Morgan Stanley Direct Lending Fund

MSDL

Morgan Stanley Direct Lending Fund

MSDL

Insider Sentiment (TTM):

Last Purchase:2026-03-05Last Sale:-Shares Purchased (TTM):30,630Shares Sold (TTM):0

Institutional Sentiment:

As of:2026-03-31Institutional Shares Owned:33,869,686Shares Outstanding:85,775,149Institutional Ownership Pct.:39.49%

Earnings Market Reaction:

Filing Date:2026-08-06Price on Filing Date:N/APrevious Close:N/A% Change:N/A

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Financial Statements

10‑Q10‑K

Values in Millions ($)	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Investment Unaffiliated Issuer	-	3,663	206	-3,771	4	3,822	3,813	-	-	-	-	-
Investment Affiliated Issuer Noncontrolled	-	2	1	-1	0	5	0	-	-	-	-	-
Investment Affiliated Issuer Controlled	-	95	-	-	-	-	-	-	-	-	-	-
Assets
Investment Owned At Fair Value	3,554	3,669	3,772	3,776	3,785	3,788	3,791	3,640	3,514	3,293	3,194	3,123
Cash And Cash Equivalents At Carrying Value	66	81	81	65	52	69	63	90	95	65	70	88
Dividend And Interest Receivable	-	-	-	-	-	-	31	32	28	29	29	26
Short Term Investments	14	20	13	10	27	-	9	-	-	-	-	-
Debt Issuance Costs Line Of Credit Arrangements Ne…	19	16	17	18	19	20	16	17	17	13	14	15
Prepaid Expense And Other Assets	-	-	-	-	-	-	1	11	2	0	0	24
Receivable Investment Sale	30	5	0	15	0	0	0	2	0	0	0	0
Other Assets	0	5	10	18	12	7	1	-	-	-	-	-
Assets	3,711	3,825	3,920	3,932	3,922	3,912	3,912	3,793	3,656	3,401	3,307	3,277
Liabilities
Long Term Debt	1,982	2,053	2,087	2,072	2,050	2,009	1,973	1,842	1,664	1,487	1,496	1,718
Payable Investment Purchase	0	0	0	0	0	2	0	7	31	3	0	-
Accounts Payable Other Current And Noncurrent	0	0	0	0	0	0	0	0	2	3	3	1
Dividends Payable Current And Noncurrent	38	38	43	43	44	44	53	54	45	44	50	43
Management Fee Payable	9	9	10	10	10	9	7	7	6	5	2	2
Share Repurchase Program Excise Tax Payable	-	-	-	-	-	0	-	-	-	-	-	-
Incentive Fee Payable Income Based	-	-	7	-	9	-	9	-	-	-	-	-
Interest Payable Current And Noncurrent	19	25	21	22	16	16	21	16	21	9	19	9
Accrued Liabilities And Other Liabilities	8	3	4	4	3	4	6	6	15	4	4	4
Liabilities	2,063	2,134	2,172	2,161	2,132	2,094	2,070	1,940	1,794	1,564	1,586	1,795
Stockholders Equity
Preferred Stock Value	0	0	0	0	0	0	0	0	0	0	0	-
Common Stock Value	0	0	0	0	0	0	0	0	0	0	0	0
Additional Paid In Capital Common Stock	-	-	1,768	-	-	-	1,812	-	-	-	-	-
Additional Paid In Capital	1,740	1,753	-	1,779	1,782	1,802	1,812	1,824	1,832	1,821	1,713	1,482
Common Stock Share Subscribed But Unissued Subscri…	-	-	-	-	-	-	-	-	-	-	-	-213
Retained Earnings Accumulated Deficit	-93	-63	-20	-8	8	15	30	30	30	16	8	-0
Stockholders Equity	1,648	1,690	1,748	1,772	1,790	1,818	1,842	1,854	1,862	1,837	1,721	1,481
Liabilities And Stockholders Equity	3,711	3,825	3,920	3,932	3,922	3,912	3,912	3,793	3,656	3,401	3,307	3,277
Net Asset Value Per Share	19.5	19.81	20.26	20.41	20.59	20.65	20.81	20.83	20.83	20.67	20.67	20.57
Restricted Cash And Cash Equivalents	9	4	4	4	4	2	2	2	2	-	0	-
Investment Owned At Cost	3,677	3,768	3,839	3,838	3,831	3,827	3,813	3,663	3,542	3,324	3,227	3,159
Other Short Term Investments	-	20	13	10	-	-	9	-	-	-	-	-
Deferred Finance Costs Net	-	10	11	11	9	6	7	7	8	5	6	6
Preferred Stock Par Or Stated Value Per Share	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	-
Preferred Stock Shares Authorized	1	1	1	1	1	1	1	1	1	1	1	-
Preferred Stock Shares Issued	0	0	0	0	0	0	0	0	0	0	0	-
Preferred Stock Shares Outstanding	0	0	0	0	0	0	0	0	0	0	0	-
Common Stock Par Or Stated Value Per Share	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001	0.001
Common Stock Shares Authorized	500	500	500	500	500	500	500	100	100	100	100	100
Common Stock Shares Issued	85	85	86	87	87	88	89	89	89	89	83	72
Shares Outstanding	85	85	86	87	87	88	89	89	89	89	83	72

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10‑Q10‑K

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10‑Q10‑K

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Earnings Market Reaction

10‑Q10‑K

Fiscal Year	Q1 1 Month	Q1 2 Month	Q1 3 Month	Q2 1 Month	Q2 2 Month	Q2 3 Month	Q3 1 Month	Q3 2 Month	Q3 3 Month	Q4 1 Month	Q4 2 Month	Q4 3 Month
2026	-0.58%	-0.58%	0.71%	-	-	-	-	-	-	-	-	-
2025	2.54%	-0.21%	2.88%	-0.22%	-7.05%	-2.64%	4.03%	2.11%	1.17%	-6.92%	2.56%	1.76%
2024	-0.73%	-4.27%	-13.25%	6.66%	3.36%	4.89%	5.54%	5.59%	5.29%	0.14%	-4.30%	-1.73%
2023	-	-	-	-	-	-	-	-	-	13.34%	9.71%	19.12%
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Performance and Valuation Metrics

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Metrics	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30
Leverage & Debt
Interest Coverage TTM	1.46	1.66	1.90	2.07	2.26	2.49	2.75	2.87	3.10	3.11	3.05	-
Per Share Metrics
Diluted EPS TTM	0.70	1.02	1.40	1.67	1.96	2.19	2.43	2.48	2.71	2.73	3.11	-
Free Cash Flow Per Share TTM	2.72	2.37	1.73	-0.48	-2.27	-3.33	-4.31	-2.85	-2.65	-1.39	-1.13	-
Dividend Per Share TTM	2.22	2.24	2.32	1.83	1.84	2.09	1.91	1.64	1.48	1.42	1.49	-
Growth Metrics
Net Income Growth (1Y)	-64.98%	-54.58%	-43.36%	-34.49%	-29.36%	-18.99%	-6.69%	-	-	-	-	-
EPS Growth (1Y)	-63.97%	-53.18%	-42.47%	-32.66%	-27.68%	-19.96%	-21.86%	-	-	-	-	-
Valuation Metrics
P/E TTM	21.45	13.23	11.08	8.79	8.47	7.86	7.15	6.52	6.41	6.12	-	-
P/B TTM	0.78	0.69	0.77	0.72	0.81	0.84	0.84	0.78	0.83	0.80	-	-
Market Cap	1.28B	1.16B	1.35B	1.27B	1.44B	1.52B	1.54B	1.44B	1.55B	1.46B	-	-
Enterprise Value	3.20B	3.14B	3.36B	3.28B	3.44B	3.46B	3.45B	3.19B	3.12B	2.88B	-	-
Calculated Values
Free Cash Flow TTM	230.67M	203.14M	150.90M	-42.12M	-198.16M	-294.75M	-382.51M	-254.41M	-236.71M	-121.12M	-83.82M	-
Net Debt	1.92B	1.97B	2.01B	2.01B	2.00B	1.94B	1.91B	1.75B	1.57B	1.42B	1.43B	1.63B
Per-Share and Margin
EPS TTM
Adjusted EPS TTM
Cash Flow Per Share TTM
Pretax Margin TTM
Stock Comp to Revenue TTM
Turnover Ratios and Averages
Average Assets
Average Equity
Average Inventory
Average Receivables
Average Accounts Payables
Inventory Turnover TTM
Payables Turnover TTM
Days Inventory Outstanding TTM
Days Payables Outstanding TTM
Cash Conversion Cycle TTM
Working Capital to Revenue
Deferred Revenue to Revenue
Growth Rates
Total Assets Growth (1Y)
Total Assets Growth (3Y)
Total Assets Growth (5Y)
Dividends Paid Growth (1Y)
Dividends Paid Growth (3Y)
Dividends Paid Growth (5Y)
EPS Growth (3Y)
EPS Growth (5Y)
Net Income Growth (3Y)
Net Income Growth (5Y)
Net Profit Margin Growth (1Y)
Net Profit Margin Growth (3Y)
Net Profit Margin Growth (5Y)
Net Revenue Growth (3Y)
Net Revenue Growth (5Y)
Deferred Revenue Growth (1Y)
Retained Earnings Growth (1Y)
Credit, Liquidity, Returns, Payout
Cash Ratio
Net Working Capital
Debt to EBITDA TTM
Net Debt to EBITDA TTM
Net Debt to Equity
Altman A
Altman B
Altman C
Altman D
Altman E
Altman Z-Score
ROA TTM
ROE TTM
NOPAT TTM
ROIC TTM
Effective Tax Rate TTM
Payout Ratio TTM
Dilution Ratio
Retained Earnings to Equity
Treasury Stock to Equity
Treasury Stock Change (1Y)
Accrued to Current Liabilities
NCAV
NCAV Per Share TTM
Valuation Ratios
P/CF TTM
PEG Ratio
Dividend Yield TTM
Free Cash Flow Yield TTM
EV EBITDA TTM
EV EBIT TTM
EV Revenue TTM
EV FCF TTM
Stock Compensation TTM
Adjusted Net Income TTM
Billings TTM
Total Debt
Invested Capital

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Insider Transactions

2026-03-05Purchase

Owner: Day, Jeff M.

Title: Co-President

Shares: 5,000

Price/Share: $14.90

Value: $74,500.00

Shares Owned: 22,818

Relationship: Officer

Ownership: Indirect

2026-03-03Purchase

Owner: Miller, David N

Title: -

Shares: 5,000

Price/Share: $14.69

Value: $73,450.00

Shares Owned: 15,000

Relationship: Director

Ownership: Direct

2026-03-03Purchase

Owner: Mizrachi, Orit

Title: See Remarks

Shares: 1,000

Price/Share: $14.49

Value: $14,490.00

Shares Owned: 5,867

Relationship: Officer

Ownership: Direct

2026-03-02Purchase

Owner: Occi, Michael Jr.

Title: Chief Executive Officer

Shares: 7,000

Price/Share: $14.87

Value: $104,090.00

Shares Owned: 28,500

Relationship: Director,Officer

Ownership: Direct

2025-11-11Purchase

Owner: Krishnan, Ashwin

Title: Chief Investment Officer

Shares: 3,000

Price/Share: $16.72

Value: $50,160.00

Shares Owned: 3,000

Relationship: Officer

Ownership: Direct

Filed Date	Owner	Relationship	Title	Ownership	Purchase/Sale	No. Shares	Price Per Share	Value	Shares Owned	Document Type
2026-03-05	Day, Jeff M.	Officer	Co-President	Indirect	Purchase	5,000	14.90	$74,500.00	22,818	4
2026-03-03	Miller, David N	Director	-	Direct	Purchase	5,000	14.69	$73,450.00	15,000	4
2026-03-03	Mizrachi, Orit	Officer	See Remarks	Direct	Purchase	1,000	14.49	$14,490.00	5,867	4
2026-03-02	Occi, Michael Jr.	Director,Officer	Chief Executive Officer	Direct	Purchase	7,000	14.87	$104,090.00	28,500	4
2025-11-11	Krishnan, Ashwin	Officer	Chief Investment Officer	Direct	Purchase	3,000	16.72	$50,160.00	3,000	4
2025-11-10	Frank, Bruce D	Director	-	Indirect	Purchase	600	16.41	$9,846.00	4,387	4
2025-10-06	Binstock, Joan	Director	-	Indirect	Purchase	9,030	16.64	$150,259.20	50,042	4
2025-08-14	Pessah, David	Officer	Chief Financial Officer	Direct	Purchase	3,400	17.72	$60,248.00	5,400	4
2025-08-14	Shannon, Kevin	Director	-	Direct	Purchase	5,000	17.70	$88,500.00	29,079	4
2025-08-13	Metz, Adam S	Director	-	Indirect	Purchase	28,248	17.67	$499,142.16	28,248	4
2025-08-12	Occi, Michael Jr.	Officer	Chief Executive Officer	Direct	Purchase	14,000	17.78	$248,920.00	21,500	4
2025-08-12	Miller, David N	Director	-	Indirect	Purchase	10,000	17.69	$176,900.00	17,168	4
2025-08-12	Day, Jeff M.	Officer	Co-President	Indirect	Purchase	5,650	17.70	$100,005.00	17,818	4
2025-08-11	Binstock, Joan	Director	-	Indirect	Purchase	5,659	17.69	$100,107.71	39,251	4
2025-06-06	Shannon, Kevin	Director	-	Indirect	Purchase	10,000	19.43	$194,300.00	5,700	4
2024-11-11	Frank, Bruce D	Director	-	Indirect	Purchase	420	20.50	$8,610.00	3,695	4
2024-01-24	Occi, Michael Jr.	Officer	Chief Administrative Officer	Direct	Purchase	7,500	20.67	$155,025.00	7,500	4
2024-01-24	Pessah, David	Officer	Chief Financial Officer	Direct	Purchase	2,000	20.67	$41,340.00	2,000	4
2023-10-11	Ms, Credit Partners Holdi…	TenPercentOwner	-	Direct	Purchase	1,313,018	20.62	$27,074,437.96	9,727,311	4
2023-10-11	Mizrachi, Orit	Officer	COO and Interim CFO	Direct	Purchase	657	20.62	$13,539.50	4,867	4
2023-10-11	Shannon, Kevin	Director	-	Direct	Purchase	3,283	20.62	$67,697.93	24,080	4
2023-10-11	Miller, David N	Director	-	Indirect	Purchase	1,642	20.62	$33,848.97	12,168	4
2023-10-11	Frank, Bruce D	Director	-	Indirect	Purchase	328	20.62	$6,769.75	2,871	4
2023-10-11	Levin, Jeffrey	Director,Officer	CEO and President	Direct	Purchase	6,566	20.62	$135,395.87	48,600	4
2023-10-11	Metz, Adam S	Director	-	Indirect	Purchase	6,566	20.62	$135,395.87	48,506	4
2023-10-11	Binstock, Joan	Director	-	Indirect	Purchase	3,283	20.62	$67,697.93	28,622	4
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Institutional Ownership

No data available for chart

2026-03-31

39.49%

Inst. Shares: 33,869,686

Shares Outstanding: 85,775,149

2025-12-31

38.50%

Inst. Shares: 33,595,689

Shares Outstanding: 87,270,081

2025-09-30

33.50%

Inst. Shares: 29,089,499

Shares Outstanding: 86,844,648

2025-06-30

31.91%

Inst. Shares: 27,824,576

Shares Outstanding: 87,189,801

2025-03-31

26.38%

Inst. Shares: 23,319,376

Shares Outstanding: 88,413,652

Date	Institutional Shares Owned	Shares Outstanding	Institutional Ownership %
2026-03-31	33,869,686	85,775,149	39.49%
2025-12-31	33,595,689	87,270,081	38.50%
2025-09-30	29,089,499	86,844,648	33.50%
2025-06-30	27,824,576	87,189,801	31.91%
2025-03-31	23,319,376	88,413,652	26.38%
2024-12-31	18,427,439	88,649,149	20.79%
2024-09-30	14,901,834	89,264,686	16.69%
2024-06-30	2,543,676	89,271,839	2.85%
2024-03-31	2,688,980	87,358,527	3.08%
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Morgan Stanley Direct Lending Fund (MSDL) — SEC Financial Statements & Analysis

Morgan Stanley Direct Lending Fund (MSDL) is a not available company, incorporated in DE. Morgan Stanley Direct Lending Fund trades on NYSE as: MSDL. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), Morgan Stanley Direct Lending Fund reported a Price-to-Book (P/B) ratio of 0.78x (TTM), at a market cap of $1.28B. Figures below are sourced from SEC EDGAR, as-filed.

P/B TTM: 0.78x
Market Cap: $1.28B

Data as of 2026-06-30 · Source: SEC EDGAR

Frequently Asked Questions

What industry is Morgan Stanley Direct Lending Fund in?

Morgan Stanley Direct Lending Fund (MSDL) operates in the Not Available industry.

What is MSDL's market cap?

Morgan Stanley Direct Lending Fund (MSDL) has a market capitalization of $1.28B as of 2026-06-30.

What is MSDL's P/E ratio?

Morgan Stanley Direct Lending Fund (MSDL)'s trailing twelve month P/E ratio is 21.45x as of 2026-06-30.

What exchange does MSDL trade on?

Morgan Stanley Direct Lending Fund (MSDL) trades on the NYSE.

Where is Morgan Stanley Direct Lending Fund incorporated?

Morgan Stanley Direct Lending Fund is incorporated in DE.