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Morgan Stanley Direct Lending Fund (MSDL) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Aug 06, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

0.45

Last Year’s EPS

0.5

Same Quarter Last Year

Analyst Consensus

Hold

Based on 4 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 26, 2026|

% Change Since:

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

The company guided to a Q1 2026 regular distribution of $0.45 per share (a $0.05 reduction), implying roughly a 9% yield on NAV, and said the payout is intended to be durable though the Board may reassess over time (including a potential year‑end special if excess income exists); key metrics at quarter‑end included $3.8B portfolio at fair value, $3.9B total assets, $1.75B net assets, NAV $20.26 (down from $20.41), spillover ~$0.85, Q4 net investment income $42.4M ($0.49 per share), total investment income $96.6M, PIK income 3.9% of income (down 20 bps), expenses $54.2M, net unrealized/realized losses $13.7M, nonaccruals 160 bps, 227 portfolio companies across 35 industries, 96% first‑lien, weighted average LTV ~40%, median EBITDA $90M, weighted average yield on debt 9.3% at cost (9.5% at fair value, ~40 bps q/q decline), debt/equity 1.20x (unsecured 54% of funded debt), $146M new commitments in the quarter (17 new companies), $164M fundings vs $163M repayments, ~$9M repurchased in Q4 and a renewed $100M buyback program, weighted average spreads on new deployment mid‑ to high‑400 bps, and the newly launched JV (MSDL committed $200M of up to $250M equity, ~47% called) with $372.8M of commitments across 51 companies, a $500M credit facility and a target to scale to ~$700M of assets over ~4–6 quarters — the JV is nearly 50% ramped and expected to be accretive to NII over time; management also signaled spread stability, a deceleration in yield contraction and additional Fed easing as key drivers of near‑term NII dynamics.

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

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	Play Transcript
Aug 06, 2026	2026 (Q2)	0.45 / -	0.5	―	―
Feb 26, 2026	2026 (Q1)	0.46 / 0.47	0.52	-9.62% (-0.05)	―
Feb 26, 2026	2025 (Q4)	0.49 / 0.49	0.57	-14.04% (-0.08)
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)	―

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	$14.54	$13.91	-4.33%
Feb 26, 2026	$14.54	$13.91	-4.33%
Nov 06, 2025	$15.17	$15.02	-0.96%
Aug 07, 2025	$16.07	$15.83	-1.54%

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 Aug 06, 2026, Before Open (Confirmed).

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

Morgan Stanley Direct Lending Fund (MSDL) earnings time is at Aug 06, 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 (Q2) is 0.45.