MSDL

Peers: GSBD BXSL GBDC KBDC NCDL OBDC BCSF CGBD OCSL ARCC

| Held by: BIZD PBDC HIPS FBDC VPC CEFZ PCR

Index	-
Market Cap	1.18B
Enterprise Value	3.08B
Income	59.75M
Sales	341.89M
Book/sh	19.50
Cash/sh	0.95
Dividend Est.	1.81 (12.88%)
Dividend TTM	1.85 (13.17%)
Dividend Ex-Date	Sep 30, 2026
Dividend Gr. 3/5Y	- -
Payout	142.96%
Employees	-
IPO	Jan 24, 2024

P/E	20.30
Forward P/E	7.65
PEG	-
P/S	3.46
P/B	0.72
P/C	14.73
P/FCF	8.50
EV/EBITDA	16.25
EV/Sales	9.02
Quick Ratio	1.69
Current Ratio	1.69
Debt/Eq	1.20
LT Debt/Eq	1.20
Option/Short	Yes / Yes

EPS (ttm)	0.69
EPS next Y	1.84
EPS next Q	0.44
EPS this Y	-9.61%
EPS next Y	1.04%
EPS next 5Y	-4.57%
EPS past 3/5Y	20.98% -10.38%
Sales past 3/5Y	18.80% 74.30%
EPS Y/Y TTM	-64.14%
Sales Y/Y TTM	-14.75%
EPS Q/Q	-77.42%
Sales Q/Q	-18.89%
Earnings	Nov 05 AMC
EPS/Sales Surpr.	0.25% -1.35%

Insider Own	0.84%
Insider Trans	0.00%
Inst Own	46.82%
Inst Trans	-
ROA	1.57%
ROE	3.48%
ROIC	1.65%
Gross Margin	80.41%
Oper. Margin	55.50%
Profit Margin	17.48%
SMA20	4.87%
SMA50	-0.64%
SMA200	-6.03%
Trades

Shs Outstand	84.50M
Shs Float	83.40M
Short Float	4.99%
Short Ratio	8.48
Short Interest	4.16M
52W High	17.91 -21.58%
52W Low	12.71 10.50%
Volatility	2.08% 1.98%
ATR (14)	0.29
RSI (14)	57.40
Beta	0.64
Rel Volume	0.91
Avg Volume	490.84K
Volume	407,302

Perf Week	2.97%
Perf Month	3.58%
Perf Quarter	-6.86%
Perf Half Y	-9.97%
Perf YTD	-14.78%
Perf Year	-17.77%
Perf 3Y	-
Perf 5Y	-
Perf 10Y	-
Recom	2.50
Target Price	15.46
Prev Close	14.20
Price	14.05
Change %	-1.09%

Consensus

Buy

Avg. Price Target

$15.46

Implied Upside

+10.1%

Analysts6incl. previous ratings

Rating Distribution1 Buy · 5 Hold · 0 Sell

Date	Action	Analyst	Rating Change	Price Target Change	Implied Upside
Jan 07, 2026	Downgrade	WWells Fargo	Overweight → Equal Weight	$16	+13.9%
Nov 26, 2025	Downgrade	RRBC Capital Mkts	Outperform → Sector Perform	$18	+28.2%
Oct 07, 2025	Upgrade	RRaymond James	Mkt Perform → Outperform	$18.50	+31.7%
Oct 06, 2025	Upgrade	WWells Fargo	Equal Weight → Overweight	$17	+21.0%
Jul 18, 2024	Downgrade	UUBS	Buy → Neutral	$23.50	+67.3%
May 13, 2024	Downgrade	RRaymond James	Outperform → Mkt Perform
Feb 20, 2024	Initiated	WWells Fargo	Equal Weight	$21	+49.5%
Feb 20, 2024	Initiated	UUBS	Buy	$23.50	+67.3%
Feb 20, 2024	Initiated	RRBC Capital Mkts	Outperform	$21	+49.5%
Feb 20, 2024	Initiated	RRaymond James	Outperform	$22	+56.6%
Feb 20, 2024	Initiated	KKeefe Bruyette	Mkt Perform	$21	+49.5%
Feb 20, 2024	Initiated	JJP Morgan	Neutral

Oct-28-26 08:30PM	Morgan Stanley Direct Lending Faces Dividend Coverage Test As Street Sees NII Slipping Below 45 Cents (Earnings Whispers)
Oct-27-26 11:33AM	Ares Capital's Buyout of Apollo's MidCap Could Spark Wave of BDC Mergers (Barrons.com)
Oct-05-26 04:15PM	Morgan Stanley Direct Lending Fund Announces Third Quarter 2026 Earnings Release and Conference Call (Business Wire)
Aug-31-26 02:00AM	Private Credit Stocks Are Rebounding, but Shared Loans Bring Growing Risk (Barrons.com)
Aug-07-26 05:03PM	Morgan Stanley Direct Lending Fund (MSDL) (Q2 2026) Earnings Call Highlights: NII Covers ... (GuruFocus.com)
04:19PM	Loading…
Aug-06-26 04:19PM	Morgan Stanley Direct Lending Fund Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Regular Dividend of $0.45 per Share (Business Wire)
09:18AM	Morgan Stanley Direct Lending Fund (MSDL) Q2 2026 Earnings Report Preview: What To Look For (GuruFocus.com)
Jul-06-26 04:05PM	Morgan Stanley Direct Lending Fund Announces Second Quarter 2026 Earnings Release and Conference Call (Business Wire)
Jun-29-26 03:46PM	Morgan Stanley Direct Lending Fund Prices Public Offering of $350.0 Million 6.100% Notes Due 2031 (Business Wire)
May-07-26 04:19PM	Morgan Stanley Direct Lending Fund Announces March 31, 2026 Financial Results and Declares Second Quarter 2026 Regular Dividend of $0.45 per Share (Business Wire)
09:18AM	Morgan Stanley Direct Lending Fund (MSDL) Q1 2026 Earnings Report Preview: What To Look For (GuruFocus.com)
May-06-26 09:26AM	Morgan Stanley Direct Lending Fund (MSDL) Q1 2026 Earnings Report Preview: What to Look For (GuruFocus.com)
Apr-06-26 04:05PM	Morgan Stanley Direct Lending Fund Announces First Quarter 2026 Earnings Release and Conference Call (Business Wire)
Feb-27-26 04:05PM	Morgan Stanley Direct Lending Fund (MSDL) Q4 2025 Earnings Call Highlights: Navigating Economic ... (GuruFocus.com)
Feb-26-26 06:45PM	Morgan Stanley Direct Lending Fund (MSDL) Q4 Earnings Meet Estimates (Zacks)
04:25PM	Loading…
04:25PM	Morgan Stanley Direct Lending Fund Announces December 31, 2025 Financial Results and Declares First Quarter 2026 Regular Dividend of $0.45 per Share (Business Wire)
07:19AM	Morgan Stanley Direct Lending Fund (MSDL) Q4 2025: Everything You Need To Know Ahead Of Earnings (GuruFocus.com)
Feb-25-26 12:15PM	Blackstone Secured Lending Fund (BXSL) Q4 Earnings Beat Estimates (Zacks)
07:30AM	Morgan Stanley Direct Lending Fund (MSDL) Q4 2025 Earnings Report Preview: What To Expect (GuruFocus.com)
Feb-09-26 05:15PM	PennantPark (PNNT) Misses Q1 Earnings and Revenue Estimates (Zacks)
Feb-04-26 06:00PM	Golub Capital BDC (GBDC) Q1 Earnings Match Estimates (Zacks)
Jan-26-26 04:05PM	Morgan Stanley Direct Lending Fund Announces Fourth Quarter and Full Year 2025 Earnings Release and Conference Call (Business Wire)
Nov-26-25 09:43AM	Autodesk upgraded, Nio downgraded: Wall Street's top analyst calls (The Fly)
Nov-08-25 02:10AM	Morgan Stanley Direct Lending Fund (MSDL) Q3 2025 Earnings Call Highlights: Strong Investment ... (GuruFocus.com)
Nov-06-25 07:00PM	Morgan Stanley Direct Lending Fund (MSDL) Tops Q3 Earnings and Revenue Estimates (Zacks)
04:15PM	Morgan Stanley Direct Lending Fund Announces September 30, 2025 Financial Results and Declares Fourth Quarter 2025 Regular Dividend of $0.50 per Share (Business Wire)
07:23AM	Morgan Stanley Direct Lending Fund (MSDL) Q3 2025 Earnings Report Preview: What To Expect (GuruFocus.com)
Nov-05-25 07:05PM	CareTrust REIT (CTRE) Q3 FFO Lag Estimates (Zacks)
07:37AM	Morgan Stanley Direct Lending Fund (MSDL) Q3 2025: Everything You Need To Know Ahead Of Earnings (GuruFocus.com)
Oct-30-25 06:15PM	The Bancorp (TBBK) Misses Q3 Earnings and Revenue Estimates (Zacks)
04:10PM	Loading…
Oct-06-25 04:10PM	Morgan Stanley Direct Lending Fund Announces Third Quarter 2025 Earnings Release and Conference Call (Business Wire)
Aug-07-25 07:25PM	Morgan Stanley Direct Lending Fund (MSDL) Q2 Earnings and Revenues Lag Estimates (Zacks)
04:15PM	Morgan Stanley Direct Lending Fund Announces June 30, 2025 Financial Results and Declares Third Quarter 2025 Regular Dividend of $0.50 per Share (Business Wire)
Jul-30-25 05:30PM	Medallion Financial (MFIN) Tops Q2 Earnings and Revenue Estimates (Zacks)
Jul-08-25 04:05PM	Morgan Stanley Direct Lending Fund Announces Second Quarter 2025 Earnings Release and Conference Call (Business Wire)
May-12-25 04:15PM	Morgan Stanley Direct Lending Fund Prices Public Offering of $350.0 Million 6.000% Notes Due 2030 (Business Wire) +5.59%
May-08-25 05:50PM	Morgan Stanley Direct Lending Fund (MSDL) Q1 Earnings and Revenues Lag Estimates (Zacks)
04:08PM	Morgan Stanley Direct Lending Fund Announces March 31, 2025 Financial Results and Declares Second Quarter 2025 Regular Dividend of $0.50 per Share (Business Wire)
May-07-25 06:00PM	FS KKR Capital (FSK) Q1 Earnings and Revenues Top Estimates (Zacks)
May-06-25 10:00AM	Earnings Preview: Gladstone Investment (GAIN) Q4 Earnings Expected to Decline (Zacks)
May-02-25 12:28PM	Why We Have Been Buying BDCs In This Drawdown (Seeking Alpha)
May-01-25 10:01AM	Earnings Preview: Morgan Stanley Direct Lending Fund (MSDL) Q1 Earnings Expected to Decline (Zacks)
09:15AM	My BDC Portfolio: 2 Months In And A Clear Alpha Performance (Seeking Alpha)
Apr-30-25 09:15AM	My 3 Biggest BDC Investing Mistakes Worth Avoiding (Seeking Alpha)
Apr-28-25 07:00AM	3 High-Yielding BDCs For 2025 (Seeking Alpha)
Apr-24-25 09:15AM	Investing In BDCs For Durable Income Amidst The Looming Recession (Seeking Alpha)
Apr-22-25 07:05AM	The Dark Side Of BDC Investing (Seeking Alpha)
Apr-21-25 07:03AM	High-Yield Investors Rejoice: 2 Growth-Oriented BDCs Attractive On The Price Drop (Seeking Alpha)
Apr-20-25 02:14AM	Morgan Stanley Direct Lending Fund: Bet On Defensive Portfolio (Seeking Alpha)
01:55AM	Morgan Stanley Direct Lending: Fair Value For Declining Rates (Seeking Alpha)
Apr-19-25 11:44AM	BDC Weekly Review: Consequences Of The Trade War For BDCs (Seeking Alpha)
Apr-18-25 10:15AM	Morgan Stanley Direct Lending: 10% Yield And 114% Dividend Coverage Make It A Buy (Seeking Alpha)
Apr-17-25 04:17AM	New Income Opportunities And Stress-Testing Our 2025 Playbook (Seeking Alpha)
Apr-15-25 06:15AM	2 Attractive Income Plays Retirees Should Consider After Their Recent Sell-Off (Seeking Alpha)
Apr-13-25 02:06PM	BDC Weekly Review: BDCs Plunge On Macro Fears (Seeking Alpha)
09:15AM	A Big BDC Catalyst That Can Change The Game Dramatically (Seeking Alpha)
Apr-11-25 09:15AM	BDCs Are In Trouble, But In These Two I'm Increasing My Stakes (Seeking Alpha)
Apr-10-25 02:47PM	Very Bad News For BDCs: How To Play President Trump's Tariff Volatility (Seeking Alpha)
10:45AM	Gladstone Investment (GAIN) Moves 11.0% Higher: Will This Strength Last? (Zacks)
Apr-08-25 04:05PM	Morgan Stanley Direct Lending Fund Announces First Quarter 2025 Earnings Release and Conference Call (Business Wire) +5.28%
07:25AM	Morgan Stanley Direct Lending: Why Its Portfolio Is Relatively Insulated Vs. Tariffs (Seeking Alpha)
Apr-07-25 09:15AM	Two 10%+ Dividends To Access Stress-Free Cash Flows (Seeking Alpha)
Apr-02-25 08:05AM	Billionaire Investor Warns Of 'Significant Correction' And Buys High Yield: Our Picks (Seeking Alpha)
07:32AM	Nuveen Churchill Direct Lending: Underrated BDC, But Could Face Selling Pressure (Seeking Alpha)
07:05AM	Important Warning: 3 Popular Dividend Stocks Due For A Sharp Pullback (Seeking Alpha)
Mar-31-25 11:00AM	Retirement Income: I'm Seeking Treasure In These 7-9% Yields (Seeking Alpha)
Mar-28-25 09:15AM	My BDC Portfolio And The Strategy For Alpha Going Forward (Seeking Alpha)
Mar-27-25 11:28AM	Ares Capital: Buy This 9% Yield Following Selloff (SeekingAlpha)
Mar-26-25 07:32AM	MSC Income Fund: I Like What I See, But Investors Shouldn't Get Too Excited Yet (SeekingAlpha)
Mar-24-25 09:15AM	PennantPark Floating Rate Capital: One Of The Highest Quality Picks In First-Lien BDC Segment (SeekingAlpha)
Mar-23-25 09:15AM	Risk-Off Mode In The BDC Market: 1 Overrated And 1 Underrated Pick (SeekingAlpha)
Mar-21-25 07:05AM	How I'd Invest $100,000 Right Now For Stagflation (Up To 10% Yields) (SeekingAlpha)
Mar-20-25 03:01PM	Opportunities In The Income Market Drawdown (SeekingAlpha)
Feb-27-25 04:13PM	Morgan Stanley Direct Lending Fund Announces December 31, 2024 Financial Results and Declares First Quarter 2025 Regular Dividend of $0.50 per Share (Business Wire)
Jan-21-25 04:05PM	Morgan Stanley Direct Lending Fund Announces Fourth Quarter and Full Year 2024 Earnings Release and Conference Call (Business Wire)
Nov-07-24 05:05PM	Morgan Stanley Direct Lending Fund Announces September 30, 2024 Financial Results and Declares Fourth Quarter 2024 Regular Dividend of $0.50 per Share (Business Wire)
Oct-08-24 04:05PM	Morgan Stanley Direct Lending Fund Announces Third Quarter 2024 Earnings Release and Conference Call (Business Wire)
Aug-08-24 04:15PM	Morgan Stanley Direct Lending Fund Announces June 30, 2024 Financial Results and Declares Third Quarter 2024 Dividend of $0.50 per Share (Business Wire)
Jul-08-24 04:05PM	Morgan Stanley Direct Lending Fund Announces Second Quarter 2024 Earnings Release and Conference Call (Business Wire)
Jun-24-24 05:37AM	Morgan Stanley Direct Lending Fund (MSDL) Soars 5.4%: Is Further Upside Left in the Stock? (Zacks)
Jun-03-24 12:00PM	Morgan Stanley Direct Lending Fund (MSDL) Upgraded to Strong Buy: Here's What You Should Know (Zacks)
May-09-24 04:15PM	Morgan Stanley Direct Lending Fund Announces March 31, 2024 Financial Results and Declares Second Quarter 2024 Dividend of $0.50 per Share (Business Wire)
Apr-08-24 04:05PM	Morgan Stanley Direct Lending Fund Announces First Quarter 2024 Earnings Release and Conference Call (Business Wire)
Mar-01-24 06:17AM	Morgan Stanley Direct Lending Fund Announces December 31, 2023 Financial Results and Declares First Quarter 2024 Dividend of $0.50 per Share (Business Wire)
Feb-14-24 04:05PM	Morgan Stanley Direct Lending Fund Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Call (Business Wire)

Show Previous News

Insider Trading	Relationship	Date	Transaction	Cost	#Shares	Value ($)	#Shares Total	SEC Form 4
Day Jeff M.	Co-President	Mar 05 '26	Buy	14.89	5,000	74,475	22,818	Mar 05 05:09 PM
Mizrachi Orit	See Remarks	Mar 03 '26	Buy	14.49	1,000	14,490	5,867	Mar 03 04:10 PM
MILLER DAVID N	Director	Mar 03 '26	Buy	14.69	5,000	73,450	15,000	Mar 03 04:07 PM
MILLER DAVID N	Director	Mar 02 '26	Buy	14.68	5,000	73,400	10,000	Mar 03 04:07 PM
Occi Michael Jr.	Chief Executive Officer	Mar 02 '26	Buy	14.87	7,000	104,098	28,500	Mar 03 08:08 AM
Krishnan Ashwin	Chief Investment Officer	Nov 11 '25	Buy	16.72	3,000	50,160	3,000	Dec 16 04:30 PM
FRANK BRUCE D	Director	Nov 10 '25	Buy	16.41	600	9,843	4,387	Nov 12 05:17 PM

Morgan Stanley Direct Lending Fund is a business development and finance company, which engages in lending to middle-market companies. It invests in directly originated senior secured term loans including first lien senior secured term loans and second lien senior secured term loans. The company was founded on May 30, 2019 and is headquartered in New York, NY.

CEO & DirectorMr. Michael Occi Jr.

Co- President & COOMs. Orit Mizrachi CPA

Co-PresidentMr. Jeffrey M. Day

Chief Financial OfficerMr. David Pessah

Chief Investment OfficerMr. Ashwin Krishnan

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Morgan Stanley Direct Lending Fund

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