In plain terms — Morgan Stanley Direct Lending Fund
Shares currently cost about 25.6% less than the value of the assets behind them (a discount).
It pays regular distributions worth about 12.9% a year of the share price (9.6% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | — | — | — | 0 |
| 6 months | — | — | — | 0 |
| 1 year | — | — | — | 0 |
| 3 years | — | — | — | — |
| 5 years | — | — | — | — |
Current contemporaneous premium/discount — (close Nov 9, 2026 vs NAV Sep 30, 2026). 1-year range — to —. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | +4.33% | -9.53% | -15.29% | -15.19% | — | — |
| Market price total return | +4.33% | -6.54% | -6.99% | -4.05% | — | — |
| NAV return | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
Through Nov 9, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
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.
Closed End Fund Explorer research page for Morgan Stanley Direct Lending Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.