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Business development company managed by Morgan Stanley, providing senior secured direct loans to US middle-market companies.
Business development company managed by Morgan Stanley, providing senior secured direct loans to US middle-market companies.
Earns interest on floating-rate loans it holds, and because a business development company (BDC) must pay out nearly all taxable income to keep its tax status, most income goes out as dividends. An adviser from Morgan Stanley's investment arm manages it for fees. Listed in January 2024 after years as a private fund.
Moat: narrow (scale, brand). Morgan Stanley's origination network and balance sheet backing support deal access and underwriting scale.
Headquarters: New York, US · Founded: 2020
Size Morgan Stanley Direct Lending Fund (MSDL) is a United States Financials company (Financial Conglomerates) with a market value of $1.15B, the 2167th largest of 3,117 United States companies the cockpit tracks. Shares closed at $13.62 on 6 Nov 2026.
Performance Over six months the shares fell 12.0%, against -2.1% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 14.8% over the last twelve months (peer median +5.8%); the operating margin is 55.5% (peer median 16.7%).
Valuation It trades at 0.70× book value against a peer median of 1.26× (4th cheapest of 20).
Price implies The share price implies a return on equity of about 6.6%; Morgan Stanley Direct Lending Fund delivers 3.5%, so the price asks more than the business earns today.
Short interest Short interest is 5.0% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $342M | $387M | $397M | $366M | $231M |
| Revenue growth | — | -3% | +8% | +59% | — |
| Gross profit | $275M | $314M | $334M | $317M | $200M |
| EBITDA | $190M | $258M | $339M | $344M | $116M |
| Net income | $59.7M | $122M | $216M | $231M | $48.5M |
| Free cash flow | $139M | $155M | $201M | $186M | $122M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $1.98B | $2.09B | $1.97B | $1.50B | $1.52B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund MSDL | $1.15B | -12% | -15% | 3% | 0.70× | 6.6% |
| Ares Capital ARCC | $13.8B | +1% | -8% | 6% | 0.99× | 8.1% |
| Golub Capital BDC GBDC | $3.31B | -3% | -9% | 4% | 0.89× | 6.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSDL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +0.3% | 11th highest of 21 |
| 6-month return | -12.0% | -2.1% | 7th lowest of 21 |
| Return on equity | 3.5% | 7.0% | 6th lowest of 18 |
| Price / book | 0.70× | 1.26× | 4th cheapest of 20 |
| Trailing P/E | 19.7× | 12.7× | 4th most expensive of 13 |
| ROE the price implies | 6.6% | 9.2% | 5th least demanding of 19 |
| ROE delivered | 3.5% | 7.9% | 5th lowest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund MSDL | United States | $1.15B | -12% | -15% | 3% | 0.70× | 6.6% | 3.5% |
| Jefferson Capital JCAP | United States | $1.14B | -1% | +73% | 33% | 2.39× | 11.0% | 33.2% |
| Next Generation Technology 319A.T | Japan | $1.17B | +55% | +35% | 52% | 17.11× | 156.5% | 52.3% |
| Viel & Cie VIL.PA | France | $1.25B | -1% | +6% | 23% | 1.88× | 10.2% | 23.1% |
| L1 Gold Fund LGF.AX | Australia | $1.02B | +15% | n/a | n/a | 1.26× | 17.9% | n/a |
| International General Insurance IGIC | United States | $1,000M | -7% | +2% | 15% | 1.50× | 8.0% | 15.2% |
| Monex 8698.T | Japan | $980M | -8% | +16% | 9% | 1.19× | 8.4% | 8.8% |
| Ratos RATO-A.ST | Sweden | $1.38B | +24% | -23% | -2% | 0.89× | 7.1% | -1.6% |
| Pacific Century Regional Developments P15.SI | Singapore | $943M | -6% | -37% | -17% | 189.58× | n/a | n/a |
| Mbb MBB.DE | Germany | $930M | +1% | +1% | 9% | 1.41× | 11.6% | 9.4% |
| Hyosung 004800.KS | South Korea | $1.42B | -49% | +10% | 14% | 0.79× | 8.3% | n/a |
| LunR Royalties LUNR.TO | Canada | $1.46B | -28% | n/a | n/a | 2.15× | 27.1% | n/a |
| KB Balhae Infrastructure Fund 415640.KS | South Korea | $884M | -3% | n/a | n/a | n/a | n/a | n/a |
| Peugeot Invest PEUG.PA | France | $1.54B | -16% | -101% | 6% | 0.38× | 6.5% | 6.3% |
| MidCap Financial Investment MFIC | United States | $845M | -12% | +1% | -2% | 0.77× | 6.9% | -2.4% |
| Yangzijiang Maritime Development 8YZ.SI | Singapore | $1.59B | -14% | +18% | 7% | 0.94× | 3.5% | 6.9% |
| Tamburi Investment Partners TIP.MI | Italy | $1.72B | +5% | +353% | 0% | 0.96× | 10.0% | 0.0% |
| Metalla Royalty & Streaming MTA.V | Canada | $763M | +17% | +89% | 0% | 2.95× | 38.1% | -0.2% |
| Senvest Capital SEC.TO | Canada | $762M | +18% | -18% | 29% | 0.42× | 4.2% | 28.6% |
| IndiGrid Infrastructure Trust INDIGRID.NS | India | $1.72B | -1% | +52% | 7% | 2.69× | 20.1% | n/a |
| Bain Capital Specialty Finance BCSF | United States | $723M | -18% | -12% | 6% | 0.67× | 6.4% | 5.8% |