# Morgan Stanley Direct Lending Fund share price today (Morgan Stanley Direct Lending Fund, MSDL)

> Morgan Stanley Direct Lending Fund's P/BV is near the low end of its own history, higher than only 16% of past readings, and its quarterly results are still getting worse. MSDL · Financials · Asset Management · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/msdl

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: $14.04 (−17.2% in a year)
- P/BV: 0.7× (lower than 84% of the last 1 year)
- Revenue (Jun 2026): $88.8 M (−10.8% on a year ago)
- Profit (Jun 2026): $7.9 M (−78.0% on a year ago)
- Net margin: 8.9% (−27.4 points on a year ago)
- ROE: 4%, FY25
- ROA: 4.89%, latest

The main question: the share price moved −17.2% in a year while yearly earnings per share moved −42.5%. The difference came from the market paying a higher multiple. ## What is the Morgan Stanley Direct Lending Fund share price today? Morgan Stanley Direct Lending Fund's share price was $14.04 at the close on 3 November 2026. That is 6.1% below its average price over the last 200 trading days. In the last 52 weeks it traded between $13 and $18, and at that close it sat 22% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 57 weeks running. Over the last 1 year the share price moved −27% while the S&P 500 moved +21%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does Morgan Stanley Direct Lending Fund pay? Morgan Stanley Direct Lending Fund paid $1.90 per share over the last four reported quarters. The most recent declaration was $0.45 for Jun 2026. At today's price of $14.04 that is a yield of 13.53%, based on dividends already paid, not a forecast. ## Which stock lists is Morgan Stanley Direct Lending Fund on? Morgan Stanley Direct Lending Fund is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Morgan Stanley Direct Lending Fund profitable? Morgan Stanley Direct Lending Fund earned $7.9 M of net profit in the Jun 2026 quarter, −78.0% on the same quarter a year earlier. Full-year FY25 profit was $122 M. Over 4 years profit has grown 10.0% a year on average. That is 8.9% of the quarter's revenue. The same quarter a year earlier earned $36.1 M. 1 of the last 12 reported quarters were loss-making. For the full year, FY25 profit was $122 M (−43.4% on the year before). Why profit moved: revenue changed −10.8% on a year earlier and the margin moved −27.4 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed −71.4% and revenue −9.6%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Morgan Stanley Direct Lending Fund make, and is it growing? Morgan Stanley Direct Lending Fund reported $88.8 M of income in the Jun 2026 quarter, −10.8% on the same quarter a year earlier. Over 4 years it has grown 34.9% a year on average. The last full year, FY25, came in at $397 M. The last four reported quarters add to $374 M. FY25 revenue was $397 M, −4.5% on the year before. Recent pace: the last four quarters grew −9.6% on average, against 34.9% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew −9.6%, against −3.1% a year over the last 8 quarters (rolling over); profit over the last 12 months grew −65.0%, against −50.3% a year (rolling over). ## How much does Morgan Stanley Direct Lending Fund keep from what it earns? Morgan Stanley Direct Lending Fund's net margin was 8.9% in the Jun 2026 quarter, 27.4 percentage points lower than the same quarter a year ago. Across 5 years it has been between 21.1% and 69.5%. The latest quarter is below every full year in that period. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## How many of Morgan Stanley Direct Lending Fund's loans have gone bad? Morgan Stanley Direct Lending Fund does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report. Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up. ## How fast is Morgan Stanley Direct Lending Fund's loan book growing? Morgan Stanley Direct Lending Fund's revenue was $397 M in FY25, −4.5% on the year before, so the loan book is not growing. The latest quarter was −10.8% on a year earlier. The net margin on that income is 8.9%, −27.4 percentage points on a year ago. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Quarterly loan-quality figures are missing here, so revenue growth and margin are the two we watch. ## What is Morgan Stanley Direct Lending Fund's P/BV ratio, and how does it compare with its own history? Morgan Stanley Direct Lending Fund's P/BV is 0.7×, near the low end of its own history: it has been lower only 16% of the time. Its usual P/BV (the middle reading) is 0.8×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is low: this lender earns about 4% a year on its equity. A lender that earns less on its net worth is valued lower for each dollar of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved −17.2%. Price and book value moved together, so the multiple stayed in its range. In short: the multiple is low against its own past, so the book value trend underneath matters more than the multiple. ## Is the Morgan Stanley Direct Lending Fund business getting better or worse? Morgan Stanley Direct Lending Fund's business is getting worse. Revenue, profit and EPS growth are shrinking: revenue growth is −9.6% in the latest quarter, against +69.1% at its best in 12 quarters, with ROE falling at 3.6%. This is based on 12 quarters of 4 measures. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## How much does Morgan Stanley Direct Lending Fund earn on its equity and assets? Morgan Stanley Direct Lending Fund earned a return on equity of 7% in FY25. Its lowest yearly reading on file was 4% in FY22. On its assets, every $100 earned about $4.89, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why ROE moved: profit grew 10.0% a year over 4 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low. ## Does Morgan Stanley Direct Lending Fund have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the Morgan Stanley Direct Lending Fund shareholding pattern? We have no ownership or short-position figures for Morgan Stanley Direct Lending Fund, so this section says so rather than fill the gap. At normal trading volumes, closing those positions would take about 8.5 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. ## How far is Morgan Stanley Direct Lending Fund from balance-sheet trouble? For Morgan Stanley Direct Lending Fund, the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. ## How does Morgan Stanley Direct Lending Fund rank in its industry? There is no score against its industry: Morgan Stanley Direct Lending Fund is not among the largest members shown in this industry comparison for Asset Management. The score ranks a company within its industry: each measure is scored against the other members. Without that group there is no score, so none is shown. ## Which companies is Morgan Stanley Direct Lending Fund compared with? No sector comparison is shown here, not among the largest members shown in this industry comparison. ## Which companies are close to Morgan Stanley Direct Lending Fund in size? Morgan Stanley Direct Lending Fund is the 52nd largest of 90 Asset Management companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Trinity Capital Inc., Patria Investments and Capital Southwest Corporation. Just below it: Oaktree Specialty Lending Corporation, Ridgepost Capital, Inc and Tortoise Energy Infrastructure Corporation. ### Asset Management companies close in size

1. [Trinity Capital Inc.](https://www.sectoralpha.in/us/stocks/trin) $1.6 billion
2. [Patria Investments Limited](https://www.sectoralpha.in/us/stocks/pax) $1.5 billion
3. [Capital Southwest Corporation](https://www.sectoralpha.in/us/stocks/cswc) $1.5 billion
4. Morgan Stanley Direct Lending Fund $1.2 billion
5. [Oaktree Specialty Lending Corporation](https://www.sectoralpha.in/us/stocks/ocsl) $1.1 billion
6. [Ridgepost Capital, Inc](https://www.sectoralpha.in/us/stocks/rpc) $1 billion
7. [Tortoise Energy Infrastructure Corporation](https://www.sectoralpha.in/us/stocks/tyg) $1 billion

[All 90 Asset Management companies, largest first](https://www.sectoralpha.in/us/sectors/asset-management#all-companies)

### Companies close in size in other industries

1. [JetBlue Airways Corporation](https://www.sectoralpha.in/us/stocks/jblu) $1.2 billion · Airlines
2. [i-80 Gold Corp.](https://www.sectoralpha.in/us/stocks/iaux) $1.2 billion · Gold
3. Morgan Stanley Direct Lending Fund $1.2 billion
4. [Amerant Bancorp Inc.](https://www.sectoralpha.in/us/stocks/amtb) $1.2 billion · Banks - Regional
5. [Silence Therapeutics plc](https://www.sectoralpha.in/us/stocks/sln) $1.2 billion · Biotechnology

## What else do people ask about Morgan Stanley Direct Lending Fund? ### What were Morgan Stanley Direct Lending Fund's latest quarterly results? Morgan Stanley Direct Lending Fund reported total income of $88.8 M and net profit of $7.9 M for the Jun 2026 quarter. Income fell 10.8% and profit fell 78.0% compared with a year earlier. Earnings per share were $0.09 (as of 3 November 2026). ### What is Morgan Stanley Direct Lending Fund's market cap? Morgan Stanley Direct Lending Fund's market capitalisation is $1.2 B at a stock price of $14.04. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Morgan Stanley Direct Lending Fund performing? Morgan Stanley Direct Lending Fund's latest readings are below. In its latest quarter, income fell 10.8% and profit fell 78.0% compared with a year earlier. Over the past 13 weeks it has done worse than the S&P 500, for 57 weeks running (as of 3 November 2026). ### Will Morgan Stanley Direct Lending Fund's stock price go up? This page does not forecast Morgan Stanley Direct Lending Fund's stock price. What it shows instead: the stock price is $14.04. Its P/BV of 0.7× is higher than 16% of its own last 1 years (as of 3 November 2026). ### Where is Morgan Stanley Direct Lending Fund in its business cycle? Morgan Stanley Direct Lending Fund's FY25 net margin was 30.7%, against a 5-year range of 21.1% to 69.5%: the low end of its own range, which is often where recoveries start. The latest quarter was 8.9%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Morgan Stanley Direct Lending Fund story? The main question: the share price moved −17.2% in a year while yearly earnings per share moved −42.5%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Morgan Stanley Direct Lending Fund a stock worth studying right now? What the numbers show: Morgan Stanley Direct Lending Fund's P/BV is near the low end of its own history, higher than only 16% of past readings, and its quarterly results are still getting worse. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.