Morgan Stanley Direct Lending Fund (MSDL) - Net Assets
Based on the latest financial reports, Morgan Stanley Direct Lending Fund (MSDL) has net assets worth $1.69 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($3.82 Billion) and total liabilities ($2.13 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. Also explore MSDL asset base for the complete picture of this company's asset base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $1.69 Billion |
| % of Total Assets | 44.2% |
| Annual Growth Rate | N/A |
| 5-Year Change | 47.07% |
| 10-Year Change | N/A |
| Growth Volatility | 113.77 |
Morgan Stanley Direct Lending Fund - Net Assets Trend (2019–2025)
This chart illustrates how Morgan Stanley Direct Lending Fund's net assets have evolved over time, based on quarterly financial data. Check MSDL tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Annual Net Assets for Morgan Stanley Direct Lending Fund (2019–2025)
The table below shows the annual net assets of Morgan Stanley Direct Lending Fund from 2019 to 2025. For live valuation and market cap data, see Morgan Stanley Direct Lending Fund (MSDL) total market value.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $1.75 Billion | -5.11% |
| 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 decreased by 1846405600.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $86.00K | 0.00% |
| Other Components | $1.77 Billion | 101.12% |
| Total Equity | $1.75 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 |
|---|---|
|
Triumph Financial, Inc.
NASDAQ:TFIN
|
$1.27 Billion |
|
UTI Asset Management Company Limited
NSE:UTIAMC
|
$1.27 Billion |
|
Birchcliff Energy Ltd.
TO:BIR
|
$1.27 Billion |
|
Shandong Weigao Orthopaedic Device Co. Ltd. A
SHG:688161
|
$1.27 Billion |
|
Intellia Therapeutics Inc
NASDAQ:NTLA
|
$1.27 Billion |
|
Bitfarms Ltd.
NASDAQ:KEEL
|
$1.27 Billion |
|
Cairn Homes PLC
IR:C5H
|
$1.27 Billion |
|
Alphatec Holdings Inc
NASDAQ:ATEC
|
$1.27 Billion |
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 2024 to 2025, total equity changed from 1,842,156,000 to 1,748,089,000, a change of -94,067,000 (-5.1%).
- Net income of 122,094,000 contributed positively to equity growth.
- Dividend payments of 184,032,000 reduced retained earnings.
- Share repurchases of 42,126,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $122.09 Million | +6.98% |
| Dividends Paid | $184.03 Million | -10.53% |
| Share Repurchases | $42.13 Million | -2.41% |
| Other Changes | $10.00 Million | +0.57% |
| Total Change | $- | -5.11% |
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: 0.75x
- 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 | $15.01 | x |
| 2020-12-31 | $3.42 | $15.01 | x |
| 2021-12-31 | $13.46 | $15.01 | x |
| 2022-12-31 | $15.83 | $15.01 | x |
| 2023-12-31 | $19.50 | $15.01 | x |
| 2024-12-31 | $20.64 | $15.01 | x |
| 2025-12-31 | $20.03 | $15.01 | 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): 6.98%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 31.55%
- • Asset Turnover: 0.10x
- • Equity Multiplier: 2.24x
- Recent ROE (6.98%) is above the historical average (6.95%), 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 |
| 2025 | 6.98% | 31.55% | 0.10x | 2.24x | $-52.71 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: $1,105,339,023
- Average return on equity (ROE) among peers: 18.09%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund (MSDL) | $1.69 Billion | 0.00% | 1.26x | $1.27 Billion |
| Acadian Asset Management Inc (AAMI) | $384.40 Million | 74.58% | 2.59x | $1.86 Billion |
| AllianceBernstein Holding L.P. (AB) | $1.16 Billion | 6.78% | 0.01x | $3.37 Billion |
| Associated Capital Group Inc (AC) | $878.25 Million | 1.16% | 0.08x | $78.56 Million |
| Abrdn Emerging Markets Equity Income Fund Inc (AEF) | $160.40 Million | 149.15% | 0.14x | $265.69 Million |
| AgriFORCE Growing Systems Ltd (AGRI) | $8.00 Million | -83.04% | 0.47x | $194.14 Million |
| Alpha Compute Corp (ALP) | $5.74 Million | 8.75% | 0.01x | $4.53 Million |
| Alvarium Tiedemann Holdings Inc. (ALTI) | $17.85 Million | -32.96% | 4.15x | $397.56 Million |
| Affiliated Managers Group Inc (AMG) | $1.85 Billion | 3.21% | 0.83x | $9.37 Billion |
| Ameriprise Financial Inc (AMP) | $5.59 Billion | 37.54% | 23.56x | $40.38 Billion |
| AMTD IDEA Group (AMTD) | $1.00 Billion | 15.72% | 0.06x | $30.17 Million |
About 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.