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Morgan Stanley Direct Lending Fund (MSDL)
NYSE:MSDL
Earnings Data
Report Date
May 07, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.47Last Year’s EPS
0.52Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong execution on capital management and origination (CLO, JV, refinancings, repurchase program), a large and defensively structured first‑lien portfolio, and stable spreads driven by disciplined underwriting. Offsetting these positives were near-term headwinds from lower base rates (yield down ~40 bps), a modest decline in NII ($0.49 vs $0.50 prior quarter), a 10% distribution reduction to $0.45, small realized/unrealized losses ($13.7M) and a modest uptick in nonaccruals concentrated in a few sectors. Management emphasized confidence in portfolio quality and gradual accretion from the JV, while acknowledging rate‑driven earnings pressure that will be monitored.Company Guidance
Solid Operating Performance and Earnings Quality
Net investment income of $42.4M or $0.49 per share in Q4 2025 (vs. $0.50 in prior quarter). Earnings quality remained high with limited contribution from PIK and other non-cash income.
Robust Portfolio Size and Defensive Structure
Portfolio fair value of ~$3.8B across 227 companies and 35 industries; 96% first‑lien debt, weighted average loan-to-value ~40% and median EBITDA ~$90M—demonstrating a defensive, diversified middle‑market focus.
Active and Disciplined Deployment
Committed $146M to new investments in the quarter (17 new portfolio companies, 15 existing); total fundings ~$164M offset by $163M repayments; median EBITDA for deals closed during the year ~ $94M (in line with portfolio median).
Successful Capital and Funding Initiatives
Repriced asset-based facility, refinanced legacy unsecured debt, executed inaugural CLO, and closed a JV (MSDL committed $200M equity of a $250M vehicle). Q4 repurchases of ~$9M and a renewed repurchase program authorized up to $100M.
Joint Venture Ramp and Potential Accretion
JV nearly 50% ramped at close; ~47% of MSDL's $200M equity commitment called; JV has made $372.8M of investment commitments across 51 companies and targets scaling to ~$700M—expected to be accretive to NII over time.
Stable Spread Environment and Underwriting Discipline
Weighted-average spreads on deployed capital remained stable for the fourth consecutive quarter in the mid-to-high 400 bps range; proprietary underwriting (including an AI scorecard) and focus on first-lien, mission-critical software and professional services.
Controlled Expenses and Low PIK Exposure
Total expenses declined to $54.2M from $56.0M (down ~3.2% QoQ). PIK income remained low at 3.9% of total income (down ~20 bps QoQ).
Morgan Stanley Direct Lending Fund (MSDL) Earnings, Revenues Date & History
MSDL Earnings History
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 |
|---|---|---|---|
Feb 26, 2026 | $15.47 | $14.80 | -4.33% |
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% |
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 May 07, 2026, Before Open (Confirmed).
What is Morgan Stanley Direct Lending Fund (MSDL) earnings time?
Morgan Stanley Direct Lending Fund (MSDL) earnings time is at May 07, 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 2026 (Q1) is 0.47.