---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-212041"
form_type: "8-K"
ticker: "MSDL"
cik: "0001782524"
company_name: "Morgan Stanley Direct Lending Fund"
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T21:56:59.919469+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MSDL Q1 NII $0.47/sh, NAV $19.81, launches JV, cuts dividend to $0.45

## Summary
- Net investment income $40.5M ($0.47/sh) vs $42.4M ($0.49/sh) prior quarter.
- Net asset value $19.81/sh, down from $20.26; debt-to-equity 1.22x.
- Launched Capstone Lending LLC JV; MSDL commits up to $200M (47% called).
- Regular dividend $0.45/sh, down from $0.50; payable July 24 to record June 30.
- Truist credit facility amended: termination extended to April 2030, maturity to April 2031.

## SEC filing metadata
- accession: 0001193125-26-212041
- form_type: 8-K
- ticker: MSDL
- cik: 0001782524
- company_name: Morgan Stanley Direct Lending Fund
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1782524/000119312526212041/0001193125-26-212041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1782524/000119312526212041/d145217d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-212041
- JSON: https://secwatch.observer/filing/0001193125-26-212041.json
- Plain text: https://secwatch.observer/filing/0001193125-26-212041.txt

## Source-grounded claims
- claim_id: 96ba6372a69e43324528afa411b23728d9b83c6f
  claim: Morgan Stanley Direct Lending Fund reported the first quarter ended March 31, 2026 results: net income $40.5 million, or $0.47 per share, EPS $(0.05) per share.
  evidence_excerpt: Capital Partners Adviser Inc. (the “Adviser”), today announced its financial results for the first quarter ended March 31, 2026. QUARTERLY HIGHLIGHTS • Net investment income of $40.5 million, or $0.47 per share, as compared to $42.4 million, or $0.49 per share, for the quarter ended December 31, 2025; • Net asset value of $19.81 per share, as compared to $20.26 as of
  evidence_url: https://www.sec.gov/Archives/edgar/data/1782524/000119312526212041/0001193125-26-212041-index.htm

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