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Morgan Stanley Direct Lending Fund(MSDL)Earnings, Financials & Key Ratios
MSDL•NYSE•Banking & Credit
11.0× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryFinancial ConglomeratesSub-IndustryPrivate credit and direct lending
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$236M-17.1%
- Total Revenue$387M+16.4%
- Net Income$122M-43.4%
- Return on Equity6.8%-43.8%
- Net Interest Margin6.01%-17.2%
- Efficiency Ratio14.34%+667.0%
- ROA3.12%-47.8%
- Equity / Assets44.59%-5.3%
- Book Value per Share20.03-2.9%
MSDL Key Insights
Morgan Stanley Direct Lending Fund (MSDL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 46.2%
- ✓Strong NIM of 6.0%
- ✓Efficient operations: 14.3% efficiency ratio
- ✓Well capitalized: 44.6% equity/assets
- ✓Share count reduced 2.2% through buybacks
- ✓Trading at only 0.8x book value
✗Weaknesses
- ✗Dividend payout exceeds 100% of earnings
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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MSDL Price & Volume
Morgan Stanley Direct Lending Fund (MSDL) stock price & volume — 10-year historical chart
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MSDL Growth Metrics
Morgan Stanley Direct Lending Fund (MSDL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years75.16%
3 Years56.89%
TTM-
Profit CAGR
10 Years-
5 Years46.17%
3 Years36%
TTM-54.58%
EPS CAGR
10 Years-
5 Years46.14%
3 Years36.54%
TTM-53.79%
Return on Capital
10 Years5.05%
5 Years5.49%
3 Years6.76%
Last Year6.59%
MSDL Recent Earnings
Morgan Stanley Direct Lending Fund (MSDL) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (50%)●Beat Revenue 1/12 qtrs (10%)
Q2 2026Latest
May 7, 2026Metric
Actual
Est
EPS
$0.47+4.4%
$0.45
Rev
$89M-3.1%
$92M
Q1 2026
Feb 26, 2026Metric
Actual
Est
EPS
$0.49+0.0%
$0.49
Rev
$97M-1.0%
$98M
Q4 2025
Nov 6, 2025Metric
Actual
Est
EPS
$0.50+2.0%
$0.49
Rev
$65M-33.5%
$97M
Q3 2025
Aug 7, 2025Metric
Actual
Est
EPS
$0.50-3.8%
$0.52
Rev
$100M-0.5%
$100M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 7, 2026 | $0.47vs $0.45+4.4% | $89Mvs $92M-3.1% |
| Q1 2026 | Feb 26, 2026 | $0.49vs $0.49+0.0% | $97Mvs $98M-1.0% |
| Q4 2025 | Nov 6, 2025 | $0.50vs $0.49+2.0% | $65Mvs $97M-33.5% |
| Q3 2025 | Aug 7, 2025 | $0.50vs $0.52-3.8% | $100Mvs $100M-0.5% |
Based on last 12 quarters of dataView full earnings history →
MSDL Peer Comparison
Morgan Stanley Direct Lending Fund (MSDL) competitors in Private credit and direct lending — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 ARCC | 12.95B | 18.03 | 9.69 | 32.87% | 43.69% | 8.11% | 1.12 | |
 FSCO | 997.19M | 4.93 | 6.49 | -18.64% | 10.48% | 0.20 | ||
 OBDC | 5.4B | 10.87 | 8.77 | 52.55% | 27.51% | 4.83% | 1.26 | |
 GBDC | 3.22B | 12.35 | 8.70 | 42.5% | 26.91% | 5.24% | 1.23 | |
 TPVG | 202.99M | 5.00 | 4.10 | 36.55% | -19.55% | -3.39% | 1.33 | |
 CGBD | 760.99M | 10.95 | 10.84 | 17.9% | 23.81% | 4.42% | 1.31 | |
 FSK | 2.88B | 10.27 | 261.32 | 5.5% | -91.82% | -9.39% | 1.31 | |
 HTGC | 2.9B | 15.49 | 8.37 | 26.97% | 50.05% | 13.18% | 1.04 |
Compare MSDL vs Peers
Morgan Stanley Direct Lending Fund (MSDL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MSDL Income Statement
Morgan Stanley Direct Lending Fund (MSDL) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Net Interest Income | 16.55M | 88.28M | 157.56M | 246.92M | 284.2M | 235.68M | 239.38M |
NII Growth % | - | 433.34% | 78.47% | 56.71% | 15.1% | -17.07% | -57.07% |
Net Interest Margin % | 2.52% | 3.54% | 5.28% | 7.47% | 7.26% | 6.01% | 6.26% |
Interest Income | 20.28M | 109.3M | 224.75M | 359.81M | 407.13M | 371.81M | 372M |
Interest Expense | 3.73M | 21.02M | 67.18M | 112.88M | 122.93M | 136.13M | 132.62M |
Loan Loss Provision | 0 | 0 | 0 | 0 | 0 | -62.71M | -31.78M |
Non-Interest Income | 3.19M | -10.68M | -124.53M | -31.68M | -74.61M | 15.18M | -72.29M |
Non-Interest Income % | 13.6% | -10.83% | -124.26% | -9.65% | -22.44% | 3.92% | -24.12% |
Total Revenue | 23.47M▲ 0% | 98.62M▲ 320.2% | 100.22M▲ 1.6% | 328.13M▲ 227.4% | 332.52M▲ 1.3% | 386.99M▲ 16.4% | 299.71M▲ 0% |
Revenue Growth % | - | 320.22% | 1.62% | 227.42% | 1.34% | 16.38% | -21.73% |
Non-Interest Expense | 1.45M | -5.73M | -15.84M | -17.29M | -8.41M | 55.48M | 46.34M |
Efficiency Ratio | 6.17% | -5.81% | -15.81% | -5.27% | -2.53% | 14.34% | 15.46% |
Operating Income | 18.3M▲ 0% | 83.33M▲ 355.5% | 48.88M▼ 41.3% | 232.53M▲ 375.8% | 218M▼ 6.2% | 258.09M▲ 18.4% | 152.53M▲ 0% |
Operating Margin % | 77.96% | 84.5% | 48.77% | 70.87% | 65.56% | 66.69% | 50.89% |
Operating Income Growth % | - | 355.46% | -41.35% | 375.76% | -6.25% | 18.39% | - |
Pretax Income | 18.3M▲ 0% | 83.33M▲ 355.5% | 48.88M▼ 41.3% | 232.53M▲ 375.8% | 218M▼ 6.2% | 122.09M▼ 44.0% | 88.52M▲ 0% |
Pretax Margin % | 77.96% | 84.5% | 48.77% | 70.87% | 65.56% | 31.55% | 29.53% |
Income Tax | 0 | 80K | 334K | 1.52M | 2.44M | 0 | 602K |
Effective Tax Rate % | 0% | 0.1% | 0.68% | 0.65% | 1.12% | 0% | 0.68% |
Net Income | 18.3M▲ 0% | 83.25M▲ 355.0% | 48.54M▼ 41.7% | 231.01M▲ 375.9% | 215.56M▼ 6.7% | 122.09M▼ 43.4% | 87.91M▲ 0% |
Net Margin % | 77.96% | 84.42% | 48.44% | 70.4% | 64.83% | 31.55% | 29.33% |
Net Income Growth % | - | 355.02% | -41.69% | 375.91% | -6.69% | -43.36% | -54.58% |
Net Income (Continuing) | 18.3M | 83.25M | 48.54M | 231.01M | 215.56M | 122.09M | 87.91M |
EPS (Diluted) | 0.21▲ 0% | 0.94▲ 347.6% | 0.55▼ 41.5% | 2.62▲ 376.4% | 2.43▼ 7.3% | 1.40▼ 42.4% | 1.02▲ 0% |
EPS Growth % | - | 347.62% | -41.49% | 376.36% | -7.25% | -42.39% | -53.79% |
EPS (Basic) | 0.21 | 0.94 | 0.55 | 2.62 | 2.43 | 1.40 | - |
Diluted Shares Outstanding | 88.28M | 88.28M | 88.28M | 88.28M | 89.26M | 87.27M | 85.78M |
MSDL Balance Sheet
Morgan Stanley Direct Lending Fund (MSDL) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Cash & Short Term Investments | 11.26M | 74.15M | 81.22M | 69.7M | 70.37M | 81.43M | 313.42M |
Cash & Due from Banks | 11.26M | 74.15M | 81.22M | 69.7M | 70.37M | 81.43M | 80.66M |
Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Investments | 0 | 0 | 0 | 0 | 0 | 3.77B | 3.69B |
Investments Growth % | - | - | - | - | - | - | 0% |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 3.77B | 11.22B |
Accounts Receivables | 2.36M | 19.89M | 23.66M | 29.1M | 31.02M | 26.42M | 29.72M |
Goodwill & Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Assets | 643.18M | 2.4B | 2.88B | 3.21B | 3.81B | 40.7M | 21.08M |
Total Current Assets | 13.62M | 94.04M | 104.87M | 98.8M | 101.4M | 107.86M | 134.77M |
Total Non-Current Assets | 643.18M | 2.4B | 2.88B | 3.21B | 3.81B | 3.81B | 3.69B |
Total Assets | 656.81M▲ 0% | 2.49B▲ 279.6% | 2.99B▲ 19.8% | 3.31B▲ 10.7% | 3.91B▲ 18.3% | 3.92B▲ 0.2% | 3.82B▲ 0% |
Asset Growth % | - | 279.61% | 19.77% | 10.74% | 18.3% | 0.21% | 8.91% |
Return on Assets (ROA) | 2.79% | 5.29% | 1.77% | 7.34% | 5.97% | 3.12% | 2.25% |
Accounts Payable | 10.32M | 32.97M | 50.08M | 68.8M | 74.63M | 0 | 0 |
Total Debt | 333.85M | 1.25B | 1.52B | 1.5B | 1.97B | 2.09B | 2.05B |
Net Debt | 322.59M | 1.18B | 1.44B | 1.43B | 1.9B | 2.01B | 1.97B |
Long-Term Debt | 333.85M | 1.25B | 1.52B | 1.5B | 1.97B | 2.09B | 2.05B |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 11.02M | 21.86M | 15.27M | 20.75M | 21.76M | 85.33M | 81.28M |
Total Current Liabilities | 10.32M | 32.97M | 50.08M | 68.8M | 74.63M | 0 | 0 |
Total Non-Current Liabilities | 344.87M | 1.27B | 1.54B | 1.52B | 2B | 2.17B | 2.13B |
Total Liabilities | 355.19M | 1.3B | 1.59B | 1.59B | 2.07B | 2.17B | 2.13B |
Total Equity | 301.62M▲ 0% | 1.19B▲ 294.1% | 1.4B▲ 17.6% | 1.72B▲ 23.2% | 1.84B▲ 7.0% | 1.75B▼ 5.1% | 1.69B▲ 0% |
Equity Growth % | - | 294.07% | 17.56% | 23.18% | 7.03% | -5.11% | -20.39% |
Equity / Assets (Capital Ratio) | 45.92% | 47.67% | 46.79% | 52.05% | 47.09% | 44.59% | 44.2% |
Return on Equity (ROE) | 6.07% | 11.17% | 3.75% | 14.82% | 12.1% | 6.8% | 5.02% |
Book Value per Share | 3.42 | 13.46 | 15.83 | 19.50 | 20.64 | 20.03 | 19.71 |
Tangible BV per Share | 3.42 | 13.46 | 15.83 | 19.50 | 20.64 | 20.03 | 19.71 |
Common Stock | 15K | 57K | 71K | 83K | 89K | 86K | 85K |
Additional Paid-in Capital | 296.9M | 1.17B | 1.45B | 1.71B | 1.81B | 1.77B | 1.75B |
Retained Earnings | 4.7M | 15.78M | -54.78M | 8.46M | 29.62M | -19.62M | -62.53M |
Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
MSDL Cash Flow Statement
Morgan Stanley Direct Lending Fund (MSDL) cash flow — operating, investing & free cash flow history
| Metric | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|
Cash from Operations | 12.43M | 67.69M | 121.59M | 185.78M | 201.47M | 150.9M | 165.04M |
Operating CF Growth % | - | 444.47% | 79.64% | 52.79% | 8.45% | -25.1% | 235.88% |
Net Income | 18.3M | 83.25M | 48.54M | 231.01M | 215.56M | 122.09M | 87.91M |
Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | -7.65M |
Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | -9.95M | -18.7M | 70.62M | -44.54M | -15.68M | 25.57M | 86.25M |
Working Capital Changes | 4.08M | 3.13M | 2.43M | -695K | 1.58M | 3.23M | -1.48M |
Cash from Investing | -625.78M | -1.73B | -551.43M | -269.6M | -575.01M | 0 | 63.42M |
Purchase of Investments | -714.66M | -2.11B | -945.21M | -632.1M | -1.23B | 0 | -380.06M |
Sale/Maturity of Investments | 88.88M | 384.49M | 393.78M | 362.49M | 657.19M | 0 | 443.48M |
Net Investment Activity | -625.78M | -1.73B | -551.43M | -269.6M | -575.01M | 0 | 63.42M |
Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash from Financing | 624.58M | 1.72B | 436.9M | 72.31M | 376.19M | -132.9M | -182.95M |
Dividends Paid | -3.74M | -38.22M | -85.75M | -110.5M | -169.08M | -184.03M | -174.03M |
Share Repurchases | 0 | 0 | 0 | 0 | -18.06M | -42.13M | -47.22M |
Stock Issued | 297.35M | 854.61M | 254.59M | 222.75M | 95.89M | 0 | 0 |
Net Stock Activity | 297.35M | 854.61M | 254.59M | 222.75M | 77.83M | -42.13M | -47.22M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 2M |
Other Financing | -2.88M | -8.21M | -13.27M | -9.94M | 0 | -12.09M | -3.76M |
Net Change in Cash | 11.23M▲ 0% | 62.89M▲ 460.1% | 7.06M▼ 88.8% | -11.51M▼ 263.0% | 2.67M▲ 123.2% | 18.04M▲ 576.3% | 11.26M▲ 0% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 12K | 38K | -34.25M |
Cash at Beginning | 35K | 11.26M | 74.15M | 81.22M | 69.7M | 63.4M | 81.43M |
Cash at End | 11.26M | 74.15M | 81.22M | 69.7M | 72.37M | 81.43M | 80.66M |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Free Cash Flow | 12.43M▲ 0% | 67.69M▲ 444.5% | 121.59M▲ 79.6% | 185.78M▲ 52.8% | 201.47M▲ 8.4% | 150.9M▼ 25.1% | 165.04M▲ 0% |
FCF Growth % | - | 444.47% | 79.64% | 52.79% | 8.45% | -25.1% | 258.55% |
MSDL Banking Ratios
Morgan Stanley Direct Lending Fund (MSDL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
Return on Equity (ROE) | 11.17% | 3.75% | 14.82% | 12.1% | 6.8% | 5.02% |
Return on Assets (ROA) | 5.29% | 1.77% | 7.34% | 5.97% | 3.12% | 2.25% |
Net Interest Margin | 3.54% | 5.28% | 7.47% | 7.26% | 6.01% | 6.26% |
Efficiency Ratio | -5.81% | -15.81% | -5.27% | -2.53% | 14.34% | 15.46% |
Equity / Assets | 47.67% | 46.79% | 52.05% | 47.09% | 44.59% | 44.2% |
Book Value / Share | 13.46 | 15.83 | 19.5 | 20.64 | 20.03 | 19.71 |
NII Growth | 433.34% | 78.47% | 56.71% | 15.1% | -17.07% | -14.25% |
Dividend Payout | 45.9% | 176.65% | 47.83% | - | 150.73% | 148.89% |
Related:MSDL Dividend History·MSDL Revenue History·MSDL Price History·MSDL P/E History·MSDL Financial Ratios·MSDL Institutional Holders
MSDL SEC Filings & Documents
Morgan Stanley Direct Lending Fund (MSDL) SEC filings — annual & quarterly reports (10-K, 10-Q)
MSDL Frequently Asked Questions
Morgan Stanley Direct Lending Fund (MSDL) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Morgan Stanley Direct Lending Fund (MSDL) grew revenue by 16.4% over the past year. This is strong growth.
Yes, Morgan Stanley Direct Lending Fund (MSDL) is profitable, generating $87.9M in net income for fiscal year 2025 (31.5% net margin).
Dividend & Returns
Yes, Morgan Stanley Direct Lending Fund (MSDL) pays a dividend with a yield of 13.72%. This makes it attractive for income-focused investors.
Morgan Stanley Direct Lending Fund (MSDL) has a return on equity (ROE) of 6.8%. This is below average, suggesting room for improvement.
Industry Metrics
Morgan Stanley Direct Lending Fund (MSDL) has a net interest margin (NIM) of 6.0%. This indicates healthy earnings from lending activities.
Morgan Stanley Direct Lending Fund (MSDL) has an efficiency ratio of 14.3%. This is excellent, indicating strong cost control.