Morgan Stanley Direct Lending Fund functions as a business development company (BDC) specializing in finance, primarily providing capital to mid-sized enterprises. Its ...
$1.90 주당
예상 EPS $0.44 · 매출 $87.52M · 4 명의 애널리스트
예상 EPS $0.45 · 매출 $88.78M · 4 명의 애널리스트
예상 EPS $1.81 · 매출 $354.17M · 4 명의 애널리스트
EPS $0.34 · 매출 $65.44M
| 지표 | 최신 | 전년 대비YoY는 Year-over-Year(전년 대비)를 의미합니다. 최근 연도 값을 이전 연도 값과 비교하여 장기 추세의 강도를 보여줍니다. | 전분기 대비QoQ는 Quarter-over-Quarter(전분기 대비)를 의미합니다. 최근 분기를 직전 분기와 비교하여 단기 모멘텀 변화를 보여줍니다. |
|---|---|---|---|
| 매출고객에게 물건을 판매하여 청구서가 지급되기 전까지 들어온 총 금액입니다. 고객의 모든 카드 결제의 총합이라고 보시면 됩니다. (YoY는 올해를 작년 성과와 비교하며, QoQ는 최근 3개월을 이전 3개월과 비교합니다). | $387.0M | +16.4% | +10.1% |
| 순이익절대적인 최종 이익입니다. 회사가 모든 공급업체, 직원, 은행, 세무 당국에 비용을 지불하고 남은 실제 금액입니다. | $122.1M | -43.4% | +275.8% |
| 매출총이익률기본적인 마진입니다. 100달러짜리 운동화를 판매한다면, 이 비율은 원료와 끈 비용을 지불한 직후의 이익이 가격의 얼마인지를 나타내며, 매장 임대료나 TV 광고 같은 비용은 제외됩니다. | +81.0% | +28.6% | -23.1% |
| 영업이익률본업의 효율성 점수입니다. 고객이 지불하는 1달러 중에서 제품을 만들고 모든 일상적인 회사 운영비(급여, 마케팅, 임대료 등)를 지불한 후 회사가 보유하는 금액을 나타냅니다. | +66.7% | +1.7% | +68.4% |
| 순이익률최종 이익 비율입니다. 모든 비용, 세금, 이자를 차감한 후, 매출 1달러 중 회사가 실제로 보유하는 정확한 액수입니다. | +31.5% | -51.3% | +259.7% |
| 잉여현금흐름기업 현금흐름의 핵심입니다. 일상적인 운영비를 지불하고 생존에 필요한 큰 설비(공장, 서버 등)에 투자한 후 남은 사용 가능한 실제 현금입니다. 배당금이나 자사주 매각에 사용될 수 있는 '자유' 현금입니다. | $150.9M | -25.1% | +20.2% |
| FCF 마진궁극의 현금 전환율입니다. 일반 매출을 즉시 사용 가능한 현금으로 얼마나 잘 전환하는지를 나타냅니다. 비율이 높을수록 현금 창출 능력이 우수합니다. | +39.0% | -35.6% | +9.2% |
| 부채/자본재무 리스크 지표입니다. 차입금으로 구축된 자산과 주주의 자기자본 비율을 비교합니다. 높으면 레버리지가 크고 위험이 큽니다. | 119.4% | +11.4% | -1.0% |
| 유동비율12개월 생존 점검입니다. 현재 보유한 현금과 즉시 현금화 가능한 자산으로 1년 내 갚아야 할 즉시 청구서를 갚을 수 있는지를 비교합니다. 1 이상이면 당장 지급에 충분합니다. | 1.33x | -2.2% | +34.1% |
| 총자산회사의 절대적인 규모입니다. 계산대의 현금, 창고의 재고, 소프트웨어 특허, 공장 등 회사가 보유한 모든 가치 있는 자산을 합친 것입니다. | $3.9B | +0.2% | -3.0% |
| 지표 | 연간 (실적 vs 추정치) | 연간 서프라이즈 | 분기 (실적 vs 추정치) | 분기 서프라이즈 |
|---|---|---|---|---|
| EPS 서프라이즈 | 1.40 vs 2.02 | -30.7% | 0.09 vs 0.44 | -79.3% |
| 매출 서프라이즈 | $387.0M vs $398.1M | -2.8% | $82.6M vs $87.5M | -5.6% |
| 날짜 | 임원 | 직책 | 증권 | 구분 | 주식 수 | 가격 |
|---|---|---|---|---|---|---|
| Mar 5, 2026 | Day Jeff M. | officer: Co-President | Common Stock, par value $0.001 per share | A | 5,000 | $14.89 |
| Mar 3, 2026 | Mizrachi Orit | officer: See Remarks | Common Stock, par value $0.001 per share | A | 1,000 | $14.49 |
| Mar 3, 2026 | MILLER DAVID N | director | Common Stock, par value $0.001 per share | A | 5,000 | $14.69 |
| Mar 2, 2026 | MILLER DAVID N | director | Common Stock, par value $0.001 per share | A | 5,000 | $14.68 |
| Mar 2, 2026 | Occi Michael Jr. | director, officer: Chief Executive Officer | Common Stock, par value $0.001 per share | A | 7,000 | $14.87 |
Operator: Welcome to Morgan Stanley Direct Lending Fund's second quarter 2026 earnings call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the prepared remarks. As a reminder, this conference call is being recorded. At this time, I'd like to turn the call over to Sanna Johnson, Head of Investor Relations. Please go ahead. Sanna Johnson: Good morning. Welcome to Morgan Stanley Direct Lending Fund's second quarter 2026 earnings call. I am joined this morning by Michael Occi, Chief Executive Officer, Jeff Day, Co-President, David Pessah, Chief Financial Officer, and Rebecca Shaoul, Head of Portfolio Management. Morgan Stanley Direct Lending Fund's second quarter 2026 financial results were released yesterday after market close and can be accessed on the investor relations section of our website at www.msdl.com. We have arranged for a replay of today's events that will be accessible from the Morgan Stanley Direct Lending Fund website. During this call, I want to remind you that we may make Forward-Looking statements based on current expectations. The statements on this call that are not purely historical are Forward-Looking statements. These Forward-Looking statements are not a guarantee of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the Forward-Looking statements, including, and without limitation, market conditions, uncertainty surrounding interest rates, changing economic conditions, and other factors we have identified in our filings with the SEC. Although we believe that the assumptions on which these Forward-Looking statements are based are reasonable, any of those assumptions can prove to be inaccurate, and as a result, the Forward-Looking statements based on those assumptions can be incorrect. You should not place undue reliance on these Forward-Looking statements. The Forward-Looking statements contained on this call are made as of the date hereof. We assume no obligation to update the Forward-Looking statements or subsequent events. To obtain copies of SEC-related filings, please visit our website. With that, I will now turn the call over to Michael Occi. Michael Occi: Good morning, everyone, and thank you for joining us today. I'll begin with our second quarter performance and outlook before turning the call over to Jeff to discuss the market environment and deployment activity. David will then review our financial results in greater detail, after which we will open the call up for Q&A. Beginning with operating results, we generated net investment income of $0.45 per share compared with $0.47 per share in the prior quarter. Second quarter earnings reflected a growing contribution from the Capstone JV, offset by the income drag associated with new non-accruals added during the quarter and higher other financing costs. For the third quarter, the board declared a dividend of $0.45 per …
| 이름 | 직함 | 성별 | 출생 연도 | 상태 |
|---|---|---|---|---|
Erin Hood | Secretary | Female | — | Active |
Hope Lynne Brown Saxton | Chief Compliance Officer | Female | 1974 | Active |
Michael Occi Jr. | Chief Executive Officer & Director | Male | 1984 | Active |
Orit Mizrachi | Co- President & COO | Female | 1973 | Active |
Sanna Johnson | Investor Relations Contact | Female | — | Active |
Ashwin Krishnan | Chief Investment Officer | Male | 1977 | Active |
David Pessah | Chief Financial Officer | Male | 1986 | Active |
Jeffrey Day | Co-President | Male | 1977 | Active |
Externally managed BDCs face structural challenges, notably high fees and misaligned incentives, making them difficult portfolio inclusions. I favor internally managed BDCs for long-term value, but selectively own some external names as well. There could be two motives for owning external ones: 1) tactical trades (high risk, high retur) and 2) long-term income compounding.
I'm downgrading the Morgan Stanley Direct Lending Fund to a "Sell" due to rising non-accruals and deteriorating fundamentals. Q2 saw NII per share fall to $0.55 and non-accruals spike from 1.5% to 2.9%, driving a $0.31 NAV decline. Dividend coverage is thin, with base coverage at ~90% on a cash basis and limited prospects for sustainable growth.
The lion's share of BDC players has cut their dividends in the past 12-month period (especially, if we count in supplemental payments). For most BDCs that haven't done that yet, it is only a matter of time before they arrive at such a decision. Among these BDCs, we can also find so-called blue-chip BDCs that some investors view as truly durable income compounders.
Morgan Stanley Direct Lending Fund NYSE: MSDL reported second-quarter net investment income of $38.2 million, or $0.45 per share, down from $0.47 per share in the prior quarter, as higher contributions from its Capstone joint venture were offset by new non-accruals and increased financing costs.
Morgan Stanley Direct Lending Fund (MSDL) Q2 2026 Earnings Call Transcript
