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貸款基金(MSDL)2024年第一季度業績電話會議記錄摘要:
Financial Performance:
財務業績:
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.
儘管首次公開募股攤薄,槓桿率低於目標,但摩根士丹利直接貸款基金在2024年第一季度仍保持穩定的每股淨資產價值。
該基金產生的每股淨投資收入超過了本季度宣佈的每股0.50美元的股息。
它承諾在第一季度對30家投資組合公司進行約2.32億美元的新投資。
第一季度的總投資收入爲9,910萬美元,略低於2023年第四季度的1.008億美元。
該基金的運作槓桿率爲0.81倍,核心淨投資收益(NII)比其定期分配高出0.13美元。
預計本期的最終股息爲2.20美元,包括年底的兩次特別股息。
Business Progress:
業務進展:
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.
該基金認爲直接貸款環境極具吸引力,並預計併購市場的增長將使交易量增加。
該基金的戰略是防禦性的,側重於上層資本結構,避開週期性高的行業。
第一季度的投資組合價值爲33億美元,主要包括第一留置權債務,可減輕風險。
在目前的費用減免下,該基金實現了12%的股本回報率(ROE)。
該公司在第一季度領導或共同領導了80%的交易,這表明其領導地位不斷提高。
他們計劃在未來幾個季度達到目標槓桿率,重點是投資多元化和質量。
他們正在考慮將抵押貸款債券(CLO)發行作爲資產負債表的多元化策略。
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
提示:欲了解更多詳情,請訪問投資者關係網站。本文僅供投資者參考,不構成任何投資建議。
譯文內容由第三人軟體翻譯。