Morgan Stanley Direct Lending Fund
MSDL Financial Asset Management
Morgan Stanley Direct Lending Fund’s revenue for fiscal 2025 (year ended December 2025) was $397.3 million, down 4.52% from fiscal 2024. In the quarter to June 2026, revenue fell 10.8%, EPS fell 78.1%, free cash flow grew 331.9% and total debt fell 3.33%, each against the same quarter a year earlier.
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Morgan Stanley Direct Lending Fund (MSDL) Dividend Safety Score
Morgan Stanley Direct Lending Fund's Dividend Safety Score for fiscal 2025 cannot be worked out: not meaningful for banks, insurers and REITs.
Dividend Safety Score, annual
Annual newest first
| Period | Dividend Safety Score | Change (points) |
|---|
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Payout of earnings | 150.73% | — | Fail | 0 |
| Payout of free cash flow | 121.96% | — | Fail | 0 |
| Net debt / EBITDA | 5.42 | — | Fail | 0 |
| Years without a dividend cut | 0 | — | Fail | 0 |
| Years of falling or negative earnings over the last 6 fiscal years | 3 | — | Fail | 0 |
| Dividend Safety Score | n/a — not meaningful for banks, insurers and REITs | — | ||
How the stockrow Dividend Safety Score works
Our own composite, out of 100, for the latest fiscal year: up to 25 points for how little of its earnings the dividend takes, 25 for how little of its free cash flow, 20 for net debt against EBITDA, 20 for the years it has paid without a cut and 10 for how steady earnings per share have been over ten years. How we calculate it.
| 80–100 | Well covered |
|---|---|
| 60–79 | Adequately covered |
| 40–59 | Stretched |
| below 40 | Weakly covered |
Not worked out for a company that pays no regular dividend, for banks and REITs, whose payouts and leverage these measures do not describe, or with fewer than five years of earnings.
Dividend Safety Score against peers
| Company | Dividend Safety Score |
|---|---|
| OCSL Oaktree Specialty Lending Corp. compare | — |
| MSDL Morgan Stanley Direct Lending Fund | — |
| GSBD Goldman Sachs BDC, Inc. compare | — |
| RPC Ridgepost Capital, Inc. compare | — |
| CSWC Capital Southwest Corporation compare | — |
| PSEC Prospect Capital Corporation compare | — |
| KBDC Kayne Anderson BDC, Inc. compare | — |
| BBDC BARINGS BDC, INC. compare | — |
| VRTS Virtus Investment Partners, Inc. compare | — |
What Dividend Safety Score is
The stockrow Dividend Safety Score rates how well earnings and free cash flow cover the dividend, with leverage, the dividend’s record and stable earnings.
Up to 25 points for the payout of earnings, 25 for the payout of free cash flow, 20 for net debt ÷ EBITDA, 20 for the years without a dividend cut and 10 for stable earnings