Morgan Stanley Direct Lending Fund (the “Company”) is a non-diversified, externally managed specialty finance company that is focused on lending to middle-market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act��). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and intends to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.
Company profile
Ticker
MSDL
Exchange
Employees
Incorporated
Location
Fiscal year end
Industry
Former names
Morgan Stanley BDC LLC, Morgan Stanley Direct Lending Fund LLC
SEC CIK
Corporate docs
Subsidiaries
DLF CA SPV LLC • DLF SPV LLC • DLF Financing SPV LLC • DLF Equity Holdings LLC ...
MSDL stock data
Latest filings (excl ownership)
8-K
Results of Operations and Financial Condition
1 Mar 24
10-K
2023 FY
Annual report
29 Feb 24
8-K
Morgan Stanley Direct Lending Fund Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Call
14 Feb 24
POS EX
Additional exhibits for listing
30 Jan 24
424B1
Prospectus with pricing info
24 Jan 24
EFFECT
Notice of effectiveness
24 Jan 24
CERT
Certification of approval for exchange listing
22 Jan 24
8-A12B
Registration of securities on exchange
22 Jan 24
CORRESP
Correspondence with SEC
19 Jan 24
CORRESP
Correspondence with SEC
11 Jan 24
Financial summary
Quarter (USD) | Sep 23 | Jun 23 | Mar 23 | Dec 22 | |
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Diluted EPS |
Annual (USD) | Dec 22 | Dec 21 | Dec 20 | Dec 19 | |
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 88.09 mm | 88.09 mm | 88.09 mm | 88.09 mm | 88.09 mm | 88.09 mm |
Cash burn (monthly) | (no burn) | 960.08 k | (no burn) | (no burn) | 7.61 mm | 3.27 mm |
Cash used (since last report) | n/a | 5.74 mm | n/a | n/a | 45.49 mm | 19.52 mm |
Cash remaining | n/a | 82.35 mm | n/a | n/a | 42.59 mm | 68.56 mm |
Runway (months of cash) | n/a | 85.8 | n/a | n/a | 5.6 | 21.0 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
24 Jan 24 | Michael Jr. Occi | Common Stock, par value $0.001 per share | Buy | Acquire P | No | No | 20.67 | 7,500 | 155.03 k | 7,500 |
24 Jan 24 | David Pessah | Common Stock, par value $0.001 per share | Buy | Acquire P | No | No | 20.67 | 2,000 | 41.34 k | 2,000 |
11 Oct 23 | Metz Adam S | Common Stock, par value $0.001 per share | Buy | Acquire P | Yes | No | 20.62 | 6,566.239 | 135.40 k | 48,505.553 |
11 Oct 23 | Frank Bruce D | Common Stock, par value $0.001 per share | Buy | Acquire P | Yes | No | 20.62 | 328.312 | 6.77 k | 2,871.443 |
News
RBC Capital Reiterates Outperform on Morgan Stanley Direct, Maintains $21 Price Target
4 Mar 24
Morgan Stanley Direct Lending Fund Q4 Earnings Per Share Totals $0.70, Lower Than $1.02 YoY; Q4 Net Investment Income Totals $55.5M, Company Registers New Investment Commitments Worth $242.9M
1 Mar 24
RBC Capital Initiates Coverage On Morgan Stanley Direct with Outperform Rating, Announces Price Target of $21
20 Feb 24
Keefe, Bruyette & Woods Initiates Coverage On Morgan Stanley Direct with Market Perform Rating, Announces Price Target of $21
20 Feb 24