# Morgan Stanley Direct Lending Fund (MSDL)

> Source: Nexqual · https://nexqual.com/MSDL · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Morgan Stanley Direct Lending Fund (MSDL), nexqual.com/MSDL" · informational, not investment advice.

**Price:** USD 13.96 (+1.23% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 13.79 · day 13.84–14.02 · 52w 12.71–17.91 · market cap $1.17B · NYQ

## Key facts
- Valuation: P/E 19.7x (avg 10.2x at the last 2 fiscal year-ends), net debt $1.90B.
- Analysts: Hold (mean 2.57 on a 1–5 scale) (7 analysts), mean target USD 15.32 (range 14–16.25).
- Total return with dividends: 1Y -6.1% vs S&P 500 +14.8%; 5Y -7.1% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD 0.44, revenue estimate $87.5M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: USD 1.8 a year (yield 13.05%), paid quarterly; latest ex-dividend date 2026-09-30.
- Short interest: 5.62% of float (as of 2026-10-15), 8.5 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $83.3M | $48.5M | $231M | $216M | $122M | $59.7M |
| EPS (diluted) | $2.67 | $0.79 | $3.11 | $2.43 | $1.40 | — |
| Cash + short-term investments | $74.2M | $81.2M | $69.7M | $72.4M | $94.4M | — |
| Total debt | — | $1.52B | $1.50B | $1.97B | $2.09B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.7x · P/B 0.7x · Earnings yield 5.09% · Dividend yield (paid, TTM) 14.35% · Buyback yield (TTM) 3.34% · Net debt $1.90B · EV $3.08B
P/E at fiscal year-ends: Dec 2025 11.8x, Dec 2024 8.5x.

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 7 analysts; mean target USD 15.32 (low 14, high 16.25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-01 | UBS | Target lowered | Neutral | $16.25 → $15.5 |
| 2026-07-02 | JP Morgan | Target raised | Neutral | $14 → $14.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2024-01-22) |
|---|---|---|
| Total return | -6.1% | -7.1% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -6.1% | -2.6% |
| Volatility (annualized) | 21.1% | 21.0% |
| Max drawdown | -18.9% (Dec 2025→Mar 2026) | -29.7% (Jun 2024→Mar 2026) |

## Dividends
Annual dividend rate USD 1.80 per share, yield 13.05% at the current price. Paid over the last 12 months: USD 1.85 in 4 payments (quarterly).
Most recent ex-dividend date: Sep 30, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: cut 10.0% to USD 0.45 per payment from USD 0.50, starting with the Mar 31, 2026 ex-dividend date.
Payout ratio 275% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant).
| Ex-dividend date | Amount per share |
|---|---|
| 2026-09-30 | USD 0.45 |
| 2026-06-30 | USD 0.45 |
| 2026-03-31 | USD 0.45 |
| 2025-12-31 | USD 0.50 |
| 2025-09-30 | USD 0.50 |
| 2025-06-30 | USD 0.50 |
| 2025-03-31 | USD 0.50 |
| 2024-12-31 | USD 0.50 |
Total by calendar year: 2025 USD 2.00.

## Short interest
4,164,374 shares sold short, 5.62% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,043,187 shares (+3.0%). Days to cover: 8.5 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/MSDL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.44 | $0.46 | -4.3% | $87.5M | 7 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.46 | -2.0% | $89.0M | 7 |
| Current fiscal year (ends 2026-12-31) | $1.80 | $1.83 | -1.4% | $354.4M | 7 |
| Next fiscal year (ends 2027-12-31) | $1.83 | $1.83 | -0.0% | $358.9M | 7 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.45 | $0.45 | In line | — |
| — | Quarter ended Mar 31, 2026 | $0.47 | $0.46 | Beat +2.2% | — |
| — | Quarter ended Dec 31, 2025 | $0.49 | $0.49 | In line | — |
| — | Quarter ended Sep 30, 2025 | $0.50 | $0.50 | In line | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).