Morgan Stanley Direct Lending Fund (MSDL)
Invests in directly originated senior secured loans to U.S. sponsor-backed middle-market companies.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 1, 2026 | UBS | Reiterate | Rating: —Target: $16.25 | Target: $15.50 |
| Jul 2, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $18.50 | Target: $14.50 |
| Apr 20, 2026 | UBS | Reiterate | Rating: —Target: $18 | Target: $16.25 |
| Mar 5, 2026 | Raymond James | Target | Target: $18.50 | Target: $17 |
| Jan 7, 2026 | Wells Fargo | Downgrade | Target: $17 | Target: $16 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $80.2M · Total debt $1.98B · Total assets $3.71B · Shareholders' equity $1.65B
- Revenue
- $82.6M
- Operating income
- $48.5M
- Net income
- $7.9M
HistoryDividendAnnual yieldUpcoming
| Institutions | 45.85% | 38.56M shares | |
|---|---|---|---|
| 146 holders · as of Jun 30, 2026 | |||
| Insiders | 0.29% | 243.4K shares | |
| 10 holders · as of Mar 5, 2026 | |||
| Other | 53.86% | 45.30M shares | |
| remainder | |||
84.11M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Morgan StanleyInstitution | 18.69% | 15.72M | as of Jun 30, 2026 |
UBS Group AGInstitution | 3.07% | 2.58M | as of Jun 30, 2026 |
Van Eck Associates CorpInstitution | 2.39% | 2.01M | as of Jun 30, 2026 |
Generali Asset Management Spa SGRInstitution | 2.18% | 1.83M | as of Jun 30, 2026 |
Lunate Capital LtdInstitution | 1.31% | 1.10M | as of Jun 30, 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 |
- 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
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund | $14.47 | −1.16% | $1.24B | 21.3 | 8.1 | 4.0 | −10.8% |
| Ares Capital | $19.22 | −0.75% | $13.90B | 14.3 | 10.0 | 6.0 | +32.6% |
| Blue Owl Capital | $10.97 | −1.53% | $5.53B | 19.9 | 8.5 | 3.9 | −20.8% |
| Blackstone Secured Lending Fund | $24.61 | −0.44% | $5.75B | 19.5 | 9.4 | 5.4 | +25.9% |
| Golub Capital BDC | $12.46 | −0.60% | $3.26B | 22.8 | 9.7 | 4.6 | −14.2% |
| Median | 19.7 | 9.5 | 5.0 | +5.8% |