Earnings Call Summary | Morgan Stanley Direct Lending Fund(MSDL.US) Q1 2024 Earnings Conference
Earnings Call Summary | Morgan Stanley Direct Lending Fund(MSDL.US) Q1 2024 Earnings Conference
The following is a summary of the Morgan Stanley Direct Lending Fund (MSDL) Q1 2024 Earnings Call Transcript:
以下是摩根士丹利直接贷款基金(MSDL)2024年第一季度财报电话会议记录摘要:
Financial Performance:
财务业绩:
Morgan Stanley Direct Lending Fund maintained stable net asset value per share for Q1 2024, despite initial public offering dilution and under-target leverage.
The Fund generated net investment income per share exceeding the declared dividend of $0.50 per share for the quarter.
It committed to new investments of approximately $232 million in 30 portfolio companies during the first quarter.
Total investment income for the first quarter was reported at $99.1 million, slightly down from $100.8 million in Q4 2023.
The fund operated at 0.81 times levered and out-earned its regular distribution by $0.13 in core net investment income (NII).
Projections are for $2.20 in ultimate dividends for the current period, including two special dividends at year-end.
尽管首次公开募股摊薄,杠杆率低于目标,但摩根士丹利直接贷款基金在2024年第一季度仍保持稳定的每股净资产价值。
该基金产生的每股净投资收入超过了本季度宣布的每股0.50美元的股息。
它承诺在第一季度对30家投资组合公司进行约2.32亿美元的新投资。
第一季度的总投资收入为9,910万美元,略低于2023年第四季度的1.008亿美元。
该基金的运作杠杆率为0.81倍,核心净投资收益(NII)比其定期分配高出0.13美元。
预计本期的最终股息为2.20美元,包括年底的两次特别股息。
Business Progress:
业务进展:
The Fund views the direct lending environment as highly attractive and anticipates increased deal volumes benefitting from growth in the M&A market.
The Fund's strategy is defensive, focusing on the upper capital structure and avoiding highly cyclical sectors.
The Q1 portfolio was valued at $3.3 billion, consisting mainly of first-lien debt, mitigating risk.
The fund achieved a 12% Return on Equity (ROE) with the current fee waivers.
The company led or co-led 80% of deals in Q1, demonstrating a growing leadership position.
They plan to reach target leverage in the coming quarters, with a focus on investment diversification and quality.
They are considering Collateralized Loan Obligation (CLO) issuance as a balance sheet diversification strategy.
该基金认为直接贷款环境极具吸引力,并预计并购市场的增长将使交易量增加。
该基金的战略是防御性的,侧重于上层资本结构,避开周期性高的行业。
第一季度的投资组合价值为33亿美元,主要包括第一留置权债务,可减轻风险。
在目前的费用减免下,该基金实现了12%的股本回报率(ROE)。
该公司在第一季度领导或共同领导了80%的交易,这表明其领导地位不断提高。
他们计划在未来几个季度达到目标杠杆率,重点是投资多元化和质量。
他们正在考虑将抵押贷款债券(CLO)发行作为资产负债表的多元化策略。
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
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译文内容由第三方软件翻译。