Business development company. BDCs are listed separately from traditional closed-end funds and are excluded from CEF rankings; NAV is reported quarterly, not daily.
Morgan Stanley Direct Lending Fund
Sponsor: Morgan Stanley · Inception Jan 24, 2024 · Pays quarterly
Market priceShare price
$13.96
+2.50% (+$0.34)
NAVAsset value per share
$18.76
as of Sep 30, 2026 · SEC filing
Premium / discountPrice vs. assets
25.59% discount *
Indicative: latest price vs latest reported NAV
Distribution rate (price)Payout rate
12.89%
regular, annualised · on NAV 9.59%
Expense ratioAnnual cost
Not reported
no tagged fee table
LeverageBorrowing
Not reported
senior securities not tagged
Quote status: Market closed — last regular-session price · last trade Nov 9, 2026, 4:00 PM EST (exchange time, ET) · retrieved Nov 9, 2026, 9:41 PM ESTRegular-session prices; extended-hours quotes are not displayed.
Distribution rates
Regular rate on price
12.89%
$1.8000 annualised ÷ $13.96
Reinvest
—
needs a regular rate and a NAV
Regular rate on NAV
9.59%
÷ NAV $18.76 (Sep 30, 2026)
TTM yield (incl. specials)
13.25%
$1.8500 paid in 12 months ÷ price
TTM yield (ex specials)
13.25%
$1.8500 regular only
SEC yield
Not reported
shown only when the fund reports it
Frequency
Quarterly
latest $0.4500 · Regular (inferred)
The regular rate annualises the latest regular payment by its frequency; special distributions are never annualised. A distribution rate is not a portfolio income yield and is not a measure of performance — see composition and NAV history below.
Distribution history
16 payments on record
Most recent 60 payments, by ex-date.
| Declared | Ex-date | Record | Paid | Amount | Frequency | Type | Source |
|---|---|---|---|---|---|---|---|
| Nov 3, 2026 | Dec 31, 2026 | Dec 31, 2026 | Jan 22, 2027 | $0.4500 | Monthly | Regular (inferred) | Market data vendor |
| Nov 3, 2026 | Nov 30, 2026 | Nov 30, 2026 | Dec 15, 2026 | $0.0150 | Quarterly | Special (inferred) | Market data vendor |
| Aug 4, 2026 | Sep 30, 2026 | Sep 30, 2026 | Oct 23, 2026 | $0.4500 | Quarterly | Regular (inferred) | Market data vendor |
| May 5, 2026 | Jun 30, 2026 | Jun 30, 2026 | Jul 24, 2026 | $0.4500 | Quarterly | Regular (inferred) | Market data vendor |
| Feb 26, 2026 | Mar 31, 2026 | Mar 31, 2026 | Apr 24, 2026 | $0.4500 | Quarterly | Regular (inferred) | Market data vendor |
| Nov 6, 2025 | Dec 31, 2025 | Dec 31, 2025 | Jan 23, 2026 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| Aug 7, 2025 | Sep 30, 2025 | Sep 30, 2025 | Oct 24, 2025 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| May 8, 2025 | Jun 30, 2025 | Jun 30, 2025 | Jul 25, 2025 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| Feb 27, 2025 | Mar 31, 2025 | Mar 31, 2025 | Apr 25, 2025 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| Nov 7, 2024 | Dec 31, 2024 | Dec 31, 2024 | Jan 24, 2025 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| Aug 5, 2024 | Nov 4, 2024 | Nov 4, 2024 | Jan 24, 2025 | $0.1000 | — | Special (inferred) | Market data vendor |
| Aug 6, 2024 | Sep 30, 2024 | Sep 30, 2024 | Oct 25, 2024 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| Jan 11, 2024 | Aug 5, 2024 | Aug 5, 2024 | Oct 25, 2024 | $0.1000 | — | Special (inferred) | Market data vendor |
| May 8, 2024 | Jun 28, 2024 | Jun 28, 2024 | Jul 25, 2024 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| Feb 29, 2024 | Mar 27, 2024 | Mar 29, 2024 | Apr 25, 2024 | $0.5000 | Quarterly | Regular (inferred) | Market data vendor |
| — | Dec 27, 2023 | Dec 28, 2023 | Jan 25, 2024 | $0.6000 | — | Regular (inferred) | Market data vendor |
“Inferred” types are assigned by our rule (off-cycle or year-end payments that deviate by more than 50% from neighbouring amounts); sponsor-confirmed classifications override them where available.
Annual totals
| Year | Regular | Special | Total | Payments |
|---|---|---|---|---|
| 2026 | $1.8000 | $0.0150 | $1.8150 | 5 |
| 2025 | $2.0000 | — | $2.0000 | 4 |
| 2024 | $2.0000 | $0.2000 | $2.2000 | 6 |
| 2023 | $0.6000 | — | $0.6000 | 1 |
Increases, reductions and specials
| Ex-date | Event | From | To | Change |
|---|---|---|---|---|
| Nov 30, 2026 | Special distribution | — | $0.0150 | — |
| Mar 31, 2026 | Reduction | $0.5000 | $0.4500 | -10.00% |
| Nov 4, 2024 | Special distribution | — | $0.1000 | — |
| Aug 5, 2024 | Special distribution | — | $0.1000 | — |
| Mar 27, 2024 | Reduction | $0.6000 | $0.5000 | -16.67% |
Distribution composition
Not reported here yet. Section 19(a) notices and annual tax characterisations are published by the sponsor and are not carried by our current data feeds. Use the sponsor's distribution notices (see the Documents tab and sponsor website) for the estimated and final breakdown between income, capital gains and return of capital. A return-of-capital component is not automatically destructive; judge it against NAV history over time.
Accounting classification (what the fund earned) and tax classification (what the shareholder reports) differ. A 19(a) estimate is preliminary and is superseded by the year-end tax form.
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.