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    M

    Morgan Stanley Direct Lending Fund (MSDL)

    FINANCIAL SERVICES • ASSET MANAGEMENT • NYSE

    $13.29
    +0.31 (+2.39%)

    Market Cap: $1.09B

    Last updated: Oct 16, 2026 at 1:55 PM ET

    Earnings

    Performance (10Y)

    Beat Rate
    55%(6/11)
    Avg Surprise
    -1.31%
    Streak
    4 Q

    Upcoming Estimates

    Period ending Sep 30, 2026
    EPS Consensus$0.44
    Range$0.42 - $0.45
    7 analysts
    EPS Revisions
    1
    0
    7d
    0
    5
    30d
    EPS Estimate DriftChange to current
    90d ago$0.46-4.9%
    60d ago$0.46-4.4%
    30d ago$0.46-4.6%
    7d ago$0.44+0.1%
    Current$0.44
    Revenue Consensus
    $88M
    Range$86M - $88M
    5 analysts
    Period ending Dec 31, 2026
    EPS Consensus$0.46
    Range$0.43 - $0.49
    7 analysts
    Revenue Consensus
    $88M
    Range$84M - $91M
    5 analysts
    PeriodReportedEst.SurpriseB/MYoY
    Dec 26EST
    		-$0.46---
    Sep 26EST
    		-$0.44---
    Jun 26
    Reported Aug 6
    		$0.45$0.44+2.27%Beat-10.0%
    Mar 26
    Reported May 7
    		$0.47$0.46+2.17%Beat-9.6%
    Dec 25
    Reported Feb 26
    		$0.49$0.49+0.00%Beat-15.5%
    Sep 25
    Reported Nov 6
    		$0.50$0.50+0.00%Beat-16.7%
    Jun 25
    Reported Aug 7
    		$0.50$0.52-3.85%Miss-20.6%
    Mar 25
    Reported May 8
    		$0.52$0.55-5.45%Miss-17.5%
    Dec 24
    Reported Feb 27
    		$0.58$0.60-3.33%Miss-13.4%
    Sep 24
    Reported Nov 7
    		$0.60$0.64-6.25%Miss-
    Jun 24
    Reported Aug 8
    		$0.63$0.62+1.61%Beat-
    Mar 24
    Reported May 9
    		$0.63$0.65-3.08%Miss-
    Dec 23
    Reported Mar 1
    		$0.67$0.66+1.52%Beat-

    Dividends

    Dividend Metrics

    Forward Yield13.54%
    Forward Annual Dividend$1.80
    Payout Ratio90.96%
    FrequencyQuarterly
    Pay MonthsJan, Apr, Jul, Oct
    MSDL dividend history and ex-dividend datesRun MSDL in the free DRIP calculator

    Key Metrics

    Valuation
    P/E Ratio6.96EV/EBITDA6.57x
    Price/FCFN/AFCF YieldN/A
    Profitability
    Profit Margin16.00%Operating Margin79.90%
    ROE3.48%ROIC10.56%
    Financial Health
    Debt/Equity1.20xInterest Coverage3.02x
    Current Ratio48.90xQuick Ratio48.90x
    Trading Statistics
    Beta0.68Avg Volume490.49K
    52-Week High$15.8352-Week Low$12.71

    Technical Indicators Dashboard

    Moving Averages

    SMA 10$13.35
    SMA 20$13.63
    SMA 50$14.27
    SMA 200$14.49
    EMA 10$13.36
    EMA 20$13.60
    EMA 50$14.03
    EMA 200$14.59

    MACD

    Line: -0.31Signal: -0.29Hist: -0.02

    ADX

    ADX: 40.0+DI: 10.3-DI: 22.1

    Aroon & PSAR

    Aroon Up20.0
    Aroon Down96.0
    PSAR$13.42

    Bollinger Bands

    Upper Band$14.31
    Lower Band$12.94
    %B Position1007%(Upper)
    Band Width0.25

    RSI (14-Day)

    Neutral
    37.4

    Momentum Oscillators

    Stoch %K11.8
    Stoch %D7.6
    Williams %R-75.7
    ROC (10d)-3.1%
    Momentum-0.42
    CCI (20d)-84.5
    MFI (14d)27.5

    Volatility Measures

    ATR (14d)$0.40(3.0%)
    StdDev (20d)0.34
    Hist Vol17.8%(Low)

    Volume Flow

    VWAP$13.24
    OBV-27.0M
    AD Line-2.3B
    CMF (20d)-1.588

    Volume Metrics

    Avg Vol (20d)505.5K
    Vol Ratio0.9x
    VWMA (20d)$13.57

    Pivot Points

    R3$13.32
    R2$13.23
    R1$13.11
    Pivot Point$13.02
    S1$12.90
    S2$12.81
    S3$12.69

    Advanced Oscillators

    TSI-38.41
    Ultimate Osc35.5
    KST-74.32

    Financial Data

    QuarterJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
    Total Revenue$87.41M$87.94M$188.60M$98.25M$98.33M$99.76M$-83,460,000$0$6.02M$100.94M$-254,766,000$98.50M
    Cost of Revenue$0$0$375,000$0$0$0$1.21M$0$0$-1,210,000$28.62M$0
    Gross Profit$87.41M$87.94M$188.22M$98.25M$98.33M$99.76M$-84,670,000$0$6.02M$102.15M$-254,766,000$98.50M
    Operating Expenses$17.80M$17.05M$19.48M$21.69M$20.94M$21.44M$31.51M$11.20M$21.93M$21.06M$20.65M$20.01M
    R&D$0$0$0$0$0$0$0$0$0$0$0$0
    SG&A$1.97M$1.70M$2.34M$2.65M$1.91M$1.85M$1.76M$1.97M$1.74M$1.35M$1.09M$1.44M
    Operating Income$69.61M$70.89M$168.75M$76.57M$77.39M$78.32M$-116,178,000$-11,196,000$-15,915,000$81.09M$-275,420,000$78.49M
    Interest Income$0$0$0$0$0$0$0$-54,477,000$99.72M$0$357.53M$5,000
    Interest Expense$32.02M$30.66M$33.34M$33.90M$34.71M$34.18M$-17,309,000$83.67M$29.30M$27.26M$28.62M$29.69M
    Income Before Tax$38.94M$41.35M$43.05M$44.14M$43.92M$45.83M$265.83M$-154,871,000$56.62M$55.09M$56.86M$50.58M
    Income Tax Expense$800,000$834,000$0$402,000$200,000$627,000$0$501,000$0$436,000$0$0
    Net Income$38.16M$40.51M$49.97M$43.73M$43.66M$46.23M$198.51M$-96,643,000$59.05M$54.65M$88.42M$50.57M
    EBITDA$93.06M$102.43M$175.40M$92.54M$84.75M$94.91M$-125,441,000$-24,792,000$-19,702,000$78.54M$-277,822,000$56.75M
    EBIT$70.95M$72.01M$170.94M$78.04M$78.63M$80.00M$-123,757,000$-16,719,000$-14,187,000$82.35M$-273,443,000$80.26M
    * Some calculated fields are derived from available data when not provided by source

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    News

    Morgan Stanley Direct Lending: Discount Is Attractive, But Credit Has Not Stabilized; Hold

    Morgan Stanley Direct Lending (MSDL) currently trades at a 32% discount to its NAV, reflecting significant credit deterioration and sector pressures...

    Seeking Alpha•10/14/26•Somewhat-Bearish

    MS6441287 Bond Profile: Coupon and Redemption

    This article provides a detailed profile of the MS6441287 bond issued by Morgan Stanley Direct Lending Fund. It outlines key facts such as the issuer, issue and maturity dates, face value...

    TradingView•10/14/26•Neutral

    What Explains the Latest Low for Morgan Stanley Direct Lending Fund (NYSE:MSDL)?

    Morgan Stanley Direct Lending Fund (NYSE:MSDL) recently hit a new annual trading low, reflecting market weakness despite its business model of providing senior secured loans to middle-market companies. The fund reported...

    Kalkine Media•10/13/26•Bearish

    Morgan Stanley Direct Lending Fund (NYSE:MSDL) Reaches New 52-Week Low - What's Next?

    Morgan Stanley Direct Lending Fund (NYSE:MSDL) hit a new 52-week low of $13.21, trading at $13.2350 with significant volume. Analysts generally maintain a "Hold" rating for the stock...

    MarketBeat•10/13/26•Somewhat-Bearish

    Morgan Stanley Direct Lending Fund stock hits 52-week low at $13.23

    Morgan Stanley Direct Lending Fund (MSDL) stock has dropped to a new 52-week low of $13.23, representing a 21.82% decline over the past year and trading 26% below its 52-week high. Despite a substantial dividend yield...

    Investing.com•10/12/26•Bearish

    MSDL Valuation and Fair Value

    P/E
    7.0x
    Forward P/E
    7.7x
    EV/EBITDA
    6.6x
    P/B
    0.7x
    See GNG's fair value

    MSDL Profitability: Margins, ROIC and FCF

    Gross margin
    99.9%
    Operating margin
    79.9%
    Net margin
    16.0%
    ROIC
    10.6%
    ROE
    3.5%
    FCF margin
    61.2%

    MSDL Competitors

    CompanyTicker
    Walker & Dunlop IncWD
    Heritage Insurance Hldgs IncHRTG
    Oppenheimer Holdings IncOPY
    Northeast BancorpNBN
    Heritage Financial CorporationHFWA
    Metropolitan Bank HoldingMCB
    Univest Corporation PennsylvaniaUVSP
    Five Star BancorpFSBC

    Sector: Financial Services

    MSDL Analyst Ratings

    Consensus
    Hold
    Analysts
    7
    Strong Buy
    1
    Buy
    1
    Hold
    5
    Sell
    0
    Strong Sell
    0

    MSDL Bull Case vs Bear Case

    Bull case

    • MSDL converts 61.2% of revenue into free cash flow.

    Bear case

    • MSDL beat EPS estimates in 25.0% of its last 8 reported quarters.
    • MSDL's quarterly revenue changed -10.8% year over year.

    MSDL Earnings: Beat Rate and Next Report

    Beat rate
    2 of 8 quarters (25.0%)
    Average surprise
    -1.8%
    EPS estimate (fiscal period ending Sep 30, 2026)
    $0.44
    Estimate revisions (30 days, fiscal period ending Sep 30, 2026)
    0 up, 5 down

    MSDL Dividend

    Forward yield
    13.5%
    Payout ratio
    91.0%
    Pay months
    Jan, Apr, Jul, Oct
    MSDL dividend history

    Frequently Asked Questions About MSDL

    What is MSDL's current dividend yield?

    Morgan Stanley Direct Lending Fund (MSDL) has a forward dividend yield of 13.54%.

    Does MSDL pay dividends?

    Yes, Morgan Stanley Direct Lending Fund pays dividends with a forward dividend yield of 13.54%.

    What is MSDL's P/E ratio?

    Morgan Stanley Direct Lending Fund has a price-to-earnings (P/E) ratio of 6.96.

    What is MSDL's market cap?

    Morgan Stanley Direct Lending Fund (MSDL) has a market capitalization of $1.09B with a current stock price of $13.29.

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