What is the 13F Pro Quality Score for MSDL?

13F Pro ranks Morgan Stanley Direct Lending Fund (MSDL) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View MSDL's current score at https://13fpro.ai/research/MSDL (free sign-up required for the full ranking).

Which hedge funds own the most MSDL stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of MSDL include MORGAN STANLEY, Generali Asset Management SPA SGR, UBS Group AG. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/MSDL as soon as new 13F filings post.

Where does 13F Pro source MSDL data?

All Morgan Stanley Direct Lending Fund fundamentals and ownership data come directly from SEC EDGAR. Morgan Stanley Direct Lending Fund files with the SEC under CIK 1782524. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is MSDL in?

Morgan Stanley Direct Lending Fund (MSDL) is classified in the Other sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/other.

How often is MSDL research updated on 13F Pro?

MSDL's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Morgan Stanley Direct Lending Fund(MSDL)Stock Analysis

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13F Pro Quality Score

Not in ranked universe

Pending next ranking run

This company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. Rankings refresh on Jan 1, Apr 1, Jul 1, Oct 1.

Financial data, filings, and institutional holdings below are still tracked in full — only the proprietary quality composite is unavailable for this name.

MSDL Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Morgan Stanley Direct Lending Fund (MSDL). MSDL is not currently included in 13F Pro's AI-ranked quality universe — this company passes all size and coverage filters but hasn't been included in the latest quarterly ranking run. rankings refresh on jan 1, apr 1, jul 1, oct 1. Based on the latest XBRL financial filings (Q1 2026), Morgan Stanley Direct Lending Fund reports net income of $-4.5M, free cash flow of $86.3M. Top institutional holders of MSDL by reported 13-F value include MORGAN STANLEY, Generali Asset Management SPA SGR, UBS Group AG, based on the most recent SEC filings. MSDL trades on the NYSE exchange and files with the SEC under CIK 1782524. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MSDL daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Morgan Stanley Direct Lending Fund directly from SEC EDGAR.

Net Income

Q1 2026

$-4.5M

Free Cash Flow

Q1 2026

$86.3M

D/E Ratio

Q1 2026

1.21

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Net Income

-6.7% YoY

$215.6MFY 2024

FY21 $83.3MFY22 $48.5MFY23 $231.0MFY24 $215.6M

EPS (Diluted)

-21.9% YoY

$2.43FY 2024

FY21 $2.67FY22 $0.79FY23 $3.11FY24 $2.43

Total Assets

+18.3% YoY

$3.91BFY 2024

FY21 —FY22 $2.99BFY23 $3.31BFY24 $3.91B

Total Debt

+31.9% YoY

$1.97BFY 2024

FY21 —FY22 $1.52BFY23 $1.50BFY24 $1.97B

Op. Cash Flow

-356.3% YoY

$-382.5MFY 2024

FY21 $-1.66BFY22 $-429.8MFY23 $-83.8MFY24 $-382.5M

Metric	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Net Income	$215.6M -6.7%	$231.0M +375.9%	$48.5M -41.7%	$83.3M	—
EPS (Diluted)	$2.43 -21.9%	$3.11 +293.7%	$0.79 -70.4%	$2.67	—
Total Assets	$3.91B +18.3%	$3.31B +10.7%	$2.99B	—	—
Total Debt	$1.97B +31.9%	$1.50B -1.8%	$1.52B	—	—
Operating Cash Flow	$-382.5M -356.3%	$-83.8M +80.5%	$-429.8M +74.1%	$-1.66B	—

AI Insight: MSDL Financial Trends

Net income turned negative in Q1 2026 — first loss in the observed period — while equity has eroded by $172M since Q2 2024.

• Net income declined sharply from $59M in Q2 2024 to -$5M in Q1 2026, with consistent deterioration across every quarter.

• Equity contracted steadily from $1,862M in Q2 2024 to $1,690M in Q1 2026, a cumulative decline of $172M.

• Operating cash flow turned positive from Q1 2025 onward, improving from $34M to $86M in Q1 2026 — a constructive shift.

• Total debt rose from $1,664M in Q2 2024 to $2,087M in Q4 2025, though it edged down slightly to $2,053M in Q1 2026.

⚠ First net loss (-$5M) in Q1 2026 warrants monitoring — signals potential credit quality deterioration in the loan portfolio.

⚠ Debt-to-equity ratio has risen as debt climbed and equity shrank; leverage trajectory remains a key risk to watch.

⚠ Improving operating cash flow ($86M in Q1 2026) vs. declining net income may reflect timing differences worth scrutinizing.

AI Insight: MSDL Ratio Trends

MSDL's ROE turned negative at -1.1% in Q1 2026, the first loss quarter in the observable period, while leverage hit a new high of 1.21x D/E.

• ROE has collapsed from 12.7% in Q2 2024 to -1.1% in Q1 2026, a deterioration of nearly 14 percentage points.

• ROA followed the same path, falling from 6.5% in Q2 2024 to -0.5% in Q1 2026, turning negative for the first time.

• D/E ratio has risen steadily from 0.89x in Q2 2024 to 1.21x in Q1 2026, reflecting consistent leverage build-up.

⚠ Q1 2026 marks the first quarter of negative ROE and ROA; confirm whether this is a one-off or trend continuation.

⚠ D/E at 1.21x alongside negative returns raises debt-serviceability concerns if losses persist beyond Q1 2026.

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Available Research

13F Pro tracks comprehensive data for Morgan Stanley Direct Lending Fund including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of MSDL

MORGAN STANLEY
$221.6M15,874,362 sh
Generali Asset Management SPA SGR
$25.5M1,829,964 sh
UBS Group AG
$22.3M1,596,596 sh
RIVERNORTH CAPITAL MANAGEMENT, LLC
$14.7M1,052,351 sh
TWO SIGMA INVESTMENTS, LP
$12.4M889,349 sh
Muzinich & Co., Inc.
$10.7M767,802 sh
Russell Investments Group, Ltd.
$10.1M721,949 sh
Altshuler Shaham Ltd
$9.1M650,437 sh
AMERICAN FINANCIAL GROUP INC
$8.8M631,500 sh
TORONTO DOMINION BANK
$8.7M622,212 sh

Fund	Value	Shares
MORGAN STANLEY	$221.6M	15,874,362
Generali Asset Management SPA SGR	$25.5M	1,829,964
UBS Group AG	$22.3M	1,596,596
RIVERNORTH CAPITAL MANAGEMENT, LLC	$14.7M	1,052,351
TWO SIGMA INVESTMENTS, LP	$12.4M	889,349
Muzinich & Co., Inc.	$10.7M	767,802
Russell Investments Group, Ltd.	$10.1M	721,949
Altshuler Shaham Ltd	$9.1M	650,437
AMERICAN FINANCIAL GROUP INC	$8.8M	631,500
TORONTO DOMINION BANK	$8.7M	622,212

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Is MSDL a good stock to buy?

13F Pro's AI-powered analysis of Morgan Stanley Direct Lending Fund (MSDL) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MSDL are available on the MSDL stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own MSDL?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MSDL. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Morgan Stanley Direct Lending Fund's investment landscape.