Morgan Stanley Direct Lending Fund (MSDL) 2026 Q2 法說會逐字稿

Welcome to Morgan Stanley Direct Lending Funds second-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded.

歡迎參加摩根士丹利直接放貸基金 2026 年第二季財報電話會議。(接線員指示) 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.

此刻，我想將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 second-quarter 2026 earnings call. I am joined this morning by Michael Occi, Chief Executive Officer; Jeff Day, Co-President; David Pessah, Chief Financial Officer; and Rebecca Shaoul, Head of Portfolio Management.

各位早安，歡迎參加摩根士丹利直接放貸基金 2026 年第二季財報電話會議。今天早上與我一同出席的有：執行長 Michael Occi；共同總裁 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 second quarter 2026 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 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 年第二季財務結果已於昨日收盤後發布，可於我們網站 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，將可自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, uncertainties 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粹歷史性的陳述均屬前瞻性陳述。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、利率相關不確定性、經濟情勢變化，以及我們在向美國證券交易委員會（SEC）提交之文件中所識別的其他因素。

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. 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. To obtain copies of SEC-related filings, please visit our website.

儘管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。您不應過度依賴這些前瞻性陳述。本次電話會議所載之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後續事件的任何義務。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, and thank you for joining us today. I'll begin with our second quarter performance and outlook before turning the call over to Jeff to discuss the market environment and deployment activity. David will then review our financial results in greater detail, after which we will open the call up for Q&A.

各位早安，感謝今天加入我們。我將先說明我們第二季的表現與展望，接著把電話交給 Jeff，討論市場環境與資金投放活動。之後 David 會更詳細地回顧我們的財務結果，最後我們將開放問答。

Beginning with operating results. We generated net investment income of $0.45 per share compared with $0.47 per share in the prior quarter. Second quarter earnings reflected a growing contribution from the Capstone JV, offset by the income drag associated with new nonaccruals added during the quarter and higher other financing costs. For the third quarter, the Board declared a dividend of $0.45 per share, unchanged from the prior quarter.

先從營運結果談起。我們每股淨投資收益為 0.45 美元，較前一季的每股 0.47 美元略低。第二季盈餘反映 Capstone 合資企業（JV）貢獻增加，但被本季新增不計息（nonaccrual）資產所帶來的收益拖累，以及其他融資成本上升所抵銷。針對第三季，董事會宣告每股股利 0.45 美元，與前一季持平。

Second quarter net investment income covered the dividend, and we continue to believe the reset dividend level is aligned with MSDL's normalized earnings power. Transitioning to credit. MSDL's overall portfolio health remains solid. NAV compression in the quarter was attributable in large part to a handful of underperforming investments, which had previously exhibited weakness. The increase in nonaccruals reflected the weighting of net borrower addition to nonaccrual status.

第二季淨投資收益足以覆蓋股利，我們仍相信重設後的股利水準與 MSDL 正常化的獲利能力相符。接著談信用狀況。MSDL 整體投資組合健康狀況仍然穩健。本季每股淨值（NAV）壓縮主要歸因於少數表現不佳的投資，這些投資先前已呈現疲弱跡象。不計息資產的增加反映新增借款人被納入不計息狀態的比重。

Importantly, the proportion of the portfolio in the risk rated two or better categories remained stable quarter-over-quarter with approximately 95% of the portfolio generally performing in line with the original underwriting case. Consistent with the first quarter, we took a disciplined approach to capital allocation amid a more dynamic market landscape, seeking to thoughtfully manage leverage and maximize risk-adjusted returns. We remained active in utilizing our share repurchase program, which added $0.05 to NAV per share during the quarter and brought total program-related accretion to $0.10 for the first half of 2026.

重要的是，投資組合中風險評等為 2 或更佳的比例較上季維持穩定，約 95% 的投資組合整體表現大致符合原始承作（underwriting）情境。與第一季一致，在更具動態的市場環境下，我們對資本配置採取審慎自律的做法，致力於周延管理槓桿並最大化風險調整後報酬。我們持續積極運用庫藏股回購計畫，本季使每股 NAV 增加 0.05 美元，並使 2026 年上半年該計畫累計增厚達 0.10 美元。

In parallel, we continue to scale the JV, which we expect to further ramp over the coming year. While conventional investment activity remained measured as we balance these levers, origination momentum remains solid with three new platform investments added during the quarter.

同時，我們持續擴大合資企業（JV）規模，預期未來一年將進一步加速成長。在我們平衡這些槓桿、使傳統投資活動維持審慎之際，承作動能仍然穩健，本季新增三筆新的平台型投資。

On the liability side, we successfully executed two proactive financing initiatives, the amendment and extension of our corporate revolver in April and a subsequent unsecured notes offering in June designed to prefund a portion of our February 2027 maturity. Together, these transactions underscore a proactive management of the right-hand side of the balance sheet and our continued access to diversified financing sources, supported by the strength of our business and the depth of MSPC's relationships with bank partners and the fixed income community.

在負債端，我們成功推動兩項前瞻性的融資措施：4 月完成公司循環信貸（revolver）的修訂與展期，並於 6 月進行後續的無擔保票據發行，以預先籌措部分將於 2027 年 2 月到期的資金需求。合計而言，這些交易凸顯我們對資產負債表右側的主動管理，以及我們持續取得多元化融資來源的能力；此一能力來自我們業務的實力，以及 MSPC 與銀行合作夥伴及固定收益社群之間關係的深度。

Turning now to our outlook. We would characterize the first half of 2026 as a period of transition for direct lending. Public market valuations are pricing in a more negative outlook than our current portfolio fundamentals support. At the same time, there have been isolated instances of credit softness, and we recognize that several legitimate pressures persist in the market. Borrowers continue to face elevated interest rates, geopolitical uncertainty and the evolving impact of AI. But the underlying fundamentals of the middle market economy remain resilient. Credit performance will vary across the industry as these headwinds affect companies and sectors differently.

接著談我們的展望。我們會將 2026 年上半年形容為直接放貸的轉型期。公開市場估值所反映的前景較為負面，程度高於我們目前投資組合基本面所支持的判斷。同時，市場上也出現零星的信用轉弱案例，我們也認知到市場仍存在若干確實的壓力。借款人持續面臨偏高的利率、地緣政治不確定性，以及 AI 影響的持續演變。但中型市場經濟的基本面仍具韌性。隨著這些逆風對不同公司與產業的影響程度不一，整體產業的信用表現也將有所分化。

However, we believe several of these pressures are beginning to ease and the MSDL portfolio is well positioned to navigate them. Jeff will discuss these dynamics in greater detail shortly. We also remain constructive on the medium- to long-term outlook for new deal activity, although industry lending volume during the first half of the year was more uneven than anticipated.

然而，我們認為其中若干壓力正開始緩解，而 MSDL 投資組合已做好充分準備以因應。Jeff 稍後將更詳細說明這些動態。我們對中長期新案活動的展望仍偏正向，儘管今年上半年產業放貸量較原先預期更為不均衡。

Sponsors remained selective in the second quarter amid geopolitical developments in the Middle East. Encouragingly, we have seen a rebound in private equity exit activity, supported by efficient financing markets and strong demand from strategics. We expect new deployment could accelerate as sponsors gain greater conviction in the geopolitical and macro backdrop.

在中東地緣政治發展的背景下，第二季贊助方（Sponsors）仍維持選擇性。令人鼓舞的是，我們看到私募股權退出活動回升，受惠於效率良好的融資市場以及策略買家（strategics）的強勁需求。隨著贊助方對地緣政治與總體環境的判斷更具信心，我們預期新的資金投放可能加速。

Even amid subdued market-wide activity relative to expectations at the start of the year, opportunity levels remained respectable in the second quarter. Our deep integration within the Morgan Stanley ecosystem continued to provide what we consider to be a meaningful sourcing advantage. We reviewed a higher number of deals year-over-year and closed on less than 5% of the opportunities we originated in the last 12 months, reflecting both our broad funnel and our high-quality bar. While headlines around direct lending fund flows have weighed on retail investor sentiment, we have observed constructive investor engagement across channels through the lens of our platform's diversified capital base.

即使相較年初預期，整體市場活動仍偏低迷，第二季的機會水準仍屬可觀。我們與摩根士丹利生態系的深度整合，持續帶來我們認為具實質意義的案源優勢。我們審閱的交易數量較去年同期增加，而在過去 12 個月我們所發起的機會中，最終成交比例低於 5%，反映我們廣泛的案源漏斗以及對品質的高標準。儘管有關直接放貸基金資金流向的新聞標題影響了零售投資人情緒，但從我們平台多元化資本基礎的角度來看，我們觀察到各通路的投資人互動仍具建設性。

Notably, industry-wide institutional demand for the asset class remains strong globally with many investors continuing to seek increased allocations. Retail outflows also showed signs of deceleration in the second quarter, reinforcing our confidence that direct lending will remain a durable allocation for individual investors. And there will be a need for this capital as private equity dry powder is deployed and sponsor-backed M&A volume builds.

值得注意的是，全球範圍內機構投資人對此資產類別的需求仍然強勁，許多投資人持續尋求提高配置比重。第二季零售資金流出亦出現放緩跡象，進一步強化我們的信心：直接放貸將持續成為個人投資人可長期持有的配置。而隨著私募股權乾粉資金投入運用，以及贊助方支持的併購（M&A）量增長，市場也將需要這些資本。

Morgan Stanley Investment Management recently surpassed an important $2 trillion AUM milestone. As a visible component of MSIM's growing credit platform, we remain confident in our ability to continue optimizing the performance of MSDL, leveraging the strength of our team, track record and broader support of the Morgan Stanley platform.

摩根士丹利投資管理（Morgan Stanley Investment Management）近期達成一項重要里程碑，資產管理規模（AUM）突破 2 兆美元。作為 MSIM 成長中信用平台的顯著組成部分，我們仍有信心能持續優化 MSDL 的表現，並運用我們團隊的實力、過往績效，以及摩根士丹利平台更廣泛的支持。

When we constructed MSDL, we endeavored to provide a differentiated BDC offering, aligned with shareholders through our thoughtful fee structure, competitive expense profile and defensive investment strategy. We remain intently focused on these priorities, positioning MSDL to capitalize on this dynamic backdrop and to continue delivering value to shareholders.

在建構 MSDL 時，我們致力於提供具差異化的 BDC 產品，透過審慎的費用結構、具競爭力的費用水準，以及防禦型投資策略，與股東利益保持一致。我們仍將高度聚焦於這些優先事項，使 MSDL 能把握此一動態環境，並持續為股東創造價值。

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

那麼，我將把電話會議交給 Jeff Day。

Thank you, Michael, and good morning. As we reflect on the market environment, we see a backdrop for private credit in which selectivity and underwriting discipline remain critical. We saw improved supply-demand technicals support a positive shift in deal terms during the second quarter, which was a continuation of the dynamics experienced in the first quarter.

謝謝你，Michael，大家早安。回顧市場環境，我們看到私募信貸的背景是：選擇性與承作（underwriting）紀律仍然至關重要。第二季我們看到供需技術面改善，支持交易條款出現正向轉變，延續了第一季所經歷的動態。

We believe this trend is driven primarily by slower capital formation in the market. Pricing for new loans generally stabilized quarter-over-quarter in the SOFR plus 500 basis points range with our weighted average spread on closed deals in the second quarter unchanged relative to the first quarter. While spreads remain wide to the mid- to high 400s trough reached in mid-2025, competition remains high for non-software assets, and we have witnessed some modest tightening in this part of the market third quarter to date.

我們認為這一趨勢主要是由市場資本形成放緩所驅動。新貸款定價整體上在 SOFR 加 500 個基點區間，較上季大致持穩；我們第二季已完成交易的加權平均利差也與第一季持平。雖然利差仍高於 2025 年年中達到的中高 400 個基點低點，但非軟體資產的競爭依然激烈；截至目前第三季，我們也在這一市場部分看到一些溫和的收窄。

Beyond pricing, documentation and overall lender protections remain favorable relative to what we observed in mid-2025. Financial covenant packages, EBITDA definitions, requests for PIK toggles at close and other structural protections continue to compare favorably with what we were seeing several quarters ago, allowing disciplined lenders with strong sponsor relationships to continue generating improved risk-adjusted returns. In general, we continue to find better compensation for risk in the upper middle market where larger financings typically require more lender participation than in prior years or than in the lower middle market.

除了定價之外，文件條款與整體貸方保護相較於我們在 2025 年年中觀察到的水準仍然有利。財務契約（covenant）組合、EBITDA 定義、交割時對 PIK toggle 的要求以及其他結構性保護，仍優於數季前我們所看到的情況，使得具紀律的貸方在與贊助商（sponsor）維持強健關係下，得以持續創造更佳的風險調整後報酬。整體而言，我們仍在上中型市場（upper middle market）找到更好的風險補償，因為較大型融資通常比以往或比下中型市場需要更多貸方參與。

From a use of proceeds perspective, we have also seen a healthy shift in deal composition with LBOs and add-on acquisition activity accounting for more than 75% of our new platform activity in the first half of the year. As it relates to second quarter originations, we closed on 11 first lien senior secured transactions totaling $85 million of new commitments. These included three new platforms, four refinancings of existing borrowers and four incremental commitments to existing portfolio companies, highlighting both the strength of our sponsor relationships and the continued opportunity within our incumbent portfolio.

從資金用途角度來看，我們也看到交易組成出現健康轉變：今年上半年，我們新平台投資活動中，LBO 與附加併購（add-on acquisition）活動占比超過 75%。就第二季承作而言，我們完成了 11 筆第一順位（first lien）高級擔保交易，合計新增承諾金額 8,500 萬美元。其中包括 3 個新平台、4 筆既有借款人的再融資，以及 4 筆對既有投資組合公司的增額承諾，凸顯我們與贊助商關係的強度，以及在既有投資組合中持續存在的機會。

One transaction to highlight from the quarter was Bridgepointe. During the quarter, Bridgepointe approached the market with a leverage buyout financing opportunity. Our platform's familiarity with the business and ability to speak for a sizable commitment allowed MSPC to take on leadership roles as both a lender and administrative agent. The transaction improved our lender position and the credit through the addition of significant additional cash equity from the sponsor beneath us in the capital structure while further reducing risk through improved documentation protections.

本季值得一提的一筆交易是 Bridgepointe。本季期間，Bridgepointe 以槓桿收購融資機會進入市場。我們平台對該業務的熟悉度，以及能夠承作相當規模承諾的能力，使 MSPC 得以同時以貸方與行政代理人（administrative agent）的身分擔任主導角色。該交易透過在資本結構中由贊助商於我們之下投入大量額外現金股權，改善了我們的貸方順位與信用狀況，同時也藉由更佳的文件保護進一步降低風險。

In addition to balance sheet deployment, we deployed an additional $10 million of equity into the Capstone JV. David will elaborate on the current profile of the JV, and I would invite you to review the new slide we added to our investor presentation this quarter with additional details on the JV. While the investment strategy within the JV is identical to that of on-balance sheet deployment, accounting for the JV portfolio modestly diversifies our top borrowers' weights as of June 30, 2026. The JV provides an additional source of portfolio growth, which we expect to support NII generation as it continues to scale.

除資產負債表上的投放之外，我們也向 Capstone 合資企業（JV）額外投入 1,000 萬美元股權。David 將進一步說明該 JV 目前的概況；也請各位參閱我們本季在投資人簡報中新增的投影片，其中提供了更多 JV 的細節。雖然 JV 內的投資策略與資產負債表上的投放完全一致，但將 JV 投資組合納入會計處理後，截至 2026 年 6 月 30 日，我們前幾大借款人的權重可獲得小幅分散。JV 提供了投資組合成長的另一個來源；隨著其規模擴大，我們預期將支持 NII（淨投資收益）的產生。

Turning to credit. Overall portfolio performance remained broadly stable during the quarter. Revenue growth, EBITDA growth and interest coverage ratios remained healthy and improved from the prior quarter. While payment in kind income has increased slightly, the number of borrowers utilizing PIK remained relatively unchanged from the prior quarter. We continue to closely monitor PIK utilization and have prioritized lending to borrowers who have the cash flows to support the capital structures that we are providing to them. Our mid-single-digit level of PIK remains low relative to publicly traded BDC peers, which we believe is a strength of our portfolio.

接著談信用狀況。整體投資組合表現於本季大致維持穩定。營收成長、EBITDA 成長與利息覆蓋率維持健康，且較前一季改善。雖然以實物支付（PIK）收入略有增加，但使用 PIK 的借款人數量與前一季相比大致不變。我們持續密切監控 PIK 的使用情況，並優先放款給具備現金流、足以支撐我們所提供資本結構的借款人。我們 PIK 約中個位數的水準，相較於公開交易的 BDC 同業仍偏低，我們認為這是投資組合的一項優勢。

As part of these ongoing portfolio management efforts, we also placed US Infra Services Buyer, Spectrio and VPG Holdings on nonaccrual status. These were not new issues that emerged during the quarter. Each company had been experiencing company-specific operational challenges over an extended period, and the move to nonaccrual reflects the continued progression of those situations. We do not view their performance as indicative of broader portfolio stress or specific sector trends. These three credits contributed to the NAV mark-to-market movement in the quarter and increased nonaccruals to 2.9% of the portfolio at cost as of June 30.

作為這些持續投資組合管理工作的一部分，我們也將 US Infra Services Buyer、Spectrio 與 VPG Holdings 列為停計息（nonaccrual）狀態。這些並非本季才出現的新問題。每家公司在一段較長期間內都面臨公司特定的營運挑戰，而轉為停計息反映了這些情況的持續發展。我們不認為其表現代表更廣泛的投資組合壓力或特定產業趨勢。這三筆信用資產對本季 NAV 的按市值評價變動有所貢獻，並使截至 6 月 30 日以成本計的停計息比重提高至投資組合的 2.9%。

Restructuring efforts remain active, and we continue to work closely with all relevant parties to preserve principal and achieve timely resolutions for our nonaccrual investments in the coming quarters. During the second quarter, we continued to actively manage challenged situations and successfully completed restructurings for both BCA buyer and Abcam.

重整（restructuring）工作仍在進行中，我們將持續與所有相關方密切合作，以保全本金，並在未來幾季為我們的停計息投資爭取及時的解決方案。第二季期間，我們持續積極管理具挑戰的個案，並成功完成 BCA buyer 與 Abcam 兩案的重整。

These outcomes reflect the deep experience of our senior team and our hands-on approach to portfolio management as well as our ability to work constructively with sponsors and management teams to maximize value through periods of operational stress. While several variables may impact how MSDL's credit will evolve over the coming quarters, we believe that the portfolio remains well positioned to navigate different economic scenarios and importantly, the risk ratings distribution is indicative of stability.

這些成果反映了我們資深團隊的深厚經驗與我們對投資組合管理的親力親為作法，也展現我們能與贊助商及管理團隊建設性合作，在營運壓力期間最大化價值。儘管未來幾季仍有多項變數可能影響 MSDL 的信用表現演變，我們相信投資組合仍具備良好定位以因應不同經濟情境；更重要的是，風險評等分布顯示其穩定性。

As Michael alluded to, the proportion of the book risk rated 3 and 4 declined modestly during the quarter on a fair value basis. We have a proven track record of preserving capital for shareholders. And while NAV may fluctuate from quarter-to-quarter, we believe our active management of the affected credits positions us to preserve value, maximize recoveries and support NAV stability over time. MSDL's NAV per share remains within 2.5% of its starting NAV per share at inception in 2019.

如 Michael 所提到的，以公允價值計，本季風險評等為 3 與 4 的部位占比小幅下降。我們在為股東保全資本方面擁有經驗證的紀錄。雖然 NAV 可能逐季波動，但我們相信對受影響信用資產的主動管理，使我們能保全價值、最大化回收，並在時間推移下支持 NAV 的穩定。MSDL 的每股 NAV 仍維持在 2019 年成立時起始每股 NAV 的 2.5% 以內。

Turning now to software. We have seen the conversation around artificial intelligence become more balanced over the last few months. We believe AI will remain an important area of focus for every industry and its company-specific impact is going to vary meaningfully by business model, end market and product offering. As such, we believe AI is unlikely to drive near-term sector-wide disruption. Our software investments remain concentrated in mission-critical system of record platforms with high switching costs, recurring revenue characteristics and strong customer retention.

接著談軟體。過去幾個月，圍繞人工智慧的討論變得更為均衡。我們認為 AI 將持續是各產業的重要焦點，而其對個別公司的影響將因商業模式、終端市場與產品供給而有顯著差異。因此，我們認為 AI 不太可能在短期內引發整體產業的廣泛顛覆。我們的軟體投資仍集中於關鍵任務的系統紀錄（system of record）平台，具備高轉換成本、經常性收入特性與強勁的客戶留存。

Through our ongoing portfolio monitoring and team's proprietary AI scorecard, we continue to identify a low single-digit percentage of our portfolio we consider in the high-risk category. We believe our portfolio companies are well equipped to leverage AI to enhance product functionality, improve operating efficiency and strengthen their competitive positioning over time. Beyond AI, we continue to closely monitor the evolving macroeconomic and geopolitical environment, including renewed volatility in energy markets as tensions in the Middle East have intensified.

透過持續的投資組合監控以及團隊自有的 AI 評分卡，我們仍辨識出投資組合中屬於高風險類別的比例為低個位數百分比。我們相信投資組合公司具備良好條件運用 AI 來強化產品功能、提升營運效率，並隨時間推進強化其競爭定位。除 AI 之外，我們也持續密切關注不斷演變的總體經濟與地緣政治環境，包括因中東緊張局勢升高而再度出現的能源市場波動。

In line with other macro-related reviews we conducted over the last several quarters, this quarter, we conducted an assessment of potential exposure impacts across the portfolio. Based on that analysis, we remain confident that our portfolio is well positioned, where fuel is a more meaningful input cost, we currently expect the majority of those borrowers will be able to pass higher costs through to customers over time. Given our concentration in service-oriented businesses, we believe direct exposure remains limited. Overall, while we continue to monitor a small number of company-specific situations and an evolving macro backdrop, we believe the portfolio remains well positioned.

延續過去幾季我們進行的其他宏觀相關檢視，本季我們也評估了投資組合中潛在曝險影響。根據該分析，我們仍有信心投資組合具備良好定位；在燃料屬於較重要投入成本的情況下，我們目前預期多數借款人將能隨時間把較高成本轉嫁給客戶。鑑於我們集中於服務導向型企業，我們認為直接曝險仍然有限。整體而言，儘管我們持續監控少數公司特定情況與演變中的宏觀背景，我們相信投資組合仍具備良好定位。

I will now turn the call over to David Pessah.

我現在把電話會議交給 David Pessah。

Thank you. Turning to our balance sheet. Our portfolio totaled $3.6 billion at fair value as of quarter end. With our continued focus at the top of the capital structure, approximately 93% of the investments were classified as first lien debt, 3% in our JV and the remainder in second lien equity and other investments as of June 30.

謝謝。接著談我們的資產負債表。截至季末，我們的投資組合以公允價值計為 36 億美元。在我們持續聚焦於資本結構上層的策略下，截至 6 月 30 日，約 93% 的投資被歸類為第一順位債務（first lien debt），3% 在我們的 JV，其餘則為第二順位、股權及其他投資。

Inclusive of new investment commitments, total investment fundings amounted to about $146 million during the quarter, offset by $240 million in repayments. The portfolio remains well diversified with 229 portfolio companies across 36 industries and an average borrower exposure of approximately $15.5 million. In addition to some of our credit metrics that Jeff provided, the weighted average loan-to-value across our portfolio was approximately 39% and median EBITDA remained relatively unchanged at $90 million. To provide some additional detail about our JV, the vehicle has total equity commitments of up to $250 million, of which $200 million is committed by MSDL.

包含新的投資承諾在內，本季總投資撥款約為1.46億美元，但被2.40億美元的償還所抵銷。投資組合仍維持良好多元化，涵蓋36個產業的229家投資組合公司，單一借款人平均曝險約為1,550萬美元。除Jeff提供的部分信用指標外，我們投資組合的加權平均貸款價值比（LTV）約為39%，EBITDA中位數仍大致持平於9,000萬美元。為補充說明我們的合資企業（JV），該投資工具的總股權承諾最高可達2.50億美元，其中2.00億美元由MSDL承諾。

To date, approximately 52% of the total equity commitments have been called, supporting approximately $426 million of investment commitments across 58 portfolio companies in 25 industries. The weighted average yield on debt and income-producing investments is 8.8% at cost. On a levered basis, the dividend yield on MSDL's investments equated to approximately 13%. Moving to our operating results for the quarter. Net investment income for the quarter was $38.2 million or $0.45 per share. Total investment income was relatively unchanged at $89 million.

截至目前，總股權承諾約有52%已被提取（called），支持在25個產業、58家投資組合公司中合計約4.26億美元的投資承諾。債務及具收益性投資的加權平均收益率按成本計為8.8%。在槓桿後基礎上，MSDL投資的股利殖利率約為13%。接著看本季營運結果。本季淨投資收益（NII）為3,820萬美元，或每股0.45美元。總投資收益大致持平於8,900萬美元。

Earnings from the JV increased meaningfully during the quarter. However, that benefit was offset by the impact of positions placed on nonaccrual, which in turn decreased the weighted average yield on our portfolio. Total expenses increased to $50.6 million from $48.6 million in the previous quarter, attributable to higher other debt expenses as well as an increase in incentive fees resulting from a smaller benefit from our incentive fee cap impact this quarter. The net change in unrealized depreciation and realized losses for the second quarter was $30.2 million.

本季來自合資企業（JV）的收益顯著增加。然而，該利多被轉列為停止計息（nonaccrual）的部位影響所抵銷，進而拉低了我們投資組合的加權平均收益率。總費用由前一季的4,860萬美元上升至5,060萬美元，主要因其他債務費用較高，以及因本季激勵費上限（incentive fee cap）影響帶來的利益較小，導致激勵費增加。第二季未實現減值與已實現損失的淨變動為3,020萬美元。

Unrealized losses were driven by underperformance in a handful of portfolio companies, which includes the aforementioned positions that were placed on nonaccrual. Net realized losses during the period were related to the two restructurings that were completed. As of June 30, our total assets were $3.7 billion and total net assets were $1.65 billion. Our ending NAV per share for the second quarter was $19.50 compared to $19.81 in the prior period. The gross debt-to-equity ratio closed the quarter at 1.21 times, modestly below the 1.22 times multiple from the previous quarter and comfortably in the target range of where we like to operate.

未實現損失主要來自少數投資組合公司的表現不佳，其中包括前述轉列為停止計息（nonaccrual）的部位。本期間的已實現淨損失與已完成的兩項重整（restructuring）有關。截至6月30日，我們總資產為37億美元，淨資產總額為16.5億美元。第二季期末每股淨資產價值（NAV）為19.50美元，前一期間為19.81美元。本季末總負債對股權比率（gross debt-to-equity）為1.21倍，較前一季的1.22倍略低，且仍舒適地落在我們偏好的目標操作區間內。

Unsecured debt was 56% of total funded debt at the quarter end. During the quarter, we successfully amended and extended MSDL's senior secured corporate revolver, extending its maturity while maintaining both pricing and total commitments across the existing syndicate. After quarter end, we completed a new 5-year unsecured notes issuance totaling $350 million at a coupon of 6.10%. This issuance was completed in advance of the upcoming February 2027 maturity, which has a $425 million outstanding notional.

季末無擔保債務占已撥付債務總額的56%。本季我們成功修訂並展延MSDL的優先擔保公司循環信貸（revolver），在維持既有聯貸團（syndicate）的定價與總承諾額不變下延長到期日。季後，我們完成一筆新的5年期無擔保票據發行，總額3.50億美元，票面利率6.10%。此發行係為因應即將於2027年2月到期、未償名目本金4.25億美元的債務而提前完成。

Overall, we remain confident in the strength and positioning of our debt profile through the remainder of 2026 and into 2027. During the period, we repurchased approximately $12.5 million of our shares at prices below NAV, leaving significant capacity remaining on our $100 million share repurchase program we refreshed earlier this year. Regarding distributions, we paid a $0.45 regular distribution in the second quarter.

整體而言，我們對於債務結構在2026年剩餘期間及進入2027年的強度與定位仍具信心。本期間我們以低於NAV的價格回購約1,250萬美元的股份；我們今年稍早更新的1億美元庫藏股回購計畫仍保有相當大的剩餘額度。就配息而言，我們於第二季支付每股0.45美元的例行配息。

Additionally, our Board of Directors declared a $0.45 per share regular distribution for the third quarter of 2026 payable to shareholders of record as of September 30, 2026. Our spillover income was approximately $0.86 per share.

此外，董事會宣告2026年第三季每股0.45美元的例行配息，將支付給截至2026年9月30日登記在冊的股東。我們的結轉收益（spillover income）約為每股0.86美元。

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

接下來，接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Finian O'Shea, Wells Fargo Securities.

Finian O'Shea，富國證券。

Hey, everyone. Good morning. I want to ask about the Bridgepointe credit you highlighted. Can you hit on how common is that is for you to lead agent and so forth? Like what portion of the portfolio is in that category? And given it was a more sort of vanilla type spread, like how competitive it was and how you were able to win that?

各位好。早安。我想問一下你們提到的Bridgepointe那筆信貸。你們擔任主辦行／代理行（lead agent）之類的角色有多常見？投資組合中大概有多少比例屬於這一類？另外，考量那是一種比較標準（vanilla）的利差結構，競爭有多激烈？你們又是如何拿下這筆案子的？

Yeah, Fin, thanks for the question. To answer the first piece, about 15% to 20% of the portfolio at large is agented business. Entirety of the portfolio is lead business. We don't have an agent-only model, but certainly from a visibility and an active involvement perspective, I think that speaks to the entirety of the portfolio. This is one we highlighted just given the migration in the role, which I think speaks to the improved visibility and presence in the marketplace more broadly.

好的，Fin，謝謝你的問題。先回答第一部分，整體投資組合中約有15%到20%屬於由我們擔任代理行（agented）的業務。整個投資組合全部都是由我們主導（lead）的業務。我們沒有只做代理行（agent-only）的模式，但就可視性與積極參與的角度而言，我認為這點適用於整個投資組合。我們之所以特別提到這筆，是因為角色有所轉換，我認為這反映出我們在更廣泛市場中的能見度與存在感提升。

I don't know, Jeff, if there's anything more specific on Bridgepointe that you'd highlight.

我不確定Jeff是否還有更具體、關於Bridgepointe你想補充強調的部分。

Yes, good morning. Fin, we have a lot of experience in the sector more broadly. And we were able to leverage our experience here in the sector as well as the firm from just a refreshed due diligence perspective, which obviously was helpful for us in gaining conviction to provide financing here. And again, our ability to speak for a more sizable commitment in the transaction enabled us to take over the administrative agency transaction on this.

是的，早安。Fin，我們在更廣泛的該產業領域有很多經驗。我們能夠運用我們在該產業以及公司層面的經驗，並從更新後的盡職調查角度切入，這顯然有助於我們建立信心來提供這筆融資。另外，我們在交易中能夠承作較大額度的承諾，使我們得以接手並擔任此案的行政代理行（administrative agent）。

Great. It's helpful. I think you talked to this or around it a little bit. But with NOI at the dividend, are there levers to build a little cushion on that? Or will you run here? And is this something you're sort of visiting?

很好。這很有幫助。我想你們有稍微提到或帶到這點。但就淨營運收益（NOI）相對於股利而言，有沒有槓桿可以建立一些緩衝？還是你們會維持在目前水準？這是你們正在重新檢視的事情嗎？

That's on NII more broadly. I missed the beginning of it.

你是指更廣義的淨投資收益（NII）嗎？我剛剛前面一開始沒聽清楚。

Yes, just NII and regular dividend coverage.

是的，就是NII與例行股利的覆蓋情況。

Yes. So I think the $0.02 of contraction in the quarter reflected a few headwinds. I can give you maybe a little bit more color to what David outlined earlier, but you essentially had $0.03 of JV accretion that will continue to be a story. That was $0.02 of incremental versus what we saw booked in the first quarter.

是。我認為本季每股0.02美元的下滑反映了幾項逆風。我可以補充一些David先前提到的細節：基本上你有每股0.03美元來自合資企業（JV）的增厚（accretion），而且這會持續成為一個主題。相較第一季入帳的水準，這次多了每股0.02美元的增量。

Offsetting that, you had the uptick in financing costs, in part driven by the fact that we ran at higher average leverage over the course of the quarter. And then a couple of credit-related components in terms of foregone income associated with the new nonaccruals. And on the expense side, less of a lower effective -- a higher effective incentive fee with the look back having a smaller impact in the second quarter. So as we think about the go-forward, we've got to assume that the re-rate of the debt expense is more or less here to stay. Credit is obviously uncertain as some of these new nonaccruals are restructured, income comes back online. Maybe you got the offset with the incentive fee as our lookback kicks in.

與此相抵的是融資成本上升，部分原因是我們在本季期間的平均槓桿較高。另外還有幾個與信用相關的因素，包括因新增停止計息（nonaccrual）而放棄的利息收入。在費用端，因第二季回溯機制（look back）的影響較小，使得有效激勵費率較高（也就是較少的下調效果）。因此展望未來，我們必須假設債務費用重新定價後的水準大致會維持。信用面顯然仍具不確定性；隨著部分新增停止計息部位完成重整，收入會重新回到正常計息。而激勵費方面，隨著回溯機制發揮作用，或許會帶來一些抵銷。

And then, of course, the accretion from the JV as we look to continue to build that. All told, we continue to feel pretty good about the foundation of NII and the read-through around the distribution as we look to the quarters ahead.

當然，還有合資企業（JV）的增厚效果，我們也會持續擴大那部分。整體而言，展望未來幾季，我們對NII的基礎以及對配息的解讀仍感到相當有信心。

Melissa Wedel, UBS.

Melissa Wedel，瑞銀（UBS）。

Good morning. Thanks for taking my questions today. I wanted to also, I think, follow on Fin's question. You pointed to some pressure from the incremental nonaccruals in the portfolio yield in this quarter. And obviously, that can have an impact on NII quarter-to-quarter. And you also have some spillover income. So I guess I was trying to gauge how comfortable you think the Board is with the existing dividend level even if there were some quarter-to-quarter noise from any credit issues or things coming on the nonaccrual list before others get resolved.

早安。感謝今天讓我提問。我也想延續一下 Fin 的問題。你提到本季投資組合收益率受到新增停計息資產（nonaccruals）的壓力。而且顯然，這會對 NII（淨投資收益）季度之間造成影響。另外你們也有一些結轉收益（spillover income）。所以我想了解的是，即使在其他項目尚未解決前，若因任何信用問題或有資產被列入停計息名單而導致季度間出現雜訊，你認為董事會對於目前股利水準的維持會有多大的信心？

Yes, Melissa, it's a good follow-up question. Yes, I think we continue to feel good. Naturally, the Board is going to continue to evaluate this in the quarters ahead as we think about the combined impacts of these components in consideration with the fact that the JV is only half ramped, and we've seen the benefits continue to build over the last 1.5 quarters. When we kind of take into account these various components, we continue to feel good about it.

是的，Melissa，這是個很好的追問。是的，我想我們仍然覺得狀況良好。當然，董事會會在接下來幾季持續評估，因為我們要綜合考量這些因素的共同影響，同時也要考量 JV 目前只完成一半的爬坡（ramp），而且我們在過去 1.5 個季度持續看到效益在累積。當我們把這些不同的因素納入考量時，我們仍然對此感到有信心。

To your point, we can't necessarily bank on certain deal or two of the new nonaccruals necessarily coming back online on a certain time line, but we're actively working to resolve these situations vis-a-vis restructurings, which could have an income benefit. But as a baseline NII foundation matter, we continue to feel good about supporting the $0.45 as we see things today.

如你所說，我們不一定能把某一兩筆新增停計息資產在特定時間表上恢復計息視為理所當然，但我們正積極透過重整（restructurings）來處理這些狀況，這可能帶來收益面的好處。但就 NII 的基礎支撐而言，以目前所見，我們仍然有信心支持每股 0.45 美元的股利。

Thanks for that. And then following up on the post quarter end issuance, the $350 million issuance, I know that carried a rate of -- and can you just talk about your view on sort of that liability management right now? Thanks.

謝謝你的說明。接著追問季後發行的部分，那筆 3.5 億美元的發行，我知道它的利率是——你能否談談你們目前對負債管理（liability management）的看法？謝謝。

Thanks, this is Dave. Yes, we did effectively swap that transaction. Our goal is to align both the asset and liability side as much as possible across the board. The only note that's not swapped within our liability mix is the one that's coming due in February. So assume on a go forward that for the most part, we look to swap any of these issuances that we ultimately do.

謝謝，我是 Dave。是的，我們實際上對那筆交易做了利率交換（swap）。我們的目標是盡可能在整體上讓資產端與負債端相互匹配。在我們的負債組合中，唯一沒有做交換的是那筆將於 2 月到期的票據。所以往後可以假設，我們最終所做的這些發行大多都會進行交換。

Heli Sheth.

Heli Sheth。

So in an environment of elevated repayments, how are you on a go-forward basis, weighing redeploying cash into new investments versus taking advantage of the current market discounts to repurchase stock?

在償還率偏高的環境下，往前看你們如何權衡：將現金再部署到新投資，與利用目前市場折價回購股票之間的取捨？

Yeah, Heli, great question. It certainly is a balance. The repay activity has been pretty sticky quarter-over-quarter. As we've talked about, it has generally run maybe just above 5% of the portfolio, a little bit of mix in there in terms of pure prepays versus partials versus refinancing activity, but it's generally been tracking in line.

是的，Heli，這是個很好的問題。這確實需要平衡。償還活動在季度之間相當黏著（sticky）。如我們所談到的，它通常大約略高於投資組合的 5%；其中包含一些組合差異，例如純提前償還（prepays）、部分償還（partials）以及再融資活動，但整體而言大致維持一致的走勢。

As we think about the hierarchy in terms of capital consumption, leverage stability continues to be paramount. And so the utilization on the buyback, the NAV movement in the quarter effectively dictates what capital we have to consume. That answer happened to be just under $100 million this quarter. And then to answer your question most directly, it really is an optimization question as to whether that is going to be done on balance sheet versus the JV.

當我們思考資本消耗的優先順序時，維持槓桿的穩定性仍然是最重要的。因此，回購的使用量以及本季 NAV 的變動，實際上決定了我們可用來消耗的資本。本季的答案剛好略低於 1 億美元。而更直接回答你的問題，這其實是個最佳化問題：究竟要在資產負債表上做，還是透過 JV 來做。

You saw in the first quarter, it was two third JV. This quarter, it was a little more than 10% JV. We're going to continue to evaluate that over time as we think about hold sizes, diversification read-throughs with the JV. It's a multivariable equation, but you should expect we'll continue to ramp that JV over the coming year, which we believe will be accretive to the diversification profile and the return profile of the business.

你在第一季看到的是三分之二在 JV。本季則是略高於 10% 在 JV。隨著我們考量持有規模（hold sizes）以及透過 JV 所帶來的分散化效果，我們會持續隨時間評估。這是一個多變數的方程式，但你應該可以預期，我們會在未來一年持續讓 JV 爬坡，我們相信這將提升業務的分散化輪廓與報酬輪廓，並帶來增益（accretive）。

Got it. That makes sense. And then any sort of new trends or anything that you're seeing in the pipeline just in terms of spreads, LTVs, sponsor versus nonsponsor or anything there?

了解。這很合理。另外，就管線（pipeline）而言，你們是否看到任何新趨勢，例如利差、LTV、贊助商（sponsor）與非贊助商（nonsponsor）之間的差異或其他方面？

Yeah. Hey, Heli, it's Jeff. It's a great question. It's a great question. I would say we -- for non-software assets, as we mentioned in the prepared remarks, we are seeing that segment be slightly more aggressive as some managers are looking to reduce their overall software exposure. So we are seeing some slight downward pressure in terms of spreads for non-software assets. I'd say those are now more likely in the 4.75% range for a really high quality down the middle of the fairway asset.

是的。嗨，Heli，我是 Jeff。這是個很好的問題。確實是個好問題。我會說，我們——如同在準備稿中提到的——對於非軟體資產（non-software assets），我們看到該區塊略為更具進取性，因為一些管理人正試圖降低其整體軟體曝險。因此，我們確實看到非軟體資產的利差出現些微下行壓力。我會說，對於品質非常高、位於「球道正中央」的資產，利差現在更可能落在約 4.75% 的區間。

But beyond that, we continue to see stability in terms of loan to values. Our LTV remains kind of just under 40% across the portfolio, and that's in line with what we're seeing for new transactions in the market today.

但除此之外，我們仍然看到貸款價值比（LTV）維持穩定。我們的 LTV 在整體投資組合中仍大約略低於 40%，這也與我們目前在市場上看到的新交易水準一致。

Hong Ling Zhang, JP Morgan.

JP Morgan 的 Hong Ling Zhang。

Yeah, hey, this is Hong (technical difficulty) on for Rick. I guess as you think about ramping up the JV in the near term, could you talk about, I guess, what you think are the biggest constraints to do...

是的，嗨，我是 Hong（技術問題）代 Rick 提問。我想在你們近期考慮加速讓 JV 爬坡時，能否談談你們認為最大的限制因素是什麼……

It's a good question. There's a fair bit of flexibility as we think about the precise ramping of the portfolio. We obviously have the choice of dropdowns versus direct deployment. I would highlight that the sourcing mousetrap is certainly not a constraint. I would start with capacity and leverage implications on the fund as we optimize back to my prior comment.

這是個好問題。在我們思考投資組合精確的爬坡節奏時，其實有相當大的彈性。我們顯然可以選擇下放（dropdowns）或直接部署（direct deployment）。我想強調的是，案源取得的「捕鼠器」（sourcing mousetrap）當然不是限制。我會先從基金端的容量以及槓桿影響談起，因為我們要回到我先前提到的最佳化。

Another constraint might be the single borrower exposure, industry exposure that the underlying investment, relevant investment would involve, but a fair bit of flexibility as we think about the deployment of the JV, being mindful of pro forma leverage and pro forma read-through portfolios, we take that into account.

另一個限制可能是單一借款人曝險、產業曝險，也就是相關的底層投資會帶來的曝險集中度；但在 JV 的部署上仍有相當大的彈性。我們會留意備考（pro forma）槓桿以及備考穿透後（read-through）的投資組合，並將其納入考量。

At this time, I would like to turn the call back to Michael Ose for closing remarks.

此刻，我想把電話交回給 Michael Ose 作結語。

On behalf of the management team, thank you for 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.

我代表管理團隊，感謝各位今天參與，並持續支持摩根士丹利直接放貸基金（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、案源能力與機構級基礎設施。

We remain confident in the resilience of the portfolio and believe our strategy positions us well to optimize the execution as we continue to seek to deliver high-quality returns for investors. We look forward to speaking with you again on our third quarter 2026 earnings call in November.

我們對投資組合的韌性仍然充滿信心，並相信我們的策略讓我們處於有利位置，以在持續追求為投資人提供高品質報酬的同時，最佳化執行。我們期待在 11 月的 2026 年第三季財報電話會議上再次與各位交流。

Thank you. And that does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的電話會議到此結束。感謝各位的參與。祝各位有美好的一天。