million from $48.3 million, primarily due to increased interest and financing costs as well as management fees.
The fund's total assets as of March 31, 2025, stood at $3.91 billion, slightly up from $3.91 billion at the end of 2024. The total net assets decreased to $1.82 billion from $1.84 billion, resulting in a net asset value per share of $20.65, down from $20.81. The number of shares outstanding was reported at 87.1 million, reflecting a reduction from 88.5 million shares at the end of the previous quarter.
In terms of operational developments, the fund's investment portfolio increased in size, with total investments at fair value reaching $3.79 billion, compared to $3.79 billion at the end of 2024. The portfolio consisted predominantly of first lien debt, which represented 96.3% of total investments. The fund also reported a weighted average yield on debt investments of 10.3%, down from 10.5% in the previous quarter, indicating a slight decline in the income-generating capacity of its investments.
Strategically, the fund has been active in managing its capital structure, with a focus on maintaining liquidity. As of March 31, 2025, the fund had approximately $65.6 million in unrestricted cash and cash equivalents, alongside significant borrowing capacity under its credit facilities. The fund's management has indicated that it expects to meet its unfunded commitments of $584.9 million, ensuring it can continue to support its portfolio companies. Looking ahead, the fund remains focused on generating attractive risk-adjusted returns through its investment strategy, which primarily targets middle-market companies.
About Morgan Stanley Direct Lending Fund
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.