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Operating through its subsidiary G.research, LLC, Morgan Group Holding Co. extends institutional research and securities brokerage services throughout the United States. A core aspect of its operations involves producing research reports for approximately 100 companies, with a particular focus on small and mid-capitalization investments. The firm also offers syndicated underwriting services. Its extensive client base encompasses institutional investors, mutual funds, asset management firms, private wealth managers, and individual retail customers. Morgan Group Holding Co. was founded in 2001 and maintains its principal place of business in Rye, New York.
Morgan Stanley Direct Lending Fund: The Dividend Is Likely To Get Slashed (Rating Downgrade)
I'm downgrading the Morgan Stanley Direct Lending Fund to a "Sell" due to rising non-accruals and deteriorating fundamentals. Q2 saw NII per share fall to $0.55 and non-accruals spike from 1.5% to 2.9%, driving a $0.31 NAV decline. Dividend coverage is thin, with base coverage at ~90% on a cash basis and limited prospects for sustainable growth.