The call highlighted the company's solid performance in a challenging market, successful debt refinancing efforts, and a strong, diversified portfolio. However, concerns about unrealized losses, spread compression, and new nonaccrual positions were notable. Despite these challenges, the overall sentiment was cautiously optimistic with an emphasis on strategic management and resilience.

Company Guidance

In the second quarter of 2025, Morgan Stanley Direct Lending Fund (MSDL) reported solid financial performance and strategic advancements. The fund achieved a net investment income of $0.50 per share, aligning with the declared dividend of the same amount. MSDL's portfolio, valued at $3.8 billion, comprised 96% first lien debt and demonstrated a weighted average yield on debt at 10.1% at cost. The fund's debt-to-equity ratio increased slightly to 1.15x, with recent financial maneuvers including a $350 million unsecured note issued at 6% and an inaugural private credit CLO. The management highlighted the fund's defensive credit strategy, emphasizing its focus on first lien senior secured loans and maintaining an average borrower EBITDA of approximately $90 million. Furthermore, MSDL's proactive portfolio management resulted in a low nonaccrual rate of 70 basis points, indicating strong credit health despite market volatility.

Strong Performance in Volatile Market

Morgan Stanley Direct Lending Fund generated net investment income of $0.50 per share, consistent with the declared dividend, driven by stability in the underlying credit performance of the portfolio.

Debt Refinancing Success

The company successfully refinanced legacy unsecured debt with a new 5-year bond priced in May at a yield improvement of 130 basis points and priced their inaugural CLO to diversify leverage mix.

Diverse and High-Quality Portfolio

The portfolio remains highly diversified with 96% in first lien debt and average borrower EBITDA of approximately $120 million, demonstrating strong risk-adjusted return potential.

Solid Credit Quality

The credit health of the book remains high with over 98% of the portfolio risk rated 2 or better, and nonaccruals remain low at 70 basis points of the total portfolio.

Morgan Stanley Direct Lending Fund (MSDL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

MSDL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	0.51 / -	0.66	―	―	―
Aug 07, 2025	2025 (Q2)	0.52 / 0.50	0.63	-20.63% (-0.13)	―	―
May 08, 2025	2025 (Q1)	0.55 / 0.52	0.63	-17.46% (-0.11)	―	―
Feb 27, 2025	2024 (Q4)	0.62 / 0.57	0.67	-14.93% (-0.10)	―	―
Nov 07, 2024	2024 (Q3)	0.64 / 0.66	0.7	-5.71% (-0.04)	―	―
Aug 08, 2024	2024 (Q2)	0.62 / 0.63	0.79	-20.25% (-0.16)	―	―
May 09, 2024	2024 (Q1)	0.65 / 0.63	0.62	1.61% (+0.01)	―	―
Mar 01, 2024	2023 (Q4)	0.66 / 0.67	0.32	109.38% (+0.35)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MSDL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$18.16	$17.88	-1.54%
May 08, 2025	$18.76	$18.12	-3.41%
Feb 27, 2025	$19.67	$19.24	-2.19%
Nov 07, 2024	$18.77	$18.78	+0.05%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Morgan Stanley Direct Lending Fund (MSDL) report earnings?

Morgan Stanley Direct Lending Fund (MSDL) is schdueled to report earning on Nov 06, 2025, Before Open (Confirmed).

What is Morgan Stanley Direct Lending Fund (MSDL) earnings time?

Morgan Stanley Direct Lending Fund (MSDL) earnings time is at Nov 06, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is MSDL EPS forecast?

MSDL EPS forecast for the fiscal quarter 2025 (Q3) is 0.51.

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