Private Credit Portfolio Analysis | Morgan Stanley Direct Lending Fund Reports FY 2024 Results
- Editor
- Feb 27
- 2 min read
Whats New:
Morgan Stanley Direct Lending Fund reported its fiscal year 2024 financial results, showing growth in total assets and stockholders' equity compared to the previous year. The fund's total assets increased to $3.91 billion as of December 31, 2024, up from $3.31 billion at the end of 2023. Net asset value per share rose to $20.81, compared to $20.67 at the end of the previous year.
Portfolio Dynamics:
Total assets grew to $3.91 billion as of December 31, 2024, compared to $3.31 billion at the end of 2023.
Investments owned at fair value increased to $3.79 billion, up from $3.19 billion at the end of 2023.
Cash and cash equivalents rose to $72.37 million from $69.71 million at the end of 2023.
Investment Activty:
Receivable from investment sales increased to $470,000 from $173,000 at the end of 2023.
Dividend and interest receivable grew to $30.55 million from $28.88 million at the end of 2023.
Prepaid expenses and other assets increased to $630,000 from $53,000 at the end of 2023.
Capital Structure:
Long-term debt increased to $1.97 billion from $1.50 billion at the end of 2023.
Stockholders' equity grew to $1.84 billion from $1.72 billion at the end of 2023.
The fund issued additional common stock, with the value increasing to $89 million from $83 million at the end of 2023.
Performance Profile:
Net asset value per share increased to $20.81 as of December 31, 2024, compared to $20.67 at the end of 2023.
Retained earnings grew to $29.62 million from $8.46 million at the end of 2023.
Additional paid-in capital increased to $1.81 billion from $1.71 billion at the end of 2023.
Risk & Quality:
Management fee payable increased to $7.04 million from $2.01 million at the end of 2023.
Incentive fee payable for income decreased to $8.96 million from $11.77 million at the end of 2023.
Interest payable rose to $21.21 million from $18.82 million at the end of 2023.
The Wrap:
Morgan Stanley Direct Lending Fund demonstrated growth in fiscal year 2024, with significant increases in total assets, investments at fair value, and stockholders' equity. The fund's net asset value per share improved, reflecting positive performance. However, the increase in long-term debt and various fee payables suggests higher costs associated with the fund's expanded operations and investment activities. The fund's ability to grow its portfolio while maintaining a slight increase in NAV per share indicates a balanced approach to growth and value preservation.
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