BDC Quick Recap: Morgan Stanley Direct Lending Fund
BDC Quick Recap: Morgan Stanley Direct Lending Fund as of December 31st, 2022
Morgan Stanley Direct Lending Fund filed its earnings yesterday and data was available in SOLVE’s BDC workstation within minutes. Here is a quick recap of the credit stats for Morgan Stanley Direct Lending Fund for the three-month period ended Dec. 31st, 2022.
Portfolio Stats
| FMV | $2.87B |
| # of Investments | 383 |
| Total unused commitments to extend financing | $314.25M |
| Portfolio Companies | 150 |
| Portfolio Composition | |
|---|---|
| First Lien | 93.70% |
| Second Lien | 4.60% |
| Equity and Other | 1.70% |
Source: SOLVE Fixed Income, Morgan Stanley Direct Lending Fund
Portfolio Credit Quality
| Non-Accruals Cost | $1.5M |
| # of Non-Accruals | 1 |
| # of Portfolio at Cost | 0.05% |
| New Non-Accruals | N/A |
Source: SOLVE Fixed Income, Morgan Stanley Direct Lending Fund
Select New Originations
| Company | Investment Type | Industry | Cost | Maturity | Coupon |
|---|---|---|---|---|---|
| Radwell Parent LLC | First Lien Debt | Distributors | $31.6M | 4/1/2029 | S+675 |
| MSM Acquisitions Inc | First Lien Debt | Interactive Media & Services | $31.2M | 12/9/2026 | L+600 |
| Surewerx Purchaser III Inc | First Lien Debt | Commercial Services & Supplies | $17.0M | 12/28/2029 | S+675 |
Source: SOLVE Fixed Income, Morgan Stanley Direct Lending Fund
Exits & Sales
| Company | Investment Type | Industry | Net Proceeds | Maturity | Coupon |
|---|---|---|---|---|---|
| Spectrio LLC | First Lien Debt | Interactive Media & Services | $31.2M | 12/9/2026 | L+600 |
| Electrical Source Holdings LLC | First Lien Debt | Industrial Conglomerates | $29.1M | 11/25/2025 | L+500 |
Source: SOLVE Fixed Income, Morgan Stanley Direct Lending Fund
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