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MSDL BDC — Morgan Stanley Direct Lending Fund
Morgan Stanley Direct Lending Fund (MSDL)
Updated October 16, 2026.
Verdict as of October 16, 2026
MSDL's distribution is rated caution by the Dividend Vision Distribution Safety Score™ (47/100, high confidence). It pays quarterly and its distribution rate is 14.20%. The latest total cash payment per current share, $0.45 with an ex-date of September 30, 2026, was unchanged from the previous payment. These payments are unclassified; this does not establish a base-dividend change.
Sources: Morgan Stanley, Section 19a-1 notices, scoring methodology.
MSDL is a BDC. its distribution rate is 14.20%, its trailing-12-month yield is 14.20%. Dividend Vision Distribution Safety Score™ is 47/100 (Caution). Total return is -14.1% over the past 2.7 years, 76.5 points behind SPY at 62.4%.
MSDL dividend yield and income
Price as of 2026-10-16.
The distribution rate (14.20%) uses calculation basis unavailable. Trailing-12-month yield (14.20%) is the last year of cash distributions by ex-date divided by the current price. The dividend amount is $0.45. The ex-dividend date is 09/30/2026. The payment date is 10/23/2026.
| Ex-date | Amount | Change from previous payment |
|---|---|---|
| 2026-09-30 | $0.45 | 0.0% Unclassified cash |
| 2026-06-30 | $0.45 | 0.0% Unclassified cash |
| 2026-03-31 | $0.45 | -10.0% Unclassified cash |
| 2025-12-31 | $0.5 | 0.0% Unclassified cash |
| 2025-09-30 | $0.5 | 0.0% Unclassified cash |
| 2025-06-30 | $0.5 | 0.0% Unclassified cash |
| 2025-03-31 | $0.5 | 0.0% Unclassified cash |
| 2024-12-31 | $0.5 | 400.0% Unclassified cash |
| 2024-11-04 | $0.1 | -80.0% Unclassified cash |
| 2024-09-30 | $0.5 | 400.0% Unclassified cash |
| 2024-08-05 | $0.1 | N/A |
| 2024-06-28 | $0.5 | 0.0% Unclassified cash |
| 2024-03-27 | $0.5 | — |
| 2024 total | $2.2 | — |
| 2025 total | $2 | -9.1% |
| 2026 YTD total | $1.35 | -10.0% vs prior-year YTD |
MSDL dividend growth
Trailing-12-month distributions versus the preceding 12 months changed -11.9%. The 1Y row below uses this same adjacent TTM cash-window comparison. The deepest trailing-12-month payout decline in the past five years is -40.88%.
| Window | Change |
|---|---|
| 1Y | -11.9% |
MSDL holdings and sector exposure
Holdings are not available for this snapshot.
MSDL performance versus SPY
Price and return data through 2026-10-16.
Total return is -14.1% over the past 2.7 years, 76.5 points behind SPY at 62.4%. Over the past year its total return — price change plus distributions reinvested — is -12.0%. Its deepest 1-year drawdown was 18.9%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | -8.6% | — |
| 3M | -14.6% | — |
| 6M | -9.2% | — |
| YTD | -13.2% | — |
| 1Y | -12.0% | — |
| 2Y CAGR | — | -9.50% |
| Since inception (2.7 years) | -14.1% | -5.40% |
MSDL key facts
- Distribution Safety Score™
- 47 · Caution
- Safety-Adjusted Yield
- 6.67%
- Issuer
- Morgan Stanley
- Asset type
- BDC
- Asset class
- Equity
- Inception date
- 01/24/2024
- Distribution rate
- 14.20%
- Distribution frequency
- Quarterly
- Trailing yield
- 14.20%
- Last close
- $13.03 (as of 2026-10-16)
- Market cap
- $1,095,889,740
- Average volume
- 532921.0
- Dividend
- $0.45
- Ex-dividend date
- 09/30/2026
- Payment date
- 10/23/2026
- Beta
- 0.684
- Payout ratio
- 96.9%
- P/E ratio
- 19.16
- Forward P/E
- 7.6982
- EPS
- $0.68
How Dividend Vision calculates yield and returns
Distribution rate (14.20%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (14.20%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: Morgan Stanley; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
MSDL risks and drawbacks
Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 18.9%.
Who may consider MSDL — and who may not
It is a weaker fit for investors who need monthly cash flow (MSDL pays quarterly); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on MSDL
Frequently asked questions
Does MSDL pay monthly?
No. MSDL currently pays quarterly, not monthly.
What is MSDL's dividend yield?
MSDL's distribution rate is 14.20%, paid quarterly — calculation basis unavailable.
How has MSDL's dividend grown?
Trailing-12-month distributions versus the preceding 12 months changed -11.9%. That is the same adjacent TTM cash-window comparison used in the dividend-history table.
When does MSDL pay a dividend?
MSDL pays quarterly. The dividend amount is $0.45. The ex-dividend date is 09/30/2026. The payment date is 10/23/2026.
How has MSDL performed?
Total return is -14.1% over the past 2.7 years, 76.5 points behind SPY at 62.4%. Over the past year its total return — price change plus distributions reinvested — is -12.0%. Its deepest 1-year drawdown was 18.9%.
Is MSDL a good investment?
MSDL's Dividend Vision Distribution Safety Score is 47 (Caution). That is a risk signal, not investment advice. Its distribution rate is 14.20% (calculation basis unavailable). Compare peers below rather than treating any single figure as a buy or sell.
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Tickers
Holdings as-of date unavailable.
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