Morgan Stanley Direct Lending Fund

Morgan Stanley Direct Lending is a closed-end Business Development Company that provides debt and equity capital to private middle-market companies across diversified industries, including software and insurance services. The company sources revenue through interest income on senior secured and unsecured loans, unitranche and subordinated debt, fees from loan origination and servicing, and realized gains on equity positions and derivative instruments. Financed through a combination of leverage via secured credit facilities and debt securitizations, public equity offerings, and retained earnings, the company must distribute at least 90% of its taxable income annually to shareholders while maintaining prescribed asset coverage and diversification requirements to qualify for favorable tax treatment.