Morgan Stanley Direct Lending Fund (MSDL) 2026 Q1 法說會逐字稿

Good day and welcome to the Morgan Stanley Direct Lending Q1 2026 earnings call. (Operator Instructions)

大家好，歡迎參加摩根士丹利直接放貸 2026 年第一季財報電話會議。(接線員指示)

As a reminder, this conference call is being recorded.

提醒各位，本次電話會議將被錄音。

At this time, I'd like to turn the call over to Sanna Johnson, Head of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係主管 Sanna Johnson。請開始。

Good morning, and welcome to Morgan Stanley Direct Lending Fund's first quarter 2026 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 Shawul, Head of Portfolio Management.

各位早安，歡迎參加摩根士丹利直接放貸基金 2026 年第一季財報電話會議。今天早上與我一同出席的有：執行長 Michael Occi；投資長 Ashwin Krishnan；共同總裁 Jeff Day；財務長 David Pessah；以及投資組合管理主管 Rebecca Shawul。

Morgan Stanley Direct Lending Fund's first quarter. 2026 financial results were released yesterday after market closed 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 events that will be accessible from the Morgan Stanley Direct Lending Fund website.

摩根士丹利直接放貸基金 2026 年第一季財務結果已於昨日收盤後發布，可至我們網站 www.msdl.com 的投資人關係專區查閱。我們也已安排今日活動的重播，將可透過摩根士丹利直接放貸基金網站收聽。

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, uncertainty surrounding interest rates, changing economic conditions, and other factors we have identified in our filings with the SEC.

在本次電話會議中，我想提醒各位，我們可能會基於目前的預期發表前瞻性陳述。本次電話會議中非純屬歷史事實的陳述均為前瞻性陳述。這些前瞻性陳述不保證未來表現，且受不確定性及其他因素影響，可能導致實際結果與前瞻性陳述所表達者出現重大差異，包括但不限於市場狀況、利率不確定性、經濟情勢變化，以及我們在向美國證券交易委員會（SEC）提交的文件中所識別的其他因素。

Although we believe 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.

雖然我們相信這些前瞻性陳述所依據的假設是合理的，但任何假設都可能被證明不正確，因此基於該等假設的前瞻性陳述也可能不正確。

You should not place on-due reliance on these forward-looking statements. The forward-looking statements contained on the call are made as of the date here of, and we assume no obligation to update the forward-looking statements or subsequent events. To obtain copies of SEC-related filings, please visit our website.

您不應對這些前瞻性陳述作出不當依賴。本次電話會議所包含的前瞻性陳述係截至本日作出，我們不承擔更新前瞻性陳述或其後事件的任何義務。如需取得與 SEC 相關的申報文件副本，請造訪我們的網站。

With that, I will now turn the call over to Michael Occi.

接下來，我將把電話交給 Michael Occi。

Good morning, everyone. Thank you for joining us today.

各位早安。感謝各位今天加入我們。

I'll start with some earnings highlights and our outlook before turning it over to Jeff and Ashwin to discuss the market and deployment. David will then walk through our results in more detail before we conclude with Q&A.

我將先分享一些獲利重點與我們的展望，接著交由 Jeff 與 Ashwin 討論市場與資金部署。之後 David 會更詳細地說明我們的業績，最後進入問答。

Against the backdrop of moderating base rates, improving spreads, and an increasing focus on credit quality across the direct lending landscape, MSDL delivered solid performance in the first quarter. In terms of operating results, we earned net. Investment income of $0.47 per share, as compared with $0.49 per share for the prior quarter.

在基準利率趨於緩和、利差改善，以及整體直接放貸市場對信用品質關注度提升的背景下，MSDL 在第一季交出穩健表現。就營運結果而言，我們的每股淨投資收益為 0.47 美元，前一季為每股 0.49 美元。

The modest decline was primarily driven by the impact of the December rate cut, which flowed through during the period. Importantly, earnings quality remained high, with the underlying portfolio continuing to perform well.

這一小幅下滑主要是受到 12 月降息影響，並在本期間反映出來。重要的是，獲利品質仍維持高水準，基礎投資組合持續表現良好。

In February, we modified the dividend to $0.45 per share, consistent with the actions we're seeing take place across the sector to align payouts with forward earnings power in a normalized rate environment. Our dividend remains well-supported, with coverage of 104% for the quarter.

2 月我們將股利調整為每股 0.45 美元，這與我們在整個產業中看到的作法一致，即在利率環境正常化下，使配息與前瞻獲利能力對齊。我們的股利仍獲良好支撐，本季覆蓋率為 104%。

We view the dividend policy as appropriate over the medium term based on MSDL's earnings levers in the context of the current market environment. During the first quarter, we took a disciplined approach to capital allocation. Communication amid a more dynamic landscape, thoughtfully optimizing the tools at our disposal to maximize risk-adjusted returns. With shares trading at a discount to NAV, share repurchases were accelerated, which was accretive.

我們認為，基於目前市場環境下 MSDL 的獲利槓桿，這項股利政策在中期是適當的。第一季我們以紀律性的方式進行資本配置。在更具動態的環境中保持溝通，並審慎優化我們可運用的工具，以最大化風險調整後報酬。由於股價相對淨資產價值（NAV）呈折價交易，我們加速進行庫藏股回購，並帶來增益效果。

In parallel, we prioritized seeding our joint venture, which delivered approximately 150 basis points of incremental return relative to on-balance sheet deployment, although that was a contributor for only. Five weeks to the quarter.

同時，我們優先投入資金以建立我們的合資企業，相較於在資產負債表內部署，帶來約 150 個基點的額外報酬；不過該貢獻僅涵蓋本季中的五週。

While these actions moderated conventional investment activity, origination momentum remained solid, with four new platform investments added during the quarter. The direct lending market continues to navigate a range of challenges, including tariffs, ongoing discussions around AI-driven disruption, and fresh geopolitical risks emerging from the Middle East.

儘管這些行動使傳統投資活動有所放緩，承作動能仍然穩健，本季新增四項新的平台型投資。直接放貸市場仍在因應多項挑戰，包括關稅、圍繞 AI 驅動式顛覆的持續討論，以及中東地區浮現的新地緣政治風險。

In our view, the disconnect between narrative and fundamentals is a defining feature of the current phase of the cycle. We expect today's credit environment to be increasingly characterized by differentiation rather than widespread deterioration. We believe MSDL is well-positioned to continue to capitalize on this dynamic environment thanks to our unique sourcing capabilities.

我們認為，敘事與基本面之間的落差，是本輪週期現階段的關鍵特徵。我們預期當前的信用環境將愈來愈呈現「分化」而非「普遍惡化」。憑藉我們獨特的案源能力，我們相信 MSDL 已具備良好條件，能持續把握這個動態環境所帶來的機會。

Consistent focus on underwriting standards and the depth of our portfolio management function. As we revisit the industry-wide pressures we outlined last quarter, we are beginning to see signs that some of these may begin to ease.

並持續聚焦承作（underwriting）標準，以及我們投資組合管理職能的深度。在我們回顧上季所提及的產業層面壓力時，我們開始看到其中部分壓力可能出現緩解跡象。

Starting with the deal environment, we continue to believe that we're in the early stages of a multi-year recovery in sponsor-backed M&A, underpinned by a conducive economy, substantial private equity-drive powder, and generally efficient financing markets.

先從交易環境談起，我們仍認為由贊助商支持的併購（M&A）正處於為期多年的復甦早期階段，其支撐因素包括有利的經濟環境、充裕的私募股權乾粉，以及整體效率良好的融資市場。

While activities was somewhat choppy during the first quarter amid geopolitical developments, overall opportunity levels remain solid, and our deep integration within the Morgan Stanley ecosystem continues to provide a meaningful sourcing advantage.

雖然第一季在地緣政治發展影響下，活動略顯波動，但整體機會水準仍然穩健，而我們在摩根士丹利生態系中的深度整合，持續提供顯著的案源優勢。

On credit, we continue to actively monitor potential risk factors across the portfolio, including elevated rates, macro uncertainty, and the evolving impact of AI, particularly within software. Despite these cross-currents. Portfolio performance remains relatively stable.

在信用方面，我們持續主動監控投資組合中的潛在風險因素，包括利率仍處高位、總體不確定性，以及 AI 的演進影響，尤其是在軟體領域。儘管存在這些相互拉扯的因素，投資組合表現仍相對穩定。

Non-accruals declined modestly during the first quarter, and we continue to see resilience across the borrower base. While we did experience some NAV pressure amid heightened public market volatility, we have not witnessed widespread fundamental underperformance of our borrowers, with instances generally isolated.

第一季不計息資產（non-accruals）小幅下降，我們也持續看到借款人基礎展現韌性。雖然在公開市場波動加劇下，我們的 NAV 承受一些壓力，但我們並未看到借款人出現廣泛的基本面表現不佳，相關情況大多屬於個別事件。

In this context, we believe MSDL's firstly non-cyclical orientation positions us to navigate potentially increasing industry dispersion effectively. Turning to asset yields, we are encouraged by signs that the downshift may be now in the rear view.

在此背景下，我們認為 MSDL 以非循環性為主的配置取向，使我們能有效因應可能加劇的產業分化。談到資產收益率，我們樂見下行趨勢可能已成過去。

The first quarter of 2026 marked the first quarter in the last eight in which MSDL did not experience yield compression. While the timing of the December rate cut drove the modest quarter-over-quarter decline in net investment of a couple of pennies, we are now seeing spreads widen and terms on new investments become more lender-friendly. If sustained, that should support asset yields going forward. Jeff will provide additional color on market conditions in his remarks.

2026 年第一季是過去八個季度以來，MSDL 首次未出現收益率壓縮的一季。雖然 12 月降息的時點導致淨投資收益季對季小幅下降約幾美分，但我們目前看到利差正在擴大，新投資條款也變得更有利於放貸人。若此趨勢得以延續，將可支撐未來的資產收益率。Jeff 將在他的發言中就市場狀況提供更多說明。

Finally, on capital formation and investor sentiment through the lens of the broader direct lending market, while retail flows into the asset class have shown variability, we remain confident in the long-term outlook for private credit. MSDL is a visible part of our scaled committed capital base in US Direct lending, sitting within Morgan Stanley's broader global private credit business and $270 billion alternatives platform.

最後，從更廣泛的直接放貸市場角度來看資本形成與投資人情緒，雖然散戶資金流入該資產類別呈現波動，我們仍對私募信貸的長期前景保持信心。MSDL 是我們在美國直接放貸領域具規模之承諾資本基礎中的重要一環，隸屬於摩根士丹利更廣泛的全球私募信貸業務，以及 2,700 億美元的另類投資平台。

Our funds are capitalized by a diversified LP base providing a stable capital foundation. Long-duration fund structures allow us to be disciplined in our deployment and will continue to support us as we scale further. Private credit has proven to be a durable asset class with a clear and lasting role in diversified portfolios for both institutional and retail investors alike.

我們的基金由多元化的有限合夥人（LP）基礎提供資本，形成穩健的資本根基。長存續期間的基金架構使我們能在資本投放上保持紀律，並將在我們進一步擴張規模時持續提供支持。私募信貸已被證明是一項具韌性的資產類別，對機構與零售投資人而言，在多元化投資組合中皆扮演明確且長期的角色。

As I close, I want to reiterate our commitment to the strategy that got us here. MSDL will continue to provide loans to high-quality businesses while leveraging the resources of the integrated Morgan Stanley platform. We believe our transparent revenue model, conservative balance sheet, and efficient operating structure, together with our thoughtful fee framework and repurchase program, support strong alignment with shareholders.

在結語之前，我想再次重申我們對帶領我們走到今天之策略的承諾。MSDL將持續向高品質企業提供貸款，同時運用整合式摩根士丹利平台的資源。我們相信，我們透明的營收模式、保守的資產負債表與高效率的營運架構，連同審慎的費用架構與回購計畫，能夠支持與股東之間的高度一致性。

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

接下來，我把電話會議交給Jeff Day。

Thank you, Michael. Turning to the market environment, despite elevated headline volatility, we continue to see a constructive set of conditions for private credit with. Stable fundamentals, and improving lender economics.

謝謝你，Michael。談到市場環境，儘管整體波動性仍高，我們仍持續看到私募信貸具備建設性的條件，包含穩定的基本面，以及放款人經濟性正在改善。

In fact, we believe that periods of uncertainty further reinforce the role of private credit as a reliable source of capital. Importantly, as Michael mentioned, we saw spreads for deployment during the first quarter were widened by approximately 25 basis points, accompanied by higher OIDs. Leverage in other terms trended more lender-friendly as well, supporting an improvement in risk-adjusted returns for discipline lenders.

事實上，我們認為不確定性時期更凸顯私募信貸作為可靠資金來源的角色。重要的是，如Michael所提到，我們看到第一季投放用的利差擴大約25個基點，並伴隨更高的原始發行折價（OID）。槓桿與其他條款也趨向更有利於放款人，支持具紀律之放款人在風險調整後報酬的提升。

Through the second quarter-to-date period, we have seen economics move an incremental 25 basis points or more, and documentation has continued to shift in lenders favor with new investments generally including further tightening in EBITDA definitions, greater use of financial covenants, and more robust call protection, just to name a few improvements.

截至第二季目前為止，我們看到經濟條件再額外改善25個基點或更多，而文件條款也持續朝放款人有利的方向轉變；新投資通常包含更進一步收緊EBITDA定義、更廣泛使用財務契約，以及更強的提前贖回保護等，僅舉數項改善。

At the same time, higher-for-longer rate dynamics and a growing refinancing need across the private credit landscape are creating a favorable supply-demand imbalance for capital providers. Our approach to capital deployment remains deliberate and selective.

同時，「利率維持較高水準更久」的動態，以及私募信貸市場日益增加的再融資需求，正在為資本提供者創造有利的供需失衡。我們的資本投放方式仍然審慎且具選擇性。

MSDL's differentiated sourcing model, leveraging the scale and capabilities of the Morgan Stanley platform, supports our thoughtful deployment approach and reinforces our disciplined underwriting standards. For the last 12 months ending March 31, 2026, we closed on just 5% of the deals we originated, which reaffirms the selective approach to credit investing.

MSDL具差異化的案源取得模式，運用摩根士丹利平台的規模與能力，支持我們審慎的投放方式，並強化我們嚴謹的承作審核標準。在截至2026年3月31日的過去12個月中，我們僅完成了我們所發起交易的5%，再次印證我們在信貸投資上的嚴選策略。

Further, our integration within a full-service investment bank positions us as a strategic financing partner to private equity sponsors, enabling access to high-quality, directly originated investment opportunities through both our dedicated origination team and the firm's broader relationship. Turning to origination, during the first quarter, we closed on 13th first lien senior secured transactions, totaling [$50 million] and new commitments.

此外，我們整合於全方位投資銀行之內，使我們能成為私募股權贊助商的策略性融資夥伴，透過專責的承作團隊以及本行更廣泛的客戶關係，取得高品質、直接發起的投資機會。談到承作，第一季我們完成了13筆第一順位（first lien）高級擔保交易，合計新增承諾金額為[$50 million]。

Among these, four were loans to new borrowers, two were complete re-financings of existing borrowers, and seven were incremental commitments, demonstrating the power of our incumbent portfolio to generate deal flow. Of the new borrowers in the first quarter, half were LBO transactions with weighted average loan-to-values of less than 40% executed at modestly wider spreads than where capital was deployed in the fourth quarter of 2025.

其中，四筆為對新借款人的貸款、兩筆為對既有借款人的完整再融資，另有七筆為追加承諾，展現我們既有投資組合在帶動交易流量方面的力量。第一季的新借款人中，有一半為槓桿收購（LBO）交易，加權平均貸款價值比（loan-to-value）低於40%，其利差較2025年第四季投放時的水準略為擴大。

Beyond the net funding activity, we also seeded the capstone JV with a total of $94.5 million of equity from MSDL. As of March 31, 2026, the JV portfolio consists of a total of $383 million in investment commitments across 52 borrowers, which David will provide more details on shortly. Overall fundings were offset by repayments as a few of our borrowers were acquired by strategic buyers.

除淨撥款活動外，我們亦以MSDL提供合計9,450萬美元的股權，為capstone合資企業（JV）進行種子投資。截至2026年3月31日，該JV投資組合在52名借款人中合計有3.83億美元的投資承諾，David稍後將提供更多細節。整體撥款被償還所抵銷，因為我們部分借款人被策略買家收購。

From a borrower. Segmentation perspective, we continue to believe that MSDL's core middle market focus is positioned in the sweet spot of the market, while our origination funnel and capital base afford us the flexibility to take advantage of attractive credit opportunities across the size spectrum as market conditions fluctuate.

從借款人分層角度來看，我們仍相信MSDL以核心中型市場為重點的定位處於市場甜蜜點；同時，我們的承作漏斗與資本基礎也讓我們能在市場條件波動時，靈活把握不同規模區間中具吸引力的信貸機會。

This was evidenced during the first quarter as our median EBITDA for deals closed was approximately $126 million, which was around 40% higher than the median EBITDA of the MSDL portfolio at large as we saw increased attractive opportunities lending to larger businesses due to dislocation in the liquid loan market.

第一季的情況印證了這一點：我們完成交易的EBITDA中位數約為1.26億美元，較MSDL整體投資組合的EBITDA中位數高出約40%，因流動貸款市場的錯位，我們看到對較大型企業放款的吸引力機會增加。

I will now turn the call over to Ashwin Krishnan.

我現在把電話會議交給Ashwin Krishnan。

Thank you, Jeff.

謝謝你，Jeff。

Overall, credit performance remained stable with modest improvements across key metrics. Transitioning to more detail on MSDL's portfolio companies, we continue to see. Positive trends in key metrics with revenue and EBITDA growth rates remaining healthy, net leverage ratios declining modestly quarter-over-quarter.

整體而言，信貸表現維持穩定，關鍵指標出現小幅改善。進一步談到MSDL投資組合公司，我們持續看到關鍵指標呈現正向趨勢，營收與EBITDA成長率維持健康，淨槓桿比率較上季小幅下降。

While payment in-kind income as a percentage of total income increased modestly to 4.6% quarter-over-quarter, it remains contained and compares favorably to publicly traded BDC peer averages. Non-accruals for the quarter ticked down modestly from 1.6% to 1.5%.

雖然以實物支付（PIK）收入占總收入的比例較上季小幅上升至4.6%，但仍在可控範圍內，且相較於公開交易的BDC同業平均水準更具優勢。本季不計息（non-accrual）比率由1.6%小幅下降至1.5%。

The mark-to-market activity that took place during the first quarter was driven by a combination of spread widening on new loans and a small number of credits that have continued to underperform. Overall, we are pleased that the portfolio remains in good condition.

第一季的按市價評價（mark-to-market）變動，主要由新貸款利差擴大以及少數持續表現不佳的信貸所共同驅動。整體而言，我們很高興投資組合仍維持良好狀態。

Turning to software, there has been no shortage of headlines. Around the potential disruptive impact of AI on the sector. Based on our ongoing portfolio monitoring and underwriting work, we have not seen evidence of material disruption within our portfolio companies.

談到軟體產業，相關新聞標題不斷。多聚焦於AI對該產業可能帶來的顛覆性影響。根據我們持續的投資組合監控與承作審核工作，我們尚未在投資組合公司中看到重大顛覆的證據。

As mentioned in prior quarters, our investments are concentrated in mission-critical system of record platforms with high switching costs and strong customer retention. Which we believe provide insulation under a range of economic and technological conditions, including near-term AI disruption.

如前幾季所提，我們的投資集中於關鍵任務的「系統紀錄」（system of record）平台，具備高轉換成本與強勁的客戶留存。我們認為這些特性可在各種經濟與技術情境下提供緩衝，包括短期的AI顛覆。

On balance, while AI introduces the potential for disruption, we expect its impact to be more gradual, with effects likely to manifest through sorting rather than wholesale displacement. Within our portfolio of software businesses, we believe there are opportunities to benefit from integrating AI to enhance efficiency and further strengthen competitive positioning.

整體而言，雖然AI帶來顛覆的可能性，我們預期其影響將更為漸進，效果更可能透過分化而非全面取代來呈現。在我們的軟體投資組合中，我們認為可透過整合AI來提升效率，並進一步強化競爭定位，從而帶來受益機會。

Our approach to evaluating technology risk is both consistent and proactive. We continue to utilize a proprietary AI scorecard for existing portfolio companies and to underwrite new investments. The results of this analysis continue to indicate that our software portfolio exhibits minimal near-term displacement risk with only a low single-digit percentage of our portfolio categorized as high risk for AI disruption as of the end of the first quarter.

我們評估科技風險的方法一貫且具前瞻性。我們持續使用自有的AI評分卡，對既有投資組合公司進行評估，並用於新投資的承作審核。分析結果持續顯示，我們的軟體投資組合在短期內的被取代風險極低；截至第一季末，僅有低個位數百分比的投資組合被歸類為AI顛覆的高風險。

In many cases, we believe there is potential opportunity for borrowers to benefit from incremental AI-driven enhancements. Beyond AI, we are closely monitoring the evolving macro and geopolitical landscape, including the recent volatility in energy markets and the potential impact of higher oil prices.

在許多情況下，我們認為借款人有機會從AI驅動的增量強化中受益。除AI之外，我們也密切關注不斷演變的總體與地緣政治環境，包括近期能源市場波動以及油價上升的潛在影響。

Consistent with our approach to prior macro events, such as COVID and the implementation of tariffs. We conducted a comprehensive review of our portfolio to assess potential exposure. Given our sector positioning, where we are indexed for a broad mix of service-oriented businesses, we believe that risk is limited.

延續我們面對先前總體事件（如COVID與關稅實施）的一貫作法，我們對投資組合進行了全面檢視，以評估潛在曝險。鑑於我們的產業配置（以多元的服務導向企業為主），我們認為風險有限。

But as certain companies with field-based operations, such as HVAC service companies, may experience incremental pressure via fuel cost inflation, we expect that most will be able to offset these impacts through price increases.

然而，對於某些具有現場作業的公司（例如 HVAC 服務公司）而言，可能會因燃料成本通膨而面臨額外壓力；我們預期多數公司將能透過提價來抵銷這些影響。

Overall, we believe our portfolio is reasonably well-positioned to navigate a range of macro-economic outcomes. Our emphasis on sector selection and active portfolio management continues to underpin our investment strategy. In an environment where conditions are evolving, we believe our ability to remain patient, selective, and focus on downside protection will continue to serve our shareholders well.

整體而言，我們認為本投資組合已具備相當良好的定位，可因應各種宏觀經濟情境。我們對產業選擇與主動式投資組合管理的重視，持續支撐我們的投資策略。在環境持續演變之際，我們相信我們保持耐心、嚴選標的並聚焦下行風險保護的能力，將持續為股東帶來良好效益。

I will now turn it over to David Pessah.

我現在把時間交給 David Pessah。

Thank you.

謝謝。

At quarter. end. Our portfolio totaled $3.7 billion at fair value, maintaining our strong first lien focus, comprising of approximately 94% first lien debt, 2.5% in a joint venture, and the remainder in second lien equity and other investments. The portfolio remains well-diversified with 227 portfolio companies across 36 industries and an average borrower exposure of approximately 40 basis points.

截至季度末。我們的投資組合以公允價值計為 37 億美元，維持我們對第一順位擔保的強勁聚焦，組成約為 94% 第一順位擔保債務、2.5% 合資企業投資，其餘為第二順位擔保、股權及其他投資。投資組合仍維持良好分散，涵蓋 36 個產業的 227 家投資組合公司，單一借款人平均曝險約 40 個基點。

In February, we commenced investment operations at Capstone Lending, MSDL's joint venture. The vehicle has total equity commitments of up to $250 million, of which $200 million is committed by MSDL. To date, approximately 47% of total equity commitments has been called, supporting approximately $383 million of investment commitments across 52 portfolio companies in 23 industries.

2 月，我們在 Capstone Lending（MSDL 的合資企業）開始投資營運。該投資工具的總股權承諾最高可達 2.5 億美元，其中 2 億美元由 MSDL 承諾。截至目前，總股權承諾約 47% 已被提取（call），支持在 23 個產業、52 家投資組合公司之約 3.83 億美元投資承諾。

The weighted average yield on debt and income-producing investments is 8.7% at a cost. Our objective will be to continue to scale the vehicle over time to approximately $700 million in assets. We expect a meaningful contribution to MSDL's total investment income beginning in the second quarter, fully reflecting the timing of the launch.

債務及具收益性投資的加權平均收益率為 8.7%（以成本計）。我們的目標是隨時間推進，將該投資工具的規模擴大至約 7 億美元資產。我們預期自第二季起，將對 MSDL 的總投資收益帶來顯著貢獻，並將充分反映啟動時點的影響。

Turning to credit metrics at quarter end, the weighted average loan-to-value across our portfolio was approximately 39% and median EBITDA remained relatively unchanged at $91 million. The weighted average yield on debt and income produced in investments was flat quarter-over-quarter at 9.3% at cost and 9.5% at fair value, primarily reflecting a relatively stable SOFR curve over the past two quarters.

就季度末的信用指標而言，我們投資組合的加權平均貸款價值比（LTV）約為 39%，而 EBITDA 中位數維持相對不變，為 9,100 萬美元。債務及具收益性投資的加權平均收益率較上季持平，以成本計為 9.3%、以公允價值計為 9.5%，主要反映過去兩季 SOFR 曲線相對穩定。

In terms of credit quality, two investments were removed from non-accrual, including 4840, as discussed in prior calls. We added three new investments to non-accrual Abracon Group Holdings, Vardiman Black Holdings, also known as Specialty Dental Brands, and KWOR Acquisition, related to a preferred equity position.

就信用品質而言，有兩項投資自停止計息（non-accrual）中移除，包括先前電話會議中討論過的 4840。我們新增三項投資列入停止計息：Abracon Group Holdings、Vardiman Black Holdings（亦稱 Specialty Dental Brands），以及與一項優先股權部位相關的 KWOR Acquisition。

As a result, our non-accrual rate decreased by 10 basis points to 1.5% of the total portfolio at cost. Underneath the $145 million of new investment commitments were loans to seven new portfolio companies, which includes the joint venture, and seven existing portfolio companies. Investment fundings, including those of existing commitments, amounted to about $174 million, offset by $240 million in repayments.

因此，我們的停止計息比率下降 10 個基點至以成本計之總投資組合的 1.5%。在 1.45 億美元的新投資承諾中，包含對 7 家新投資組合公司的放款（含合資企業）以及對 7 家既有投資組合公司的放款。投資撥款（含既有承諾的撥款）約為 1.74 億美元，並由 2.40 億美元的償還所抵銷。

Moving to our financial results for the first quarter. Total investment income was $89.1 million, down from $96.6 million in the prior quarter, primarily reflecting the impact of the most recent Fed rate cuts. Total expenses declined to $48.6 million from $54.2 million in the previous quarter, driven in part by our predominantly floating rate liability structure, which reduced our cost of financing as base rates declined.

接著看第一季的財務結果。總投資收益為 8,910 萬美元，低於前一季的 9,660 萬美元，主要反映最近一次聯準會降息的影響。總費用由前一季的 5,420 萬美元降至 4,860 萬美元，部分原因在於我們以浮動利率為主的負債結構，隨基準利率下降而降低了融資成本。

In addition, the restructuring on 4,840 lowered incentive fees earned from realized losses associated. We believe the structure of our incentive fee continues to demonstrate strong alignment with shareholders. Net investment income for the quarter was $40.5 million or $0.47 per share.

此外，4840 的重整降低了與已實現損失相關的績效費用（incentive fees）收入。我們認為，我們的績效費用結構持續展現與股東之間的高度一致性。本季淨投資收益為 4,050 萬美元，或每股 0.47 美元。

The net change in unrealized depreciation and realized losses for the first quarter was $45 million. Unrealized losses were driven by underperformance in a small number of portfolio companies. As well as broader spread widening during the quarter, particularly within the software sector. Our weighted average portfolio mark declined by 70 basis points quarter-over-quarter, with software experiencing the most significant movement by industry.

第一季未實現減值變動淨額與已實現損失合計為 4,500 萬美元。未實現損失主要由少數投資組合公司表現不佳所致，以及本季整體利差擴大所影響，尤其是在軟體產業。我們投資組合的加權平均估值（mark）較上季下降 70 個基點，其中以軟體產業的變動幅度最大。

Net realized losses during the period were primarily related to the restructuring of 4,840. As of March 31, our total assets were $3.8 billion and total net assets were $1.69 billion. Our added NAV per share for the first quarter was $19.81. Compared to $20.26 in the prior period. The debt-to-equity ratio increased to 1.22 times from 1.20 times in the previous quarter, with our unsecured debt comprising 55% of total funded debt at the end of the quarter.

期間內的已實現淨損失主要與 4840 的重整相關。截至 3 月 31 日，我們總資產為 38 億美元，淨資產總額為 16.9 億美元。第一季每股淨資產價值（NAV）為 19.81 美元，較前一期的 20.26 美元下降。負債對股權比率由前一季的 1.20 倍上升至 1.22 倍；季度末無擔保債務占已動用債務總額的 55%。

Following quarter end, we successfully amended and extended MSDL senior secured corporate market and maturity while maintaining both pricing and total commitments across existing syndicate. Considering the more fragile market backdrop, we view this as a validator of our platform's access to financing, supported by our long-standing banking relationships.

在季度結束後，我們成功修訂並展延 MSDL 的高級擔保公司信貸安排之到期日，同時在既有聯貸團內維持相同的定價與總承諾額度。考量市場背景較為脆弱，我們將此視為對我們平台融資可得性的驗證，而這也受益於我們長期的銀行往來關係。

We feel confident that the right side of our balance sheet is well-positioned for the remainder of the year and into 2027. As we decided last quarter, we renewed our share repurchase program and maintained its size at $100 million, a meaningful percentage of our market capitalization, reflecting our commitment to long-term shareholder value.

我們有信心，資產負債表的負債端在今年剩餘期間以及延伸至 2027 年都具備良好定位。如同我們上季所決定的，我們續行股份回購計畫，並將規模維持在 1 億美元，占我們市值相當有意義的比例，反映我們對長期股東價值的承諾。

During the period, we repurchased approximately $15 million of our shares at prices below NAV, resulting in roughly $0.05 of NAV accretion. Regarding distributions, we paid a $0.45 regular distribution in the first quarter, with dividend coverage of 104% for the period.

期間內，我們以低於 NAV 的價格回購約 1,500 萬美元的股份，使 NAV 約增加 0.05 美元。就配息而言，我們在第一季支付每股 0.45 美元的例行配息，期間股利覆蓋率為 104%。

Additionally, our Board of Directors declared a $0.45 per share regular distribution for the second quarter of 2026, payable to shareholders of record as of June 30, 2026. As of March 31, 2026, our spillover income was approximately $0.88 per share.

此外，我們董事會宣告 2026 年第二季每股 0.45 美元的例行配息，將支付給截至 2026 年 6 月 30 日登記在冊的股東。截至 2026 年 3 月 31 日，我們的結轉收益（spillover income）約為每股 0.88 美元。

With that, operator, please open the line for questions.

接下來，接線員，請開放提問。

Thank you. (Operator Instructions)

謝謝。（接線員指示）

Finian O'Shea, Wells Fargo Securities.

Wells Fargo Securities 的 Finian O'Shea。

Hey, everyone. Good morning. Thanks. Can you talk about the continued ramp of the JV? If there are more sort of clients on the platform that want to sell the portfolio, maybe you could get a good price now that the market's moved a little bit or would this come through like more of a portfolio drop down or a sort of gradual new origination ramp over time?

嗨，各位。早安。謝謝。你們能談談合資企業（JV）持續擴張的進展嗎？如果平台上有更多客戶想出售投資組合，或許在市場稍有變動後你們現在能拿到不錯的價格；這會比較像是以投資組合下放（dropdown）的方式進行，還是會更像隨時間逐步增加新的放款／起案（origination）來擴張？

Yeah, Fin, thanks for the question. I would expect it to be more the latter, organic deployment into the JV, potentially considering dropdowns over time as we see fit. Recall the initial seeding of this portfolio with approximately $100 million of equity out of MSDL was facilitated in part by a warehouse having said that, all MSDL.

是的，Fin，謝謝你的問題。我預期會比較偏向後者，也就是以自然方式將資金部署到合資企業中，並可能在我們認為合適時，隨時間考量進行下放（dropdown）。回想一下，這個投資組合最初的種子資金約為 1 億美元股權（由 MSDL 提供），部分是透過一個倉儲融資（warehouse）來促成；話雖如此，全部都是 MSDL。

Mortgage selling private credit, originated assets, 100% overlap with what's on MSDL's book. But moving forward, I would expect more rational, gradual deployment over the next four to six quarters for the remaining $100 million as we balance deployment in the JV with on balance sheet.

按揭出售型私募信貸、已發起資產，與 MSDL 帳上資產 100% 重疊。但展望未來，隨著我們在合資企業（JV）與資產負債表內之間平衡投放，我預期在接下來四到六個季度，對剩餘的 1 億美元會採取更理性、循序漸進的投放。

I would not anticipate a similar proportion as we saw in the first quarter, where we had about two-thirds of that organic of that deployment earmarked for the JV, the balance on balance sheet, we will expect to see organic deployment outpace that moving forward.

我不預期會出現與第一季相同的比例；當時我們約有三分之二的有機投放配置給 JV，其餘留在資產負債表內。

Okay, that's helpful. And then a little bit of growth in the lower rated buckets of portfolio grade 3 and 4 and such, is that. Overlaying with the new non-accrual names or is that more like mid-range sort of underperformers in there?

好的，這很有幫助。另外，投資組合評級 3、4 等較低評等分層有些成長，是因為。是與新的不計息（non-accrual）標的重疊所致，還是更像是其中一些中段、表現不佳的標的？

Yeah, Fin, good question. I would first just level set maybe a little bit more detail underneath the 2% or so of NAV move. About two-thirds of that was driven by market or spread widening. The balance, more fundamental credit-driven, in part due to what we've seen in terms of the couple of additions to non-accruals, obviously, we had the one-off set netting in a similar place.

是的，Fin，問得好。我先把基準說清楚，補充一些關於 NAV 約 2% 變動的細節。其中約三分之二是由市場或利差擴大所驅動。其餘則更偏向基本面、由信用因素驅動，部分原因是我們看到有幾筆新增列入不計息，當然，我們也有一次性的抵銷，落在相近的位置。

But Rebecca, why don't you give a little bit of color on the risk rates?

不過 Rebecca，要不你補充一下風險評等的情況？

Sure. As you noted, we saw some movement in the primarily the three bucket from percentage basis, but there's movement and migration within our risk rating categories. Each quarter, deals move up and down within the categories, but overall remains relatively contained and driven by a small number of companies and kind of company-specific issues rather than more kind of broad-based issues we're seeing.

當然。如你所提，我們主要看到第 3 桶在占比上有些變動，但其實我們的風險評等類別內部也有移動與遷徙。每一季，案子都會在類別內上下調整，但整體仍相對可控，而且主要是由少數公司及其公司特定問題所驅動，而不是我們看到更廣泛的系統性問題。

And so the non-accrual names are certainly part of it, but also some additional changes could be factored in there as we monitor the portfolio each quarter, but overall very contained and we continue to have confidence in the overall health of the portfolio and quality with 95% remaining in that risk-rated two or better category.

因此，不計息標的當然是其中一部分，但我們每季監控投資組合時，也可能會把一些額外變動納入考量；不過整體非常可控，我們也持續對投資組合的整體健康狀況與品質有信心，因為仍有 95% 維持在風險評等 2 或更佳的類別。

I appreciate that. If I could sneak one more, and I meant to tie it in with the JV question. Did you disclose anywhere the interest rate on that? And I was just looking through. Last quarter's transcript, is the target leverage again about 3% to 1%.

謝謝說明。如果我可以再問一個，我本來想把它跟 JV 的問題一起問。你們有在任何地方揭露那個的利率嗎？我剛剛在翻。上季的逐字稿，目標槓桿比是否仍約為 3% 對 1%？

Morning, Fin.

早安，Fin。

It was about 11.2% in terms of just the yield at the JV level. The target leverage that we're looking to achieve there is somewhere between 1.7% to 1.8 times. Just as of quarter end, we were slightly below that. But the idea is to maintain and grow that portfolio, as Michael mentioned four to six quarters and get to a sustained level of leverage around that targeted range.

就 JV 層級的收益率而言，大約是 11.2%。我們希望達到的目標槓桿大約在 1.7 到 1.8 倍之間。截至季末，我們略低於該水準。但如 Michael 提到的，概念是維持並擴大該投資組合，在四到六個季度內，把槓桿提升並穩定在該目標區間附近。

Yes, [11.2], that's really only reflecting five weeks of activity for the fund.

是的，[11.2] 其實只反映了該基金五週的活動。

Yeah, I meant to ask if I, sorry if I misworded, the credit facility, like your borrowing rate.

對，我本來想問的是，如果我，抱歉我可能措辭不清楚，是指信貸額度（credit facility），也就是你們的借款利率。

At the JV, it's 1.67%.

在 JV 那邊是 1.67%。

Okay. And then like the dividend, therefore, so it's mid-quarter, do we roughly double that or is it more based on the higher sort of target leverage than you have in place now?

好的。那像股利的話，因為是季中，所以我們大概把它乘以二嗎？還是會更取決於你們目前尚未達到、但目標要達到的較高槓桿水準？

Combination of just organic deployment plus moving up in the target leverage range.

兩者的組合：一方面是有機投放，另一方面是把槓桿往目標區間上移。

Yeah, to put it in context of the NII, it was about a penny of benefit in the first quarter for that partial contribution. At full ramp, two to three pennies, [all SQL]

是的，放在淨投資收益（NII）的脈絡下，第一季因為只有部分貢獻，大約帶來 1 美分的增益。完全拉升到位時，約 2 到 3 美分，[all SQL]

Ethan Kaye, Lucid Capital Markets.

Ethan Kaye，Lucid Capital Markets。

Hey, good morning, guys. Just following up on the Quest or discussion on the yield at the JV. So can you just help kind of reconcile? I see you quoted 11.2%. I see something in the high 8% as like a weighted average yield on the portfolio. Is there some kind of timing or mechanical discrepancy there or issue that's causing that discrepancy.

各位早安。我想延續 Quest 那段、關於 JV 收益率的討論。你們能否協助我釐清一下？我看到你們提到 11.2%。我也看到投資組合的加權平均收益率大概是 8% 多、接近 9%。這之間是否有一些時間點或機械性的差異，或是其他因素造成這個落差？

That's the weighted average yield of the portfolio. In terms of the income that was generated off of that, we at the MSDL level received an 11.2% yield from the income that was produced down at the JV.

那是投資組合的加權平均收益率。就由該投資組合所產生的收入而言，在 MSDL 層級，我們從 JV 下層產生的收入中收到 11.2% 的收益率。

Okay. Okay, and then I guess I'm sorry, go ahead.

好的。好的，然後我想，抱歉，你請繼續。

Yeah, no, the 8.7% is an unlevered asset yield. That's the difference between the two, yeah.

對，沒有，8.7% 是未加槓桿的資產收益率。兩者的差異就在這裡，對。

So is that, that's comparable to the kind of low 9% on the MSDL balance sheet directly, is that a fair comparison? I think there's nine. And do you expect those to kind of converge over time? Is there anything that you attribute to the kind of that difference between the yield at the JV and the yield directly in the MSDL balance sheet assets?

所以那個是可以拿來跟 MSDL 資產負債表上直接持有資產、約 9% 出頭的收益率相比嗎？這樣比算合理嗎？我想大概是 9%。你們預期這兩者會隨時間收斂嗎？JV 的收益率與 MSDL 資產負債表上直接持有資產的收益率之間的差異，你們會把它歸因於什麼？

Yeah, Ethan, I think that's a fair assumption. It's attributable largely to the JV assets being slightly more recent vintage. We would expect that to converge over time.

是的，Ethan，我認為這樣的假設是合理的。主要原因在於 JV 的資產屬於較新的批次（vintage）。我們預期隨時間會收斂。

And then on portfolio activity, it looks like it was a bit kind of more active in 1Q than maybe we saw at some peers. I suppose kind of half of the funding, though, were to the JV, but at least repayment activity was elevated. Kind of any sense of what drove that this quarter? Was it kind of driven by a couple of large exits or did you see kind of activity more broadly? And then maybe any sense of what activity is looking like in 2Q?

另外關於投資組合活動，看起來第一季比一些同業更活躍一些。我想其中大約一半的撥款是給 JV，但至少還款活動偏高。能否談談這一季是什麼驅動因素？是由幾筆大型退出所帶動，還是你們看到更廣泛的活動？另外，第二季的活動量看起來如何？

Yeah, Ethan, a lot to unpack there. I would just say on the repays, similar experience to prior quarters, we had in gross terms about 5% of the commitment-based repay. Definitionally, this captures refinancing activity, but true repayments and paydowns constituted the majority of the $240 million figure you see in the deck.

是的，Ethan，這裡面有不少可以拆解。先談還款（repays），跟前幾季的經驗類似，以總額來看，我們約有承諾額基礎（commitment-based）5% 的還款。按定義，這包含再融資活動，但真正的償還與本金回收（paydowns）占了你在簡報中看到的 2.4 億美元的大多數。

Repayment levels were pretty consistent really with prior quarters. Underneath that, to answer your question, repayment activity driven by a number of different things some public market take-outs, some refinancing activity that we didn't elect to participate in, some sales to strategics, including portfolio group, which I think was $74 million of notional.

還款水準其實與前幾季相當一致。在更細的層面上，回答你的問題，還款活動由多種因素驅動：一些是公開市場的收購退出（take-outs）、一些是我們選擇不參與的再融資、一些是出售給策略買家（strategics），也包括 Portfolio Group，我記得名目金額（notional）約 7,400 萬美元。

And so we could see that moving forward kind of ebb and flow depending on the direction of spreads, but it's been a pretty reliable level over the past few quarters. On the proportion of deployment, here's how we would break it down.

因此，往後可能會隨利差方向而出現起伏，但過去幾季一直維持在相當可靠的水準。至於投放比例，我們會這樣拆解。

You start with the buyback activity, with price as a factor, that drove the 50% uptick in terms of us buying back $15 million of stock at lower prices, which, as David alluded to, was created by about a nickel. You take that in conjunction with the valuation impact over the course of the quarter and our desire to keep leverage constant. Pretty consistent at least as we accomplished.

你先從股票回購活動談起，把價格作為一項因素；由於我們以較低價格回購了1,500萬美元的股票，這推動了回購金額約50%的上升，而正如David所提到的，這大約帶來了每股約0.05美元的貢獻。你再把這與本季期間估值影響，以及我們希望維持槓桿水準不變的意圖結合起來看。至少就我們所完成的而言，整體相當一致。

And that more or less dictates what we have to play with in terms of origination activity. As you alluded to, the prioritization was with the JV that we have previously announced, about two-thirds or $100 million of the $150 million, the $50 million was organic. And while not big in dollar terms, it was still accretive from a spread and a diversification perspective. As I mentioned earlier, we would expect those proportions to reverse going forward.

而這或多或少決定了我們在放款承作（origination）活動方面可運用的空間。如你所提到的，優先順序放在我們先前已公告的合資企業（JV）上；約占三分之二，也就是1.5億美元中的約1億美元，另外5,000萬美元則是有機成長（organic）。雖然以金額來看不大，但從利差與分散化的角度仍具增益（accretive）。如我先前提到的，我們預期未來這些比例會反轉。

Cory Johnson, UBS.

Cory Johnson，瑞銀（UBS）。

Hi, thanks. So I just want to talk a little bit, about -- so the interest income came down quite a bit, this quarter, as you mentioned. And what helped sort of be able to cover dividend this quarter was also just the lower incentive fee fade.

嗨，謝謝。我想稍微談一下——如你提到的，本季利息收入下降了不少。而本季能夠大致覆蓋股利（dividend）的另一個助力，是績效獎勵費（incentive fee）下降得比較少。

So we talked about certain leverage that you have to be able to maybe make up that difference, the one being the JV, and if I understand it correctly, that probably add another $0.02 to $0.03 one sprint in order to be able to help achieve that dividend. But I was just wondering what other.

所以我們談到你們可能用來彌補差額的某些槓桿（leverage），其中之一是JV；如果我理解正確，為了協助達成該股利水準，它大概能再增加0.02到0.03美元（每股）左右。但我想問的是，還有哪些其他的。

Leverage that you see that you have? And maybe could you talk about like perhaps sizing them in terms of being able to bridge that gap so you can see how well it will actually cover the dividend over the coming quarters and such and add to your earnings dollars?

你們認為可運用的槓桿有哪些？以及你能否談談例如它們的規模（sizing），以便彌補這個缺口，讓我們了解未來幾季實際上能多好地覆蓋股利，並增加你們的獲利金額？

Yeah, Cory, great question.

是的，Cory，這是個很好的問題。

I think this is a more simple story that in prior quarters, which is a welcome sign for all of us, we started to see that normalization in the first quarter that we referenced, a little bit of a bridge from 4Q attributable to that most recent rate cut.

我認為這次的故事比前幾季更單純，這對我們所有人來說都是個好現象。我們在第一季開始看到我們所提到的正常化（normalization），某種程度上是從第四季銜接過來，主要歸因於最近一次降息。

It's going to continue moving forward to be a function of a bunch of different things, including spreads and credit, among other things. But at least for now, base rates are not a variable. And tough to predict that over time, but still, we've reached the normalization phase.

往後它將持續受到多種因素影響，包括利差與信用狀況等。但至少目前，基準利率（base rates）不是一個變數。長期來看很難預測，但我們已經進入正常化階段。

I would look at the $0.47 directionally as more or less a new baseline, and underneath that, we feel pretty good about the distribution that we've talked about. To your question more directly, it is absolutely going to be a focus on optimization moving forward and the different levers available to us, including the aforementioned JV, including the share repurchase activity.

我會把0.47美元（每股）在方向上視為或多或少的新基準，而在此之下，我們對於我們所談到的配息（distribution）水準感到相當有信心。更直接回應你的問題，未來重點絕對會放在最佳化，以及我們可用的不同槓桿，包括前述的JV，也包括股票回購活動。

And then one thing I think we haven't emphasized probably to the extent that we would like to do is the improving credit environment, how we're seeing repricing or I should say a credit repricing actively in the marketplace, and we think we're really well equipped to go and take advantage of that.

另外一點，我想我們可能沒有強調到我們希望的程度：信用環境正在改善。我們看到市場上正在積極進行重新定價——或者我應該說是信用重新定價（credit repricing）——而我們認為自己非常有能力去把握並加以利用。

Great, thanks. And just one follow-up, and as you mentioned, there's your ability to be able to repurchase shares out in the market as well, but maybe can you talk a little bit about how you decide to balance that, given I guess where the leverage is at the moment and, you have opportunity to buy back your stock, but also there's paying out the dividend and I guess the. Need or want to be able to continue to look at attractive opportunities in the market. So could you maybe just talk a little bit about that balance?

很好，謝謝。再追問一個：如你提到的，你們也有能力在市場上回購股份；但能否談談你們如何在這之間做平衡？考量到目前的槓桿水準，以及你們有機會回購自家股票，但同時也要支付股利，而且我想還有。需要或希望持續在市場上尋找具吸引力的機會。所以你能否談談這個平衡？

Yeah, it's a great question. We're committed to the buyback program. I think that's evidenced by our activity in the prior quarters. As I mentioned, price is an input, largely a formulaic program. We did see the pickup in utilization in the first quarter.

是的，這是個很好的問題。我們致力於回購計畫。我想這從我們前幾季的活動就能看得出來。如我提到的，價格是一個輸入因素，整體上是一個相當公式化的計畫。我們確實在第一季看到使用率（utilization）上升。

The I think what I would say to give a little bit of commentary underneath the kind of order of operations that I mentioned earlier in terms of starting with leverage, it's we're not blindly kind of collecting. The results of all of these inputs at the end of the quarter. We're proactive in terms of anticipating valuation moves, monitoring stock price, evaluating a vibrant portfolio that's dynamic across a large platform that we're managing here to balance all of those things.

我想我會補充一些說明，呼應我先前提到的作業順序（order of operations），也就是從槓桿開始：我們並不是盲目地在季末才把所有這些輸入的結果加總起來。我們會主動預判估值變動、監控股價、評估一個充滿活力且會隨時變動的投資組合；這個組合橫跨我們在此管理的大型平台，以平衡所有這些因素。

So I think, in short, we would like to continue to take advantage of the buyback program. Obviously, we'd like to see our stock price trade above NAV, and we're optimistic we'll get there in time. And then this conversation. Will be moot, but leverage is a governor, and we're going to continue to balance the accretion and the return opportunity on the deployment side as well.

所以簡而言之，我們希望持續利用回購計畫。當然，我們也希望股價能在淨資產價值（NAV）之上交易，我們樂觀認為隨著時間推進會達成。到那時，這段對話。就會變得不再重要；但槓桿是一個約束（governor），我們也會持續在增益性（accretion）與資金部署端的報酬機會之間取得平衡。

Thank you. And at this time, I would like to turn the call back to Michael Occi for closing remarks.

謝謝。此時，我想把電話交回給Michael Occi作結語。

Thank you. On behalf of the management team, we appreciate you joining us today and for your continued support of Morgan Stanley Direct Lending Fund. Our private credit platform continues to benefit from the scale, sourcing capabilities, and institutional infrastructure of Morgan Stanley.

謝謝。我代表管理團隊，感謝各位今天參與，並持續支持Morgan Stanley Direct Lending Fund。我們的私募信貸平台持續受惠於摩根士丹利的規模、案源取得能力（sourcing capabilities）以及機構級基礎設施（institutional infrastructure）。

The firm remains committed to expanding our team and advancing MSDL as a core component of [EMSIM's] growing credit franchise. We are encouraged by our execution and the continued strength of the portfolio. Market conditions have shown early signs of improvement, and our strategy positions us to win in the near and long-term.

公司仍致力於擴編團隊，並推進MSDL成為[EMSIM]不斷成長的信貸事業版圖中的核心組成。我們對於執行成果以及投資組合的持續強勁感到鼓舞。市場狀況已出現初步改善跡象，而我們的策略使我們能在短期與長期都取得勝利。

We're taking every opportunity to further optimize the business as we seek to deliver high-quality returns to investors. We look forward to providing an update on our second-quarter 2026 earnings call in August.

我們把握每一個機會進一步最佳化業務，以期為投資人帶來高品質的報酬。我們期待在8月的2026年第二季財報電話會議上提供最新進展。

Thank you. And this concludes today's call. Thank you for your participation. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。