**Morgan Stanley Direct Lending Fund (NYSE: MSDL) Reports Q2 Earnings**
Morgan Stanley Direct Lending Fund (MSDL) announced second-quarter net investment income of $38.2 million, equating to $0.45 per share, down slightly from $0.47 per share in the previous quarter. The fund’s net asset value (NAV) per share stood at $19.50, down from $19.81 in Q1 2026, impacted by $30.2 million in net unrealized depreciation and realized losses.
The board declared a third-quarter distribution of $0.45 per share, consistent with the previous quarter, payable to shareholders on record as of September 30, 2026. Approximately 95% of the portfolio remains rated 2 or better, indicating stable portfolio performance, despite a rise in non-accruals to 2.9% of the portfolio at cost. The fund made $146 million in new investments while completing restructurings totaling $240 million within the quarter.
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