Morgan Stanley Direct Lending Fund (MSDL) announced its second-quarter earnings, with net investment income decreasing to $0.45 per share from $0.47 per share in the previous quarter, primarily due to new non-accrual loans and increased financing costs. The board declared a regular dividend of $0.45 per share for the third quarter, maintaining the previous payout. At the end of the quarter, net asset value (NAV) per share decreased to $19.50 from $19.81 in the first quarter. Non-accrual loans as a percentage of investment cost rose to 2.9%, but management stated that approximately 95% of the investment portfolio had a risk rating of 2 or better, and metrics such as revenue, EBITDA, and interest coverage ratios showed improvement. The fund also issued $350 million in five-year unsecured notes with a coupon rate of 6.10% and repurchased $12.5 million of its shares below NAV.