Morgan Stanley Direct Lending FundMSDL
What Morgan Stanley Direct Lending Fund does.
We are a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). For U.S. federal income tax purposes, we have elected to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. We are externally managed by the Adviser, an indirect, wholly owned subsidiary of Morgan Stanley.
Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company . For the purposes of this report, “middle-market companies” refers to companies that, in general, generate annual earnings before interest, taxes, depreciation and amortization, or EBITDA, in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Net income | — | $83.3M | $48.5M | $231.0M | $215.6M | $122.1M |
More on MSDL.
- Morgan Stanley Direct Lending Fund summary
- Morgan Stanley Direct Lending Fund financial statements
- Morgan Stanley Direct Lending Fund key metrics
- Morgan Stanley Direct Lending Fund health scores and style box
- Morgan Stanley Direct Lending Fund earnings
- Morgan Stanley Direct Lending Fund dividends
- Morgan Stanley Direct Lending Fund valuation
- Morgan Stanley Direct Lending Fund ownership and insiders
- Morgan Stanley Direct Lending Fund peers
Figures from Morgan Stanley Direct Lending Fund's filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.