MSDL
Morgan Stanley Direct Lending Fund17.20
-0.02-0.12%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
JV ramp details, buyback renewal.
Q&A drilled into the new JV's swift ramp—already 47% funded across 51 companies, targeting $700 million in assets over 4-6 quarters—as an accretive offset to Fed rate cuts dragging NII. Management renewed the $100 million buyback authorization, balancing it against deployments in a volatile market. They framed the dental nonaccrual as isolated amid broader portfolio health, with limited logistics exposure too. No AI spooks prompted allocation shifts. Dividend at $0.45 per share feels durable medium-term. Q&A mostly reinforces the script. Watch JV scaling.
Key Stats
Market Cap
1.49BP/E (TTM)
10.42Basic EPS (TTM)
1.65Dividend Yield
0%Recent Filings
10-K
FY2025 results
Morgan Stanley Direct Lending Fund's 10-K filing for FY2025 ended December 31, 2025 lacks financial statements, MD&A, or quarterly breakdowns, so topline revenue, profitability, EPS, and momentum metrics are not disclosed. No y/y annual or q/q quarterly deltas available. Segment performance, liquidity, capital allocation, and outlook not provided in the excerpt. Q4 results impossible to assess. Credit risk in portfolio investments looms large.
8-K
Q4 results, dividend, JV launch
Morgan Stanley Direct Lending Fund reported Q4 net investment income of $42.4M ($0.49/share), down slightly from $43.7M prior quarter, with NAV dipping to $20.26/share amid $3.8B portfolio and 1.20x debt-to-equity. Board declared $0.45/share distribution payable April 24 to March 31 record holders. Post-quarter, launched Capstone Lending JV committing up to $200M.
8-K
Earnings release scheduled
8-K
CCO resigns; Brown appointed
Morgan Stanley Direct Lending Fund announced Gauranga Pal's resignation as Chief Compliance Officer effective January 1, 2026, with no disagreements cited; he stays on as Executive Director at Morgan Stanley Investment Management. The Board swiftly appointed Hope Brown, a 30-year compliance veteran and current Calvert Funds CCO, to the role on the same date. Smooth transition. She also takes on CCO duties for five peer BDCs.
10-Q
Q3 FY2025 results
Morgan Stanley Direct Lending Fund's Q3 2025 10-Q filing lacks financial statements, so topline revenue, profitability, margins, EPS, cash flows, and debt figures are not disclosed. No y/y or q/q deltas, segment drivers, non-GAAP metrics, M&A details, or liquidity posture can be sourced from the provided excerpt. Balance sheet and operations data absent. Filing confirms NYSE listing under MSDL with 86.8M shares outstanding as of November 5, 2025. No numbers means no analysis. Risk Factors noted on page 122.
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