The earnings call presented a balanced view with several positive outcomes such as increased investment commitments and successful financial optimizations. However, there were concerns about nonaccrual positions and a slight decline in NAV, reflecting some challenges in specific portfolio companies.

Company Guidance

During the third quarter of 2025, Morgan Stanley Direct Lending Fund demonstrated solid performance, achieving net investment income of $0.50 per share, consistent with the previous quarter. The Fund committed $183 million to new investments, marking a 23% increase from the second quarter, with new platforms accounting for nearly 75% of non-refinancing volume. The Board maintained its dividend distribution at $0.50 per share for the fourth quarter. The portfolio, valued at $3.8 billion, consisted of 96% first lien debt and exhibited a low nonaccrual rate of 120 basis points. The weighted average yield on debt and income-producing investments was 9.7% at cost. Despite certain challenges, such as two new nonaccruals, the Fund's portfolio remained robust, with a weighted average borrower EBITDA of approximately $120 million for new deployments. The Fund also closed its inaugural CLO and repriced its asset-based facility, enhancing its capital structure and reducing funding costs.

Increased Investment Commitments

MSDL committed $183 million to new investments, representing a 23% increase relative to the second quarter.

Strong Portfolio Performance

The portfolio remains well-diversified with 218 portfolio companies across 33 industries, maintaining a strong first lien focus with 96% first lien debt.

Successful Financial Optimizations

Closed inaugural CLO totaling approximately $401 million and repriced BMP facility, reducing spread by 30 basis points.

Stable Net Investment Income

Net investment income for the third quarter remained unchanged at $43.7 million or $0.50 per share.

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

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MSDL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 27, 2026	2025 (Q4)	0.49 / -	0.57	―	―	―
Nov 06, 2025	2025 (Q3)	0.50 / 0.50	0.66	-24.24% (-0.16)	―	―
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
Nov 06, 2025	$16.62	$16.46	-0.96%
Aug 07, 2025	$17.62	$17.34	-1.59%
May 08, 2025	$18.20	$17.57	-3.46%
Feb 27, 2025	$19.08	$18.66	-2.20%

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 Feb 27, 2026, Before Open (Confirmed).

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

Morgan Stanley Direct Lending Fund (MSDL) earnings time is at Feb 27, 2026, 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 (Q4) is 0.49.

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