MSDL
Morgan Stanley Direct Lending Fund
NYSE: MSDL · FINANCIAL SERVICES · ASSET MANAGEMENT
$15.09
-0.72% today
Updated 2026-04-29
Market cap
$1.29B
P/E ratio
10.78
P/S ratio
3.24x
EPS (TTM)
$1.40
Dividend yield
13.20%
52W range
$14 – $18
Volume
0.8M
Morgan Stanley Direct Lending Fund (MSDL) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $23.47M | $98.62M | $100.22M | $328.13M | $332.52M | $386.99M |
| Revenue growth (YoY) | — | — | +320.2% | +1.6% | +227.4% | +1.3% | +16.4% |
| Cost of revenue | — | $3.73M | $21.02M | $67.18M | $112.88M | $122.93M | $73.42M |
| Gross profit | — | $19.74M | $77.61M | $33.03M | $215.25M | $209.59M | $313.57M |
| Gross margin | — | 84.1% | 78.7% | 33.0% | 65.6% | 63.0% | 81.0% |
| R&D | — | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | — | $2.68M | $4.57M | $4.15M | $5.63M | $7.56M | $8.30M |
| Operating income | $-2.31M | $18.30M | $83.33M | $48.88M | $232.53M | $218.00M | $258.09M |
| Operating margin | — | 78.0% | 84.5% | 48.8% | 70.9% | 65.6% | 66.7% |
| EBITDA | $-1.16M | $18.30M | $83.33M | $48.88M | $232.53M | $218.00M | $258.23M |
| EBITDA margin | — | 78.0% | 84.5% | 48.8% | 70.9% | 65.6% | 66.7% |
| EBIT | $-2.31M | $19.99M | $86.91M | $102.59M | $155.26M | — | $0.00 |
| Interest expense | — | $3.73M | $21.02M | $67.18M | $112.88M | $122.93M | $136.13M |
| Income tax | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-1.16M | $18.30M | $83.25M | $48.54M | $231.01M | $215.56M | $122.09M |
| Net income growth (YoY) | — | +1682.9% | +355.0% | -41.7% | +375.9% | -6.7% | -43.4% |
| Profit margin | — | 78.0% | 84.4% | 48.4% | 70.4% | 64.8% | 31.5% |