MSDL · Morgan Stanley Direct Lending Fund
Morgan Stanley Direct Lending Fund (MSDL)
What's happening
- MSDL is down 0.43% today, trading at $12.88. — Live quote
- Volume today (68,914) is well below its 3-month average of 494,230. (Finnhub fundamentals)
- Reports earnings on 2026-11-05, 14 days away. (Finnhub earnings calendar)
- Last quarter's EPS missed estimates: $0.45 actual vs. $0.46 estimated (-2.0%). (Finnhub earnings history)
Deterministic template sentences filled in from the same sourced figures shown elsewhere on this page -- not an AI-written summary, no live model call.
Key Statistics
Analyst Recommendations
Aggregate ratings for 2026-10-01 (13 analysts polled by Finnhub) — consensus count.
Performance Overview (Trailing returns vs S&P 500 benchmark)
Earnings Trends (Quarterly EPS Actual vs Estimate)
Valuation Measures & Ratios
Quarterly history (5 periods)
| Measure | Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 |
|---|---|---|---|---|---|
| Market cap | $1.29B | $1.19B | $1.22B | $1.41B | $1.45B |
| P/E | 19.23 | 13.34 | 8.36 | 7.93 | 7.51 |
| Price/Book | 0.78 | 0.70 | 0.69 | 0.79 | 0.80 |
| ROE | 4.07% | 5.26% | 8.27% | 9.94% | 10.65% |
| ROA | 1.81% | 2.32% | 3.73% | 4.54% | 4.95% |
Trailing-twelve-month ratios computed from SEC EDGAR quarterly figures and historical daily close prices (Alpaca). Diluted shares are derived from Net income ÷ EPS (diluted) for each quarter, not separately reported. Forward P/E/PEG unavailable (no free data source).
Glossary — what these abbreviations mean
- 1. TTM
- Trailing twelve months — the sum of the last four reported quarters, not a calendar year or the single latest quarter.
- 2. EPS
- Earnings per share — net income divided by diluted shares outstanding.
- 3. Beta
- A stock's historical volatility relative to the overall market. Above 1 means it has moved more than the market; below 1, less.
- 4. EV (Enterprise Value)
- Market cap plus total debt minus cash — roughly what it would cost to buy the whole company, debt included.
- 5. Forward P/E
- Price divided by analysts' estimated earnings for the next 12 months, instead of trailing actual earnings.
- 6. PEG Ratio
- P/E divided by expected earnings growth rate. A lower number can indicate a stock is cheap relative to how fast it's expected to grow.
- 7. Price / Book
- Share price divided by book value (assets minus liabilities) per share.
- 8. ROE
- Return on equity — net income divided by shareholders' equity, a measure of how efficiently a company turns equity into profit.
- 9. ROA
- Return on assets — net income divided by total assets, a measure of how efficiently a company turns assets into profit.
- 10. MRQ
- Most recent quarter — the single latest reported period, as opposed to TTM. The Financials section's "Quarterly" view below shows MRQ-style figures.
- 11. YoY
- Year over year — percent change versus the same period one year earlier, used for growth figures like those on Compare cards and the Screener.
Short Interest
Source: FINRA Rule 4560 consolidated short interest, settlement date 2026-09-30. Reported bi-monthly with a reporting lag — not real-time.
Quotes and the 1-day extended-hours chart: Yahoo Finance. Longer historical charts: Alpaca (IEX feed) — real-time but IEX-only volume (~2.5% of consolidated market volume). Fundamentals + earnings: Finnhub.
Price history
Drag horizontally to zoom into a section; use Reset view to restore all observations.
Technical signal summary
Calculating from the latest year of daily price history…
Show Technical Analysis Breakdown ▾ 10 Indicators
Not investment advice — read several signals together.
Indicators None active
History limited by data provider; markers are heuristics, not signals.
Peer and sector context
Balanced evidence
A deterministic summary of sourced facts—not an AI verdict.
Potential strengths
- Net profit margin is 16.0%. Finnhub fundamentals ↗
- Latest SEC filing is Form 8-K, filed 2026-10-05; review it for current changes and risks. SEC EDGAR ↗
Potential concerns
- Revenue growth is -10.8% on the provider's reported measure. Finnhub fundamentals ↗
- Trailing 52-week price return is -24.3%. Finnhub market metrics ↗
Rule-based facts only; absence from either side is not evidence, and this is not a recommendation.
More on MSDL
No accessible free API for these — links go to the source directly.
Financials
Fundamental trends
Visualized from the same SEC figures in the tables below.
Income statement
| Line item | Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 |
|---|---|---|---|---|---|---|---|---|
| Net income | $7.9M | -$4.5M | $27.6M | $36.1M | $29.7M | $53.2M | $59.0M | $51.7M |
| EPS (diluted) | $0.09 | $-0.05 | $0.32 | $0.41 | $0.34 | $0.60 | $0.66 | $0.59 |
| EPS (basic) | $0.09 | $-0.05 | $0.32 | $0.41 | $0.34 | $0.60 | $0.66 | $0.59 |
Balance sheet
| Line item | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $3.71B | $3.82B | $3.92B | $3.93B | $3.92B | $3.91B | $3.91B | $3.79B |
| Total liabilities | $2.06B | $2.13B | $2.17B | $2.16B | $2.13B | $2.09B | $2.07B | $1.94B |
| Stockholders' equity | $1.65B | $1.69B | $1.75B | $1.77B | $1.79B | $1.82B | $1.84B | $1.85B |
| Cash & equivalents | $65.8M | $80.7M | $81.4M | $65.5M | $52.2M | $69.4M | $63.4M | $90.4M |
| Marketable securities (current) | $14.4M | $19.9M | $13.0M | $10.1M | $27.4M | — | $9.0M | — |
| Long-term debt | $1.98B | $2.05B | $2.09B | $2.07B | $2.05B | $2.01B | $1.97B | $1.84B |
| Common stock & paid-in capital | $85.0K | $85.0K | $86.0K | $87.0K | $87.0K | $88.0K | $89.0K | $89.0K |
| Retained earnings | -$92.6M | -$62.5M | -$19.6M | -$62.5M | $7.9M | $15.3M | $29.6M | $29.8M |
Cash flow
| Line item | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $103.8M | $86.3M | $53.8M | $39.0M | $24.0M | $34.1M | -$105.2M | -$117.0M |
| Financing cash flow | -$118.6M | -$87.1M | -$37.7M | -$25.8M | -$32.3M | -$37.1M | $78.1M | $112.5M |
| Dividends paid | $38.4M | $43.1M | $43.4M | $43.5M | $44.0M | $53.1M | $53.4M | $44.6M |
| Share repurchases | $12.5M | $14.7M | $9.1M | $2.8M | $20.4M | $9.6M | $10.1M | $8.0M |
| Debt issued | $95.0M | $196.0M | $161.0M | $451.0M | $747.3M | $193.0M | $220.6M | $243.5M |
| Debt repaid | $158.2M | $225.0M | $146.0M | $427.0M | $711.0M | $163.0M | $79.0M | $77.0M |
Income statement
| Line item | Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 |
|---|---|---|---|---|---|
| Net income | $122.1M | $215.6M | $231.0M | $48.5M | $83.3M |
| EPS (diluted) | $1.40 | $2.43 | $3.11 | $0.79 | $2.67 |
| EPS (basic) | $1.40 | $2.43 | $3.11 | $0.79 | $2.67 |
Balance sheet
| Line item | Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 |
|---|---|---|---|---|---|
| Total assets | $3.92B | $3.91B | $3.31B | $2.99B | — |
| Total liabilities | $2.17B | $2.07B | $1.59B | $1.59B | — |
| Stockholders' equity | $1.75B | $1.84B | $1.72B | $1.40B | $1.19B |
| Cash & equivalents | $81.4M | $63.4M | $69.7M | $81.2M | — |
| Marketable securities (current) | $13.0M | $9.0M | — | — | — |
| Long-term debt | $2.09B | $1.97B | $1.50B | $1.52B | — |
| Common stock & paid-in capital | $86.0K | $89.0K | $83.0K | $71.0K | — |
| Retained earnings | -$19.6M | $29.6M | $8.5M | -$54.8M | — |
Cash flow
| Line item | Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 |
|---|---|---|---|---|---|
| Operating cash flow | $150.9M | -$382.5M | -$83.8M | -$429.8M | -$1.66B |
| Financing cash flow | -$132.9M | $376.2M | $72.3M | $436.9M | $1.72B |
| Dividends paid | $184.0M | $169.1M | $110.5M | $85.7M | $38.2M |
| Share repurchases | $42.0M | $18.1M | $0 | $0 | — |
| Debt issued | $1.55B | $1.19B | $408.0M | $1.57B | $1.51B |
| Debt repaid | $1.45B | $712.0M | $438.0M | $1.28B | $598.0M |
Source: SEC EDGAR XBRL filings (10-Q/10-K), as originally tagged by the company. Quarterly cash flow is reconstructed by de-cumulating fiscal-year-to-date figures (how cash flow is tagged in 10-Qs); other quarterly lines are reported directly.
Institutional holders
SEC Form 13F filers holding MSDL as of the latest reported quarter. 13F only covers investment managers with $100M+ in assets — this is not a complete ownership picture, and does not include insiders (see Recent SEC filings below) or non-13F-eligible holders.
Insider activity
Directors, officers, and 10%+ owners' reported transactions from SEC Form 4. A filing reports a transaction; it does not by itself explain why it happened.
Source: SEC EDGAR Form 4 filings · checked 25 most recent filings · covers 2023-10-11 to 2026-03-05
Recent transactions
- Most recent: Day Jeff M. (Co-President) — Open market purchase of 5,000 shares on 2026-03-05.
Deterministic template sentences filled in from the SEC Form 4 figures in the tables below -- not an AI-written summary, no live model call.
Insider purchases & sales, last 6 months
Counts only open-market purchases (code P) and sales (code S) — grants, option exercises, tax withholding, and gifts are excluded since they aren't a market buy/sell decision.
Insider roster
| Name | Title | Most Recent Transaction | Date | Shares |
|---|---|---|---|---|
| Day Jeff M. | Co-President | Open market purchase | 2026-03-05 | 5,000 |
| Mizrachi Orit | See Remarks | Open market purchase | 2026-03-03 | 1,000 |
| MILLER DAVID N | Reporting person | Open market purchase | 2026-03-03 | 5,000 |
| Occi Michael Jr. | Chief Executive Officer | Open market purchase | 2026-03-02 | 7,000 |
| Krishnan Ashwin | Chief Investment Officer | Open market purchase | 2025-11-11 | 3,000 |
| FRANK BRUCE D | Reporting person | Open market purchase | 2025-11-10 | 600 |
| Binstock Joan | Reporting person | Open market purchase | 2025-10-06 | 9,030 |
| Shannon Kevin | Reporting person | Open market purchase | 2025-08-14 | 5,000 |
| Pessah David | Chief Financial Officer | Open market purchase | 2025-08-14 | 3,400 |
| Metz Adam S | Reporting person | Open market purchase | 2025-08-13 | 28,248 |
| Levin Jeffrey | CEO and President | Open market purchase | 2023-10-11 | 6,566 |
Recent transactions
| Date | Insider | Title | Transaction | Shares | Price |
|---|---|---|---|---|---|
| 2026-03-05 | Day Jeff M. | Co-President | Open market purchase | 5,000 | $14.89 |
| 2026-03-03 | Mizrachi Orit | See Remarks | Open market purchase | 1,000 | $14.49 |
| 2026-03-03 | MILLER DAVID N | Reporting person | Open market purchase | 5,000 | $14.69 |
| 2026-03-02 | MILLER DAVID N | Reporting person | Open market purchase | 5,000 | $14.68 |
| 2026-03-02 | Occi Michael Jr. | Chief Executive Officer | Open market purchase | 7,000 | $14.87 |
| 2025-11-11 | Krishnan Ashwin | Chief Investment Officer | Open market purchase | 3,000 | $16.72 |
| 2025-11-10 | FRANK BRUCE D | Reporting person | Open market purchase | 600 | $16.41 |
| 2025-10-06 | Binstock Joan | Reporting person | Open market purchase | 9,030 | $16.64 |
| 2025-08-14 | Shannon Kevin | Reporting person | Open market purchase | 5,000 | $17.70 |
| 2025-08-14 | Pessah David | Chief Financial Officer | Open market purchase | 3,400 | $17.72 |
| 2025-08-13 | Metz Adam S | Reporting person | Open market purchase | 28,248 | $17.67 |
| 2025-08-12 | MILLER DAVID N | Reporting person | Open market purchase | 10,000 | $17.69 |
| 2025-08-12 | Day Jeff M. | Co-President | Open market purchase | 5,650 | $17.70 |
| 2025-08-12 | Occi Michael Jr. | Chief Executive Officer | Open market purchase | 14,000 | $17.78 |
| 2025-08-11 | Binstock Joan | Reporting person | Open market purchase | 5,659 | $17.68 |
| 2025-06-06 | Shannon Kevin | Reporting person | Open market purchase | 5,700 | $19.43 |
| 2025-06-06 | Shannon Kevin | Reporting person | Open market purchase | 2,300 | $19.44 |
| 2025-06-06 | Shannon Kevin | Reporting person | Open market purchase | 2,000 | $19.43 |
| 2024-11-11 | FRANK BRUCE D | Reporting person | Open market purchase | 420 | $20.50 |
Recent SEC filings
Official company reports and insider transaction filings. Form 4 reports a transaction; it does not by itself explain why it happened.
Source: SEC EDGAR submissions · updated 2026-10-22 05:54 UTC
| Filed | Form | Report period | Official filing |
|---|---|---|---|
| 2026-10-05 | 8-K | 2026-10-05 | View on SEC.gov → |
| 2026-09-29 | 8-K | 2026-09-26 | View on SEC.gov → |
| 2026-08-06 | 8-K | 2026-08-06 | View on SEC.gov → |
| 2026-08-06 | 10-Q | 2026-06-30 | View on SEC.gov → |
| 2026-07-09 | 8-K | 2026-07-09 | View on SEC.gov → |
| 2026-07-06 | 8-K | 2026-04-06 | View on SEC.gov → |
| 2026-07-01 | 8-K | 2026-06-29 | View on SEC.gov → |
| 2026-06-02 | 8-K | 2026-06-01 | View on SEC.gov → |
| 2026-05-29 | 8-K | 2026-05-26 | View on SEC.gov → |
| 2026-05-07 | 8-K | 2026-05-07 | View on SEC.gov → |
| 2026-05-07 | 10-Q | 2026-03-31 | View on SEC.gov → |
| 2026-04-27 | 8-K | 2026-04-23 | View on SEC.gov → |
Recent news
Headlines about MSDL (Morgan Stanley Direct Lending Fund). Links open the publisher — we don’t host full articles.
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5 BDCs Priced For Loan Losses Worse Than 2008, Heading Into Q3
SeekingAlpha · 2026-10-20 -
Morgan Stanley Direct Lending Fund (NYSE:MSDL) Reaches New 52-Week Low - Here's What Happened
MarketBeat · 2026-10-19 -
Navigating This Income Market Sell-Off
SeekingAlpha · 2026-10-19 -
Morgan Stanley Direct Lending: Discount Is Attractive, But Credit Has Not Stabilized; Hold
SeekingAlpha · 2026-10-14 -
2 BDCs To Ditch Before Another Dividend Cut
SeekingAlpha · 2026-10-09 -
Morgan Stanley Direct Lending Fund Announces Third Quarter 2026 Earnings Release and Conference Call
Yahoo Finance · 2026-10-05 -
Morgan Stanley Direct Lending: 0.75x P/NAV, 12% Yield Not Enough To Pull The Trigger
Seeking Alpha · 2026-09-15 -
Morgan Stanley Direct Lending (MSDL) Holds Its Dividend As Profits Slip
Yahoo Finance · 2026-09-15
No headlines in this category right now — try “All”.