---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-076964"
form_type: "8-K"
ticker: "MSDL"
cik: "0001782524"
company_name: "Morgan Stanley Direct Lending Fund"
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:43:01.183273+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# MSDL reports Q4 2025 NII of $0.49/share; declares $0.45 dividend for Q1 2026; launches JV with $200M commitment

## Summary
- Net investment income $42.4M ($0.49/sh) vs $43.7M ($0.50) in Q3 2025; NAV $20.26/sh vs $20.41.
- Regular dividend declared $0.45/sh payable April 24, 2026 to holders of record March 31, 2026; Q4 dividend was $0.50.
- Launched Capstone Lending JV with institutional partner; MSDL committed up to $200M, partner $50M; 47% of commitments called.
- New $100M share repurchase program authorized for 24 months; prior program replaced.
- Portfolio: $3.8B fair value across 227 companies; total weighted average yield 9.3%; debt-to-equity 1.20x.

## SEC filing metadata
- accession: 0001193125-26-076964
- form_type: 8-K
- ticker: MSDL
- cik: 0001782524
- company_name: Morgan Stanley Direct Lending Fund
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1782524/000119312526076964/0001193125-26-076964-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1782524/000119312526076964/d838021d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-076964
- JSON: https://secwatch.observer/filing/0001193125-26-076964.json
- Plain text: https://secwatch.observer/filing/0001193125-26-076964.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.