Morgan Stanley Direct Lending Fund
msdl.comWhat Do They Do?
Lends primarily through senior secured loans to U.S. middle-market companies backed by private equity sponsors.
10-K for FY2025, filed Feb 26, 2026
How Do They Make Money?
Earns mainly interest on loans, generally paid quarterly, along with dividends, gains from selling investments and fees for arranging loans or providing services.
10-K for FY2025, filed Feb 26, 2026We generate revenues primarily in the form of interest income from investments we hold. In addition, we generate income from dividends or…View ↗
We generate revenue primarily in the form of interest income on debt investments we hold. In addition, we generate income from dividends or…View ↗
Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and…View ↗
Dividend IncomeView ↗
The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication…View ↗
$178.8M
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10-K for FY2025, filed Feb 26, 2026
$178.8M ↗
Who Are Their Customers?
Lends to U.S. middle-market companies, typically those backed by private equity sponsors; it originates loans directly and also sources opportunities through Morgan Stanley relationships and financial intermediaries.
10-K for FY2025, filed Feb 26, 2026Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by…View ↗
Our investment approach is focused on long-term credit performance, risk mitigation and preservation of principal. Utilizing our…View ↗
Our primary investment strategy is to make privately negotiated senior secured credit investments in U.S. middle-market companies that have…View ↗
We believe we benefit from the Adviser’s highly differentiated direct origination platform. The MS Private Credit origination platform is…View ↗
The Firm has deep relationships with many middle-market private equity firms and middle-market companies that may provide significant…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 68 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 26, 2026
10-K for FY2025, filed Feb 26, 2026
$122.1MView ↗
How Are They Changing?
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Aug 6, 2026
Declared a regular distribution to stockholders
The distribution is $0.45 per share and is payable on or around October 23, 2026.
Sources
8-K, filed Aug 6, 2026
On August 4, 2026, the Board of Directors of the Company declared a regular distribution to stockholders in the amount of $0.45 per share.…View ↗
Growing. Revenue grew 2.4x in 4 years, from $73M in FY2021 to $178.8M in FY2025, about 25% a year.
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