Welcome to our dedicated page for MORGAN STANLEY DIRECT LENDING SEC filings (Ticker: MSDL), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Morgan Stanley Direct Lending Fund (NYSE: MSDL) SEC filings page provides direct access to the company’s regulatory disclosures as a publicly traded, externally managed Business Development Company. MSDL files annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, along with registration statements and exhibits related to its financing activities.
In its 10-K and 10-Q filings, MSDL details its investment portfolio of senior secured and second lien loans, other debt investments and equity positions in U.S. middle-market companies. These reports include information on investments at fair value, net assets, net asset value per share, leverage, non-accrual investments and the composition of the portfolio by asset type and industry, as well as disclosures on management and incentive fees paid to its external adviser, MS Capital Partners Adviser Inc.
Form 8-K filings highlight material events such as quarterly and annual financial results, regular dividend declarations, amendments to the BNP funding facility and other credit arrangements, the pricing and issuance of senior unsecured notes, and the completion or pricing of term debt securitizations (collateralized loan obligations) through subsidiaries like North Haven Private Credit CLO 1 LLC. 8-Ks also report changes in key officers, including the Chief Executive Officer, Chief Investment Officer, Co-Presidents and Chief Compliance Officer.
MSDL’s filings further describe its status as a non-diversified, closed-end investment management company regulated as a BDC and its election to be treated as a Regulated Investment Company for tax purposes. They explain that MSDL is not a subsidiary of Morgan Stanley, is not consolidated with Morgan Stanley and that Morgan Stanley has no obligation to provide financial support to the fund.
On Stock Titan, investors can review these filings alongside AI-powered summaries that help explain complex sections, highlight key metrics and track developments in MSDL’s leverage, portfolio quality, financing structures and governance over time.
Morgan Stanley Direct Lending Fund reported fourth-quarter 2025 net investment income of $42.4 million, or $0.49 per share, slightly below $0.50 in the prior quarter, with earnings per share of $0.33. Total investment income was $96.6 million, down from $99.7 million, mainly due to lower base rates.
At December 31, 2025, investments at fair value were $3.77 billion, net assets were $1.75 billion, and net asset value per share was $20.26 versus $20.41 at September 30, 2025. Debt to equity was 1.20x and about 96% of the portfolio was first lien debt, with non‑accruals at 1.6% of investments at amortized cost. For full-year 2025, net investment income was $176.0 million, or $1.40 per share.
The Board declared a first quarter 2026 regular dividend of $0.45 per share, payable on or around April 24, 2026 to stockholders of record on March 31, 2026. The company also authorized a new $100 million share repurchase program over 24 months and launched Capstone Lending LLC, a joint venture where it committed up to $200 million; approximately 47% of this commitment was called in February 2026.
MSDL provides a detailed schedule of non-controlled, non-affiliated investments, showing a large portfolio of primarily first-lien floating-rate loans across software, professional services, healthcare, industrials, and other sectors. Many loans are priced at spreads such as S + 4.50% to S + 7.50%, with some including PIK (paid-in-kind) components, and current cash interest rates generally in the high single to low double digits.
The portfolio also includes second-lien positions, delayed draw term loans, revolving credit commitments and several preferred and common equity stakes. Stated loan maturity dates extend roughly from 2025 through 2033, illustrating a broadly laddered schedule of contractual cash flows and financing commitments to a wide range of middle-market borrowers.
Morgan Stanley Direct Lending Fund reported that entities affiliated with Morgan Stanley have become significant shareholders. Morgan Stanley and Morgan Stanley Investment Management Inc., both Delaware entities, jointly report beneficial ownership of 4,371,105 shares of the fund’s common stock, representing 5.0% of the class as of the event date.
The filing shows no sole voting or dispositive power, but shared voting power over a portion of the shares and shared dispositive power over the full reported amount. The holders state that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
Morgan Stanley Direct Lending Fund announced plans for its upcoming financial disclosure schedule. The company will report its fourth quarter and full year 2025 results on Thursday, February 26, 2026, after the market closes.
Management will then host an earnings call on Friday, February 27, 2026 at 10:00 a.m. Eastern Time to discuss the results. These details were provided through a press release that is included as Exhibit 99.1 to this current report.
Morgan Stanley Direct Lending Fund reported an initial ownership filing for an officer. The reporting person, who serves as Chief Compliance Officer, indicated on this Form 3 that they do not beneficially own any non-derivative or derivative securities of Morgan Stanley Direct Lending Fund. The filing is made as an individual reporting person and notes explicitly that no securities are beneficially owned.
Morgan Stanley Direct Lending Fund reported a planned change in its compliance leadership. On December 22, 2025, Gauranga Pal notified the Board that he will resign as the Company’s Chief Compliance Officer, effective January 1, 2026. The Company states that his resignation is not the result of any disagreement with the Company, and he will continue to serve as an Executive Director of Morgan Stanley Investment Management.
Effective the same date, the Board appointed Hope Brown, age 52, as the new Chief Compliance Officer. She has worked in the financial industry since 1995 and currently serves as Executive Director and Chief Compliance Officer for the Calvert Funds, as well as Global Head of ESG Compliance Advisory for Morgan Stanley Investment Management. The Company notes there are no arrangements or family relationships tied to her appointment and no related-party transactions requiring disclosure.
Morgan Stanley Direct Lending Fund reported an equity transaction by its chief investment officer on a Form 4. On 11/11/2025, the officer acquired 3,000 shares of common stock, par value $0.001 per share, at a price of $16.72 per share, with the transaction coded as “P.”
After this acquisition, the reporting officer beneficially owned 3,000 shares of the fund’s common stock, held in direct ownership.
Morgan Stanley Direct Lending Fund (MSDL) reported an insider transaction by a director. The filing shows a purchase (Code P) of 600 shares of common stock at $16.405 on 11/10/2025.
Following this trade, the director’s beneficial ownership stands at 4,387 shares, held indirectly through an Individual Retirement Account.
Morgan Stanley Direct Lending Fund (MSDL) furnished a press release announcing financial results for the third quarter ended September 30, 2025, and disclosed a new stockholder distribution.
The Board declared a regular distribution of $0.50 per share on November 4, 2025, payable on or around January 23, 2026 to stockholders of record as of December 31, 2025. The earnings information and the press release (Exhibit 99.1) were furnished, not filed, under the Exchange Act.
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.