MSDL Q3 net investment income rose to $0.48 per share; net loss was $0.32 per share
Morgan Stanley Direct Lending Fund reported third-quarter 2026 net investment income of $40.3 million, or $0.48 per share, up from $38.2 million, or $0.45 per share, in the prior quarter. Net asset value fell to $18.76 per share from $19.50, and the company reported a per-share net loss of $0.32, driven by net realized and unrealized losses. The Board also approved a lower base management fee and incentive fee effective January 1, 2027, and declared Q4 2026 distributions.
Key points
- Net investment income was $40.3 million, or $0.48 per share, versus $38.2 million, or $0.45 per share, in the quarter ended June 30, 2026.
- Earnings per share were $(0.32) versus $0.09 in the prior quarter; net realized losses were $38.2 million and net unrealized depreciation was $29.4 million in the quarter.
- Total investment income was $86.1 million, down from $88.8 million, and net asset value per share was $18.76, down from $19.50.
- Effective January 1, 2027, the base management fee falls from 1.00% to 0.75% and the incentive fee rate falls from 17.5% to 15.0%; declared Q4 2026 distributions are $0.45 regular and $0.015 supplemental per share.
The filing
Written by AI on Nov 9, 2026, 11:43 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 05, 2026.
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