Morgan Stanley Direct Lending Fund

Morgan Stanley Direct Lending Fund

MSDL
Morgan Stanley Direct Lending FundUS flagNew York Stock Exchange
15.17
USD
+0.10
- -
1.29BMarket Cap
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.22
0.88
0.37
2.44
2.36
1.52
1.15
Basic EPS, GAAP
0.21
0.94
0.55
2.62
2.43
1.4
1.02
Free Cash Flow per Basic Share
-6.95
-18.82
-4.87
-0.95
-4.31
1.73
2.35
Dividend per Share
0.04
0.43
0.97
1.25
1.91
2.11
2.01
Book Value per Share
0.05
0.18
-0.62
0.1
0.34
-0.22
-0.72
Tangible Book Value per Share
3.42
13.46
15.83
19.5
20.78
20.03
19.52
Basic Weighted Avg Shares
88
88
88
88
89
87
87
Sales/Revenue/Turnover
20
78
33
215
210
133
100
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
18
83
49
231
216
122
88
Effective Tax Rate (%)
- -
0.1
0.68
0.65
1.12
2.25
3.32
Profit Margin (%)
92.67
107.28
146.95
107.33
102.85
91.75
87.95
Working Capital
- -
- -
- -
- -
- -
- -
- -
LT Debt
334
1,250
1,523
1,496
1,973
2,087
2,053
Total Equity
302
1,189
1,397
1,721
1,842
1,748
1,690
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
810.03
- -
- -
1,126.98
- -
895.26

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
87
86
85
Market Capitalization
1,407
1,442
1,209

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
72
91
97
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
67.35%
-5.11%
Free Cash Flow
- -
46.62%
-139.45%
Net Income, GAAP
- -
127.84%
-43.36%
Sales/Revenue/Turnover
- -
149.62%
-36.51%
Total Cash Common Dividend
- -
227.5%
8.84%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
49
58
52
51
210
2025
31
38
31
33
133
2026
-2
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.59
0.66
0.6
- -
2.43
2025
0.34
0.41
0.32
- -
1.4
2026
-0.05
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.43
0.38
0.5
- -
1.91
2025
0.6
0.5
0.5
- -
2.11
2026
0.5
- -
- -
- -
- -

Company Description

APIChatGPT
CEO
Michael Occi Jr.
Sector
Financial Services
Industry
Financial - Conglomerates
Address
1585 Broadway New York City NY United States of America
IPO Date
Jan 24, 2024
Website
msdl.com
Business
Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-traded business development company (BDC) that provides customized debt and equity financing solutions to middle-market companies, primarily through senior secured loans, mezzanine debt, unitranche financings, and second lien loans. The fund offers investment products including common shares traded on the New York Stock Exchange, targeting institutional and retail investors seeking income-oriented exposure to direct lending strategies; it manages a diversified portfolio across industries such as software, healthcare, insurance, and consumer services, with a focus on companies generating $10 million to $50 million in EBITDA. Headquartered in New York, New York, the fund commenced operations in 2022 as part of Morgan Stanley's private credit platform, leveraging the parent company's global resources and over $20 billion in assets under management in direct lending. Geographically, it primarily invests in North American companies, with selective opportunities in Europe. Recent developments include a $1.2 billion initial public offering in October 2024, marking one of the largest BDC IPOs in recent years, followed by strategic portfolio expansions through new loan originations exceeding $500 million in senior debt to U.S.-based borrowers in 2025; the fund also announced a partnership with Morgan Stanley Investment Management to enhance co-investment capabilities and a dividend declaration reflecting stable net investment income amid rising interest rates.

Company News

APIChatGPT
  • 2 BDCs To Sell Before They Slash Their Dividends

  • Morgan Stanley Direct Lending Fund Announces Second Quarter 2026 Earnings Release and Conference Call

  • KBRA Assigns Rating to Morgan Stanley Direct Lending Fund's $350 Million Senior Unsecured Notes

  • Morgan Stanley Direct Lending Fund Prices Public Offering of $350.0 Million 6.100% Notes Due 2031

  • Morgan Stanley Direct Lending: Fat Dividend Yield And Large Discount To NAV

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  • The High-Yield Stocks the Smart Money Is Buying Right Now

  • Morgan Stanley Direct Lending Fund Q1 Earnings Call Highlights

  • Morgan Stanley Direct Lending Fund (MSDL) Q1 2026 Earnings Call Transcript

  • Morgan Stanley Direct Lending Fund (MSDL) Q1 Earnings and Revenues Surpass Estimates

  • Morgan Stanley Direct Lending Fund Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Regular Dividend of $0.45 per Share

  • 6 April Raises With 1 High Yield Giving 20% And 1 Cut

  • Buy The Dip: Up To 11% Yields Looking Way Too Cheap

  • BDCs That Put Their Money Where Their Mouth Is

  • Two 12%+ Yielding BDC Bargains (One Is My Top Deep-Value Pick)

  • Morgan Stanley Direct Lending Has Some Issues, But The Price Makes It Buyable

  • Morgan Stanley Direct Lending Fund Announces First Quarter 2026 Earnings Release and Conference Call

  • Two 11%+ Retirement Income Gems For Scary Times

  • After Recognising This, I've Decided To Go All In On BDCs

  • I'm Buying These 7-12% Yields With Discounts To NAV And Peers