Morgan Stanley Direct Lending Fund (MSDL) 2025 Q3 法說會逐字稿

Welcome to Morgan Stanley Direct Lending Fund third quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. At this time, I'd like to turn the call over to Sanna Johnson. Please go ahead.

歡迎參加摩根士丹利直接貸款基金2025年第三季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。此時，我想把電話交給桑娜·約翰遜。請繼續。

Good morning, and welcome to Morgan Stanley Direct Lending Fund's third quarter 2025 earnings call. I am joined this morning by Michael Occi, Chief Executive Officer; Ashwin Krishnan, Chief Investment Officer; Jeff Day, Co-President; David Pessah, Chief Financial Officer; and Rebecca Shaoul, Head of Portfolio Management.

早安，歡迎參加摩根士丹利直接貸款基金2025年第三季財報電話會議。今天早上與我一同出席的有：執行長 Michael Occi；首席投資長 Ashwin Krishnan；聯合總裁 Jeff Day；財務長 David Pessah；以及投資組合管理主管 Rebecca Shaoul。

Morgan Stanley Direct Lending Fund's third quarter 2025 financial results were released yesterday after market close and can be accessed on the Investor Relations section of our website at www.msdl.com. We have arranged for a replay of today's event that will be accessible from the Morgan Stanley Direct Lending Fund website.

摩根士丹利直接貸款基金2025年第三季財務表現已於昨日收盤後發布，投資人可造訪本公司網站www.msdl.com的「投資者關係」頁面查閱。我們已安排重播今日的發表會，屆時可透過摩根士丹利直接貸款基金網站觀看。

During this call, I want to remind you that we may make forward-looking statements based on current expectations. The statements on this call that are not purely historical are forward-looking statements. These forward-looking statements are not a guarantee of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including and without limitation, market conditions, uncertainties surrounding interest rates, changing economic conditions, and other factors we have identified in our filings with the SEC.

在本次通話中，我想提醒各位，我們可能會根據目前的預期做出前瞻性陳述。本次電話會議中除純粹歷史事實外的所有陳述均為前瞻性陳述。這些前瞻性陳述並非對未來業績的保證，並且受到不確定性和其他因素的影響，這些因素可能導致實際結果與前瞻性陳述中表達的結果存在重大差異，包括但不限於市場狀況、利率的不確定性、不斷變化的經濟狀況以及我們在提交給美國證券交易委員會的文件中確定的其他因素。

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions can prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions can be incorrect.

儘管我們認為這些前瞻性聲明所依據的假設是合理的，但任何一個假設都可能被證明是不準確的，因此，基於這些假設的前瞻性陳述也可能是不正確的。

You should not place undue reliance on these forward-looking statements. The forward-looking statements contained on this call are made as of the date hereof, and we assume no obligation to update the forward-looking statements or subsequent events.

您不應過度依賴這些前瞻性陳述。本次電話會議中所包含的前瞻性陳述僅代表截至本次會議發布之日的信息，我們不承擔更新這些前瞻性陳述或後續事件的義務。

To obtain copies of SEC-related filings, please visit our website. With that, I will now turn the call over to Michael Occi.

如需與美國證券交易委員會相關的備案文件副本，請造訪我們的網站。接下來，我將把電話交給麥可‧奧奇。

Thank you, Sanna. Good morning, everyone. Thank you for joining us today for Morgan Stanley Direct Lending Fund third quarter 2025 conference call. We'll walk through our third quarter results, provide an update on the portfolio and share our outlook for the remainder of the year. I'll start with a few key highlights before turning it over to Jeff Day to discuss the deal environment.

謝謝你，桑娜。各位早安。感謝您今天參加摩根士丹利直接貸款基金 2025 年第三季電話會議。我們將詳細介紹第三季業績，提供投資組合的最新信息，並分享我們對今年剩餘時間的展望。我先介紹幾個關鍵要點，然後再把話題交給傑夫·戴來討論交易環境。

We generated solid performance in the third quarter as the deployment environment gathered momentum. We have witnessed a continued pickup in deal activity as the market has gained more visibility on the trajectory of interest rates and government policy.

隨著部署環境的逐步完善，我們在第三季取得了穩健的表現。隨著市場對利率和政府政策走向的了解日益清晰，我們看到交易活動持續回升。

In terms of operating results, we generated net investment income of $0.50 per share, in line with the $0.50 per share that we earned in the second quarter. Our earnings in the third quarter were once again of high quality, characterized by consistently low contributions from payment in kind and other income.

從經營業績來看，我們每股淨投資收益為 0.50 美元，與第二季每股收益 0.50 美元基本持平。第三季我們的收益品質依然很高，其特點是實物支付和其他收入的貢獻持續較低。

During the quarter, MSDL committed $183 million to new investments, representing a 23% increase relative to the second quarter. Fundings were largely offset by repayments with that organic portfolio churn constituting approximately 5% of the portfolio for the third consecutive quarter.

本季度，MSDL 投入 1.83 億美元用於新投資，比第二季度成長 23%。資金投入很大程度上被償還款項抵消，連續第三個季度，自然發生的投資組合更替約佔投資組合的 5%。

The existing book provided a healthy contribution to overall funding activity. And nearly 75% of the non-refinancing volume during the quarter was driven by new platforms, underscoing the strength of our origination engine.

現有圖書為整體籌資活動做出了可觀的貢獻。本季近 75% 的非再融資交易量是由新平台推動的，這凸顯了我們貸款發放引擎的強大實力。

Additionally, we continue to lead nearly all of our deal flow, including agency and the LBOs for FMG suite, Holdings, an incumbent borrower, and [BCTO Blue Bill], a new platform. We believe that the combination of our deep origination team and our ability to leverage the broader Morgan Stanley franchise continues to differentiate our business in the marketplace.

此外，我們繼續引領幾乎所有的交易流程，包括代理交易和 FMG 集團、現有借款人 Holdings 以及新平台 [BCTO Blue Bill] 的槓桿收購。我們相信，我們強大的貸款發起團隊以及利用摩根士丹利更廣泛的業務網絡的能力，將繼續使我們的業務在市場上脫穎而出。

Sponsors increasingly look to us as a value-add partner, one that is capable of delivering more than just capital. Our breadth and depth of relationships allows us to see a vast range of deal flow, and we can remain selective given that this opportunity set dwarfs the scale of our capital base. We believe that our selective approach enables us to stay true to our mission of principal preservation as evidenced by our credit results.

贊助商越來越把我們視為能夠提供加值服務的合作夥伴，而不僅僅是資金。我們廣泛的人脈關係使我們能夠看到大量的交易機會，而且鑑於這些機會的數量遠遠超過了我們的資本規模，我們可以保持選擇性。我們相信，我們採取的選擇性方法使我們能夠始終堅持保本目標，我們的信貸業績也證明了這一點。

The Board declared a distribution of $0.50 per share for the fourth quarter, unchanged relative to prior quarters. Our dividend policy framework remains rooted in our pursuit to generate attractive and transparent risk-adjusted returns to shareholders.

董事會宣布第四季每股派息0.50美元，與前幾季持平。我們的股利政策框架仍然以追求為股東創造有吸引力且透明的風險調整後回報為根本。

Even with the prospect of additional Fed cuts, we expect that gross asset yields will remain elevated in a historical context as spreads have shown some evidence of bottoming. Away from interest income drivers, we have made strides in optimizing the right-hand side of the balance sheet, including through the closing of our inaugural CLO and the repricing of our asset-based facility with E&P.

即使聯準會可能進一步降息，我們預計總資產收益率仍將保持在歷史高位，因為利差已經顯示出觸底的跡象。除了利息收入驅動因素外，我們在優化資產負債表右側方面也取得了長足進步，包括完成了我們的首個 CLO 以及與 E&P 重新定價了我們的資產抵押融資。

We closed both of these in the third quarter, and these steps will see their full earnings benefit in the quarters ahead. We will otherwise continue to evaluate structural opportunities to enhance return on NAV without deviating from our more defensive investment strategy.

我們在第三季完成了這兩項工作，這些舉措將在未來幾季帶來全面的收益。除此之外，我們將繼續評估各種結構性機會，以提高淨資產收益率，同時不會偏離我們更保守的投資策略。

We believe that our transparent revenue model, efficient and conservative debt profile, relatively low operating expense base, and thoughtful fee structure highlight our strong alignment with shareholders. As emphasized last quarter, our platform benefits from Morgan Stanley's global resources and continued focus on MSDL as our platform's most visible pool of capital.

我們相信，我們透明的收入模式、高效且保守的債務結構、相對較低的營運費用基礎以及周全的費用結構，都突顯了我們與股東的緊密利益一致性。正如上個季度所強調的，我們的平台受益於摩根士丹利的全球資源，並且我們持續專注於MSDL，將其作為我們平台最顯眼的資金池。

The firm has continued to support the build-out of our team as part of the ongoing scaling of MSIM's credit business. We remain focused on generating long-term value for MSDL shareholders through the optimization of our defensive investment strategy and other return levers.

作為MSIM信貸業務持續擴張的一部分，該公司一直支持我們團隊的建設。我們將繼續專注於透過優化防禦性投資策略和其他回報手段，為 MSDL 股東創造長期價值。

With that, I will turn the call over to Jeff Day.

接下來，我將把電話交給傑夫·戴。

Thank you, Michael. As Michael noted, activity in the private equity community has continued to ramp, likely encouraged by tariff policy actually taking effect in early August and the Fed's resumption of interest rate cuts in September.

謝謝你，麥可。正如麥可所指出的那樣，私募股權界的活動持續升溫，這可能受到了8月初關稅政策實際生效以及聯準會9月份恢復降息的刺激。

Over the course of the third quarter and even more recently, we have observed an acceleration in financing volumes as evidenced by our own pipeline build. We believe that we are now in the nascent stages of a multiyear M&A recovery poised to drive a large volume of opportunities in the direct lending market.

在第三季以及最近一段時間，我們觀察到融資規模加速成長，我們自身的專案儲備也證明了這一點。我們相信，目前我們正處於多年併購復甦的初期階段，這將為直接貸款市場帶來大量機會。

While there is significant dry powder sitting on the sidelines today, we estimate that the demand for private financings could ultimately exceed the supply of capital by a factor of more than 2 times over a two-year period.

儘管目前有大量閒置資金，但我們估計，在兩年內，私人融資的需求最終可能會超過資本供應的兩倍以上。

As we have said previously, the trajectory for market volumes will not take the shape of a straight line. However, we are encouraged to see the rebound beginning to take hold. Strong risk appetite in the public markets as well as competitive dynamics in the private market have continued to weigh on pricing for direct lending deals.

正如我們之前所說，市場交易量的走勢不會是一條直線。然而，我們欣喜地看到反彈動能開始顯現。公開市場強勁的風險偏好以及私人市場的競爭動態持續對直接貸款交易的定價構成壓力。

However, the weighted average spread on new capital deployed by MSDL in the third quarter was flat to modestly wider quarter over quarter, and we continue to earn an illiquidity premium of approximately 150 basis points over the leveraged loan market. While we are not expecting spreads to widen in the near term, a prolonged rebound in sponsor activity could ultimately help tip the balance in favor of lenders.

然而，MSDL 第三季新投入資本的加權平均利差環比持平或略有擴大，我們繼續獲得比槓桿貸款市場高出約 150 個基點的流動性溢價。雖然我們預計短期內利差不會擴大，但發起人活動的持續反彈最終可能會使天平向貸款人傾斜。

Beyond pricing, we are generally still seeing reasonable EBITDA definitions, strong protection on collateral leakage, and appropriately sized basket-related documentation provisions.

除了定價之外，我們總體上仍然看到合理的 EBITDA 定義、對抵押品洩漏的強大保護以及適當規模的籃子相關文件規定。

Digging a bit deeper into our portfolio construction, we continue to believe that MSDL's portfolio is relatively insulated from direct tariff impacts and potential cycle volatility. We remain overweight in professional service businesses and underweight in more trade and consumer-oriented verticals relative to other BDCs in the market.

深入分析我們的投資組合構建，我們仍然認為 MSDL 的投資組合相對不受直接關稅影響和潛在週期波動的影響。與其他市場上的商業發展公司相比，我們仍然超配專業服務業務，而低配貿易和麵向消費者的垂直行業。

Our largest sector exposure continues to be software, which accounted for 19.5% of our portfolio as of the end of the third quarter. This allocation is anchored primarily in ERP-related software businesses that serve as the foundational infrastructure and contains the data for their end customers, which we believe will be more insulated from AI disruption.

我們最大的產業曝險仍然是軟體，截至第三季末，軟體占我們投資組合的 19.5%。這項投資主要集中在 ERP 相關軟體企業，這些企業作為基礎架構，承載著最終客戶的數據，我們認為它們將更能抵禦人工智慧帶來的衝擊。

From a borrower segmentation perspective, we continue to believe that MSDL is positioned in the sweet spot of the middle market with the flexibility to take advantage of attractive credit opportunities across the size spectrum.

從借款人細分的角度來看，我們仍然認為 MSDL 定位在中端市場的最佳位置，並且能夠靈活地利用各種規模範圍內具有吸引力的信貸機會。

For the second consecutive quarter, the weighted average borrower EBITDA for new platform deployments exceeded approximately $120 million. Our target remains in that plus or minus $90 million EBITDA range. However, our wide deal funnel has identified what we believe to be attractive risk-adjusted return opportunities slightly more upmarket over the past six months.

連續第二個季度，新平台部署的借款人加權平均 EBITDA 超過約 1.2 億美元。我們的目標仍然是 EBITDA 正負 9000 萬美元的範圍內。然而，在過去的六個月裡，我們廣泛的交易管道發現了我們認為具有吸引力的風險調整後回報機會，這些機會略微偏向高端市場。

Our portfolio has continued to perform well, particularly considering the unprecedented economic backdrop that we have lived through. Where we have seen weakness, it has generally been categorized by idiosyncratic issues rather than indicative of any broader underlying macro trends.

考慮到我們所經歷的史無前例的經濟環境，我們的投資組合表現依然良好。我們所看到的疲軟之處，通常都是由個別問題造成的，而不是反映任何更廣泛的宏觀趨勢。

Our borrowers have weathered the heightened inflation and initial bouts of tariff with remarkable resilience. Over the last several quarters, we have seen stability in loan-to-value profiles, interest coverage ratios that have ticked modestly higher, and EBITDA margins, which have remained relatively healthy.

我們的借款人以驚人的韌性經受住了通貨膨脹加劇和初期關稅上漲的考驗。在過去的幾個季度裡，我們看到貸款價值比保持穩定，利息保障倍數略有上升，EBITDA 利潤率也保持相對健康。

We think that these credit attributes make for a compelling risk-adjusted return proposition for our shareholders. Stepping back, a unique set of conditions is taking shape that could produce sustained tailwinds for the credit environment.

我們認為，這些信用屬性為我們的股東提供了極具吸引力的風險調整後回報方案。從更宏觀的角度來看，一系列獨特的條件正在形成，這些條件可能會為信貸環境帶來持續的利多。

The Fed's increased focus on labor market softness suggests that a continued path of monetary easing may be likely, while fiscal policy and a more accommodative regulatory backdrop are working in tandem to support the broader economic activity.

聯準會日益關注勞動力市場疲軟，這表明貨幣寬鬆政策可能會繼續下去，而財政政策和更寬鬆的監管環境正在協同作用，以支持更廣泛的經濟活動。

Together, these dynamics are helping to drive renewed momentum in sponsor-backed M&A activity and are likely to be constructive for overall credit performance in the quarters ahead. While we remain cautiously optimistic, we are also well positioned to take advantage of potential buy of market volatility should they surface.

這些因素共同推動了由發起人支持的併購活動重新煥發活力，並可能對未來幾季的整體信貸表現產生積極影響。儘管我們保持謹慎樂觀，但如果市場出現波動，我們也已做好充分準備，抓住潛在的買入機會。

Our strategy and capital base provide us with the flexibility to lean in when opportunities arise while maintaining discipline through changing market conditions. Looking ahead, we will remain focused on the same investment strategy that has underpinned our success, making first lien senior secured loans to high-quality middle market sponsor-backed companies and less cyclical sensitive industries.

我們的策略和資本基礎使我們能夠靈活地抓住機遇，同時在不斷變化的市場環境中保持自律。展望未來，我們將繼續專注於支撐我們成功的相同投資策略，即向高品質的中型市場發起人支持的公司和週期敏感性較低的行業提供優先擔保貸款。

With our robust sourcing network and disciplined underwriting, we believe MSDL is well positioned to continue to source compelling investment opportunities that offer strong risk-adjusted returns and in turn, create value for our shareholders.

憑藉我們強大的資源網絡和嚴謹的承保，我們相信 MSDL 有能力繼續尋找具有吸引力的投資機會，提供強勁的風險調整後收益，從而為我們的股東創造價值。

I will now hand the call over to David Pessah.

現在我將把電話交給大衛佩薩。

Thank you, Jeff. At quarter end, our portfolio totaled $3.8 billion at fair value, maintaining our strong first lien focus comprising of 96% first lien debt, 2% second lien debt, and the remainder in equity and other investments.

謝謝你，傑夫。截至季末，我們的投資組合以公允價值計算總計 38 億美元，繼續維持我們強大的優先擔保債務重點，其中 96% 為優先擔保債務，2% 為次級擔保債務，其餘為股權和其他投資。

The portfolio remains well diversified with 218 portfolio companies across 33 industries with an average borrower exposure of approximately 50 basis points. Regarding credit metrics as of quarter end, the weighted average loan-to-value for our portfolio companies was approximately 40%.

該投資組合保持了良好的多元化，涵蓋 33 個行業的 218 家投資組合公司，平均借款人風險敞口約為 50 個基點。截至季末，就信貸指標而言，我們投資組合公司的加權平均貸款價值比約為 40%。

The median EBITDA was approximately $87 million, and our weighted average yield on debt and income-producing investments was 9.7% at cost and 9.9% at fair value, representing a decline of approximately 35 basis points quarter over quarter, which was mainly driven by the decline in base rates.

EBITDA 中位數約為 8,700 萬美元，債務和收益型投資的加權平均收益率按成本計算為 9.7%，以公允價值計算為 9.9%，環比下降約 35 個基點，這主要是由於基準利率下降所致。

Turning to credit quality. We removed one position from nonaccrual and placed two new positions on nonaccrual. Those being our debt position in (inaudible), where our PIK note has already been on nonaccrual and Atlas purchaser, which had undergone a prior restructuring in the first quarter of 2024.

接下來關注信用品質。我們從非應計項目中移除了一個部位，並在非應計項目中建立了兩個新部位。這些債務包括我們在（聽不清楚）的債務，其中我們的 PIK 票據已不再計提利息，以及 Atlas 收購方，該公司在 2024 年第一季度進行了重組。

Our nonaccrual rate was 120 basis points of the total portfolio at cost, which remains quite low. For our investment activity in the third quarter, we made new investment commitments of approximately $183 million across 9 new portfolio companies and 13 existing portfolio companies. Investment fundings, including fundings of existing commitments totaled approximately $198 million, offset $200 million in repayments.

我們的非應計率佔總投資組合成本的 120 個基點，仍然相當低。在第三季的投資活動中，我們對 9 家新的投資組合公司和 13 家現有投資組合公司進行了約 1.83 億美元的新投資承諾。投資資金（包括對現有承諾的資金）總額約為 1.98 億美元，抵消了 2 億美元的還款。

Moving to our financial results for the third quarter. Our total investment income was $99.7 million for the third quarter as compared to $99.5 million in the prior quarter. PIK income continues to remain relatively low representing approximately 4.1% of total income for the third quarter. Total expenses for the third quarter were $56 million compared to $55.9 million in the prior quarter.

接下來來看看我們第三季的財務表現。第三季我們的總投資收益為 9,970 萬美元，而上一季為 9,950 萬美元。第三季PIK營收仍相對較低，約佔總營收的4.1%。第三季總支出為 5,600 萬美元，而上一季為 5,590 萬美元。

Net investment income for the third quarter remained unchanged at $43.7 million or $0.50 per share. For the third quarter, the net change in unrealized losses were $16.2 million, which was driven by the underperformance in a handful of portfolio companies.

第三季淨投資收益維持不變，為 4,370 萬美元，即每股 0.50 美元。第三季未實現虧損淨變動為 1,620 萬美元，這是由於少數投資組合公司業績不佳所致。

Turning to our balance sheet. As of September 30, total assets were $3.9 billion and total net assets were $1.8 billion. Our ending NAV per share for the third quarter was $20.41 as compared to $20.59 in the prior period. Our debt-to-equity ratio increased to 1.17 times as compared to 1.15 times in the prior quarter, and our unsecured debt comprised of 54% of total funded debt at the end of the quarter.

接下來來看看我們的資產負債表。截至9月30日，總資產為39億美元，淨資產總額為18億美元。第三季末每股淨資產為 20.41 美元，而上一季為 20.59 美元。與上一季的 1.15 倍相比，我們的負債權益比率上升至 1.17 倍，截至季末，我們的無擔保負債佔總融資債務的 54%。

In September, we closed our inaugural CLO totaling approximately $401 million of aggregate principal at a blended cost of SOFR plus 1.70%. In addition, during the quarter, we repriced our BMP facility, reducing the spread by 30 basis points to SOFR plus 1.95%.

9 月，我們完成了首筆 CLO 交易，總本金約為 4.01 億美元，混合成本為 SOFR 加 1.70%。此外，本季我們對 BMP 融資進行了重新定價，將價差降低了 30 個基點，至 SOFR 加 1.95%。

We expect the impact of this lower funding cost to be more evident in our fourth quarter results. These transactions, along with our 2030 notes issued last quarter, further strengthened our capital structure by increasing capacity, extending maturities, and reducing our overall cost of capital.

我們預計，融資成本降低的影響將在第四季業績中更加明顯。這些交易，連同我們上季發行的 2030 年到期票據，透過增加產能、延長到期日和降低整體資本成本，進一步加強了我們的資本結構。

We also repurchased approximately $3 million worth of our shares during the quarter at share prices below NAV. Note that our buyback program is formulaic through a 10b5-1 program administered by a third party. Focusing now on our distributions. In the current quarter, we paid a $0.50 regular distribution. In addition, our Board of Directors declared a regular distribution for the fourth quarter of $0.50 per share to shareholders of record on December 31, 2025.

本季我們也以低於淨資產值的股價回購了價值約 300 萬美元的股票。請注意，我們的回購計劃是透過第三方管理的 10b5-1 計劃按公式化進行的。現在我們專注於我們的分銷情況。本季度，我們派發了每股 0.50 美元的常規股息。此外，我們的董事會宣布向截至 2025 年 12 月 31 日登記在冊的股東派發第四季度每股 0.50 美元的常規股息。

Our spillover remains consistent at approximately $0.82. With that, operator, please open the line for questions.

我們的溢出成本仍然穩定在每盎司0.82美元左右。那麼，接線員，請開通線路接受提問。

(Operator Instructions)

（操作說明）

Melissa Wedel, JPMorgan.

梅麗莎‧韋德爾，摩根大通。

I think the quarter was pretty straightforward. I'm curious, though, if you could expand on some of your comments from the prepared remarks about the M&A outlook. I'm curious if you're seeing more strategic deals coming through or if you're actually seeing more sort of PE to IPO or PE to PE turnover.

我覺得這季過得還挺順利的。不過，我很好奇，您能否就您準備好的關於併購前景的發言稿中的一些評論進行更詳細的闡述。我很好奇，你看到的是更多策略性交易，還是更多私募股權投資到IPO或私募股權投資到私募股權投資的更迭。

Yes, Melissa, thanks for the question. It's a mix. I think if we think about the evolution that began in this emerging rebound, call it, six months ago, when we look at the pipeline today and the activity in the third quarter, pretty good diversity in terms of use of proceeds, LBOs, take privates, generally a little bit of dividend activity, incrementals. I think we are optimistic to see the continued emergence of regular way LBO activity. We're kind of seeing that emerge if we look at the pipeline.

是的，梅麗莎，謝謝你的提問。這是一種混合體。我認為，如果我們回顧一下六個月前開始的這波新興反彈的演變過程，看看如今的融資管道和第三季度的活動，就會發現資金用途方面相當多元化，包括槓桿收購、私有化，以及一些分紅活動和增量融資。我認為我們有理由樂觀地看到常規槓桿收購活動的持續出現。如果我們看一下管道情況，就會發現這種情況正在逐漸出現。

So we're pretty -- we're seeing pretty constructive activity across the board. And our expectation is that it won't be a straight line, but it should continue into '26.

所以我們看到各方面都相當有建設性。我們預計這不會是一條直線，但應該會持續到 2026 年。

I appreciate that. And then following up on just the dividend level. Obviously, that was flat quarter over quarter. And realizing that you've been earning NII right at that dividend level now for a couple of quarters. I'm curious how you guys think about the spillover income?

我很感激。然後，我們再來分析一下股息水準。顯然，上一季業績與上一季持平。而且你意識到，在過去的幾個季度裡，你的淨利息收入一直都處於目前的股利水準。我很想知道你們對溢出收入有什麼看法？

And should we see NII pressure from declining base rates, would you think about using spillover income to maintain the dividend level? Or is that something that you'll continue to assess?

如果基準利率下降導致淨利息收入面臨壓力，您會考慮利用溢出收入來維持股利水準嗎？或者，這是您會繼續評估的事情？

Yes. We look at the spillover as one option to help with smoothing over time and the prioritization around consistency, which we do think is important. At the end of the day, though, Melissa, earnings are going to drive the dividend power of the business. The Board is also going to remain focused on prioritizing transparency. If you kind of look at net interest income, and Dave commented on this, there's both headwinds and tailwinds as we talked about in prior quarters.

是的。我們認為外溢效應是幫助平滑時間變化和優先考慮一致性的一種選擇，我們認為一致性非常重要。但歸根究底，梅莉莎，獲利能力將決定企業的分紅能力。董事會也將繼續把提高透明度當作首要任務。如果你看一下淨利息收入，正如戴夫評論的那樣，正如我們在前幾個季度討論的那樣，既有不利因素也有有利因素。

From an asset yield point of view, I would highlight the fact that from an NII impact perspective, you see about a $0.015 impact associated with each 25 basis point cut from the Fed. But importantly, there's about a one quarter lag if you think about the impact on earnings. So the 25 bps cut we saw in September, that's a 4Q impact, the one from October, more or less a 1Q impact.

從資產收益率的角度來看，我想強調的是，從淨利息收入影響的角度來看，聯準會每降息 25 個基點，就會產生約 0.015 美元的影響。但重要的是，如果你考慮到對收益的影響，你會發現大約有一個季度的延遲時間。所以，我們在9月看到的25個基點的降息，是對第四季的影響；而10月的降息，或多或少是對第一季的影響。

And spreads are obviously a variable, too, as we commented on, we're seeing some bottoming. There's maybe diminishing marginal impacts in asset yield compression associated with that until we see spreads widen.

價差顯然也是一個變量，正如我們之前提到的，我們看到價格正在觸底。或許只有當利差擴大時，資產報酬率壓縮帶來的邊際影響才會逐漸減弱。

In tailwinds category, we do have near term a pretty good offset with some of what we've accomplished on the liability side through the CLO and the ABL repricing, about $0.01 of benefit that we should stand to see in 4Q and beyond.

在利好因素方面，我們近期確實有一些相當不錯的抵銷因素，這得益於我們在負債方面透過 CLO 和 ABL 重新定價所取得的一些成果，預計在第四季度及以後將獲得約 0.01 美元的收益。

Other levers just on an ongoing basis would include other ways to optimize ROE. And the buyback is included in that mix. Regular way deployment is included in that mix and potentially other things that we would look to enhance ROE over time.

其他可以持續使用的槓桿包括其他優化 ROE 的方法。而回購也包含在其中。常規部署方式也包含在其中，而且隨著時間的推移，我們可能還會考慮其他一些方法來提高 ROE。

If you see significant cuts kind of going out in the future, it may not be a perfect offset, but we're going to continue to be laser-focused on optimizing ROE, creating value for investors, and that includes paying a compelling distribution that the core earnings can support over time.

如果未來大幅削減，可能無法完全抵消，但我們將繼續專注於優化 ROE，為投資者創造價值，這包括支付核心收益能夠長期支撐的、具有吸引力的分紅。

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

I'm interested in the other things that you can do. You've mentioned that a couple of times, Michael, in terms of like portfolio optimization, et cetera, but also other return levers. I mean what are the sorts of things you are contemplating?

我對你還能做的其他事情很感興趣。邁克爾，你曾多次提到這一點，例如投資組合優化等等，以及其他收益槓桿。我的意思是，你正在考慮哪些方面的事情？

I mean, are you talking about something like a JV loan fund structure or something like that? Obviously, there's a ramp-up time, right? But some of those other non- just direct lending off the balance sheet structures can enhance ROEs, but do take a while to get set up.

我的意思是，你指的是類似合資貸款基金之類的結構嗎？顯然，這需要一個啟動時間，對吧？但其他一些非直接的資產負債表外貸款結構可以提高淨資產收益率，但確實需要一段時間才能建立。

I mean just what are the kind of things that you're contemplating there?

我的意思是，你具體在考慮哪些方面的事情？

Yes, Robert, great question. What I would say is not unlike what we succeeded in doing with the inaugural CLO last quarter, we are in constant evaluation mode around various structural options that could optimize for returns in the normal course. Those options would include, but are not limited to a joint venture, which could enhance the return profile of the company, as you alluded to. Our team has experience with this technology.

是的，羅伯特，問得好。我想說的是，這與我們上個季度成功推出的首個 CLO 類似，我們正在不斷評估各種結構性方案，以期在正常情況下最大化收益。這些選擇包括但不限於合資企業，正如您所提到的，合資企業可以提高公司的回報水平。我們的團隊擁有這項技術方面的經驗。

To your last point, we're diligent in the exploration of all of these different options to ensure that, that solution doesn't involve us actually taking more risk than we would customarily do on the asset or the liability side.

關於您最後一點，我們正在認真探索所有這些不同的選擇，以確保解決方案不會讓我們在資產或負債方面承擔比通常情況下更大的風險。

Got it. Then just on the pipeline, right? And I mean, in the comments particularly about -- I think it was like expect demand for private capital, the need for borrowing could exceed supply by 2x over the next two years. I'd just like to -- I mean, so if that's your base case, is it your expectation that if that happens, right, if this pendulum swings the other way and there's much more demand for your capital than -- private credit capital than there is supply. Do you believe that, that is likely to result in spread widening over the next couple of years?

知道了。然後就在管道上，對吧？我的意思是，尤其是在評論中——我認為，預計未來兩年對私人資本的需求將超過供應量的兩倍。我只是想問——我的意思是，如果這是你的基本情況，那麼你是否預期，如果這種情況發生，對吧，如果鐘擺擺向另一個方向，對你的資本的需求遠大於——私人信貸資本的供給。你認為這有可能導致未來幾年利差擴大嗎？

I'm not talking about next quarter, but obviously, you gave a kind of two-year time frame. I mean, is that your kind of base case and how you're thinking about the future for the market and obviously, this BDC?

我不是指下個季度，但顯然，你給了一個兩年的時間框架。我的意思是，這是你們的基本假設，也是你們對市場未來以及這家 BDC 的看法嗎？

Yes, Robert, great read of the commentary. I think in short, it is with the convenient caveat that it's tough to peg the point at which that balance will tip. In broad strokes, we measure the opportunity set vis-a-vis stemming from private equity middle market dry powder, maturities it being order of magnitude, something like $500 billion as we measure it over the next couple of years.

是的，羅伯特，這篇評論寫得很好。簡而言之，我認為答案是肯定的，但需要注意的是，很難確定這種平衡何時會傾斜。整體而言，我們衡量的是私募股權中端市場可用資金（到期資金）所帶來的機會，其規模相當大，我們估計在未來幾年內約為 5,000 億美元。

The offset, to your point, is supply of capital. We think it's plus or minus $200 billion taking into account kind of ongoing fundraising in evergreen products. And so we think that, that supply/demand could ultimately tip the balance in favor of lenders vis-a-vis terms, but it's not going to happen overnight.

正如你所指出的，抵銷因素是資本供給。考慮到常青產品持續不斷的融資活動，我們認為這個數字在 2,000 億美元左右。因此我們認為，供需關係最終可能會使天平向貸款方傾斜，從而在條款方面取得優勢，但這不會在一夜之間發生。

And so those types of metrics ultimately could support that dynamic, but it's going to take time for us to see the evidence of that.

因此，這些類型的指標最終可能會支持這種動態，但我們需要時間才能看到證據。

Got it. And then one more, if I can. Obviously, on the pipeline, as you said, is picking up. Activity is picking up. Are you seeing -- is the quality of deals in the marketplace, obviously, you're going to focus on the higher quality but is the quality of deals keeping up with the rebound?

知道了。如果可以的話，再來一個。顯然，正如你所說，管道建設正在加速進行。活動正在增加。您是否注意到—市場上的交易品質如何？顯然，您會關注更高品質的交易，但交易品質是否跟上了市場反彈的步伐？

Or is the median deal in terms of our quality of the underlying buyer, is the median deal, so to speak, starting to deteriorate? Obviously, if you're a AAA company, so to speak, you could refinance at any point in the last few years. It's the weaker end of the spectrum that hasn't been doing so. So any thoughts there?

或者說，就我們潛在買家的品質而言，中位數交易是否開始惡化？顯然，如果你是一家AAA級公司，那麼你可以在過去幾年中的任何時候進行再融資。反而是那些能力較弱的人沒有這麼做。大家有什麼想法嗎？

Yes, it's a great question. We see a pretty good variety. The quality is there, probably at the very upper end of the EBITDA spectrum, what falls out into private credit land is limited to a certain extent by very high-quality borrowers that could just as well pursue a financing in the public market.

是的，這是一個很好的問題。我們看到了相當多的種類。品質是有的，可能處於 EBITDA 範圍的頂端，但進入私人信貸領域的借款人品質非常高，他們完全可以在公開市場尋求融資，因此這類借款人在一定程度上是有限的。

If you take a step back and just consider the breadth of our funnel, and we've belabored this before, but it's core to our DNA and our differentiated offering. We've got a very high-quality and growing team that is serving north of 400 private equity firms, but compounding that is other areas within this institution, including a vibrant investment bank that's serving many of the same private equity firms feeding that funnel.

如果你退後一步，仔細考慮我們銷售漏斗的廣度，我們以前也反覆強調過這一點，但這正是我們DNA和差異化產品的核心所在。我們擁有一支素質很高且不斷壯大的團隊，為 400 多家私募股權公司提供服務，但更重要的是，本機構的其他部門，包括一家充滿活力的投資銀行，也為許多向該渠道輸送資金的私募股權公司提供服務。

And so I'm merely trying to underscore the point that we have a pretty good vantage point vis-a-vis the flow that we have access to. We benefit from having a little bit of a supply-demand imbalance relative to our capital base. It allows us to be selective.

因此，我只是想強調一點，就我們能夠接觸到的流量而言，我們擁有相當好的優勢。相對於我們的資本基礎而言，供需略有失衡對我們有利。它使我們能夠進行選擇。

And so we're certainly seeing high-quality deals. We're seeing low-quality deals that we have the luxury generally of passing on, which we think is a unique testament to our business. And so I think it's a little bit of a mix in terms of quality, not inconsistent with what we've seen in the last couple of years, just the kind of volume is picking up.

因此，我們確實看到了很多高品質的交易。我們看到一些品質不高的交易，但我們通常可以拒絕，我們認為這充分證明了我們業務的獨特優勢。所以我覺得就品質而言，情況有點參差不齊，但這與我們過去幾年看到的情況並不矛盾，只是數量正在增加。

(Operator Instructions) Kenneth Lee, RBC Capital Markets.

（操作員說明）Kenneth Lee，加拿大皇家銀行資本市場。

Just one on the prepared remarks. I think you briefly mentioned about building out the team, expansion of the MSIM platform there. Wonder if you could just further expand upon that. Wondering if there's any kind of potential additions down the line for the originations funnel there.

只提到了事先準備好的發言稿中的一篇。我想你剛才簡要提到了組建團隊以及擴展 MSIM 平台的問題。不知道您能否再詳細闡述？想知道未來貸款發放管道是否有任何可能的改善空間。

Yes, it's a great question, Ken. What I'd say is that the team has continued to grow. We alluded to that. It's a high-quality team. We couldn't be prouder of what we've assembled and continue to curate in this business, headcount approaching about 80 individuals.

是的，肯，這是一個很好的問題。我想說的是，團隊一直在不斷壯大。我們之前提到過這一點。這是一支高素質的團隊。我們為在這個行業中已經建立並持續打造的成果感到無比自豪，員工人數已接近 80 人。

The redundancy in the sponsor coverage effort and just the build-out in terms of sheer headcount has supported what is this -- supported this increasing kind of volume dynamic on the deal side. We continue to leverage Morgan Stanley more broadly in the brand and the relationships, as I just alluded to.

贊助商涵蓋範圍的冗餘以及人員數量的增加，都促成了交易方面這種不斷增長的交易量動態。正如我剛才提到的，我們將繼續更廣泛地利用摩根士丹利的品牌和人脈關係。

And specifically, the firm has continued to support the team expansion. So net headcount has grown by over 10% since the start of the third quarter. And that pickup is about a third since the IPO at the beginning of last year.

具體而言，該公司一直支持團隊擴張。因此，自第三季開始以來，淨員工人數增加超過 10%。自去年年初上市以來，這一漲幅約為三分之一。

The firm remains committed in terms of the talent build, also committed to supporting this business in terms of ongoing investment in product and distribution capabilities, too.

公司將繼續致力於人才培養，並持續投資於產品和分銷能力，以支持這項業務的發展。

Got you. Very helpful there. And one follow-up, if I may, on the nonaccrual side, I think you mentioned for them that there was a further restructuring after a prior restructuring. Wondering if you could provide a little bit more details around that, what drove the latest restructuring and how you see the potential recovery path there?

抓到你了。那方面幫了我很大的忙。如果可以的話，我想就非應計方面再補充一點，我想您提到過，他們在之前的重組之後又進行了一次重組。能否請您提供更多細節，例如最近這次重組的驅動因素以及您如何看待潛在的復甦之路？

Yes, Ken, you probably point out that they were both kind of known issues. I don't know, Rebecca, if you want to address that more specifically.

是的，肯，你可能會指出，這兩個問題都算是眾所周知的。麗貝卡，我不知道你是否想更具體地談談這個問題。

Yes. I think specific to your -- to the deal you're alluding to, there was a restructuring that took place Q1 of 2024. The business has continued to underperform. And so there's likely to be another event that will take place. So we've moved that to nonaccrual as a result and expect that to be resolved in the near term.

是的。我認為具體到你提到的那筆交易，2024 年第一季進行了一次重組。該業務持續表現不佳。因此，很可能還會發生另一件事。因此，我們已將其轉為非應計項目，並預計該問題將在短期內解決。

Ethan Kaye, Lucid Capital Markets.

Ethan Kaye，Lucid Capital Markets。

Curious what drove the deceleration in share buybacks? I know you mentioned it's formulaic, but the stock multiples seem to contract this quarter. So just hoping to kind of get a better understanding of what are the other inputs into that formula and specifically, what may have caused the decline this quarter?

想知道是什麼原因導致股票回購速度放緩？我知道你提到這是有規律的，但本季股票市盈率似乎有所下降。所以，我只是想更了解該公式中的其他輸入因素，特別是，本季下滑的原因可能是什麼？

Yes, Ethan, it's a good question. As you alluded to, the plan is formula-based, administered by a third party. It takes into account various inputs such as share price, but also capital structure considerations. We're committed to the program. We acknowledge the accretion benefits associated with it.

是的，伊森，問得好。正如你所提到的，該計劃是基於公式的，由第三方管理。它考慮了各種因素，例如股價，以及資本結構等因素。我們致力於推進該專案。我們認可由此帶來的成長效益。

At the same time, though, we have multiple capital allocation options at our disposal. And so that includes regular way deal deployment, among other things, and those can be value generative, too. And so we think of these different options together as we measure kind of usage of capital over time, we will continue to optimize that with the goal of generating value for shareholders.

但同時，我們擁有多種資本配置選擇。因此，這其中就包括常規的交易部署等，而這些也能創造價值。因此，我們在衡量資本隨時間推移的使用情況時，會綜合考慮這些不同的選擇，並將繼續優化這些選擇，以期為股東創造價值。

Understood. And then I guess one other quick one. So there was some migration kind of downward in the internal risk ratings you published, nothing dramatic really, but just kind of wondering whether this reflects the name or names that were added to nonaccrual or if there are maybe some other positions that experienced some negative trends there?

明白了。然後，我想再快速問一個問題。所以，您公佈的內部風險評級出現了一些下調，雖然幅度不大，但我想知道這是否反映了被列入非應計名單的股票名稱，或者是否還有其他一些股票出現了負面趨勢？

Yes, Ethan, I'll start by just reiterating that the portfolio, we think, continues to perform really well. borrower health has remained resilient in the wake of the peak inflation early days here on tariffs. We continue to see pretty good growth, top line in the double digits, mid- to high single digits EBITDA. We've seen what that interest coverage ratio grind a little bit higher over the last series of quarters.

是的，伊森，首先我要重申，我們認為該投資組合的表現依然非常出色。在通膨高峰期和關稅政策實施初期，借款人的財務狀況仍保持穩健。我們繼續看到相當不錯的成長，營收達到兩位數，EBITDA 達到中高個位數。我們已經看到，在過去的幾個季度裡，利息保障倍數穩定上升。

Where we've seen issues, including those that you're alluding to, it has been isolated to certain companies with kind of ongoing specific problems, which we don't think are indicative of anything systemic.

我們發現的問題，包括你提到的那些問題，都僅限於某些公司，存在一些持續的特定問題，我們認為這並不代表任何系統性問題。

But maybe I'll turn it over to Jeff to kind of comment on the nonaccruals and the migration that you asked about.

不過，或許我會把這個話題交給 Jeff，讓他來談談你提到的非應計項目和遷移問題。

Yes. Ethan, great to catch up. So we did have, as we alluded to, two investments that were added to nonaccrual status during the quarter as well as obviously one that had been removed. For context, that was out of a portfolio of 218 borrowers. So quite low from that perspective.

是的。伊森，很高興見到你。正如我們之前提到的，本季有兩項投資被列為非應計狀態，顯然還有一項投資被移除。作為參考，這筆交易是在 218 個借款人組合中進行的。從這個角度來看，這個數值相當低。

These are names that were -- as Michael mentioned, these were idiosyncratic underperformance. They were names that businesses that operated in different industries, different end markets. And so the portfolio -- or the issues that they encountered were not signs of weakness in any specific industry, but really just underperformance that was unique to those individual businesses.

這些名字——正如麥可所提到的，這些都是特例性的低迷表現。這些名稱代表的是在不同產業、不同終端市場所經營的企業。因此，投資組合——或者說他們遇到的問題——並不是任何特定行業的弱點，而只是這些個別企業特有的表現不佳。

Great. Yes. Obviously, aggregate credit quality continues to look great. So I appreciate that color.

偉大的。是的。顯然，整體信貸品質依然良好。我很喜歡這種顏色。

That does conclude our question-and-answer session for today. At this time, I'd like to turn the call back to Mr. Michael Occi for closing remarks.

今天的問答環節到此結束。此時，我想把電話轉回給麥可‧奧奇先生，請他作總結發言。

Thank you. On behalf of the management team, I greatly appreciate you joining us today, along with your support on Morgan Stanley Direct Lending Fund. Our team remains focused on executing our defensive investment strategy to drive shareholder value, and I couldn't be more pleased with our continued execution.

謝謝。我謹代表管理團隊，衷心感謝您今天蒞臨現場，並感謝您對摩根士丹利直接貸款基金的支持。我們的團隊將繼續專注於執行防禦性投資策略，以提升股東價值，我對我們持續的執行力感到非常滿意。

We're confident with how MSDL is positioned in this environment due to the sourcing advantages of our unique credit platform. We look forward to providing an update on our fourth quarter 2025 earnings call in February of next year.

憑藉我們獨特的信貸平台的採購優勢，我們對 MSDL 在當前環境下的定位充滿信心。我們期待在明年二月舉行的 2025 年第四季財報電話會議上提供最新資訊。

And once again, that does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議到此結束。感謝各位的參與。您現在可以斷開連線了。