Morgan Stanley Direct Lending Fund
MSDLOther · Large accelerated filer · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | $122.1M | $215.6M | $231.0M | $48.5M |
| Total assets | $3.92B | $3.91B | $3.31B | $2.99B |
| Total liabilities | $2.17B | $2.07B | $1.59B | $1.59B |
| Equity | $1.75B | $1.84B | $1.72B | $1.40B |
| EPS (diluted) | $1.40 | $2.43 | $3.11 | $0.79 |
| Shares out. | 88.5M | 88.9M | 71.0M | 70.5M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- —
- Net margin
- —
- Return on equity
- 7.0%
- Return on assets
- 3.1%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 55.4%
- Debt / equity
- 1.24×
- Book value / share
- $19.75
- Revenue growth (YoY)
- —
- Net income growth (YoY)
- −43.4%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −0.7%clean
- Piotroski F-Score
- 4/6mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 2 good- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Morgan StanleyPassive (13G)Feb 12, 2026
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Day Jeff M.Officer — Co-President | Mar 5, 2026 | Buy | 5,000 | $14.89 |
| Mizrachi OritOfficer — See Remarks | Mar 3, 2026 | Buy | 1,000 | $14.49 |
| Miller David NDirector | Mar 2, 2026 | Buy | 5,000 | $14.68 |
| Occi Michael Jr.Officer — Chief Executive Officer | Mar 2, 2026 | Buy | 7,000 | $14.87 |
| Krishnan AshwinOfficer — Chief Investment Officer | Nov 11, 2025 | Buy | 3,000 | $16.72 |
| Frank Bruce DDirector | Nov 10, 2025 | Buy | 600 | $16.41 |
| Binstock JoanDirector | Oct 6, 2025 | Buy | 9,030 | $16.64 |
| Shannon KevinDirector | Aug 14, 2025 | Buy | 5,000 | $17.70 |
| Pessah DavidOfficer — Chief Financial Officer | Aug 14, 2025 | Buy | 3,400 | $17.72 |
| Metz Adam SDirector | Aug 13, 2025 | Buy | 28,248 | $17.67 |
| Miller David NDirector | Aug 12, 2025 | Buy | 10,000 | $17.69 |
| Day Jeff M.Officer — Co-President | Aug 12, 2025 | Buy | 5,650 | $17.70 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 3.4M | 5.2 | -1.2% |
| Apr 30, 2026 | 3.4M | 4.7 | +30.0% |
| Apr 15, 2026 | 2.6M | 3.6 | -7.6% |
| Mar 31, 2026 | 2.9M | 3.6 | +21.9% |
| Mar 13, 2026 | 2.4M | 2.7 | +48.0% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Director / officer changeMay 29, 2026
- Results of operations · Regulation FD disclosureMay 7, 2026
- Entered a material agreement · New financial obligationApr 27, 2026
- Regulation FD disclosureApr 6, 2026
- Results of operations · Regulation FD disclosureFeb 26, 2026
- Regulation FD disclosureJan 26, 2026
- Director / officer changeDec 23, 2025
- Results of operations · Regulation FD disclosureNov 6, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (2)
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