Security
Morgan Stanley Direct Lending Fund · MSDL
MSDLNYSEETFCurrentCIK 1782524Updated Oct 6, 2026
Name history
Morgan Stanley Direct Lending Fund LLC · through Nov 25, 2019Morgan Stanley BDC LLC · through Aug 9, 2019
MSDL price & chart
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NYSE:MSDL on TradingView ↗About the company
Morgan Stanley Direct Lending Fund (NYSE: MSDL) is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. MSDL has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. MSDL is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley. MSDL is not a subsidiary of or consolidated with Morgan Stanley. For more information about Morgan Stanley Direct Lending Fund, please visit www.msdl.com.
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Recent filings
Regulation FD Disclosure
Items 7.01, 9.01
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Items 5.02
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
10-Q filing
Entry into a Material Definitive Agreement · Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Items 1.01, 2.03, 9.01
Show 5 more recent filings
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 3,932,283,000Source | 3,793,368,000Source | 3,710,739,000Source | 3,921,890,000Source | 3,655,899,000Source | 3,824,803,000Source | 3,912,171,000Source | 3,401,347,000Source | 3,920,096,000Source | 3,912,018,000Source | 3,306,734,000Source | 2,986,122,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 65,472,000Source | 90,428,000Source | 65,816,000Source | 52,216,000Source | 94,966,000Source | 80,657,000Source | 69,400,000Source | 64,762,000Source | 81,434,000Source | 72,372,000Source | 69,705,000Source | 81,215,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 2,160,672,000Source | 1,939,646,000Source | 2,062,871,000Source | 2,131,591,000Source | 1,793,938,000Source | 2,134,336,000Source | 2,094,364,000Source | 1,564,320,000Source | 2,172,007,000Source | 2,069,862,000Source | 1,585,583,000Source | 1,588,817,000Source |
| Stockholders’ equity: | ||||||||||||
| Preferred Stock, Value, IssuedUSD | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source | 0Source |
| Common Stock, Value, IssuedUSD | 87,000Source | 89,000Source | 85,000Source | 87,000Source | 89,000Source | 85,000Source | 88,000Source | 89,000Source | 86,000Source | 89,000Source | 83,000Source | 71,000Source |
| Additional Paid in CapitalUSD | 1,779,430,000Source | 1,823,833,000Source | 1,740,413,000Source | 1,782,313,000Source | 1,831,835,000Source | 1,752,913,000Source | 1,802,435,000Source | 1,821,242,000Source | — | 1,812,443,000Source | 1,712,609,000Source | 1,452,013,000Source |
| Retained Earnings (Accumulated Deficit)USD | -7,906,000Source | 29,800,000Source | -92,630,000Source | 7,899,000Source | 30,037,000Source | -62,531,000Source | 15,284,000Source | 15,696,000Source | -19,620,000Source | 29,624,000Source | 8,459,000Source | -54,779,000Source |
| Stockholders' Equity Attributable to ParentUSD | 1,771,611,000Source | 1,853,722,000Source | 1,647,868,000Source | 1,790,299,000Source | 1,861,961,000Source | 1,690,467,000Source | 1,817,807,000Source | 1,837,027,000Source | 1,748,089,000Source | 1,842,156,000Source | 1,721,151,000Source | 1,397,305,000Source |
| Additional Paid in Capital, Common StockUSD | — | — | — | — | — | — | — | — | 1,767,623,000Source | — | — | — |
| Liabilities and EquityUSD | 3,932,283,000Source | 3,793,368,000Source | 3,710,739,000Source | 3,921,890,000Source | 3,655,899,000Source | 3,824,803,000Source | 3,912,171,000Source | 3,401,347,000Source | 3,920,096,000Source | 3,912,018,000Source | 3,306,734,000Source | 2,986,122,000Source |
| Additional Financial Items | ||||||||||||
| Dividends PayableUSD | 43,499,000Source | 53,537,000Source | 38,103,000Source | 43,575,000Source | 44,704,000Source | 38,485,000Source | 44,103,000Source | 44,447,000Source | 43,222,000Source | 53,229,000Source | 49,968,000Source | 33,058,000Source |
| Long-term DebtUSD | 2,072,400,000Source | 1,841,565,000Source | 1,981,897,000Source | 2,050,254,000Source | 1,664,423,000Source | 2,053,053,000Source | 2,008,946,000Source | 1,486,661,000Source | 2,086,672,000Source | 1,973,479,000Source | 1,496,032,000Source | 1,523,475,000Source |
| Short-term InvestmentsUSD | 10,051,000Source | — | 14,357,000Source | 27,410,000Source | — | 19,856,000Source | — | — | 12,976,000Source | — | — | — |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | 86,347,000Source | 34,104,000Source | 150,898,000Source | -373,536,000Source | -83,824,000Source | -429,835,000Source |
| Cash flows from financing activities: | ||||||||||||
| Payments for Repurchase of Common StockUSD | — | — | — | — | — | — | 14,711,000Source | 9,616,000Source | 41,963,000Source | 18,062,000Source | — | — |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | -87,114,000Source | -37,062,000Source | -132,898,000Source | 376,191,000Source | 72,314,000Source | 436,897,000Source |
| Dividends paid | — | — | — | — | — | — | —Source | —Source | —Source | —Source | —Source | —Source |
| Repayments of Long-term DebtUSD | — | — | — | — | — | — | 225,000,000Source | 163,000,000Source | 1,447,000,000Source | 712,000,000Source | 438,000,000Source | 1,284,850,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | — | — | — | — | -11,510,000Source | 7,062,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 65,472,000Source | 90,428,000Source | 65,816,000Source | 52,216,000Source | 80,657,000Source | 69,400,000Source | 81,434,000Source | 72,372,000Source | 69,705,000Source | 81,215,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | 25,060,000Source | 36,946,000Source | 126,568,000Source | 112,955,000Source | 105,282,000Source | 48,565,000Source |
| Additional Financial Items | ||||||||||||
| Amortization of Deferred ChargesUSD | — | — | — | — | — | — | — | — | — | — | 0Source | 0Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | — | — | — | — | — | — | 1,070,000Source | 1,138,000Source | 5,010,000Source | 3,853,000Source | 2,548,000Source | 1,551,000Source |
| Debt and Equity Securities, Realized Gain (Loss)USD | — | — | — | -10,965,000Source | — | — | — | 549,000Source | — | -16,480,000Source | 118,000Source | 537,000Source |
| Debt and Equity Securities, Unrealized Gain (Loss)USD | — | — | — | 5,442,000Source | — | — | — | -17,107,000Source | — | 11,904,000Source | 32,835,000Source | -80,005,000Source |
| Dividends PayableUSD | — | — | 43,499,000Source | 53,537,000Source | 38,103,000Source | 43,575,000Source | 38,485,000Source | 44,103,000Source | 43,222,000Source | 53,229,000Source | 49,968,000Source | 33,058,000Source |
| Foreign Currency Transaction Gain (Loss), RealizedUSD | — | — | 4,000Source | 0Source | -24,000Source | 66,000Source | 2,000Source | -13,000Source | 58,000Source | 13,000Source | — | — |
| Foreign Currency Transaction Gain (Loss), UnrealizedUSD | — | — | -24,000Source | 0Source | -8,000Source | 101,000Source | -11,000Source | -1,000Source | 78,000Source | -108,000Source | — | — |
| InterestAndDividendIncomeOperatingPaidInKindUSD | — | — | — | — | — | — | 4,884,000Source | 4,936,000Source | 18,178,000Source | 13,073,000Source | 6,069,000Source | 2,714,000Source |
| InterestIncomeOperatingPaidInKindUSD | — | — | — | 2,150,000Source | — | — | — | — | — | 10,709,000Source | 4,276,000Source | 1,626,000Source |
| InvestmentCompanyDistributionOrdinaryIncomeUSD | — | — | — | — | — | — | — | — | 174,035,000Source | 195,611,000Source | 168,975,000Source | 119,433,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | 27,601,000Source | 53,206,000Source | 7,928,000Source | 36,096,000Source | -4,510,000Source | 29,670,000Source | 122,094,000Source | 215,564,000Source | 231,014,000Source | 48,542,000Source |
| Proceeds from Issuance of Common StockUSD | — | — | — | — | — | — | — | 0Source | -163,000Source | 95,888,000Source | 222,753,000Source | 254,585,000Source |
| Proceeds from Issuance of Long-term DebtUSD | — | — | — | — | — | — | 196,000,000Source | 193,000,000Source | 1,552,345,000Source | 1,189,469,000Source | 408,000,000Source | 1,566,175,000Source |
| Realized Investment Gains (Losses)USD | — | — | 22,000Source | -10,965,000Source | -7,407,000Source | 25,000Source | -13,173,000Source | 562,000Source | -7,480,000Source | — | — | — |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income (Loss) Attributable to ParentUSD | — | — | 27,601,000Source | 53,206,000Source | 7,928,000Source | 36,096,000Source | -4,510,000Source | 29,670,000Source | 122,094,000Source | 215,564,000Source | 231,014,000Source | 48,542,000Source |
| Earnings Per Share, BasicUSD per share | — | — | 0.32Source | 0.6Source | 0.09Source | 0.41Source | -0.05Source | 0.34Source | 1.4Source | 2.43Source | 3.11Source | 0.79Source |
| Earnings Per Share, DilutedUSD per share | — | — | 0.32Source | 0.6Source | 0.09Source | 0.41Source | -0.05Source | 0.34Source | 1.4Source | 2.43Source | 3.11Source | 0.79Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 86,844,648Source | 89,264,686Source | 84,754,809Source | 87,189,801Source | 85,775,149Source | 88,413,652Source | 87,270,081Source | 88,649,149Source | 74,239,743Source | 61,676,363Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 86,844,648Source | 89,264,686Source | 84,754,809Source | 87,189,801Source | 85,775,149Source | 88,413,652Source | 87,270,081Source | 88,649,149Source | 74,239,743Source | 61,676,363Source |
| Additional Financial Items | ||||||||||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | — | — | — | — | — | — | — | — | — | 2.27Source | 1.92Source |
| Debt and Equity Securities, Realized Gain (Loss)USD | — | — | — | -10,965,000Source | — | — | — | 549,000Source | — | -16,480,000Source | 118,000Source | 537,000Source |
| Debt and Equity Securities, Unrealized Gain (Loss)USD | — | — | — | 5,442,000Source | — | — | — | -17,107,000Source | — | 11,904,000Source | 32,835,000Source | -80,005,000Source |
| Foreign Currency Transaction Gain (Loss), RealizedUSD | — | — | 4,000Source | 0Source | -24,000Source | 66,000Source | 2,000Source | -13,000Source | 58,000Source | 13,000Source | — | — |
| Interest ExpenseUSD | — | — | 33,903,000Source | 33,153,000Source | 32,018,000Source | 34,707,000Source | 30,665,000Source | 34,179,000Source | 136,132,000Source | 122,928,000Source | 112,883,000Source | 67,182,000Source |
| InterestIncomeOperatingPaidInKindUSD | — | — | — | 2,150,000Source | — | — | — | — | — | 10,709,000Source | 4,276,000Source | 1,626,000Source |
| Investment Company, Contractual Fee WaivedUSD | — | — | — | — | — | — | — | — | — | — | 22,913,000Source | 20,036,000Source |
| InvestmentIncomeOperatingAfterExpenseAndTaxUSD | — | — | 43,730,000Source | 58,729,000Source | 38,160,000Source | 43,657,000Source | 40,510,000Source | 46,228,000Source | 176,026,000Source | 220,235,000Source | 198,061,000Source | 128,010,000Source |
| Management Fee ExpenseUSD | — | — | 9,628,000Source | 9,100,000Source | 9,182,000Source | 9,624,000Source | 9,430,000Source | 9,618,000Source | 38,466,000Source | 35,415,000Source | 30,550,000Source | 26,715,000Source |
| Net Investment IncomeUSD | — | — | 44,132,000Source | 59,230,000Source | 38,960,000Source | 43,857,000Source | 41,344,000Source | 46,855,000Source | 178,840,000Source | 222,672,000Source | 199,580,000Source | 128,344,000Source |
| Other General and Administrative ExpenseUSD | — | — | 38,000Source | 120,000Source | 189,000Source | 128,000Source | 161,000Source | 182,000Source | 359,000Source | 97,000Source | 633,000Source | 510,000Source |
| Other IncomeUSD | — | — | — | 1,803,000Source | — | — | — | — | — | 6,354,000Source | 5,808,000Source | 4,360,000Source |
| Realized Investment Gains (Losses)USD | — | — | 22,000Source | -10,965,000Source | -7,407,000Source | 25,000Source | -13,173,000Source | 562,000Source | -7,480,000Source | — | — | — |
Filing attachments
msdl-ex99_1.htm · 8-K · 2026-10-05
Morgan Stanley Direct Lending Fund Announces Third Quarter 2026 Earnings Release and Conference Call NEW YORK, NY, October 5, 2026 - Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL”), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the third quarter ended September 30, 2026, on Thursday, November 5, 2026, after the market closes. MSDL will host a conference call at 10:00 am ET on Friday, Nov…
Read attachment ↗d156013dex991.htm · 8-K · 2026-08-06
EX-99.1 2 d156013dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Morgan Stanley Direct Lending Fund Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Regular Dividend of $0.45 per Share NEW YORK, NY, August 6, 2026 - Morgan Stanley Direct Lending Fund (NYSE: MSDL) (“MSDL” or the “Company”), a business development company externally managed by MS Capital Partners Adviser Inc. (the “Adviser”), today announced its financial results for the second quarter ended June 30, 2026. …
Read attachment ↗d918611dex42.htm · 8-K · 2026-07-09
EX-4.2 2 d918611dex42.htm EX-4.2 EX-4.2 Exhibit 4.2 FOURTH SUPPLEMENTAL INDENTURE between MORGAN STANLEY DIRECT LENDING FUND and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee DATED AS OF JULY 9, 2026 FOURTH SUPPLEMENTAL INDENTURE THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of July 9, 2026 (the “Issue Date”), is between Morgan Stanley Direct Lending Fund, a Delaware corporation (the “Company”), and U.S. Bank Trust Company, National…
Read attachment ↗msdl-ex99_1.htm · 8-K · 2026-07-06
EX-99.1 2 msdl-ex99_1.htm 3Q25 EARNINGS RELEASE AND CONFERENCE CALL EX-99.1 Morgan Stanley Direct Lending Fund Announces Second Quarter 2026 Earnings Release and Conference Call NEW YORK, NY, July 6, 2026 - Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL”), a business development company externally managed by MS Capital Partners Adviser Inc., today announced it will release its financial results for the second quarter ended June 30, 2026, on Thursday, August 6, 2026, after the mark…
Read attachment ↗d145217dex991.htm · 8-K · 2026-05-07
EX-99.1 2 d145217dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Morgan Stanley Direct Lending Fund Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Regular Dividend of $0.45 per Share NEW YORK, NY, May 7, 2026 - Morgan Stanley Direct Lending Fund (NYSE: MSDL) (“MSDL” or the “Company”), a business development company externally managed by MS Capital Partners Adviser Inc. (the “Adviser”), today announced its financial results for the first quarter ended March 31, 2026. …
Read attachment ↗