Public, exchange-traded

MSDL — Morgan Stanley Direct Lending Fund

Morgan Stanley Direct Lending Fund is a business development company managed by Morgan Stanley IM. Strategy: middle-market upper/core direct lending.

What SpreadVista tracks for MSDL

•Marks-to-par across the portfolio. Fair value as a fraction of par cost — the canonical health signal for a private-credit position — read from MSDL's own iXBRL tags and tracked quarter-over-quarter. A mark needs a par basis to exist, and MSDL reports one on 58% of the positions we serve; the rest (equity stakes, warrants, untagged principal) are shown without one rather than estimated.
•Reported NAV per share. MSDL's net asset value per share as filed, and — for exchange-listed tickers — the premium or discount its market price carries to that NAV.
•Non-accrual positions. The MSDL positions we tied to a non-accrual disclosure in the filer's own footnotes, and the dollar exposure behind them. A position is flagged only where the filing says so — every other position is carried as unknown, never as performing — so read this as a floor on MSDL's non-accruals, not a complete list.
•Top issuers by fair value. MSDL's concentration profile — the largest 10/25/50 exposures with mark and maturity context.
•Spread surface vs comparable BDCs. Where MSDL's positions sit on the credit-spread surface relative to peer-group BDCs holding similar credits, across the 74.3% of its positions that carry a tagged spread over a reference rate.
•Cross-vehicle issuer exposure. Which other BDCs and interval funds hold the same credits as MSDL — a contagion-risk view incumbents charge $20K–200K per seat for.

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Free to research. Every MSDL position we serve, every cross-vehicle overlap — sourced directly from primary regulatory disclosures, with the methodology and the coverage gaps shown on every chart.

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About MSDL

Ticker: MSDL
Legal name: Morgan Stanley Direct Lending Fund
Manager / Advisor: Morgan Stanley IM
Category: Public, exchange-traded
Strategy: Middle-market upper/core direct lending
Fiscal year end: 12-31

Related concepts

Plain-English explanations of the concepts behind BDC analysis:

What SpreadVista tracks for MSDL

•Marks-to-par across the portfolio. Fair value as a fraction of par cost — the canonical health signal for a private-credit position — read from MSDL's own iXBRL tags and tracked quarter-over-quarter. A mark needs a par basis to exist, and MSDL reports one on 58% of the positions we serve; the rest (equity stakes, warrants, untagged principal) are shown without one rather than estimated.

•Reported NAV per share. MSDL's net asset value per share as filed, and — for exchange-listed tickers — the premium or discount its market price carries to that NAV.

•Non-accrual positions. The MSDL positions we tied to a non-accrual disclosure in the filer's own footnotes, and the dollar exposure behind them. A position is flagged only where the filing says so — every other position is carried as unknown, never as performing — so read this as a floor on MSDL's non-accruals, not a complete list.

•Top issuers by fair value. MSDL's concentration profile — the largest 10/25/50 exposures with mark and maturity context.

•Spread surface vs comparable BDCs. Where MSDL's positions sit on the credit-spread surface relative to peer-group BDCs holding similar credits, across the 74.3% of its positions that carry a tagged spread over a reference rate.

•Cross-vehicle issuer exposure. Which other BDCs and interval funds hold the same credits as MSDL — a contagion-risk view incumbents charge $20K–200K per seat for.