MSDL on NYSE
Morgan Stanley Direct Lending Fund
Investment fund that raised $1.3 billion in 2019 (SEC Form D). Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerMSDL on NYSE2
- HeadquartersNew York, United States2
- Incorporated inDE3
- Business address1585 Broadway, New York, Ny 100363
- Filer categoryLarge accelerated filer3
- Legal formCorporation2
- Kind of organizationInvestment fund2
- LEI549300QEX22T2J8IB0292
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
- Registered withSecurities and Exchange Commission, 00017825242
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 5 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Total investment income | $397.3M | $416.1M | $367.7M | ||
| Interest and other financing expenses | $136.1M | $122.9M | $112.9M | ||
| Management fees | $38.5M | $35.4M | $30.6M | ||
| Income based incentive fees | $35.7M | $43.5M | $42.0M | ||
| Professional fees | $8.0M | $6.7M | $4.5M | ||
| Directors fees | $517.0K | $533.0K | $345.0K | ||
| Administrative service fees | $287.0K | $216.0K | $178.0K | ||
| General and other expenses | $359.0K | $97.0K | $633.0K | ||
| Total expenses | $219.5M | $209.4M | $191.1M | ||
| Management fees waiver (Note 3) | -$641.0K | -$9.9M | -$22.9M | ||
| Incentive fees waiver (Note 3) | -$375.0K | -$6.0M | $0 | ||
| Net expenses | $218.4M | $193.4M | $168.2M | ||
| Net investment income (loss) before taxes | $178.8M | $222.7M | $199.6M | ||
| Excise tax expense | $2.8M | $2.4M | $1.5M | ||
| Net investment income (loss) after taxes | $176.0M | $220.2M | $198.1M | ||
| Net realized gain (loss) on non-controlled/non-affiliated investments | -$7.5M | -$16.5M | $118.0K | ||
| Foreign currency and other transactions | $58.0K | $13.0K | |||
| Net realized gain (loss) | -$7.4M | -$16.5M | $118.0K | ||
| Translation of assets and liabilities in foreign currencies | $78.0K | -$108.0K | $0 | ||
| Net unrealized appreciation (depreciation) | -$46.5M | $11.8M | $32.8M | ||
| Net realized and unrealized gain (loss) | -$53.9M | -$4.7M | $33.0M | ||
| Net increase (decrease) in net assets resulting from operations | $122.1M | $215.6M | $231.0M | ||
| Net investment income (loss) per share, basic | $2.02 | $2.48 | $2.67 | $2.08 | $2.34 |
| Earnings per share - basic | $1.40 | $2.43 | $3.11 | ||
| Earnings per share - diluted | $1.40 | $2.43 | $3.11 | ||
| Weighted average shares outstanding - basic (in shares) | 87.3M shares | 88.6M shares | 74.2M shares | 61.7M shares | 31.2M shares |
| Weighted average shares outstanding - diluted (in shares) | 87.3M shares | 88.6M shares | 74.2M shares | 61.7M shares | 31.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 6 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Fair value | $3.8B | $3.8B | |||
| Cash and cash equivalents (restricted cash of $3,820 and $2,000) | $81.4M | $63.4M | |||
| Investments in unaffiliated money market fund (cost of $12,976 and $8,976) | $13.0M | $9.0M | |||
| Deferred financing costs | $16.9M | $16.5M | |||
| Interest and dividend receivable from non-controlled/non-affiliated investments | $26.3M | $30.6M | |||
| Interest receivable from non-controlled/affiliated investments | $89.0K | $0 | |||
| Receivable for investments sold/repaid | $455.0K | $470.0K | |||
| Prepaid expenses and other assets | $10.4M | $630.0K | |||
| Total assets | $3.9B | $3.9B | |||
| Debt (net of unamortized debt issuance costs of $10,545 and $6,527) | $2.1B | $2.0B | |||
| Payable for investment purchased | $0 | $192.0K | |||
| Payable to affiliates (Note 3) | $91.0K | $29.0K | |||
| Dividends payable | $43.2M | $53.2M | |||
| Management fees payable | $9.6M | $7.0M | |||
| Income based incentive fees payable | $7.3M | $9.0M | |||
| Interest payable | $20.9M | $21.2M | |||
| Accrued expenses and other liabilities | $4.2M | $5.7M | |||
| Total liabilities | $2.2B | $2.1B | |||
| Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding) | $0 | $0 | |||
| Common stock, par value $0.001 (500,000,000 shares authorized; 86,276,305 and 88,511,089 shares issued and outstanding) | $86.0K | $89.0K | |||
| Additional Paid in Capital, Common Stock | $1.8B | $1.8B | |||
| Distributable earnings (loss) | -$19.6M | $29.6M | $8.5M | -$54.8M | |
| Total net assets | $1.7B | $1.8B | $1.7B | $1.4B | |
| Total liabilities and net assets | $3.9B | $3.9B | |||
| Net asset value per share | $20.26 | $20.81 | $20.67 | $19.81 | $20.91 |
| Restricted cash | $3.8M | $2.0M | |||
| Investments at amortized cost | $3.8B | $3.8B | |||
| Investments in unaffiliated money market fund, cost | $13.0M | $9.0M | |||
| Unamortized debt issuance costs | $10.5M | $6.5M | |||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | |||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |||
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | |||
| Common stock, shares issued (in shares) | 86.3M shares | 88.5M shares | |||
| Common stock, shares outstanding (in shares) | 86.3M shares | 88.5M shares | 83.3M shares | 70.5M shares | 56.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 |
|---|---|---|---|---|---|---|
| Fair value | $3.8B | $3.8B | ||||
| Cash and cash equivalents (restricted cash of $3,820 and $2,000) | $81.4M | $63.4M | ||||
| Investments in unaffiliated money market fund (cost of $12,976 and $8,976) | $13.0M | $9.0M | ||||
| Deferred financing costs | $16.9M | $16.5M | ||||
| Interest and dividend receivable from non-controlled/non-affiliated investments | $26.3M | $30.6M | ||||
| Interest receivable from non-controlled/affiliated investments | $89.0K | $0 | ||||
| Receivable for investments sold/repaid | $455.0K | $470.0K | ||||
| Prepaid expenses and other assets | $10.4M | $630.0K | ||||
| Total assets | $3.9B | $3.9B | ||||
| Debt (net of unamortized debt issuance costs of $10,545 and $6,527) | $2.1B | $2.0B | ||||
| Payable for investment purchased | $0 | $192.0K | ||||
| Payable to affiliates (Note 3) | $91.0K | $29.0K | ||||
| Dividends payable | $43.2M | $53.2M | ||||
| Management fees payable | $9.6M | $7.0M | ||||
| Income based incentive fees payable | $7.3M | $9.0M | ||||
| Interest payable | $20.9M | $21.2M | ||||
| Accrued expenses and other liabilities | $4.2M | $5.7M | ||||
| Total liabilities | $2.2B | $2.1B | ||||
| Preferred stock, $0.001 par value (1,000,000 shares authorized; no shares issued and outstanding) | $0 | $0 | ||||
| Common stock, par value $0.001 (500,000,000 shares authorized; 86,276,305 and 88,511,089 shares issued and outstanding) | $86.0K | $89.0K | ||||
| Additional Paid in Capital, Common Stock | $1.8B | $1.8B | ||||
| Distributable earnings (loss) | -$19.6M | $29.6M | $8.5M | -$54.8M | ||
| Total net assets | $1.7B | $1.8B | $1.7B | $1.4B | ||
| Total liabilities and net assets | $3.9B | $3.9B | ||||
| Net asset value per share | $20.26 | $20.81 | $20.67 | $19.81 | $20.91 | $20.08 |
| Restricted cash | $3.8M | $2.0M | ||||
| Investments at amortized cost | $3.8B | $3.8B | ||||
| Investments in unaffiliated money market fund, cost | $13.0M | $9.0M | ||||
| Unamortized debt issuance costs | $10.5M | $6.5M | ||||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||||
| Preferred stock, shares authorized (in shares) | 1.0M shares | 1.0M shares | ||||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||||
| Common stock, shares authorized (in shares) | 500.0M shares | 500.0M shares | ||||
| Common stock, shares issued (in shares) | 86.3M shares | 88.5M shares | ||||
| Common stock, shares outstanding (in shares) | 86.3M shares | 88.5M shares | 83.3M shares | 70.5M shares | 56.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net increase (decrease) in net assets resulting from operations | $122.1M | $215.6M | $231.0M |
| Net unrealized (appreciation) depreciation on investments | $46.6M | -$11.9M | -$32.8M |
| Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | -$78.0K | $108.0K | $0 |
| Net unrealized (appreciation) depreciation on interest rate swap attributed to unsecured notes | $45.0K | $10.0K | $0 |
| Net realized (gain) loss on investments | $7.5M | $16.5M | -$118.0K |
| Net realized (gain) loss on foreign currency and other transactions | -$58.0K | -$13.0K | $0 |
| Investments in unaffiliated money market fund, net | -$4.0M | -$9.0M | $0 |
| Net accretion of discount and amortization of premium on investments | -$15.7M | -$14.9M | -$11.3M |
| Payment-in-kind interest and dividend capitalized | -$18.2M | -$13.1M | -$6.1M |
| Amortization of deferred financing costs | $4.1M | $3.7M | $3.2M |
| Amortization of debt issuance costs and original issuance discount on unsecured notes | $5.0M | $3.9M | $2.5M |
| Purchases of investments and change in payable for investments purchased | -$771.6M | -$1.2B | -$632.1M |
| Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid | $771.9M | $657.2M | $362.5M |
| (Increase) decrease in prepaid expenses and other assets | -$51.0K | -$132.0K | -$13.0K |
| (Decrease) increase in payable to affiliates | $62.0K | -$2.8M | $784.0K |
| (Decrease) increase in management fees payable | $2.6M | $5.0M | $229.0K |
| (Decrease) increase in incentive fees payable | -$1.7M | -$2.8M | $3.6M |
| (Decrease) increase in interest payable | -$260.0K | $2.4M | $1.8M |
| (Decrease) increase in accrued expenses and other liabilities | -$1.5M | $1.6M | $826.0K |
| Net cash provided by (used in) operating activities | $150.9M | -$382.5M | -$83.8M |
| Borrowings on debt | $1.6B | $1.2B | $408.0M |
| Repayments on debt | -$1.4B | -$712.0M | -$438.0M |
| Deferred financing costs paid | -$4.5M | -$5.9M | -$9.9M |
| Debt issuance costs paid | -$7.6M | -$4.1M | $0 |
| Dividends paid in cash | -$184.0M | -$169.1M | -$110.5M |
| Proceeds from issuance of common stock, net of underwriting & offering costs | -$163.0K | $95.9M | $222.8M |
| Repurchases of common stock | -$42.0M | -$18.1M | $0 |
| Net cash provided by (used in) financing activities | -$132.9M | $376.2M | $72.3M |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $18.0M | -$6.3M | -$11.5M |
| Effect of foreign exchange rate changes on cash | $38.0K | $12.0K | $0 |
| Excise tax paid | $2.6M | $1.5M | $361.0K |
| Interest expense paid | $126.6M | $113.0M | $105.3M |
| Reinvestment of dividends | $0 | $23.4M | $41.9M |
| Dividends payable | $43.2M | $53.2M | $50.0M |
| Non-cash purchases of investments | -$5.8M | -$24.9M | $0 |
| Non-cash sales of investments | $5.8M | $24.9M | $0 |
| Subscriptions receivable | $0 | $0 | $41.0K |
No quarter-by-quarter statement was filed.
Compare Morgan Stanley Direct Lending Fund with another company
Leadership
Who has led Morgan Stanley Direct Lending Fund, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerMichael Occi Jr. Aug 13, 2025 to now9
- Chief executive officerJeffrey Levin Nov 25, 2019 to Oct 11, 202310
- PresidentJeff M. Day Aug 5, 2025 to now11
- PresidentJeffrey Levin Nov 25, 2019 to Oct 11, 202310
- Chief financial officerOrit Mizrachi Oct 11, 2023 to Oct 11, 202312
- Chief financial officerDavid Pessah Dec 20, 2023 to now13
- Chief financial officerVenugopal Rathi Nov 25, 2019 to Mar 31, 202014
- Chief operating officerOrit Mizrachi Nov 25, 2019 to Oct 11, 202315
Board members and other officers (16)
- Chief Compliance OfficerHope L. Brown Jan 2, 2026 to now16
- OfficerOrit Mizrachi Mar 3, 2026 to now17
- Chief Investment OfficerAshwin Krishnan Aug 12, 2025 to now18
- Principal Accounting OfficerJonathan Frohlinger May 15, 2024 to May 15, 202419
- Chief Administrative OfficerMichael Occi Jr. Jan 23, 2023 to Jan 24, 202420
- Chief Compliance OfficerGauranga Pal May 9, 2023 to May 9, 202321
- Chief Compliance OfficerThomas P. Torrisi Oct 3, 2022 to Oct 3, 202222
- Chief Finanacial OfficerVenugopal Rathi Sep 30, 2020 to Dec 29, 202223
- Chief Compliance OfficerDavid Grove Stafford Ii. Nov 25, 2019 to Nov 25, 201924
- Board memberMichael Occi Jr. Mar 3, 2026 to now25
- Board memberAdam S. Metz Nov 25, 2019 to now26
- Board memberBruce D. Frank Nov 25, 2019 to now27
- Board memberDavid N. Miller Nov 25, 2019 to now28
- Board memberJeffrey Levin Nov 25, 2019 to Oct 11, 202310
- Board memberJoan Binstock Nov 25, 2019 to now29
- Board memberKevin Shannon Nov 25, 2019 to now30
Former names
Timeline
Filings
259 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 75 major events, 88 insider forms, 3 large holders, 2 private raises, 71 other. The latest 20:
- Oct 5, 20268-K EDGAR
- Sep 29, 20268-K EDGAR
- Aug 6, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 9, 20268-K EDGAR
- Jul 6, 20268-K EDGAR
- Jul 1, 20268-K EDGAR
- Jul 1, 2026424B2 EDGAR
- Jun 29, 2026FWP EDGAR
- Jun 29, 2026497AD EDGAR
- Jun 29, 2026424B2 EDGAR
- Jun 2, 20268-K EDGAR
- May 29, 20268-K EDGAR
- May 7, 20268-K EDGAR
- May 7, 202610-Q EDGAR
- Apr 27, 20268-K EDGAR
- Apr 23, 2026DEFR14A EDGAR
- Apr 17, 2026DEFA14A EDGAR
- Apr 17, 2026DEF 14A EDGAR
- Apr 6, 20268-K EDGAR
The 259 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
76 open-market trades by officers, directors and large owners since October 2021: 76 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 5, 2026 | Day Jeff M.Co-President | Buy | 5,000 | $14.90 | $74.5K | Form 4 |
| Mar 3, 2026 | Mizrachi OritSee Remarks | Buy | 1,000 | $14.49 | $14.5K | Form 4 |
| Mar 3, 2026 | MILLER DAVID NDirector | Buy | 5,000 | $14.69 | $73.5K | Form 4 |
| Mar 2, 2026 | MILLER DAVID NDirector | Buy | 5,000 | $14.68 | $73.4K | Form 4 |
| Mar 2, 2026 | Occi Michael Jr.Chief Executive Officer | Buy | 7,000 | $14.87 | $104.1K | Form 4 |
| Nov 11, 2025 | Krishnan AshwinChief Investment Officer | Buy | 3,000 | $16.72 | $50.2K | Form 4 |
| Nov 10, 2025 | FRANK BRUCE DDirector | Buy | 600 | $16.41 | $9.8K | Form 4 |
| Oct 6, 2025 | Binstock JoanDirector | Buy | 9,030 | $16.64 | $150.3K | Form 4 |
| Aug 14, 2025 | Shannon KevinDirector | Buy | 5,000 | $17.70 | $88.5K | Form 4 |
| Aug 14, 2025 | Pessah DavidChief Financial Officer | Buy | 3,400 | $17.72 | $60.2K | Form 4 |
| Aug 13, 2025 | Metz Adam SDirector | Buy | 28,248 | $17.67 | $499.1K | Form 4 |
| Aug 12, 2025 | MILLER DAVID NDirector | Buy | 10,000 | $17.69 | $176.9K | Form 4 |
| Aug 12, 2025 | Day Jeff M.Co-President | Buy | 5,650 | $17.70 | $100.0K | Form 4 |
| Aug 12, 2025 | Occi Michael Jr.Chief Executive Officer | Buy | 14,000 | $17.78 | $248.9K | Form 4 |
| Aug 11, 2025 | Binstock JoanDirector | Buy | 5,659 | $17.69 | $100.1K | Form 4 |
| Jun 6, 2025 | Shannon KevinDirector | Buy | 10,000 | $19.43 | $194.3K | Form 4 |
| Nov 11, 2024 | FRANK BRUCE DDirector | Buy | 420 | $20.50 | $8.6K | Form 4 |
| Jan 24, 2024 | Pessah DavidChief Financial Officer | Buy | 2,000 | $20.67 | $41.3K | Form 4 |
| Jan 24, 2024 | Occi Michael Jr.Chief Executive Officer | Buy | 7,500 | $20.67 | $155.0K | Form 4 |
| Oct 11, 2023 | Mizrachi OritSee Remarks | Buy | 657 | $20.62 | $13.5K | Form 4 |
All 76 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Morgan StanleySCHEDULE 13G, 1 filing Feb 12, 202631
- MS Credit Partners Holdings Inc.SC 13G/A, 2 filings Feb 2, 2022 to Jan 23, 202332
Money raised
Private offerings the company reported to the SEC on Form D.
- Dec 23, 2019Raised $1.3 billion in a private offering of equity Form D: 6,601 investors so far Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Morgan Stanley | 15,723,274 | $237.7M | 0.0% | −151,088 |
| UBS Group AG | 2,581,090 | $39.0M | 0.0% | +984,494 |
| Van Eck Associates Corp | 2,014,119 | $30.5M | 0.0% | +580,142 |
| Generali Asset Management SPA SGR | 1,829,964 | $27.7M | 0.5% | No change |
| Lunate Capital Ltd | 1,103,814 | $16.7M | 8.5% | New |
| Russell Investments Group, Ltd. | 1,061,802 | $16.1M | 0.0% | +339,853 |
| Two Sigma Investments, LP | 893,188 | $13.5M | 0.0% | +3,839 |
| Muzinich & Co., Inc. | 838,899 | $12.7M | 4.3% | +71,097 |
| Ares Management LLC | 775,128 | $11.7M | 0.5% | +363,128 |
| Ensign Peak Advisors, Inc | 748,000 | $11.3M | 0.0% | New |
| Altshuler Shaham Ltd | 650,437 | $9.8M | 0.1% | No change |
| American Financial Group Inc | 631,500 | $9.5M | 3.4% | No change |
| Sumitomo Mitsui Trust Group, Inc. | 616,116 | $9.3M | 0.0% | +58,003 |
| Brown Brothers Harriman & Co | 539,662 | $8.2M | 0.0% | New |
| Wells Fargo & Company/mn | 515,964 | $7.8M | 0.0% | −26,832 |
| DG Capital Management, LLC | 475,537 | $7.2M | 2.8% | −100,000 |
| Franklin Resources Inc | 456,469 | $6.9M | 0.0% | +269,658 |
| Caz Investments LP | 399,455 | $6.0M | 2.0% | New |
| TT Capital Management LLC | 343,317 | $5.2M | 4.0% | +10,850 |
| Hennion & Walsh Asset Management, Inc. | 315,801 | $4.8M | 0.1% | +28,418 |
| Trexquant Investment LP | 296,078 | $4.5M | 0.0% | −113,248 |
| Americana Partners, LLC | 262,611 | $4.0M | 0.1% | +5,427 |
| Fosun International Ltd | 240,374 | $3.6M | 0.8% | No change |
| HighTower Advisors, LLC | 238,437 | $3.6M | 0.0% | −26,847 |
| Liberty Mutual Group Asset Management Inc. | 204,770 | $3.1M | 0.3% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGARJeff M. Day, President
- 12
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- 15
- 16
- 17SEC EDGAROrit Mizrachi, Officer
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25SEC EDGARMichael Occi Jr., Board member
- 26SEC EDGARAdam S. Metz, Board member
- 27SEC EDGARBruce D. Frank, Board member
- 28SEC EDGARDavid N. Miller, Board member
- 29SEC EDGARJoan Binstock, Board member
- 30SEC EDGARKevin Shannon, Board member
- 31
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