Morgan Stanley Direct Lending Fund (MSDL)
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- symbol MSDL
- Rev/Share 4.1679
- Book/Share 20.3998
- PB 0.8588
- Debt/Equity 0.0
- CurrentRatio 0.0
- ROIC 2.0929
- MktCap 1520932312.0
- FreeCF/Share -0.245
- PFCF -71.4959
- PE 8.5438
- Debt/Assets 0.0
- DivYield 0.1142
- ROE 0.0986
- Rating B
- Score 3
- Recommendation Neutral
- P/E Score 3
- DCF Score 1
- P/B Score 3
- D/E Score 1
Recent Analyst Ratings
| Type | Ticker | Analyst Firm | Previous Rating | Current Rating | Previous Price Target | Current Price Target | Date |
|---|---|---|---|---|---|---|---|
| Downgrade | MSDL | RBC Capital Mkts | Outperform | Sector Perform | -- | $18 | Nov. 26, 2025 |
| Upgrade | MSDL | Raymond James | Market Perform | Outperform | -- | $18.5 | Oct. 7, 2025 |
| Upgrade | MSDL | Wells Fargo | Equal Weight | Overweight | -- | $17 | Oct. 6, 2025 |
News
I Am Betting Big On This Near-Perfect 8%-Yielding Income Machine For Early Retirement
Published: December 02, 2025 by: Seeking Alpha
Sentiment: Positive
This 8%-yielding machine is positioned for very strong upside, growing passive income, and relatively low risk. The market is ignoring this unrivaled combination of quality, growth, and high yield. Don't miss out on three of my largest holdings.
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The Hidden Risk In BDC Market That Nobody Is Talking About
Published: December 01, 2025 by: Seeking Alpha
Sentiment: Negative
BDCs are facing pressures from multiple fronts. Yet, they do not have much ammo left to fight back via portfolio growth. This is not good for shareholder and BDC managers, who earn fees based on asset size and earnings results.
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MSDL: Dividend Investors Are Likely To Get Burned Here
Published: November 28, 2025 by: Seeking Alpha
Sentiment: Positive
MSDL has glided into a deep discount territory. In the meantime, the dividend has remained covered and offers now a yield close to 12%. Since 95% of MSDL's portfolio lies in non-cyclical sectors, there might be a case for locking in a high-quality 12% yield.
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Don't Bury BDC Dividends Just Yet
Published: November 17, 2025 by: Seeking Alpha
Sentiment: Positive
The Fed's dovishness has been the key driver for the BDC sell-off. The idea is that lower interest rates should lead to lower dividends (i.e., BDCs cutting their dividend across the board). While it is a process that takes time, the current data show that many BDCs are well-positioned to safeguard their existing dividends.
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The BDC Bargain Bell Is Ringing
Published: November 13, 2025 by: Seeking Alpha
Sentiment: Neutral
BDCs have had a rough year so far. Yet, Q3 earnings data points indicate that the tide could be turning. While there are some tangible improvements in BDC business environment, many risks remain open.
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Morgan Stanley Direct Lending Fund (MSDL) Q3 2025 Earnings Call Transcript
Published: November 07, 2025 by: Seeking Alpha
Sentiment: Neutral
Morgan Stanley Direct Lending Fund ( MSDL ) Q3 2025 Earnings Call November 7, 2025 10:00 AM EST Company Participants Sanna Johnson Michael Occi - CEO & Director David Pessah - Chief Financial Officer Rebecca Shaoul - Managing Director Conference Call Participants Melissa Wedel - JPMorgan Chase & Co, Research Division Robert Dodd - Raymond James & Associates, Inc., Research Division Kenneth Lee - RBC Capital Markets, Research Division Ethan Kaye - Lucid Capital Markets, LLC, Research Division Presentation Operator Welcome to Morgan Stanley Direct Lending Fund Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference call …
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Morgan Stanley Direct Lending: Risk Is Overstated Relative To NAV Discount
Published: November 06, 2025 by: Seeking Alpha
Sentiment: Negative
Morgan Stanley Direct Lending offers compelling value, trading at a significant discount to NAV and near 52-week lows. MSDL's portfolio is defensive, with low leverage and a focus on first-lien loans, reducing overall risk compared to peers. Despite concerns about fixed-rate obligations, the risks to MSDL's earnings from interest rate changes are likely overstated.
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10%+ Yielding Stocks Too Cheap To Ignore Right Now
Published: October 23, 2025 by: Seeking Alpha
Sentiment: Positive
10%+ yielding stocks tend to be risky. However, there are some sustainable 10%+ yields out there that also offer attractive capital appreciation potential. I share two 10%+ yields that are too cheap to ignore right now.
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Morgan Stanley Direct Lending: 12% Yield And 19% Discount Make It A Buy
Published: October 17, 2025 by: Seeking Alpha
Sentiment: Positive
Morgan Stanley Direct Lending offers an 11.9% dividend yield and trades near its 52-week low at a 19% discount to book value. MSDL maintains strong credit quality, full dividend coverage, and a conservative portfolio with 96% first-lien senior secured loans and minimal non-accruals. It benefits from a low 1% base management fee, diversified sector exposure, and a solid balance sheet with no debt maturities until 2027.
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The Riskiest BDCs Might Be The Ones You Trust
Published: October 15, 2025 by: Seeking Alpha
Sentiment: Negative
BDCs have recently suffered a significant downside volatility. There is indeed a justified reason for system-wide valuation adjustments. Yet, for some BDCs the market has gone too far, while for some the necessary level correction has not yet happened.
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From The Discount Rack To Your Portfolio: Two 8%+ Yielders
Published: October 10, 2025 by: Seeking Alpha
Sentiment: Positive
The chances for a notable correction are certainly not low. Going into richly priced and growth-focused names might not be the smartest idea. Yet, sitting on sidelines might come with some serious opportunity costs.
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MSDL: From One Extreme To Another
Published: October 01, 2025 by: Seeking Alpha
Sentiment: Negative
Since May 2025, I have been bearish on the Morgan Stanley Direct Lending Fund. My concern was that MSDL's price-to-NAV aligned valuation did not factor in the forthcoming pressures from base rate cuts. While my thesis has turned out to be correct, I am surprised about the magnitude of the realized correction.
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Morgan Stanley Direct Lending Is A Buy At A 14% Discount To NAV And 11.34% Dividend Yield
Published: August 26, 2025 by: Seeking Alpha
Sentiment: Positive
MSDL offers a compelling 11.34% dividend yield and trades at a 14% discount to NAV, presenting an attractive entry point. The portfolio is 96.4% first lien, 99.6% floating rate loans, and focused on U.S. middle market companies, avoiding cyclical sectors. Risks include potential dividend cuts if rates fall, but even a reduced payout would yield 9% at current prices, with a continued NAV discount.
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It's All Downhill For Most BDCs, Here Is My Approach
Published: August 13, 2025 by: Seeking Alpha
Sentiment: Negative
Q2 earnings confirmed my call for a market rotation in BDCs; quality bias and selectivity remain critical for outperformance. Structural headwinds—spread compression, falling base rates, and thin dividend coverage—signal elevated risk of further dividend cuts across the sector. Current sector repricing is insufficient for broad new BDC allocations; most remain unattractive except for select names with strong fundamentals.
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Morgan Stanley Direct Lending: This BDC Continues To Disappoint (Rating Downgrade)
Published: August 11, 2025 by: Seeking Alpha
Sentiment: Neutral
MSDL's Q2 earnings disappointed, with declining NAV, weak dividend coverage, and rising non-accruals signaling fundamental portfolio issues. Despite a tempting 11% yield and deep discount to NAV, I see the discount as a reflection of ongoing risks, not a buying opportunity. Management struggles to deploy capital into new investments, and net investment income barely covers the dividend, leaving little margin for error.
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Morgan Stanley Direct Lending Fund (MSDL) Q2 2025 Earnings Call Transcript
Published: August 08, 2025 by: Seeking Alpha
Sentiment: Neutral
Morgan Stanley Direct Lending Fund (NYSE:MSDL ) Q2 2025 Earnings Conference Call August 8, 2025 10:00 AM ET Company Participants Ashwin Krishnan - Corporate Participant David Pessah - Chief Financial Officer David Miller - Corporate Participant Michael Occi - CEO & Director Sanna Johnson - Corporate Participant Conference Call Participants Cory Johnson - UBS Investment Bank, Research Division Heli Sheth - Raymond James & Associates, Inc., Research Division Melissa Wedel - JPMorgan Chase & Co, Research Division Paul Conrad Johnson - Keefe, Bruyette, & Woods, Inc., Research Division Operator Welcome to Morgan Stanley Direct Lending Second Quarter 2025 Earnings Call. …
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Rare (Financial) Independence Day Specials: Very Undervalued Blue-Chip 10%+ Yields
Published: July 04, 2025 by: Seeking Alpha
Sentiment: Positive
It is rare to find blue-chip stocks yielding over 10% that are also deeply discounted. Fortunately, Mr. Market is offering several such opportunities right now. We discuss some of them in this article.
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10% And 7% Yields You Can Trust - 2 High-Quality Dividend Machines I'd Buy Today
Published: July 04, 2025 by: Seeking Alpha
Sentiment: Positive
Many overlook dividend theory, but it's not just about income. It's about capital discipline, smart allocation, and long-term shareholder value. Vanguard's study confirms what I've long believed: dividend investors aren't just chasing cash, they value quality, consistency, and resilience. That's why I like two high-yield stocks that offer more than payouts. They're backed by strong portfolios, smart strategies, and real staying power.
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Morgan Stanley Direct Lending: These Negative Aspects Don't Change My Bullish Views
Published: June 24, 2025 by: Seeking Alpha
Sentiment: Positive
MSDL trades at a discount to NAV yet boasts a highly defensive, diversified, first-lien debt portfolio focused on non-cyclical industries. Despite a recent dip in net investment income due to lower rates and expired fee waivers, portfolio quality and credit remain strong with minimal non-accruals. I maintain a 'buy' rating, expecting double-digit total returns as MSDL remains resilient amid market volatility and benefits from improving deal flow.
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5-9% Yields To Build A Low-Stress Dividend Income Stream
Published: June 22, 2025 by: Seeking Alpha
Sentiment: Positive
Building a low-stress retirement income stream requires a diversified portfolio of durable, defensive, and dividend-growing stocks or funds. I share two approaches to achieving a low-stress dividend growth portfolio that yields 5-9%. I detail which of the two approaches is my favorite, as well as some of my top big dividend growth picks for retirees right now.
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The More It Tanks, The More It Stanks
Published: June 09, 2025 by: Seeking Alpha
Sentiment: Negative
High-yield stocks that trade at deep discounts to NAV often attract value-oriented income investors. However, most of the time, these investments are value traps. I share two popular stocks like this whose dividends I think are at risk and will likely deliver disappointing total returns to shareholders moving forward.
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Morgan Stanley Direct Lending Fund: I Am Downgrading To Hold
Published: May 21, 2025 by: Seeking Alpha
Sentiment: Negative
Morgan Stanley Direct Lending Fund's total return has been flat since IPO, despite dividends being paid as expected. MSDL's share price weakness has occurred due to the shift from premium to discount-to-NAV, driven by insider selling and sector repricing. Current P/NAV of 0.96x offers neither strong upside nor downside for share price return movement.
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Morgan Stanley Direct Lending Fund (MSDL) Q1 2025 Earnings Call Transcript
Published: May 09, 2025 by: Seeking Alpha
Sentiment: Neutral
Morgan Stanley Direct Lending Fund (NYSE:MSDL ) Q1 2025 Earnings Conference Call May 9, 2025 10:00 AM ET Company Participants Sanna Johnson – Head-Investor Relations Jeff Levin – Chief Executive Officer Michael Occi – President David Pessah – Chief Financial Officer Conference Call Participants Melissa Wedel – J.P. Morgan Heli Sheth – Raymond James Marissa Lobo – UBS Operator Welcome to Morgan Stanley Direct Lending First Quarter 2025 Earnings Call.
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Earnings Preview: Morgan Stanley Direct Lending Fund (MSDL) Q1 Earnings Expected to Decline
Published: May 01, 2025 by: Zacks Investment Research
Sentiment: Negative
Morgan Stanley Direct Lending Fund (MSDL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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My BDC Portfolio: 2 Months In And A Clear Alpha Performance
Published: May 01, 2025 by: Seeking Alpha
Sentiment: Positive
My BDC Portfolio: 2 Months In And A Clear Alpha Performance
Read More
My 3 Biggest BDC Investing Mistakes Worth Avoiding
Published: April 30, 2025 by: Seeking Alpha
Sentiment: Negative
I've been tracking major BDCs for over three years, achieving high total returns and dividends, and outperforming the BDC index. My investments in BDCs are motivated by high yield, diversification from traditional dividend picks, and the potential to outperform in an underexplored market. Yet, there have been many bumps in the process, and some of them quite painful.
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3 High-Yielding BDCs For 2025
Published: April 28, 2025 by: Seeking Alpha
Sentiment: Positive
Despite expected volatility and potential recession, Ares Capital, Blackstone Secured Lending, and Morgan Stanley Direct Lending are likely to maintain their current dividends in 2025. Ares Capital's conservative fiscal strategy, solid dividend coverage, and investment-grade credit ratings position it well for the year ahead. Blackstone Secured Lending's defensively-positioned portfolio and robust liquidity make it a strong contender, despite lower interest rates potentially impacting the sector.
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Investing In BDCs For Durable Income Amidst The Looming Recession
Published: April 24, 2025 by: Seeking Alpha
Sentiment: Neutral
Rising non-accrual base is the BDC Achilles heel. The current economic conditions drive up the probability of that risk. Hence, the BDC income and NAV durability have become extremely important topics.
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High-Yield Investors Rejoice: 2 Growth-Oriented BDCs Attractive On The Price Drop
Published: April 21, 2025 by: Seeking Alpha
Sentiment: Positive
Market volatility offers dividend investors a chance to buy high-quality BDCs like Blackstone Secured Lending and Morgan Stanley Direct Lending at attractive prices. Despite recession fears, BXSL and MSDL's strong fundamentals, low non-performing loans, and robust liquidity make them appealing investment opportunities. BXSL's $28 price and MSDL's discount to NAV present attractive entry points, backed by well-known asset managers and growth-focused strategies.
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BDCs Are In Trouble, But In These Two I'm Increasing My Stakes
Published: April 11, 2025 by: Seeking Alpha
Sentiment: Negative
BDCs have performed worse than the S&P 500. It is logical since private credit is per definition a high-risk asset class. All in all, many BDCs are in trouble.
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About Morgan Stanley Direct Lending Fund (MSDL)
- IPO Date 2024-01-24
- Website http://www.msdl.com
- Industry Financial - Conglomerates
- CEO Michael Occi Jr.
- Employees None