Morgan Stanley Direct Lending Fund
Invests in directly originated senior secured loans to U.S. sponsor-backed middle-market companies.
Something off on this page? Send us feedback.
Profile
Seeks current income primarily through directly originated senior secured term loans to U.S. middle-market companies. Operates as an externally managed BDC, with MS Capital Partners Adviser providing investment management.
Invests primarily in directly originated senior secured term loans to U.S. middle-market companies backed by private-equity sponsors. The lending approach emphasizes predominantly first-lien and floating-rate positions as it seeks current income, with capital appreciation a secondary objective.
MS Capital Partners Adviser, an indirect wholly owned Morgan Stanley subsidiary, sources, manages and monitors the portfolio. Its direct-origination capabilities connect the fund to Morgan Stanley Private Credit's platform.
Structured as a non-diversified, externally managed business development company, the fund's board supervises its adviser while delegating portfolio sourcing, management and monitoring. The external-management arrangement and BDC framework shape the fund's operations.
Company facts
Categories
Key statistics
Year to date −7.7% · Average volume (30d) 460.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 2, 2026 | Morgan Stanley | Reiterate | Neutral | $18.50 | $14.50 | |
| Apr 20, 2026 | UBS | Reiterate | Neutral | $18 | $16.25 | |
| Mar 5, 2026 | Raymond James | Target | $18.50 | $17 | ||
| Jan 7, 2026 | Wells Fargo | Downgrade | Overweight | Equal Weight | $17 | $16 |
| Nov 26, 2025 | RBC Capital | Downgrade | Outperform | Sector Perform | $19 | $18 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.45 | $0.45 | +0.2% | $90.0M | $88.8M | −1.3% | −0.13% |
| May 7, 2026Q1 FY26 | $0.45 | $0.47 | +4.4% | $91.9M | $89.1M | −3.1% | −0.19% |
| Feb 26, 2026Q4 FY25 | $0.49 | $0.49 | 0.0% | $97.6M | $96.6M | −1.0% | −4.33% |
| Nov 6, 2025Q3 FY25 | $0.49 | $0.50 | +2.0% | $97.3M | $64.7M | −33.5% | −0.96% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $65.4M | $73.0M | $64.7M | $86.9M | $75.1M | $82.6M | |
| Gross profit | $31.3M | $38.3M | $30.8M | $70.0M | $59.8M | $50.6M | |
| Operating income | $30.3M | $36.3M | $28.0M | $62.1M | $26.2M | $48.5M | |
| Net income | $29.7M | $36.1M | $27.6M | $28.7M | −$4.5M | $7.9M | |
| Diluted EPS | $0.34 | $0.41 | $0.32 | $0.33 | −$0.05 | $0.09 | |
| Gross margin | 47.8% | 52.5% | 47.6% | 80.5% | 79.6% | 61.2% | |
| Operating margin | 46.3% | 49.7% | 43.3% | 71.4% | 34.9% | 58.7% |
Fiscal years (4-quarter sums)FY21 $98.6M · FY22 $100.2M · FY23 $328.1M · FY24 $332.5M · FY25 $290.1M
Balance sheet, Jun 30, 2026Cash & short-term investments $80.2M · Total debt $1.98B · Total assets $3.71B · Shareholders' equity $1.65B
Dividends
Last cut to $0.45 from $0.50 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 24 | $0.45 | |
| Mar 31, 2026 | Mar 31 | Apr 24 | $0.45 | cut from $0.50 |
| Dec 31, 2025 | Dec 31 | Jan 23 | $0.50 | |
| Sep 30, 2025 | Sep 30 | Oct 24 | $0.50 | |
| Jun 30, 2025 | Jun 30 | Jul 25 | $0.50 | |
| Mar 31, 2025 | Mar 31 | Apr 25 | $0.50 | |
| Dec 31, 2024 | Dec 31 | Jan 24 | $0.50 | |
| Nov 4, 2024 | Nov 4 | Jan 24 | $0.10 | special dividend |
Ownership
Shares outstanding 84.76M · Float 84.06M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stanley | 15.72M | 18.55% | 13F | Aug 13, 2026 |
| UBS Group AG | 2.58M | 3.05% | 13F | Aug 13, 2026 |
| Van Eck Associates Corp | 2.01M | 2.38% | 13F | Aug 14, 2026 |
| Generali Asset Management Spa SGR | 1.83M | 2.16% | 13F | Jul 30, 2026 |
| Lunate Capital Ltd | 1.10M | 1.30% | 13F | Jul 23, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 5, 2026 | Jeff M. Day | officer: Co-President | +5,000 | $14.90 |
| Mar 2, 2026 | Michael Jr. Occi | director, officer: Chief Executive Officer | +7,000 | $14.87 |
| Mar 2, 2026 | David N. Miller | director | +5,000 | $14.68 |
| Mar 3, 2026 | David N. Miller | director | +5,000 | $14.69 |
| Mar 3, 2026 | Orit Mizrachi | officer: See Remarks | +1,000 | $14.49 |
Peers
- Ares Capital
Direct loans and flexible capital for private middle-market companies
- Blue Owl Capital
Direct lending solutions for U.S. middle-market borrowers
- Blackstone Secured Lending Fund
First-lien senior secured lending to private U.S. companies
- Golub Capital BDC
First-lien senior secured loans for sponsor-backed middle-market firms
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund | $15.18 | −0.07% | $1.29B | 22.1 | 8.5 | 4.2 | −10.8% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Median | 19.9 | 9.8 | 5.1 | +5.8% |