Morgan Stanley Direct Lending Fund
Morgan Stanley Direct Lending Fund is a business development company. The fund chiefly invests in riskier bonds, issued by middle-market companies or by private equity firms looking to finance their acquisitions.
Morgan Stanley Direct Lending Fund (MSDL) - Net Assets
Latest net assets as of September 2025: $1.77 Billion USD
Based on the latest financial reports, Morgan Stanley Direct Lending Fund (MSDL) has net assets worth $1.77 Billion USD as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.93 Billion) and total liabilities ($2.16 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.77 Billion |
| % of Total Assets | 45.05% |
| Annual Growth Rate | N/A |
| 5-Year Change | 510.75% |
| 10-Year Change | N/A |
| Growth Volatility | 120.58 |
Morgan Stanley Direct Lending Fund - Net Assets Trend (2019–2024)
This chart illustrates how Morgan Stanley Direct Lending Fund's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Morgan Stanley Direct Lending Fund (2019–2024)
The table below shows the annual net assets of Morgan Stanley Direct Lending Fund from 2019 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $1.84 Billion | +7.03% |
| 2023-12-31 | $1.72 Billion | +23.18% |
| 2022-12-31 | $1.40 Billion | +17.56% |
| 2021-12-31 | $1.19 Billion | +294.07% |
| 2020-12-31 | $301.62 Million | +27007.68% |
| 2019-12-31 | $-1.12 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Morgan Stanley Direct Lending Fund's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 3077994400.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $29.62 Million | 1.61% |
| Common Stock | $89.00K | 0.00% |
| Other Components | $1.81 Billion | 98.39% |
| Total Equity | $1.84 Billion | 100.00% |
Morgan Stanley Direct Lending Fund Competitors by Market Cap
The table below lists competitors of Morgan Stanley Direct Lending Fund ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
GREEN PLAINS (G3V.SG)
STU:G3V
|
$137.14K |
|
RESIDENCES DAR SAADA
BC:RESIDENCES-DAR-SAADA
|
$137.20K |
|
NORTH AMERICAN ENER (N5Z.SG)
STU:N5Z
|
$137.24K |
|
Can Fite Biopharma Ltd
TA:CANF
|
$137.32K |
|
Major League Football Inc
PINK:MLFB
|
$136.87K |
|
Hannong Chemicals Inc.
KQ:011500
|
$136.84K |
|
Emeis
F:OPA1
|
$136.73K |
|
OCBC (OCBA.SG)
STU:OCBA
|
$136.58K |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Morgan Stanley Direct Lending Fund's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 1,721,151,000 to 1,842,156,000, a change of 121,005,000 (7.0%).
- Net income of 215,564,000 contributed positively to equity growth.
- Dividend payments of 169,083,000 reduced retained earnings.
- Share repurchases of 18,062,000 reduced equity.
- New share issuances of 95,888,000 increased equity.
- Other comprehensive income decreased equity by 1,721,151,000.
- Other factors increased equity by 1,717,849,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $215.56 Million | +11.7% |
| Dividends Paid | $169.08 Million | -9.18% |
| Share Repurchases | $18.06 Million | -0.98% |
| Share Issuances | $95.89 Million | +5.21% |
| Other Comprehensive Income | $-1.72 Billion | -93.43% |
| Other Changes | $1.72 Billion | +93.25% |
| Total Change | $- | 7.03% |
Book Value vs Market Value Analysis
This analysis compares Morgan Stanley Direct Lending Fund's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.71x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-12-31 | $-0.36 | $14.63 | x |
| 2020-12-31 | $3.42 | $14.63 | x |
| 2021-12-31 | $13.46 | $14.63 | x |
| 2022-12-31 | $15.83 | $14.63 | x |
| 2023-12-31 | $19.50 | $14.63 | x |
| 2024-12-31 | $20.64 | $14.63 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Morgan Stanley Direct Lending Fund utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 11.70%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 64.83%
- • Asset Turnover: 0.09x
- • Equity Multiplier: 2.12x
- Recent ROE (11.70%) is above the historical average (6.94%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2019 | 0.00% | 0.00% | 0.00x | 0.00x | $-1.04 Million |
| 2020 | 6.07% | 77.96% | 0.04x | 2.18x | $-11.87 Million |
| 2021 | 7.00% | 84.42% | 0.04x | 2.10x | $-35.60 Million |
| 2022 | 3.47% | 48.44% | 0.03x | 2.14x | $-91.19 Million |
| 2023 | 13.42% | 70.40% | 0.10x | 1.92x | $58.90 Million |
| 2024 | 11.70% | 64.83% | 0.09x | 2.12x | $31.35 Million |
Industry Comparison
This section compares Morgan Stanley Direct Lending Fund's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $351,111,792
- Average return on equity (ROE) among peers: 0.20%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund (MSDL) | $1.77 Billion | 0.00% | 1.22x | $136.91K |
| Aberdeen International Inc (AABVF) | $214.75K | -122.83% | 0.39x | $2.78 Million |
| Acadian Asset Management Inc (AAMI) | $-21.60 Million | 0.00% | 0.00x | $1.37 Billion |
| AllianceBernstein Holding L.P. (AB) | $402.30 Million | 32.07% | 0.95x | $3.38 Billion |
| VIVO Cannabis Inc (ABCCF) | $164.13 Million | 16.36% | 0.09x | $148.26 Million |
| Associated Capital Group Inc (AC) | $913.08 Million | 4.10% | 0.03x | $42.54 Million |
| Adrian Resources Ltd (ADLRF) | $788.86 Million | 18.29% | 0.62x | $609.82 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $190.80 Million | 139.32% | 0.02x | $73.68K |
| AGF Management Limited (AGFMF) | $908.07 Million | 4.67% | 0.50x | $298.43 Million |
| Agronomics Limited (AGNMF) | $157.27 Million | -6.99% | 0.00x | $57.14 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $8.00 Million | -83.04% | 0.47x | $2.71 Million |