Morgan Stanley Direct Lending Fund MSDL

14.29 (0.04) (0.28%) as of 25 Sep
Market cap
$1.2B
P/E
20.7×

Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.60%

Capital & Financial Ratios

Market Cap 1,210.00
Revenue 374.16
Net Income 59.75
Free Cash Flow 282.91
Net Debt 1,916.08
Current Ratio 1.71
Debt/Equity 1.20
P/E ratio 20.71
P/S ratio 3.24
P/B ratio 0.74
Past 5Y EPS Growth —
This Y EPS Growth (10.11%)
Next Y EPS Growth (0.01%)
Next 5Y EPS Growth (4.92%)
in millions of $

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.81
0.45
0.45
0.45
2025 2.00
0.50
0.50
0.50
0.50
2024 2.00
0.50
0.50
0.10
0.50
0.10
0.50
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 70 63 81 66
Receivables 29 31 27 54
Inventory — — — —
Other — — — —
113 112 136 139
2023 2024 2025 Q'26
Payables 85 91 81 73
ST’ Debt — — — —
Other — — — —
90 96 85 81
in millions of $

Compound Annual Growth

10y 5y 3y
Sales — 78.53% 19.88%
Cash Flow — 0.00% 0.00%
Earnings — 46.17% 36.00%
Book Value — 42.11% 7.75%

Revenue

Mar Jun Sep Dec Year
’26 89 89 — — —
’25 101 100 100 97 397
’24 99 104 110 103 416
’23 84 89 94 101 368
’22 44 50 63 74 231
’21 17 26 32 44 120
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 86 104 — — —
’25 34 24 39 54 151
’24 (54) (107) (117) (105) (383)
’23 (16) 9 (99) 23 (84)
’22 (125) (133) (118) (54) (430)
’21 (276) (352) (445) (587) (1,661)
’20 (83) (119) (89) (322) (613)
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 86 104 — — —
’25 34 24 39 54 151
’24 (54) (107) (117) (105) (383)
’23 (16) 9 (99) 23 (84)
’22 (125) (133) (118) (54) (430)
’21 (276) (352) (445) (587) (1,661)
’20 (83) (119) (89) (322) (613)
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 (0.05) 0.09 — — —
’25 0.34 0.41 0.32 0.33 1.40
’24 0.59 0.66 0.60 0.58 2.43
’23 0.62 0.79 1.02 0.70 3.11
’22 0.39 (0.06) 0.15 0.31 0.79
’21 0.87 0.78 0.64 0.38 2.67
’20 (1.19) 0.99 0.91 1.71 2.42
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — — — — — 19.05 15.70

Analyst estimates 2026–2028

Powerpack
Low Price
— — — — — — — — 24.18 21.75
High Price
— — — — — — — — — —
Employees
— — — — 0 0 0 0 0 0
Revenue/Emp
— — — — 22 120 231 368 416 397
Revenue
— — — — 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Gross Margin
— — — (1) 11 73 128 200 223 179
EBT
— — — 0.00% 48.55% 60.93% 55.66% 54.27% 53.52% 45.02%
EBT Margin
— — — (1) 18 83 49 231 216 122
Net Income
— — — — (4) (5) 85 (27) (4) 56
Depreciation
— — — 0.00 2.90 3.85 3.74 4.95 4.69 4.55
Revenue/Sh
— — — (660.57) 2.42 2.67 0.79 3.11 2.43 1.40
Earnings/Sh
— — — 0.00 (81.14) (53.32) (6.97) (1.13) (4.31) 1.73
Cash Flow/Sh
— — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capex/Sh
— — — 0.00 (81.14) (53.32) (6.97) (1.13) (4.31) 1.73
Free CF/Sh
— — — (622.78) 39.90 38.15 22.66 23.18 20.78 20.03
Book Value/Sh
— — — 0 8 31 62 74 89 87
Shares
— — — — 6.59 6.59 6.59 6.59 8.50 11.77
PE Ratio
— — — — 4.17 4.17 4.17 4.17 4.40 3.62
PS Ratio
— — — — 0.89 0.89 0.89 0.89 0.99 0.82
PB Ratio
— — — — 8.05 8.05 8.05 8.05 8.99 8.67
EV/Sales
— — — — (35.30) (35.30) (35.30) (35.30) (9.78) 22.82
EV/FCF
— — — 0 (613) (1,661) (430) (84) (383) 151
Op' Cash Flow
— — — — — — — — — —
Capex
— — — 0 (613) (1,661) (430) (84) (383) 151
FCF
— — — (1) (2) 51 47 24 15 50
Working Cap'
— — — — 334 1,250 1,523 1,496 1,973 2,087
Total Debt
— — — 0 323 1,176 1,442 1,426 1,910 2,005
Net Debt
— — — (1) 302 1,189 1,397 1,721 1,842 1,748
Sh' Equity
— — — 0.00% 5.56% 5.29% 1.77% 7.34% 5.97% 3.12%
ROA
— — — 0.00% 0.87% 1.66% 2.38% 3.51% 3.44% 2.96%
ROIC
— — — 0.00% 12.18% 11.17% 3.75% 14.82% 12.10% 6.80%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Morgan Stanley Direct Lending Fund (MSDL) key facts

  • Morgan Stanley Direct Lending Fund (MSDL) is an Asset Management company in the Financial sector, listed on the New York Stock Exchange.
  • Morgan Stanley Direct Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $397.3 million, down 4.52% from fiscal 2024.
  • Net income was $122.1 million, or $1.40 per share (basic), a net margin of 30.7%.
  • As of September 25, 2026, MSDL traded at $14.29, a market capitalization of $1.2 billion.
  • At that price the stock trades at 20.7× trailing-twelve-month earnings and 3.2× sales.
  • Return on equity was 6.80% and debt-to-equity 1.20.

Source: company filings (standardised) and stockrow calculations.

Morgan Stanley Direct Lending Fund (MSDL) Latest News

News by impact score

Fine-tune

15 Sep

3

Morgan Stanley Direct Lending maintains its dividend despite slipping profits. Profit slip at Morgan Stanley Direct Lending may pressure near-term valuation while dividend hold limits downside.

8 Aug

4

Morgan Stanley Direct Lending Fund (MSDL) announces strong financial results for Q2 2024, with net investment income of $56.1 million and a dividend of $0.50 per share. Portfolio consists of 192 companies with total investments at fair value of $3.5 billion. The announcement of strong financial results and dividend declaration are expected to have a significant impact on MSDL's future performance and market sentiment.

3

Morgan Stanley Direct Lending Fund released Q2 earnings call highlights covering fund performance, portfolio updates and outlook. Q2 earnings highlights disclose performance metrics and strategy that can sway near-term investor sentiment and trading.

7 Aug

3

Morgan Stanley Direct Lending Fund reported Q2 2026 results with net investment income covering dividends in line with prior periods. Quarterly earnings update offers routine performance details that may nudge near-term sentiment but do not signal structural change.

3 transcript

Morgan Stanley Direct Lending Fund Q2 2026 earnings call covered fund performance, portfolio metrics, and forward outlook. Quarterly earnings call supplies updated financial and strategy details that moderately shift near-term investor sentiment and valuation.

3

Morgan Stanley Direct Lending Fund (MSDL) reported Q2 earnings and revenues that fell short of analysts' expectations, raising concerns about its financial performance and future outlook. The fund's results indicate potential challenges in its lending operations and market conditions, which may affect investor sentiment moving forward. Earnings and revenue misses suggest moderate challenges that could influence financial performance and market perception.

3

Morgan Stanley Direct Lending Fund (MSDL) reported its financial results for the quarter ending June 30, 2025, highlighting a strong performance. The fund declared a regular dividend of $0.50 per share for the third quarter of 2025, reflecting its commitment to returning value to shareholders amid favorable market conditions. The declared dividend and financial results indicate stable performance, which may positively influence investor sentiment but are not expected to significantly alter the fund's trajectory.

6 Aug

3

Morgan Stanley Direct Lending Fund (MSDL) surpassed Q2 earnings and revenue estimates. Q2 earnings beat offers moderate short-term boost to MSDL market sentiment and financial perception.

3

Morgan Stanley Direct Lending Fund (MSDL) has experienced a significant decline of 15.21% over the past four weeks. Analysts suggest that various factors, including potential market stabilization and strategic adjustments within the fund, could lead to a reversal of this downward trend. Investors are advised to monitor upcoming developments closely, as shifts in market dynamics may influence future performance. Market stabilization and strategic adjustments could moderately influence MSDL's performance.

12 May

4

Morgan Stanley Direct Lending Fund (MSDL) shared Q1 earnings call highlights, covering financial results, portfolio updates, and outlook. Q1 earnings call highlights detail financial performance and strategic insights significantly shaping MSDL's future trajectory and market perception.

3

Morgan Stanley Direct Lending Fund has announced the pricing of a public offering for $350.0 million in 6.000% notes due in 2030. The offering aims to enhance the fund's capital structure and provide additional liquidity for investments. The notes are expected to be issued on a date to be determined, with proceeds intended for general corporate purposes. The issuance of notes may moderately influence the fund's financial performance and liquidity but is not expected to drastically alter its overall trajectory.

7 May

4

Morgan Stanley Direct Lending Fund (MSDL) reported Q1 earnings and revenues that surpassed analyst estimates. Q1 earnings and revenue beats indicate strong performance, likely enhancing investor sentiment and future valuation.

3

Morgan Stanley Direct Lending Fund (MSDL) announced financial results for March 31, 2026, and declared a regular second quarter 2026 dividend of $0.45 per share. Quarterly financial results and dividend declaration offer visibility into performance and income stability without indicating major shifts.

27 Feb

4

Morgan Stanley Direct Lending Fund (MSDL) released Q4 2025 earnings call summary highlighting financial performance, portfolio updates, and outlook. Q4 earnings call summary discloses critical financial results and guidance directly impacting MSDL's valuation and market trajectory.

3

Morgan Stanley Direct Lending Fund (MSDL) Q4 2025 earnings call highlights navigating economic challenges with key performance updates and strategic insights. Q4 2025 earnings highlights on economic navigation moderately influence MSDL's financial performance and investor sentiment.

3

Morgan Stanley Direct Lending Fund (MSDL) reported its financial results for the year ending December 31, 2024, highlighting its performance metrics. The fund also declared a regular dividend of $0.50 per share for the first quarter of 2025, signaling continued returns for its investors. The declared dividend and financial results indicate moderate influence on investor sentiment and financial performance.

26 Feb

3

Morgan Stanley Direct Lending Fund (MSDL) announced financial results as of December 31, 2025, and declared a regular first quarter 2026 dividend of $0.45 per share. Financial results and dividend declaration impact fund performance metrics and investor sentiment moderately.

4 Feb

3

Golub Capital BDC (GBDC) reported Q1 earnings that matched analysts' estimates, reflecting stable performance amid market conditions. The company continues to focus on its lending strategies, which have contributed to its consistent financial results. Investors are closely monitoring GBDC's performance as it navigates the current economic landscape, with implications for future growth and market positioning. Stable earnings performance may influence market sentiment and competitive positioning for MSDL.

26 Jan

3

Morgan Stanley Direct Lending Fund (MSDL) has announced its earnings release for the fourth quarter and full year of 2025, along with details for an upcoming conference call. The fund's performance metrics and strategic outlook will be discussed during the call, providing insights into its financial health and future direction. The earnings release and conference call may influence investor sentiment and provide insights into MSDL's financial performance.

8 Nov

4

Morgan Stanley Direct Lending Fund (MSDL) reported strong earnings for Q3 2025, highlighting robust investment performance and strategic initiatives that have positively impacted its portfolio. The fund's management emphasized a focus on credit quality and diversification, which contributed to its resilience in a fluctuating market. Key metrics showed significant growth, and the outlook remains optimistic as the fund continues to adapt to changing economic conditions. Strong earnings and strategic initiatives are likely to significantly impact future performance and investor sentiment.

6 Nov

4

Morgan Stanley Direct Lending Fund (MSDL) exceeded expectations in its Q3 earnings and revenue, showcasing strong financial performance. The fund's results reflect effective management and strategic positioning in the direct lending market, contributing positively to investor sentiment. Strong Q3 performance indicates significant potential for future growth and investor confidence.

3

Morgan Stanley Direct Lending Fund (MSDL) reported its financial results for the quarter ending September 30, 2025, announcing a regular dividend of $0.50 per share for the fourth quarter of 2025. The fund's performance reflects its ongoing strategy in direct lending, contributing to its overall financial health and shareholder returns. The declaration of a regular dividend indicates stable financial performance, which may positively influence investor sentiment.

6 Oct

3

Morgan Stanley Direct Lending Fund (MSDL) has announced its earnings release for the third quarter of 2025, along with details for an upcoming conference call. The earnings report is expected to provide insights into the fund's financial performance and strategic direction. The earnings release and conference call may influence investor sentiment and provide insights into MSDL's financial performance.

16 Sep

3

Morgan Stanley Direct Lending Fund (MSDL) faces scrutiny regarding its financial flexibility as senior note redemptions occur. These redemptions may indicate underlying strengths or challenges within the fund's capital structure and liquidity management. Investors are closely monitoring these developments to assess the potential impact on MSDL's future performance and market positioning. Senior note redemptions could moderately influence MSDL's financial performance and investor sentiment.

14 Sep

4

Morgan Stanley Direct Lending Fund (MSDL) announced a plan to redeem $275 million in senior notes, a move aimed at improving its capital structure and potentially enhancing future returns for investors. The redemption is expected to positively impact the fund's valuation by reducing debt levels and interest expenses, thereby positioning MSDL for better performance in the competitive lending market. The redemption plan is a significant strategic move that could enhance the fund's financial stability and investor sentiment.

8 May

4

Morgan Stanley Direct Lending Fund (MSDL) reported its financial results for the quarter ending March 31, 2025, revealing a strong performance. The fund declared a regular dividend of $0.50 per share for the second quarter of 2025, reflecting its commitment to returning value to shareholders. This announcement highlights MSDL's ongoing financial health and strategic focus on delivering consistent returns. The declaration of a significant dividend indicates strong financial performance and could positively influence investor sentiment.

8 Apr

3

Morgan Stanley Direct Lending Fund (MSDL) has announced the release of its earnings for the first quarter of 2025, along with a scheduled conference call to discuss the results. The earnings release is expected to provide insights into the fund's financial performance and strategic direction. The earnings release and conference call may moderately influence investor sentiment and financial performance.

21 Jan

3

Morgan Stanley Direct Lending Fund (MSDL) has announced its earnings release for the fourth quarter and full year of 2024, along with details for an upcoming conference call. Investors and analysts are expected to gain insights into the fund's performance and strategic direction during this call. Earnings releases and conference calls typically provide insights that can moderately influence investor sentiment and financial performance.

7 Nov

3

Morgan Stanley Direct Lending Fund announced financial results for Q3 2024, with net investment income of $58.7 million and a regular dividend of $0.50 per share. The fund's net asset value remained flat at $20.83 per share. The financial results and dividend declaration are expected to moderately influence the fund's future performance and market sentiment.

8 Oct

3

MSDL will release its Q3 2024 financial results on November 7, 2024, and host a conference call on November 8, 2024. The announcement of financial results and conference call may moderately influence market sentiment and financial performance.

stockrow.com/MSDL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com