<span item_type="fundamental" item_id="9c75542ba55d50a009a93b8bfa838e3d" counter_id="ST/US/MSDL" env="prod"></span><span item_type="announcement" item_id="513929604999874817" env="prod"></span><p>Revenue: As of FY2025 Q1, the actual value is USD 101.46 M.</p><p>EPS: As of FY2025 Q1, the actual value is USD 0.34.</p><p></p><h3>Net Investment Income</h3><p>Net investment income for the quarter ended March 31, 2025 was $46.2 million, or $0.52 per share, compared to $50.7 million, or $0.57 per share, for the quarter ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Net Asset Value</h3><p>Net asset value per share was $20.65 as of March 31, 2025, compared to $20.81 as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Debt-to-Equity Ratio</h3><p>Debt-to-equity was 1.11x as of March 31, 2025, compared to 1.08x as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Investment Commitments</h3><p>New investment commitments were $233.4 million, fundings were $205.6 million, and sales and repayments were $201.8 million, resulting in net funded deployment of $3.8 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Total Investment Income</h3><p>Total investment income for the quarter ended March 31, 2025 was $101.5 million, compared to $103.0 million for the quarter ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Total Net Expenses</h3><p>Total net expenses for the quarter ended March 31, 2025 were $55.2 million, compared to $52.3 million for the quarter ended December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Net Change in Unrealized Depreciation</h3><p>For the quarter ended March 31, 2025, net change in unrealized depreciation on investments was $17.1 million, partially offset by net realized gains of $0.5 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Portfolio Composition</h3><p>As of March 31, 2025, the investment portfolio had a fair value of approximately $3.8 billion, comprised of 210 portfolio companies across 34 industries.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Capital and Liquidity</h3><p>As of March 31, 2025, the Company had total principal debt outstanding of $2,013.6 million and $1,084.1 million of availability under its credit facilities, with $65.6 million in unrestricted cash.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span></p><h3>Outlook / Guidance</h3><p>The Company established an at-the-market offering through which it may sell shares of its common stock, having an aggregate offering price of up to $300.0 million. The Board declared a regular dividend of $0.50 per share to shareholders of record as of March 31, 2025. Forward-looking statements indicate potential risks and uncertainties affecting future performance.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256dex991.htm"></span><span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1782524/000119312525115968/d909256d8k.htm"></span></p>

Morgan Stanley Direct Lending Fund | 8-K: FY2025 Q1 Revenue: USD 101.46 M