Morgan Stanley Direct Lending Fund

Morgan Stanley Direct Lending Fund ( MSDL ) Q3 2026 Earnings Call November 6, 2026 10:00 AM EST Company Participants Sanna Johnson - Head of Investor Relations Michael Occi - CEO & Interested Director Jeffrey Day - Co-President David Pessah - Chief Financial Officer Rebecca Shaoul - Managing Director Conference Call Participants Finian O'Shea - Wells Fargo Securities, LLC, Research Division Heli Sheth - Raymond James & Associates, Inc., Research Division Paul Johnson - Keefe, Bruyette, & Woods, Inc., Research Division Melissa Wedel - UBS Investment Bank, Research Division Kenneth Lee - RBC Capital Markets, Research Division Presentation Operator Good day, and welcome to the Morgan Stanley Direct Lending Third Quarter 2026 Earnings Call. [Operator Instructions] As a reminder, this conference call is being recorded.

Morgan Stanley Direct Lending Fund (MSDL) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.5 per share a year ago.

NEW YORK--(BUSINESS WIRE)--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 third quarter ended September 30, 2026. QUARTERLY HIGHLIGHTS Net investment income of $40.3 million, or $0.48 per share, as compared to $38.2 million, or $0.45 per share, for the quarter ended June 30, 2026; Net asset value of $18.76 per share, as.

The BDC sector trades at historically wide discounts, offering a 3.25% yield pickup versus NAV and significant margin of safety. Current sector discounts imply extreme default rates, unsupported by historical loss data or recent credit performance, suggesting discounts are overly pessimistic. Rising Fed Funds rates are set to boost BDC net investment income by around 8%, supporting dividend coverage and potential increases for well-positioned names.