MSDL

MKT CAP:$1B

Morgan Stanley Direct Lending Fund

Market Cap

$1B

Financial Services·Financial - Conglomerates·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$14.99-$1.47 (-8.90%)

Apr 23, 2026

Company Details

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 loan...

CEO

Michael Occi Jr.

IPO Date

Jan 24, 2024

Website

www.msdl.com

Key Metrics TTM

Revenue

$287M

-13.3% YoY

Net Income

$145M

EPS (Diluted)

$1.65

Free Cash Flow

$13M

Revenue / Share

$3.31

Gross Margin

52.6%

Operating Margin

51.3%

Net Margin

50.5%

FCF Margin

4.6%

P/S

4.5x

P/E

9.0x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

Q3 2025

Nov 6, 2025

$65M-23.9%EPS $0.32

Q2 2025

Aug 7, 2025

$73M-16.0%EPS $0.41

Q1 2025

May 8, 2025

$65M-14.5%EPS $0.34

FY 2024

Feb 27, 2025

$333M+1.3%EPS $2.43

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$32M	$24M	$26M
Q1 22	$29M	$19M	$22M
Q2 22	$7M	-$7M	-$3M
Q3 22	$24M	$6M	$9M
Q4 22	$40M	$16M	$20M
Q1 23	$67M	$40M	$44M
Q2 23	$80M	$52M	$56M
Q3 23	$99M	$69M	$73M
Q4 23	$83M	$54M	$59M
Q1 24	$77M	$49M	$52M
Q2 24	$87M	$58M	$60M
Q3 24	$85M	$52M	$54M
Q4 24	$84M	$51M	$53M
Q1 25	$65M	$31M	$30M
Q2 25	$73M	$38M	$36M
Q3 25	$65M	$31M	$28M

Valuation

Quarter	P/S	P/E
Q4 21	18.0x	21.3x
Q1 22	16.0x	19.6x
Q2 22	18.9x	26.3x
Q3 22	19.3x	32.4x
Q4 22	17.7x	36.6x
Q1 23	12.9x	25.3x
Q2 23	8.4x	13.7x
Q3 23	6.2x	9.2x
Q4 23	5.4x	7.7x
Q1 24	5.7x	8.1x
Q2 24	5.6x	8.0x
Q3 24	5.3x	8.0x
Q4 24	5.7x	8.8x
Q1 25	5.5x	9.1x
Q2 25	5.4x	9.7x
Q3 25	5.1x	10.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$28M	$28M
Q1 22	$24M	$24M
Q2 22	$29M	$29M
Q3 22	$27M	$27M
Q4 22	$42M	$42M
Q1 23	$33M	$33M
Q2 23	$55M	$55M
Q3 23	$13M	$13M
Q4 23	$85M	$85M
Q1 24	$40M	$40M
Q2 24	$75M	$75M
Q3 24	-$117M	-$117M
Q4 24	-$96M	-$96M
Q1 25	$34M	$34M
Q2 25	$41M	$41M
Q3 25	$34M	$34M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+178.9%	+1741.5%
Q1 22	+72.4%	+213.7%
Q2 22	-71.6%	+192.0%
Q3 22	-8.5%	+243.5%
Q4 22	+26.0%	+266.3%
Q1 23	+128.3%	+230.0%
Q2 23	+1111.3%	+138.4%
Q3 23	+306.5%	+70.8%
Q4 23	+106.3%	+21.5%
Q1 24	+15.1%	+7.5%
Q2 24	+8.7%	+16.4%
Q3 24	-14.0%	+23.2%
Q4 24	+1.4%	+31.1%
Q1 25	-14.5%	+43.7%
Q2 25	-16.0%	+34.2%
Q3 25	-23.9%	+17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$2M
Q1 22	$1M
Q2 22	$985.0K
Q3 22	$1M
Q4 22	$613.0K
Q1 23	$2M
Q2 23	$1M
Q3 23	$2M
Q4 23	$1M
Q1 24	$1M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$2M
Q2 25	$2M
Q3 25	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$39M	$0	$39M
Q2 22	$81M	$0	$81M
Q3 22	$60M	$0	$60M
Q4 22	$81M	$0	$81M
Q1 23	$100M	$0	$100M
Q2 23	$53M	$0	$53M
Q3 23	$88M	$0	$88M
Q4 23	$70M	$0	$70M
Q1 24	$65M	$0	$65M
Q2 24	$93M	$0	$93M
Q3 24	$90M	$0	$90M
Q4 24	$70M	$0	$70M
Q1 25	$66M	$0	$66M
Q2 25	$76M	$0	$76M
Q3 25	$65M	$10M	$76M
Q4 25	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	88M	0.0%	+84.7%
Q1 22	88M	0.0%	0.0%
Q2 22	88M	0.0%	0.0%
Q3 22	88M	0.0%	0.0%
Q4 22	76M	-13.7%	-13.7%
Q1 23	88M	+15.9%	0.0%
Q2 23	88M	0.0%	0.0%
Q3 23	88M	0.0%	0.0%
Q4 23	82M	-7.1%	+7.6%
Q1 24	87M	+6.6%	-1.0%
Q2 24	89M	+2.2%	+1.1%
Q3 24	89M	-0.0%	+1.1%
Q4 24	89M	0.0%	+8.9%
Q1 25	88M	-1.0%	+1.2%
Q2 25	87M	-1.4%	-2.3%
Q3 25	87M	-0.4%	-2.7%

Shares Outstanding