The earnings call highlighted several positive aspects such as strong net investment income, increased new investment commitments, and a significant milestone in committed capital. Challenges included a decrease in net investment income due to expired fee waivers and credit spread widening impacting unrealized losses. The uncertainty surrounding tariffs affecting M&A activity also posed a challenge. Overall, the positives and negatives appear to be balanced.

Company Guidance -

Q3 2025

During the first quarter of 2025, Morgan Stanley Direct Lending Fund reported a net investment income of $0.52 per share, which exceeded the $0.50 per share dividend declared, driven by strong underlying credit performance with low contributions from payment in kind. New investment commitments totaled approximately $233 million, representing a significant increase in gross deployment compared to the previous quarter, with repayments amounting to $202 million. The fund's debt to net asset value (NAV) ratio modestly increased from 1.08 times to 1.11 times. The portfolio ended the quarter with a net fair value of $3.8 billion, composed of 96% first lien debt. The average yield on debt and income-producing investments was 10.2% at cost and 10.3% at fair value. The fund's net change in unrealized losses was $17 million due to credit spread widening in the secondary market. Additionally, Morgan Stanley Direct Lending Fund's NAV per share decreased slightly to $20.65 from $20.81 in the prior period. The company declared a regular distribution of $0.50 per share for the second quarter of 2025 and established a $300 million at-the-market equity issuance program to raise capital efficiently under supportive market conditions.

Strong Net Investment Income

Morgan Stanley Direct Lending generated strong operating results with net investment income of $0.52 per share, exceeding the $0.50 dividend declared.

Increase in New Investment Commitments

The first quarter saw new investment commitments totaling approximately $233 million, marking a meaningful increase in gross deployment relative to the prior quarter.

Sponsor-Backed Business Milestone

Morgan Stanley Direct Lending's sponsor-backed direct lending business in North America surpassed $20 billion in committed capital.

Diverse Portfolio Composition

The portfolio comprised 96% first lien debt with significant exposure to software and insurance services sectors, which accounted for 19.5% and 12% of the portfolio at fair value, respectively.

Low Non-Accrual Rate

Non-accruals remained minimal at just 20 basis points of the portfolio at cost, with one portfolio company removed from non-accrual status during the quarter.

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
Nov 06, 2025	2025 (Q3)	- / -	0.66	―	―	―
Aug 07, 2025	2025 (Q2)	0.52 / 0.41	0.63	-34.92% (-0.22)	―	―
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
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%
Aug 08, 2024	$17.44	$17.82	+2.18%

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?

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What is MSDL EPS forecast?

Currently, no data Available

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