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Morgan Stanley Direct Lending Fund reported second-quarter 2026 net investment income of $38.2 million, or $0.45 per share, on total investment income of $88.8 million, compared with $89.1 million in the prior quarter. Net realized and unrealized losses of $30.2 million resulted in earnings per share of $0.09, compared with ($0.05) in the first quarter. Net asset value per share was $19.50 as of June 30, 2026, down from $19.81 on March 31.
The portfolio totaled approximately $3.6 billion at fair value across 229 portfolio companies, 93.1% in first-lien debt, with weighted average yields of 9.1% at amortized cost and 9.4% at fair value. Debt outstanding was $2.0 billion, reflecting a 1.21x debt-to-equity ratio, alongside $1,471.5 million of available credit capacity and $71.6 million of unrestricted cash. The company repurchased 831,486 shares at an average price of $15.06 and declared a third-quarter 2026 regular dividend of $0.45 per share, payable on or around October 23, 2026 to stockholders of record on September 30, 2026.
MSDL lists an extensive portfolio of non-controlled and affiliated investments, primarily first lien debt across software, financial services, healthcare, insurance, industrials and other sectors. Many loans reference SOFR or Prime plus contractual spreads, with stated cash and PIK interest components and maturities largely between 2026 and 2033.
The schedule also includes revolver and delayed draw term loan commitments with specified expiration dates, preferred and common equity stakes carrying PIK dividend rates such as 10.50% and 14.00%, and a Wells Fargo hedged 2031 notes instrument where the company receives 6.10% and pays S + 2.20% through maturity on 07/15/2031.
Morgan Stanley Direct Lending Fund entered into a Fourth Supplemental Indenture to issue $350.0 million of 6.100% notes due 2031. The notes mature on July 15, 2031 and can be redeemed at par plus a make-whole premium before June 15, 2031, and at par on or after that date.
The notes are unsecured senior obligations, ranking ahead of subordinated debt and alongside other unsecured unsubordinated debt, but behind secured and subsidiary-level obligations. Net proceeds of approximately $341.6 million will be used to repay outstanding secured indebtedness, shifting the company’s funding mix toward unsecured debt.
To align borrowing costs with its predominantly floating rate loan portfolio, the company entered into interest rate swaps on $350.0 million of the notes, receiving the 6.100% fixed rate and paying SOFR plus 2.1945% under hedge accounting treatment.
Morgan Stanley Direct Lending Fund filed an 8-K to announce timing for its upcoming results. The company plans to release financial results for the second quarter ended June 30, 2026 on Thursday, August 6, 2026, after the market closes.
It will host an earnings conference call on Friday, August 7, 2026 at 10:00 a.m. Eastern Time, including a question-and-answer session. Participation details, including webcast and dial-in information, are provided, and a replay will be available on its investor relations website.
Morgan Stanley Direct Lending Fund entered into an underwriting agreement to issue and sell $350,000,000 aggregate principal amount of its 6.100% Notes due 2031. The deal is with a syndicate of underwriters led by Truist Securities, BNP Paribas, MUFG Securities Americas, RBC Capital Markets, and SMBC Nikko Securities America.
The notes are being offered under the company’s effective shelf registration statement on Form N-2, using a preliminary prospectus supplement, term sheet, and final prospectus supplement dated June 29, 2026. The agreement contains customary representations, covenants, indemnification, and contribution provisions for the company, its adviser, and the underwriters.
Morgan Stanley Direct Lending Fund is offering $350,000,000 aggregate principal amount of 6.100% Notes due July 15, 2031. The Notes pay semi-annual interest and are being issued at 98.955% of par; net proceeds are intended to repay secured indebtedness (including the Truist and BNP facilities).
The Notes are unsecured obligations that rank pari passu with our other unsecured debt, rank effectively junior to secured indebtedness to the extent of collateral value and structurally junior to indebtedness of our subsidiaries. The issuer may redeem the Notes prior to the Par Call Date and holders have a repurchase right upon a Change of Control Repurchase Event.
Morgan Stanley Direct Lending Fund offers unsecured notes under a preliminary prospectus supplement dated . The prospectus describes % Notes due with semi-annual interest, optional issuer redemption (including a Par Call provision) and a holder repurchase right upon a Change of Control Repurchase Event.
The fund is a BDC and RIC that manages a $3.7 billion investment portfolio (fair value) with net assets of $1.7 billion as of March 31, 2026. Net proceeds are intended primarily to repay secured indebtedness, including borrowings under the Truist and BNP funding facilities, and the offering will be unsecured and structurally junior to subsidiary liabilities.
Morgan Stanley Direct Lending Fund reported the results of its 2026 Annual Meeting of Stockholders. As of the April 6, 2026 record date, 85,261,312 common shares were outstanding and entitled to vote, and 51,663,943 shares were present or represented by proxy, establishing a quorum.
Stockholders elected David N. Miller and Kevin Shannon as directors for three-year terms. Miller received 19,777,562 votes for, 707,103 against and 296,119 abstentions, while Shannon received 14,855,342 for, 5,626,081 against and 299,361 abstentions. Stockholders also ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, with 50,452,826 votes for, 830,144 against and 380,973 abstentions.
Morgan Stanley Direct Lending Fund reported that Jonathan Frohlinger resigned as its Principal Accounting Officer, effective May 26, 2026. The company states that his resignation is not due to any disagreement with the company. Morgan Stanley Direct Lending Fund’s common stock, par value $0.001 per share, trades on the New York Stock Exchange under the symbol MSDL.
Morgan Stanley Direct Lending Fund reported softer first-quarter 2026 results and declared a regular dividend. Net investment income was $40.5 million, or $0.47 per share, as lower base rates reduced total investment income to $89.1 million. Realized and unrealized losses drove a small net loss of $0.05 per share and reduced net asset value to $19.81.
The board declared a second-quarter 2026 regular dividend of $0.45 per share, payable on or around July 24, 2026 to shareholders of record on June 30. The company maintained a largely first-lien, floating-rate portfolio of about $3.7 billion fair value and ended the quarter with $2.06 billion of debt and ample liquidity.