NEW YORK, NY, November 5, 2026 — Morgan Stanley Direct Lending Fund (NYSE: MSDL) (“MSDL” or the “Company”), a business development company externally managed by MS Capital Partners Adviser Inc. (the “Adviser”), today announced its financial results for the third quarter ended September 30, 2026.

QUARTERLY HIGHLIGHTS

• Net investment income of $40.3 million, or $0.48 per share, as compared to $38.2 million, or $0.45 per share, for the quarter ended June 30, 2026;
• Net asset value of $18.76 per share, as compared to $19.50 as of June 30, 2026;
• Debt-to-equity was 1.25x as of September 30, 2026, as compared to 1.21x as of June 30, 2026;
• New investment commitments of $52.6 million (net of any syndications), fundings of $75.1 million and sales and repayments of $140.9 million, resulting in net funded deployment of ($65.8) million;
• The Company continued to ramp Capstone Lending LLC (“Capstone JV”), as of September 30, 2026, approximately 64.9% of the total capital commitments were called;
• The Company’s Board of Directors (the “Board”) declared a regular dividend of $0.45 per share to shareholders of record as of September 30, 2026;
• On July 9, 2026, the Company issued $350.0 million in aggregate principal amount of 6.100% notes due 2031 (the “2031 Notes”);
• Subsequent to quarter end, the Board approved an amendment to the investment advisory agreement effective January 1, 2027, providing a reduction of the base management fee from 1.00% to 0.75% and a reduction of the incentive fee on income and capital gains from 17.5% to 15.0% (and a corresponding reduction of the incentive fee cap from 17.5% to 15.0%); and
• Subsequent to quarter end, the Board approved a quarterly supplemental dividend which is expected to be equivalent to 50% of excess NII per share above the quarterly regular dividend (in addition to approving the quarterly regular dividend).

SELECTED FINANCIAL HIGHLIGHTS

RESULTS OF OPERATIONS
Total investment income for the quarter ended September 30, 2026 was $86.1 million, compared to $88.8 million for the quarter ended June 30, 2026. The modest decrease was a function of the impact of positions placed on non-accrual and lower non-recurring revenue.

Total net expenses for the quarter ended September 30, 2026 were $45.1 million, down from $49.8 million for the quarter ended June 30, 2026. The decrease was primarily driven by lower incentive fees earned which was subject to our incentive fee cap, partially offset by higher interest and other financing expenses.

Net investment income for the quarter ended September 30, 2026 was $40.3 million, or $0.48 per share, compared to $38.2 million, or $0.45 per share, for the quarter ended June 30, 2026.

For the quarter ended September 30, 2026, net change in unrealized depreciation was $(29.4) million and net realized losses were $(38.2) million.

PORTFOLIO AND INVESTMENT ACTIVITY
As of September 30, 2026, the Company’s investment portfolio had a fair value of approximately $3.4 billion, comprised of 233 portfolio companies across 37 industries, with an average investment size of $14.7 million, or 0.4% of our total portfolio on a fair value basis. The composition of the Company’s investments was the following:

Investment activity was as follows:

Total weighted average yield of investments in debt securities at amortized cost and fair value was 9.6% and 10.0%, respectively, as of September 30, 2026, up from 9.1% and 9.4%, respectively, as of June 30, 2026. Floating rate debt investments as a percentage of total portfolio on a fair value basis was 99.8% as of September 30, 2026, a slight increase compared to June 30, 2026. As of September 30, 2026, certain investments in eleven portfolio companies were on non-accrual status, representing approximately 3.4% of total investments at amortized cost.

CAPITAL AND LIQUIDITY
As of September 30, 2026, the Company had total principal debt outstanding of $1,958.0 million, including $158.0 million outstanding in the Company’s BNP Funding Facility, $16.0 million outstanding in the Truist Credit Facility, $425.0 million outstanding in the Company’s senior unsecured notes due February 2027, $350.0 million outstanding in the Company’s senior unsecured notes due May 2029, $350.0 million outstanding in the Company’s senior unsecured notes due May 2030, $350.0 million outstanding in the Company’s senior unsecured notes due July 2031 and $309.0 million outstanding in the Company’s inaugural CLO that closed in September 2025.

The combined weighted average interest rate on debt outstanding was 5.49% for the quarter ended September 30, 2026. As of September 30, 2026, the Company had $1,864.1 million of availability under its credit facilities and $75.0 million in unrestricted cash and short-term, liquid investments. Debt to equity was 1.25x and 1.21x as of September 30, 2026 and June 30, 2026, respectively.

SHARE REPURCHASES
For the three months ended September 30, 2026, the Company repurchased 819,427 shares at an average price of $15.24 per share.

JOINT VENTURE
The Company launched Capstone JV, a joint venture, with an institutional investor with a substantially similar investment strategy as the Company, which commenced operations on January 2, 2026. The Company and its joint venture partner have each agreed to contribute up to $200.0 million and $50.0 million, respectively, to Capstone JV. As of September 30, 2026, approximately 64.9% of the total capital commitments were called.

OTHER DEVELOPMENTS

• Subsequent to quarter end, the Board approved an amendment to the investment advisory agreement effective January 1, 2027, providing a reduction of the base management fee from 1.00% to 0.75% and a reduction of the incentive fee on income and capital gains from 17.5% to 15.0% (and a corresponding reduction of the incentive fee cap).
• On November 3, 2026, the Board declared a regular distribution of $0.45 per share, which is payable on or around January 22, 2027 to shareholders of record as of December 31, 2026 and a supplemental distribution of $0.015 per share, which is payable on or around December 15, 2026 to shareholders of record as of November 30, 2026.

CONFERENCE CALL INFORMATION
Morgan Stanley Direct Lending Fund will host a conference call on Friday, November 6, 2026 at 10:00 am ET to review its financial results and conduct a question-and-answer session. All interested parties are invited to participate in the live earnings conference call by using the following dial-in numbers or audio webcast link available on the MSDL Investor Relations website:

• Audio Webcast
• Conference Call
• Domestic: 800-330-6710
• International: 1-213-279-1505
• Passcode: 4969183

To avoid potential delays, please join at least 10 minutes prior to the start of the earnings call. An archived replay will also be available on the MSDL Investor Relations website.

About Morgan Stanley Direct Lending Fund
Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. MSDL is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley. MSDL is not a subsidiary of or consolidated with Morgan Stanley. For more information about Morgan Stanley Direct Lending Fund, please visit www.msdl.com.

Forward-Looking Statements
Statements included herein or on the webcast/conference call may constitute “forward-looking statements,” which relate to future events or MSDL’s future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in MSDL’s filings with the U.S. Securities and Exchange Commission. MSDL undertakes no duty to update any forward-looking statements made herein or on the webcast/conference call.

Contacts

Investors
Sanna Johnson, Head of Investor Relations
msdl@morganstanley.com

Media
Alyson Barnes
212-762-0514
alyson.barnes@morganstanley.com