Exhibit 99.1

Morgan Stanley Direct Lending Fund Announces June 30, 2025 Financial Results and Declares Third Quarter 2025 Regular Dividend of $0.50 per Share

NEW YORK, NY, August 7, 2025 — 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 second quarter ended June 30, 2025.

QUARTERLY HIGHLIGHTS

• Net investment income of $43.7 million, or $0.50 per share, as compared to $46.2 million, or $0.52 per share, for the quarter ended March 31, 2025;

• Net asset value of $20.59 per share, as compared to $20.65 as of March 31, 2025;

• Debt-to-equity was 1.15x as of June 30, 2025, as compared to 1.11x as of March 31, 2025;

• New investment commitments of $149.1 million (net of any syndications), fundings of $204.0 million and sales and repayments of $207.5 million, resulting in net funded deployment of ($3.5) million;

• The Company’s Board of Directors (the “Board”) declared a regular dividend of $0.50 per share to shareholders of record as of June 30, 2025; and

• The Company successfully priced $350 million of 6.00% Notes due May 2030 and swapped the fixed rate coupon to floating rate. In connection with the issuance, the Company fully redeemed the $275 million of 7.55% Notes due September 2025.

SELECTED FINANCIAL HIGHLIGHTS

	For the Quarter Ended
($ in thousands, except per share information)	June 30, 2025			March 31, 2025
Net investment income per share		$0.50			$0.52
Net realized and unrealized gains (losses) per share1		($0.09	)		($0.18)
Earnings per share		$0.41			$0.34
Regular dividend per share		$0.50			$0.50

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

	As of
($ in thousands, except per share information)	June 30, 2025		March 31, 2025
Investments, at fair value		$3,785,496		$3,788,178
Total debt outstanding, at principal		$2,054,188		$2,013,588
Net assets		$1,790,299		$1,817,807
Net asset value per share		$20.59		$20.65
Debt to equity		1.15x		1.11x
Net debt to equity		1.10x		1.07x

RESULTS OF OPERATIONS

Total investment income for the quarter ended June 30, 2025 was $99.5 million, compared to $101.5 million for the quarter ended March 31, 2025. The decrease was primarily driven by lower base rates as well as lower repayment related income as compared to the prior period.

Total net expenses for the quarter ended June 30, 2025 were $55.9 million, compared to $55.2 million for the quarter ended March 31, 2025. The increase in net expenses quarter over quarter was primarily attributable to higher net management and income based incentive fees incurred following the expiration of the Adviser’s waiver of a portion of the base management and incentive fees in connection with the Company’s initial public offering, which expired in January 2025.

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Net investment income for the quarter ended June 30, 2025 was $43.7 million, or $0.50 per share, compared to $46.2 million, or $0.52 per share, for the quarter ended March 31, 2025.

For the quarter ended June 30, 2025, net change in unrealized depreciation was $7.7 million, partially offset by net realized gains of $0.1 million.

PORTFOLIO AND INVESTMENT ACTIVITY

As of June 30, 2025, the Company’s investment portfolio had a fair value of approximately $3.8 billion, comprised of 214 portfolio companies across 34 industries, with an average investment size of $17.7 million, or 0.5% of our total portfolio on a fair value basis. The composition of the Company’s investments was the following:

	June 30, 2025							March 31, 2025
($ in thousands)	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	3,682,846	$	3,650,847		96.4	%	$	3,679,424	$	3,652,320		96.3%
Second Lien Debt		82,435		71,721		1.9			82,134		71,190		1.9
Other Debt Investments		11,280		9,773		0.3			11,008		9,603		0.3
Equity		54,646		53,155		1.4			54,165		55,065		1.5
Total	$	3,831,207	$	3,785,496		100.0	%	$	3,826,731	$	3,788,178		100.0%

Investment activity was as follows:

Investment Activity:	Three Months Ended June 30, 2025		Three Months Ended March 31, 2025
New investment commitments, at par (net of syndications)	$	149,054	$	233,368
Investment fundings	$	204,003	$	205,647
Number of new investment commitments in portfolio companies		9		9
Number of portfolio companies exited or fully repaid		5		7

Total weighted average yield of investments in debt securities at amortized cost and fair value was 10.1% and 10.2%, respectively, as of June 30, 2025, compared to 10.2% and 10.3%, respectively, as of March 31, 2025. Floating rate debt investments as a percentage of total portfolio on a fair value basis was 99.6% as of June 30, 2025, unchanged compared to March 31, 2025. As of June 30, 2025, certain investments in four portfolio companies were on non-accrual status, representing approximately 0.7% of total investments at amortized cost.

CAPITAL AND LIQUIDITY

As of June 30, 2025, the Company had total principal debt outstanding of $2,054.2 million, including $316.0 million outstanding in the Company’s BNP funding facility, $613.2 million outstanding in the Company’s Truist credit facility, $425.0 million outstanding in the Company’s senior unsecured notes due February 2027, $350.0 million outstanding in the Company’s senior unsecured notes due May 2029 and $350.0 million outstanding in the Company’s newly issued senior unsecured notes due May 2030. During the quarter, the Company redeemed the $275.0 million senior unsecured notes due September 2025. The combined weighted average interest rate on debt outstanding was 6.02% for the quarter ended June 30, 2025. As of June 30, 2025, the Company had $1,113.0 million of availability under its credit facilities and $75.8 million in unrestricted cash and short term, liquid investments. Debt to equity was 1.15x and 1.11x as of June 30, 2025 and March 31, 2025, respectively.

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SHARE REPURCHASES

On February 27, 2025, the Board authorized an amended and restated share repurchase program, which has a maximum size of $100.0 million, exclusive of prior repurchases. For the three months ended June 30, 2025, the Company repurchased 1,057,127 shares at an average price of $18.92 per share.

ATM OFFERING

On March 28, 2025, the Company entered into equity distribution agreements pursuant to which the Company may sell shares of the Company’s common stock having an aggregate offering price of up to $300.0 million.

For the quarter ended June 30, 2025 there were no shares issued through the ATM offering.

OTHER DEVELOPMENTS

• On August 5, 2025, the Board declared a regular distribution of $0.50 per share, which is payable on or around October 24, 2025 to shareholders of record as of September 30, 2025.

• On August 6, 2025, the Company successfully priced its inaugural CLO with approximately $400 million of aggregate principal amount, at an efficient cost of funding.

CONFERENCE CALL INFORMATION

Morgan Stanley Direct Lending Fund will host a conference call on Friday, August 8, 2025 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: 323-994-2093

• International: 888-394-8218

• Passcode: 9240969

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.

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Contacts

Investors Sanna Johnson msdl@morganstanley.com Media Alyson Barnes 212-762-0514 alyson.barnes@morganstanley.com

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Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share amounts)

	As of
	June 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $3,826,123 and $3,813,127)	$	3,780,373	$	3,791,494
Non-controlled/affiliated investments, at fair value (amortized cost of $5,084 and $0)		5,123		—
Total investments, at fair value (amortized cost of $3,831,207 and $3,813,127)		3,785,496		3,791,494
Cash and cash equivalents (restricted cash of $3,820 and $2,000)		52,216		63,396
Investments in unaffiliated money market fund (cost of $27,410 and $8,976)		27,410		8,976
Deferred financing costs		18,853		16,498
Interest and dividend receivable from non-controlled/non-affiliated investments		25,253		30,554
Interest and dividend receivable from non-controlled/affiliated investments		46		—
Receivable for investments sold/repaid		134		470
Prepaid expenses and other assets		12,482		630
Total assets		3,921,890		3,912,018
Liabilities
Debt (net of unamortized debt issuance costs of $8,773 and $6,527)		2,050,254		1,973,479
Payable for investment purchased		—		192
Payable to affiliates (Note 3)		96		29
Dividends payable		43,575		53,229
Management fees payable		9,624		7,042
Income based incentive fees payable		9,279		8,956
Interest payable		16,218		21,205
Accrued expenses and other liabilities		2,545		5,730
Total liabilities		2,131,591		2,069,862
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 (500,000,000 shares authorized; 86,962,629 and 88,511,089 shares issued and outstanding)		87		89
Paid-in capital in excess of par value		1,782,313		1,812,443
Total distributable earnings (loss)		7,899		29,624
Total net assets	$	1,790,299	$	1,842,156
Total liabilities and net assets	$	3,921,890	$	3,912,018
Net asset value per share	$	20.59	$	20.81

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Consolidated Statements of Operations (unaudited)

(In thousands, except share amounts)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	93,752		$	99,072		$	188,693		$	193,703
Payment-in-kind		3,815			2,850			8,003			5,494
Dividend income		650			646			1,244			1,211
Other income		1,175			1,620			2,870			2,881
From non-controlled/affiliated investments:
Interest income		44			—			70			—
Payment-in-kind		72			—			86			—
Total investment income		99,508			104,188			200,966			203,289
Expenses:
Interest and other financing expenses		34,707			29,302			68,886			56,562
Management fees		9,624			8,639			19,242			16,869
Income based incentive fees		9,279			11,554			19,122			22,890
Professional fees		1,698			1,687			3,306			2,904
Directors’ fees		130			128			259			274
Administrative service fees		85			17			145			42
General and other expenses		128			51			310			159
Total expenses		55,651			51,378			111,270			99,700
Management fees waiver (Note 3)		—			(2,160	)		(641	)		(5,257	)
Incentive fees waiver (Note 3)		—			(1,651	)		(375	)		(2,862	)
Net expenses		55,651			47,567			110,254			91,581
Net investment income (loss) before taxes		43,857			56,621			90,712			111,708
Excise tax expense		200			500			827			936
Net investment income (loss) after taxes		43,657			56,121			89,885			110,772
Net realized and unrealized gain (loss):
Realized gain (loss):
Net realized gain (loss) on non-controlled/non-affiliated investments		25			108			587			(5,517	)
Foreign currency and other transactions		66			—			53			—
Net realized gain (loss)		91			108			640			(5,517	)
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated investments		(7,751	)		2,816			(24,899	)		5,474
Net change in unrealized appreciation (depreciation) on non-controlled/affiliated investments		(2	)		—			40			—
Translation of assets and liabilities in foreign currencies		101			—			100			—
Net unrealized appreciation (depreciation)		(7,652	)		2,816			(24,759	)		5,474
Net realized and unrealized gain (loss)		(7,561	)		2,924			(24,119	)		(43	)
Net increase (decrease) in net assets resulting from operations	$	36,096		$	59,045		$	65,766		$	110,729
Net investment income (loss) per share (basic and diluted)	$	0.50		$	0.63		$	1.02		$	1.25
Earnings per share (basic and diluted)	$	0.41		$	0.66		$	0.75		$	1.25
Weighted average shares outstanding		87,189,801			89,271,839			87,798,346			88,315,183

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