Every 10-Q that MORGAN STANLEY DIRECT LENDING (MSDL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MSDL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MSDL filings page.
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.
The company’s quarterly report details a large, diversified portfolio of non‑controlled, non‑affiliated investments across software, health care, financial services, industrials, and consumer services. Most positions are first lien term loans or revolvers, often structured as delayed draw commitments with expirations generally between 2026 and 2033.
Many loans reference floating benchmarks such as S + 4.50% to S + 7.25% or P + 3.50% to P + 4.75%, with all‑in cash interest rates commonly in the 8%–11% range. Select instruments include PIK (paid‑in‑kind) features, with preferred equity coupons such as 10.50%–14.00% PIK, and some second lien or unsecured debt carrying higher stated rates, including examples above 13%. Final maturities and commitment expirations extend into the early 2030s, highlighting a predominantly medium‑ to long‑term credit profile.
Morgan Stanley Direct Lending Fund (MSDL) filed its quarterly report, detailing a portfolio concentrated in floating‑rate first‑lien and selected second‑lien loans benchmarked primarily to SOFR, with some tied to Prime, CORRA, EURIBOR, and SONIA.
The update lists specific positions with current interest rates and maturities. Examples include Fullsteam Operations, LLC first‑lien debt at 12.91% (S + 8.25%) maturing 11/27/2029; Runway Bidco, LLC first‑lien debt at 9.00% (S + 5.00%) due 12/17/2031; and Smarsh, Inc. first‑lien debt at 8.75% (S + 4.75%) due 2/16/2029. The portfolio also includes revolvers and delayed‑draw term loans with stated expiration dates, such as Granicus, Inc. revolver expiring 1/17/2031 and Vessco Midco Holdings, LLC revolver expiring 07/24/2031.