Morgan Stanley Direct Lending (MSDL) dividend, yield and NAV
The record members read, with the price chart and the complete dividend ledger opening on a free account.
MSDL pays $0.45/share a quarter, a 13.22% yield at $13.62. The shares trade at 0.70x the $19.50 net asset value filed for June 30, 2026, and net investment income covered the dividend 1.09x over the past four quarters.
Price 15 minutes delayedFiled figures from Q2 2026Dividends from company declarations
MSDL
BDC · NYSE
$13.62
-30.15% vs NAV
$0.45
regular dividend, quarterly
Mar 31, 2027
next ex-date, projected
1.09x
NII coverage, four quarters to Q2 2026
$19.50
NAV per share
Price 4:00 pm ET, Nov 6, 2026 · NAV June 30, 2026
MSDL
BDC · NYSE · CUSIP 61774A103
$13.62
-30.15% vs NAV
52-week $12.78 to $17.79
Morgan Stanley Direct Lending Fund
ExternalMid capQuarterly
Q1 · What it pays
13.22%current yield on the regular dividend, quarterly
MSDL has paid $0.45/share every quarter since March 31, 2026, $1.80 a year. Supplemental payments added $0.05/share in the trailing year. The last ex-date was December 31, 2026, paid January 22, 2027.
All-in yield, trailing year13.58%
Five-year average yield—
Supplementals, trailing year$0.05
Q2 · What to check
Net asset value was $19.50/share at June 30, 2026, so the shares trade at a 30.1% discount. Net investment income covered the regular dividend 1.09x over the four quarters to Q2 2026. Leverage ran 1.20x debt to equity; 2.1% of the portfolio at fair value was on non-accrual and 95.5% was senior secured. Payment-in-kind income was 5.6% of investment income in Q2 2026.
NAV per share
$19.50
filed, June 30, 2026
Price to NAV
0.70x
at the latest price
NII coverage
1.09x
four quarters to Q2 2026
Leverage
1.20x
debt to equity, Q2 2026
Non-accruals
2.1%
of fair value, Q2 2026
Senior secured
95.5%
of the portfolio, Q2 2026
Market cap
$1.2B
84.5M shares
Fees
1% + 18%
management + incentive
Manager
MS Capital Partners Adviser, part of Morgan Stanley · external
Q3 · How the quarters ran
Quarter
NAV/share
NII/share
Dividend
Coverage
Non-accrual
Q2 2026
$19.50
$0.46
$0.45
1.02x
2.1%
Q1 2026
$19.81
$0.48
$0.45
1.08x
0.1%
Q4 2025
$20.26
$0.51
$0.50
1.02x
0.3%
Q3 2025
$20.41
$0.51
$0.50
1.02x
0.1%
Q2 2025
$20.59
$0.50
$0.50
1.01x
0.4%
Q1 2025
$20.65
$0.53
$0.50
1.06x
0.0%
Q4 2024
$20.81
$0.58
$0.50
1.17x
0.1%
Q3 2024
$20.83
$0.67
$0.50
1.33x
0.1%
From 10-K and 10-Q filings on SEC EDGAR, Q3 2024 to Q2 2026. Net investment income and the dividend are per share for that quarter alone; coverage is the one over the other. The card above reads coverage over four quarters, which is why the two differ. The full run of quarters, leverage and PIK income open with a free account. Every BDC’s coverage, quarter by quarter, is on one page.
Q4 · What happens next
Next ex-date, projected from the cycleMar 31, 2027
Projected pay dateApr 22, 2027
Amount$0.45
Next net asset valuewith the Q3 2026 10-Q
Dividend history
Ex-date and pay date
Ex-date
Pay date
Per share
Annual rate
Kind
Mar 31, 2027
Apr 22, 2027
$0.45
$1.82
Projected
Dec 31, 2026
Jan 22, 2027
$0.45
$1.82
Regular
Nov 30, 2026
Dec 15, 2026
$0.02
$1.87
Supplemental
Sep 30, 2026
Oct 23, 2026
$0.45
$1.85
Regular
Jun 30, 2026
Jul 24, 2026
$0.45
$1.90
Regular
Mar 31, 2026
Apr 24, 2026
$0.45
$1.95
Regular
Dec 31, 2025
Jan 23, 2026
$0.50
$2.00
Regular
Sep 30, 2025
Oct 24, 2025
$0.50
$2.10
Regular
Jun 30, 2025
Jul 25, 2025
$0.50
$2.20
Regular
The last eight declarations and the projected next one. The complete ledger, the chart and the declaration dates open with a free account.
About Morgan Stanley Direct Lending
First-lien loans to middle-market companies backed by private equity sponsors. Externally managed by MS Capital Partners Adviser, part of Morgan Stanley. 762 positions with a fair value of $3.6 billion at June 30, 2026.
Company description
Morgan Stanley Direct Lending Fund functions as a business development company (BDC) specializing in finance, primarily providing capital to mid-sized enterprises. Its investment strategy focuses on directly originating and funding senior secured term loans, encompassing both first-lien and second-lien security interests. This entity commenced operations on May 30, 2019, and maintains its principal headquarters in New York City.
Credit quality shows Investment grade, High yield or Not rated. No agency grades are shown. Sources: SEC EDGAR, licensed market data, FRED. Nothing on this page is investment advice or a recommendation to buy, sell or hold.
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