As of September 30, 2024, Morgan Stanley Direct Lending Fund reported total assets of $3.79 billion, a significant increase from $3.31 billion at the end of 2023. The fair value of non-controlled/non-affiliated investments rose to $3.64 billion, up from $3.19 billion, while cash and cash equivalents increased to $90.43 million from $69.71 million. Total liabilities also grew, reaching $1.84 billion compared to $1.50 billion at the end of the previous fiscal year. Consequently, total net assets increased to $1.85 billion, up from $1.72 billion, with net asset value per share rising to $20.83 from $20.67.

For the three months ending September 30, 2024, the fund reported interest income of $105.13 million, up from $90.98 million in the same period of 2023. Total investment income increased to $109.75 million from $94.45 million, while total expenses rose to $54.48 million from $49.69 million. Net investment income before taxes was $59.23 million, compared to $50.57 million in the prior year. However, the net increase in net assets resulting from operations decreased to $53.21 million from $73.41 million, and earnings per share fell to $0.60 from $1.02.

For the nine months ended September 30, 2024, interest income totaled $298.83 million, up from $259.27 million in 2023. Total investment income for this period was $313.04 million, compared to $266.98 million previously. Net investment income after taxes increased to $169.50 million from $142.59 million, while the net increase in net assets resulting from operations was $163.94 million, down from $173.63 million in the prior year.

The fund's investment strategy remains focused on senior secured term loans to U.S. middle-market companies, with a portfolio that includes various sectors such as aerospace, defense, and healthcare. The total cost of investments as of September 30, 2024, was $3.66 billion, with a fair value of $3.64 billion. The weighted average loan-to-value ratio was 40.3%, down from 43.0% at the end of 2023.

In terms of strategic developments, the fund completed its initial public offering on January 26, 2024, raising approximately $97.1 million. The company also initiated a share repurchase plan to acquire up to $100 million of its common stock at prices below net asset value. As of September 30, 2024, the fund had outstanding debt obligations totaling $1.84 billion, with significant unused portions available under its credit facilities.