Morgan Stanley Direct Lending Fund

Morgan Stanley Direct Lending Fund

MSDL
Morgan Stanley Direct Lending FundUS flagNew York Stock Exchange
15.04
USD
-0.21
- -
1.27BMarket Cap
Morgan Stanley Direct Lending Fund
MSDL
(New York Stock Exchange)

Recent

price

15.04

P/E

ratio

- -

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
TTM
FRC
0.22
0.88
0.37
2.44
2.36
1.52
0.84
Revenue per Share
0.21
0.94
0.55
2.62
2.43
1.4
0.7
Basic EPS, GAAP
-6.95
-18.82
-4.87
-0.95
-4.31
1.73
3.3
Free Cash Flow per Basic Share
0.04
0.43
0.97
1.25
1.91
2.11
1.96
Dividend per Share
3.42
13.46
15.83
19.5
20.81
20.26
19.5
Book Value per Share
3.42
13.46
15.83
19.5
20.81
20.26
19.5
Tangible Book Value per Share
88
88
88
88
89
87
86
Basic Weighted Avg Shares
20
78
33
215
210
133
72
Sales/Revenue/Turnover
- -
- -
- -
- -
- -
- -
- -
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
18
83
49
231
216
122
60
Net Income, GAAP
- -
0.1
0.68
0.65
1.12
2.25
5.71
Effective Tax Rate (%)
92.67
107.28
146.95
107.33
102.85
91.75
82.47
Profit Margin (%)
- -
- -
- -
- -
- -
- -
- -
Working Capital
334
1,250
1,523
1,496
1,973
2,087
1,982
LT Debt
302
1,189
1,397
1,721
1,842
1,748
1,648
Total Equity
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
- -
11.17
3.75
14.82
12.1
6.8
3.48
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
86
85
85
Market Capitalization
1,422
1,191
1,278

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
91
97
72
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
11
- -
- -
- -

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
0.09
- -
- -
- -

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
0.45
- -
- -
- -
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

  • Two 11%+ Yielding External BDCs Built For Long-Term Compounding

  • Morgan Stanley Direct Lending Fund: The Dividend Is Likely To Get Slashed (Rating Downgrade)

  • 2 BDCs To Sell Before The Dividend Cuts Land

  • Morgan Stanley Direct Lending Fund Q2 Earnings Call Highlights

  • Morgan Stanley Direct Lending Fund (MSDL) Q2 2026 Earnings Call Transcript

  • Morgan Stanley Direct Lending Fund (MSDL) Surpasses Q2 Earnings and Revenue Estimates

  • Morgan Stanley Direct Lending Fund Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Regular Dividend of $0.45 per Share

  • Implied Volatility Surging for Morgan Stanley Direct Lending Fund Stock Options

  • Morgan Stanley Direct Lending Fund (MSDL) Projected to Announce Earnings on Thursday

  • Analysts Estimate Morgan Stanley Direct Lending Fund (MSDL) to Report a Decline in Earnings: What to Look Out for

  • 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

  • Retire On Dividends: My Near-Perfect REIT, BDC, And MLP Trio

  • 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