MSDL
Morgan Stanley Direct Lending Fund
NYSEUSDEQUITY
Financial Services
DELAYED
Last price
15.47
▲ 0.09 (0.59%)
MARKET · —
Price
Open
15.35
Prev close
15.38
Day high
15.45
Day low
15.35
Volume
225.05K
Market cap
$1.29B
P/E (TTM)
22.26
52W range
13.66 – 18.17
Trailing performance
Returnvs SPY
1W
-0.65%
+0.7%
1M
+1.92%
-1.8%
3M
+1.05%
-2.0%
6M
-1.54%
-12.6%
YTD
-6.80%
-19.1%
1Y
-13.02%
-33.0%
3Y
—
-74.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$1.29B
Enterprise value$3.22B
Revenue (TTM)$374.16M
Gross profit$374.16M
EBITDA—
Net income$59.75M
EPS (TTM)$0.69
Free cash flow$81.17M
Total cash$57.46M
Total debt$1.98B
Book value / share$19.50
Shares outstanding84.11M
Float—
Short % of float5.12%
Dividend yield11.72%
Beta (5Y)0.62
Valuation & profitability ratios
Trailing P/E22.26
Forward P/E8.51
PEG ratio—
Price / sales—
Price / book0.79
EV / revenue8.60
EV / EBITDA—
Gross margin100.00%
Operating margin79.95%
Profit margin15.97%
Return on equity3.48%
Return on assets4.89%
Debt / equity120.27
Current ratio1.52
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Total revenue | $397.29M | $416.07M | $367.74M | $230.59M |
| Cost of revenue | $0 | $0 | $0 | $0 |
| Gross profit | $0 | $0 | $0 | $0 |
| R&D | — | — | — | — |
| SG&A | — | — | — | — |
| Operating income | — | — | — | — |
| Pre-tax income | — | — | — | — |
| Tax provision | $0 | $0 | $0 | $0 |
| Net income | $122.09M | $215.56M | $231.01M | $0 |
| EBIT | $0 | $0 | $0 | $0 |
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Cash & equivalents | — | — | — | — |
| Short-term investments | — | — | — | — |
| Net receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Total current assets | — | — | — | — |
| Total assets | — | — | — | — |
| Total current liabilities | — | — | — | — |
| Long-term debt | — | — | — | — |
| Total liabilities | — | — | — | — |
| Retained earnings | — | — | — | — |
| Shareholder equity | — | — | — | — |
| Line item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Net income | $122.09M | $215.56M | $231.01M | $0 |
| Depreciation | — | — | — | — |
| Change in working capital | — | — | — | — |
| Operating cash flow | — | — | — | — |
| Capital expenditure | — | — | — | — |
| Investing cash flow | — | — | — | — |
| Dividends paid | — | — | — | — |
| Buybacks | — | — | — | — |
| Financing cash flow | — | — | — | — |
| Net change in cash | — | — | — | — |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.45 | 0.45 | -0.1% |
| Mar 2026 | 0.46 | 0.47 | +2.5% |
| Dec 2025 | 0.49 | 0.49 | -0.5% |
| Sep 2025 | 0.50 | 0.50 | -0.6% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.44 | 7 | $87.52M | -12.2% |
| Next quarter | 0.45 | 7 | $88.78M | -8.1% |
| Current year | 1.80 | 7 | $354.17M | -10.9% |
| Next year | 1.81 | 7 | $355.73M | +0.4% |
Analyst targets & ownership
Mean target$15.71
High target$17.00
Low target$14.00
Implied upside1.58%
Analyst count7
ConsensusHOLD
Strong buy / Buy1 / 1
Hold5
Sell / Strong sell0 / 0
Held by insiders0.60%
Held by institutions35.05%
Institutions holding159
Price targets, consensus spread, insider and institutional ownership.
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
508.83K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Mar 5, 26 | DAY JEFF M President |
BUY | 5.00K | $74.47K | Indirect |
| Mar 3, 26 | MILLER DAVID N Director |
BUY | 10.00K | $146.85K | Direct |
| Mar 3, 26 | MIZRACHI ORIT President |
BUY | 1.00K | $14.49K | Direct |
| Mar 2, 26 | OCCI MICHAEL JR. Chief Executive Officer |
BUY | 7.00K | $104.10K | Direct |
| Nov 11, 25 | KRISHNAN ASHWIN Chief Investment Officer |
BUY | 3.00K | $50.16K | Direct |
| Nov 10, 25 | FRANK BRUCE D Director |
BUY | 600 | $9.84K | Indirect |
| Oct 6, 25 | BINSTOCK JOAN A. Director |
BUY | 9.03K | $150.23K | Indirect |
| Aug 14, 25 | PESSAH DAVID Chief Financial Officer |
BUY | 3.40K | $60.25K | Direct |
| Aug 14, 25 | SHANNON KEVIN Director |
BUY | 5.00K | $88.50K | Direct |
| Aug 13, 25 | METZ ADAM S Director |
BUY | 28.25K | $499.12K | Indirect |
| Aug 12, 25 | MILLER DAVID N Director |
BUY | 10.00K | $176.90K | Indirect |
| Aug 12, 25 | OCCI MICHAEL JR. Chief Executive Officer |
BUY | 14.00K | $248.85K | Direct |
| Aug 12, 25 | DAY JEFF M President |
BUY | 5.65K | $100.00K | Indirect |
| Aug 11, 25 | BINSTOCK JOAN A. Director |
BUY | 5.66K | $100.08K | Indirect |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BINSTOCK JOAN A. |
Director | — | Purchase |
DAY JEFF M |
President | — | Purchase |
FRANK BRUCE D |
Director | — | Purchase |
KRISHNAN ASHWIN |
Chief Investment Officer | 3.00K | Purchase |
METZ ADAM S |
Director | — | Purchase |
MILLER DAVID N |
Director | 32.17K | Purchase |
MIZRACHI ORIT |
President | 5.87K | Purchase |
OCCI MICHAEL JR. |
Chief Executive Officer | 28.50K | Purchase |
PESSAH DAVID |
Chief Financial Officer | 5.40K | Purchase |
SHANNON KEVIN |
Director | 39.34K | Purchase |
Moving averages & technicals
SMA 10
15.37
+0.67% from price
SMA 20
15.23
+0.86% from price
SMA 50
15.30
+0.37% from price
SMA 100
15.19
+1.82% from price
SMA 200
15.64
-1.80% from price
EMA 12
15.34
+0.85% from price
EMA 26
15.30
+1.10% from price
EMA 50
15.28
+1.22% from price
RSI (14)
51.7
Neutral
MACD (12,26,9)
0.04
Hist 0.02
ATR (14)
0.30
1.95% of price
Realised vol 30D
20.4%
Annualised
Bollinger upper
15.73
20, 2σ
Bollinger lower
14.72
20, 2σ
50 / 200 cross
Death
15.30 vs 15.64
Trend bias
Below 200
-1.80%
Risk profile
Beta vs SPY
0.65
Less volatile than market
Correlation to SPY
0.38
Loosely linked
Realised vol 30D
20.4%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-23.7%
Peak to trough
Max drawdown 5Y
-42.7%
Peak to trough
ATR 14
0.30
1.95% of price
Beta (reported)
0.62
5Y monthly, from filing
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
0.13
Call-heavy session
Put / call open interest
0.07
Positioning, not flow
Max pain
15.00
-2.3% from spot
ATM implied vol
26.7%
Nearest strike to spot
Skew (10% OTM)
+4.1%
Puts bid over calls
Call volume
127
Contracts, this expiry
Put volume
16
Contracts, this expiry
Heaviest call OI
16.00
741 contracts
Heaviest put OI
14.00
28 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Headlines
Morgan Stanley Direct Lending Fund's Ability to Use Morgan Stanley's Network for Differentiated Origination is Likeable, RBC Says
MT Newswires · 8d ago
Morgan Stanley Direct Lending Fund Q2 Earnings Call Highlights
MarketBeat · 14d ago
Morgan Stanley Direct Lending Fund (MSDL) (Q2 2026) Earnings Call Highlights: NII Covers ...
GuruFocus.com · 15d ago
Morgan Stanley Direct Lending Fund Q2 2026 Earnings Call Summary
Moby · 15d ago
Morgan Stanley Direct Lending Fund (MSDL) Surpasses Q2 Earnings and Revenue Estimates
Zacks · 16d ago
Morgan Stanley Direct Lending Fund Announces June 30, 2026 Financial Results and Declares Third Quarter 2026 Regular Dividend of $0.45 per Share
Business Wire · 16d ago
Morgan Stanley Direct Lending Fund (MSDL) Q2 2026 Earnings Report Preview: What To Look For
GuruFocus.com · 16d ago
Implied Volatility Surging for Morgan Stanley Direct Lending Fund Stock Options
Zacks · 17d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.