MSDL - NYSE
Morgan Stanley Direct Lending Fund
$15.59
-2.8%Morgan Stanley Direct Lending Fund is a business development and finance company, which engages in lending to middle-market companies. It invests in directly originated senior secured term loans including first lien senior secured term loans and second lien senior secured term loans. The company was founded on May 30, 2019 and is headquartered in New York, NY.
At a Glance
Live SnapshotMorgan Stanley Direct Lending Fund Profit Bridge
Profitability Analysis
Gross Margin
Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.
Operating Margin
Outstanding operational efficiency. The company generates substantial profit from core operations.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.
Profitability Insight
Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.
Morgan Stanley Direct Lending Fund Income Statement
MSDL • NYSE
| Morgan Stanley Direct Lending Fund Income Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|---|---|
REVENUE | |||||||
387M | 332.5M | 328.1M | 100.2M | 98.6M | 23.5M | 0.0 | |
GROSS PROFIT | |||||||
(73.4M) | (122.9M) | (112.9M) | (67.2M) | (21M) | (3.7M) | (0.0) | |
313.6M | 209.6M | 215.2M | 33M | 77.6M | 19.7M | 0.0 | |
OPERATING INCOME | |||||||
(55.5M) | -8.4M | -17.3M | -15.8M | -5.7M | (1.4M) | -4.0 | |
(8.3M) | (7.6M) | (5.6M) | (4.2M) | (4.6M) | (2.7M) | (0.0) | |
258.1M | 218M | 232.5M | 48.9M | 83.3M | 18.3M | -2.3M | |
PRE-TAX INCOME | |||||||
(136.1M) | (122.9M) | (112.9M) | (67.2M) | (21M) | (3.7M) | (0.0) | |
235.7M | 284.2M | 246.9M | 157.6M | 88.3M | 16.6M | 0.0 | |
(47.2M) | -16M | -22.9M | -20M | -10.3M | -1.2M | -4.0 | |
-136M | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | |
122.1M | 218M | 232.5M | 48.9M | 83.3M | 18.3M | -1.2M | |
NET INCOME | |||||||
(0.0) | (2.4M) | (1.5M) | (334K) | (80K) | (0.0) | -1.2M | |
122.1M | 215.6M | 231M | 48.5M | 83.3M | 18.3M | -1.2M |
SEC Filings
MSDL - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | June 02, 2026 | June 01, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 29, 2026 | May 26, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 07, 2026 | May 07, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 07, 2026 | March 31, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 27, 2026 | April 23, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 17, 2026 | June 01, 2026 | 2026 | |
8-K 8-K 2026 N/A | April 06, 2026 | April 06, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 26, 2026 | February 26, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 26, 2026 | December 31, 2025 | 2025 | |
8-K 8-K 2026 N/A | January 26, 2026 | January 26, 2026 | 2026 |
Related Guides
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Research Paths
Snapshot
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Value Model
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Statements
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Earnings Call
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Analyst Expectations
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