0001104659-24-059334.txt : 20240509 0001104659-24-059334.hdr.sgml : 20240509 20240509161344 ACCESSION NUMBER: 0001104659-24-059334 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20240509 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240509 DATE AS OF CHANGE: 20240509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Morgan Stanley Direct Lending Fund CENTRAL INDEX KEY: 0001782524 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 814-01332 FILM NUMBER: 24930784 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212 761 0380 MAIL ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: Morgan Stanley Direct Lending Fund LLC DATE OF NAME CHANGE: 20190923 FORMER COMPANY: FORMER CONFORMED NAME: Morgan Stanley BDC LLC DATE OF NAME CHANGE: 20190715 8-K 1 tm2413984d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 

 

FORM 8-K 

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 9, 2024 

 

 

Morgan Stanley Direct Lending Fund

(Exact name of registrant as specified in its charter) 

 

 

Delaware 814-01332 84-2009506

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification Number)

     

 

1585 Broadway

New York, NY

 10036
(Address of principal executive offices) (Zip Code)

 

1 (212) 761-4000

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former Name or Former Address, if changed since last report) 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share MSDL The New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On May 9, 2024, Morgan Stanley Direct Lending Fund (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

 

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 7.01. Regulation FD Disclosure.

 

On May 8, 2024, the Board of Directors of the Company declared a regular distribution to stockholders in the amount of $0.50 per share. The distribution will be payable on or around July 25, 2024 to stockholders of record as of June 28, 2024.

 

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” by the Company for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits:

 

Exhibit
Number 		   Description
99.1   Press Release of Morgan Stanley Direct Lending Fund, dated May 9, 2024.
   
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: May 9, 2024 MORGAN STANLEY DIRECT LENDING FUND
     
  By: /s/ David Pessah
    David Pessah
    Chief Financial Officer

 

 

 

 

 EX-99.1 2 tm2413984d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Morgan Stanley Direct Lending Fund Announces March 31, 2024 Financial Results and Declares Second Quarter 2024 Dividend of $0.50 per Share

 

NEW YORK, NY, May 9, 2024 — Morgan Stanley Direct Lending Fund (NYSE: MSDL) (“MSDL” or the “Company”), a business development company externally managed by MS Capital Partners Adviser Inc. (the “Adviser”), today announced its financial results for the first quarter ended March 31, 2024.

 

“MSDL generated strong first quarter operating results, supported by continued stable credit performance,” said Jeffrey Levin, President and Chief Executive Officer of Morgan Stanley Direct Lending Fund. “We have constructed what we believe to be a resilient middle-market portfolio of senior, sponsor-backed loans and believe we are well positioned to generate strong risk-adjusted returns for our investors as market trends evolve.”

 

QUARTERLY HIGHLIGHTS

 

·Net investment income of $54.7 million, or $0.63 per share;
·Net asset value of $20.67 per share, unchanged as compared to December 31, 2023, despite dilution from our initial public offering (“IPO”);
·Debt-to-equity was 0.81x as of March 31, 2024, as compared to 0.87x as of December 31, 2023;
·New investment commitments of $232.1 million, fundings of $168.4 million and sales and repayments of $71.7 million, resulting in net funded portfolio increase of $96.7 million; and
·The Company’s Board of Directors (the “Board”) declared a regular dividend of $0.50 per share, paid on April 25, 2024 to stockholders of record as of March 29, 2024.

 

SELECTED FINANCIAL HIGHLIGHTS

 

    For the Quarter Ended 
   March 31, 2024   December 31, 2023 
Net investment income per share  $0.63   $0.67 
Net realized and unrealized gains (losses) per share1  $(0.05)  $0.03 
Earnings per share  $0.59   $0.70 
Regular dividend per share  $0.50   $0.50 
Special dividend per share   -   $0.10 

 

   As of 
($ in thousands, except per share information)  March 31, 2024   December 31, 2023 
Investments, at fair value  $3,293,205   $3,193,561 
Total debt outstanding, at principal  $1,492,257   $1,502,263 
Net assets  $1,837,027   $1,721,151 
Net asset value per share  $20.67   $20.67 
Debt to equity   0.81x   0.87x
Net debt to equity   0.77x   0.83x

 

1 Amount shown may not correspond for the period as it includes the effect of the timing of the distribution and the issuance of common stock.

 

RESULTS OF OPERATIONS

 

Total investment income for the first quarter ended March 31, 2024 was $99.1 million, compared to $100.8 million for the fourth quarter ended December 31, 2023. The slight decrease was driven by a reduction in non-recurring repayment related income.

 

 

 

 

 

Total operating expenses for the quarter ended March 31, 2024 were $44.5 million, compared to $45.3 million for the quarter ended December 31, 2023. The decrease in operating expenses quarter over quarter was attributable to lower interest and other financing expenses and lower incentive fees due to the partial incentive fee waiver for one year after the Company’s IPO and partially offset by higher management fees.

 

Net investment income for the quarter ended March 31, 2024 was $54.7 million, or $0.63 per share, compared to $55.5 million, or $0.67 per share, for the quarter ended December 31, 2023.

 

For the quarter ended March 31, 2024, net change in unrealized appreciation on investments was $2.7 million offset by realized losses of $5.6 million.

 

PORTFOLIO AND INVESTMENT ACTIVITY

 

As of March 31, 2024, the Company’s investment portfolio had a fair value of approximately $3.3 billion, comprised of 178 portfolio companies across 31 industries, with an average investment size of $18.5 million, or 0.6% of our total portfolio on a fair value basis. The composition of the Company’s investments was the following:

 

   March 31, 2024   December 31, 2023 
($ in thousands)  Cost   Fair Value   % of Total
Investments at
Fair Value		   Cost   Fair Value   % of Total
Investments Fair
Value		 
First Lien Debt  $3,131,129   $3,115,404    94.6%  $3,027,413   $3,004,544    94.1%
Second Lien Debt   136,708    118,107    3.6    146,014    132,415    4.1 
Other Investments   55,930    59,694    1.8    53,349    56,602    1.8 
Total  $3,323,767   $3,293,205    100.0%  $3,226,776   $3,193,561    100.0%

 

Investment activity for the three months ended March 31, 2024 and December 31, 2023, was as follows:

 

Investment Activity:  March 31, 2024   December 31, 2023 
New investment commitments, at par  $232,120   $242,891 
Investment fundings  $168,357   $253,867 
Number of new Investment commitments in portfolio companies   9    12 
Number of portfolio companies exited or fully repaid   3    5 

 

Total weighted average yield of investments in debt securities at amortized cost and fair value was 11.9% and 12.0%, respectively, as of March 31, 2024, compared to 12.0% and 12.1%, respectively as of December 31, 2023. Floating rate debt investments as a percentage of total portfolio on a fair value basis remained unchanged from December 31, 2023 at 99.9% as of March 31, 2024. As of March 31, 2024, three investments were on non-accrual status, representing approximately 0.4% of total investments at amortized cost.

 

CAPITAL AND LIQUIDITY

 

As of March 31, 2024, the Company had total principal debt outstanding of $1,492.3 million, including $300.0 million outstanding in the Company’s BNP funding facility, $492.3 million outstanding in the Company’s Truist credit facility, $275.0 million outstanding in the Company’s senior unsecured notes due September 2025, and $425.0 million outstanding in the Company’s senior unsecured notes due February 2027. The combined weighted average interest rate on debt outstanding was 6.69% for the quarter ended March 31, 2024. As of March 31, 2024, the Company had $923.7 million of availability under its credit facilities and $64.8 million in cash. Debt to equity was 0.81x and 0.87x as of March 31, 2024 and December 31, 2023, respectively, with the decline primarily attributable to the IPO being executed during the first quarter.

 

 

 

 

 

RECENT DEVELOPMENTS

 

·On May 8, 2024, the Board declared a distribution of $0.50 per share, which is payable on July 25, 2024 to shareholders of record as of June 28, 2024.
·On April 19, 2024, the Company executed an amendment to its Senior Secured Revolving Credit Facility with Truist Bank, extending the maturity from January 2028 to April 2029. As part of the amendment, the total commitment was increased from $1.12 to $1.30 billion and pricing terms were maintained.
·In late March, Fitch Ratings affirmed MSDL’s BBB- (stable) rating.

 

CONFERENCE CALL INFORMATION

 

Morgan Stanley Direct Lending Fund will host a conference call on Friday, May 10, 2024 at 10:00 am ET to review its financial results and conduct a question-and-answer session. All interested parties are invited to participate in the live earnings conference call by using the following dial-in numbers or audio webcast link available on the MSDL Investor Relations website:

 

·Audio Webcast
·Conference Call
·Domestic: 888-256-1007
·International: 323-701-0225
·Passcode: 6641924

 

To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. An archived replay will also be available on the MSDL Investor Relations website.

 

About Morgan Stanley Direct Lending Fund

 

Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. MSDL is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley. MSDL is not a subsidiary of or consolidated with Morgan Stanley. For more information about Morgan Stanley Direct Lending Fund, please visit www.msdl.com.

 

Forward-Looking Statements

 

Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or MSDL’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in MSDL’s filings with the U.S. Securities and Exchange Commission. MSDL undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

 

Contacts

 

Investors
Michael Occi
msdl@morganstanley.com

 

Media
Alyson Barnes
212-762-0514
alyson.barnes@morganstanley.com

 

 

 

 

 

Consolidated Statements of Assets and Liabilities 

(In thousands, except share and per share amounts)

 

   As of 
   March 31, 2024   December 31, 2023 
   (Unaudited)   (Audited) 
Assets        
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,323,767 and $3,226,776)  $3,293,205   $3,193,561 
Cash   64,762    69,705 
Deferred financing costs   13,391    14,317 
Interest and dividend receivable from non-controlled/non-affiliated investments   29,341    28,884 
Subscription receivable   —    41 
Receivable for investments sold/repaid   348    173 
Prepaid expenses and other assets   300    53 
Total assets   3,401,347    3,306,734 
           
Liabilities          
Debt (net of unamortized debt issuance costs of $4,982 and $5,564)   1,486,661    1,496,032 
Payable for investment purchased   2,972    8 
Payable to affiliates (Note 3)   2,511    2,870 
Dividends payable   44,447    49,968 
Management fees payable   5,132    2,012 
Income based incentive fees payable   10,126    11,766 
Interest payable   8,963    18,823 
Accrued expenses and other liabilities   3,508    4,104 
Total liabilities   1,564,320    1,585,583 
           
Commitments and Contingencies (Note 7)          
           
Net assets          
Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding)   —    — 
Common stock, par value $0.001 (100,000,000 shares authorized; 88,894,490 and 83,278,831 shares issued and outstanding)   89    83 
Paid-in capital in excess of par value   1,821,242    1,712,609 
Total distributable earnings (loss)   15,696    8,459 
Total net assets  $1,837,027   $1,721,151 
Total liabilities and net assets  $3,401,347   $3,306,734 
Net asset value per share  $20.67   $20.67 

 

 

 

 

 

Consolidated Statements of Operations (unaudited)

(In thousands, except share amounts)

 

   For the Three Months Ended 
   March 31, 2024   March 31, 2023 
Investment Income:          
From non-controlled/non-affiliated investments:          
Interest income  $94,631   $81,717 
Payment-in-kind   2,644    441 
Dividend income   565    496 
Other income   1,261    985 
Total investment income   99,101    83,639 
           
Expenses:          
Interest and other financing expenses   27,260    26,667 
Management fees   8,230    7,304 
Income based incentive fees   11,336    9,381 
Professional fees   1,217    1,241 
Directors’ fees   146    80 
Administrative service fees   25    54 
General and other expenses   108    168 
Total expenses   48,322    44,895 
Management fees waiver (Note 3)   (3,098)   (5,478)
Incentive fees waiver (Note 3)   (1,210)   — 
Net expenses   44,014    39,417 
Net investment income (loss) before taxes   55,087    44,222 
Excise tax expense   436    — 
Net investment income (loss) after taxes   54,651    44,222 
           
Net realized and unrealized gain (loss):          
Net realized gain (loss) on non-controlled/non-affiliated investments   (5,625)   122 
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments   2,658    (567)
Net realized and unrealized gain (loss)   (2,967)   (445)
Net increase (decrease) in net assets resulting from operations  $51,684   $43,777 
           
Net investment income (loss) per share (basic and diluted)  $0.63   $0.62 
Earnings per share (basic and diluted)  $0.59   $0.62 
Weighted average shares outstanding:   87,358,527    70,863,184 

 

 

 

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Cover
May 09, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 09, 2024
Entity File Number 814-01332
Entity Registrant Name Morgan Stanley Direct Lending Fund
Entity Central Index Key 0001782524
Entity Tax Identification Number 84-2009506
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 1585 Broadway
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10036
City Area Code 212
Local Phone Number 761-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol MSDL
Security Exchange Name NYSE
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period true
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