Morgan Stanley Direct Lending Fund (MSDL) 10-Year Financial Performance & Capital Metrics

MSDL • • Banking & Credit

Financial ServicesFinancial ConglomeratesSpecialized Lending & InvestmentDirect Lending Platforms

AboutMorgan 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.Show more

Net Interest Income $284M +15.1%
Total Revenue $333M +1.3%
Net Income $216M -6.7%
Return on Equity 12.1% -18.3%
Net Interest Margin 7.26% -2.7%
Efficiency Ratio -2.53% +52.0%
ROA 5.97% -18.7%
Equity / Assets 47.09% -9.5%
Book Value per Share 20.64 +5.8%
Tangible BV/Share 20.64 +5.8%
Debt/Equity 1.07 +23.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong NIM of 7.3%
✓Efficient operations: -2.5% efficiency ratio
✓Well capitalized: 47.1% equity/assets
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y49.95%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y37.32%

TTM-34.49%

EPS CAGR

10Y-

5Y-

3Y37.24%

TTM-35.29%

ROCE

10Y Avg4.74%

5Y Avg4.74%

3Y Avg5.17%

Latest6.16%

Peer Comparison

Direct Lending Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BIPHBrookfield Infrastructure Corpo		16.72	139.37	17.33%	0.27%	0.26%		1.71
MSDLMorgan Stanley Direct Lending Fund	1.46B	16.86	6.94	1.34%	64.83%	8.18%	13.76%	1.07

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	16.55M	88.28M	157.56M	246.92M	284.2M
NII Growth %	-	4.33%	0.78%	0.57%	0.15%
Net Interest Margin %	-	-	-	-	-
Interest Income	20.28M	109.3M	224.75M	359.81M	407.13M
Interest Expense	3.73M	21.02M	67.18M	112.88M	122.93M
Loan Loss Provision	0	0	0	0	0
Non-Interest Income+	3.19M	-10.68M	-124.53M	-31.68M	-74.61M
Non-Interest Income %	-	-	-	-	-
Total Revenue+	23.47M	98.62M	100.22M	328.13M	332.52M
Revenue Growth %	-	3.2%	0.02%	2.27%	0.01%
Non-Interest Expense	1.45M	-5.73M	-15.84M	-17.29M	-8.41M
Efficiency Ratio	-	-	-	-	-
Operating Income+	18.3M	83.33M	48.88M	232.53M	218M
Operating Margin %	-	-	-	-	-
Operating Income Growth %	-	3.55%	-0.41%	3.76%	-0.06%
Pretax Income+	18.3M	83.33M	48.88M	232.53M	218M
Pretax Margin %	-	-	-	-	-
Income Tax+	0	80K	334K	1.52M	2.44M
Effective Tax Rate %	-	-	-	-	-
Net Income+	18.3M	83.25M	48.54M	231.01M	215.56M
Net Margin %	-	-	-	-	-
Net Income Growth %	-	3.55%	-0.42%	3.76%	-0.07%
Net Income (Continuing)	18.3M	83.25M	48.54M	231.01M	215.56M
EPS (Diluted)+	0.21	0.94	0.55	2.62	2.43
EPS Growth %	-	3.48%	-0.41%	3.76%	-0.07%
EPS (Basic)	0.21	0.94	0.55	2.62	2.43
Diluted Shares Outstanding	88.28M	88.28M	88.28M	88.28M	89.26M

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	11.26M	74.15M	81.22M	69.7M	70.37M
Short Term Investments	0	0	0	0	0
Total Investments+	0	0	0	0	0
Investments Growth %	-	-	-	-	-
Long-Term Investments	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
PP&E (Net)	0	0	0	0	0
Other Assets	643.18M	2.4B	2.88B	3.21B	3.81B
Total Current Assets	13.62M	94.04M	104.87M	98.8M	101.4M
Total Non-Current Assets	643.18M	2.4B	2.88B	3.21B	3.81B
Total Assets+	656.81M	2.49B	2.99B	3.31B	3.91B
Asset Growth %	-	2.8%	0.2%	0.11%	0.18%
Return on Assets (ROA)	0.03%	0.05%	0.02%	0.07%	0.06%
Accounts Payable	10.32M	32.97M	50.08M	68.8M	74.63M
Total Debt+	333.85M	1.25B	1.52B	1.5B	1.97B
Net Debt	322.59M	1.18B	1.44B	1.43B	1.9B
Long-Term Debt	333.85M	1.25B	1.52B	1.5B	1.97B
Short-Term Debt	0	0	0	0	0
Other Liabilities	11.02M	21.86M	15.27M	20.75M	21.76M
Total Current Liabilities	10.32M	32.97M	50.08M	68.8M	74.63M
Total Non-Current Liabilities	344.87M	1.27B	1.54B	1.52B	2B
Total Liabilities	355.19M	1.3B	1.59B	1.59B	2.07B
Total Equity+	301.62M	1.19B	1.4B	1.72B	1.84B
Equity Growth %	-	2.94%	0.18%	0.23%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-
Return on Equity (ROE)	0.06%	0.11%	0.04%	0.15%	0.12%
Book Value per Share	3.42	13.46	15.83	19.50	20.64
Tangible BV per Share	-	-	-	-	-
Common Stock	15K	57K	71K	83K	89K
Additional Paid-in Capital	296.9M	1.17B	1.45B	1.71B	1.81B
Retained Earnings	4.7M	15.78M	-54.78M	8.46M	29.62M
Accumulated OCI	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Preferred Stock	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	12.43M	67.69M	121.59M	185.78M	201.47M
Operating CF Growth %	-	4.44%	0.8%	0.53%	0.08%
Net Income	18.3M	83.25M	48.54M	231.01M	215.56M
Depreciation & Amortization	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	-9.95M	-18.7M	70.62M	-44.54M	-15.68M
Working Capital Changes	4.08M	3.13M	2.43M	-695K	1.58M
Cash from Investing+	-625.78M	-1.73B	-551.43M	-269.6M	-575.01M
Purchase of Investments	-714.66M	-2.11B	-945.21M	-632.1M	-1.23B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-
Acquisitions	0	0	0	0	0
Other Investing	0	0	0	0	0
Cash from Financing+	624.58M	1.72B	436.9M	72.31M	376.19M
Dividends Paid	-3.74M	-38.22M	-85.75M	-110.5M	-169.08M
Share Repurchases	0	0	0	0	-18.06M
Stock Issued	297.35M	854.61M	254.59M	222.75M	95.89M
Net Stock Activity	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K
Other Financing	-2.88M	-8.21M	-13.27M	-9.94M	0
Net Change in Cash+	11.23M	62.89M	7.06M	-11.51M	2.67M
Exchange Rate Effect	0	0	0	0	12K
Cash at Beginning	35K	11.26M	74.15M	81.22M	69.7M
Cash at End	11.26M	74.15M	81.22M	69.7M	72.37M
Interest Paid	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0
Free Cash Flow+	12.43M	67.69M	121.59M	185.78M	201.47M
FCF Growth %	-	4.44%	0.8%	0.53%	0.08%

Banking Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.07%	11.17%	3.75%	14.82%	12.1%
Return on Assets (ROA)	2.79%	5.29%	1.77%	7.34%	5.97%
Net Interest Margin	2.52%	3.54%	5.28%	7.47%	7.26%
Efficiency Ratio	6.17%	-5.81%	-15.81%	-5.27%	-2.53%
Equity / Assets	45.92%	47.67%	46.79%	52.05%	47.09%
Book Value / Share	3.42	13.46	15.83	19.5	20.64
NII Growth	-	433.34%	78.47%	56.71%	15.1%
Dividend Payout	20.43%	45.9%	176.65%	47.83%	-

Frequently Asked Questions

Valuation & Price

Morgan Stanley Direct Lending Fund (MSDL) has a price-to-earnings (P/E) ratio of 6.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Morgan Stanley Direct Lending Fund (MSDL) grew revenue by 1.3% over the past year. Growth has been modest.

Yes, Morgan Stanley Direct Lending Fund (MSDL) is profitable, generating $145.0M in net income for fiscal year 2024 (64.8% net margin).

Dividend & Returns

Yes, Morgan Stanley Direct Lending Fund (MSDL) pays a dividend with a yield of 11.23%. This makes it attractive for income-focused investors.

Morgan Stanley Direct Lending Fund (MSDL) has a return on equity (ROE) of 12.1%. This is reasonable for most industries.

Industry Metrics

Morgan Stanley Direct Lending Fund (MSDL) has a net interest margin (NIM) of 7.3%. This indicates healthy earnings from lending activities.

Morgan Stanley Direct Lending Fund (MSDL) has an efficiency ratio of -2.5%. This is excellent, indicating strong cost control.

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