MSDL reports Q4 2025 NII of $0.49/share; declares $0.45 dividend for Q1 2026; launches JV with $200M commitment

Morgan Stanley Direct Lending Fund

2025-FY EPS reported $1.40

Net investment income $42.4M ($0.49/sh) vs $43.7M ($0.50) in Q3 2025; NAV $20.26/sh vs $20.41.
Regular dividend declared $0.45/sh payable April 24, 2026 to holders of record March 31, 2026; Q4 dividend was $0.50.
Launched Capstone Lending JV with institutional partner; MSDL committed up to $200M, partner $50M; 47% of commitments called.
New $100M share repurchase program authorized for 24 months; prior program replaced.
Portfolio: $3.8B fair value across 227 companies; total weighted average yield 9.3%; debt-to-equity 1.20x.

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